Page 7 - It Companies

Year on year, Indian companies squeeze spending on research and development

The little money they have invested in a decade went into recurring expenses

Nifty IT logs biggest two-day gain since July 2020; Sensex soars past 71K

Bellwether stocks Tata Consultancy Services, Infosys, and HCL Technologies each witnessed a 5 per cent jump on Friday, accounting for over half of the market gains

LTIMindtree expands presence in LATAM, opens delivery centre in New Mexico

The delivery centre, inaugurated on December 14, will enable workforce transformation and localisation for LTIMindtree in the Americas

Wipro, RSA ink new multi-year contract to accelerate cloud migration

The contract will accompany RSA on its journey over the next couple of years to modernise its infrastructure and the use of Cloud technology

Cognizant shifts to asset-light model; to sell assets in Hyderabad, Chennai

The company has already vacated 1.15 million square feet of office space in Chennai, including 500,000 square feet in the DLF Cybercity SEZ and 650,000 square feet in the Ramanujan IT SEZ

Infosys appoints Jayesh Sanghrajka as CFO as Nilanjan Roy resigns

Sanghrajka comes with over 25 years of work experience and is a chartered accountant by qualification

Responsible by design cornerstone of AI-first strategy: Balakrishna D R

'To ensure a fair, transparent, and safe AI system, Infosys has built technical and regulatory guardrails. 'Responsible by design' is one of the cornerstones of our AI-first approach'

IT companies up stakes on GenAI as clients demand integrated solutions

IT companies, globally and in India, are betting big on GenAI as clients are increasingly realising the value of it and demanding solutions that are integrated with it

The future is flexible: IT companies juggle in-person with remote work

Some IT employees Business Standard spoke with said that their companies are offering them certain perks to work in a hybrid environment

Innova Solutions shifts focus to India, to expand operations in 2024

Global IT firm Innova Solutions has shifted its focus back to India and will look to expand operations and rope in talent from the country next year, a senior executive of the company said. Pradeep Yadlapati, Senior Vice President, India Head & APAC Special Business Unit Head, Innova Solutions, said the company operates in various segments, including health, BFSI, communications, and media. "This year, we shifted our focus to India. Large corporates are looking at India for skills and technology, not just cost capital. India is emerging as a growth market for technology and talent," Yadlapati told PTI. Yadlapati said India continues to play an important role in the region in terms of technology and talent, and the momentum will spill over to 2024. "This year, we were able to consolidate all our brands," he said. "We run our IT infrastructure applications in the laboratories, which are managed by vertical heads in India," he added. Headquartered in Georgia, US, Innova Solutions ..

IT companies to diversify, draw 30% revenue from non-western mkt by 2030

Japan, Australia, and countries from West Asia will play a major role in this shift as they expand their share in the Indian IT outsourcing space

CP Gurnani to step down as director of Tech Mahindra on December 20

Along with Gurnani, Vijay Kumar will also step down as the non-executive, non-independent director of the company on December 20

Wipro may skip salary hikes for top performers with higher compensation

The move comes at a time when Wipro is dealing with a plethora of problems ranging from weak client spending to tough competition from larger rivals

Wipro is not alone, several Indian IT companies are facing a CXO churn

As experts at predicting business and industry growth, some CXOs might decide to switch companies or even sectors, or explore newer markets, innovative offerings, and fresh business models

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

IT industry salaries, wages continue to give margins a run for its money

The industry's core operating margins (that exclude other income) declined to 22 per cent of net sales in Q2FY24 from 22.4 per cent a year ago and the five-year average of 23.6 per cent of net sales

Weekend Bites: More trouble in IT paradise, RBI's plans, and taxing expats

In which we munch over the week's platter of news and views

Wipro Q2FY24 result: Net profit rises to Rs 2,667 crore; revenue down 0.1%

The company's gross revenue came at Rs 22,520 crore for Q2, a decrease of 0.1 per cent compared to the same qurater in the previous year

IT sector job woes may pull down overall consumer demand in India

Historically, there is a strong positive correlation between the growth of compensation (salary, wages, etc) in the IT sector and the growth of PFCE in the economy

Infosys opens new development centre in Vizag to upskill employees with AI

Spanning 83,750 square feet, the facility is designed to accommodate approximately 1,000 employees and provide greater flexibility for hybrid working arrangements