Page 10 - It Sector

Ex-Wipro boss is highest-paid Indian IT CEO for second year straight

Thierry Delaporte earned $20 mn in FY24 and $10 mn the year before; he resigned last month

Randstad Digital eyes GCCs in India to drive growth in its IT business

Randstad Digital's focus verticals include banking, financial services and insurance (BFSI), automotive and aerospace, and high tech verticals

Ready to fund up to 50% of AI compute infra: Meity secy S Krishnan

In order to speed up the entire process, the idea is to partner with a variety of private institutions so that we are able to work with the private sector in making this capacity available quickly

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

Draft infra norms good for industry: UCO Bank MD & CEO Ashwani Kumar

Our spending on IT infrastructure will be in the range of Rs 1,000 crore, including capital expenditure, Ashwani said

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 ...

Top 3 Indian IT companies train over 775,000 in generative AI skills

This figure is substantially higher than what the IT industry body Nasscom had predicted in its Strategic Review of 2023

We'll have 50,000 people fully trained to leverage GenAI: HCLTech CEO & MD

Vijayakumar says that what's working in favour of the firm is its challenger position

Early bird top line growth fastest in four quarters; BFSI leads the charge

IT, manufacturing laggards in Q4 so far

Cyient Q4 results: Net profit rise 15.9% at Rs 189 crore, revenue up 6.3%

The company's digital, engineering and technology segment accounted for 80% of its overall revenue

Despite uncertainties, services exports grow 11.4% in 2023: UNCTAD report

India's services exports jumped 11.4 per cent to USD 345 billion in 2023 despite global economic uncertainties, while China's shipments from the sector contracted by 10.1 per cent to USD 381 billion, according to a UNCTAD report. Sectors that contribute to India's services export growth include travel, transport, medical and hospitality. With an 8.9 per cent annual rise in current dollar value terms, the world services exports surpassed USD 7.9 trillion in 2023, a quarterly bulletin of UNCTAD said. The leading exporters among developing economies include India, China, Singapore, Turkiye, Thailand, Mexico, and Saudi Arabia, it added. India's services imports, however, dipped marginally by 0.4 per cent to USD 248 billion last year. "The main driver of the YoY (year-on-year) rise of services exports in Q4 2023 was the ample growth of international travel receipts. In the post-COVID-19 recovery, travel receipts increased by 70 per cent in Asia (YoY)," the report said. Commenting on .

What IT sector wants: AI push, clarity on labour laws on LS polls wishlist

There are specific hurdles that need to be addressed for the IT/ITeS sector

IT sector to see second consecutive year of muted revenue growth: CRISIL

The Indian IT services sector is staring at a second consecutive year of muted revenue growth due to modest increase in tech spends in Europe and the US, a domestic rating agency said on Wednesday. Crisil Ratings said it expects the sector to grow at 5-7 per cent in FY25, after a growth of 6 per cent estimated to have been achieved in FY24. The overall industry size is pegged at USD 250 billion and it creates over 50 lakh direct jobs. "The slowdown in technology spend will continue this fiscal, weighing on the revenue growth of IT service providers," said Aditya Jhaver, director at Crisil. The industry is, however, expected to sustain in the key metric of profitability, as the operating profit margins will be stable at 22-23 per cent, the agency said, attributing it to prudent management of employee costs. Crisil said the sectoral revenues achieved a compounded annual growth rate of 12 per cent for the decade through FY24. High interest rates and economic slowdown in client mark

Infosys Q4 results: Net profit jumps 30% to Rs 7,969 cr, revenue up 1.3%

Firm expects revenue growth of 1-3% in FY25

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

Stocks to Watch today: TCS, GIC, HAL, LIC, Anand Rathi, Aster DM, IT shares

Stocks to watch on Monday, April 15, 2024: IT shares, led by TCS, are expected to be in focus after the Tata group IT major reported better-than-expected Q4 numbers.

CNH's India technology centre to be the largest by the end of CY24

The centre, which has a headcount of 700, will touch 1,000 by the end of CY24

IT firms bracing for muted show amid weak global macros, tight spends

Indian IT companies are seen signing off FY24 on a subdued note with an uncertain global macroeconomic environment dragging tech demand and client spends, analysts said, forecasting modest commentary and cautious tone by the tech pack on FY25 outlook. The grand IT earnings season opens on Friday with results of Tata Consultancy Services (TCS), followed by Infosys scorecard on April 18 and Wipro on April 19. Tech Mahindra is scheduled to announce Q4 and full-year numbers on April 25, whereas HCL Technologies will declare its numbers on April 26. Emkay in its quarterly preview recently said subpar growth should persist in Q4 as muted demand trends continue on account of weak discretionary spending and cautious behavior by clients amid uncertain macros. It predicted FY24 ending on a "weak footing", and noted that recovery hope has shifted to the second half of FY25. "Global companies such as ACN (Accenture), CTSH (Cognizant Technology Solutions), and CAP (Capgemini) have also guided f

Wipro appoints Malay Joshi as CEO for 'Americas 1' strategic market unit

Joshi is a company veteran who joined Wipro in 1996 and has had an extensive career spanning over 28 years in various leadership roles across functions, industries, and geographies

'Main goal complete with foundational elements', says outgoing Wipro CEO

IT company is seen as a 'transformation partner' by clients and is set for growth, says Thierry Delaporte in farewell email