Page 8 - It Sector

Accenture results: Worst behind for India IT; buy selectively, say analysts

Accenture share price: While a strong recovery in discretionary demand may take a few quarters, it is unlikely to worsen further, analysts said after Q4 results

Govt may allow more compute capacity based on requirement: IT secretary

The government may look at creating more "compute capacity" through viability gap funding after building high-tech capability under the Rs 10,372-crore India AI mission, Electronics and IT Secretary S Krishnan said on Thursday. Addressing a Deloitte India event, Krishnan said that India AI Mission has an outlay of about 10,372 crore of which more than Rs 4,500 crore is intended for compute capacity. "Later on, there is a possibility, and we will decide based on how much compute capacity actually gets created in the country. There is a possibility that we would actually support more compute capacity being created on the viability gap funding," Krishnan said. The government has invited bids for the empanelment of entities for providing artificial intelligence services on the cloud under the India AI mission. Under the IndiaAI Mission, supercomputing capacity, comprising over 10,000 GPUs, will be made available to various stakeholders for creating an artificial intelligence (AI) ...

HCLTech tops TIME's World's Best Companies 2024 list among Indian firms

Indian IT firm HCLTech has been named the no.1 India-headquartered company in TIME magazine's World's Best Companies 2024 list. The Noida-headquartered firm has also secured a place in the global top 10 list within the Professional Services category. "This accolade underscores HCLTech's commitment to excellence and innovation. It reinforces our leadership in the industry and our status as a top employer. "Aligned with our purpose of 'Supercharging Progress' and 'Find Your Spark' employee value proposition, we are dedicated to maximizing employee potential, advancing community and social responsibility initiatives and achieving sustainability goals," said Rahul Singh, Chief Operating Officer of Corporate Functions, HCLTech. The World's Best Companies 2024 ranking identifies top-performing companies across the globe on the parameters of employee satisfaction, revenue growth, and sustainability. HCLTech posted a consolidated net profit of Rs 4,257 crore in the June quarter of FY25, u

BFSI on hiring sprint, IT sector stumbles in headcount marathon in FY24

In comparison, BFSI firms hired 172,000 people on a net basis in 2022-23 (FY23), while IT services companies had a net recruitment of 131,000 employees

Uttar Pradesh govt plans Rs 33.5K crore boost to IT and ITeS hubs

A senior UP government official said the state has identified five cities viz. Noida, Lucknow, Kanpur, Varanasi, and Prayagraj (Allahabad) to develop such hubs

GCCs in India offer 12-20% higher tech salaries than IT services firms

Another 800 GCCs are expected in the next 5-6 years, boosting India's role as a global tech hub, with many in Tier-II cities like Kolkata, Ahmedabad, and Vadodara, promoting local employment

Cognizant clarifies fresher salary issue, says 'grossly misrepresented'

The IT firm faced significant online backlash over the internet for its low fresher salary offering, with many comparing it to 2002 levels

IT company TCS eyes 'Prime' campus talents with Rs 9-11 L offers

The need to secure such top talent is also driven by the fast-paced technological changes shaping the sector

Govt likely to extend import regime for laptops, IT hardware products

The system kicked in on November 1 to promote domestic manufacturing of these goods and reduce dependence, especially on China

Top-level exits continue in Wipro as CTO Subha Tatavarti steps down

In another high-level exit at IT major Wipro, its Chief Technology Officer Subha Tatavarti has resigned to pursue opportunities outside the company. Tatavarti joined Wipro in April 2021 as the technology head under the then-CEO and MD Thierry Delaporte. During her three-year stint, she led Wipro's GenAI initiatives and introduced Wipro ai360. "Subha Tatavarti, Chief Technology Officer, resigned from the services of the Company to pursue opportunities outside Wipro," a regulatory filing said on Monday. Before joining Wipro, she led different roles at Walmart and PayPal, among others. She was recognised in "Top 100 Executive Women in Tech to Watch" earlier this year by the WomenTech Network. "I am resigning from the post of CTO, Wipro, effective August 16th. Good luck with your journey," Tatavarti wrote in her resignation letter to Wipro CEO Srini Pallia. This is the fourth top-level exit in the last 4 months after Pallia joined the Bengaluru-based firm in April, following Delaporte

FPI buying in Indian IT rises to highest since 2022 in July, shows data

Prior to this, the IT sector was divided into software, services and hardware technology

Mistaken notice

Giant tax demands should not be rushed

US jobs data fallout: Recession fears add to IT services sector concerns

Market sources and media reports concur that today's global sell-off may trigger an early rate cut by the US Federal Reserve

CtrlS Datacenters to invest Rs 400 crore in Patna's upcoming datacentre

Data centre operator CtrlS Datacenters on Monday said it will invest about Rs 400 crore in the greenfield datacentre in Patna and has acquired land for the new facility. The site, situated 300 meters from the company's existing Patna DC1 facility, is located in the Pataliputra Industrial Area and has been acquired through the Bihar Industrial Area Development Authority (BIADA). The datacentre is expected to be operational by the second-half of FY 25-26. "CtrlS Datacenters plans to invest approximately Rs 400 crore in this new datacentre, which will boast a 10MW IT load capacity and house approximately 1,000 racks. This land acquisition reaffirms CtrlS Datacenters' commitment to strengthening its presence in Patna," a company statement said. Hyderabad-based CtrlS Datacenters operates 15 datacentres across Mumbai, Noida, Hyderabad, Chennai, Bengaluru, Kolkata, Lucknow, and Patna.

87% cases filed with grievance committees under IT Rules resolved: MoS

The final decision of the GAC is binding on platforms and refusing to comply with the GAC can cost a platform its safe harbour protections

Govt notifies governing council to set up framework for Data Innovation Lab

The council will also have representation from NITI Aayog, the Indian Statistical Institute, and the Department of Science & Technology (DST)

14-hour work day in IT sector: Union slams Karnataka govt's plans

Karnataka State IT/ITeS Employees' Union (KITU) has urged the Siddaramaiah-led government to reconsider its reported plans to extend the working hours of the IT/ITeS/BPO sector. According to the union, the government plans to increase the working hours to 14 hours a day. The proposal to amend the Karnataka Shops and Commercial Establishment Act in this regard, was presented in a recent meeting called by the labour department with various stakeholders in the industry, it said in a release. Labour Minister Santosh Lad, officials from the Department of Labour and IT-BT Ministry attended the meeting, in which the representatives of the union took part. The union strongly opposed the proposed amendment which, it said, poses an "attack on the basic right of any worker to have a personal life." The labour minister agreed to have one more round of discussion before taking any decision, it added. Noting that the proposed new bill 'Karnataka Shops and Commercial Establishments (Amendment)

Production, despatch ops briefly halted due to global IT outage: Maruti

Auto major Maruti Suzuki India on Friday said it was partly affected by the global outage of Microsoft systems and production and despatch operations halted briefly. The company, however, said it has been able to resume operations. "A global IT issue affected several companies across several countries today. This problem was encountered in our company also," Maruti Suzuki India said in a regulatory filing. The car market leader further said it immediately initiated precautionary and remedial measures "and production/despatch operations were briefly halted". "The company has been able to resume its operations now," Maruti Suzuki said, adding, it does not anticipate any material impact of this incident on its performance. Microsoft users globally, including several in India, have reported massive outages in services, with outage tracking website Downdetector showing users flagging disruptions across various services. There have been reports of disruptions in functioning of several

Q1 results: Infosys tops profit estimates, lifts FY25 revenue forecast

Sees 7.1% rise in Q1 earnings, 100 bps improvement in margin to 21.1%

Stocks to watch, July 18: Infosys, RIL, Vi, LTIM, Asian Paints, Paytm

Domestically, foreign institutional investors were net buyers on July 16, acquiring shares worth Rs 1,271.45 crore, whereas domestic institutional investors sold shares worth Rs 529.48 crore.