Page 5 - Indian It Sector
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
 "Wipro inks three-year cloud migration deal with insurance company RSA")
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"
 "India's IT spend to reach $124.6 billion in 2024, up 10.7%: Gartner")
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
 "Australia's ASX signs deal with TCS to revamp clearing, settlement 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
 "Laptop, tablet imports surge 42% to $715 million amid licensing fears")
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
 "Hiring in the Indian IT sector shrinks for the first time in 25 years")
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
 "IT stocks drag markets lower; Sensex ends 65 pts lower, Nifty falls 17 pts")
HCLT, Infosys: Morgan Stanley ups target price of IT stocks by up to 29%
Among individual stocks, Morgan Stanley has maintained their overweight rating on HCLT, LTIMindtree and Infosys within the large-caps.
 "HCLT, Infosys: Morgan Stanley ups target price of IT stocks by up to 29%")
Infosys to begin fresh appraisal cycle; last year hikes still pending
Citing macroeconomic conditions, many IT companies have opted to hand out small increment or defer salary hikes this year
 "Infosys to begin fresh appraisal cycle; last year hikes still pending")
Black Box opens new centre of excellence in Bengaluru, to create 500 jobs
The new centre is also projected to increase the company's margin by around Rs 50 crore in the near term, according to Black Box
IT companies' forex revenue exceeds earnings of other manufacturers in FY23
According to data, the combined forex revenue of listed IT companies grew by 20.7 per cent to reach Rs 5.14 trillion in FY23
 "IT companies' forex revenue exceeds earnings of other manufacturers in FY23")
India witnesses decline in data science & analytics jobs in 2023: Report
Great Learning report reveals that the highest job opportunities are available for people with one to five years of experience compared to freshers and seasoned professionals
 "India witnesses decline in data science & analytics jobs in 2023: Report")
No slowdown in tech spend in domestic market: IBM India's Sandip Patel
Burton opined that if one compared the tech spend ratio to the gross domestic product of the company in the developing economy, it only points to increased spending
 "No slowdown in tech spend in domestic market: IBM India's Sandip Patel")
Industry likely to get six months to align with data protection rules
Chandrasekhar says rules for DPDP Act ready, consultations to begin after G20
 "Industry likely to get six months to align with data protection rules")
IT sector companies defer hikes, lower increments amid slow growth
Wipro has postponed salary hikes, while Infosys and HCL opt not to implement raises
 "IT sector companies defer hikes, lower increments amid slow growth")
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
 "Employee costs to haunt Indian IT even as biz prospects improve: Analysts")
Indian IT to become more attractive after data law: Ashwini Vaishnaw
Union Minister Ashwini Vaishna in an interview with Business Standard said that DPDP bill will bring about behavioural changes in internal business processes in alignment with principles of privacy
 "Indian IT to become more attractive after data law: Ashwini Vaishnaw")
Trouble for new engineering graduates as IT hiring to hit 3-yr low in FY24
The fear of a recession in the US has emerged as a major hurdle for the IT sector. There is also a dearth of new projects which may impact the recruitment of new engineers
 "Trouble for new engineering graduates as IT hiring to hit 3-yr low in FY24")
Wipro's Q1 revenue may slip up to 2.3% QoQ; flat margins likely: Analysts
Wipro Q1FY24 preview: According to brokerages, revenue volatility is likely to keep Ebit (earnings before interest and tax) margins range-bound in Q1FY24, pegged between 15.5-16.1 per cent
 "Wipro's Q1 revenue may slip up to 2.3% QoQ; flat margins likely: Analysts")
Generative AI may affect 1% of IT jobs in India, add $2-3 billion revenue
Expansion of the usage of AI may not necessarily mean job losses but it may play an increasingly significant role in how certain parts of these jobs are performed
 "Generative AI may affect 1% of IT jobs in India, add $2-3 billion revenue")