Page 2 - It Services

Vee Technologies announces Rs 200 crore expansion plan in TN

The IT services firm's expansion plan in Tamil Nadu will create hundreds of new jobs

Top IT services firm hit the pause button on hiring amid weak earnings

However, fears of an impending recession and declining profitability have together contributed in the change of mood for these IT services companies, along with their approach

India's services exports to buck recession fears; see 25-30% growth

Notwithstanding the threat of a recession looming ahead for the developed economies, exporters say they expect a similar trend to continue in the second half of the year

Infy may overtake Cognizant on revenue front after a decade, say analysts

Slow growth rate and execution challenges impact Cognizant Q4 performance

Tech Mahindra working on a policy to allow moonlighting: C P Gurnani

Employees will need prior permission; no-tolerance policy will be followed if they hide, he adds

Tech Mahindra Q2 net down 4% YoY to Rs 1,285 cr on supply side pressure

Profit was up sequentially, however; Revenue rose 20.7% YoY and 3.3% QoQ, driven by growth in CME segment and the US market

Yotta signs MoU with UP govt to invest Rs 39,000 cr in data centre park

First data centre already launched at a cost of Rs 1,500 cr; Yotta to spend Rs 39,000 cr on construction, IT equipment and hardware over next 5-7 years

Similar P/E for cement & IT 'extraordinary': Kotak Institutional Equities

Brokerage says IT services firms score over cement on key parameters such as return on average capital employed, free cash flow to Ebitda ratio, dividend, and buyback payouts vis-a-vis PAT

53% IT professionals may resign to pursue new job within next year: Report

More than half of IT professionals (53 per cent) are likely to pursue a new position within the next year due to better compensation, a lack of training and development and a lack of work-life balance, according to a report. About 66 per cent of IT decision makers see skills gap in their teams even as there is a 10 per cent decrease from last year, according to Skillsoft's 2022 IT Skills and Salary Report. However, the industry is facing another pressing challenge centred around talent attrition, with more than half (53 per cent) of all respondents extremely or somewhat likely to look for a new job in the next 12 months, it added. Skillsoft's 2022 IT Skills and Salary Report based on a survey with nearly 8,000 respondents. The report further revealed that over the past year, the workplace has been defined by employee-led "movements", namely the Great Resignation and "quiet quitting". Meanwhile, the pace of digital transformation and lack of enough technical resources have pushed m

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

Tech Mahindra to expand in Gujarat, will hire 3,000 people in five years

As part of NXT.NOW™ framework, Tech Mahindra focuses on investing in emerging technologies and solutions that enable digital transformation and meet the evolving needs of its customers

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

Mindtree Q2 net profit rises 27.5% to Rs 508 cr; revenue up 31.5%

Mindtree signed total contract value (TCVs) worth $518 million, taking its first half of FY23 TCV to $1 billion for the first time ever

HCLTech revenue growth guidance raised to 13.5-14.5%; Q2 profit up 7%

Revenue grows 19.5% to Rs 24,686 crore in Q2

Accenture's outsourcing guidance bodes well for big Indian IT cos: Analysts

Analysts underscored that Accenture's August quarter (Q4FY22) results reflected softening of demand for IT services, and thus remain 'cautious' on the sector

Accenture warns of forex hit in 2023 amid strong IT services' demand

US firms with large overseas operations such as Microsoft and Salesforce have in recent months flagged the toll from the strongest greenback in two decades

TCS changes its hike structure, does away with anniversary hikes

The changes come at a time when the industry is seeing demand constraints from its majority market and budgets are under pressure and deals are taking time to close

Sify aims Rs 3,500 cr revenue this fiscal, bullish on cloud services

IT services company Sify Technologies is bullish on the cloud services business and aims to clock revenue of Rs 3,500 crore in the current fiscal, a senior official of the company said on Saturday. Sify Technologies CEO Kamal Nath said that the company is expanding its data centre footprint and partnered with Hewlett Packard Enterprise for implementing its Greenlake technology to provide cost efficiency as well as predictability in the cost of cloud computing requirements of business organisations. Nath said that the company is seeing huge opportunities in the adoption of the hybrid cloud business. "Hybrid cloud promotes our data centre business, network business. It promotes all our business. We are already at a run rate of Rs 3,000 crore. We are eyeing Rs 3,500 crore (this fiscal)," Nath said on the sidelines of the CIO and Leader Conference here. The company had revenue of Rs 2,702.6 crore in 2021-22. In the first quarter ended June 30, 2022, the company's revenue grew 19.5 per

CAMS promoter entity pares 3.79% stake for Rs 428 crore in IT company

Computer Age Management Services Ltd (CAMS) promoter entity on Friday divested a 3.79 per cent stake in the IT services company, garnering Rs 428 crore through an open market transaction. Great Terrain Investment Ltd offloaded a total of 18.55 lakh shares, amounting to a 3.79 per cent stake in the company, as per bulk deal data available with BSE. The shares were sold at an average price of Rs 2,306.18 apiece, taking the transaction value to Rs 427.99 crore. However, the buyer(s) of the shares could not be ascertained. As of the June quarter, Great Terrain Investment Ltd held a 23.74 per cent stake in CAMS, a shareholding pattern showed. CAMS shares fell by 5.48 per cent to close at Rs 2,250.10 on BSE.

Financials lead earnings in Q1; metal & mining, IT firms among laggards

BFSI companies together accounted for 48 per cent of the incremental growth in corporate profits on a year-on-year (YoY) basis in the quarter