Page 17 - It Sector

TCS undergoes rejig, creates a business unit focused on AI, Cloud

The rejig goes back to vertical focus, and will encompass the earlier rejig done by Rajesh Gopinathan

Vinsys IT Services set price band at Rs 121-128/share; IPO to open on Aug 1

IT and software services company Vinsys IT Services India on Tuesday said it has set a price band of Rs 121-128 per share for its initial public offering, which will hit the capital market on August 1. The public issue will conclude on August 4. The proceeds from the fresh issue will be utilised for meeting working capital requirements, repayment of loan to a subsidiary and general corporate purpose. The company shares will be listed on SME Emerge platform of the National Stock Exchange after the Initial Public Offering (IPO), the company said in a statement. The firm plans to offer 3.89 million equity shares with a face value of Rs 10 each through the book-building process. The company will raise up to Rs 49.84 crore through the public offering. Marquee investors such as NAV Capital Emerging Star Fund, xMultiplied, Nova Global Opportunities Fund, Aegis Investment Fund and Sambhavnath Investments have invested in the company's pre-IPO funding. For the fiscal year ending March 31

Trouble for new engineering graduates as IT hiring to hit 3-yr low in FY24

The fear of a recession in the US has emerged as a major hurdle for the IT sector. There is also a dearth of new projects which may impact the recruitment of new engineers

Cautious outlook

Growth in the IT sector will be slow

Online content creators and directors flag issues hurting business

Though the experts and industry stakeholders appreciated the government's aim to preserve the rule of law on the content streamed by OTT platforms

Tata Elxsi Q1 Results: Profit up 2% YoY to Rs 189 cr, revenue jumps 17%

Large Indian IT services companies have flagged discretionary spending cuts by clients and an uncertain demand environment

Wage bill of listed pvt. companies up 17% at Rs 11.5 trn in FY23: Report

The rising trajectory of private corporate wage bill appears structural, having grown from around 9 per cent of GDP in FY12 to around 13 per cent in FY22

Govt offers firms more time to seek IT hardware production incentives

The window to apply for the scheme - PLI 2.0 for IT Hardware - was previously supposed to close on July 15

IBM to buy software firm Apptio for $4.6 bn to bolster cloud offering

IBM said it will finance the transaction with cash on hand and expects the deal to close in the latter half of 2023

Bribes-for-jobs scam uncovered at TCS, miscreants may have made Rs 100 cr

The bribes-for-job scandal has led to TCS sacking four officials from its resource management group and banning three staffing firms

Accenture forecasts fourth-quarter revenue below Wall Street estimates

Shares of the company were down 2% in trading before the bell

Domestic-focused sectors push market up; IT, commodities pull it down

Domestic and private consumption oriented business sectors are driving up the Indian stock markets, which are nearing their high points, experts said.

As work-from-office resumes, TCS employees get less time to upgrade skills

Average learning hours fell from 121 in Financial Year 2021-22 (FY22) to 82 in FY23, according to TCS' annual report

Around 92% of developers using AI coding tools at work: Github Report

About 92 per cent of developers are already using AI coding tools at work, while 70 per cent reported that AI coding tools will offer them an advantage at work, a new report showed on Wednesday

Led by IT sector, 84% Indian firms want to hire people with green skills

A new survey, however, showed that the net employment outlook in the upcoming quarter is lower than the same quarter in FY23

Cracking the investment strategy: FPIs are bullish on finance, auto stocks

Load up on financials, automotive stocks in May

Generative AI race creates new commercial models for IT services firms

Last month, leading IT firms including Tata Consultancy Services (TCS), Cognizant, Wipro, Mphasis, and Infosys were on a spree to launch their generative AI platforms

Vinsys IT Services files draft IPO papers with NSE Emerge to get listed

Vinsys IT Services India on Monday said it has filed preliminary papers with NSE Emerge to raise funds through an initial public offering (IPO). The Pune-headquartered company plans to offer 38.9 lakh equity shares of Rs 10 each through the book-building process. The firm will be listed on NSE Emerge, a platform for small and medium enterprises, it said in a statement. Proceeds from the public issue will be utilised to meet working capital requirements, repayment of loan to subsidiary and for other general corporate purposes. The company has appointed Beeline Capital Advisors as merchant bankers to the issue. Marquee investors led by overseas funds, including NAV Capital Emerging Star Fund and xMultiplied, and domestic players, such as Nova Global Opportunities Fund, Aegis Investment Fund and Sambhavnath Investments, have invested in the company's pre-IPO funding. Vinsys provides a full suite of software service offerings, including ERP solutions, architectural consulting, ...

T'gana posts 31% growth in IT exports, adds 127,000 jobs during 2022-23

Telangana registered 31.44 per cent growth in information technology exports and added nearly 1.27 lakh new jobs during 2022-23, surpassing the expectations

Metaverse, Web3 market to grow 40% annually to reach $200 bn by 2035

The Metaverse and Web3 market opportunity in India is expected to grow at an annual growth rate of nearly 40 per cent, with the potential to become a $200 billion industry by 2035, a new report said