Page 2 - It Firms

Foreign outflows, weak IT sector stocks weigh on benchmark indices

Sensex declines in 4 out of 5 sessions in the week, Nifty50 in 3 sessions

IT sector may be ripe for cherry picking; analysts more positive on Infosys

Investors though should be selective; analysts more positive on Infosys and Persistent Systems

Tech Mahindra signs MoU with Egyptian agency for delivery centre in Cairo

Facility will serve firm's clients across telecom, oil & gas, BFSI, Energy & Utilities and public sector; company to hire 1,000 staff to serve global and local customers from centre

Data hack derails daily life at AIIMS; admin reaches out to govt, IT firms

Staff forced to log manually, as patients grapple with test delays

SaaS firm Prismforce raises $13.6 mn in funding for business expansion

The Mumbai-based company enables IT companies to build supply chains, deliver projects

Will Elon Musk's plan to hire engineers in India still find takers?

Engineers wary, given Musk's unpredictability; HR experts and campuses not so much

Wipro becomes 1st Indian IT firm to allow Europe employees to form union

Wipro's employees that have been allowed to unionise belong to 13 countries including France, Sweden, Finland and Germany

Infosys Science Foundation names winners of 14th Prize in six categories

The Infosys Prize focuses on the achievements of the recipients and awards them for their contributions to science and research impacting India

Infosys BPM opens AI, automation unit in Poland for global clients

Centre will offer solutions for lowering costs, productivity, and customer experience: Company

Background checks and more: How IT companies are detecting moonlighting

IT firms are increasingly resorting to background verification firms for additional checks on employees for moonlighting, says report

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

Infosys allows employees to take up gig work with managers' prior consent

Infosys has allowed employees to take up 'gig' jobs on the side with prior consent of managers provided such an engagement does not compete with the company, its clients or pose conflict of interest. The company, in an internal communication to employees, detailed how staff can take up 'gig' work. Analysts say, the move may help the company to address some attrition challenges, since it allows employees to take up additional source of earnings, and chase their tech passion, albeit with firm riders. It, however, did not define 'gig' work nor did it term it as 'moonlighting'. The latest move comes at a time when debate around moonlighting has grabbed headlines. Put simply, moonlighting refers to employees taking up side gigs to work on more than one job at a time. During the company's Q2 earnings, Infosys had made it clear that the company does not support moonlighting and that it has fired employees who were into dual employment over the last 12 months. In an email to employees on

Top headlines: Hikes, bonuses come down for IT firms, GACs in IT rules

The crazy salary hikes and bonuses with attrition hitting the roof is finally tempering down for the Indian IT services sector. Read more in our top headlines

Salary hikes and bonuses start to come down for Indian IT services sector

FY24 hikes will stay at lower levels than the spike seen in FY22 and 23

Action for moonlighting can ruin a career, TCS will show empathy: COO

Action against moonlighting can ruin a person's career and hence, it is important to show empathy while dealing with the issue, a top official from TCS has said. Nothing prevents the country's biggest IT services exporter from taking action against employees for moonlighting when it has evidence because it is a part of the service agreement, but young kids will have to be dissuaded, the company's chief operating officer N Ganapathy Subramaniam told PTI. "The consequences (of taking action) will be that the person's career will be ruined. Background check for the next future job will fail for him...We have to show some empathy," Subramaniam said. He said the company looks at an employee like being a part of the family and given the consequences of any action, would rather focus on dissuading the family member from going astray. It can be noted that in the past few months, amid increased demand for talent, moonlighting or side hustles have come to the fore in the over USD 220 billion

IT companies headed for lower attrition in coming quarters, say analysts

Fears of global recession and spate of layoffs in the start up space are expected to have a sobering effect on high attrition levels in Indian IT industry over the next 2-3 quarters, say market watchers as majority of large tech companies talked of easing of supply side pressures in September quarter. Infosys, whose high levels of attrition had alarmed analysts at one point, reported lower attrition of 27.1 per cent in just-concluded quarter, compared to 28.4 per cent in June quarter. For Wipro, the attrition came down to 23 per cent in Q2FY23, from 23.3 per cent in the previous sequential quarter. The attrition rates for HCL Tech had been rising since quarter ended September 2021 (15.7 per cent in Q2FY22), but it plateaued at 23.8 per cent in Q2 FY23, holding on to the same levels as June quarter (Q1FY23). "It has already stabilised, and it is early indication of where we are in terms of what we look forward to, from here on. So we are in a good place there," Ram Sundararajan, Chie

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

Infosys Q2 net profit rises 11% to Rs 6,021 cr, raises its FY23 guidance

Bloomberg had estimated revenue to be Rs 36,564 crore and net profit at Rs 5,902 crore

Attrition to continue to spike even as IT biggies reduce hiring: Experts

HR experts also point that pre-pandemic industry attrition was in the range of 12-13 per cent, to come back to that level is going to take some time.

Wipro Q2 results: Net profit declines 9% to Rs 2,659 cr; revenue rises 15%

However, on a sequential basis, the IT firm's profit rose 3.72% in the quarter under review, from Rs 2,563.6 cr in the previous June quarter