Page 6 - It Sector
India Inc seeks help from law firms to address moonlighting: Report
The companies want law firms to redraft employment agreements, find loopholes and enforce restrictions to address the issue of moonlighting
 "India Inc seeks help from law firms to address moonlighting: Report")
ITeS sector's growth prospects in FY23 augur well for SMEs: CRISIL
In FY22 the ITeS sector's revenue logged 13-15% growth to about Rs 3.1 tn, riding on volume recovery across the three key segments - customer relationship management (CRM), knowledge, and transactions
 "ITeS sector's growth prospects in FY23 augur well for SMEs: CRISIL")
Don't equate fun with money: Pichai tells staff in heated all-hands meet
He talked about the vexed issue of cost cuts, and indicated Google's culture could still be enjoyable, even if some things were taken away
 "Don't equate fun with money: Pichai tells staff in heated all-hands meet")
Firms should not pin down staff: MoS IT Chandrasekhar on moonlighting
He added the days when employees signed up with big tech majors and spent their lives on the job were long gone
 "Firms should not pin down staff: MoS IT Chandrasekhar on moonlighting")
Moonlighters beware: Companies may start using digital tools to track them
Nasscom calls for firms to re-imagine engagement models
 "Moonlighters beware: Companies may start using digital tools to track them")
Search for growth
Tech sector is adjusting to the post-pandemic world
 "Search for growth")
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
 "Freshers take to social media as IT companies delay onboarding process")
J&K Bank to increase exposure to corporate borrowers, PSUs: MD Prakash
In a Q&A, Baldev Prakash said the lender will also target Mumbai, Bengaluru, Delhi, Pune and Mohali through tie-ups, and hold campaigns for retail asset/liability products in order to improve its CASA
 "J&K Bank to increase exposure to corporate borrowers, PSUs: MD Prakash")
IT firms increase scrutiny of employees amid moonlighting trend: Report
IT firms now have started to clamp down on such activities, as the companies think moonlighting affects employees' productivity and creates conflicts of interest
Fresh intake, higher offshoring in IT sector impacting revenue per employee
Adding to this, record number of hiring that the industry did means the bench at companies have gone up.
 "Fresh intake, higher offshoring in IT sector impacting revenue per employee")
Falling margins, high attrition, moonlighting causing trouble for IT sector
Wipro, one of the four IT majors in India, announced that it will withhold the variable pay of mid, and senior-level employees for the June qtr (Q1FY23) due to poor financial health
IT firms cut staff bonuses as US, European clients tighten budgets
IT services firms are freezing or cutting staff bonuses, worried that tightening budgets at U.S. and European clients who are bracing for a recession will sharply hit their own profits
 "IT firms cut staff bonuses as US, European clients tighten budgets")
Consumer momentum unlikely to derail as IT firms rationalise salary payouts
In the last six months, the Nifty Consumption index has rallied 12 per cent as compared to the 3 per cent surge in the Nifty50 index, data showed
 "Consumer momentum unlikely to derail as IT firms rationalise salary payouts")
Top Headlines: IT's ability to fund trade deficit dips, Infy cuts variables
Infosys has decided to reduce the average variable payout of employees to 70 per cent due to falling operating margins in the first quarter (Q1) of 2022-23
 "Top Headlines: IT's ability to fund trade deficit dips, Infy cuts variables")
July witnesses sharp decline in M&A values, PE deals, says report
The start-up and IT sectors continued to dominate deal activity with nine deals each cumulatively valued at $162 million
 "July witnesses sharp decline in M&A values, PE deals, says report")
MeitY may stick with a govt-backed GAC for social media content issues
The IT rules, 2021, require significant social media intermediaries (SSMIs) appoint a resident grievance officer to decide on content-related complaints
 "MeitY may stick with a govt-backed GAC for social media content issues")
Return to office highest in telecom, consulting sectors; IT lags: Survey
Majority of employees in telecom and consulting sectors have returned to office with significant fall in Covid-19 cases but the IT sector is lagging, according to a survey by Colliers and Awfis
 "Return to office highest in telecom, consulting sectors; IT lags: Survey")
Bank, auto, FMCG: Sectors on FPIs' radar as they turn focus back on India
The swing in favour of Indian equities comes after a brutal sell-off where FPIs sold equities worth Rs 2.56 trillion since October 2021
 "Bank, auto, FMCG: Sectors on FPIs' radar as they turn focus back on India")
IT, BPM industry to add more 300,000 jobs by FY2023: TeamLease report
Companies looking for candidates with digital skills and engineering graduates from smaller cities
 "IT, BPM industry to add more 300,000 jobs by FY2023: TeamLease report")
Cognizant Q2 profit up 12.7% at $577 mn, lowers revenue guidance
Revenue was at $4.9 billion, up 9.5 per cent in constant currency on a year-on-year (YoY) basis
 "Cognizant Q2 profit up 12.7% at $577 mn, lowers revenue guidance")
