BUSINESS
IT industry growth halves to 3.8% in FY24 vs 8.4% in FY23: Nasscom
Overall growth projection has slowed down to 3.8%, as compared to an 8.4 percent growth the tech industry body had projected in the previous fiscal year.
BUSINESS
Crypto trading volumes in top Indian exchanges drop 21% between December and January
While crypto deposit inflows increased by as much as 250-2,000 percent for certain Indian exchanges in January, following a ban on nine offshore exchanges, this did not translate to higher trading volumes.
TECHNOLOGY
Oracle India unveils roadmap for cloud business after 50% YoY growth
The company is also betting big on SaaS, as it estimates the business opportunity in India to grow to $50 billion by 2030
TECHNOLOGY
Efficiency engineering, cost reduction driving BFSI deals: HCLTech’s Srinivasan Seshadri
HCLTech posted 13% YoY growth in constant currency terms for financial services in Q3, while peers TCS and Infosys reported a YoY decline.
TECHNOLOGY
Intel India MD Santhosh Viswanathan on the challenges of setting up a semiconductor fab in the country
Citing example of Intel and its peers, who work on more advanced semiconductor nodes of 7 nm and below, he said it’s a lot more complex consideration for the company as manufacturing these advanced nodes is capital intensive
TECHNOLOGY
HCLTech, Infosys, LTIMindtree driving Copilot adoption, says Satya Nadella
Differences at company levels will start to show up, especially in technology, soon if they are not early adopters of AI. That’s why the IT services companies in India are going fast and furious on it, the Microsoft CEO has said
TECHNOLOGY
Microsoft CEO Satya Nadella says AI has bridged gap between India and the world
India is one of the highest growing markets, we are closely tracking impact of AI on percentage of GDP growth, Nadella said. Microsoft is going to provide AI skilling opportunities to 2 million people in India by 2025.
TECHNOLOGY
WazirX founder Nischal Shetty, ex-Zebpay CEO Avinash Shekhar launch crypto futures exchange Pi42
Pi42 is currently offering five tokens including Bitcoin, Ether, Solana, MATIC and XRP. Retail investors will be able to access crypto market with a leverage of up to 20x and no expiry dates.
TECHNOLOGY
Accenture’s $450-million Gen AI pipeline is more than the top 10 Indian IT companies’ combined
The global giant also has the advantage of being a one-stop shop of a kind. However, analysts hasten to add that not all these projects are money-spinners.
TECHNOLOGY
SoftBank-backed Polygon lays off 60 employees, restructures business
Impacted employees will be offered two months' of severance pay and health benefits through the end of February in locations where the company provides health benefits.
BUSINESS
Budget skips cryptos even as India works in sync with G20 on regulation
The RBI too continues to caution people against crypto despite the US SEC's recent approval of Bitcoin spot ETF trade.
TECHNOLOGY
India will be unstoppable with global AI shift, says Microsoft’s Puneet Chandok
Chandok was speaking at Microsoft's first ever AI Tour in India, happening a week before CEO Satya Nadella’s visit.
TECHNOLOGY
TCS bags 15-year deal from UK-headquartered insurance company Aviva
Sources told Moneycontrol that this new agreement will be a mega deal for TCS. Aviva has been working with TCS for nearly 20 years.
TECHNOLOGY
Wipro, Infosys, Cognizant CEOs shrug off poaching concerns
While some senior executives joined rival Tier-I companies, many others took up chief executive positions in mid-tier and unlisted IT companies.
TECHNOLOGY
Good Glamm Group co-founder Priyanka Gill joins Kalaari Capital as venture partner
She will continue to be a co-founder at the Good Glamm Group, where she now has been elevated as the chairperson of Good Media Co.
BUSINESS
Inside Tech Mahindra’s restructuring game plan
CEO Mohit Joshi details three-track strategy to turnaround the IT services giant’s business
BUSINESS
Tech Mahindra ends Q3 with 4,354 fewer employees
The attrition rate dropped from 11 percent in Q2 to 10 percent in Q3, continuing the trend of declining attrition rates since the start of fiscal year 2023.
TECHNOLOGY
Generative AI will go mainstream over the next 2-3 years: Persistent Systems CEO Sandeep Kalra
The mid-tier IT services company currently has over 75 active generative proof of concepts in work. While the revenue is small at the moment, Kalra believes it’s a promising area
TECHNOLOGY
Davos 2024: AI is having fundamental impact on the business models of IT services companies: Francisco D’Souza
D'Souza, the co-founder and managing partner of Recognize, a private equity firm, asserts that the present moment holds significant importance for the IT services sector. According to him, three distinct factors are converging to shape this pivotal period.
TECHNOLOGY
Davos 2024: AI creates immense opportunity for India, says Microsoft Asia’s Ahmed Mazhari
Microsoft is closely working with the Indian government to collaborate on generative AI projects for the social sector.
TECHNOLOGY
Predicting FY25 will be crystal ball gazing with macro uncertainties still around, says LTIMindtree COO
After consecutive quarters of reporting declining operating margins, Deshpande said that the company is postponing its target quarterly margins of 17-18 percent by a few quarters.
TECHNOLOGY
LTIMindtree Q3 results: Net profit jumps 17% to Rs 1,169 crore, revenue grows 5%
The EBIT margin or operating margin plunged sequentially to 15.4 percent from 16 percent last quarter, remained below Moneycontrol’s estimates of 16 percent
BUSINESS
Europe market outperforms North America in Q3 for IT cos; demand to return in H1FY25
According to analysts, early signs show that the weakness has bottomed out. In fact, one of them said IT services business will see a possible rebound soon, irrespective of whether the US cuts interest rates or not.
TECHNOLOGY
Davos 2024: We are running out of data on the internet, say global AI experts
After saturating text-based data and LLMs, the next phase of expansion of the Generative models will have to come from visual and sensory data, said prominent AI experts including Yann LeCun, Andrew NG and Kai Fu Lee among others.
