Page 13 - It Sector

Top 20% of Urban Company partners earn 50% more than entry-level IT jobs

According to the latest NCAER report published in August 2023, gig workers on food delivery platforms earn an average of Rs 13,581 monthly net of all costs, after an active long-shift

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

Wipro promotes 31 staff to senior roles after top-level exodus: Report

The promotions, seen by industry watchers as a move to stem senior-level attrition, came after a series of high-profile exits at the country's No.4 software services exporter

TCS signs 7-year deal to transform IT infrastructure for Denmark's Ramboll

TCS will provide services to manage Ramboll's Cloud and data centres, application development, maintenance

HCLTech, CAST expand alliance to offer customised semiconductor chips

IT company HCLTech on Tuesday said it has expanded its alliance with semiconductor intellectual property (IP) core provider CAST to provide customised chips and aid enterprises in accelerating their digital transformation. HCLTech said it will enhance design verification, emulation, and rapid prototyping of its turnkey system-on-chip solutions by using silicon-proven IP (intellectual property) cores and controllers from CAST. This will help original equipment manufacturers in varied industries, including automotive, consumer electronics and logistics, to reduce engineering risk and development costs, a company statement said. "CAST's high-quality and well-supported IP cores, coupled with HCLTech's system integration design expertise, will enable us to deliver superior custom chips to our customers worldwide," said Vijay Guntur, President, of Engineering and R&D Services, HCLTech.

IT spending in India to grow at 9.9%, to cross $59 billion by 2027: IDC

The IT spending in India is likely to grow at a compound annual growth rate of 9.9 per cent over the coming years to cross the USD 59 billion mark by 2027, as the software market consistently showing double digit growth across the forecasted years, International Data Corporation (IDC) said on Thursday. The IT spending in India for 2024 is expected to grow by 11 per cent year-on-year to reach USD 44 billion in 2024, according to market research and analysis firm IDC. While speaking at India CIO Summit organised by IDC, the company's Head of WW Strategy and Senior Vice President & Regional Managing Director for EMEA Steven J Frantzen said Generative AI (GenAI) will continue to accelerate AI adoption in India, with more leading organisations exploring or investing in GenAI use cases. "Even with economic headwinds and uncertainty in 2024, we anticipate that global ICT spending will expand by more than 6 per cent (3x of projected GDP growth) as we enter a new era of accelerated digital

PM Modi lays foundation stone of 3 semiconductor projects worth Rs 1.25 trn

The prime minister said the projects will make India a global semiconductor hub

Bengaluru's water crisis is a call for urgent action amidst urban chaos

Tech firms embrace innovative water conservation measures, residents make do with less

British conglomerate SayeNvest launches ops in India, to start $500 mn fund

The company aims to provide investment opportunities and drive sustainable development initiatives across diverse sectors

Bengaluru blast: Startups call for swift measures to ensure robust safety

Approximately 10 people were reportedly injured in a low-intensity bomb blast at The Rameshwaram Cafe, a popular restaurant in Bengaluru's Brookfield

50% of companies review their BCDR strategy only once in 3 years: Report

Nearly 40 per cent of firms do not have any detailed BCDR strategy, according to the report

Cost concerns could delay AI ramp up among IT clients: Infosys exec

While some companies may not be ready for AI scale-up due to reasons such as not being data-ready, the technology is being adopted rapidly by others for the higher opportunity it provides, he said

Nvidia's stellar result shifts focus to AI-linked stocks of Indian firms

Shares of Nvidia rose 16 per cent after its result, adding $277 billion in market cap to $1.96 trillion, making it the third-most valuable company in the US ahead of Amazon

BlackBerry inaugurates IoT 'center of excellence, engineering' in Hyderabad

The facility is now fully operational, hosting software engineers and creating an Asia Pacific hub for the BlackBerry QNX global developer network, a release said here

Orient Technologies files draft papers with Sebi to raise capital via IPO

Information technology (IT) solutions provider Orient Technologies Ltd has filed preliminary papers with Sebi to raise funds through an Initial Public Offering (IPO). The initial share-sale is a combination of a fresh issue of Rs 120 crore and an Offer For Sale of up to 46 lakh equity shares by promoters, according to the Draft Red Herring Prospectus (DRHP) filed on Tuesday. Those offloading shares in the OFS are -- Ajay Baliram Sawant, Umesh Navnitlal Shah, Ujwal Arvind Mhatre, and Jayesh Manharlal Shah. Proceeds from the fresh issue to the tune of Rs 79.65 crore will be used for funding capital expenditure requirements, Rs 10.35 crore for the acquisition of office premises at Navi Mumbai, and a portion will also be used for general corporate purposes. Over the years, the company has developed deep expertise in creating products and solutions for specialised disciplines across IT Infrastructure, IT Enabled Services (IteS), and Cloud and Data Management Services. As of December 31

Genesys Q3 results: PAT almost doubles at Rs 15.86 cr, revenue rises 9%

Digital mapping firm Genesys on Wednesday posted a net profit of Rs 15.86 crore for the December quarter. The company had posted a profit after tax of Rs 7.86 crore in the year-ago period. Genesys posted a 9 per cent rise in consolidated revenue to Rs 59.33 crore during the third quarter of the ongoing fiscal from Rs 54.42 crore a year ago. "This quarter has been highly successful for us as our 3D mapping and digital twin content platform are rapidly gaining traction, evident from our current business performance," Genesys International Chairman and Managing Director Sajid Malik said. "We've achieved significant milestones recently, including our partnership with Survey of India to revolutionise Indian mapping by creating digital twins of indian cities," Malik added.

PLI scheme's progress slows in key sectors, affecting manufacturing goals

Even as the investment exceeded the government's estimate in the previous financial year, progress was not uniform across all schemes

Black Box Q3 results: Net profit rises to Rs 41 crore, revenue remains flat

IT company Black Box posted a multi-fold jump in consolidated net profit to Rs 40.87 crore in the December quarter on account of cost rationalisation and enhanced productivity. The company had posted a net profit of Rs 7.79 crore in the year-ago period, it said in a regulatory filing on Friday. The consolidated revenue of Black Box during the third quarter of the current fiscal remained almost flat at Rs 1,655.47 crore compared to Rs 1,671.71 crore a year ago. "We are delighted by our achievements in the third quarter and nine months of FY24. Our EBITDA margins and overall profitability both on a quarter-on-quarter and year-on-year basis increased substantially due to our emphasis on cost rationalisation and enhanced productivity. "Strong order book, coupled with deal wins in excess of USD 50 million during the quarter, makes us confident in our resilient business model," Black Box Whole Time Director Sanjeev Verma said. The company said its strategy to focus on large revenue ...

TCS to enhance Enento Group's IT infrastructure, digital workplace

As a part of the partnership, TCS will help Enento simplify its operating model and harmonise its technology stack by leveraging TCS' technology solutions

Paytm Bank fiasco: All eyes on IT talent for bank and fintech boards

April 1 deadline for establishing board-level IT strategy committee