Page 9 - Indian It Firms
Vanguard inks partnership with Infosys, to transfer 1,300 employees
All Vanguard staff currently performing relevant roles will be offered comparable positions at Infosys in close proximity to Vanguard's offices in Malvern, Charlotte, and Scottsdale
 "Vanguard inks partnership with Infosys, to transfer 1,300 employees")
Mindtree PBT more than doubles in Q1; revenues up 4.1% to Rs 1,908.8 cr
Revenue of the firm grew 4.1 per cent year-on-year to Rs 1,908.8 crore during this period though it declined 6.9 per cent sequentially
 "Mindtree PBT more than doubles in Q1; revenues up 4.1% to Rs 1,908.8 cr")
Wipro sees green shoots in some verticals; net profit flat at Rs 2,390 cr
IT firm's margin expands despite revenue fall in Q1
 "Wipro sees green shoots in some verticals; net profit flat at Rs 2,390 cr")
Tata Consultancy Services lifts curb on lateral hiring amid Covid-19 crisis
The Mumbai-headquartered company, however, said it would selectively hire experienced employees from outside.
 "Tata Consultancy Services lifts curb on lateral hiring amid Covid-19 crisis")
Covid-19 weighs on TCS numbers in Q1; net profit falls 13.8% to Rs 7,008 cr
IT major says pandemic impact may have bottomed out
Covid-19 crisis: Infosys charters a flight to get back staff stuck in US
Plans to deploy more such planes to bring back other employees
 "Covid-19 crisis: Infosys charters a flight to get back staff stuck in US")
Indian IT firms may report 5-9% contraction in revenues for June quarter
Hospitality and travel, as well as manufacturing and retail, are the segments likely to see maximum hit
 "Indian IT firms may report 5-9% contraction in revenues for June quarter")
Indian IT services firms relying less on visas as approval rates nosedive
According to the US Citizenship and Immigration Services data, the share of Indian companies among the top 10 visa recipients has dropped from 51 per cent to 24 per cent during the 2016-19 period.
 "Indian IT services firms relying less on visas as approval rates nosedive")
Visa suspension likely to cause minimal disruption for Indian IT firms
Recessionary environment, travel restriction to minimise the impact to a large extent
 "Visa suspension likely to cause minimal disruption for Indian IT firms")
Galwan Valley clash: Indian IT services companies in wait-and-watch mode
Indian IT industry is one of the biggest Indian employers in China, with around 22,000 employees in the country, including locals as well as expatriates.
 "Galwan Valley clash: Indian IT services companies in wait-and-watch mode")
Infosys expects 35% of staff to work from home amid Covid-19 crisis
More than 90 per cent of staffers of most IT services firms are working from home. The companies are in no hurry to bring them back despite the relaxation in lockdown.
 "Infosys expects 35% of staff to work from home amid Covid-19 crisis")
Covid-19 crisis: $30-billion deal renewal headache for IT companies
Outsourcing deals are either going to be renewed at a lower price or they will be delayed, say experts.
 "Covid-19 crisis: $30-billion deal renewal headache for IT companies")
US-based Freshworks Inc announces strategic partnership with TCS
TCS will provide its global experience with extensive market presence and deep contextual knowledge of customer engagement, and digital offerings built on its Business 4.0 thought leadership framework
 "US-based Freshworks Inc announces strategic partnership with TCS")
Covid-19 impact: Dividend payout by IT firms likely to dip further in FY21
Payout has fallen for most firms except TCS in FY20 as companies looked at conserving cash
 "Covid-19 impact: Dividend payout by IT firms likely to dip further in FY21")
India IT spending to dip 8% in 2020 amid Covid-19 pandemic, says Gartner
Gartner expects spending on devices and data centre systems in India to see their steepest declines in 2020, at -15.1 per cent and -13.2 per cent, respectively.
 "India IT spending to dip 8% in 2020 amid Covid-19 pandemic, says Gartner")
Wipro's outgoing CEO Abidali Neemuchwala sees 12% rise in pay package
In comparison, Infosys' CEO Salil Parekh drew a pay package of $6.15 million (around Rs 40 crore) in the last financial year, a rise of 27 per cent over the previous fiscal.
 "Wipro's outgoing CEO Abidali Neemuchwala sees 12% rise in pay package")
Covid-19 crisis: Wipro sees short-term impact on gross profit margin
In a filing with the US Securities and Exchange Commission, the Bengaluru-headquartered firm, however, said that the impact couldn't be accurately predicted as the pandemic is yet to recede.
 "Covid-19 crisis: Wipro sees short-term impact on gross profit margin")
IT firms to face heat as global enterprises put digital projects on hold
Digital initiatives of several global enterprises have been cancelled or postponed in the last couple of months as the Covid-19 crisis has prompted firms to halt non-revenue generating ventures
 "IT firms to face heat as global enterprises put digital projects on hold")
Rising bankruptcies among global retailers to hurt Indian IT firms
Retail majors JC Penney, Neiman Marcus and Aldo Group collectively owe $8.7 million to TCS, say bankruptcy filings
 "Rising bankruptcies among global retailers to hurt Indian IT firms")
No layoffs, but will take steps to cut costs, says L&T Infotech's Jalona
We are not looking at any layoffs at present, but we are looking at all ways and means to protect profits and save money to minimise the revenue impact, say Jalona
 "No layoffs, but will take steps to cut costs, says L&T Infotech's Jalona")
