Page 8 - It Companies

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

Recruitment scam: IT company TCS fires 16 employees, bars 6 vendors

India's largest IT services company TCS on Sunday said it has fired 16 employees and barred six vendors in connection with a recruitment scam. Our investigation found 19 employees to be involved16 employees have been separated from the company for code of conduct violations, and three employees have been removed from the resource management function, the company said in a late evening statement. It also added that six vendors, their owners and affiliates have been debarred from doing any business with TCS. In late June, reports had surfaced of a recruitment scam at the largest software exporter, wherein vendors tasked with some functions were alleged to have indulged in malpractices in collusion with TCS staffers. The allegation came to light within weeks of K Krithivasan taking charge as the company's chief executive and was the first major challenge faced by him. The issue relates to breach of the company's code of conduct by certain employees and vendors supplying contractors,

Salary hikes of major IT companies take a back seat amid weak demand

Accenture for instance will not be providing salary hikes to its employees in India and Sri Lanka this year, except in critical skill areas and where it is legally mandated

HCLTech Q2FY24 result: Net profit up 9.9% at Rs 3,883 cr; attrition drops

The consolidated revenue for the quarter grew 8.04 per cent y-o-y at Rs 26,672 crore, as compared to Rs 26,296 crore in Q2FY23

Infosys Q2FY24 result: Net profit rises to Rs 6,212 crore; revenue up 6.7%

Infosys Q2FY24 result: The company also declared an interim dividend of Rs 18 per equity share

TCS Q2FY24 result: Net profit up 8.7%; buyback worth Rs 17,000 cr announced

TCS also announced a dividend of Rs 9 per share. The record date will October 9, 2023 and the payment date is November 7, 2023

TMS Ep539: Israel-Palestine war, Hamas, GST Council meet, IT Q2 results

How will Israel-Palestine war affect India? What were key outcomes of the recent GST Council meet? How will Indian IT companies fare in second quarter? What is Hamas? All answers here

Indian IT companies turn cautious as tensions escalate in West Asia

In Israel, Bengaluru-based firm Wipro has about 80 employees, all of whom are nationals of that country

Dividends triumph over buybacks despite potential for higher tax payouts

Share of buybacks in reward kitty drops to lowest in seven years

Top IT cos log muted sequential growth in Q2 amid sustained macro overhang

Large Indian IT services companies are expected to report "muted" sequential show in a traditionally strong second quarter, as macroeconomic challenges continue to weigh on global discretionary spending, say market watchers. The big earnings week for tech heavyweights is up ahead, with Tata Consultancy Services (TCS) scheduled to announce its results on October 11, and both Infosys and HCL Technologies on October 12. Wipro is slated to declare its Q2FY24 results next week, on October 18. Analysts tracking the sector are bracing for a subdued sequential performance by the large IT-pack saying weakness seen in Q1 is likely to persist with no meaningful signs of recovery or deterioration, thus dashing any hopes of a quick turnaround. "We expect Q2FY24, though seasonally strongest, to remain weak from a sequential growth perspective with quarter-on-quarter CC (constant currency) growth varying from -1 per cent (Tech Mahindra) to +1.9 per cent (HCLTech) among the top-five firms," ICICI .

End of Work-from-home: IT cos nudge employees to prepare for 5-day office

The French IT company, Capgemini's employees have been asked to work from the office two days a week

HCLTech expands partnership with ANZ Banking group with a new deal

HCLTech will provide ANZ with digital workplace services and experience management across end-user devices and applications

Freshers face challenge to get jobs due to those who graduated last year

Freshers are facing a 'fresher glut' created by a spike in the talent pool of young professionals with experience of one to two years