BUSINESS
The TCV puzzle: Why deal wins didn’t translate into revenue growth for Indian IT firms
According to experts, while the TCV is a good metric that reinforces long-term sustainability, relevance of business, and stickiness in client relationships, this metric in isolation does not make sense in today’s context.
BUSINESS
Intel partners with 8 Indian manufacturers for ‘Make in India’ laptops
The eight manufacturers include Bhagwati Products, Dixon Technologies India, Kaynes Technology India, Optiemus Electronics, Panache Digilife, Smile Electronics, Syrma SGS Technology and VVDN Technologies
BUSINESS
Hurun Philanthropy List: HCLTech's Shiv Nadar is India's most generous, four Infosys co-founders emerge as biggest philanthropists
Wipro’s Azim Premji donated an additional Rs 1,290 crore in FY23, his total donations stood at Rs 1,774 crore
BUSINESS
Record deal wins, margin focus, slashed revenue guidance: How top Indian IT companies fared in Q2
Among the top 5 Indian IT companies, Tech Mahindra was the only firm to report a plunge in operating margins in Q2 though it had a positive net headcount addition and QoQ increase in deal wins.
BUSINESS
Proposed H-1B visa rules may narrow scope for applications: Indian experts
Indian IT sector industry body Nasscom will be making a formal submission of recommendations and has already begun a thorough industry assessment of the proposed rule
BUSINESS
Tech Mahindra’s CEO designate Mohit Joshi unveils reorg, CME head Manish Vyas quits
The new structure will have a vertical-wise focus for delivery instead of Tech Mahindra’s previous geography-focused structure.
BUSINESS
Tech Mahindra bucks industry trend, adds 2,307 employees in Q2
Adjusting for Tech Mahindra's headcount increase, the top five Indian IT companies overall lost 40,744 employees in H1FY24.
BUSINESS
Tech Mahindra Q2 results: Net profit plunges 61.6% YoY to Rs 494 crore, revenue down 2%
Outgoing CEO CP Gurnani said these were the most difficult two quarters in his career. He acknowledged that he misjudged market timing for offerings like 5G as customers started cutting down tech spend.
BUSINESS
75% of our large deals are in the long-tenure space: LTIMindtree’s Sudhir Chaturvedi
Sudhir Chaturvedi, President- Markets, LTIMindtree said that the company’s large deals are $20 million-plus in the total contract value. Since 75% percent of these deals are in the cost-reduction space, the good thing is that they tend to be 3-7 year deals and will allow better planning of resources and costs, he said.
COMPANIES
TCS, Infosys, Wipro, HCLTech employee count drops by 21,000 in second quarter
As of the first half of FY24, all the four companies cumulatively lost around 39,000 employees. This is a significant drop in headcount, compared to the first half of last fiscal, when these companies together added 81,650 people
BUSINESS
LTIMindtree Q2 results: Net profit declines 2.25% YoY at Rs 1,162 crore, revenue grows 7.8%
According to CEO Debashis Chatterjee, although LTIMindtree anticipates above average furloughs in Q3, the company remains confident of its robust order inflow to deliver stronger H2 of FY24, and setting a promising stage for FY25.
BUSINESS
IT firms reassess internal hiring processes after TCS bribe-for-jobs scandal: Experts
The developments come days after TCS completed its investigation into six staffing firms that were found to have bribed senior recruitment executives to get business
BUSINESS
MC Explains: What is TCS bribe-for-job probe all about?
TCS fired 16 employees and banned six staffing firms, and took action against three more employees, the company said on October 15, after completing the investigation.
BUSINESS
Fresher training and onboarding needs to be reimagined: HCLTech CEO C Vijayakumar
Despite the current industry-wide trend of slowdown in hiring and more focus on improving utilisation rates, HCLTech's CEO C Vijayakumar said the demand for talent will continue, but the expectations from employees will be quite different now.
BUSINESS
TCS takes month-by-month evaluation approach as customers reprioritise projects, defer spends: CFO
India’s largest IT services company remains cautious about demand because discretionary spending is yet to improve.
BUSINESS
HCLTech CEO hopes for a brighter H2, despite tepid discretionary spending
HCLTech reported its highest ever quarterly deal win total contract value (TCV) of $3.96 billion in Q2.
BUSINESS
HCLTech to start rolling out wage hikes in Q3 from October onwards
The majority of employees will be receiving around 85 percent of their earmarked variable pay amount.
BUSINESS
HCLTech's net headcount addition declines by 2,299 in Q2FY24
This is the second consecutive quarter of headcount decline for HCLTech. Total headcount stood at 221,139.
BUSINESS
TCS has 250 staff in Israel, says it is in touch with customers & employees on continuity plans
Any decision will be taken after discussing with the customer and understanding their needs to ensure business continuity, said COO N Ganapathy Subramaniam
BUSINESS
TCS Q2 order book grows to $11.2 billion, up 38.2% YoY
This is the third consecutive quarter that TCS reported over $10 billion in order book. The IT services major also increased its quarterly order book guidance to $9-10 billion.
BUSINESS
TCS Q2 results: Net profit stands at Rs 11,342 crore
TCS Q2 earnings: A Moneycontrol poll expected TCS to report a 3.12 percent sequential growth in PAT at Rs 11,420 crore
BUSINESS
MC Interview: We can build in India for the world, says CoinDCX’s Sumit Gupta
The company is bullish on its prospects in India and expects India to take the lead in the crypto and web 3.0 sector once the regulatory mechanism becomes clearer and tax regime made simpler.
BUSINESS
InsuranceDekho raises $60 million in ongoing Series B funding round
Though the company declined to comment, according to the sources in the know, the new round will value the startup at over $500 million.
BUSINESS
TCS Q2 earnings: 5 things to watch out for
Q2 earnings preview: TCS is expected to report a muted quarter, with PAT estimated to be up by 0.8 percent QoQ at Rs 11,162 crore
