Page 17 - It Companies
FM's tax cuts: Reduction in MAT to benefit IT companies in Gift City
They were to pay 18.5 per cent MAT so far, but will now have to pay 15 per cent MAT
 "FM's tax cuts: Reduction in MAT to benefit IT companies in Gift City")
$80-bn IT sector contracts up for rebid in 2020; TCS, HCL may clinch deals
Large Indian information technology firms may steal a march over global peers to clinch deals
 "$80-bn IT sector contracts up for rebid in 2020; TCS, HCL may clinch deals")
FITE to look at legal options if talks with IT companies fail
The conciliation process is expected to be completed in two weeks, with a couple of hearings scheduled. If the talks fail, the Forum will move legally, said Vinod AJ, general secretary of FITE
 "FITE to look at legal options if talks with IT companies fail")
Data protection Bill arms Centre with exemption powers; tech firms worried
It may possibly be referred to a joint select committee subsequently
 "Data protection Bill arms Centre with exemption powers; tech firms worried")
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%")
India to convince US that tapping into Indian talent is in mutual benefit
The minister added that denials rates have not gone up only for Indian companies but for all companies.
 "India to convince US that tapping into Indian talent is in mutual benefit")
23 per cent petitions seeking H1-B visas were denied in 2019: MEA
The H-1B visa is a non-immigrant visa that allows US companies to employ foreign workers in speciality occupations that require theoretical or technical expertise
 "23 per cent petitions seeking H1-B visas were denied in 2019: MEA")
From Mphasis to Mindtree, mid-sized IT companies focus on fewer verticals
Companies such as Virtusa have good presence in the BFSI segment, NIIT Technologies has steadily built strong capabilities in aviation
 "From Mphasis to Mindtree, mid-sized IT companies focus on fewer verticals")
Mid-cap IT firms stumble through Q1 over client pressure, H1B visa costs
Barring Mphasis, the performance of most companies has been lacklustre, as client spending took a major setback for these vendors
 "Mid-cap IT firms stumble through Q1 over client pressure, H1B visa costs")
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")
Indian IT companies' credit profile to be stable despite pressure: Icra
Growth of Indian IT services companies is impacted by lower demand led by uncertain macroeconomic environment: Icra
 "Indian IT companies' credit profile to be stable despite pressure: Icra")
Trump's HR 170 Bill, higher visa fees may land Indian IT cos in trouble
Proposed regulations like HR 170 and doubling of visa fees have increased the burden on local technology firms
 "Trump's HR 170 Bill, higher visa fees may land Indian IT cos in trouble")
Infosys tops Rs 10,000-crore exports, becomes IT Ratna of Karnataka
IT Pride awardees included Oracle, Goldman Sachs, SAP Labs, and Intel, among others
 "Infosys tops Rs 10,000-crore exports, becomes IT Ratna of Karnataka")
India talent lures firms to expand their global in-house centres
Historically, companies in regions such as North America and Europe have been dominating the shared services/GIC space in India
 "India talent lures firms to expand their global in-house centres")
Indian IT firms ramping up their presence in US, stepping up local hiring
Companies hiring more locals to work on future technologies, offer value-added services
 "Indian IT firms ramping up their presence in US, stepping up local hiring")
Client insourcing hits BFSI revenues of big IT services companies
'Despite the insourcing by banking clients, we have found a balance in North America'
 "Client insourcing hits BFSI revenues of big IT services companies")
Consolidation to gather pace among domestic IT companies, says report
Scaling up and the need to build digital capabilities will lead to faster consolidation among the mid-tier information technology companies in India, domestic ratings agency Crisil said Tuesday. The IT companies' legacy businesses such as time and material contracts have become commoditised, posing significant growth and profitability challenges, it said, spelling out the reasons which will drive this consolidation. Exit by promoters of tier II firms in the past two years who are capitalising on higher valuations and better growth prospects will also drive this trend, it said. The agency said it has analysed 22 such mid-tier IT firms with turnover between Rs 1,000 - Rs 10,000 crore and found that there is a consolidation opportunity in Rs 33,000 crore worth of market capitalisation. Without taking any names like Bengaluru's Mindtree which is being acquired by L&T, it said moves entailing switch of ownership for Rs 18,000 crore are already in progress. "Such ...
 "Consolidation to gather pace among domestic IT companies, says report")
Why IT giants are cutting jobs at mid, senior levels
Besides increasing their fresher's intake, IT giants are also aggressively localising their workforce in the US, from where they draw at least 65 per cent of total revenue
 "Why IT giants are cutting jobs at mid, senior levels")
IT results: Top 4 perform differently in March quarter
TCS, Infosys do well but Wipro & HCL disappoint analysts; however, outlook for FY17 bullish in general
 "IT results: Top 4 perform differently in March quarter")
TN labour dept, NASSCOM and firms deliberate on 'mass layoffs' in IT sector
AIFITE and UNITE, the organisations that offer support to IT employees, in their letters urged the government to take steps against the alleged mass retrenchment by various IT companies
 "TN labour dept, NASSCOM and firms deliberate on 'mass layoffs' in IT sector")
