Page 16 - It Sector

Wipro Q2: Analysts cut EPS est, price targets to factor more revenue slide

Wipro Q2 results review: The stock took a hit and fell up to 4 per cent intra-day as brokerages lowered earnings estimates and trimmed price targets

Weak outlook

Growth in the IT sector will remain muted

Mphasis acquires Salesforce service partner Silverline for over $132 mn

Mphasis says the deal is part of its plan to prepare for future applied technology and predict trends

Accenture skips pay hikes and promotions in India and Sri Lanka this year

The US-based IT firm has cited challenging macro environment and slower growth than was initially planned as reasons for skipping pay hikes during the company's financial year (September to August)

Q2 results: Infosys cuts FY24 guidance to 1-2.5%, net profit up 3.2%

For the second quarter of FY24, the company reported net profit of Rs 6,212 crore up 3.2 per cent year-on-year (YoY). Sequentially, it was up 4.5 per cent

Accenture forecasts first-quarter revenue below Wall Street estimates

Infosys halved its full-year revenue forecast in July, citing delayed decision-making on future projects from clients, while Tata Consultancy Services also flagged soft demand

India witnesses decline in data science & analytics jobs in 2023: Report

Great Learning report reveals that the highest job opportunities are available for people with one to five years of experience compared to freshers and seasoned professionals

Trade pacts with G20 member countries can help India boost exports: CII

Negotiating trade pacts with certain G20 countries and diversifying exports to regions like Brazil and Mexico could help India boost outbound shipments and manufacturing in the years to come, Chairman, CII national committee on EXIM, Sanjay Budhia, said on Wednesday. He said that tapping into opportunities in G20 countries is crucial for India's economic growth and global influence. India should diversify its export markets within the G20 countries, Budhia, who is also Managing Director of Patton Group, said. He added that while traditional partners like the United States and the European Union remain important, exploring emerging markets within the G20, such as Brazil, South Africa, Indonesia, and Mexico, can open up new avenues for Indian goods and services. "Negotiating and implementing trade agreements and bilateral deals with G20 member countries may be helpful to tap potential between India and G20 countries. Such agreements can reduce trade barriers, tariffs, and regulatory

Potential for Indian IT sector stocks likely to see some rerating

Much of the bad news seems priced in, and a gradual recovery in US tech spending could happen from Q2

IT sector companies defer hikes, lower increments amid slow growth

Wipro has postponed salary hikes, while Infosys and HCL opt not to implement raises

ChatGPT for enterprise is an opportunity for IT sector, say analysts

ChatGPT, launched just nine months ago, has seen teams adopt it in over 80 per cent of Fortune 500 companies, said the company on its website regarding the enterprise offering

32 companies apply under PLI IT hardware scheme: Ashwini Vaishnaw

As many as 32 companies, including global biggies like HP, Dell and Lenovo, have applied under the Production Linked Incentive scheme for IT hardware, Union Minister Ashwini Vaishnaw said on Wednesday. The expected incremental production under the scheme is pegged at Rs 3.35 lakh crore, said Vaishnaw, Minister for Electronics and IT. "India is emerging as a trusted supply chain partner and value added partner ... companies are happy to come to India for manufacturing and design," Vaishnaw said at a media briefing. Overall, 32 applications have been received under PLI for IT hardware scheme so far, Vaishnaw said describing it as a good response. The response is more than anticipated, he said.

Five tech skills make up 78% of hiring demands across industries: Report

A Quess report finds upward hiring trends in India's IT hubs as well as Tier I & II cities as remote work options become available in Q1FY24

IT services sector's revenue growth to slow down to 3% in FY24: ICRA

Indian IT services sector's revenue growth will slow down to 3 per cent in the current fiscal from 9.2 per cent in the previous financial year, a domestic ratings company said on Tuesday. Icra Ratings said the profitability will also take a beating in this financial year and the operating profit margin will narrow by up to 1 percentage point to 20-21 per cent. The topline growth will come down to 3-5 per cent in FY24 from the 9.2 per cent posted in FY23, the agency said, attributing the slowdown to softening demand. The agency's sector head Deepak Jotwani said there has been "persistent uncertainty" in the key markets for IT companies which has resulted in pauses and deferral of non-critical projects and slowdown in discretionary IT spends by key sectors like banking, financial services and insurance, retail, technology and communication. As per industry lobby Nasscom, the sector directly employs over 50 lakh people while analysts say it was crucial for the post-pandemic recovery o

58 firms including top global players registered for IT hardware PLI

As many as 58 companies, including top global players, have registered for the government's Rs 17,000-crore production-linked incentive (PLI) scheme for IT hardware, a senior government official said on Monday. The Ministry of Electronics and IT, Secretary, Alkesh Kumar Sharma said that the response to PLI Scheme 2.0 for IT hardware has been more than expected. "The last date for the scheme is August 30. 58 companies have registered," Sharma said on the sidelines of an event organised by the India Cellular and Electronics Association. When asked if all the top global players have registered, Sharma answered in the affirmative. He said several domestic companies have also registered for the scheme and added that more than two players have already applied for the scheme. The Production-Linked Incentive Scheme 2.0 for IT hardware covers laptops, tablets, all-in-one PCs, servers and ultra-small form factor devices. The scheme aims to broaden and deepen the IT hardware manufacturing .

NBFCs, IT sector biggest draw for equity mutual funds in July, shows data

MFs sold a net of Rs 5,600 crore worth of industrial sector stocks in the April-July period

Goldman sees India IT growth pick up in medium-term; initiates coverage

"Indian IT services companies have doubled their market share in the last 10 years," analysts at Goldman Sachs led by Manish Adukia wrote in a note dated Tuesday

E-recruitment declines 5% in July as employers prioritise need-based hiring

E-recruitment activities in the country witnessed a 5 per cent year-on-year decline in July, as employers are prioritising need-based hiring, a report said on Wednesday. There was a 1 per cent dip in month-on-month hiring, while e-recruitment activities declined by 5 per cent in July compared to the year-ago period. The index dropped from 281 in July 2022 to 268 in July 2023, according to foundit's (formerly Monster APAC & ME) foundit Insights Tracker (fit). This is mainly due to the current fluctuations experienced in the Indian job market as employers prioritise need-based hiring, responding to the evolving economic conditions and changing business requirements, it added. Companies are increasingly conducting D&I (diversity and inclusion) and sensitisation training for their employees, reflecting a significant shift in how organisations are working towards creating inclusive and safe professional environments for diverse communities. Regarding various industries, the ...

Intent to hire freshers improves marginally by 3% in Jul-Dec 2023: Report

Intent to hire freshers in the second half of this year has witnessed a marginal increase of 3 percentage points and the top three industries with the highest hiring intent for freshers are e-commerce and technology startups, telecommunications and engineering, and infrastructure, says a report. According to TeamLease EdTech, there is an increase of 3 percentage points in the second half of 2023 at 65 per cent as against the first half of 2023 (62 per cent) in freshers hiring in India. Additionally, the overall hiring intent for all categories of jobseekers has risen to 73 per cent from 68 per cent over the same duration. Such sustained growth implies an optimistic job market in the coming months, especially for freshers. The survey covered 737 small, medium, and large companies across 18 industries across India. The coverage was spread across 14 geographical areas [metros, tier-1, & tier-2] reflecting the hiring sentiment of fresh degree apprentices in India. "Amidst a ...

Cognizant Q2 profit down 19.7%, retains 2023 revenue growth guidance

Chief Financial Officer Jan Siegmund to retire in early 2024 but plans to stay in his role until the company identifies a successor and transition is completed