Page 22 - Tcs

NITES files complaint against TCS over forced transfer of employees

The Nascent Information Technology Employees Senate (NITES) filed a complaint against Tata Consultancy Services over involuntary transfers of over 2,000 employees

Stocks to Watch today, Nov 16: TCS, Bajaj Fin, RateGain, ONGC, Dabur, Paytm

Stocks to Watch on Thursday, November 16, 2023: The RBI has asked Bajaj Finance to stop sanctioning and disbursal of loans under 'eCOM' and 'Insta EMI Card' segments with immediate effect

NITES approaches Centre against 'unethical' transfer practices of TCS

IT workers' union NITES (Nascent Information Technology Employees Senate) has approached the Ministry of Labour and Employment against the alleged "unethical transfer practices" of Tata Consultancy Services (TCS). An email to TCS seeking comments on the issue did not elicit a response. NITES has issued a statement saying it received more than 180 complaints that TCS has allegedly been "systematically forcing" more than 2,000 employees to transfer to different cities without proper notice or consultation, causing immense hardship to them and their families. Pune-based NITES claimed that the company has cautioned the employees that failure to comply with the transfer directions will result in disciplinary actions. "We are deeply concerned about the unethical transfer practices of Tata Consultancy Services... We have urged the Ministry of Labour and Employment to investigate TCS' actions and take appropriate measures to protect IT workers from such unethical practices," NITES Preside

IT engineering firms, LTTS, and Cyient struggle with high attrition rates

IT engineering cos provide product engineering services in auto, aerospace, medical device, and utility sectors. On the other hand, software engineering firms are mostly engaged in software products

Hoax bomb threat evacuates TCS campus in Bengaluru; ex-employee suspected

This is the second incident of a fake bomb threat being made at the IT firm by disgruntled former employees this year

BFSI, oil & gas sectors key drivers of India Inc earnings as IT slips

A slowdown in the IT services sector is expected to impact the growth of overall corporate earnings in the coming quarters

BS BFSI Summit: Ranjeeth Bellary to Sujeeth Williams, meet key tech experts

Tech - Using Cloud & Data Centres' theme on October 30: Mitigating disruption and addressing security challenges

M-cap of top-10 firms plunge Rs 1.93 trn; TCS, HDFC Bank biggest laggards

All the top-10 most valued firms suffered a combined erosion of Rs 1,93,181.15 crore in market valuation last week, with Tata Consultancy Services (TCS) and HDFC Bank taking the biggest hit, in line with bearish trend in equities. In a holiday-shortened last week, the BSE benchmark tanked 1,614.82 points or 2.46 per cent. The market valuation of TCS plunged Rs 52,580.57 crore to Rs 12,25,983.46 crore, the most among the top-10 firms. HDFC Bank's market capitalisation (mcap) slumped Rs 40,562.71 crore to Rs 11,14,185.78 crore. The valuation of Reliance Industries Limited dropped Rs 22,935.65 crore to Rs 15,32,595.88 crore and that of Infosys tumbled Rs 19,320.04 crore to Rs 5,73,022.78 crore. The mcap of Bharti Airtel fell by Rs 17,161.01 crore to Rs 5,13,735.07 crore and that of Bajaj Finance diminished by Rs 15,759.95 crore to Rs 4,54,814.95 crore. ICICI Bank's valuation tanked Rs 13,827.73 crore to Rs 6,39,292.94 crore and that of ITC slipped Rs 5,900.49 crore to Rs 5,40,637.34

TCS gets notice from Maha Labour Ministry over lateral onboarding delay

While the number of lateral employees impacted by this delay could not be confirmed, according to NITES complaint filed in July, over 200 employees were impacted

TCS to revise rates for staffing cos to enhance transparency, better talent

The changes in rate cards are for contract staffing employees and not for permanent employees. TCS is revamping its hiring mechanism

RIL, HUL, ITC: Top 50 APAC firms lose over $185 billion in m-cap in Q3

Reliance Industries (8 per cent), Hindustan Unilever (7.9 per cent) and ITC (1.3 per cent) were the Indian companies that saw a drop in m-cap during the recently concluded quarter

How to claim TCS refund when traveling abroad and filing a return

When filing a tax return, one must declare the remittance as income in the appropriate section, such as "Income from Other Sources" or "Exempt Income."

How you can lower your TCS burden for your upcoming overseas holiday

Use the Rs 7 lakh limit of international debit or credit card

Weak outlook

Growth in the IT sector will remain muted

Proportion of new deal wins into revenues intact, says TCS official

The proportion of new deal wins into revenues is "intact", a senior official at largest IT services company TCS has said, attributing the sluggish revenue growth to the adverse impact on discretionary demand because of economic headwinds. Stating that discretionary demand can contribute as much as 30 per cent of incremental revenues in a quarter, the company's chief operating officer N Ganapathy Subramniam told PTI that the September quarter results were impacted due to this aspect. Clients are choosing to conserve cash given the economic climate and choosing to defer spends where they do not see immediate returns on investments, which has impacted the discretionary demand, he said. He, however, said that the proportion of revenue it bags from new deals has not been affected. The company has reported signings of over USD 10 billion for three consecutive quarters. "TCV (total contract value) to revenue conversion rate is intact," Subramaniam said, explaining that there are a slew of

Review of Resource Management Group issue completed, action taken: TCS

TCS stated that of the 19 employees, 16 have been separated from the company for code of conduct violations

Hired about 200K in 2-3 yrs, but some never came to office: TCS COO

We have decided that people should come back to office, says N Ganapathy Subramaniam

Recruitment scam: IT company TCS fires 16 employees, bars 6 vendors

India's largest IT services company TCS on Sunday said it has fired 16 employees and barred six vendors in connection with a recruitment scam. Our investigation found 19 employees to be involved16 employees have been separated from the company for code of conduct violations, and three employees have been removed from the resource management function, the company said in a late evening statement. It also added that six vendors, their owners and affiliates have been debarred from doing any business with TCS. In late June, reports had surfaced of a recruitment scam at the largest software exporter, wherein vendors tasked with some functions were alleged to have indulged in malpractices in collusion with TCS staffers. The allegation came to light within weeks of K Krithivasan taking charge as the company's chief executive and was the first major challenge faced by him. The issue relates to breach of the company's code of conduct by certain employees and vendors supplying contractors,

Weekend Bites: Another war, trouble in IT paradise, carmakers, 'those guys'

In which we munch over the week's platter of news and views

Q2 impact: Infosys, TCS can fall up to 9%; HCLTech may rise 5%, show charts

IT majors - TCS, Infosys and HCL Technologies flagged concerns of slower growth going ahead after announcing the Q2 results in the last two days.