The company is proposing an offer for buyback of equity shares for cash at a price of Rs 1,000 per equity shares on a proportionate basis through tender offer process, HCL Technologies said in a regulatory filing.
The National Democratic Labour Front’s IT Employees wing is planning to approach the Madras High Court against what it calls the arbitrary downsizing of employees by Cognizant and Wipro. It says the two companies are planning to lay off as many as 30,000 employees between them.
Ramkumar Ramamoorthy, Senior Vice-President of Corporate Marketing at Cognizant, said that IT is largely a people-driven industry even as automation gains prominence.
While there is panic over job losses in the industry, the government and IT governing body Nasscom say that the current year is no different than any other.
But employees and industry watchers believe nearly 1 lakh IT jobs will vanish by the end of this year, as revenues and profit margins are under severe pressure.
Indian outsourcers have a few more years before they suffer a significant decline. They certainly won’t see the growth and billion-dollar deals that have brought them this far, feels the author.
Some are also looking at changing the industry as the call to acquire new skill sets gets louder.
Tech Mahindra will be conducting company-wide performance review and could remove large part portion of under-performing workforce.
Cognizant is set to double their headcount in the United States in CY17, reports CNBC-TV18’s Kritika Saxena quoting sources.
As the employees air their grievances against Cognizant, FITE is lending a helping hand and has urged the state government to immediately intervene in what it terms “illegal termination”.
The company has started informing management-level associates — from Director-level to Senior Vice President — about the voluntary separation package.
Dark clouds of job cuts loom over the telecom sector. The risk running with mergers is that as many as 10,000 employees may lose their jobs over the next year.
Cognizant looking at sacking more than 6,000 employees this year. Company says standard practice but is this is an impact of automation?
Analysts feel the company can buy back 10 percent of its paid up equity shares without shareholders' approval and the buyback size for 10 percent equity may be USD 450 million.
Mindtree is exploring options for buyback of shares and a decision will be taken in the next three to six months.
In September 2016, Cognizant had disclosed that it had discovered violations of the US Foreign Corrupt Practices Act.
Headquartered in Osaka, Brilliant is a products and solutions company that specialises in digital strategy, product design and engineering, the Internet of Things (IoT), and enterprise mobility.
"The board has recommended the adoption of new Articles of Association of the company in conformity with the Companies Act, 2013 to the shareholders for approval," Infosys said in a BSE filing.
The development comes after TCS announced a share buyback worth Rs 16,000 crore last week. It was preceded by Cognizant, while HCL Tech also said it was exploring the possibility of a buyback.
Business in 2017 will be better than 2016 feels Malcolm Frank, EVP-Strategy & Marketing of Cognizant. While quarter one has been good so far, the company‘s guidance of 7.9-10 percent growth for the full year 2017 is a cautious one, he tells CNBC-TV18 in an interview.
US-based IT major Cognizant today posted a 1.8 percent fall in net profit at USD 416 million for the December quarter, while its board okayed a plan to return USD 3.4 billion to shareholders over two years.
US-based Cognizant today said it has identified "potentially improper payments" worth USD 6 million being made for company-owned facilities in India, higher than the earlier estimate of USD 5 million
Cognizant's guidance of 8-10 percent revenue growth for 2017 is a silver lining for the Indian IT sector which has been reeling under a lot of pressure, said Sanjiv Bhasin, Executive VP - Markets and Corporate Affairs, IIFL.
IT services firm Cognizant today said it has entered into a "cooperation agreement" with activist shareholder Elliott Management and appointed three independent directors to its board.