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
Explainer | What is a Metaverse and why is everyone talking about it?
Facebook, Epic Games and other companies are investing significantly in creating a metaverse, which for long was a term found only in dystopian science-fiction novels. What it means is that instead of interacting with your friends online as is the case now, you can meet them in a digital universe in your respective digital avatars, using a virtual reality headset or other device
BUSINESS
Exclusive | Who has grown faster than us this quarter? Says Wipro CEO Thierry Delaporte as company clocks best-ever Q1
Wipro CEO Thierry Delaporte gave an exclusive interview to Moneycontrol's Chandra R Srikanth and Swathi Moorthy as the company reported its best quarter in years.
BUSINESS
India is a critical market for Zoom, says Velchamy Sankaralingam, President, Product and Engineering
Zoom has seen its free user base grow about 60 times in India compared to 30 worldwide in the last year. Education and healthcare will remain areas of focus for the video-conferencing app in India, where it plans to step up hiring as well, says Sankaralingam.
BUSINESS
TCS likely to cross 5 lakh-employee mark in the next three months
While the company did not give hiring guidance for the first quarter, the management said it would hire over 40,000 freshers in FY 2021-22, a number similar to the previous year.
BUSINESS
InfoEdge Sanjeev Bikhchandani and MakeMyTrip Deep Kalra on their IPO journey, and what has changed
Both Kalra and Bikhchandani took their company public in 2006 and 2010, respectively. This was a time when the internet companies were looked through the same lens as that of the rest in India.
BUSINESS
Clubhouse launches accelerator programme for creators, India downloads reach 65,000
According to a report by app analytics platform App Annie, the company so far has 12.2 million downloads globally as of March 9 led by the US at 3.1 million. In India, there are about 65,000 downloads for the same period.
BUSINESS
US H-1B visa: Registration for FY22 begins today; all you need to know
The registration window will be open till March 25. The selected registrants will be notified on March 31, 2021 and they can start filing the applications starting April 1, 2021.
BUSINESS
TCS likely to cover vaccination costs for employees
Infosys that employs 2.4 lakh people and Accenture that has about 2 lakh tech workforce in India have also said that they will be covering cost of vaccination of employees and their immediate families.
BUSINESS
COVID-19 | Tech glitches mar vaccination drive in India
However, experts Moneycontrol spoke to described these as teething issues which will be ironed out in the coming days.
BUSINESS
Prime Minister Narendra Modi has this message for startup founders on valuations
Don't limit yourself to valuation and exit strategies. Think how you can create institutions that will outlast this century. Think how you can create world-class products that will set the global benchmark on excellence, said Prime Minister Narendra Modi at the Nasscom Technology and Leadership Forum (NTLF) 2021.
BUSINESS
Modi praises Indian IT industry, urges cos to 'Make for India'
PM Narendra Modi said that the country has high expectations from the IT industry and that its solutions will have 'made for India' now. "Innovation and enterprise will help Indian IT build a culture of excellence and institution building," he said
BUSINESS
Nasscom CEO Survey 2021: Indian tech industry to add 1.38 lakh jobs in FY20-21
CEOs surveyed by industry body expect growth to take place in the digital space. Companies upskill 2.5 lakh employees in the digital space every year. Deal value for cloud grew 80 percent between April and September 2020, compared to October-March 2020 at the back of COVID-19.
BUSINESS
Biden in the White House: Good news or bad for Indian techies?
Commenting on the H-1B wage-based selection, V Ramakrishnan, CFO, TCS, recently said, “We don’t know even if these changes will survive. Some of the changes that happened, they were successfully legally challenged.”
BUSINESS
1.2 lakh HCL Tech employees to get one-time bonus
The bonus is to celebrate HCL Tech $10 billion revenue milestone for the year ending December 2020. The employee bonus payout is worth over Rs 700 crore.
BUSINESS
As demand picks up, top 4 Indian IT services firms double hiring in Q3
The spurt is being driven by clients cutting costs, migrating to the cloud, going in for a digital transformation and the IT services companies hiring more in anticipation of an increase in attrition
BUSINESS
TCS pays 100% variable pay for employees after blockbuster Q3 results
For the December 2020 quarter, the company’s revenue grew 2.1 percent y-o-y to $5.7 billion, after declining 7.8 percent and 2.1 percent in Q1 and Q2, respectively. TCS is confident about getting back on to a double digit growth trajectory in FY22 as it anticipates a multi-year technology transformation cycle.
BUSINESS
Q2 report: As IT companies get back their hiring mojo, it's good news for both students and experienced
Headcount in top four IT firms – TCS, Infosys, Wipro and HCL Tech – increased by 17,079 in September 2020 quarter. These were a mixture of freshers and laterals. The number declined by 9,000 in Q1.
BUSINESS
Infosys outperforms TCS in at least three straight quarters year-on-year. Will it continue?
Infosys is steadily on its way back to gaining the bellwether status it ceded to TCS years ago, if its growth momentum over the last few quarters is anything to go by
BUSINESS
Trump’s new rules hike H-1B wages by up to 47% in some regions
Lawsuits against the rule may, however, save India’s IT industry a big headache. The aim of the wage increase is to make it tough for companies to hire H-1B workers and instead encourage local hiring. Along with the wage hikes, the Trump administration had also announced a new rule that would make it harder to qualify for an H-1B visa.
BUSINESS
New H-1B visa rules likely to put pressure on margins for Indian IT firms as wages, restrictions increase
IT firms may now have to change their hiring and internal management practices. Increase in H-1B wages will bring downward pressure on margins as companies will not be able to pass on the higher cost to client visas. The US accounts for about 50-60 percent revenue for Indian IT firms.
BUSINESS
Explainer: These two new rules could make it harder for Indian IT firms to employ H-1B workers in the US
One rule increases the wage levels of highly skilled workers such as H-1B workers and green card applicants. The other makes the criteria to qualify for an H-1B visa difficult for employers. Immigration experts feel the new rules could face legal challenges
WORLD
Trump administration announces new rules that restrict H-1B visa in a blow to Indian tech workforce
H-1B visa news: The new rule intends to immediately ensure that employing H-1B workers will not worsen the economic crisis caused by COVID-19 and adversely affect wages and working conditions of similarly employed the US workers.
BUSINESS
IT firms to see growth bounce-back in Q2 at the back of digital transformation
Analysts say demand has normalised to pre-COVID levels with discussions being revived for deferred deals as well. However, they say pricing pressure may resurface. The Q2 earnings season will start on October 7, with TCS results.
