Page 7 - It Service

Esconet Tech aims 3-fold jump in revenue to Rs 300 crore by March 2026

IT solution firm Esconet Technologies Ltd is aiming to achieve a three-fold jump in revenue to Rs 300 crore by March 2026 and plans to launch a public issue to raise funds for expansion. The company posted a revenue of Rs 94.97 crore and a Profit After Tax (PAT) of Rs 3.03 crore in 2022-23. In the first half of this year, the company posted a revenue of Rs 71.46 crore and a PAT of Rs 3.05 crore. In a statement, Esconet said it plans to expand its manufacturing capacity comprising high-end servers, workstations and storage systems. It is also expanding its Private Cloud vertical, further strengthening its integrated solutions offerings. "To meet the capex and working capital needs to support expanding operations, the company plans to tap the capital markets -- through listing on NSE Emerge," the company said. Corporate Capital Ventures has been appointed as the book running lead manager to the issue. "Driven by unwavering commitment in providing innovative and reliable solutions to

Realty boost: IT SEZ developers get flexibility to use vacant space

A notification amending the SEZ Rules, 2006, issued by the ministry, said a part of the SEZ could be declared "non-processing area" where free-zone rules would not apply

NYSE-listed Waters Corp invests $16 million in new GCC in Bengaluru

Waters Corporation has about 450 employees in India and plans to hire another 300 for its new GCC in Bengaluru

GenAI, quantum, semiconductors among top technologies for 2024: Capgemini

In 2023, generative AI (GenAI) took centre stage in the global public and business conversation, and raised expectations that technology could catalyse progress in business and society

Warning signs: Over 100 died in mishaps at India's top firms in FY23

The 33 companies had a combined employee strength of 2.9 million. For some companies, though, the employee strength may not include contract labour

IT firm LTIMindtree selected as a strategic partner by Metasphere

Metasphere, part of Grundfos, provides smart network management solutions to the global utility industry

Indian IT industry to be worth $350 bn by 2030: Kris Gopalakrishnan

'High-growth industry' will continue performance despite global slowdown, says co-founder of Infosys

FY24 earnings makeover: IndianOil to MRF, companies rewrite profit playbook

Q2 of 2023-24 saw a profit metamorphosis as standout firms marked the biggest earnings upgrades

Infra push: IT hubs lead surge in price of residential real estate

Hyderabad's Gachibowli logs highest rise in avg prices between Oct 2020 and now

REC inks pact with RailTel to finance KAVACH, other infra projects

REC Limited signed an agreement with RailTel on Thursday to fund KAVACH Train Collision Prevention System along with many other infrastructure projects in the field of telecom, IT and rail signalling. "These projects encompass a wide range of areas, including Data Centre products and services, Telecom & IT products and services, Railways & Metro projects, and the KAVACH Train Collision Prevention System," a statement from RailTel said, adding, that it will fund up to Rs 30,000 crore over the next five years. According to RailTel, the Memorandum of Understanding (MoU) also extends to the possibility of financing overseas ventures related to high-speed rail, metro, IT network, and the upgradation of railway network, as part of bilateral country discussions and infrastructure projects in Southeast Asia and Eastern Africa where RailTel is currently focusing. The MoU was signed by TSC Bosh, Executive Director (Infra & Logistics), REC and Jasmeet Singh Marwah, Company Secretary,

Infosys, Smart Europe ink 5-year pact to redefine e-mobility experience

Infosys said it will leverage its technical expertise and design thinking-led consulting approach to enable Smart Europe GmbH to derive "exceptional value" from software, data, and cloud investments

Tech Mahindra Q2FY24 result: Net profit down 61.6%, revenue drops 2%

This is the biggest fall in net profits over a decade, as the company braced for budget tightening by clients

CMS Info System Q2 net profit up 16%, managed ATM services income grows 26%

CMS Info System Ltd stock closed two per cent higher at Rs 368.75 per share on BSE

IT firms give campus hiring a miss for FY25 amid macro uncertainties

They may consider visiting campuses only after March qtr

I-T moves HC against tribunal for favouring LIC in Rs 5K cr tax cases

The litigation has been filed by the Principal Commissioner of Income Tax, Mumbai, for two claims: Rs 1,838.87 crore and Rs 3,153.97 crore from AY 2014

Weak outlook

Growth in the IT sector will remain muted

Waning demand for IT services hits hiring at majors Indian tech companies

Tata Consultancy Services, Infosys and HCLTech have seen employee headcount reducing in the second quarter as they reported weak results

Q2 results: HCLTech net beats estimates, but FY24 growth forecast cut

The company reported its net new bookings in the quarter at an all-time high of $3.96 billion in total contract value (TCV)

Caution: Campus hiring by Indian IT services giants is in the slow lane

The management of the companies said that excessive hiring in the last few years has meant recalibration of employees as growth dipped

Infosys signs $1.5 billion contract with global client for 15 years

In July, Infosys announced a $2 billion deal with an existing strategic client without naming the client