Page 10 - Tech Mahindra

Employee costs to haunt Indian IT even as biz prospects improve: Analysts

Indian IT Services companies, Goldman Sachs said, have doubled their market share in the last 10 years to 6.2 per cent of the global IT spending in CY22

Ex-Infy exec Atul Soneja joins Tech Mahindra as chief operating officer

Tech Mahindra on Monday appointed Atul Soneja as the chief operating officer, the company said. The country's fifth-biggest IT services company in terms of revenues did not have a COO in the past. The appointment is effective from Monday. The appointment follows disappointing quarterly numbers for the April-June period, which saw a 38 per cent decline in net profit. Soneja, who joined Tech Mahindra from CitiusTech, has also been associated with the country's second-biggest IT company Infosys, where Tech Mahindra's Chief Executive Officer (CEO) and Managing Director-designate Mohit Joshi had also worked. His rich experience and vast knowledge of the industry, combined with his relentless dedication to automation, make him an ideal candidate to lead our operations, Mahindra Group's current Managing Director and Chief Executive Officer C P Gurnani said. Joshi said Soneja's appointment will help drive growth and enhance capabilities. At Infosys and its subsidiaries, Soneja managed ..

Tech Mahindra trains 8,000 employees in artificial intelligence: Official

IT company Tech Mahindra trained 8,000 employees in artificial intelligence as it readies itself to cater to demand around generative AI and quantum computing, a senior company official said on Saturday. Tech Mahindra global chief people officer and head of marketing Harshvendra Soin said that the company is enhancing focus on BFSI, healthcare, manufacturing and retail sectors in geographies like the USA. "At Tech Mahindra, as we are increasing our focus across BFSI, healthcare, manufacturing and retail sectors in geographies like the USA, we are investing in quantum computing, cybersecurity and AI. We will also continue to invest in learning development of employees to create a future-proof and resilient talent pool. We have trained and upskilled around 8,000 employees in generative AI and other AI platforms in the June 2023 quarter," Soin said. Tech Mahindra recorded a 38 per cent fall in June quarter net profit at Rs 692.5 crore due to a sharp contraction of the profit margins.

Tech Mahindra falls 5% as Q1 disappoints Street; brokerages turn cautious

In the recently concluded quarter, the company's revenue declined 4.1 per cent quarter-on-quarter (QoQ) to Rs 13,159 crore, as against Street estimate of flat QoQ growth

Stocks to Watch: Tech M, Axis Bank, Dr Reddy's, RVNL, M&M, RBL Bank, AMCs

Stocks to watch on July 27, 2023: The govt is going to sell up to a 3.4 per cent stake in Rail Vikas Nigam with an option to additionally sell 1.96 per cent stake via an OFS

Tech Mahindra Q1FY24 net profit down by 38.8% YoY at Rs 692.5 crore

Misses estimates on revenue and net profit

Tech Mahindra Q1FY24 results: Net profit falls 38.8% YoY to Rs 692.5 crore

At the end of the quarter, the company's headcount stood at 148,297. It was down 4,103 as compared to the March quarter

Tech Mahindra CEO CP Gurnani's salary halves in FY23 to Rs 32 crore

Gurnani earned Rs 25.6 crore in employee stock options (Esops) during FY23, a decrease of 56.46% from the previous year's earnings

Stocks to Watch: Lupin, Vi, Tech M, Bharti Airtel, Aditya Birla Capital

Stocks to Watch on June 27, 2023: Lupin: As per reports, Lupin is considering a restructuring move to unlock value by demerging its API (active pharmaceutical ingredients) business

Accenture's lowered guidance spells more trouble for IT sector: Analysts

Brokerages have maintained a cautious to negative stance on the Indian IT sector given Accenture's muted deal bookings, lagging demand in key verticals, and emerging pricing pressure

Google, IT firms try to lure employees with free food, reimbursements

Companies like Infosys, Tech Mahindra, and Persistent Systems are opening offices in smaller cities and are asking their local employees to report to these offices instead of the headquarters

LIC raises Tech Mahindra stake by 2 pts via open-market acquisition to 8.8%

Life Insurance Corporation of India (LIC) has raised its stake in IT firm Tech Mahindra Ltd by about 2 per cent through open market acquisition. LIC bought 1.9 crore shares or 2.01 per cent of equity capital at an average price of Rs 1,050.77 per unit, the insurer said in a regulatory filing. The insurer bought the additional shares between November 21, 2022 and June 6, 2023 for about Rs 2,000 crore. Following this, holding in Tech Mahindra Ltd increased to 8.84 per cent, it said. Prior to the acquisition, LIC held 6.86 per cent stake in Tech Mahindra Ltd.

Stocks to Watch on Monday, June 5: SBI Life, Hero Moto, Bajaj Finserv, NTPC

Stocks to Watch today, June 5, 2023: Brent crude related stocks could see considerable action today as oil prices jumped over 2 per cent overnight, and another 2 per cent Monday morning

Has the correlation between the Nifty IT index and the NASDAQ ended?

The gain in NASDAQ thus far in CY23 was largely fueled by Google, Apple, Amazon, Netflix and Meta Platforms - also known as the FAANG stocks.

Tech Mahindra, FIDE join hands for franchisee-based chess competition

Brings AI, VR and AR to improve fan experience; First edition to be held in Dubai, between June 21 and July 2

Sensex soars 463pts, ends atop 61K; Nifty tops 18050; mid-, smallcaps shine

CLOSING BELL: Healthy buying in heavyweights like Reliance Industries, L&T, ITC, Kotak Bank, SBI, Bharti Airtel, TCS, and HDFC Bank lifted benchmarks on Friday

Tech Mahindra Q4 net profit down 27% YoY as clients cut spending

Attrition for quarter reduces to 15% from 24% last year, says company

Tech Mahindra Q4 results: PAT drops 26% YoY, dividend at Rs 32/share

The company reported increase in revenue by 19.4 per cent

Tech M sheds 9% in 5 days on JP Morgan, Citi downgrades, target price cuts

Tech Mahindra's stock fell 2.6 per to its day's low of Rs 994.55 on Friday after JP Morgan downgraded the stock to 'underweight' from 'neutral', slashing its target price by 10 per cent to Rs 900

TCS may consider giving 12-15% hikes to top employees to curb attrition

TCS is also planning to raise base salaries in its campus recruitment drives. If implemented, this is likely to make Infosys, HCL Technologies, and Wipro follow suit