BUSINESS
HCLTech sees headcount reduce sequentially in Q1, defers hikes by a quarter
HCLTech ended the quarter with 2,506 fewer employees than the previous quarter, primarily because it chose not to backfill attrition.
BUSINESS
TCS gives 12-15% hike for 'exceptional performers', kicks off promotions cycle
The company’s margins saw an impact of 200bps due to the impact of wage hikes.
BUSINESS
TCS adds 523 employees in Q1FY24 on a net basis, attrition falls to 17.8%
The company also rolled out salary hikes to its employees during the quarter, with hikes of 12-15 percent for high performers.
BUSINESS
Wipro Exec Chairman Rishad Premji endorses CEO Delaporte, says he has full support of the Board
Rishad Premji said that in sectors like banking and financial services and technologies, clients have spent more on cost optimization, and less on discretionary spending, especially in the second half of last fiscal year.
BUSINESS
MC Exclusive: Infosys defers pay hikes for employees
The IT major usually rolls out hikes for employees below the senior management level in the June quarter, but employees have not received any communication so far.
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
Do Infosys, TCS deal wins show large contracts are making a comeback in the IT sector?
Despite delay in deal conversions and subdued discretionary spending, large deals are beginning to materialise in the cost optimisation and efficiency areas
BUSINESS
Funding winter hurts! India unicorn employee addition falls to fifth
Experts said employers are monitoring open positions and correcting the excessive hiring of 2021, when there was a war for talent.
BUSINESS
Sushanth Tharappan to be Infosys' new HR head, replaces Richard Lobo
Sushanth Tharappan replaces Richard Lobo, who will move on to a special projects team under Chief Executive Officer Salil Parekh
BUSINESS
One app, many options: Zomato now allows users to build carts from multiple restaurants
Zomato’s users can now build carts from up to four restaurants and eventually order from the eatery of their choice. Further, after checking out one cart, users can come back and complete orders from the remaining carts as well.
BUSINESS
Infosys handles 50 client projects using generative AI, says CEO Salil Parekh
Infosys Chairman Nandan Nilekani said that while there are several short-term issues with AI, it can be a force for good with the appropriate guardrails.
BUSINESS
Tech Mahindra CEO CP Gurnani pay halves in FY23 to Rs 32 crore
CP Gurnani has been at Tech Mahindra’s helm since 2012, and steps down on retirement on December 19 this year once he turns 65.
BUSINESS
Infosys wins $454-million deal from Danske Bank
The deal is for a period of five years, which could be ramped up to $900 million and also be renewed for up to another three years, the company has said. Infosys will also acquire Danske Bank's IT centre in India, which employs 1,400 people
BUSINESS
Infosys ends ties with lobbying firm Synergy360, takes steps to strengthen governance in Australia unit
In a statement, Infosys said that it is cooperating with the Australian parliamentary inquiry in good faith.
BUSINESS
Accenture’s results suggest Indian IT’s Q1 will remain grim
The company’s outlook reflects a challenging demand environment, with weakness in the communications, media and technology (CMT) and financial services verticals.
BUSINESS
Intel India head Nivruti Rai exits after 29 years, to lead Invest India
She takes over from Deepak Bagla who stepped down as the managing director and CEO after an audit by the commerce ministry questioned the work accomplished by Invest India
BUSINESS
Accenture bookings decline sequentially by 22%, headcount down by 6k
The company also saw its headcount reduce by roughly 6,000 people from last quarter, a part of which is the impact of the 19,000 layoffs announced last quarter.
BUSINESS
Should you look for a job at a GCC or an Indian IT company?
GCCs are evolving and in current economic conditions, they are seen as better for professionals in terms of career growth and learning, culture and flexibility, and compensation and benefits.
BUSINESS
‘There is no support, they don’t care about us’: Urban Company’s beauty segment workers protest against ID blocking
Workers in the beauty segment on the platform say that their IDs are blocked without recourse when their rating or cancellation rate falls below a certain threshold. This threshold, they say, is nearly impossible to maintain
BUSINESS
How GCCs in India are giving IT services companies a run for their money
The captive units of multinationals are no longer just back-offices but independent entities that are spearheading innovation and taking on global leadership roles. GCCs may even trump traditional companies in hiring this year.
BUSINESS
New food delivery startups mushroom, but pin hopes on ONDC for scale
Undeterred by the many failures in the segment, at least two new players hope to cook up something new.
BUSINESS
Myntra levies convenience fee, looks to curb returns as it aims for profitability
The move is aimed at placing the company on the path to profitability as capital becomes scarce. Analysts say the fee is unlikely to deter customers from making purchases, and that other players may follow suit.
BUSINESS
Meta expands verified program to India
Verified is priced at Rs 699 per month on Android and iOS, and will be priced at Rs 599 when it rolls out on the web.
BUSINESS
Former TCS CEO Rajesh Gopinathan earned Rs 29.16 cr in FY23, up by over 13% YoY
The new CEO K Krithivasan will earn a basic salary of Rs 10 lakh each month, but the biggest part of his salary will be the commission that is payable to him based on company performance.
