Page 11 - It Services

TCS Q1 net profit beats Street, revenue growth misses the estimate

Attrition drops to 17.8% from a high of 21% in March quarter

Professional services industry hired maximum people between January and May

It was followed by BFSI and e-commerce industries with 16% rise in their headcounts

One more time: 63 Moons' word-play on MCX extends software support contract

'One more time', 'last time', 'third time' and 'wish them good luck'. 63 Moons Technologies chose interesting words as it informed investors that Multi Commodity Exchange of India Ltd (MCX) once again extended the software support contract with the company for a quarterly fee of Rs 125 crore. The company is also the founder and former promoter of the bourse. The embattled exchange, which has been using the same software for nearly two decades, has been forced to continue with it, albeit at a much higher cost, after repeatedly failing to transition to a new trading platform within stipulated deadlines. In separate early morning stock exchange filings on Thursday, Multi Commodity Exchange of India Ltd and 63 moons said the contract has been extended for a period of six months starting July 1. Not so often that a regulatory filing informing about the renewal of a contract would have word-play varying from "one more time" to "eleventh-hour request" to "wish them good luck". According

mPokket aims to disburse Rs 8,000 cr in 2023, target 3 million borrowers

Digital lending platform mPokket on Thursday said it targets to disburse Rs 8,000 crore, targeting 30 lakh borrowers in 2023, and also double its customer base in the upcoming years. In 2022 alone, mPokket disbursed Rs 3,500 crore and has in all disbursed Rs 8,000 crore since its inception, said mPokket, founded by Gaurav Jalan in 2016. With a customer base of over 3.5 million approved users overall, the company said it offers loans ranging from Rs 500 to Rs 45,000, with a repayment period of 1-3 months, making it accessible to a wide range of consumers. In the current financial year, the platform has registered 1.6 million new users. "In 2023, mPokket aims to disburse Rs 8,000 crore, targeting 30 lakh borrowers and plans to double its customer base in the upcoming years," said Jalan, CEO and Founder of mPokket. He further said that the average age of mPokket's consumers is 22 years. The company has a total of 2,700 employees. Jalan said mPokket's business model is similar to cred

TCS say no recruitment fraud; issue relates to breach of Code of Conduct

TCS made these clarification to the exchanges in a filing, as media report said that senior executives involved in hiring thousands of personnel took bribes from staffing firms

Uncertain economy, rapid tech change bring mega-deals under fire

Recently, TCS saw its mega deal with Transamerica come to an end

Cloud remains long-term investment priority for 70% corporations: TCS study

75% respondents say they invested in AI, machine learning capabilities in the past two years

Top headlines: Banga calls for new playbook, centre to review PLI scheme

Business Standard brings you the top headlines at this hour

Generative AI race creates new commercial models for IT services firms

Last month, leading IT firms including Tata Consultancy Services (TCS), Cognizant, Wipro, Mphasis, and Infosys were on a spree to launch their generative AI platforms

Online economy to become twice the size of IT services by 2030: Report

Report says internet economy contributes to 4-5% of country's GDP, and could reach 12-13% by 2030

Cognizant rejig to cost $400 mn over 2 years, to lay off 3,500 employees

The company's bookings for the quarter stood at $25.6 billion on a trailing 12-month basis, up from $24.1 billion in the fourth quarter (Q4) of 2022

Q4 results: India's IT services biggies fail to meet expectations

Wipro net dips 0.4% in Q4, guides for revenue contraction in current quarter

Wipro Q4 profit declines 0.41% to Rs 3,074.5 cr, revenue rises 14.4%

Net profit for the full year FY23 dipped 7.16 per cent to Rs 11,366.50 crore

A quick pivot to demand helped realise good growth: HCLTech's C Vijayakumar

From a larger proportion of smaller deals, we have moved into an environment where there is a much higher share of large deals in the pipeline, says C Vijayakumar, CEO & MD HCLTech

The dynamism of services exports

Funding research in a set of autonomous or private knowledge organisations will help

Revenue growth of IT firms in FY24 to be 7-9% lower than FY23: CRISIL

The key reason for the sharp fall in revenues is the slowdown in the BFSI segment, which accounts for 30% of the sector's revenues

Infosys announces Kiran Mazumdar-Shaw's retirement from company's board

D Sundaram appointed lead independent director of IT services company

Tech Mahindra names former Infosys President Mohit Joshi as MD and CEO

The board of directors has approved the appointment for a period of five years with effect from December 20, 2023 to December 19, 2028 (both days inclusive)

Client costs in focus, IT deals revive 'rebadging' of employees

TCS co-opting a third of Boeing workers facing job cuts not an exception; analysts admit that the practice is returning, though not a full-fledged trend yet

Indian IT services industry's growth might drop in near to mid-term: Icra

The growth momentum of Indian IT services industry is likely to slow down in the near to mid term as macroeconomic headwinds trigger lower discretionary IT spends, ICRA said on Monday. Ratings agency ICRA sees lower hiring by the IT service companies in the near term given that excess capacities were added in FY2022 and expects moderation in demand compared to previous fiscals amid macroeconomic headwinds. Indian IT services companies have witnessed a moderation in growth in the last two quarters in constant currency terms owing to the base effect and evolving macroeconomic headwinds in key markets of the US and Europe. Due to these headwinds, the decision-making towards discretionary IT spending has seen a slight deferment, while the cost optimisation deals continue to generate stable demand, it noted. "Growth momentum for the Indian IT services industry likely to slow down in the near to medium term," ICRA said in a statement. The slowdown is on account of evolving macroeconomic