Page 22 - It Services
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.
 "Tech Mahindra sells stake in Altiostar Networks for $45 mn to Rakuten")
Morrisons expands strategic partnership with Tata Consultancy Services
IT services firm Tata Consultancy Services (TCS) on Tuesday said its partnership with UK-based supermarket chain Morrisons has been expanded through a five-year contract. TCS has expanded its partnership with Morrisons through a five-year contract for application management services, data services and cyber security services, a statement said. The partnership will help accelerate Morrisons's plan to simplify and modernise its technology to improve the shopping trip, eliminate wasted effort and become more popular and accessible to its customers, it added. Morrisons selected TCS as its Application Managed Services partner in 2016 to improve the customer and employee experience. Since then, TCS has worked closely with the retailer to help drive its growth and modernisation agenda across various lines of business, leveraging its comprehensive portfolio of business and technology services and solutions. "As part of the expanded partnership, TCS will harness the power of artificial ...
 "Morrisons expands strategic partnership with Tata Consultancy Services")
HCL Technologies to acquire Australia-based firm DWS for $116 million
The transaction is expected to close in December 2020, subject to closing conditions, including regulatory approvals
HCL Technologies to acquire Australia-based firm DWS for $116 million
The transaction is expected to close in December 2020, subject to closing conditions, including regulatory approvals
 "HCL Technologies to acquire Australia-based firm DWS for $116 million")
IT services firms look to change staff mix by hiring more freshers
The growing share of mid-level employees is said to be one of the major reasons why these companies are facing margin pressure
 "IT services firms look to change staff mix by hiring more freshers")
IT services to remain significant to India's job environment: TCS CEO
He added that this is on account of the demand for talent and services, which is "only going to explode given the role that technology is playing today and in future"
 "IT services to remain significant to India's job environment: TCS CEO")
Infosys to acquire US-based firm Kaleidoscope Innovation for $42 million
Will pick up 100% stake in a deal that is expected to close during the second quarter of fiscal 2021
 "Infosys to acquire US-based firm Kaleidoscope Innovation for $42 million")
Aug services PMI jumps to 41.8 vs 34.2 in July; still in contraction zone
August was the sixth straight month the index was sub-50, the longest such stretch since a 10-month run to April 2014
 "Aug services PMI jumps to 41.8 vs 34.2 in July; still in contraction zone")
NIIT Tech targets $1 bn revenue a year, plans to expand into healthcare
Current revenue at $600 mn; firm offers no timeline for $1 bn goal but says it will be achieved organically without any acquisitions
No material changes planned in strategy, vision: Sudhir Singh, NIIT Tech
We believe that we will see a very significant uptick in both revenues and margins on a sequential basis, says CEO SIngh
 "No material changes planned in strategy, vision: Sudhir Singh, NIIT Tech")
Persistent Systems' O'Connor steps down as CEO, cites personal reasons
O'Connor worked as a senior executive at IBM's internet of things (IOT) division before joining Persistent Systems.
 "Persistent Systems' O'Connor steps down as CEO, cites personal reasons")
Mindtree PBT more than doubles in Q1; revenues up 4.1% to Rs 1,908.8 cr
Revenue of the firm grew 4.1 per cent year-on-year to Rs 1,908.8 crore during this period though it declined 6.9 per cent sequentially
 "Mindtree PBT more than doubles in Q1; revenues up 4.1% to Rs 1,908.8 cr")
IT services sector's revenues may contract up to 3% in FY21: Icra
In its report, domestic rating agency Icra also said that the profit margins for the sector will go down as the growth slows down
IT services sector may see downturn of up to -3% due to Covid-19: Icra
IT services companies have managed to overcome supply-led challenges through uninterrupted delivery of IT services through work from home model
 "IT services sector may see downturn of up to -3% due to Covid-19: Icra")
Capgemini bucks trend, rolls out wage hikes, promotions amid Covid crisis
Performance review likely to see some retrenchments
 "Capgemini bucks trend, rolls out wage hikes, promotions amid Covid crisis")
Despite poor show in Q4, India Inc's combined dividend payout rises 6.5%
Experts attribute the higher payout to the change in dividend law and cut in corporate income tax.
 "Despite poor show in Q4, India Inc's combined dividend payout rises 6.5%")
Covid-19 crisis: $30-billion deal renewal headache for IT companies
Outsourcing deals are either going to be renewed at a lower price or they will be delayed, say experts.
IT firms to face heat as global enterprises put digital projects on hold
Digital initiatives of several global enterprises have been cancelled or postponed in the last couple of months as the Covid-19 crisis has prompted firms to halt non-revenue generating ventures
 "IT firms to face heat as global enterprises put digital projects on hold")
IT professionals think worse coming in next 6 months: LinkedIn survey
One in three Indians have reported a decrease in their personal incomes, says 'Workforce Confidence Index' of LinkedIn.
 "IT professionals think worse coming in next 6 months: LinkedIn survey")
Tech Mahindra Q4 net falls 29%; recommends final dividend of Rs 5/share
The Pune-headquartered company reported Rs 804 crore in consolidated net profit for the March quarter (Q4FY20), a decline of 29.1 per cent on year-on-year (YoY) basis
 "Tech Mahindra Q4 net falls 29%; recommends final dividend of Rs 5/share")