Page 4 - Indian It Sector

IT sector to see second consecutive year of muted revenue growth: CRISIL

The Indian IT services sector is staring at a second consecutive year of muted revenue growth due to modest increase in tech spends in Europe and the US, a domestic rating agency said on Wednesday. Crisil Ratings said it expects the sector to grow at 5-7 per cent in FY25, after a growth of 6 per cent estimated to have been achieved in FY24. The overall industry size is pegged at USD 250 billion and it creates over 50 lakh direct jobs. "The slowdown in technology spend will continue this fiscal, weighing on the revenue growth of IT service providers," said Aditya Jhaver, director at Crisil. The industry is, however, expected to sustain in the key metric of profitability, as the operating profit margins will be stable at 22-23 per cent, the agency said, attributing it to prudent management of employee costs. Crisil said the sectoral revenues achieved a compounded annual growth rate of 12 per cent for the decade through FY24. High interest rates and economic slowdown in client mark

Spending in IT sector to hit $139 bn in 2024, growing at 13.2%: Gartner

The growth is expected in all major segments, including software, devices, IT services, and data centre systems

31% of women in tech considering quitting their jobs, shows survey

Poor management, lack of training and want for better compensation are the main reasons they want to leave their organisations

'Main goal complete with foundational elements', says outgoing Wipro CEO

IT company is seen as a 'transformation partner' by clients and is set for growth, says Thierry Delaporte in farewell email

Entry-level coders must specialise to minimise risk of job loss: Experts

India has seen 15-20% drop in entry-level tech jobs, potentially linked to AI automation

Wipro CEO Thierry Delaporte steps down, Srini Pallia takes charge

Delaporte will continue in his role until the end of May, working closely with incoming CEO Pallia and Wipro Chairman Rishad Premji

Infosys jumps 2% on hopes of Rs 6,329 cr tax refund

Over the weekend, Infosys received multiple orders from IT department with regards to tax demands and potential refund.

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

FY25 outlook muted for the sector, say analysts

Accenture's guidance cut likely to weigh on Indian IT sector: Analysts

Companies likely heading to a slow start in FY25 as clients hold on to spending, they say

We have not seen any change in the sentiment, says HCLTech's Vijayakumar

We were always confident of our business mix and our incredible leadership and all other elements, said C Vijayakumar, CEO & MD, HCLTech

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

For salary hikes, IT firms now considering tenure along with performance

The IT majors are making changes in their pay increment structure to maintain margins at a time when the sector is going through a tough time globally

$245 bn IT sector sees tougher terms amid scramble for contracts: Report

The tougher contracts are likely to add pressure on an industry that is already struggling

Wipro inks three-year cloud migration deal with insurance company RSA

Wipro said it will help RSA build a "compliant, secure, and scalable IT infrastructure". The three-year engagement builds on Wipro and RSA's existing relationship, which began in 2016

India's IT spend to reach $124.6 billion in 2024, up 10.7%: Gartner

"Indian organisations are expected to invest in AI and automation during this time, as a strategic effort to improve operational efficiency and address the ongoing shortage of IT talent"

Australia's ASX signs deal with TCS to revamp clearing, settlement platform

Indian IT services firm will use flagship product to replace ASX's existing platform

Laptop, tablet imports surge 42% to $715 million amid licensing fears

The rise in such imports were led by the largest source China (33 per cent) and Singapore (188 per cent), according to data released by the commerce department

NITES files complaint against TCS over forced transfer of employees

The Nascent Information Technology Employees Senate (NITES) filed a complaint against Tata Consultancy Services over involuntary transfers of over 2,000 employees

Hiring in the Indian IT sector shrinks for the first time in 25 years

The workforce in the top 10 Indian IT companies fell to 2.06 million at the end of the July-September quarter, a fall of 51,744 people

IT stocks drag markets lower; Sensex ends 65 pts lower, Nifty falls 17 pts

Infosys, TCS, HCL Technologies and Tech Mahindra were the biggest drag on the market performance