Page 5 - Indian It Sector
Covid-19 impact: IT services let go of contract staff to reduce bench
In the last few years, subcontracting costs for most IT firms have also increased manifold due to protective measures around issuance of H1-B work visas
 "Covid-19 impact: IT services let go of contract staff to reduce bench")
Blue chips see cuts in target prices; half of Nifty sees cuts of over 15%
According to data from Bloomberg, banks have seen among the sharpest cuts in target prices -- between 16 and 60 per cent.
 "Blue chips see cuts in target prices; half of Nifty sees cuts of over 15%")
Both clients & vendors have to think about adoption of WFH model: Infy COO
With relaxations in the nationwide lockdown induced by Covid-19, Infosys plans to adopt a staggered approach in getting back employees to office.
 "Both clients & vendors have to think about adoption of WFH model: Infy COO")
Over 1 mn IT employees to work from home post-lockdown: Kris Gopalakrishnan
The former CEO and Managing Director of Infosys said he does not see job losses in the IT sector
 "Over 1 mn IT employees to work from home post-lockdown: Kris Gopalakrishnan")
Mindtree Q4 FY20 net profit up 3.9% to Rs 206.2 cr, sees dip in demand
Mindtree posted a net profit of Rs 198.4 crore in the same period last year
 "Mindtree Q4 FY20 net profit up 3.9% to Rs 206.2 cr, sees dip in demand")
TCS Q4 preview: Covid-19 likely to hit most verticals; FY21 outlook key
Net sales (revenue), according to Centrum Broking, is expected to see 1.5 per cent sequential growth at Rs 40,436.9 crore.
 "TCS Q4 preview: Covid-19 likely to hit most verticals; FY21 outlook key")
Prolonged lockdown may lead to job cuts in IT industry: Ex Nasscom chief
Chandrasekhar said the work-from-home systems being adopted by several firms across the globe may have a negative impact on the industry in the short-term
 "Prolonged lockdown may lead to job cuts in IT industry: Ex Nasscom chief")
Wipro to kick-start IT earnings season on April 15 with Q4 results
TCS will hold its board meet the next day (April 16) for approval of its financial statements
 "Wipro to kick-start IT earnings season on April 15 with Q4 results")
Hiring of IT freshers by firms may be delayed amid coronavirus outbreak
Since most IT firms anticipate a demand slowdown in the coming quarters, hiring from tier-III and IV engineering colleges through walk-in interviews is going take a massive hit in 2020
 "Hiring of IT freshers by firms may be delayed amid coronavirus outbreak")
Coronavirus scare: IT firms stare at delay in bagging large contracts
According to outsourcing advisory experts, severe restrictions on the mobility of human resources as well as the likely delay in decision making by the clients are seen as the key reasons
 "Coronavirus scare: IT firms stare at delay in bagging large contracts")
Odisha tables revenue surplus budget with total outgo pegged at Rs 1.5 trn
Budget estimates fiscal deficit to be at 3.4%, within permissible limit of FRBM target
 "Odisha tables revenue surplus budget with total outgo pegged at Rs 1.5 trn")
IT stocks drop as brokerages raise concerns; Nifty IT index falls 2%
IT stocks currently trade at a 7 per cent discount to Nifty
 "IT stocks drop as brokerages raise concerns; Nifty IT index falls 2%")
Mid-sized IT firms disappoint in Sep quarter; L&T Infotech an exception
Barring hi-tech, media and BFS, all other segments demonstrated strong growth for it
 "Mid-sized IT firms disappoint in Sep quarter; L&T Infotech an exception")
Slowdown blues: Demand worries likely to dim IT firms' growth outlook
Besides slow growth in BFSI and retail verticals, deal conversion is taking time and may impact revenues and stock valuations
Indian IT firms' margins under pressure as H1B visa rejections increase
Latest data from US Citizenship and Immigration Services (USCIS) shows rejection rates for H1B visa petitions has touched a high under the Donald Trump administration
 "Indian IT firms' margins under pressure as H1B visa rejections increase")
Top 10 biz headlines: Truck sales fall 60%, GST cut for hybrid cars & more
From sales of medium and heavy commercial vehicles falling by over half in Aug to the GST Council considering a breather for hybrid vehicles in its upcoming meeting, here is today's top business news
 "Top 10 biz headlines: Truck sales fall 60%, GST cut for hybrid cars & more")
Restrictions hurting our operations in China, IT industry tells Goyal
Despite the Chinese IT services market remaining the third largest globally, investments by the Indian industry have not been able to grow owing to unique challenges faced while setting up shop
 "Restrictions hurting our operations in China, IT industry tells Goyal")
Decline in global client spending may put Indian IT sector under stress
Though global IT services spending is likely to cross the $1-trillion mark to reach $1.031 trillion, growth rate will slow to 3.8% in 2019, compared to 6.7% last year according to reports
 "Decline in global client spending may put Indian IT sector under stress")
Analysts see robust demand, margin squeeze for IT firms; prefer large-caps
Data wise, top five Tier-1 IT companies reported revenue growth in the range of 1.8-5.6 per cent on sequential basis and 7-13 per cent year-on-year (y-o-y) on constant currency (CC) basis.
 "Analysts see robust demand, margin squeeze for IT firms; prefer large-caps")
2019 a growth year for Indian IT firms: Tech Mahindra MD Gurnani at Davos
'Technology is at the core of everything we do, be it solving the skill problem or sustainability issues,' Gurnani said
 "2019 a growth year for Indian IT firms: Tech Mahindra MD Gurnani at Davos")
