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The country’s second largest IT services firm Infosys on Wednesday reported nearly 17 per cent growth in its consolidated net profit for the third quarter ended December 31 (Q3). The company posted a net profit of Rs 5,197 crore for the period under review as against a profit of Rs 4,466 crore.

Equity indices continued to march higher on Monday tracking gains in IT stocks and massive foreign fund inflow. The benchmark BSE sensex jumped 487 points or 1 per cent to hit fresh record closing of 49,269; while the broader NSE Nifty moved 138 points or 0.96 per cent higher to settle at 14,485. Top gainers … Continue reading Sensex settles above 49,000-mark for first time

Equity benchmark sensex slipped 81 points on Thursday, weighed by selling in IT, banks and consumption stocks despite a firm trend in global markets. The 30-share BSE index ended 80.74 points or 0.17 per cent lower at 48,093.32. The broader NSE Nifty fell 8.90 points or 0.06 per cent to 14,137.35.

Tata Sons tendered shares worth Rs 9,997 crore of Tata Consultancy Services (TCS) during the IT major’s Rs 16,000 crore-buyback offer that concluded recently. The single largest shareholder of TCS, Tata Sons tendered more than 3.33 crore shares during the offer, according to a regulatory filing.

Rallying for the 10th straight session, equity benchmark sensex jumped 261 points to end at a fresh record on Tuesday, tracking gains in index majors HDFC twins, Axis Bank and TCS. Despite opening on a negative note, the 30-share BSE index pared all losses and staged a smart recovery to end 260.98 points or 0.54 … Continue reading Sensex, Nifty scale fresh peaks; bank, IT stocks shine

HDFC Bank has informed analysts that improving the architectural efficiency of its IT systems would take three months while it would take six weeks to automate switchover to disaster recovery system.

A day after the RBI asked HDFC Bank to halt digital initiatives and credit card sales, RBI governor Shaktikanta Das said that banks need to invest more in information technology to ensure that customers are not put to inconvenience.

In a liberalisation measure aimed at giving flexibility and ease to IT and BPO companies to work from home, the government on Thursday removed registration and compliance requirements for companies to carry out work beyond traditional office complexes, allowing them to permanently work from any location.

IT deal momentum picks up sharply

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The IT services deal momentum picked up sharply in the September quarter after a lull in the preceding one. Companies globally are seen to be recognising the value of going digital, given the disruptions caused by the pandemic.

The top four IT services companies hired just 12,258 people in the first half of the fiscal, down from 54,002 in the same period last year, as the pandemic hit demand and companies took measures to rein in costs. Hiring in the first half was limited to offers already committed last year at campuses.

Baring Private Equity Asia (BPEA) is acquiring Nasdaq-listed IT services & digital engineering company Virtusa in an all-cash deal that values the transaction at $2 billion. The price per share is a premium of about 27% to the closing price of Virtusa’s stock on Wednesday.

The government on Tuesday said it has extended connectivity norms for work from home for IT and BPO companies till December 31. The time period for work from home was expiring on July 31.

Cognizant has brought in a new technology leader who will report directly to CEO Brian Humphries. Anil Cheriyan, who was director of the US federal govt’s technology transformation services, and prior to that with SunTrust Banks and IBM, will be executive vice president of strategy and technology effective August 3. He will be part of … Continue reading Cognizant appoints former US govt IT leader to head tech

The numbers fell because many of the business segments and geographies were weakening even before the coronavirus pandemic hit. Growing automation is also reducing the need for people in a variety of areas.

The government has decided to extend the relaxed connectivity norms for ‘work from home’, applicable on IT and BPO companies, till July 31 from the current April 30, amid the coronavirus pandemic.

Infosys CEO Salil Parekh said the fiscal stimulus that most western economies have announced, especially the US, is a huge positive for the IT industry. The comment comes in the backdrop of the pandemic and lockdowns that have caused consumer demand to collapse around the world.

It’s not all gloom and doom. In these unprecedented times, a number of companies are keeping their promise to honour offers made to campus hires. Among these are technology and IT firms including Google, Cisco, Capgemini, TCS, Accenture, Wipro and Cognizant.

Covid-19 is the tipping point to accelerate the shift to digital and workplace transformation. We will bounce back strongly,” Infosys COO UB Pravin Rao said, the newly elected chairman of IT industry body Nasscom, takes over at a time when the industry is going through perhaps its biggest challenges.

The Union of IT and ITES Employees on Monday demanded that the central government enforce all companies, ranging from MNCs to MSME, to extend work from home option to all employees and make it voluntary in the wake of Covid-19. It also demanded to ensure that no leave adjustments, salary reductions or retrenchments happen during … Continue reading Extend work from home option to all, restrict work hours: IT employees union