Page 6 - It Companies

ED files money laundering case against Vijayan's daughter, her IT company

The Enforcement Directorate has filed a money laundering case against Kerala Chief Minister Pinarayi Vijayan's daughter Veena Vijayan, her IT company and some others to probe a case of alleged illegal payments made by a private mineral firm to her and the company, official sources said Wednesday. The agency has registered a case under the Prevention of Money Laundering Act (PMLA) and is expected to summon the people involved, the sources said. The ED case has been booked after taking cognisance of a complaint filed by the Serious Fraud Investigation Office (SFIO), an investigative arm of the Union corporate affairs ministry, they said. The case stems from an Income Tax Department investigation that alleged that a private company called Cochin Minerals And Rutile Ltd (CMRL), made an illegal payment of Rs 1.72 crore to Veena's company-- Exalogic Solutions-- during 2018 to 2019, even though the IT firm had not provided any service to the company. The Karnataka High Court had last mont

TCS signs 7-year deal to transform IT infrastructure for Denmark's Ramboll

TCS will provide services to manage Ramboll's Cloud and data centres, application development, maintenance

HCLTech, CAST expand alliance to offer customised semiconductor chips

IT company HCLTech on Tuesday said it has expanded its alliance with semiconductor intellectual property (IP) core provider CAST to provide customised chips and aid enterprises in accelerating their digital transformation. HCLTech said it will enhance design verification, emulation, and rapid prototyping of its turnkey system-on-chip solutions by using silicon-proven IP (intellectual property) cores and controllers from CAST. This will help original equipment manufacturers in varied industries, including automotive, consumer electronics and logistics, to reduce engineering risk and development costs, a company statement said. "CAST's high-quality and well-supported IP cores, coupled with HCLTech's system integration design expertise, will enable us to deliver superior custom chips to our customers worldwide," said Vijay Guntur, President, of Engineering and R&D Services, HCLTech.

ICRA forecasts Indian IT service industry growth at 3-5% in FY25

Most of the top IT services firms have reported record levels of total contract value. For instance, Tata Consultancy Services (TCS) reported a TCV of $8.1 billion in the third quarter of FY24

Took risk when I gave Narayana Rs 10,000 to start Infosys: Sudha Murty

Recently sworn-in Rajya Sabha MP Sudha Murty on Friday recalled how she gave her husband NR Narayana Murthy Rs 10,000 as seed capital to start IT company Infosys but chose to keep Rs 250 from her savings kitty as she thought she was taking a "risk" because of his previously failed venture. The 73-year old engineer-turned-philanthropist recounted that in 1981 when her husband told her that he wanted to start a software company, she had argued that both already had well-paying jobs. Murthy had assured her that he would not proceed without her approval, she said speaking at India Today conclave. I had Rs 10,250 in my savings. I saved Rs 250 for myself and gave him the rest because he failed in his earlier venture Softronics, so I took a risk, she said. Murthy told her to brace for a bumpy ride for the next three years, she said recounting the early days of the Indian IT services giant. My life drastically changed when he started Infosys, it was a responsibility, a commitment, she sai

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