Page 17 - It Sector

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

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