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Even if there were no Brexit or US Elections, hiring by IT firms would have been the same Fresh graduates out of engineering colleges may find getting a job tougher at large IT services firms this year as India's IT industry struggles with new business models. Technology services firms have traditionally hired thousands of fresh engineering graduates and trained them to build capacity to handle projects of their global clients. Now most of these entry level jobs can be automated, forcing   IT firms   to reduce their campus hiring. So Indian information technology (IT) services firms are likely to hire 40 per cent fewer engineering graduates this year. Tech firms have been witnessing a dip in traditional software services and maintenance business, which earns them a major chunk of revenue, as clients are demanding services on digital technology and cloud. This is freeing up people from repetitive tasks such as testing and low-end maintenance. Infotech companies such...

The buyback size works out to 2.85% of firm's paid up equity capital, at Rs 2,850 a share Tata Consultancy Services' (TCS')   board of directors has approved a proposal to buyback up to 5,61,40,351 equity shares of the company for an aggregate amount not exceeding Rs 16,000 crore, the company informed BSE in a filing. The buyback size works out to 2.85 per cent of the company's total paid up equity share capital, at Rs 2,850 per equity share. "The buyback is proposed to be made from the shareholders of the company on a proportionate basis under the tender offer route using the stock exchange mechanism in accordance with the provisions contained in the Sebi (Buy Back of Securities) Regulations, 1998, and the Companies Act, 2013, and rules made thereunder," the filing said. Further, the buyback size does not include any expenses incurred or to be incurred for the buyback like filing fees, advisory fees, public announcement publication expenses, print...

Sikka cautions that most of the work done Infosys can already be done with AI systems Latest News   : Infosys chief executive Vishal Sikka (pictured) has cautioned that the tidal wave of automation and technology-fuelled transformation could make the traditional information technology services obsolete. And, asked employees to shift their behaviour to adopt to shifts in technology. “The mountains ahead are tall ones. There is no other way but to get there and go... if we don’t, we will be made obsolete by the tidal wave of automation and technology-fuelled transformation that is almost upon us,” Sikka, the first non-founder chief executive, wrote in a New Year letter to employees. Sikka, whose letter had the subject: ‘Answers are blowing in the wind,’ cautioned that most of the work done by firms such as   Infosys   can already be done with artificial intelligence (AI) systems. “Our path forward is very clear – we need to harness the dual forces of automation ...

Before EGMs, Tata group writes 'an appeal' to stakeholders of all group companies Even as both camps in the Tata vs Mistry boardroombattle get ready for the impending extraordinary general meetings of various Tata group companies to oust former Tata Sons chairman Cyrus as director, the war of words through statements and counter-statements do not seem to end. On Sunday, while the Ratan Tata camp alleged that Mistry misled the selection committee to become the chairman of Tata Sons, Mistry’s office stated that Ratan Tata had been repeating the same lie a thousand times and hoping it to become a truth. ALSO READ:   Mistry misled to become chairman, says Tata Sons Here is the full text of the Tata group’s letter to stakeholders explaining why the group lost its confidence in Cyrus Mistry: AN APPEAL FROM THE TATA GROUP TO ALL STAKEHOLDERS OF TATA COMPANIES Extraordinary General Meetings of various Tata Companies are coming up over the next few weeks. We, at Tata Sons Lt...

Tata Consultancy Services (TCS), India’s largest IT services provider’s fourth quarter numbers for the FY2016 will be one of the most awaited event today for two reasons. The company’s share price was trending at Rs 2,469.45 per share, down by 2.13% as the markets opened. The first will be for the performance of the company, especially after its competitor Bengaluru-based Infosys has reported a stellar performance, but more importantly, the Street and analysts will want to hear the management on the $940 million notice fine on the company by a Federal Jury in the US. Based on the comment made by management in the last few months, this quarter could well be bottoming out quarter in terms of performance. The company has been missing expectations for the last six quarters, owing to softness in telecom, oil and gas and its insurance platform Diligenta. One also has to remember that Q3 and Q4 are traditionally weak quarter for the industry and for   TCS   in particular ...

Markets continue their southward journey triggered by a massive sell-off in global equities. However, a revision in country’s GDP growth for the current fiscal year has arrested the free fall on Dalal Street. At 2 pm, the S&P BSE Sensex was down 286 points at 24,001 and the Nifty50 was down 92 points at 7,295.  Read Full Article Over Here :  Business Standard News

IT services major, Wipro, reported a 2% rise in profits to Rs 2,243 crore for the third quarter, while revenue grew 7.23% to Rs 12,860 crore. Wipro, the third largest IT services firm, showed IT services revenue grew sequentially or over the previous quarter by 0.3% to $1.84 billion, meeting its forecast and analyst expectations. Operating margins, calculated as sales minus costs, stood at 20.2%, which was impacted marginally due to spending on backup plans during the Chennai floods. The company had reported profits of Rs 2,203 crore on revenues of Rs 11,992 crore in the October to December quarter in 2014.  Read Articles  

Infosys, India’s second largest IT services company on Thursday beat the street’s estimates with better than expected financial numbers for the quarter ended December 31, 2015. The Bengaluru-based company reported 6.6 per cent growth in net profit to Rs 3465 crore while its revenues grew 15.3 per cent at Rs 15,902 crore when compared with the corresponding quarter in the previous fiscal. The company’s growth was supported by a strong volume growth (growth in billed manpower in a quarter) of 3.1 per cent on QoQ basis.   Read Articles