Page 17 - It Sector

IT sector growth to slow down further in FY24, hiring to be low: Icra

Indian IT companies revenue growth will slow down further to mid-single digits amid intensifying headwinds for the nearly USD 250 billion dollar sector, domestic rating agency Icra said on Wednesday. The continuing uncertainties are set to take their toll on hiring, and companies are expected to keep employee addition at "low levels" in the near term, the rating agency said, adding that the net addition is negative in the last two-quarters of FY23. As per industry lobby grouping Nasscom's report published in March, the sector's growth slowed down to 8.4 per cent in FY23 from over 15 per cent in the previous fiscal. "Despite a strong order book and deal pipelines of Indian IT services companies, Icra expects the revenue growth to remain subdued in mid-single digits in USD terms in FY2024," the agency said. It has maintained its stable outlook for companies in the sector, which is generally known to have the best quality on leverage positions. The agency said the growth momentum ...

IT hardware players to lose on PLI incentives for failing to meet targets

Under revised scheme, 5% penalty to be deducted from amount due if actual PLI figure for a year is 25-50% lower; if shortfall exceeds 50%, then penalty is 10%

Tata Technologies plans to hire 1,000 women engineers to promote diversity

Global engineering and product development digital services firm Tata Technologies Ltd on Tuesday said it aims to hire over 1,000 women engineers in 2023-24 as part of its move to promote gender diversity across its workforce. The company has launched its gender diversity-focused hiring campaign while encouraging women to join it for engineering a better world, Tata Technologies said in a statement. Through its 'RAINBOW' programme, the company said it has focused interventions on onboarding more women and parallelly creating support frameworks for them to succeed. Under it, there will be focused efforts towards attracting and onboarding diverse talent pool, it said adding, "The company aims to hire 1000 (plus) women engineers in FY24, to strengthen its gender diversity ratio further and has identified specific opportunities for women.. It will also focus on career growth by "grooming women leaders for tomorrow through the LeaderBridge-WINGS program, a six-month developmental ...

Top 4 IT companies see 40% drop in large client additions in FY23

Infosys is the only IT firm whose net client addition remained flat at 23 in FY23. All the other firms added fewer clients

Space shuttle to self-driving cars: LambdaTest wants to test every tech

LambdaTest wants to test not just software, but every kind of technology, including the next space shuttle and self-driving cars

Wipro chairman Rishad Premji's compensation down 50% as profits fall

If one has to take the Covid period as an example, several senior executives and managers have taken pay cuts

Staffing, IT software industries show highest demand for freshers in India

The demand for interns is the highest in the IT industry which accounts for 35 per cent of all openings: foundit data

Indian IT firms to see revenue decelerate by 5%: S&P Global Ratings

S&P Global Ratings rates the three top IT services players: Infosys, HCLTech, and Wipro

Rectified PLI scheme attractive for global IT hardware makers: Experts

Union Cabinet last week approved the modified PLI Scheme for IT Hardware with more than doubling budgetary outlay to Rs 17,000 cr compared to the previous provision of Rs 7,325 cr

As employment picks up in India, IT sector lags in competition: Report

According to the report, the momentum in IT services has slowed down as against the banking and healthcare sectors. A 27 per cent decline in hiring activity was reported in the IT sector

Nearly 6% of contract workers lost jobs in March qtr in Indian IT sector

The $194-billion sector whose software services helped businesses adopt pandemic-era practices of online shopping and remote working is facing a slowdown this year as employees return to offices

Wipro enters into a five-year business partnership with ServiceNow

The agreement expands on the two companies' existing partnership and is expected to help accelerate Wipro's goal of building a $1 billion business with ServiceNow by the end of 2026

New PLI scheme to attract global cos to India from China: Ashwini Vaishnaw

In a Q&A, the minister of communications says the new scheme for IT hardware also invites Chinese players to set up shop under the scheme if they adhere to its norms

IT sector slowdown results in 30% decline in hiring of freshers: Report

The study revealed that several factors contributed to the slowdown in hiring, which includes increased focus on upskilling and reskilling of existing employees, rather than hiring new ones

IT firms give staffing companies a miss, fill vacancies internally

Companies were doling out up to 100 per cent hikes to hire top IT talent only a year ago, the situation has completely changed today

IT employees union NITES urges Nasscom to act against job frauds

NITES in a letter to NASSCOM sai the increasing number of frauds and scams are targeting thousands of fresher's and experienced employees in the IT sector

Overall job demand in IT sector falls 5% yearly in April, says report

White-collar job demand in April declined by 5 per cent compared to the same month last year with 2,715 job postings following a correction in hiring in the IT sector, a report said on Monday. Overall job postings on Naukri.com platform stood at 2,863 during April 2022, according to the Naukri JobSpeak Index. Active hiring in non-tech sectors such as real estate and BFSI (banking, financial services and insurance) mitigated the dip in IT sector hiring, the report added. 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 on Naukri.com. It further revealed that the real estate sector spearheaded non-technology industries, witnessing a 21 per cent upswing in recruitment compared to the same month of the previous year. This growth predominantly resulted from an increase in new launches of residential and commercial properties across metropolit

Commerce department likely to tweak some SEZ rules in DESH Bill

Move will allow use of unutilised spaces in IT/ITeS for non-SEZ purposes

Indian firms' to slow down IT spending due to cost, global factors: Study

Inflation and currency devaluations make technology investments costlier, it says

Losing favour: IT sector weighting in Nifty50 at 5-year low of 12.2%

Gives up most of the gains in market cap in post-pandemic period