Page 16 - It Companies
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
 "Freshers take to social media as IT companies delay onboarding process")
Co-working space demand rises in H1 even as IT sector share dips
Average monthly office rentals rise across cities, highest in NCR and Hyderabad at 5%
 "Co-working space demand rises in H1 even as IT sector share dips")
Karnataka BJP leader holds IT companies responsible for devastating floods
The government did not charge for road digging and spent Rs 3,000 crore to provide free services at that time. Mohan Das Pai seems to have forgotten about this fact, Ramesh explained
 "Karnataka BJP leader holds IT companies responsible for devastating floods")
Will margin pressures end the Indian IT sector's glory days?
Indian IT companies are experiencing margin pressure. This has forced leading IT firms to reduce or withhold employee bonuses. How long will IT companies face this pressure? Is there a solution to it?
 "Will margin pressures end the Indian IT sector's glory days?")
TCS changes its hike structure, does away with anniversary hikes
The changes come at a time when the industry is seeing demand constraints from its majority market and budgets are under pressure and deals are taking time to close
 "TCS changes its hike structure, does away with anniversary hikes")
Falling margins, high attrition, moonlighting causing trouble for IT sector
Wipro, one of the four IT majors in India, announced that it will withhold the variable pay of mid, and senior-level employees for the June qtr (Q1FY23) due to poor financial health
Indian IT firms cut staff bonuses as US, European clients tighten budgets
Infosys Ltd, India's second-biggest IT company, and smaller rival Wipro recently told their employees they had reduced the variable pay portion of employee compensations
 "Indian IT firms cut staff bonuses as US, European clients tighten budgets")
Slowdown in hyper-scalers could impact the revenue of the IT companies'
Major IT companies in India including Tata Consultancy Services (TCS), Wipro, Infosys and HCL earn nearly 50 per cent of their revenue from digital solutions supported by hyper-scalers like AWS, Azure
 "Slowdown in hyper-scalers could impact the revenue of the IT companies'")
Employees will get 100% variable pay for June quarter, no delay: TCS
So far, more than 90 per cent of TCS employees have received the variable payout, according to the largest software exporter in India.
Startups increasingly raising venture debt as investors fear funding winter
Most investors are more cautious in deploying capital towards growth businesses, especially in late-stage startup investments, which are key drivers in a funding cycle
 "Startups increasingly raising venture debt as investors fear funding winter")
Wipro holds back employees' variable pay due to pressure on margins
IT company Wipro has held back variable pay of employees mainly due to pressure on margins, inefficiency in its talent supply chain and investment in technology, according to sources
 "Wipro holds back employees' variable pay due to pressure on margins")
India Inc tells employees to return to office; IT firms take the lead
Wanting its employees to trade in their sweatpants for a sharp suit as Covid cases rise
 "India Inc tells employees to return to office; IT firms take the lead")
Founders built incredible organisation; Infosys in stable position: Parekh
Salil Parekh, has praised the company's founders for building an "incredible organisation", and exuded confidence that the firm which "has always been solid" will "continue with that stability.
 "Founders built incredible organisation; Infosys in stable position: Parekh")
IT industry's 'people' conundrum may delay its revenue growth targets
The current talent crisis may delay the industry's efforts to move up the value chain by delinking headcount and revenue streams
 "IT industry's 'people' conundrum may delay its revenue growth targets")
Plutus Wealth Management buys Zensar Technologies shares worth Rs 167 crore
Investment firm Plutus Wealth Management on Wednesday bought shares of IT company Zensar Technologies Ltd for Rs 167 crore through an open market transaction
 "Plutus Wealth Management buys Zensar Technologies shares worth Rs 167 crore")
India's Q1 corporate earnings growth led by BFSI sector: Motilal Oswal
Studying the results of corporates tracked by it, Motilal Oswal said that BFSI sector has driven 124% of the incremental year-on-year (YoY) earnings growth during the 1QFY23 which was largely subdued
 "India's Q1 corporate earnings growth led by BFSI sector: Motilal Oswal")
At Rs 123 cr, HCL's Vijayakumar is the highest paid CEO in Indian IT sector
HCL Tech, in its annual report, said that it provided a remuneration of Rs 123 crore to its chief executive officer (CEO) C. Vijaykumar last year, making him the highest-paid Indian CEO right now
 "At Rs 123 cr, HCL's Vijayakumar is the highest paid CEO in Indian IT sector")
IT companies' margins decline to decade-low of 23.2% in June quarter
Wipro, Tech Mahindra see double-digit decline in net profit
 "IT companies' margins decline to decade-low of 23.2% in June quarter")
L&T beats estimates as Q1 net profit surges 45% YoY to Rs 1,702 crore
But sequentially, it declines 53% amid inflationary pressure & Rs depreciation
 "L&T beats estimates as Q1 net profit surges 45% YoY to Rs 1,702 crore")
Attrition continues to hit margins at top-tier IT companies in Q1FY23
Talent retention has eroded not only their margins but also any gains they may have made from rupee depreciation
 "Attrition continues to hit margins at top-tier IT companies in Q1FY23")