Page 11 - It Sector

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

Fund flows in IT stocks set to rise on positive earnings surprise: Report

Shares of India's IT companies, which earn a significant share of their revenue from the U.S., surged 16.13% in the final two months of 2023, exceeding the benchmark Nifty 50's 13.9% gain

Accenture, TCS, Infosys, HCLTech continue to rule the IT brand list

Accenture has maintained its position as the world's most valuable IT services brand, with a brand value of $40.5 billion

Earnings-equity valuation gap of Indian IT companies widens, shows data

The combined net profit of TCS, Infosys, Wipro, and HCL Technologies was down 1.5 per cent year-on-year (Y-o-Y) in the December quarter

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

Valuations stretched and time or price correction likely, says Ajay Tyagi

Tyagi says private banks, consumer services and consumer discretionary look attractive even as the market has turned expensive across most of the segments

India exchange-traded fund debuts on Abu Dhabi Securities Exchange

S&P India Shariah Liquid 35/20 Capped Index has rallied nearly 20 per cent in the past one year in AED terms

IT leaders Infosys, TCS kick off Q3 earnings season with weak numbers

Infosys cuts growth guidance as net drops 7.3%; TCS profit up 2%

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

Q3 continues to be slow quarter for IT sector due to curtailed spending

Analyst firms are expecting the large-cap IT services firms-TCS, Infosys, HCLTech, Wipro, and LTIMindtree-to clock revenue growth in the range of negative 1.5 per cent to a positive 4.6 per cent

Bengaluru-based IT company Mphasis appoints new Europe & GBPS head

Mphasis specialises in cloud and cognitive services and is based in Bengaluru. It has recently launched a dedicated AI Business unit

Black Box eyes 3x growth to $2 bn by 2027 with focus on critical infra

Indian IT company Black Box is expecting a threefold increase in revenue to USD 2 billion over the next three years, driven by demand for critical technological infrastructure. Black Box President and CEO Sanjeev Verma told PTI that focusing on digital infrastructure, connectivity, networking, modern workplace cybersecurity, along with artificial integration, is going to provide a huge runway to the company. "I think we see the future for digital infrastructure business ramping up on the back of hybrid activity on the data centre side, requirement for people to collaborate across continents and cultures, hybrid workplaces that have become a norm post-Covid." "We are looking at double-digit growth organically over the next few years and expect to push towards USD 2 billion (Rs 16,632 crore) revenues in the next three years," Verma said. The company had reported a consolidated revenue of Rs 6,233 crore in FY23, as per a BSE filing. Black Box works with big tech companies like Amazon

$245 bn IT sector sees tougher terms amid scramble for contracts: Report

The tougher contracts are likely to add pressure on an industry that is already struggling

Top execs exit at Infosys, Wipro underscores importance of talent creation

To mitigate attrition of senior leaders industry experts say companies must prioritise providing challenging projects that align with aspirations, skill sets of these seasoned professionals

IT hiring easier than last year; founders hopeful of resumption in funding

Even as the technology sector witnessed a decline in funding across the globe, founders are hopeful that a 'warmer funding season' is on its way in 2024

Infy hands out salary revision letters to employees, hikes effective Nov 1

Traditionally, Infosys rolls out its annual salary hikes for employees below the senior management in April, with other people in the organisation receiving their share of hikes in July

Cognizant shifts to asset-light model; to sell assets in Hyderabad, Chennai

The company has already vacated 1.15 million square feet of office space in Chennai, including 500,000 square feet in the DLF Cybercity SEZ and 650,000 square feet in the Ramanujan IT SEZ

Infosys appoints Jayesh Sanghrajka as CFO as Nilanjan Roy resigns

Sanghrajka comes with over 25 years of work experience and is a chartered accountant by qualification

Hiring activity for white-collar jobs dips 12% during Oct-Nov: Report

Hiring activity for white-collar jobs witnessed a 12 per cent on-year decline during October-November largely due to fall in recruitment trends in IT-Software, telecom and education sectors, a report said on Thursday. White-collar recruitment during October-November declined by 12 per cent with 2,433 job postings, compared to 2,781 during the corresponding months in 2022, according to the Naukri JobSpeak Index. The Naukri JobSpeak is a monthly Index representing the state of the Indian job market and hiring activity based on new job listings and job-related searches by recruiters on the resume database of Naukri.com. While, telcom, education, retailing sectors witnessed 18 per cent, 17 per cent and 11 per cent decline, respectively, during October-November compared with the same months in 2022, sectors like hospitality, travel, auto and auto ancillary the hiring trend was stagnant, the report said. Meanwhile, Oil and Gas sectors recorded 9 per cent increase in hiring in the ...

30-plus countries to participate in Bengaluru Tech Summit starting tomorrow

The Karnataka government's annual global Bengaluru Tech Summit (BTS) will begin on Wednesday, bringing together tech leaders, startups, investors and research labs from 30-plus countries. Organised by the Karnataka's government's Department of Information Technology and Biotechnology along with the union government's Software Technology Parks of India, the three-day 26th BTS, with the theme 'Breaking Boundaries', will be inaugurated by Chief Minister Siddaramaiah at Palace Grounds here. Kazakhstan's Minister of Digital Development, Innovations and Aerospace Industry Bagdat Mussin and Semiconductor company AMD's EVP & CTO Mark Papermaster will be among the VIP dignitaries present at the inauguration. A recorded message from Finland's Minister of Science and Culture Sari Multala as well as one from Germany's Minister of Digital Affairs and Transport Volker Wissing will be relayed at the opening event. Key figures from Indian industry, including Rishad Premji, Executive Chairman of .