Page 40 - It Sector

IT sector will become $1 trillion economy by 2022, says Ravi Shankar Prasad

Indian IT sector has crossed Rs 10 lakh crore in revenue and exports have crossed Rs 7.5 lakh crore

No downturn in IT sector: Ravi Shankar Prasad

The minister's statement comes against the backdrop of the media reports

IT job cuts: Up to 600,000 engineers likely to be laid off in next 3 years

Executive search firm Head Hunters India today said the job cuts in IT sector will be between 1.75 lakh and 2 lakh annually for next three years due to under-preparedness in adapting to newer technologies. "Contrary to media reports of 56,000 IT professionals to lose jobs this year, the actual job cuts will be between 1.75 lakh and 2 lakh per year in next three years, due to under- preparedness in adapting to newer technologies," Head Hunters India Founder-Chairman and MD K Lakshmikanth told PTI, analysing a report submitted by McKinsey & Company at the Nasscom India Leadership Forum on February 17. McKinsey & Company report had said nearly half of the workforce in the IT services firms will be "irrelevant" over the next 3-4 years. McKinsey India Managing Director Noshir Kaka had also said the bigger challenge ahead for the industry will be to retrain 50-60 per cent of the workforce as there will be a significant shift in technologies. The industry employs 3.9 million ...

Karnataka govt will heed to demand for unions in IT sector, says Minister

If the workers bring it to the notice of the state govt

Small deals likely for IT biggies as contracts worth $14 bn await renewal

India IT services companies such as TCS, Infosys, Wipro, HCL Technologies and Tech Mahindra may see deal sizes growing smaller as global firms look at renewing outsourcing contracts over the next year.Firms such IBM and Accenture, which have an edge over newer deals in digital and cloud, may also see reduction in duration of contracts. For Indian IT players, 16 important deals from customers including Scandinavian Airlines, Ford and Toyota Motors Europe are slated to be renewed by June 2018, says ISG, a global technology research and advisory firm. These deals were worth up to $ 14 billion. Traditionally, large Indian IT firms have signed outsourcing contracts that yield them annual revenue of as much as $ 200 million as clients looked to cut IT costs as they aimed at profitability.As automation increases to service repeatable tasks in maintenance and customers shifting their technology budgets to digital - making their applications work on smartphones with better use interfaces and .

Losing influence? IT sector index weight in Sensex hits five-year low

The continuing slippage at information technology (IT) companies is making the sector less important in the scheme of things at Dalal Street. The sector has slipped to third position, behind fast moving consumer goods (FMCG) companies in sectoral weightage on the BSE exchange's benchmark Sensex, from second most influential sector till a year before. Tata Consultancy Services (TCS), Infosys and Wipro, part of the 30-share index, together now have 12.7 per cent weight in the Sensex, sharply down from 17.8 per cent at the end of the March 2016 quarter (see chart).The sector weight will fall further if Thursday's stock price is taken into account. IT companies, led by Infosys (down four per cent), were among the biggest losers on the day. Banks and financials continue to lead the charts, with 27.1 per cent weightage in the index, up from 24.5 per cent at the end of the March 2016 quarter.Analysts attribute this to IT companies' poor performance on the bourses and their lower valuation ...

The jobs challenge: Vast efforts are required to reskill new engineers

Automation and cloud computing have together drastically altered employment opportunities

The problem of plenty for software services firms

Business Standard looks at cash utilisation, M&As and buybacks at Infosys, Cognizant, Wipro and TCS

Buyback hopes bring IT stocks to life; H1B visa, soft earnings loom large

The expert sees the IT sector to grow by 9-10% in FY18, which is in line with Nasscom's projections

IT sector has a total revenue of Rs 8.4 lakh cr: Govt

Number of professionals employed in the sector is projected to grow to 43 lakh by 2019

IT shares decline after Donald Trump's immigration curbs

Among largecap IT stocks, Wipro tanked 2% to Rs 457, while HCL Tech was also down 2% to Rs 829

Trump rhetoric revives IT sector uncertainty

Firms fear hike in H1-B visas for their employees, more scrutiny

IT sector looks for a new window

Experts said there might be short-term uncertainty over visa regulations

Automation gobbles up jobs in the IT sector

At Infosys and Wipro, 8,200 roles have been impacted in six months

IT spends may not pick up even after US polls

Trends suggest there is low co-relation between the two

IT sector slowdown to hit mid-caps worst

Most of the large mid-caps share similar business model as the large-caps and have more of less similar set of clients

Why Indian IT sector woes have just started

Global slowdown, Brexit, changing dynamics in sector take toll; woes likely to continue over next 1-1.5 years

Challenges for Indian IT

It will have to focus on higher skills to earn more

IT sector jobs to remain stable at least till 2020: Prasad

The Indian IT & ITeS industry continues to be the largest private sector employer.