Page 2 - Indian It Industry

TCS to diversify to other markets amid US weakness: CEO Krithivasan

"We believe it (fiscal 2025) could be a better year than fiscal 2024," Krithivasan said

Apple set to shutter 121-person San Diego AI Team in reorganisation

Apple told employees that they have until the end of February to decide if they will relocate, according to the people. If they don't, the workers will be terminated on April 26

Indian IT industry to be worth $350 bn by 2030: Kris Gopalakrishnan

'High-growth industry' will continue performance despite global slowdown, says co-founder of Infosys

IT industry hiring weakens on global macro woes, slow discretionary spends

Weak global cues and a cut in discretionary spending by clients are expected to sharply reduce campus intake by the Indian IT industry this year with market watchers saying that Infosys and HCL Tech's subdued take on hiring signals a tough road ahead for freshers in the near term. In the opening week of Q2 earnings season, IT biggies TCS, Infosys and HCL Technologies reported a sequential drop in employee tally - a staggering 15,800 on a cumulative basis. The Q2 scorecard of tech heavyweights fell short of expectations as global growth skid on elevated levels of inflation and interest rates, reduced investment, and geopolitical shocks, exacerbating worries. Tech companies say that clients continue to defer newer, non-critical initiatives, choosing to focus on optimisation. While global voices concede that there are no signs of bottoming out just yet, JP Morgan's Jamie Dimon has warned that the world is facing the 'most dangerous time in decades'. Meanwhile, Infosys's headcount fell

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

IT companies shrug off transport strike in Bengaluru with work from home

An estimated nine lakh private commercial vehicles, including auto-rickshaws, corporate vehicles, airport taxis, maxi cabs, and buses, stayed off the roads on Monday

Top-deck Indian IT companies need to rightsize bench size: Experts

To address this challenge, IT services companies can prioritise rightsizing their bench strength

IT security incident to impact some of its businesses' revenues: Sun Pharma

Drug major Sun Pharma has said the IT security incident that happened earlier this month will impact revenues of some of its businesses. As part of the containment measures, the company proactively isolated its network and initiated the recovery process. "As a result of these measures, the company's business operations have been impacted. Consequently, revenues are expected to be reduced in some of our businesses," Sun Pharma said in a regulatory filing late in the night on March 26. The company also said it would incur expenses in connection with the incident and the remediation. Currently, the company is unable to determine other potential adverse impacts of the incident, including but not limited to additional information security incidents, increased costs to maintain insurance coverage, the diversion of management and employee time or the possibility of litigation, it added. Sun Pharma had reported the incident on March 2. The company said it promptly took steps to contain a

TCS on the verge of closing deals worth $1 billion with Marks & Spencer

In addition to this, TCS is also working towards renewing their existing five-year engagement with the UK-headquartered company

How is Germany trying to ease immigration process for Indian techies?

Among other things, Germany may also soon allow employers to hire foreigners for short periods regardless of the special qualification requirements

Cautious outlook

Activity in IT sector is expected to slow

New IT regime can adversely impact taxpayers' savings: RSS affiliate SJM

RSS affiliate Swadeshi Jagran Manch (SJM) impressed upon the Centre to tweak the tax regime to promote saving by the middle class

India IT spending to reach $110.3 bn in 2023 amid global slowdown: Report

The software and IT services segments are projected to grow 9.3 per cent and 5.5 per cent in 2023, respectively

Global macro headwinds may moderate growth for Indian IT industry: Icra

The evolving global macroeconomic headwinds could moderate growth for Indian IT services industry over the medium term, ICRA said on Wednesday. Rating agency ICRA, in its recent research report, has cited that given the Indian IT services industry generates about 60-65 per cent of revenues from the US market and 20-25 per cent from the European market, it remains susceptible to macroeconomic uncertainties and adverse regulatory changes in these key operating markets. Deepak Jotwani, Assistant Vice President and Sector Head of ICRA, said: "Growth in the BFSI (Banking, Financial Services and Insurance) segment, one of the key segments for IT companies, has tapered more than other segments in recent quarters, and this is partially attributable to lower lending activity". If the macroeconomic headwinds persist, the mortgage lending and the retail segments are expected to witness relatively higher moderation in growth, compared to the manufacturing and healthcare segments. "While the ..

HCL Tech management cautious on revenue growth in FY23; stock plunges 6%

At its investor meeting held in New York on December 8, the management said the revenue growth guidance for FY23 is likely to come in at the lower end of its 13.5-14.5 per cent

Indian IT industry to hire 200,000 people in near term: Kris Gopalakrishnan

'Ups and downs' in global economy will not impact Indian industry for long, he says

53% IT professionals may resign to pursue new job within next year: Report

More than half of IT professionals (53 per cent) are likely to pursue a new position within the next year due to better compensation, a lack of training and development and a lack of work-life balance, according to a report. About 66 per cent of IT decision makers see skills gap in their teams even as there is a 10 per cent decrease from last year, according to Skillsoft's 2022 IT Skills and Salary Report. However, the industry is facing another pressing challenge centred around talent attrition, with more than half (53 per cent) of all respondents extremely or somewhat likely to look for a new job in the next 12 months, it added. Skillsoft's 2022 IT Skills and Salary Report based on a survey with nearly 8,000 respondents. The report further revealed that over the past year, the workplace has been defined by employee-led "movements", namely the Great Resignation and "quiet quitting". Meanwhile, the pace of digital transformation and lack of enough technical resources have pushed m

IT industry logged 25% attrition in FY22, trend to continue: Report

Non-technology lapping up as employees seek work flexibility and opportunities for career development

Is the IT industry facing an HR management challenge?

Wipro's Rishad Premji recently said that talent, not market growth, was the challenge tech services companies were staring at. What is the cause of these troubles? Is it an HR management challenge?

Accenture sees Q1 revenue below estimates due to currency volatility

For the full year, the company reported revenue of $61.6 billion an increase of 22 per cent in the US dollar terms