Explore Business Standard
Don’t miss the latest developments in business and finance.
IT Firms
Small and medium IT companies are yet to recover from the impact of the Covid-19 induced lockdown because of the high attrition rate of their employees after upskilling, according to a survey. According to the survey by Micro Small and Medium Enterprises -Export Promotion Council (MSME-EPC), the highest attrition rate of 35 per cent is being seen in small and medium sector technology companies after the lockdown, in which skilled employees leave their companies for higher wages. After this, the attrition rate is 27 per cent in the services sector. Due to this, the hopes of returning to normalcy after the epidemic in these areas have been hit. Releasing the report of this survey of 700 IT units on Wednesday, D S Rawat, Chairman, MSME-EPC, said that a large number of employees in MSME sector companies are going to other companies for higher salaries after learning the work. Due to this, these companies are still not able to recover from the shock of the lockdown. Companies in the ...
IT company Comviva on Monday announced the appointment of three new senior executives to drive its growth in the US and Europe. The company has roped in former Syniverse Americas sales head Paul Barowsky as Chief Growth Officer with the primary responsibility for driving expansion in North America and European markets, Comviva said in a statement. Paul has experience in scaling up businesses in North America. The company has onboarded Vineeth Rajagopal from its parent firm Tech Mahindra to drive the North American strategy and head the global Partner and Alliances Programme. Rajagopal was the Global Cloud Transformation head at Tech Mahindra. Parashar Vijaybhai has also joined Comviva leadership from Tech Mahindra to lead the Customer Success Manager organization (CSM) for North America. Comviva recently unveiled its new centre of excellence in the Netherlands which shall be the delivery hub for European markets, the statement said.
IT services company Wipro on Thursday announced that Badri Srinivasan will lead its India and Southeast Asia businesses. Wipro, in a statement, said Srinivasan will be taking over the leadership of these two regions to drive deeper synergies, facilitate sharing of best practices, deliver consistent and exceptional client experiences, and scale Wipro's ability to capitalise on the emerging growth opportunities. "Wipro Limited announced that Badri Srinivasan will lead the India and Southeast Asia businesses under the company's APMEA (Asia Pacific, Middle East, India and Africa) Strategic Market Unit," the statement said. Srinivasan joined Wipro in January 2022 as the Managing Director for Southeast Asia, where he led the consolidation of strategic transformational engagements with clients while strengthening the company's talent base and brand presence. The initiatives under his leadership helped accelerate Wipro's business growth and revenue expansion across key markets in the ...
IT firm Info Edge on Friday posted a consolidated loss of Rs 116.5 crore in the third quarter ended December 31, 2022 mainly on account of write-off investment in property tech start-up 4B Networks, dip in valuation of some investments and slowing down of the job market. The company had posted a profit of Rs 4,601.87 crore in the same period a year ago. According to the company filing, Info Edge wrote off Rs 519.93 crore in property tech start-up 4B Networks, led by former Housing.com founder Rahul Yadav. "Investment in 4B Networks Pvt Ltd... amounting to Rs 5,199.31 million, (consisting of Rs 7,194.35 million Goodwill, Rs 807.73 million for net assets and reduced by non controlling interest payable of Rs 2802.77 million...) has been fully impaired," the filing said. The filing showed fair valuation of Info Edge investments in Zomato recorded a negative value of Rs 365.87 crore from Rs 95.96 crore in the December 2021 quarter. The September 2022 quarter, the fair valuation in Zomat
Registrar and transfer agent of mutual funds Computer Age Management Services Ltd (CAMS) on Tuesday reported 4.6 per cent drop in profit after tax to Rs 73.72 crore for the three months ended December 2022. In comparison, the company had posted a profit after tax (PAT) of Rs 77.31 crore in the year-ago period, CAMS said in a regulatory filing. The company's revenue grew 2.5 per cent to Rs 243.57 crore in the quarter under review from Rs 237.71 crore in the year-ago period. Sequentially, the PAT climbed 2.2 per cent and revenue was up 0.5 per cent. "Our AIF (alternative investment fund) and PMS (portfolio management service) offering...continued to be on an encouraging trajectory with over 17 new client wins. The Account aggregator business is gaining momentum with expanded outreach and superior product positioning," company's Managing Director Anuj Kumar said. In addition, the company has recommended an interim dividend of Rs 10.5 per share. The company is the country's largest .
What changed at last week's GST Council meeting? Are Indians more holiday-prone? Does Accenture's Q1 result spell more pain for IT firms? What are GM crops? All answers here