Page 11 - It Industry

Tech job cut: Microsoft lays off 1,000 employees from mixed reality team

Majority of the jobs cut have been within Microsoft's Strategic Missions and Technologies organisation, which aims to sell the company's cloud software and server rentals for businesses

'IT services export from STPI register unit crossed Rs 9 trillion in FY24'

IT services exports from STPI-registered units have crossed Rs 9 lakh crore in the 2024 financial year, a senior official said on Wednesday. While speaking at the 33rd Foundation Day of Software Technology Parks of India, Director General Arvind Gupta announced an initiative towards developing India's sovereign cloud journey under the brand name 'Ananta', which will be a hyperscale cloud made by Indians for Indians. Apart from the conventional Compute Infrastructure Services (IAAS), Ananta will also offer PAAS, SAAS and GPU-based services. "STPI has played a very crucial and important role for nurturing the IT industry so that it could have reached this stage. The exports from STPI registered units have also reached Rs 9.19 lakh crore," Gupta said. The STPI registered units in the first year of its establishment in 1991 reported exports of Rs 17 crore. STPI at the event signed a memorandum of understanding with Sabudh Foundation for creating skill-development initiatives and nurtu

Meganet set to log Rs 1,000 cr revenue in next two years, says CEO Pipada

Computing hardware manufacturing firm Mega Networks (Meganet) is en route to entering the Rs 1,000 crore club in terms of revenue in the next two years, founder and CEO Amrish Pipada said. During an interaction with PTI, Pipada extensively discussed the firm's expansion plans, its strategy to encash India's burgeoning AI server market, and the role of the Production Linked Incentive (PLI) scheme in its growth. The CEO exuded confidence in the company's capabilities and said the homegrown firm is set to achieve a 30-40 per cent revenue growth in FY25. Meganet recorded a revenue of Rs 300 crore in FY24. "We are on track to join the Rs 1,000 crore club within the next two years on the back of evolving demands and our growth strategy. This involves accelerating our core business by focusing on delivering high-quality products and services, investing in marketing and operational efficiency, and expanding into high-potential emerging technologies such as semiconductors fabrication, ...

Wipro public shareholders object to outgoing CEO Delaporte's severance pay

Resolution to pay him $4.33 mn in cash compensation is accepted due to promoter shareholding

Wipro appoints Vinay Firake as CEO of APMEA strategic market unit

Firake succeeds Anis Chenchah, who is stepping down to pursue opportunities outside the organisation

TCS CEO Krithivasan's salary for FY24 at Rs 25 cr, COO earned Rs 26.18 cr

Krithivasan's remuneration includes his that for his previous role as company's global head for BFSI

Parseable raises $2.5 mn in seed round to expand log analytics services

Bengaluru-based company specialises in processing huge amounts of data generated by information technology systems

Happiest Minds Tech Q4 result: Profits up 25%, revenue rises by 10.4%

IT firm Happiest Minds Technologies reported a 24.83 per cent increase in consolidated net profits at Rs 71.98 crore for the quarter ended March 2024, and said it expects to encash on its newly launched GenAI business unit. According to a stock exchange filing, the company clocked a profit of Rs 57.66 crore in the year-ago period. Revenue from operations for the reporting quarter stood at Rs 417.29 crore, as against Rs 377.98 crore in Q4FY23, translating into a 10.4 per cent rise. Revenue for the quarter was led by the edutech vertical (22.3 per cent), followed by healthcare (16.1 per cent). Executive chairman Ashok Soota said the newly created Gen AI business unit, the creation of six new industry groups, and the successful closure of two acquisitions have put the company back on course towards accomplishing its 'long-term vision of USD 1 billion in revenues by FY31'. Annual profits saw a 7.53 per cent rise to Rs 248.39 per cent, as compared to the previous fiscal's Rs 230.99 ...

IT giants Cognizant and Capgemini hired 150,000 fewer employees in 2023

Cognizant and Capgemini collectively employ around 400,000 people in India

Cognizant Q1 profit declines 6% to $546 million, revenue dips 1.2%

2024 full-year revenue guidance unchanged at -2% to 2%; firm signed 8 large deals during the quarter with TCV of $100 million each

India, New Zealand look to boost collaboration in pharma, digital trade

India and New Zealand are looking to increase collaboration in goods and services sectors like pharmaceuticals, digital trade, and cross-border payment systems to promote bilateral trade. Issues to promote trade through these collaborations were discussed during the recent visit of Commerce Secretary Sunil Barthwal to New Zealand from April 26-27. The commerce ministry said that huge potential is there in both economies to further promote bilateral trade. "The meetings reviewed progress on market access issues, economic cooperation projects and explored opportunities for new initiatives," it said. Both sides discussed the establishment of robust bilateral economic dialogue architecture and the creation of working groups in sectors like Agriculture, Food Processing, Storage and Transportation, Forestry and Pharmaceuticals to facilitate ongoing collaboration on key trade and economic issues. Deliberations also included increasing cooperation in kiwi fruit as well as the dairy ...

LTTS signs €45 mn deal to train European auto supplier Forvia's engineers

5-year partnership also involves Indian company providing engineering services to Forvia

India takes top rank in world artificial intelligence race, shows data

In leading countries, 60 per cent of companies had AI projects "up and running"

AI inside: Tech simplifies and automates routine work for IT firms

AI can be used in a variety of functions: From HR management to sales and coding. Senior executives say companies must continuously train employees in the technology and keep them skilled

To fund artificial intelligence boom, technology plans plumbing upgrade

The money being thrown at technology to support artificial intelligence is also a reminder of spending patterns of the dot-com boom of the 1990s

L&T Technology Q4 result: Revenue rises 7% aided by strong deal wins

BENGALURU (Reuters) - Indian engineering research and development services provider L&T Technology Services reported a 7% rise in its fourth-quarter revenue on Thursday, in line with street expectations, aided by strong deal wins.

To cut costs, Indian tech companies expanding into smaller cities

The change also comes as state governments offer stamp duty concessions, land benefits, subsidised power and other incentives to bring jobs to smaller cities

LTIMindtree Q4 FY24: Net profit down 1.2% at Rs 1,100 cr; missed estimates

On the demand scenario, the management said that the firm expects Q1 FY25 to report growth

Centre bets on 'Swades' moment for semiconductor industry's talent

Expects thousand-odd Indian engineers to return from Southeast Asia, US

Tech industry growth projected to halve to 3.8% in FY24 compared to FY23

Industry expected to generate additional $9.3 billion in revenue, spanning across IT services, business process management engineering services: Nasscom