BUSINESS
Indian IT firms may face modest impact from Moody’s downgrade of US banks
According to analysts, tech spending has already bottomed out for the IT industry compared to its normal levels, any further worsening in the BFSI vertical will now only have a moderate effect
BUSINESS
How the paycheques of India's top six IT CEOs stack up
Even as the IT industry weathers dismal earnings and muted growth projections, CEO pay has stayed stratospheric.
BUSINESS
After Swiggy, Zomato begins testing platform fee on food orders
While a platform fee of Rs 2 may look small as it only represents 0.5 percent of Zomato’s average order value (AOV) of around Rs 415, it would still amount to a large corpus.
BUSINESS
Ola Electric sees two top-level exits ahead of planned IPO
Additionally, sources have said that two more CXO-level members at the group level are also on their way out. However, Ola denied the same.
BUSINESS
Infosys EVP and former HR head Richard Lobo resigns
Lobo is an Infosys veteran, and served as the head of HR at the company from August 2015 to July 2023.
BUSINESS
DPDP Bill 2023: Data protection board may block content, govt gives itself wide exemptions from provisions and more
The proposed data protection law was tabled in the Lok Sabha by Minister for Electronics and Information Technology Ashwini Vaishnaw. Here are its main features.
BUSINESS
Cognizant sees marginal dip in June quarter revenue, headcount down by 5,900
The IT major, once a barometer of growth for the IT industry, continues to struggle on the operating margin front. Its adjusted operating margin fell 40bps sequentially to 14.2 percent, which is among the lowest in the industry
BUSINESS
5 major changes expected in revised DPDP Bill that will be tabled in Parliament
A data protection law has been sought by various sections of society ever since the Right to Privacy was deemed as fundamental – with reasonable restrictions – by the Supreme Court in 2017
BUSINESS
HCLTech CEO C Vijayakumar's remuneration falls 79% in FY23 at Rs 28.4 crore
The steep decline in pay is due to the long-term incentive, which HCLTech pays out at the end of two years. C Vijayakumar will receive the LTI for FY22 and FY23 at the end of FY24.
BUSINESS
Big Tech companies have just 1,400 job openings in India
Open roles at Big Tech companies operating in India have plunged 86 percent from July 2022.
BUSINESS
Growth pangs! India's top 10 IT firms’ employee count plunges by 21,327 in Q1
In the same quarter last year, the top 10 IT companies had added over 69,000 employees. Of the top 10 IT companies in India by revenue, six companies saw their headcount shrink during the quarter
BUSINESS
Dismal growth, guidance downgrades, declining headcount: How Indian IT majors fared in Q1
The sector appears to be stuck in a situation where it is seeing strong demand along with uncertain deal closure timelines. Analysts say the sector's growth will fall from double-digits to lower single-digit levels in FY24
BUSINESS
Four of five Indian IT majors see headcount decline in Q1 FY24, over 20k employees exit companies on net basis
As the IT sector faces a slowdown, top companies are choosing to upskill talent and redeploy existing talent, rather than go for new hires.
BUSINESS
Delays in decision-making, clients cutting back on spends: Why Infosys sees a bleak year ahead
CEO Salil Parekh said they see clients stopping or slowing down transformation programs and discretionary works — particularly in financial services in mortgages, asset management, investment banking and payments and in telecom.
BUSINESS
Infosys headcount shrinks by 6,940 in Q1FY24, employee count declines for second consecutive quarter
Attrition for the quarter continued its downward trend and came in at 17.3 percent, from last quarter’s 20.9 percent.
BUSINESS
Infosys slashes FY24 revenue guidance to 1-3.5%, profit increases 11% YoY
The IT major, which only reports the total contract value (TCV) of its large deals, reported a TCV of $2.3 billion, which is up from last quarter’s $2.1 billion.
BUSINESS
Dunzo to undertake third round of layoffs in 2023 as it crumbles under cashflow issues
Senior employees estimated that at least 20 percent of the company’s workforce — approximately 200 employees — will be affected.
BUSINESS
MC Interview | We're seeing demand but deals are taking a long time to close: LTIMindtree's Chatterjee
LTIMindtree had previously aimed for double-digit growth in FY24, but CEO Debashis Chatterjee has now said will be challenging in the present macroeconomic climate.
BUSINESS
HCLTech, Wipro together see headcount plummet by over 11,000 sequentially
Tata Consultancy Services, with its 6.15 lakh-strong workforce, added just 523 employees on a net basis during the quarter ended June.
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
Wipro pushes salary hikes to Q3, to pay 80% of variable pay for Q1FY24
The question of salary hikes comes at a time when companies look to defend margins and save on wage bills, the former particularly a cause for concern in the case of Wipro.
BUSINESS
Clients expecting faster ROI; smaller discretionary spends postponed or stopped: Wipro CEO Delaporte
CEO Delaporte said that a lot of smaller discretionary spending has either been postponed or stopped. There also wasn’t much clarity on client spending in the immediate months.
BUSINESS
Wipro sees headcount decline for the third consecutive quarter, ends Q1FY24 with 8,812 fewer employees
Attrition came in at 17.3 percent on a last-twelve-month basis, continuing its downward trend.
