India's largest IT services firm Tata Consultancy Services (TCS) on Wednesday said its shareholders have approved its up to Rs 16,000 crore share buyback plan. Last month, TCS' board of directors had approved a proposal to buy back up to 5,33,33,333 equity shares of the company at Rs 3,000 per scrip for an aggregate amount not exceeding Rs 16,000 crore. "....the members of the company have duly passed the special resolution approving the Buyback," TCS said in a regulatory filing on Wednesday. The voting, which started on October 20 and ended on November 18, saw 99.57 per cent of the votes being cast in favour of the buyback offer.
Information technology giant Tata Consultancy Services and financial services major HDFC have been named as India's two best managed companies in an annual poll conducted by Finance Asia magazine.
In the domestic m-cap ranking, TCS was at number one position followed by RIL, HDFC Bank (Rs 666,533.49 crore), HUL (Rs 400,325.83 crore) and HDFC (Rs 378,236.52 crore).
The buyback, at Rs 2,100 per equity share, entails up to 7.61 crore shares or 1.99 per cent of the total paid up equity share capital.
It has taken a pandemic to move the needle on the salary packages for greenhorn engineers hired by the Indian IT services sector. The country's third-largest IT services player, HCL Technologies, has decided to boost the entry-level packages from Rs 3-3.6 lakh to Rs 4.25 lakh for FY23, in a bid to attract fresh talent and keep them for longer to counter the impact of rising attrition. This new package would also be applicable to those freshers who joined the firm in FY22.
At the same time, seven companies from the coveted list witnessed a decline in their market valuation last week, but their cumulative loss of Rs 37,701.1 crore was less than the total gain made by three firms.
We have created centres of excellence in areas like user interface design, user experience, cyber security - all the things required to bring the solutions to the market, says N Chandrasekaran.
TCS CEO and MD Rajesh Gopinathan said the company believes the coronavirus impact has "bottomed out" and that TCS should now start tracing its path to growth.
N Chandrasekaran saw his annual compensation rise to Rs 25.6 crore.
The roll-out of the auto enrollment began in October 2012.
Post Q1 results, the stock rallied 8% compared to 2% rise in S&P BSE Sensex and 4% gain in S&P BSE IT index.
Infosys Technologies, will announce its Q4 and FY15 results on April 24
TCS is setting up a large BPO operation in Varanasi next year, some staff could be absorbed there
IT major Tata Consultancy Services (TCS) has made changes to its leadership roles in North America. As part of the changes Suresh Muthuswami has been elevated to the role of chairman, North America, said sources in the know. This is one of the most significant leadership changes the company has announced for the region. The reason for the changes in the North American region, the largest in terms of revenue for TCS, is because Surya Kant who has been at the helm of North America for the past 16 years is stepping down by the end of the fiscal year, as he retires.
'Cyrus was always very different. He would think before acting.'
If the visa issue ultimately requires certain other considerations at govt level, we will consider that, says Ravi Shankar Prasad
Sensex ends 31.12 pts down at 27,319.56; Nifty falls 4.50 points to 8,219.60.
Shares of HCL Tech hit a fresh record high of Rs 1,118.55 on Friday, up 2 per cent on the BSE in intra-day trade, surpassing its previous high of Rs 1,101 touched on Thursday in intra-day deals.
Google has emerged as top choice in the Top 100 Ideal Employer Rankings in a survey conducted among Indian management and engineering students.
Both firms have broken TCS' streak of industry-leading performance over the past few quarters by posting higher revenue and earnings growth this quarter.
The firm-level optimism derives partly from the state of the global economy.
With a modest workforce of 1,200, the 2007 start-up is already taking business from its bigger, established rivals, winning outsourcing contracts from leading US mortgage companies.
The country's second-largest software services company, which has trailed peers Tata Consultancy Services and Cognizant on growth, is also looking at weeding out non-performers to improve efficiency.
Revenue of the Mumbai-based firm grew 6.7 per cent in the quarter under review to Rs 39,854 crore from Rs 37,338 crore in the corresponding period of the last fiscal.
The firm now has employee strength of 344,691.
Tata Consultancy Services (TCS) has planned a capital expenditure of Rs 1,300 crore (Rs 13 billion) this financial year, Group chairman Ratan Tata said at the company's annual general meeting in Mumbai.
To begin with, there would be the immediate integration of various technology stacks. This would create more business for global consulting and IT services entities such as KPMG, PwC, EY, Accenture and IBM, among others. Indian service providers - Infosys, Tata Consultancy Services (TCS), and Wipro, for instance - would also cash in.
The third-quarter results of information technology (IT) software leaders indicate that the turnaround in the world's developed economies is a rising tide that is lifting virtually all boats.
TCS, HCL Tech join Infy in reporting improved earnings, are bullish on outlook.
The early bird results for the January-March 2022 quarter (Q4FY22) hint at a slowdown in corporate sector growth in the upcoming quarters. The combined net sales of the 81 early bird companies in the Business Standard sample were up 15.1 per cent year-on-year in Q4FY22; this was less than the 15.9 per cent YoY jump reported in Q3FY22. The slowdown could be much stronger for the domestic market-focused companies, including those in the banking, finance, and insurance (BFSI) space.
Sikka will take over from current Chief Executive SD Shibulal, one of the engineers who founded Infosys, on August 1.
S Ramadorai, chief executive oficer, Tata Consultancy Services with chairman Ratan Tata at the annual general meeting in Mumbai on Friday afternoon.
Relative to its competitors such as Infosys, Wipro and TCS, Cognizant's spending on sales and marketing is 50% higher, says an expert.
The move may result in a short-term cost impact for IT Indian companies, according to experts, despite the firms ramping up their local hiring and offshoring projects elsewhere to overcome visa-related issues.
The 30-share Sensex ended lower by 202 points at 21,064 and the 50-share Nifty fell 57 points at 6,262. The Sensex and Nifty touched an intra-day low of 20,016 mark and 6,246 levels, respectively.
Tata Consultancy Services (TCS) has become the first Indian company to exceed Rs 5 lakh crore in market capitalisation.
The US had initiated investigation against Infosys and its larger rival Tata Consultancy Services (TCS) for possible violations of H-1B visa rules in June.
Demand is driven by smaller deals in the US, larger ones in Europe.
Tata Consultancy Services (TCS) has emerged as the biggest wealth creator over the past five years.
Infosys CEO Salil Parekh has got a massive 88 per cent jump in annual remuneration to Rs 79.75 crore, making him one of the highest-paid executives in the country. The software services firm has sought shareholders' approval for the reappointment of Parekh as chief executive officer and managing director for a second five-year term beginning July 1. According to the company's annual report released on Thursday, Parekh, 58, took home a salary of Rs 71.02 crore in the fiscal year ended March 31, 2022.
