Page 4 - It Service

Global banks' tech revival sparks hope for $254 bn Indian IT sector

The revival in demand for tech services from big banks such as JPMorgan Chase and Bank of America as mentioned during their recent earnings calls could also have a ripple effect

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.

Telangana IT exports clock 11% growth rate to Rs 2.68 trn in FY24

Telangana's total exports in the Information Technology sector reached Rs 2,68,233 crore during the last financial year, reflecting an 11.2 per cent increase from the previous year. This growth rate significantly outpaces the national average growth of 3.3 per cent. An official release from the state government said the sector now supports over 9.46 lakh professionals with a net addition of over 40,000 jobs in FY24, representing a 4.5 per cent increase in employment, it said. Telangana is one of the fastest-growing states in the nation and wants to keep up this momentum by concentrating on high-value, cutting-edge technologies such as artificial intelligence (AI), semiconductor design, cybersecurity, and data science, it said. The state's strategic focus includes expanding its footprint of Global Capability Centres (GCCs), Centres of Excellence (CoEs), and Global Business Support Centres (GBSCs). With over 200 top GCCs already operating in Hyderabad, Telangana is on track to doubl

Infosys gets demand notice for GST evasion of over Rs 32,000 crore

The tax demand relates to services availed by the IT services conglomerate from its overseas branches for five years starting 2017

Wipro Q1 FY25 results: Net profit rises 5.2% to Rs 3,036.6 crore

IT services segment revenue was at $2,625.9 million, a decrease of 1.2 per cent Q-o-Q and a decrease of 5.5 per cent Y-o-Y

Wipro's stock slips ahead of Q1FY25 earnings; check what analysts expect

Wipro is expected to see a tepid June quarter with revenues estimated to slide on a year on year basis and net profits seeing a marginal rise

LTIMindtree bags multimillion dollar contract extension with Absa Bank

This strengthened partnership solidifies LTIMindtree's leadership in the banking, financial services, and insurance (BFSI) sector

Move over IT

Other business services emerge as India's new export star, which could outpace software and information technology with strategic support

LTIMindtree Q1 results: Net profit down by 1.5%, revenue increases by 5%

The company's first-quarter performance beat revenue but missed net profit estimates of Bloomberg

HCLTech Q1FY25 results: Net profit rises 20.4% to Rs 4,257 crore

HCLTech maintained revenue guidance for FY25 at 3-5%

IT giant Accenture acquires US-based Cientra for undisclosed amount

The firm has presence in India and adds capabilities in silicon design and engineering

HCL Tech Q1 Preview: Weak deals, client spending to dent profits by 5-7%

According to analysts, HCL Tech is likely to report a revenue increase of 6-7 per cent year-on-year (Y-o-Y) between Rs 27,900 crore to Rs 28,034 crore

TCS Q1 Preview: Margin pressure to weigh; net profit may rise 6-9%

Tata Consultancy Services (TCS) is expected to register a single-digit growth in revenue and profit for the April-June quarter of fiscal year 2024-25 (Q1FY25)

Persistent Systems hits 52-week high on acquiring US firm for $20.7 mn

Persistent Systems Inc., the US-based subsidiary of company, entered into a stock purchase agreement on July 2, 2024, to acquire Starfish Associates for a total acquisition cost of $20.7 million

Nomura has high hopes from Infosys, Coforge ahead of Q1FY25 results

Given the bottoming out of revenue growth rate, analysts expect the earnings per share (EPS) downgrade cycle to come to an end for the sector

Accenture narrows full-year guidance; Q3 revenue declines 1% to $16.47 bn

New bookings for Q3FY24 reached $21.06 billion, a 22 per cent increase Y-o-Y

Top IT services companies likely to focus on tiered hiring strategy

The salary of a fresher engineer joining the IT services sector starts at around Rs 3.5 lakh per annum. Whereas, freshers who get selected through this tiered framework can get 6.25-12 lakh per annum

Who is Azim Premji? The architect of IT major Wipro's global success

Padma Bhushan awardee Azim Premji, with a net worth of $12 billion, is the founder of Wipro and established the Azim Premji Foundation

Coforge Q4 results: Profit rises 94.8%, acquires Cigniti Technologies

The dollar revenue for the fourth quarter grew 1.9 per cent sequentially in constant currency to $286.8 million, led by deal wins worth $400 million

Q4 results: Weak communications show dials down Tech Mahindra revenue

Ahead of the earnings, Tech Mahindra's shares were up 0.3 per cent to close at Rs 1,190.10 on the Bombay Stock Exchange.