Page 3 - Indian It Firms

HCLTech's Roshni Nadar Malhotra conferred highest civilian award of France

Instituted in 1802 by Napoleon Bonaparte, the Chevalier de la Legion d'Honneur is the highest civilian award given by the French Republic for outstanding service to France

IT services firm HCLTech launches its first global delivery centre in Bihar

Going forward, the centre will house specialised labs and centres of excellence to boost HCLTech's technology innovation and will offer a wide range of services to global clients, said the company

Accenture Q3 results: Demand slowdown in Indian IT bottoming, say analysts

What Accenture results mean for Indian IT: Analysts believe FY25 Street estimates for Indian IT companies have been adequately rationalised, implying little downgrade risk from current levels

IT firms grapple with new anti-dumping duty on PCBS under PLI scheme

Mobile phone manufacturers are exempt from this duty, whereas more complex PCB designs are also spared

AI app evaluation platform Maxim AI raises $3 mn led by Elevation Capital

Maxim's infrastructure, which sits between the foundational model and application layers of the AI stack, is deeply focused on AI developers who comprise the traditional AI/ML engineers

IT firms acquire niche players in ER&D to generate new revenue streams

Cognizant's acquisition of Belcan for $1.3-billion earlier this week as well as Infosys's dual acquisitions of in-tech for $480 million

Who is Azim Premji? The architect of IT major Wipro's global success

Padma Bhushan awardee Azim Premji, with a net worth of $12 billion, is the founder of Wipro and established the Azim Premji Foundation

Tracking apps, variable pay: How IT firms are nudging staff back to office

Cognizant, TCS, Dell, Wipro, and Infosys are deploying various tactics including compliance apps and linking variable pay to attendance to ensure their staff return to office

Cognizant Q1 profit declines 6% to $546 million, revenue dips 1.2%

2024 full-year revenue guidance unchanged at -2% to 2%; firm signed 8 large deals during the quarter with TCV of $100 million each

Birlasoft Q4 results: Profit rises 60% to Rs 180 cr, revenue up 11%

IT company Birlasoft on Monday reported a 60.55 per cent increase in consolidated net profit to Rs 180.08 crore during the March quarter. The company had recorded a net profit of Rs 112.16 crore in the year-ago period. The Pune-based company's revenue from operations stood at Rs 1,362.5 crore in the fourth quarter of FY24, up 11.10 per cent from Rs 1,226.3 crore a year earlier. According to a company statement, growth during the March quarter was driven by ERP and infrastructure among service lines and banking, financial services and insurance (BFSI), E&U (Energy and Utilities) and manufacturing among verticals. The revenue was led by manufacturing (Rs 571.02 crore), followed by Life Sciences and Services (Rs 301.49 crore), BFSI (Rs 288.36 crore), and E&U (Rs 201.66 crore). "We are pleased to report a robust operating performance for both the quarter and the full year, delivering revenue growth as well as margin expansion in the face of continued macro uncertainty," Birlasoft .

Wipro appoints Malay Joshi as CEO for 'Americas 1' strategic market unit

Joshi is a company veteran who joined Wipro in 1996 and has had an extensive career spanning over 28 years in various leadership roles across functions, industries, and geographies

Integration challenges, valuations key hurdles for LTI Mindtree investors

Centrum Research believes that the company has sufficient operating levers that will help it report a higher margin in FY25 vs FY24

Tech Mahindra announces merger of two subsidiaries based in the US

Tech Mahindra Americas (TMA) was started in the US in 1993 and provides computer consulting, programming support services, and IT management & consulting services

IT shares sink as Accenture cuts guidance; TCS, Infosys and HCLTech fall

FY25 outlook muted for the sector, say analysts

GenAI will impact headcount growth in next 3-5 years: Infosys executive

Infosys, which has stated it will be an AI-first company, is bracing itself for this disruption

Infosys tightens FY24 guidance to 1.5-2%, Q3 net profit down 7.3%

The Bengaluru-based IT major, however, maintained its operating margin guidance at 20-22 per cent for FY24

Q3 results: UK drives growth for TCS in seasonally 'slow' quarter

Revenues for the quarter at Rs 60,583 crore were up 4 per cent Y-o-Y and 1.7 per cent in constant currency. On a sequential basis, revenue was up 1.5 per cent

White collar jobs dip 16% in Dec amid cautious hiring in IT, other sectors

White collar hiring in India witnessed a 16 per cent decline in December compared to the year-ago period due to cautious hiring sentiments in IT, BPO, education, retail and healthcare sectors, a report said on Tuesday. "We observed marginal sequential growth of 2 per cent in December hiring activity compared to November, driven by non-IT sectors. However, the IT sector continued to be significantly impacted pulling the overall index down by 16 per cent against last year signalling a longer wait for a complete recovery in IT hiring," Naukri.com Chief Business Officer Pawan Goyal said analysing the Naukri JobSpeak Index. According to the Naukri JobSpeak Index, sectors like BPO, education, retail, and healthcare displayed cautious hiring sentiments, witnessing a year-on-year decline of 17 per cent, 11 per cent, 11 per cent and 10 per cent, respectively, in job offers in December. Hiring in the IT sector reflected the trend seen in the second half of 2023, the report noted. The sector

US client once made Narayana Murthy sleep on box in storeroom, reveals book

When Narayana Murthy once visited the US for client work during the initial days of Infosys, a temperamental American businessman made him sleep on a large box in a windowless storeroom surrounded by cartons though his own home had four bedrooms. Indian-American author Chitra Banerjee Divakaruni has come out with a biography covering the early years of Sudha Murty's and Narayana Murthy's lives that is replete with many such nuggets about the iconic couple. Published by Juggernaut Books, "An Uncommon Love: The Early Life of Sudha and Narayana Murthy" is the story of the Murthys' early years - from their courtship to Infosys' founding years and from their marriage to parenthood. Donn Liles, who headed the New York-based company Data Basics Corporation, was a temperamental client and was especially unpleasant to Murthy at times. "He would often delay payments when he could, and Murthy would then be the target of his ire because he would hold his ground, refusing to budge on timely ...

IT firms may report soft Q3 as higher furloughs to weigh on revenue growth

Indian IT companies are expected to report a "soft" third quarter with higher-than-usual furloughs weighing on revenue growth, industry watchers said cautioning that demand outlook commentary is likely to be unchanged as clients continue to scrutinise discretionary spends and prioritise cost optimisation. The big earnings week for tech heavyweights is up ahead, with the top tier IT companies slated to announce their December quarter numbers this week. Tata Consultancy Services (TCS) and Infosys will declare their Q3FY24 report card on January 11 (Thursday) and Wipro and HCL Technologies on January 12 (Friday). All eyes will be on management commentary from the IT pack on prevailing customer sentiments across BFSI, and technology services, as well as demand scenario panning out in key markets of the US and Europe. "We expect IT companies to report soft quarter-on-quarter constant currency revenue growth in Q3FY24 due to higher-than-usual furloughs for most companies in our coverage