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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 ...

Azim Premji and Shiv Nadar in Forbes list of 100 richest tech tycoons Wipro   Chairman Azim Premji and   HCL   co-founder   Shiv Nadar   are the only two billionaires from   India   in Forbes' list of the world's 100 richest people in technology, ranking in the top 20 ahead of Google boss Eric Schmidt and Uber CEO Travis Kalanick. The '100 Richest Tech Billionaires In The World 2016' list has been topped by Microsoft founder Bill Gates with an estimated fortune of USD 78 billion. Premji ranks 13th on the list with a net worth of USD 16 billion and Nadar comes in on the 17th spot with USD 11.6 billion of net worth. Two Indian-American technology czars Symphony Technology Group CEO Romesh Wadhwani and founders of IT consulting and outsourcing company Syntel Bharat Desai and his wife Neerja Sethi are also on the list. Forbes   said Premji, who heads India's third-largest outsourcer, Wipro has been on a buying spree in the past year to boo...

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