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.
TECHNOLOGY
Discretionary spending remains same as Q2, don’t see an uptick: HCLTech CEO
HCLTech’s order book of net new deal wins for Q3 stood at $1.92 billion, down from last quarter’s $3.96 billion. In the same quarter last fiscal, HCLTech’s TCV stood at $2.34 billion.
TECHNOLOGY
URLs of Binance and Kucoin blocked in India
“We are aware of an IP block affecting a number of crypto firms, including Binance. This only impacts users who attempt to access the Indian iOS app store or the Binance website from India,” Binance said.
TECHNOLOGY
Indian crypto platforms can’t offer Bitcoin ETF without regulations, say crypto founders
Moreover, trying to invest in a Bitcoin ETF through a US-based brokerage house won’t be the most efficient route to get exposure to the best Bitcoin prices, as it will have a lot of tax implications
TECHNOLOGY
HCLTech bucks industry trend, headcount up by 3,617 in Q3FY24
HCLTech’s attrition for Q3 stood at 12.8 percent compared to 14.2 percent reported last quarter. This is the lowest attrition for the company since Covid quarter in 2021
TECHNOLOGY
HCLTech Q3 results: Net profit jumps 6% YoY, reduces revenue growth guidance
During its Investor Day in December, the company’s management said it was seeing higher-than-expected furloughs, with BFSI and hi-tech being the problem areas
TECHNOLOGY
Why TCS and Infosys’ Gen AI commentaries in Q3 felt lacklustre
Both the companies shied away from sharing definitive numbers around deal pipeline opportunities or outlook on generating revenue from Gen AI. Meanwhile, Accenture is talking about industry leading growth in the technology.
BUSINESS
TCS to give out 100% variable pay to 70% of the employees for Q3
The remaining 30 percent staff will be paid out based on the business-related performance
BUSINESS
TCS reports $8.1 billion in deal wins for Q3, misses guidance
BFSI which accounts for nearly 35-40% of TCS’ revenue de-grew by 3% YoY in constant currency term; India as a geography grew by 23.4% YoY in CC
BUSINESS
TCS sees headcount decline by 5,680 in Q3FY24
TCS said that it has commenced campus hiring process for next year to on board freshers.
TECHNOLOGY
Bitcoin ETF may bring $5 billion in institutional investments over the next 45 days, say industry experts
In a watershed moment for the world’s largest crypto token, Bitcoin, the US SEC has now approved exchange traded funds (ETFs) to track the token.
TECHNOLOGY
Budget 2024: Crypto industry bats for tax reductions, regulatory tightening of offshore exchanges
Letters sent out to the finance ministry last month by Bharat Web3 Association and CoinDCX highlighted concerns over the 30 percent VDA tax burdening small Web3 and crypto businesses and the need for a level playing field by bringing offshore exchanges under TDS regulations.
TECHNOLOGY
Apple removes crypto exchanges Binance, Kucoin, OKX from App Store in India
"Please note that existing app users will not be impacted. We will continue to work with regulators to resolve the situation and will share updates here," Binance said on X responding to the issue.
TECHNOLOGY
NYSE-listed Snowflake appoints new India MD, calls country a ‘strategic market’
In India, Snowflake is closely working with both the start-up ecosystem with customers including Swiggy, Kissht, BYJU’s Urban Company to name a few and legacy businesses like Marico.
TECHNOLOGY
TCS independent director Daniel Hughes Callahan's term ends today
Daniel Hughes Callahan, also known as, Don Callahan, ends his journey at TCS on January 10, 2024, and has decided to not stay on for a second term
TECHNOLOGY
Intel’s APJ head Steve Long quits, after 24 years with the company
While the company is yet to announce a new leader who would take over the role, for now Santhosh Viswanathan, VP & MD, India Region, Intel will be taking over his responsibilities, a source in the know told Moneycontrol.
TECHNOLOGY
TCS Q3 Earnings Preview: 5 things to watch out for
TCS will be announcing its third quarter earnings for FY24 today. This quarter was largely a slow quarter for not just TCS but the IT sector overall
