It Services

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

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

The dynamism of services exports

Funding research in a set of autonomous or private knowledge organisations will help

Revenue growth of IT firms in FY24 to be 7-9% lower than FY23: CRISIL

The key reason for the sharp fall in revenues is the slowdown in the BFSI segment, which accounts for 30% of the sector's revenues

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

D Sundaram appointed lead independent director of IT services company

Tech Mahindra names former Infosys President Mohit Joshi as MD and CEO

The board of directors has approved the appointment for a period of five years with effect from December 20, 2023 to December 19, 2028 (both days inclusive)

Client costs in focus, IT deals revive 'rebadging' of employees

TCS co-opting a third of Boeing workers facing job cuts not an exception; analysts admit that the practice is returning, though not a full-fledged trend yet

Indian IT services industry's growth might drop in near to mid-term: Icra

The growth momentum of Indian IT services industry is likely to slow down in the near to mid term as macroeconomic headwinds trigger lower discretionary IT spends, ICRA said on Monday. Ratings agency ICRA sees lower hiring by the IT service companies in the near term given that excess capacities were added in FY2022 and expects moderation in demand compared to previous fiscals amid macroeconomic headwinds. Indian IT services companies have witnessed a moderation in growth in the last two quarters in constant currency terms owing to the base effect and evolving macroeconomic headwinds in key markets of the US and Europe. Due to these headwinds, the decision-making towards discretionary IT spending has seen a slight deferment, while the cost optimisation deals continue to generate stable demand, it noted. "Growth momentum for the Indian IT services industry likely to slow down in the near to medium term," ICRA said in a statement. The slowdown is on account of evolving macroeconomic

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

Margins to improve by 200-250 bps next quarter: LTIMindtree CEO

In a Q&A, Debashis Chatterjee also dwells on the impact of the economic slowdown on his firm's demand outlook

Tech spend to increase, we'll hire 30K in FY24: HCLTech CEO C Vijayakumar

IT major HCLTech reported strong growth in net profit and operating margins in Q3FY23

Results preview: Q3 may drive caution for IT sector, better margins likely

Almost all the tierI companies in the Q2 of FY23 had signalled then that though the current macro has not impacted budget in general, there are specific pockets where delay in deal closure was evident

Infosys@40: From an idea in a one-bedroom apartment to a $71.41 bn company

The IT services company which was established four decades ago is focusing on cutting-edge innovations in areas such as cybersecurity, cloud computing and data analytics

Govts to spend $11.6 billion on tech in 2023, says Gartner report

The projected spending is $11.6 billion in 2023, the report said

Digital economy to create 10 million in 2 years: Ashwini Vaishnaw

Start-ups leading technology development, can emerge from small villages even: Minister

Aversion to the cloud for engineering operations is fading, shows data

Cloud adoption for engineering and manufacturing grew 2.5x times vis-a-vispre-pandemic levels

R Systems zooms 20% on Blackstone's open offer to acquire majority stake

Blackstone has made an offer for acquiring up to 57.17 million equity shares, representing 48.33 per cent of R Systems equity, at Rs 245 apiece.

Indian IT industry to hire 200,000 people in near term: Kris Gopalakrishnan

'Ups and downs' in global economy will not impact Indian industry for long, he says

Indian IT, business services market grew 7.4% in first half of 2022: Study

The IT and business services market in the country was valued at $7.15 billion between January and June 2022, according to IDC

Tech Mahindra to come out with moonlighting policy this month: Report

Many employees working from home during the pandemic took up side jobs without the approval of their parent firm

L&T Infotech and Mindtree receives approval for merger from NCLT

Creates India's sixth largest IT services and fifth largest in market cap