Page 34 - Tcs

TMS Ep373: IT layoff, millets market, IT stocks, debt refinancing

Why is TCS bucking the trend on IT layoffs? How can millets crack the consumer market? Are IT stocks a good bet even as new hiring tapers? What is debt refinancing? All answers here

TCS not considering layoffs, hiring impacted employees from startups

Tata Consultancy Services (TCS) is not considering any layoffs as it believes in grooming talent for longer careers once it hires an employee, a top official has said. The country's largest information technology services exporter is also looking to hire startup employees who have lost their jobs, its chief Human Resources officer Milind Lakkad told PTI in an interview. The comments have come amid IT companies, including big tech giants, the world over laying off people due to a slew of reasons. We don't do that (layoffs), we believe in grooming talent in the company(there will be) no layoffs, Lakkad said, replying to a specific question on whether there will be layoffs or involuntary attrition. He said many companies are forced to take such a step because they hired more than they wanted while the cautious TCS believes that once a staff member joins, it is the company's responsibility to make them productive and derive value. In cases where it finds a gap between the skill sets .

80% of Wipro's employees will get 87% variable pay for the third quarter

Wipro has proposed to pay 87 per cent of the variable pay component to over 80 per cent of its workforce, according to a communication in the company's internal email

Moody's affirms Baa1 rating for TCS, Infosys, sees growth slowing in FY24

IT services companies expected to maintain businesses growth and market position

Cost cutting measures around the world help Top Indian IT firms gain ground

IT firms across the globe have taken steps to optimise costs in the current uncertain economic environment

Infosys, TCS better equipped to weather ChatGPT-led disruption: JP Morgan

Generative artificial intelligence models such as ChatGPT, JP Morgan said, can potentially simplify coding and democratize access to a wider pool of talent, driving a new source of disruption

TCS expands partnership with UK's Phoenix Group, inks over £600 mn deal

This will be one of the largest deals for the company in the coming quarter

Client costs in focus, IT deals revive 'rebadging' of employees

TCS co-opting a third of Boeing workers facing job cuts not an exception; analysts admit that the practice is returning, though not a full-fledged trend yet

Boeing plans to cut about 2,000 finance and HR jobs in 2023: Report

The Seattle Times reported Boeing, which has been one of largest private employers in Washington state, plans to outsource about a third of eliminated positions to TCS in Bengaluru, India

Aviation giant Boeing to slash 2,000 jobs in finance, HR this year

Aviation giant Boeing is slashing 2,000 jobs in finance and HR verticals this year and the company outsources about a third of those jobs to Tata Consulting Services (TCS) in Bengaluru

Transfer your child's living expense before new TCS rates kick in

Higher TCS is temporary; you can adjust it against your tax liability or get refund

Increase in TCS under LRS is to target discretionary spending: Revenue Secy

TCS on remittances made under the LRS was introduced in 2020

TCS hits over 7-mth high; rises 4% in three days despite market volatility

Analysts at ICICI Securities expect TCS' margins to improve from FY23 onwards due to utilization improvement and moderation of sub-contractor costs

Budget 2023: 20% TCS may take sheen off investments in foreign stocks

The money can be adjusted later, but the blocking of 20 per cent capital till tax filing is likely to dissuade direct investment in foreign equities

Budget proposes 20% hike in TCS on overseas travel, remittances going out

The government on Wednesday proposed to hike the TCS rate to 20 per cent from 5 per cent currently on overseas tour packages and a liberalized remittance scheme for remittance of funds out of India. The Finance Bill, through the Budget 2023-24, amended Section 206C of the Income Tax Act levying a higher Tax Collected at Source (TCS) on overseas tour programme packages. Also, 20 per cent TCS will be applicable in cases where funds in excess of Rs 7 lakh are sent out of India under the Liberalised Remittance Scheme of the RBI. The amendments will come into effect from July 1, 2023. Nangia Andersen India Partner Amit Agrawal said the increase in TCS rate to 20 per cent is a big surprise, especially with the comfortable forex position. "The increase in TCS rates to 20 per cent for overseas travel perhaps underscores the government's intention to restrict overseas travel spending by HNI's," Agarwal said. Agarwal said the step to increase TCS to 20 per cent for all remittances, other t

Air India-Vistara to get $1.5-$1.8 billion from Tata Sons: Report

The investments will be made from the proceeds received as dividend income from Tata Consultancy Services (TCS) and other firms of the group

Accenture most valued IT brand, TCS & Infosys value up 2%: Report

Accenture retains top slot for the fifth year straight; Cognizant and Wipro fall in rankings

Net hiring in India's top four IT firms drops by 97% to 1,940 in Q3FY23

Tata Consultancy Services, Wipro, Infosys and HCL Tech- reported a combined net addition of 1,940 employees in the quarter that ended December 2022

Positive signals

IT companies have done better than expected

Mcap of 7 of top 10 most-valued firms jumps Rs 1 trn; TCS, Infosys sparkle

The combined market valuation of seven of the top-10 most valued firms jumped Rs 1,07,224.82 crore last week, with IT majors Tata Consultancy Services (TCS) and Infosys emerging as the biggest gainers. Last week, the 30-share BSE Sensex climbed 360.81 points or 0.60 per cent. While TCS, HDFC Bank, Infosys, Hindustan Unilever, ICICI Bank, HDFC and Life Insurance Corporation of India (LIC) were the gainers, Reliance Industries Limited, State Bank of India and Bharti Airtel faced erosion from their market valuation. The valuation of TCS rallied Rs 59,349.81 crore to Rs 12,34,637.11 crore, the most among the top-10 firms. The market capitalisation (mcap) of Infosys jumped Rs 22,997.16 crore to Rs 6,32,684.95 crore. Infosys had on Thursday reported a better-than-expected 13.4 per cent rise in profit for the December quarter and raised its annual sales forecast on a strong deal pipeline even as it warned of "constraints" in certain verticals amid slowing global economy. Meanwhile, Hind