Page 22 - It Sector

Global govt IT spending to hit $589 bn next year, 6.8% rise from 2022

Global government IT spending is likely to reach $588.9 billion in 2023, an increase of 6.8 per cent from 2022, a report showed on Monday

India far ahead of China in IT but Chinese firms catching up: Expert

India's IT sector, one of the mainstays of its economy, is much ahead of its Chinese counterpart in the global markets but the firms from China are catching up and doing well in e-commerce, autonomous driving, AI and cloud services, according to a top Chinese IT executive. Mike Liu, the author of the book titled The Rise of Indian IT', said unlike the Indian firms, who still have a sway in the global markets, especially in IT outsourcing, China's software revenue is mostly from home. Over 95 per cent of China's IT earnings come from the domestic Chinese market, he said. In the global IT market, India is leading much ahead of Chinese market players, he said. The Chinese companies are not a threat to the Indian firms in the global markets, Mike, one of the rare Chinese IT executives who worked with the top Indian company Infosys for years, told PTI here ahead of his book launch. The book that provides an insight into the Indian and Chinese information technology development over the

Foreign outflows, weak IT sector stocks weigh on benchmark indices

Sensex declines in 4 out of 5 sessions in the week, Nifty50 in 3 sessions

Layoffs deemed illegal if not carried as per Industrial Disputes Act: Yadav

Amid reports of mass layoffs by several firms, including in the IT sector, Labour and Employment Minister Bhupender Yadav on Thursday said any retrenchment and layoffs are deemed to be illegal if not carried out as per the provisions of the Industrial Disputes Act. The minister was replying in the Rajya Sabha to a question about whether the government has taken cognizance of the mass layoffs in various multi-national and Indian companies in the IT, social media, Edu Tech firms and related sectors. Matters relating to layoffs and retrenchment in industrial establishments are governed by the provisions of the Industrial Disputes Act, 1947 (ID Act) which also regulates various aspects of layoffs and conditions precedent to retrenchment of workmen, said Yadav in reply to a question in the Rajya Sabha. As per the ID Act, establishments employing 100 persons or more are required to seek prior permission of the appropriate government before effecting closure, retrenchment or ...

IT sector may be ripe for cherry picking; analysts more positive on Infosys

Investors though should be selective; analysts more positive on Infosys and Persistent Systems

Microsoft India hikes prices of products and services by up to 11%

The company said the Indian rupee pricelist changes to harmonise its prices for commercial on-premises software and online services between India and the Asian region, effective February 1

CEO of $4.5 bn digital insurance company Wefox 'disgusted' at tech layoffs

Julian Teicke told CNBC he is "a little disgusted by statements like, 'never miss a good crisis' or 'we have to cut the fat'"

IT sector hiring down 43% in Oct; recovery likely in Jan-March: Study

Ukraine war, funding cuts for start-ups, companies tightening spending among reasons for hiring decline

Near-term headwinds likely to keep staffing solution companies muted

But valuations have turned attractive after sharp corrections since January

BNP Paribas Arbitrage offloads 48,00,000 shares of Wipro worth Rs 186 cr

BNP Paribas Arbitrage on Tuesday offloaded shares of IT company Wipro for Rs 186 crore through the open market transactions. According to the block deal data available with the BSE, BNP Paribas Arbitrage sold 48,00,000 shares of the company in two tranches. The shares were disposed of at an average price of Rs 387 per piece, taking the transaction value to Rs 185.76 crore. Meanwhile, Societe Generale acquired the company's shares at the same price. Shares of Wipro closed 0.09 per cent higher at Rs 388.85 apiece on BSE.

Twitter France head Damien Viel quits amid mass layoffs, says 'It's over'

Damien Viel, who confirmed his departure in a separate message to Bloomberg, had led the region for about seven years

Red carpet for private investors in ITeS sector in Uttar Pradesh

To encourage investors, the government will provide a subsidy of 25 per cent or up to Rs 20 crore for setting up IT Parks

Mphasis extends grant to Ashoka University with Rs 18 crore in funds

Makerspace will be a collaborative workspace for making, learning, exploring, and sharing using high-tech to no-tech tools, which will enable the ideation of tech-enabled solution-centric startups

IT hiring slowdown to hit Info Edge revenues in second half of FY23

Ongoing investments in 99acres amid rising competition may hinder profitability

Infosys Science Foundation names winners of 14th Prize in six categories

The Infosys Prize focuses on the achievements of the recipients and awards them for their contributions to science and research impacting India

L&T Infotech and Mindtree receives approval for merger from NCLT

Creates India's sixth largest IT services and fifth largest in market cap

Infosys BPM opens AI, automation unit in Poland for global clients

Centre will offer solutions for lowering costs, productivity, and customer experience: Company

Use corrections in IT sector as buying opportunities, say experts

Stellar long-term track record, growing digitalisation augur well for IT sector funds

Pandemic boom to season of layoffs: How big tech and startups got it wrong

It is not just Meta which is looking at becoming capital efficient. Alphabet, the parent company of Google and Microsoft have already sent messages that focus will be on increasing productivity

Background checks and more: How IT companies are detecting moonlighting

IT firms are increasingly resorting to background verification firms for additional checks on employees for moonlighting, says report