Page 4 - Indian It Firms

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

IT stocks decline amidst growth concerns pulls Indian equity benchmarks

Brokerages have been advising their clients to tread cautiously while taking positions in IT stocks, citing weakness in discretionary demand

Wipro's lawsuit against ex-CFO referred to arbitration by civil court

The court took this decision as Dalal produced agreements that indicated that disputes were to be settled through arbitration

Bengaluru-based IT company Mphasis appoints new Europe & GBPS head

Mphasis specialises in cloud and cognitive services and is based in Bengaluru. It has recently launched a dedicated AI Business unit

Black Box eyes 3x growth to $2 bn by 2027 with focus on critical infra

Indian IT company Black Box is expecting a threefold increase in revenue to USD 2 billion over the next three years, driven by demand for critical technological infrastructure. Black Box President and CEO Sanjeev Verma told PTI that focusing on digital infrastructure, connectivity, networking, modern workplace cybersecurity, along with artificial integration, is going to provide a huge runway to the company. "I think we see the future for digital infrastructure business ramping up on the back of hybrid activity on the data centre side, requirement for people to collaborate across continents and cultures, hybrid workplaces that have become a norm post-Covid." "We are looking at double-digit growth organically over the next few years and expect to push towards USD 2 billion (Rs 16,632 crore) revenues in the next three years," Verma said. The company had reported a consolidated revenue of Rs 6,233 crore in FY23, as per a BSE filing. Black Box works with big tech companies like Amazon

Wipro files suit against former CFO Jatin Dalal after he joins Cognizant

The IT giant also recently filed a complaint against its former senior executive Mohd Haque, and accused him of violating a non-compete clause embedded within his employment contract

27 firms granted approval under new IT hardware PLI scheme: Vaishnaw

The government on Saturday said 27 companies, including Dell, HP, Foxconn, and Lenovo, have been granted approval under the new production-linked incentive (PLI) scheme for IT hardware. The move comes at a time when India is wooing IT hardware players with policy sweeteners and incentive schemes, making a determined push to position itself as a global hub for hi-tech manufacturing. "I am happy to announce that 27 companies have been approved under the PLI IT hardware scheme. About 95 per cent of these...23 companies are ready to start manufacturing from day-zero," Minister for Electronics and IT Ashwini Vaishnaw said. "This will set us up for being a big force in manufacturing of PCs, servers, laptops, and tablets," he added. These 27 companies will invest Rs 3,000 crore. Big players, including Dell, Foxconn, HP, and Lenovo, are among the companies whose applications have been approved.

Infosys, AWS join hands to help financial clients accelerate cloud adoption

As part of the collaboration, Infosys and AWS aim to support financial organisations, like retail banking at NatWest Group, in accelerating their cloud adoption journeys

TCS to revise rates for staffing cos to enhance transparency, better talent

The changes in rate cards are for contract staffing employees and not for permanent employees. TCS is revamping its hiring mechanism

Amid one of largest headcount drops, TCS rethinks 25/25 strategy, ends WFH

In Q2 of FY24, TCS observed a reduction of over 6,300 in its total employee count

Open-source solution from AyanWorks gets Digital Public Good status

The verifiable digital credential system CREDEBL has been included in the registry of digital public goods maintained by DPGA

As business from West takes a hit, Indian IT firms explore African market

As things stand, the African continent holds a relatively small share of less than five per cent in the global IT outsourcing

Indian IT firms set for 'washout' year, focus now on 2025: JP Morgan

The focus for this quarter's earnings reports will be on deal signings as well as the split of new deals versus renewals to assess fiscal 2025 growth, the analysts said

India-Canada rift bad for business; IT firms may struggle to land new deals

Canada makes up to 5-6 per cent of Indian IT companies' revenues. Top companies like TCS and Infosys have recently acquired work from Canadian government departments and organisations

Indian IT cos don't see any immediate challenges due to India-Canada tussle

So far, both Canada and India have expelled senior diplomats in reciprocal moves. On Thursday, September 21, India temporarily suspended visa services for Canadian citizens

Infosys signs multi-year digital partnership with Denmark-based STARK Group

As part of this collaboration, Infosys and STARK Group will establish a 'state-of-the-art' data centre in Denmark

Employee costs to haunt Indian IT even as biz prospects improve: Analysts

Indian IT Services companies, Goldman Sachs said, have doubled their market share in the last 10 years to 6.2 per cent of the global IT spending in CY22

Infosys signs 5-year deal with Liberty Global estimated at $1.64 bn

Collaboration will enable London-based video and broadband company to realise run-rate savings of more than $109 bn