Page 9 - It Services

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.

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

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

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

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

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

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

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

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

Accenture, TCS, Infosys, HCLTech continue to rule the IT brand list

Accenture has maintained its position as the world's most valuable IT services brand, with a brand value of $40.5 billion

IT services, BPO exports grew over 12% to touch $193 billion in FY23: ESC

The exports of computer software and services, including IT enabled services and BPO, logged 12.2 per cent growth during 2022-23 to touch USD 193 billion, according to estimates by Electronics and Computer Software Export Promotion Council (ESC). The IT software/services chunk accounted for the bulk of this at USD 126 billion, followed by BPO services (USD 52 billion). "In value terms, export of the IT/ITeS/and BPO during 2022-23 is estimated at USD 193 billion, up from USD 172 billion estimated in the year 2021-22, registering a growth of 12.21 per cent, which is mostly contributed by IT software/services at USD 126 billion, followed by BPO services (USD 52 billion), software products development (USD 5.1 billion), engineering services (USD 9 billion)...," Sandeep Narula, Chairman of ESC said in a release. Narula said the growth of BPO services at 14.63 per cent and 13.33 per cent growth of IT products are good indications since global trading of these segments would go up ...

'It's nothing personal': Wipro on lawsuits against senior executives

Wipro sued Dalal, accusing him of violating the non-compete clause in his employment contract by joining rival Cognizant within 12 months from his last date of work

IT leaders Infosys, TCS kick off Q3 earnings season with weak numbers

Infosys cuts growth guidance as net drops 7.3%; TCS profit up 2%

Infosys loses mega contract as global client terminates $1.5 billion deal

IT services firm Infosys has said that a global company has decided to terminate a multi-year contract worth USD 1.5 billion with it. On September 14, 2023, Infosys announced a pact with a global company to offer enhanced digital experiences alongside modernisation and business operations services leveraging Infosys platforms and AI (Artificial Intelligence) solutions. In a BSE filing on Saturday, Infosys said the global company has now elected to terminate the Memorandum of Understanding (MoU) and the parties will not be pursuing the master agreement." Infosys also said the stock market intimation was in continuation to a disclosure made on September 14, 2023, with respect to an MoU with the global company which was subject to parties entering into a master agreement. On the said date, Infosys informed BSE that it entered into an MoU with the global company to provide enhanced digital experiences, along with modernisation and business operations services, leveraging Infosys platfo

Indian IT battles slowdown in US, hiring to be muted for next 2-3 quarters

This implies that hiring will be in the slow lane even in the first quarter of FY25

Australia's ASX signs deal with TCS to revamp clearing, settlement platform

Indian IT services firm will use flagship product to replace ASX's existing platform

27 firms granted approval under new IT hardware PLI scheme: Vaishnaw

The government on Saturday said 27 companies, including Dell, HP, Foxconn, and Lenovo, have been granted approval under the new production-linked incentive (PLI) scheme for IT hardware. The move comes at a time when India is wooing IT hardware players with policy sweeteners and incentive schemes, making a determined push to position itself as a global hub for hi-tech manufacturing. "I am happy to announce that 27 companies have been approved under the PLI IT hardware scheme. About 95 per cent of these...23 companies are ready to start manufacturing from day-zero," Minister for Electronics and IT Ashwini Vaishnaw said. "This will set us up for being a big force in manufacturing of PCs, servers, laptops, and tablets," he added. These 27 companies will invest Rs 3,000 crore. Big players, including Dell, Foxconn, HP, and Lenovo, are among the companies whose applications have been approved.

IT services firm NTT Data to offer tools for Microsoft Copilot AI assistant

NTT Data will also facilitate 'Managed EX', allowing users to receive support services for Copilot in Microsoft Teams

IT services companies chase large deals for higher revenue, faster growth

IT companies consider deals at or above $100 million as large deals while deals at or above $500 million are categorised as mega deals