Page 7 - Indian It Sector

IT firms tighten employee scrutiny amid high costs, thin margins: Report

The senior employees who have been hired at a premium over the past two years will also face a greater degree of scrutiny

Indian IT services industry's growth might drop in near to mid-term: Icra

The growth momentum of Indian IT services industry is likely to slow down in the near to mid term as macroeconomic headwinds trigger lower discretionary IT spends, ICRA said on Monday. Ratings agency ICRA sees lower hiring by the IT service companies in the near term given that excess capacities were added in FY2022 and expects moderation in demand compared to previous fiscals amid macroeconomic headwinds. Indian IT services companies have witnessed a moderation in growth in the last two quarters in constant currency terms owing to the base effect and evolving macroeconomic headwinds in key markets of the US and Europe. Due to these headwinds, the decision-making towards discretionary IT spending has seen a slight deferment, while the cost optimisation deals continue to generate stable demand, it noted. "Growth momentum for the Indian IT services industry likely to slow down in the near to medium term," ICRA said in a statement. The slowdown is on account of evolving macroeconomic

Finland invites Indian tech professionals during global layoff season

Nordic country aims to double work-based migration and triple study-based migration by 2030

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

IT firms see 14-20% topline growth in Q3, raise guard on uncertainties

India's IT services heavyweights delivered between 14-20 per cent on-year growth in topline for December quarter, as they raised guard on global uncertainties and choppy verticals, but remained hopeful that costs as well as business considerations will drive tech demand. The tech earnings season began with large IT companies -- Tata Consultancy Services (TCS), Infosys, Wipro and HCL Technologies -- declaring their Q3 report card this week, amid analysts' gloomy prognosis around slowdown in advanced economies and fear of geopolitical flare-ups. The industry leaders said they are keeping a close watch on the global economy and cues. Overall, the revenue growth band of the top-tier IT players was pegged at between 14-20 per cent for Q3FY23, compared to the year ago period. Seen sequentially, the topline growth for the large IT pack ranged between three per cent and eight per cent versus previous September quarter. Meanwhile, December-quarter net profit of the top IT deck rose between

Wipro Q3 revenues may rise up to 3% QoQ; flattish margins likely: Analysts

On the bourses, Wipro underperformed peers as shares dropped 0.5 per cent, while TCS, HCL Technologies, and Infosys rose up to 11 per cent in Q3FY23

Centre proposes self-regulatory body for online gaming companies

The gaming companies will have to appoint a Grievance Officer who will be an employee of the online gaming intermediary and shall be a resident of India

IT ministry appointed as nodal ministry for online gaming in India

The Department of Sports under the Ministry of Youth Affairs and Sports has been notified as the nodal agency for e-sports

43% Indian IT employees find moonlighting favourable, says report

Amid the growing debate on moonlighting, a new report has revealed that 43 per cent of employees in the Indian IT sector find moonlighting favourable

Absolutely committed to integrity, transparency of our ops: Top Oracle exec

Speaking in the context of recent charges against the firm, Garrett IIg, president, Oracle Japan and Asia Pacific, says compliance training among employees has become more aggressive recently

Rising offshore revenue to be growth huge lever for years: Coforge CEO

The IT solutions provider has posted a consolidated net profit of Rs 220.6 crore for Q2FY23, up 36.6% YoY. Its revenue growth was driven by offshoring expansion

Moonlighting unacceptable, action taken against few: Happiest Minds

IT company Happiest Minds Technologies has said moonlighting is unacceptable as it amounts to violation of job contract and that "few" employees found engaging in such practices have been fired over the last 6-12 months. The company -- which recently logged a stellar 33.7 per cent on year growth in net profit in the second quarter and 31.1 per cent rise in its total income -- had about 4,581 employees as of September 30, 2022. Happiest Minds asserted that moonlighting is not very prevalent within the company but did not divulge the exact number of employees against whom action had been taken on the issue. The issue of moonlighting or dual employment has emerged as a big talking point in the IT industry ever since Wipro Chairman Rishad Premji red-flagged the issue on Twitter, equating it to "cheating". Over the past weeks, several companies have waded into the issue making it clear that they do not approve of dual employment. Put simply, moonlighting or dual employment refers to ..

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

FY23 will likely be double digit on revenue...and profitable: Mindtree MD

In a Q&A, Debashis Chatterjee, who is also the firm's CEO, talks about the demand environment, merger with LTI and moonlighting

Pay gap rising between freshers and top management in Indian IT companies

The packages of freshers have increased marginally, by 20 per cent, since 2010, while the packages of CXO-level employees have gone up by 70-90 per cent

80% of IT employees need better reason to go to office, says report

Several companies, the report claims, have introduced higher variable pay and employee engagement budgets while cutting down the internet allowance to make employees return to the office

Accenture's outsourcing guidance bodes well for big Indian IT cos: Analysts

Analysts underscored that Accenture's August quarter (Q4FY22) results reflected softening of demand for IT services, and thus remain 'cautious' on the sector

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

Freshers take to social media as IT companies delay onboarding process

The IT companies, including Wipro, Infosys, and HCL have, however, stated that all the offers made will be honoured

Deja vu? Key reasons why Jefferies thinks the market rally may not sustain

The information technology sector (IT), Jefferies believes, remains at significant risk of sell-off if the Nifty were to correct