Page 2 - Indian It Sector

IT ministry appointed as nodal ministry for online gaming in India

The Department of Sports under the Ministry of Youth Affairs and Sports has been notified as the nodal agency for e-sports

43% Indian IT employees find moonlighting favourable, says report

Amid the growing debate on moonlighting, a new report has revealed that 43 per cent of employees in the Indian IT sector find moonlighting favourable

Absolutely committed to integrity, transparency of our ops: Top Oracle exec

Speaking in the context of recent charges against the firm, Garrett IIg, president, Oracle Japan and Asia Pacific, says compliance training among employees has become more aggressive recently

Rising offshore revenue to be growth huge lever for years: Coforge CEO

The IT solutions provider has posted a consolidated net profit of Rs 220.6 crore for Q2FY23, up 36.6% YoY. Its revenue growth was driven by offshoring expansion

Moonlighting unacceptable, action taken against few: Happiest Minds

IT company Happiest Minds Technologies has said moonlighting is unacceptable as it amounts to violation of job contract and that "few" employees found engaging in such practices have been fired over the last 6-12 months. The company -- which recently logged a stellar 33.7 per cent on year growth in net profit in the second quarter and 31.1 per cent rise in its total income -- had about 4,581 employees as of September 30, 2022. Happiest Minds asserted that moonlighting is not very prevalent within the company but did not divulge the exact number of employees against whom action had been taken on the issue. The issue of moonlighting or dual employment has emerged as a big talking point in the IT industry ever since Wipro Chairman Rishad Premji red-flagged the issue on Twitter, equating it to "cheating". Over the past weeks, several companies have waded into the issue making it clear that they do not approve of dual employment. Put simply, moonlighting or dual employment refers to ..

53% IT professionals may resign to pursue new job within next year: Report

More than half of IT professionals (53 per cent) are likely to pursue a new position within the next year due to better compensation, a lack of training and development and a lack of work-life balance, according to a report. About 66 per cent of IT decision makers see skills gap in their teams even as there is a 10 per cent decrease from last year, according to Skillsoft's 2022 IT Skills and Salary Report. However, the industry is facing another pressing challenge centred around talent attrition, with more than half (53 per cent) of all respondents extremely or somewhat likely to look for a new job in the next 12 months, it added. Skillsoft's 2022 IT Skills and Salary Report based on a survey with nearly 8,000 respondents. The report further revealed that over the past year, the workplace has been defined by employee-led "movements", namely the Great Resignation and "quiet quitting". Meanwhile, the pace of digital transformation and lack of enough technical resources have pushed m

FY23 will likely be double digit on revenue...and profitable: Mindtree MD

In a Q&A, Debashis Chatterjee, who is also the firm's CEO, talks about the demand environment, merger with LTI and moonlighting

Pay gap rising between freshers and top management in Indian IT companies

The packages of freshers have increased marginally, by 20 per cent, since 2010, while the packages of CXO-level employees have gone up by 70-90 per cent

80% of IT employees need better reason to go to office, says report

Several companies, the report claims, have introduced higher variable pay and employee engagement budgets while cutting down the internet allowance to make employees return to the office

Accenture's outsourcing guidance bodes well for big Indian IT cos: Analysts

Analysts underscored that Accenture's August quarter (Q4FY22) results reflected softening of demand for IT services, and thus remain 'cautious' on the sector

Accenture sees Q1 revenue below estimates due to currency volatility

For the full year, the company reported revenue of $61.6 billion an increase of 22 per cent in the US dollar terms

Freshers take to social media as IT companies delay onboarding process

The IT companies, including Wipro, Infosys, and HCL have, however, stated that all the offers made will be honoured

Deja vu? Key reasons why Jefferies thinks the market rally may not sustain

The information technology sector (IT), Jefferies believes, remains at significant risk of sell-off if the Nifty were to correct

India sees sharp decline in IT sector's ability to fund trade deficit

A relatively slower growth in IT Services exports has made India ever more dependent on capital inflows and workers remittances to fund its trade and the overall current account deficit

Indian brands that made the world sit up and take notice

Independent India had many a brands that defined the segments they represented. From attacking social stereotypes to promoting national integration, these brands have done more than just sell products

TMSEp223: US recession, 5G auction, IT earnings, China-plus-one strategy

Is India Inc seeing the impact of a looming US recession? Is the 5G auction a turning point for India? What do Q1 IT earnings tell us about the sector's health? What is the China-plus-one

Rupee at 80 to the dollar: IT services and tech industry to get a leg up

As the rupee touches 80 to the dollar, the extent of gains for Indian companies may differ basis their exposure to non-US regions and the performance of their currencies

Happiest Minds buys 2.4 lakh sq ft office space for Rs 101 cr in Bengaluru

IT company Happiest Minds Technologies has purchased a fully built-up ready-to-use commercial property spread over 2.4 lakh square feet in Bengaluru for Rs 101 crore, the company said on Friday. The facility with a seating capacity of 1,600 seats is in the technology hub of Electronics City. Financially, the purchase is funded substantially through borrowings from banks at very favourable terms. The transaction is positive from a P&L perspective while adding a significant asset to our balance sheet," Happiest Minds Technologies managing director and CFO Venkatraman Narayanan said in a statement. "We have structured repayments in a manner such that cash flows are neutral in the medium and positive in the long term, Narayanan added. The facility enhances the company's seating capacity in Bengaluru by about 30 per cent and is in-line with expansion plans and objective of strengthening delivery capabilities across existing and newer locations like Bhubaneswar.

TCS Q1 results to set stage for IT earnings

Tata Consultancy Services is set to announce its June quarter earnings today. Find out what analysts expect from TCS results, and what could be the road ahead for the company.

TCS Q1 revenue may rise up to 16% YoY, say analysts. What brokerages expect

Analysts expect EBIT margin to decline sequentially due to higher retention costs, wage revision, and increased travel costs. They peg margins in the range of 100 to 150 basis points (bps).