It Companies

Cognizant announces $400 mn plan to simplify operations in 2 years

Programme may impact around 3,500 jobs, mainly in corporate functions

Losing favour: IT sector weighting in Nifty50 at 5-year low of 12.2%

Gives up most of the gains in market cap in post-pandemic period

Japanese IT major, Fuji Soft group to open centre of excellence in Odisha

Japanese IT major Fuji Soft Group has proposed to open a centre of excellence (CoE) in Bhubaneswar, an official statement said. The proposal was made during the Odisha business delegation's visit to Japan, where Chief Minister Naveen Patnaik led discussions with major players in the Japanese IT and IT-enabled services sector. The CoE would add to the burgeoning field in Bhubaneswar, which is already a happy hunting ground for marquee labels, the statement said. NITKAL (Nihon-UTKAL) has also tied up with Odisha University of Technology and Research to set up a dedicated skill development centre to cater to the huge demand for trained workforce in Japan. NITKAL is undertaking a dialogue with IIIT, Bhubaneswar for establishing a dedicated Japan-centric centre for skill development, it said. NYK Lines (Nippon Yusen Kabushiki Kaisha) evinced keen interest in setting up dedicated shipping lanes from Paradeep, Gopalpur or Dhamra port to transport green ammonia to Southeast Asia and ...

Small & medium IT firms hit by high attrition rate after lockdown: Survey

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 ...

98% senior IT leaders struggle with increasing cloud complexity: Report

Top challenges in optimising multi-cloud environment are lower in the US, UK, India, finds NetApp

Infosys announces Kiran Mazumdar-Shaw's retirement from company's board

D Sundaram appointed lead independent director of IT services company

India to see avg salary hikes of 10.2% in 2023, biggest in e-commerce: EY

Average salary hikes in India will be lower in 2023 compared to 2022, says EY's 'Future of Pay 2023' report. E-commerce, professional services and IT to the biggest hikes

US, Europe banking woes likely to hit Indian IT companies' growth

Indian IT players like TCS, Infosys, Wipro, HCL Technologies, Mphasis, and LTIMindtree have exposure to some of the troubled banks

Accenture to acquire AI company Flutura; deal terms not disclosed

This is Accenture's third acquisition of such a company in India in recent years

Rajesh Gopinathan quits as TCS CEO; K Krithivasan appointed CEO-designate

Krithivasan shall take over as the CEO and MD of TCS in the next financial year

Irrational exuberance pulled IT companies down in FY23: NASSCOM chairman

Delayed decision-making, economic uncertainty, and inflation along with demand contraction in some markets are expected to be the major headwinds for the sector

As IT firms delay onboarding, experts call it ethically and morally wrong

Wipro's salary cut at the fresher level is perhaps the first ever instance in the industry

Wipro salary cut for Turbo freshers raises alarm bells for Elite candidates

On February 21, Wipro asked the candidates hired under the Turbo programme at Rs 6.5 LPA if they would be interested to join the company at Rs 3.5 LPA

IT firms tighten employee scrutiny amid high costs, thin margins: Report

The senior employees who have been hired at a premium over the past two years will also face a greater degree of scrutiny

Infosys fires 600 freshers after they fail internal assessment: Report

This comes at a time when hundreds of freshers are waiting for their joining dates at Infosys even though they received the offer letter months ago

Job growth in Indian IT sector declines 25% over corrections in hiring

The hiring intent declined across both large IT giants and unicorns, while trends across other IT startups remained stable as compared to last year, according to a report by naukri.com

Tech Mahindra's Q3 profit slides 5.3% as expenses jump on macro challenges

India's Tech Mahindra reported a fall in third-quarter profit on Monday, hurt by higher expenses and a subdued performance by its communications division

Amid layoffs, techies looking for ways to get more 'secure' jobs: Report

Global tech companies have laid off around 70,000 employees in the last one year

Cognizant announces new services agreement worth $1 bn with CoreLogic

Nasdaq-listed IT company Cognizant on Thursday announced a new 10-year services agreement valued at about USD 1 billion with CoreLogic, a global property information, analytics and data-enabled solutions provider. The deal deepens the scope of the current collaboration with a focus on delivering strong solutions and customer experience through digital transformation and operational excellence, Cognizant said in a statement. "Cognizant and CoreLogic extend the decade-long relationship with USD 1 billion, ten-year services agreement," the statement added. Since 2011, Cognizant has been a service delivery partner, offering capabilities in application development and support, analytical modelling and domain-centric business process services to CoreLogic and its customers, primarily in the US mortgage and real estate markets. "Real estate, mortgage lifecycle, and insurance transactions depend on accurate, timely data and analytics. We are committed to helping CoreLogic provide this ...

Happiest Minds to acquire SMI via upfront, deferred equity for Rs 111 cr

Happiest Minds Technologies on Wednesday announced that it has signed an agreement to acquire Madurai-headquartered IT services company SMI through a combination of upfront and deferred equity consideration amounting to Rs 111 crore. With 400 plus offshore-based employees, SMI (Sri Mookambika Infosolutions) has an annual revenue run rate of USD 9 million (over Rs 73 crore). "Happiest Minds Technologies today announced the signing of definitive agreements to acquire 100 per cent of SMI - a Madurai-headquartered, profitable, IT services company through a combination of upfront and deferred equity consideration totalling Rs 111 crore," the company said in a statement. SMI provides product engineering services to its US customers around enterprise applications and integrations, digital data platform services (analytics, data strategy, Artificial Intelligence/Machine Learning, User Experience) and mobility services. It has, over the years, built deep domain expertise around the healthc