Page 4 - It Firms

Decline in IT staffing slows flexi employment in third quarter: ISF

Staffing in other sectors increased by 3.8% Q-o-Q in Q3, driven by demand from e-commerce, retail, logistics, manufacturing, and hospitality

IT industry opposes Karnataka IT Union's call to end relief in labour rules

On March 16, a section of IT employees, under the banner of KITU, staged a protest in front of the labour commissioner's office in Bengaluru to press for their views

Tech Mahindra announces merger of two subsidiaries based in the US

Tech Mahindra Americas (TMA) was started in the US in 1993 and provides computer consulting, programming support services, and IT management & consulting services

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

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

SC upholds HC order directing Cognizant to pay Rs 2,956 crore to IT dept

Cognizant, in December last year, sought an interim stay on all recovery proceedings against it and offered to pay the base amount of Rs 1,500 crore in cash

IT firms may report soft Q3 as higher furloughs to weigh on revenue growth

Indian IT companies are expected to report a "soft" third quarter with higher-than-usual furloughs weighing on revenue growth, industry watchers said cautioning that demand outlook commentary is likely to be unchanged as clients continue to scrutinise discretionary spends and prioritise cost optimisation. The big earnings week for tech heavyweights is up ahead, with the top tier IT companies slated to announce their December quarter numbers this week. Tata Consultancy Services (TCS) and Infosys will declare their Q3FY24 report card on January 11 (Thursday) and Wipro and HCL Technologies on January 12 (Friday). All eyes will be on management commentary from the IT pack on prevailing customer sentiments across BFSI, and technology services, as well as demand scenario panning out in key markets of the US and Europe. "We expect IT companies to report soft quarter-on-quarter constant currency revenue growth in Q3FY24 due to higher-than-usual furloughs for most companies in our coverage

It's talent tug of war: Why Cognizant is in the crosshairs of top IT firms

Cognizant pulling top executives from rivals has triggered a legal battle at a time when the pie is shrinking

IT stocks decline amidst growth concerns pulls Indian equity benchmarks

Brokerages have been advising their clients to tread cautiously while taking positions in IT stocks, citing weakness in discretionary demand

Infosys accuses Cognizant of unfair employee poaching, sends letter to firm

Infosys sent a written communication to Cognizant after a number of its senior executives left to join the firm

TCS modernises post-trade market infrastructure for Switzerland's SIX

Platform is the backbone of the Swiss market's post-trade value chain, says Indian IT firm

Global slowdown blues will stall demand for office space this year: Crisil

IT firms and Global Capability Centres (GCCs) of multinational corporations are expected to keep demand modest in the near term amid global economic headwinds

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

Infosys US unit hit by cyber security event; probe on to identify impact

The company said it is working with a cyber security company to resolve the issue

TCS to revise rates for staffing cos to enhance transparency, better talent

The changes in rate cards are for contract staffing employees and not for permanent employees. TCS is revamping its hiring mechanism

SuperOps.ai raises $12.4 mn in funding round led by Addition, March Capital

Company's technology platform helps managed service providers in assisting clients

As business from West takes a hit, Indian IT firms explore African market

As things stand, the African continent holds a relatively small share of less than five per cent in the global IT outsourcing

Indian IT firms set for 'washout' year, focus now on 2025: JP Morgan

The focus for this quarter's earnings reports will be on deal signings as well as the split of new deals versus renewals to assess fiscal 2025 growth, the analysts said

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

Accenture guidance delays hopes of demand pick-up for Indian IT: Analysts

Nirmal Bang analysts suggest investors use the gains to pare positions if overweight, especially in the tier-2 IT pack