Page 13 - It Industry

We don't see hiring going down due to generative AI: TCS CEO K Krithivasan

His comments come at a time when the hiring done by industry has come down significantly. For instance, in FY23 the industry added a total new headcount of 290,000. This has fallen to 60,000 in FY24.

IT industry to grow 3.8% in FY24 to cross $250 billion, says Nasscom

FY24 growth coming at a slower pace, from a growth rate of 8.4% last year

DoT to establish quantum certification lab, set computing standards: Secy

The Department of Telecom is working to establish a quantum certification lab and set standards for quantum computing, a senior official said on Thursday. While speaking at the Second International Quantum Communication Conclave, Telecom Secretary Neeraj Mittal said that a lot of work is happening in C-DoT on quantum communications, and India has to be cautious in developing the technology with like-minded parties. "We are working with TEC to create standards (for quantum computing). We are also working on setting up a quantum certification lab," Mittal said. He said that the certification lab will test and verify the solutions that claim to be based on quantum technology. "There are countries who have massive resources at hand but do not necessarily believe in democratic values as India. We need to find the right partners and work with them," Mittal said. The Cabinet approved the National Quantum Computing Mission on April 19, 2023, with an outlay of Rs 6,003.65 crore for 8 ...

Metalbook targets $200 million ARR by FY24, plans IPO in 4-5 years

B2B digital platform Metalbook expects to achieve an annual recurring revenue (ARR) of USD 200 million (about Rs 1,660 crore) by March 2024, the company said on Thursday. ARR generally refers to the total revenue level that a company may achieve after 12 months. Metalbook claims to have registered a revenue of USD 72 million in financial year 2023. "Metalbook is anticipated to achieve an annualized revenue run rate of USD 200 million by the end of FY24, demonstrating a growth of over 15 times in the past two years," it said in a statement. Metalbook is a digital supply chain platform for the metals industry. The company recently launched new categories across copper, aluminium, metal scrap and claims to have a global footprint of processing centres, recycling networks and over 1,000 suppliers spread across 80 geographies. The expansion follows USD 15 million fundraise by the company in June 2023. The funding round was led by Rigel Capital, with participation from FJ Labs, as well

IT services provider LTIMindtree grooming two insiders for CEO job

Chief Operating Officer Nachiket Deshpande and President Sudhir Chaturvedi are the front-runners for the role

Govt, industry discuss ways for successful implementation of PLI schemes

Senior government officials and industry players have discussed ways to enhance collaborations and create a clear action plan for successful implementation of PLI schemes, an official statement said on Sunday. Around 1,200 delegates including beneficiary companies under the PLI (production linked incentive) scheme for 14 sectors and officials met on February 3 to discuss and chart out the strategy for effective and seamless implementation of these schemes, the commerce and industry ministry said. Officials from ministries and departments, including NITI Aayog, electronics, IT, telecommunications, heavy industries, renewable energy, and pharmaceuticals, participated in the discussions. The opening session was followed by two interactive sessions covering all the 14 sectors, with the objective of exploring areas of collaboration between the government and industry champions and creating a clear action plan for successful implementation of PLI Schemes. "The opening session was followe

Zoho FY23 results: Net profit crosses Rs 2,800 crore, revenue up 30%

Revenue growth in the US was 24.7%, followed by 29.7% in Europe

India's challenge: Building sovereign GenAI

It needs more than just ambition; attracting Indian researchers back to the country is just one of the hurdles

Bharat Electronics bags IT infrastructure orders worth Rs 848 crore

State-owned Bharat Electronics Ltd (BEL) on Tuesday said it has bagged orders worth Rs 847.84 crore, including a major project from the finance ministry. The company bagged an order worth Rs 665.84 crore (plus taxes) from Central Board of Indirect Taxes and Customs (CBIC), Ministry of Finance, to implement and manage IT infrastructure. "The scope of the project is to supply, install and maintain IT and networking infra, field IT support and centralised management and monitoring," BEL said in a filing to BSE, adding the maintenance support will be provided for five years which includes the implementation period. "This is one of the biggest civilian projects acquired on competitive basis by BEL during the current financial year," it said. BEL has also received orders worth Rs 182 crore towards miscellaneous spares and services. With this, BEL has received cumulative orders of Rs 28,494 crore in the current fiscal.

Accenture to enhance Indo Count's biz operations using digital technologies

IT consulting firm Accenture is collaborating with Indo Count Industries to enhance the home textile manufacturer's business operations using digital technologies. This will help unlock efficiencies and new growth avenues, the release said but did not indicate the size of the contract. "As part of Indo Count's digital transformation and reinvention journey, Accenture will help to standardise, optimise and re-engineer its business processes. Targeted functions include manufacturing, supply chain, logistics, and procurement," the release said. Accenture will design, develop, and deploy a digital core using SAP S/4HANA Cloud (enterprise resource planning software). "Powered by data and analytics, the technology platform will help automate and digitise the company's operations enabling improved inventory management, quality standardisation, optimal energy consumption and sustainable growth, leading to enhanced customer experience," the release said. Indo Count Industries Ltd (ICIL) is

Tata Technologies Q3 results: PAT rises 14.72% to Rs 170.22 crore

Global engineering and product development digital services firm Tata Technologies Ltd on Thursday reported a 14.72 per cent rise in consolidated profit after tax at Rs 170.22 crore for the third quarter ended December 2023. The company had posted a consolidated profit after tax (PAT) of Rs 148.38 crore in the same quarter last fiscal, Tata Technologies said in a regulatory filing. Its consolidated revenue from operations in the quarter under review stood at Rs 1,289.45 crore against Rs 1,123.89 crore in the year-ago period, it added. The total expenses were higher at Rs 1,085.14 crore compared to Rs 947.42 crore in the same period last fiscal, the company said. "Our deal win momentum has stayed robust, with five large deals won in the quarter, including one deal with over USD 50 million in TCV (total contract value) and another one with USD 25 million in TCV," Tata Technologies CEO and Managing Director Warren Harris said. "We remain positive on customer spending in the automotiv

Cabinet apprised of pact between India, Oman for co-operation in IT

The Union Cabinet was apprised of a pact inked between India and Oman for cooperation in the field of IT, an official release said on Wednesday. The memorandum of understanding (MoU) intends to promote cooperation between the two sides through mutual support, sharing of technologies, information and investments in the field of information technology. "The Union Cabinet chaired by Prime Minister Narendra Modi was apprised of a Memorandum of Understanding (MoU), signed on December 15, 2023, between the Ministry of Electronics and Information Technology of the Republic of India and the Ministry of Transport, Communications and Information Technology of the Sultanate of Oman on cooperation in the field of Information Technology," the release said. The MoU will remain in force for a period of three years. "Both G2G (government to government) and B2B (business to business) bilateral cooperation in the field of Information Technology will be enhanced. The MoU envisages improved collaborat

Microsoft hits $3 trillion market value, cementing strength of AI rally

The stock rose as much as 1.3% to $403.95, resulting in a market capitalization of $3 trillion. The threshold cements Microsoft's status as one of the largest public stocks

Birlasoft Q3 profit at Rs 161 cr, revenue rises by 10% to Rs 1,342.5 cr

IT company Birlasoft on Wednesday reported Rs 161 crore consolidated profit after tax for the third quarter ended December 2023, the company said in a regulatory filing. The company had posted a loss of Rs 16.36 crore in the same quarter a year ago. The revenue from operations of Birlasoft grew by about 10 per cent to Rs 1,342.5 crore in the December 2023 quarter from Rs 1,221.89 crore in the December 2022 quarter. "We have delivered a strong and well-rounded operating performance, with a 1.9 per cent sequential growth in revenue to USD 161.3 million in a seasonally soft quarter and an expansion in EBITDA margin even after absorbing the full impact of compensation hikes," Birlasoft, Chief Executive Officer and Managing Director Angan Guha said in a statement. The headcount of the company slightly increased to 12,356 during the December 2023 quarter from 12,322 in the previous quarter, with the attrition rate falling to 12.6 per cent during the reported quarter. "Our sharp focus on

Persistent Systems aims to expand margins, to hire fewer freshers

Mid-tier IT services company Persistent Systems aims to visit fewer campuses for hiring freshers, a senior official said on Monday. Over the next three years, the company is also targeting to expand its operating profit margin by about 3 percentage points above the levels of about 14.5-15 per cent it aims to exit FY23, its chief financial officer Sunil Sapre told PTI. Speaking two days after the Pune-based company announced its December quarter earnings, Sapre said it is already carrying candidates who have been trained for 18 months in some cases and are yet to be deployed on projects, which is making it circumspect about fresher hiring in the new year. "We will be there at campuses, but we will do it (hire) more judiciously," Sapre said. When asked if he meant that the company will visit fewer campuses when he says judiciously, Sapre replied in the affirmative. He said that for the company, which added about 500 people to take its overall strength to 23,336, all the hiring is do

IT services emerge as top segment in global IT industry spending: Gartner

Indian IT spending to record a double-digit growth of 11.1% in 2024

LTIMindtree Q3 results: Profit rises 16.8% to Rs 1,169 cr, misses estimates

Consolidated net profit of India's sixth-largest IT company rose 16.8% to 11.69 billion rupees ($140.63 million) for the three months ended Dec. 31, 2023

90% of Indian biz leaders planning to invest more in AI, Gen AI: Capgemini

Capgemini's survey included business leaders from 2,000 organisations in 15 countries across sectors such as automotive, consumer products, banking, capital markets, life sciences, etc

TCS to diversify to other markets amid US weakness: CEO Krithivasan

"We believe it (fiscal 2025) could be a better year than fiscal 2024," Krithivasan said

Apple set to shutter 121-person San Diego AI Team in reorganisation

Apple told employees that they have until the end of February to decide if they will relocate, according to the people. If they don't, the workers will be terminated on April 26