BUSINESS
Indian IT sector’s Gen AI push is more FOMO than actual revenue conversion: Industry experts
Most of the projects discussed by the Indian IT firms, though promising, are still at the proof of concept stage, and it will be a while before they start generating revenue, analysts said.
BUSINESS
IT stocks log in the sharpest single-day surge since Sept 2020 on July 14
Despite the bump, brokerages remain cautious on the sector given the numbers of companies so far and the limited view ahead.
BUSINESS
HCLTech skips salary hikes for management level staff in FY24
The IT services major is also delaying compensation review for the junior to mid-level employees by a quarter.
BUSINESS
MC Interview: Need a quarter or two before we can say difficult times are behind: TCS CEO Krithivasan
BUSINESS
MC Interview | Will improve utilisation to boost margins: HCLTech CEO
The IT services major consciously didn’t backfill attrition this quarter and delayed pay hikes reflecting on tough demand environment, even as headcount decreased by 2,506.
BUSINESS
Deal pipeline in current quarter is at all-time high, expect good sequential growth here on: HCLTech CEO
HCLTech’s quarterly order book for Q1 dropped to $1.56 billion. The decline in order book of Q1 was driven by large clients reprioritising projects and ramping down deals in the tech and telecom segments.
BUSINESS
BSNL deal is not about making money, it’s for nation building: TCS CEO K Krithivasan
A consortium led by TCS had recently bagged an Advance Purchase Order (APO) valued at over Rs 15,000 crore (around $1.8 billion) from BSNL to deploy 4G networks across India
BUSINESS
Double-digit growth could become difficult this year, see momentum once uncertainty ends: TCS CEO Krithivasan
The TCS CEO expects growth momentum to return once uncertainty ends in major markets such as the US and added that they will have better visibility in the second half of the year in a quarter or two.
BUSINESS
HCLTech acquires German autonomous driving tech firm for $279 million
The acquisition will help the IT services firm strengthen its capabilities in autonomous driving, e-mobility and connectivity; and expand into key automotive markets in Europe, Americas and Japan.
BUSINESS
Our Q1 performance was lower than our expectations: HCLTech CEO C Vijayakumar
HCLTech’s order book dropped to $1.56 billion in Q1, after seven continuous quarters of staying in $2 billion and above range. CEO Vijayakumar stands by his full year revenue growth guidance and expects recovery in the coming quarters.
BUSINESS
TCS says lateral onboarding delayed due to project budgets, to honour all offers made
Moneycontrol first reported on the delays in onboarding lateral recruits by TCS on July 10 by up to three months
BUSINESS
TCS Q1 order book grows to $10.2 billion, clients focus on exploring generative AI
Banking, financial services and insurance (BFSI), a key segment, grew at 0.2 percent QoQ, exhibiting signs of continued pressure.
BUSINESS
TCS delays onboarding of lateral recruits by up to three months
Over 200 lateral recruits across cities including Bangalore, Pune, Kochi, Bhubaneswar, Delhi NCR, and Indore are impacted
BUSINESS
TCS Q1FY24 Earnings| Five things to watch out for
The earnings will be the first under new CEO K Krithivasan, who has taken over the helm at a time when the IT sector is grappling with slowing demand and macroeconomic challenges, which have forced clients to rethink their tech budgets.
BUSINESS
Nischal Shetty’s Shardeum raises $5.4 million in a strategic round
The capital will be used to build larger communities and projects on the layer 1 blockchain network before its opens for and public use alter in the year, the startup has said
BUSINESS
I tried to resign 4-5 times from Apptio: Co-founder Sunny Gupta on his entrepreneurial journey and the company he sold to IBM for $4.6 billion
Apptio’s software manages tech budgets worth $450 billion for client companies. Gupta and his team will continue to operate as a separate entity within IBM after it announced the acquisition, he said.
BUSINESS
Volatility expected in near-term on customer spending: TCS Chairman N Chandrasekaran
Key growth drivers for TCS in FY23 were M&A integration or divestitures, product or business model innovation, customer experience transformation, and data & analytics for improved decision-making.
BUSINESS
TCS sacked six employees, banned six staffing firms in recruitment bribe case: N Chandrasekaran
Speaking at the TCS AGM, chairman N Chandrasekaran detailed the entire investigation process adding that three more employees are still being investigated and the company is currently auditing its entire recruitment supply chain.
BUSINESS
Salesforce grew in double digits in India, says CEO Arundhati Bhattacharya
The company's India workforce has expanded from 2,200, when she joined in 2020, to around 9,000, Bhattacharya says
BUSINESS
Apptio founder Sunny Gupta sells his startup to IBM for $4.6 billion
A serial entrepreneur from Silicon Valley with four startups under his belt, Gupta has just sold his latest SaaS company, Apptio, to IBM. Life has come full circle for Gupta, given that Big Blue was where he began his career three decades ago.
BUSINESS
UK insurer Phoenix Group subsidiary picks TCS for operating model recast
The new project comes four months after the IT services major won a $723-million deal from the Phoenix Group, which is the UK's largest long-term savings and retirements provider
BUSINESS
TCS takes action against staffing firms, expects no financial impact
Later, TCS clarified in a statement that the overall recruitment activities in the company are not handled by the Resource Management Group (RMG), senior executives of which were accused of taking bribes. RMG looks into hiring sub-contractors and temporary staff.
BUSINESS
India Web3 funding plunges 97% year-to-date; VCs say now best time to invest
With global artificial intelligence startups catching the fancy of investors lately, Web3 has struggled to gain traction and the impact was more pronounced in India.
BUSINESS
TCS bags $1.1 billion deal from UK's National Employment Savings Trust
The total maximum estimated value of the contract, if extended to the entirety of its 18-year tenure, will be £1.5 billion (around $1.9 billion). This is TCS’ fourth large deal from the region in 2023, following the $723-million deal from Phoenix Group, the Marks & Spencer deal and a 10-year contract with the Teacher’s Pension Scheme, amid a challenging macro environment.
