Says more than 120 who lost jobs have approached it; TCS says workforce optimisation leads to some involuntary attrition, nothing out of ordinary
Tata Group was the only private enterprise on the itinerary of Li Keqiang during his visit to the country.
IT services firm Infosys on Thursday reported an 11 per cent rise in consolidated net profit in June quarter at Rs 5,945 crore, but lowered full year growth outlook to 1-3.5 per cent amid macro uncertainties. The net profit (before minority interest) during the same period previous year stood at Rs 5,362 crore.
TCS is planning to reorganise its global operations to spur customer satisfaction and revenue growth.
TCS will manage Diageo's global IT infrastructure, data centres and servers, in addition to providing service desk support to employees, TCS said in a statement.
These graduates will have the opportunity to spend a year training and working for TCS at its Innovation Labs and software development centres across India between 2016 and 2020.
TCS South Africa would have an equity participation from Black Economic Empowerment groups to ensure localisation of services and skills, it said.The company has a centre in Johannesburg from where it provides support services for financial services products implemented in South Africa.
It also gave an upbeat growth outlook, sending its shares up the most in more than eight months.
Hospitality and travel sector players on Tuesday demanded infrastructure status for the hotel industry besides measures such as tax exemption on LTA annually to boost domestic tourism ahead of the Union Budget. They also recommended removal of the current TDS levied on automated bookings for internal or closed user groups such as business travel platforms and reducing the total number of licenses required to establish a hotel. "A full-blown infrastructure status for the hotel sector and further rationalisation of the Goods and Services Tax (GST) and a Central single window clearance for hotel projects are some of the major expectations from the Budget 2024," Roseate Hotels & Resorts CEO Kush Kapoor said in a statement.
Indian software firms have been retraining their workforce in emerging technology areas, also helping them get certified
TCS created wealth worth Rs 3,458 billion for the period 2010-15.
Everyone (with some exceptions) whose estimated tax liability is Rs 10,000 or more in a financial year must pay advance tax.
The Nifty opened on a firm note and moved between 5,913 and 5,866 as investors awaited TCS and Reliance Industries results.
Software export major TCS said it has bagged a contract from the state of Karnataka for establishing and managing a proposed State Data Centre (SDC).
Under the eight-year association, TCS will take on the role of Title Sponsor of the New York City Marathon in 2014, the software major said in a statement.
The IT co has over 2,500 employees catering to a strong client base in the country
Analysts say TCS's total dividend outgo in 2014-15 is likely to cross Rs 11,500 crore (Rs 115 billion), given its policy of paying quarterly dividends.
The other prominent gainers were Tech Mahindra, HCL Technologies, Wipro, State Bank of India and Larsen & Toubro. Bajaj Finserv, Power Grid, UltraTech Cement and HDFC Bank were among the laggards.
Bloomberg estimates revenue at Rs 25,328 crore, up 4.6per cent sequentially and EBITDA margin of 27.2per cent
Reliance Industries on Tuesday became the country's most valued company, pushing IT major TCS to second spot in the domestic market capitalisation chart.
N Ganapathy Subramaniam further said TCS has signed deals worth over $6 billion in a matter of just 2-3 weeks
TCS said employee addition during the quarter stood at 18,362
Information technology (IT) companies have been on the road to revival in the past one year. From being the worst-hit sector in 2022 with a loss of 26 per cent, the Nifty IT index closed 2023 with gains of 24 per cent. So far in 2024, the index is up around 7 per cent against the nearly flat Nifty 50 benchmark index. The IT index has been on a continuous decline in the last three sessions.
IT services major Tata Consultancy Services on Thursday said it has been ranked number one for customer satisfaction in a major survey conducted by Whitelane Research in the United Kingdom.
Growth is coming across both government as well as private sector.
In 2010, TCS's brand value was $2.3 billion.
Tata Consultancy Services on Wednesday announced a global engineering services partnership with power systems company Rolls-Royce.
India's largest information technology (IT) services provider, TCS, is setting up a greenfield business process outsourcing (BPO) centre in Ahmedabad that can house 2,000 people.
Taxpayers with old, outstanding taxes will benefit from the CBDT's new scheme.
Of the top 10 valued firms, eight including Reliance Industries, Tata Consultancy Services (TCS), HDFC Bank, Hindustan Unilever Ltd, HDFC and ITC witnessed gains in their market valuation. From the top-10 pack, the valuation of HDFC Bank jumped Rs 31,553.45 crore to Rs 929,752.54 crore.
TCS hopes the Rs 2,628-crore (Rs 26.28 billion) bonus to its employees will help contain the high attrition level.
The Ebitda margin, too, was lower than the expected 29.1 per cent.
Ex-employee Steven Heldt had sued the company for favouring South Asians and discriminating against American workforce.
Eight of the 10 most valued firms faced a combined erosion of Rs 1,17,493.78 crore in market valuation in an overall weak trend in equities last week, with Infosys taking the biggest hit. Reliance Industries, Tata Consultancy Services (TCS), HDFC Bank and ICICI Bank were among the eight companies that suffered a decline in their valuation. ITC and State Bank of India were the only gainers. Last week, the 30-share BSE Sensex fell by 775.94 points or 1.28 per cent.
For the entire 2016-17, TCS saw its net profit growing 8.3 per cent to Rs 26,289 crore while revenue was up 8.6 per cent at Rs 117,966 crore
Under its Agile business model, the company has started using its off-shore base up to the extent of 90 per cent which, along with several other measures, will benefit its operating margins, said Chief Operating Officer N Ganapathy Subramaniam.
The roll-out of the auto enrollment began in October 2012.
S&P said Indian technology players will continue to grow at a slightly slower pace over the next two to three years due to technological disruptions.
One of the reasons is the increasing number of upgrades in analysts' recommendations.
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