Page 6 - It Companies

IT spending in India to grow at 9.9%, to cross $59 billion by 2027: IDC

The IT spending in India is likely to grow at a compound annual growth rate of 9.9 per cent over the coming years to cross the USD 59 billion mark by 2027, as the software market consistently showing double digit growth across the forecasted years, International Data Corporation (IDC) said on Thursday. The IT spending in India for 2024 is expected to grow by 11 per cent year-on-year to reach USD 44 billion in 2024, according to market research and analysis firm IDC. While speaking at India CIO Summit organised by IDC, the company's Head of WW Strategy and Senior Vice President & Regional Managing Director for EMEA Steven J Frantzen said Generative AI (GenAI) will continue to accelerate AI adoption in India, with more leading organisations exploring or investing in GenAI use cases. "Even with economic headwinds and uncertainty in 2024, we anticipate that global ICT spending will expand by more than 6 per cent (3x of projected GDP growth) as we enter a new era of accelerated digital

HCLTech ties up with ServiceNow for Gen-AI solutions to boost efficiency

IT firm HCLTech on Thursday said it has partnered with American software company ServiceNow to offer Gen-AI-led solutions for driving efficiency and cost-savings in businesses. HCLTech will offer consulting, design, implementation, and managed services through ServiceNow's entire suite of products, HCLtech said in a statement. It said the partnership will help enterprises realise cost-savings and enhance cross-department efficiency and productivity. "HCLTech offers a wealth of ServiceNow expertise to the world's leading businesses," said Bill McDermott, Chairman and CEO, ServiceNow. "It is an honour to extend our partnership to the co-creation of industry-specific GenAI (Generative Artificial Intelligence) solutions that will ignite our customers' growth engines with transformative experiences. HCLTech and ServiceNow will also launch a ServiceNow business unit and the 'Fluid NOW' centers of excellence in London, New York, and Noida for enterprises to explore the latest GenAI

Bengaluru blast: Startups call for swift measures to ensure robust safety

Approximately 10 people were reportedly injured in a low-intensity bomb blast at The Rameshwaram Cafe, a popular restaurant in Bengaluru's Brookfield

50% of companies review their BCDR strategy only once in 3 years: Report

Nearly 40 per cent of firms do not have any detailed BCDR strategy, according to the report

GenAI will impact headcount growth in next 3-5 years: Infosys executive

Infosys, which has stated it will be an AI-first company, is bracing itself for this disruption

HCLTech tells DFS employees to report to office 3 times in a week

HCL Technologies has asked all employees who are part of Digital Foundation Services (DFS) to come to office at least three days a week beginning February 19, according to a communication by Noida-headquartered IT company. The move comes at a time when more and more tech companies are shifting to workplace-based models, insisting that employees be physically present in the office cubicles for a certain number of days every week to enhance teamwork, facilitate face-to-face interactions, and strengthen workplace culture. As such, senior managers and leadership team in DFS (those above a certain position and level) have transitioned to a hybrid model and work from office at least three days in a week. The recent communication states that from February 19, the same hybrid work model will be applicable to all employees of DFS. All DFS employees, irrespective of their band, will be required to work from their designated HCLTech offices for a minimum of three days in a week, the memo said,

Skillmine Showcases Niche Technology Expertise through its 'Make in India' Solutions

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Esconet Technologies secures orders from NICSI for servers, object storage

Esconet Technologies said on Wednesday it has secured an order from National Informatics Centre Services Inc (NICSI) to deliver servers and object storage for the Immigration, Visa and Foreigners Registration & Tracking application of the FRRO. The servers and object storage will transform the user experience and provide seamless access to the e-FRRO service, the company said in a release. Esconet, a homegown IT solutions provider firm, will deliver servers and object storage for Immigration Visa Foreigner Registration Tracking application of Foreigners Regional Registration Officer (FRRO), a Ministry of External Affairs agency. "e-FRRO is a web-based application aimed at building a centralised online platform for foreigners for visa-related services. It provides faceless, cashless and paperless services to foreigners with a swift and user-friendly experience," the release said. The IPO-bound Esconet has also got another order to establish a private cloud for CE Infosystems, which

NIIT Q3 results: Net profit marginally up at Rs 14.3 cr; revenue declines

IT training company NIIT on Friday reported a 0.56 per cent increase in its consolidated net profit to Rs 14.36 crore for the December 2023 quarter. Its profit stood at Rs 14.28 crore in the year-ago period. Sequentially, it rose 34.96 per cent against Rs 10.64 crore. The revenue from operations declined by 8.59 per cent to Rs 85.17 crore in the third quarter from Rs 93.18 crore in the year-ago period, according to a regulatory filing. A company statement said the results include the impact of the demerger of NLSL from NIIT Limited from April 1, 2022. "We are expanding in BFSI (banking, financial services and insurance) and increasing penetration across GCCs (Global capability centres). We continue to see sequential recovery in business despite the ongoing hiring freeze in the technology sector," Vijay K Thadani, Vice Chairman and Managing Director, NIIT, said. The company is on a path of recovery with its BFSI strategy, which is reflected in its yearly growth in the revival of ..

Tech Mahindra Q3 results: Net profit declines by 60.6% to Rs 510 cr

The consensus seems to be that second half of the calendar year is when people will start to see recovery. I don't think the recovery will be simultaneous across geographies and sectors,' said Joshi

A major portion of our deal pipeline is large deals: LTIMindtree MD & CEO

Debashis Chatterjee speaks about the overall demand environment and company's strategy

Fund flows in IT stocks set to rise on positive earnings surprise: Report

Shares of India's IT companies, which earn a significant share of their revenue from the U.S., surged 16.13% in the final two months of 2023, exceeding the benchmark Nifty 50's 13.9% gain

Accenture, TCS, Infosys, HCLTech continue to rule the IT brand list

Accenture has maintained its position as the world's most valuable IT services brand, with a brand value of $40.5 billion

Comfortable with OpenAI non-profit despite Altman ouster: Satya Nadella

Competition authorities in Europe, Britain and reportedly the United States have started looking closely at the Microsoft-OpenAI relationship

Earnings-equity valuation gap of Indian IT companies widens, shows data

The combined net profit of TCS, Infosys, Wipro, and HCL Technologies was down 1.5 per cent year-on-year (Y-o-Y) in the December quarter

Nifty IT near 2-year high; up 9% in 2 days post solid Q3 show by majors

The Nifty IT index was trading at its highest level since January 19, 2022. It had hit a record high of 39,446.70 on January 4, 2022.

Best of BS Opinion: Turnaround awaited, Geography of unequal growth & more

Here is the best of Business Standard's opinion pieces for today

Turnaround awaited

Demand environment remains challenging for IT

Q3 results: Top 4 Indian IT companies balance caution and optimism

Compared to its competition, Noida-headquartered HCLTech's performance was the best

Wipro Q3FY24 result: Net profit falls 11% to Rs 2,694 cr, dividend declared

Wipro Q3 results: The shares of the company had risen over 4 per cent in anticipation of the results on Friday