Page 18 - It Sector

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

White collar hiring activity flat in May, IT sector's woes continue: Report

The hiring activity in India's white-collar professional segment, remained steady in May and witnessed multi-sectoral growth across sectors such as real estate, banking, oil and gas and pharma, a report said on Thursday. According to the Naukri JobSpeak Index, the job postings for white collar hiring in May 2023 was at 2,849, as against 2,863 in May 2022. The relatively flat growth in index masks strong divergence in hiring trends across different sectors and geographies, said the report. The Naukri JobSpeak Index 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 of Naukri.com. It said that while the oil and gas sector clearly emerged as a hiring hotspot with a remarkable 31 per cent increase in the new jobs compared to last year, the hiring activity in the IT sector stayed at 23 per cent below its level in May 2022. "The multi-sectoral growth in white-colla

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