Page 25 - It Sector
Freshers take to social media as IT companies delay onboarding process
The IT companies, including Wipro, Infosys, and HCL have, however, stated that all the offers made will be honoured
 "Freshers take to social media as IT companies delay onboarding process")
J&K Bank to increase exposure to corporate borrowers, PSUs: MD Prakash
In a Q&A, Baldev Prakash said the lender will also target Mumbai, Bengaluru, Delhi, Pune and Mohali through tie-ups, and hold campaigns for retail asset/liability products in order to improve its CASA
 "J&K Bank to increase exposure to corporate borrowers, PSUs: MD Prakash")
IT firms increase scrutiny of employees amid moonlighting trend: Report
IT firms now have started to clamp down on such activities, as the companies think moonlighting affects employees' productivity and creates conflicts of interest
Fresh intake, higher offshoring in IT sector impacting revenue per employee
Adding to this, record number of hiring that the industry did means the bench at companies have gone up.
 "Fresh intake, higher offshoring in IT sector impacting revenue per employee")
Falling margins, high attrition, moonlighting causing trouble for IT sector
Wipro, one of the four IT majors in India, announced that it will withhold the variable pay of mid, and senior-level employees for the June qtr (Q1FY23) due to poor financial health
IT firms cut staff bonuses as US, European clients tighten budgets
IT services firms are freezing or cutting staff bonuses, worried that tightening budgets at U.S. and European clients who are bracing for a recession will sharply hit their own profits
 "IT firms cut staff bonuses as US, European clients tighten budgets")
Consumer momentum unlikely to derail as IT firms rationalise salary payouts
In the last six months, the Nifty Consumption index has rallied 12 per cent as compared to the 3 per cent surge in the Nifty50 index, data showed
 "Consumer momentum unlikely to derail as IT firms rationalise salary payouts")
Top Headlines: IT's ability to fund trade deficit dips, Infy cuts variables
Infosys has decided to reduce the average variable payout of employees to 70 per cent due to falling operating margins in the first quarter (Q1) of 2022-23
 "Top Headlines: IT's ability to fund trade deficit dips, Infy cuts variables")
July witnesses sharp decline in M&A values, PE deals, says report
The start-up and IT sectors continued to dominate deal activity with nine deals each cumulatively valued at $162 million
 "July witnesses sharp decline in M&A values, PE deals, says report")
MeitY may stick with a govt-backed GAC for social media content issues
The IT rules, 2021, require significant social media intermediaries (SSMIs) appoint a resident grievance officer to decide on content-related complaints
 "MeitY may stick with a govt-backed GAC for social media content issues")
Return to office highest in telecom, consulting sectors; IT lags: Survey
Majority of employees in telecom and consulting sectors have returned to office with significant fall in Covid-19 cases but the IT sector is lagging, according to a survey by Colliers and Awfis
 "Return to office highest in telecom, consulting sectors; IT lags: Survey")
Bank, auto, FMCG: Sectors on FPIs' radar as they turn focus back on India
The swing in favour of Indian equities comes after a brutal sell-off where FPIs sold equities worth Rs 2.56 trillion since October 2021
 "Bank, auto, FMCG: Sectors on FPIs' radar as they turn focus back on India")
IT, BPM industry to add more 300,000 jobs by FY2023: TeamLease report
Companies looking for candidates with digital skills and engineering graduates from smaller cities
 "IT, BPM industry to add more 300,000 jobs by FY2023: TeamLease report")
Cognizant Q2 profit up 12.7% at $577 mn, lowers revenue guidance
Revenue was at $4.9 billion, up 9.5 per cent in constant currency on a year-on-year (YoY) basis
 "Cognizant Q2 profit up 12.7% at $577 mn, lowers revenue guidance")
IT companies' margins decline to decade-low of 23.2% in June quarter
Wipro, Tech Mahindra see double-digit decline in net profit
 "IT companies' margins decline to decade-low of 23.2% in June quarter")
Margin pressure
Next few quarters will be tough for IT sector
 "Margin pressure")
Is India Inc seeing the impact of a looming US recession?
Impending recession in the US is reflecting in its domestic consumption. Indian exporters are already seeing a dip in new orders, while IT sector margins are declining. Should the exporters worry?
 "Is India Inc seeing the impact of a looming US recession?")
What do Q1 IT earnings tell us about the sector's health?
The Q1 results of IT companies were disappointing as the profitability margins came lower than estimated. With a US recession on the horizon, are there reasons to worry about the IT sector's health?
 "What do Q1 IT earnings tell us about the sector's health?")
Sooner or later, US recession will come knocking at India's tech-hub door
India's tech industry is ruling out a US recession. Or so you would think from Infosys Ltd.'s cheery forecast of 14 per cent to 16 per cent annual revenue growth
 "Sooner or later, US recession will come knocking at India's tech-hub door")
Q1 early-bird results show inflation effect on India Inc's profits
First sequential contraction in corporate earnings after 4 quarters of expansion
 "Q1 early-bird results show inflation effect on India Inc's profits")