BUSINESS
IT firms double down on fresher hiring as attrition spikes
Top six IT firms hired 2.15 lakh campus graduates in FY22, up from 99,000 in the previous year. For the coming year, Cognizant, HCL Tech, Wipro and Tech Mahindra will together hire 1.4 lakh freshers
BUSINESS
Top five Indian IT services companies to hire record 1.8 lakh freshers in FY22
Demand continues to be high and the IT firms have not reported a decline in deal signings despite the absence of mega deals (over $500 million in value)
BUSINESS
Tech Mahindra to hire 15,000 freshers in FY23
The company added 3,874 people in the December quarter, taking the total headcount to 145,067. Attrition increased to 24 percent from 21 percent in the previous quarter.
BUSINESS
From digital currency to e-passports, Budget 2022 opens up more opportunities for Indian IT sector
In her budget speech on February 1, Finance Minister Nirmala Sitharaman, announced a range of initiatives including digital currency, e-passport, and 5G, where IT services firms can play a role.
BUSINESS
Budget 2022 | New SEZ legislation a welcome step for increasing exports from the IT/ITES sector: Experts
Budget 2022 | IT/ITeS companies account for more than 60 percent of the operational SEZs in India and hence these are important growth drivers for IT firms. At the back of the pandemic, the majority of the 4.5 million workforce continue to work from home.
BUSINESS
Budget 2022 |DESH stack for skilling good move but scalability through private partnership key: Experts
Budget 2022 | Digital Ecosystem for Skilling and Livelihood (Desh) -stack eportal aims to empower citizens to skill, reskill or upskill through on-line training, Sitharaman said
BUSINESS
No change in private market valuations yet, might take 6 months to correct: Info Edge’s Sanjeev Bikhchandani
Speaking to analysts on Monday after the company’s results announcement on January 28, Bikhchandani said, “The space (private markets) remains as busy as earlier. There have been statements made by Sequoia, Softbank and Tiger that private valuations are going to be corrected. But we haven’t seen evidence on the ground just yet when we go and talk to companies and compete.”
BUSINESS
Economic Survey 2022 | IT-BPM exports grew 1.93% in FY21, slowest in five years
IT-BPM exports stood at $146.3 billion in FY20 and $149 billion in FY21. Indian IT-BPM services generated $194 billion in revenue, up 2.26 percent year-on-year, in 2020-21. The sector also added 1.38 lakh employees during the quarter, according to the Economic Survey 2021-22.
BUSINESS
Decoding the Google-Airtel Deal | What is in it for the companies?
While this might be a beneficial partnership to both Airtel and Google, experts pointed out that the $700-million investment might not bring in any change of fortune for the telecom major, with execution being key.
BUSINESS
Elections 2022 | BJP, other parties and Koo lead political ad spending on Facebook
While ad spends by political parties aren't surprising with five Indian states going into elections, what stood out was the spending by Indian microblogging platform Koo
BUSINESS
What makes Sanjeev Bikhchandani interested in books on 1971 Indo-Pak War?
One of India's best known tech entrepreneurs and investors is spending his time on a subject rather far away from tech
BUSINESS
Importance of large deals coming down: L&T Infotech CEO Sanjay Jalona
Companies are altering their fundamental way of operating because customers are changing their buying behaviour. The likelihood of large deals is less because there is a need to find out what has to change, says Jalona
BUSINESS
LTTS EV investment pays off, bags $95-million contract from US client: CEO Amit Chadha
To meet the growing demand in the EV segment, LTTS will ramp up hiring at its Poland centre immediately to increase the employee count to 150 and get to 300 people over the next two to three years, Chadha has said
BUSINESS
Unmasking Zorro: A social media app that lets you don a mask but slashes away at rowdy mischief
The pseudonymous social media platform is all set to launch next month. It was founded by Jasveer Singh, Abhishek Asthana (known as Gabbbar Singh on social media), and Deepak Kumar, and has already raised over $3.2 million in funding.
BUSINESS
Margins will come under control in the next 2-3 quarters: HCL Tech CEO C Vijayakumar
HCL Technologies reported one of its best results in the quarter ended December 2021. The Noida-based IT services company’s sequential revenue grew at the fastest pace in 46 quarters. However, margins were under pressure following wage hikes and increased fresher hiring.
BUSINESS
Short-video platform Chingari raises about Rs 110 crore in Series A extension funding led by Republic Capital
The funding values the company at $85 million (Rs 631 crore).
BUSINESS
Interview | Mindtree CEO Debashis Chatterjee: We are at an advantage, growth momentum will continue
“We never lost a client during the pandemic, and we stayed very close to our clients, so that when clients started the transformation work and reimagining their business models, we could help them in terms of the transformation. This is culminating in terms of where we are today,” he says.
BUSINESS
HCL Tech to double fresher hiring in FY23 from 20,000 this fiscal
This comes amid huge demand for talents, and rising attrition. HCL Tech's attrition rate stood at 19.8 percent in the quarter, from 15.7 percent in Q2 FY22. The firm employs about 1.97 lakh employees.
BUSINESS
Polygon's Jayanti Kanani invests in pseudonymous social network Zorro set for launch in Feb 2022
The company raised $3.2 million in seed round from 16 unicorn founders including Vijay Shekhar Sharma, Ritesh Agarwal, and other investors a month ago. The funds will be used to build a tech team, with strong problem solving skills that can build and scale the product.
BUSINESS
We have an active pipeline of companies in India for investments, acquisitions: Francisco D'Souza, co-founder, Recognize fund
D'Souza, the former CEO of Nasdaq-listed Cognizant said the tech services boom is here to stay and that the winners of the future are going to be the ones that can build amazing cultures and not necessarily the ones who can create demand.
BUSINESS
HCL Tech revokes policy to recover bonus from exiting employees
Earlier this month, multiple employees raised concerns around the company recovering the bonus paid to them when they are exiting the firm.
BUSINESS
How TCS, Infosys, and Wipro fared in December 2021 quarter
The three IT majors delivered strong growth driven by continued demand for digital services as enterprises across the world invested in technology. Going by executive and analyst commentary, the momentum will continue in the coming quarter as well.
BUSINESS
TCS, Wipro, Infosys added record 1.7 lakh employees in 2021
This number was 31,000 in 2020. With demand for technology services continuing to outstrip supply, the IT companies stepped up fresher hiring
BUSINESS
TCS hits $25 billion in annual revenue, promotes 1.1 lakh employees
The Tata Group company plans to promote 40,000 more employees in the fourth quarter. The company added 28,238 during the third quarter, taking the total employee strength to 556,986. TCS had added 19690 employees in the previous quarter.
