BUSINESS
Does EPAM Systems’ guidance cut signal tough road ahead for Indian IT?
Analysts do expect a spillover effect on Indian IT, with all eyes now on Accenture, which will report its earnings for the quarter later this month.
BUSINESS
Infosys CEO Salil Parekh's salary falls 21% to Rs 56.44 crore in FY23
Salil Parekh made 627 times the median remuneration — Rs 9 lakh — of the IT services company’s employees but he was still not the highest paid. Infosys president Mohit Joshi earned Rs 57.32 crore in FY23. He leaves the company on June 9 to take over as Tech Mahindra CEO
BUSINESS
Rahul Yadav haggled with Info Edge to raise funds for Broker Network at 99% discount to last valuation
This was after the former Housing.com founder’s latest startup exhausted Rs 192 crore in the past 14 months and majority shareholder Info Edge asked it for granular financial details.
BUSINESS
Info Edge initiates forensic audit into Rahul Yadav's startup 4B Networks
Info Edge said in a filing that it has sought details of financial transactions and more from 4B Networks, which the startup is contractually obligated to give, but has not.
BUSINESS
Top-deck exits continue at Wipro as two more executives leave company
In 2023, the company has so far seen the exits of Chief Operations Officer Sanjeev Singh, Americas 2 CFO Nithin V Jaganmohan, India head Satya Easwaran, iDEAS business head Rajan Kohli, and Americas 1 CFO Kamini Shah, along with Sahni, Haque, and Saxena.
BUSINESS
Hiring winter continues in tech space but Info Edge's Hitesh Oberoi finds captives hot
Info Edge expects IT hiring to remain slow for at least 4-5 months, and hopes that it will recover in the second half of the fiscal.
BUSINESS
Info Edge writes off entire investment in B2B marketplace Bijnis
Info Edge stated in its filing that it has written off the investment because it has lost its inherent value and that raising future capital is uncertain.
BUSINESS
Wipro CEO Thierry Delaporte paid $10 million in FY23, Exec Chairman Rishad Premji’s variable pay docked
Rishad Premji, who is entitled to a commission of 0.35 percent on incremental consolidated net profits, didn’t receive any commission as it was negative.
BUSINESS
The waiting game: IT freshers suffer agony and desperation as top firms delay onboarding for a year
Fresh engineering graduates in India hired by top IT companies are facing financial strain, mental health issues and dashed career aspirations due to prolonged delays in onboarding.
BUSINESS
Infosys unveils AI-first offering Topaz, sees huge interest from clients
Infosys’ efforts in AI come a time when technology demand is slowing down in its major markets such as the US and Europe.
BUSINESS
Swiggy Instamart begins cafe services in a bid to increase basket size, margins
Instacafe, Swiggy’s latest pilot, will offer pre-cooked snacks in certain pockets of Bengaluru and Hyderabad, much like Zepto Cafe does in Mumbai.
BUSINESS
Infosys reduces avg variable payout for Q4FY23 to 60%
While the average payout is 60 percent, an employee’s final variable payout will depend on their unit or department’s guidelines.
BUSINESS
How Wipro may have played a part in Vice's bankruptcy
Wipro commenced arbitration proceedings against Vice Media in May 2020, which was related to the termination of an agreement
BUSINESS
Karnataka Assembly Elections 2023 | Bengaluru’s voter turnout remains below expectations despite concerted efforts
Activists say that the numbers may not tell the full story, and that the quality of the electoral rolls could also lead to the drop in polling percentages.
ASSEMBLY-ELECTIONS
Betterment of both Karnatakas, urban and rural, as important as just Bengaluru: NR Narayana Murthy
NR Narayana Murthy and Sudha Murty stressed on people getting out to vote, particularly youngsters.
BUSINESS
AI framework to promote innovation while prioritising user protection, says Rajeev Chandrasekhar
“We have already signalled that we will never come in the way of innovation, we will never come in the way of disruption. But, we will have a legislative framework that will have guardrails, around openness, safety and trust and accountability,” he said.
BUSINESS
Won’t allow Big Tech companies to ‘corner or grab policy’: Rajeev Chandrasekhar
The Minister's comments come at a time when there has been a tussle within the Internet and Mobile Association of India (IAMAI) with startups accusing the industry body of parroting views of Big Tech companies.
BUSINESS
Rekha Menon to retire from Accenture, Ajay Vij, Sandeep Dutta to split duties
Accenture announced that Ajay Vij has been appointed as country Managing Director, and Sandeep Dutta as India Market Unit head.
BUSINESS
$100 million! What Cognizant will save by giving up 11 million square feet in office space
Cognizant doesn’t expect all employees are going to come back to offices in tier-one cities, and is looking at collaborative spaces in smaller cities.
BUSINESS
Cognizant to cut down 3,500 jobs amid fears of a slump in revenue this year
Cognizant will also give up 11 million sq feet in office space, or 80,000 seats, in large cities in India to help cut costs and boost margins, which are trending in the 15 percent range
BUSINESS
After a dismal Q4 amid macro challenges, what is in store for IT firms in FY24?
The year is set to be a challenging one for IT companies as pressure piles up on margins and clients demand pre-inflationary pricing
BUSINESS
LTIMindtree pipeline strong, aiming for double-digit growth in FY24, says CEO Debashis Chatterjee
Though there is a bit of a freeze in the banking and financial services space, the company is hopeful that, by Q1, it will be clear. When two organisations merge, two sets of leaders also come together and some exits are normal, says Chatterjee
BUSINESS
Unfortunate that we’re being targeted, have been transparent and fair: Wipro HR head on fresher onboarding delays
Chief Human Resources Officer Saurabh Govil said the company would honour each and every offer made but was unable to give a date for the same
BUSINESS
India's top 5 IT companies added 83,906 employees in FY23, compared to 2.73 lakh in the previous year
TCS, Infosys, Wipro, and Tech Mahindra have all experienced net headcount reductions during one of the quarters. Wipro and Tech Mahindra have both seen a reduction in headcount for two consecutive quarters – in Q3 and Q4.
