Page 8 - It Companies

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

FY25 revenue growth of a few large IT companies likely to touch 10%

Last week, Infosys entered into an agreement valued at $1.5 billion with a global company for 15 years to offer enhanced digital services through its artificial intelligence (AI) solutions

Top headlines: IT companies' forex revenue, falling global debt and more

Business Standard brings you the top headlines at this hour

IT companies' forex revenue exceeds earnings of other manufacturers in FY23

According to data, the combined forex revenue of listed IT companies grew by 20.7 per cent to reach Rs 5.14 trillion in FY23

IT hardware companies may be asked to register for imports in FY24: Report

This comes a month after the DGFT announced that the import of certain IT hardware products, including laptops, tablets, PCs, servers, etc., would fall under the restricted category

IT companies shrug off transport strike in Bengaluru with work from home

An estimated nine lakh private commercial vehicles, including auto-rickshaws, corporate vehicles, airport taxis, maxi cabs, and buses, stayed off the roads on Monday

IT companies step up GenAI investments as clients ready for paid POCs

However, GenAI has a margin optimisation implication for IT providers as they are also using it internally to cut down development times for client projects

As rents rise, here is what you can ask from your landlord for protection

Sign a long-term agreement that should have a reasonable escalation built in and a minimum guaranteed tenure

Goldman sees India IT growth pick up in medium-term; initiates coverage

"Indian IT services companies have doubled their market share in the last 10 years," analysts at Goldman Sachs led by Manish Adukia wrote in a note dated Tuesday