Page 21 - It Services

Faqir Chand Kohli: All you should know about the 'Father of Indian IT '

Kohli was the founding chief executive of sector leader TCS and pioneered the country's 'Technology Revolution' which helped India build its USD 100 billion IT industry

F C Kohli, the man who made Indian IT go places, passes away at 96

Kohli believed that though the software industry will continue to do well, it is the local language computing that needs attention

India's IT, business services market to hit $13 billion by December: IDC

The segment grew 5.3 per cent year-on-year (y-o-y) in January-June (H1) 2020 period as compared to 8.9 per cent growth in H1 2019, IDC said

Wipro sets December 11 as record date for Rs 9,500 cr share buyback plan

Its Board of Directors and shareholders have already approved its proposal to buyback up to 23,75,00,000 equity shares of the company at Rs 400 per share

Wipro shareholders approve up to Rs 9,500-cr buyback plan at Rs 400/share

IT services major Wipro on Tuesday said its shareholders have approved its up to Rs 9,500 crore share buyback plan. Wipro's board of directors had last month approved a buyback proposal for purchase of up to 23.75 crore equity shares at Rs 400 per share, aggregating to an amount of up to Rs 9,500 crore. "...resolution (special resolution seeking approval for buyback of equity shares) has been passed by members through postal ballot by remote e-voting process with requisite majority," the company said in a regulatory filing on Tuesday. The voting, which started on October 18 and ended on November 16, saw 99.78 per cent of the votes being cast in favour of the buyback offer. There was 100 per cent voting in favour of the proposal by the promoters, 98.73 per cent by public institutional shareholders and 98.49 per cent by public non-institutional shareholders. Wipro's larger rival Tata Consultancy Services (TCS) has also proposed a mega Rs 16,000-crore buyback plan at Rs 3,000 per equ

Wipro rejigs structure, operating model under new CEO to broad base growth

The company to have four strategic market units and two business lines

HCL Corp sells HCL Tech shares worth Rs 390 cr to another promoter entity

According to block deal data available on the BSE, HCL Corporation sold a total of 45,85,000 shares of HCL Technologies at an average price of Rs 852 per share.

TCS to acquire 100% shares of Postbank Systems from Deutsche Bank

India's largest IT services firm Tata Consultancy Services (TCS) on Monday said it will acquire 100 per cent shares of Postbank Systems AG (PBS) from Deutsche Bank AG.

Relaxation of WFH norms will create jobs in small towns, says industry

Unlike the IT-services industries, the transition into WFH was not smooth for the ITeS sector.

Cyient gets Australia's FIRB clearance, acquisition of IG Partners done

Cyient on Friday said it has received nod from the Foreign Investment Review Board (FIRB) of Australia, and has completed the acquisition of Australian consulting firm IG Partners.

Wipro signs agreement to acquire Encore Theme Technologies for Rs 95 crore

IT services firm Wipro on Wednesday said it has signed a definitive agreement to acquire Encore Theme Technologies- for up to Rs 95 crore.

L&T Technology Services reports strong revenue and profit growth in Q2FY21

L & T Technology Services Limited, India's leading pure-play engineering services company, announced its results for the second quarter ended September 30, 2020.Highlights for Q2FY21 include:USD Revenue at $178 million; growth of 4.1 per cent QoQRevenue at Rs 13,138 million; growth of 1.5 per cent QoQEBIT margin at 13.7 per cent; up 160 bps QoQNet profit at Rs 1,655 million; growth of 41 per cent QoQInterim Dividend of Rs 7.5 per share; Record date October 27, 2020During the quarter, LTTS won 8 multi-million dollar deals across all industry segments including 3 deals with TCV of USD15mn plus and another 3 deals with TCV of USD10mn plus. Revenues from digital and leading-edge technologies stood at 49 per cent during the quarter."We had a strong quarter with broad based revenue growth and an improvement in operating margin performance, in line with what we had guided. Steady order bookings and a healthy pipeline across all segments gives us confidence that the growth momentum will ..

Sykes sets up centre in Hyderabad, to hire 150 people by year-end

Digital marketing and customer service firm Sykes on Monday said it has opened a new facility in Hyderabad - its third in the city - and will hire about 150 people for the centre by the year-end

Saw a 30% bump in internet traffic during pandemic: VP, Tata Communications

Hard to predict if this growth will sustain but don't expect a lot of this increased traffic to decline, says Song Toh, VP, Tata Communications

TCS to recruit 10,000 staff in US by 2022 after demand for services surges

The Mumbai-based company has hired over 21,500 employees in the past five years in the US

Wipro board approves Rs 9,500-crore share buyback; revenue up 1.4%

The company is looking at buying 237.5 million equity shares, or 4.16 per cent of its paid-up capital, though the date of the programme has not been fixed.

IBM to break up 109-year old firm to focus on high-margin cloud computing

IBM will list its IT infrastructure services unit, which provides services including technical support for data centers, as a separate company with a new name by the end of 2021

TCS surpasses Accenture to become most-valuable IT services firm globally

At the last closing price of Rs 2,825, TCS was valued at $144.73 billion, (Rs 10.6 trillion), while Accenture is currently at $142.4 billion

IT services growth to return in 2021, Covid to fuel digital spends: Fitch

Most companies have reported robust deal wins that should support growth in 2021-2022, despite the revenue decline in the second quarter of 2020, said the report

Tech Mahindra sells stake in Altiostar Networks for $45 mn to Rakuten

In a regulatory filing, Tech Mahindra said its subsidiary Tech Mahindra (Americas) Inc has divested its holding of 18,518,518 C1 preferred shares in Altiostar Networks.