Page 7 - It Services
Near-term growth snags could keep IT services giant TCS in a bind
Yet, positioned for revenue growth with recent strong deals, driven by a strengthening US economy
 "Near-term growth snags could keep IT services giant TCS in a bind")
TCS Q4 results: Profit rises 9% to Rs 12,434 crore, revenue up 3.5%
India, UK drive IT company's growth in the quarters as US business continues to be subdued
 "TCS Q4 results: Profit rises 9% to Rs 12,434 crore, revenue up 3.5%")
CNH's India technology centre to be the largest by the end of CY24
The centre, which has a headcount of 700, will touch 1,000 by the end of CY24
 "CNH's India technology centre to be the largest by the end of CY24")
Q4 Preview: TCS to lead IT pack; may see upper single digit rise in profit
Reversal of furloughs and incremental contribution from the BSNL deal and other deals will fuel the revenues
Tech talent war: Nearly 4,500 IT leaders switch jobs in 12 months
Chaos in C-Suite sees 4.5% leadership churn in IT services: Xpheno
 "Tech talent war: Nearly 4,500 IT leaders switch jobs in 12 months")
How did Accenture manage to secure $1 billion worth of GenAI deals?
The company is an early adopter of the tech and has leveraged its first-mover advantage, supported by clients' increased discretionary spending on GenAI
 "How did Accenture manage to secure $1 billion worth of GenAI deals?")
TCS layoffs: Over 20 employees in US cry foul, file complaint against firm
With the industry facing low demand, several of the large IT firms have been looking at ways to cut costs
 "TCS layoffs: Over 20 employees in US cry foul, file complaint against firm")
IT industry opposes Karnataka IT Union's call to end relief in labour rules
On March 16, a section of IT employees, under the banner of KITU, staged a protest in front of the labour commissioner's office in Bengaluru to press for their views
 "IT industry opposes Karnataka IT Union's call to end relief in labour rules")
TCS likely to offer 7-8% average salary hike to offsite employees
TCS' attrition rate has been normalising, standing at 13.3 per cent for the third quarter of FY24, down from 14.9 per cent in the previous quarter
India's February services PMI eases to 60.6 on low business confidence
Despite having slipped, the headline index was comfortably above the neutral mark of 50.0 and signalled a sharp rate of expansion that was well above the series history
 "India's February services PMI eases to 60.6 on low business confidence")
We don't see hiring going down due to generative AI: TCS CEO K Krithivasan
His comments come at a time when the hiring done by industry has come down significantly. For instance, in FY23 the industry added a total new headcount of 290,000. This has fallen to 60,000 in FY24.
 "We don't see hiring going down due to generative AI: TCS CEO K Krithivasan")
Robust cybersecurity shield key for IT providers to retain clients
Global cybercrime damage costs are expected to grow by 15 per cent per year over the next three years, reaching $10.5 trillion annually by 2025
 "Robust cybersecurity shield key for IT providers to retain clients")
IT services firm Sonata Software bets on European market to drive growth
The telecommunications sector, a segment of the Technology, Media, and Telecom (TMT) vertical, contributed 31 per cent to the company's revenue
 "IT services firm Sonata Software bets on European market to drive growth")
TCS to enhance Enento Group's IT infrastructure, digital workplace
As a part of the partnership, TCS will help Enento simplify its operating model and harmonise its technology stack by leveraging TCS' technology solutions
FPI allocation to financial stocks declines below 30%, shows data
The selling comes on the back of third quarter (3QFY24) earnings missed by HDFC Bank, Bajaj Finance, and Axis Bank. FPIs also pulled out over Rs 2,000 crore amid earnings miss by Hindustan Unilever
 "FPI allocation to financial stocks declines below 30%, shows data")
Govt nearly doubles PLI scheme share of five key industry segments
Amount raised from Rs 8,405 cr in RE of FY24 to Rs 15,198 cr
 "Govt nearly doubles PLI scheme share of five key industry segments")
TCS extends deal with UK's Aviva for 15 yrs to improve customer experience
Indian company's scope of work will expand to cover more than 5.5 mn insurance policies
 "TCS extends deal with UK's Aviva for 15 yrs to improve customer experience")
Coforge Q3 profit rises 4.3% on deal wins, maintains revenue forecast
Consolidated net profit rose to 2.38 billion rupees ($28.6 million) for the quarter ended Dec. 31 from 2.28 billion rupees a year earlier
 "Coforge Q3 profit rises 4.3% on deal wins, maintains revenue forecast")
BFSI weighting in Nifty50 hits 7-year low as HDFC Bank stock slips
The 2019 calendar year was the high point for the BFSI sector, when its weighting in the index had risen to a record high of 40.6 per cent at the end of December
 "BFSI weighting in Nifty50 hits 7-year low as HDFC Bank stock slips")
LTIMindtree Q3 results: Net profit rises 17% to Rs 1,169 cr, revenue up 5%
Chatterjee said in a post-earnings media call that the demand environment continues to be "cautionary" and client spends are now more focused on return on investment
 "LTIMindtree Q3 results: Net profit rises 17% to Rs 1,169 cr, revenue up 5%")
