TCS Layoffs
ED raids Amazon, Flipkart sellers; layoffs at Freshworks
The Enforcement Directorate has conducted search operations at the premises of Amazon and Flipkart sellers. This and more in today¡¯s ETtech Top 5.
TCS layoffs: US techies allege Indian IT major of employment discrimination
According to a report in the Wall Street Journal, more than 20 employees have filed complaints against TCS, alleging preferential treatment towards individuals on H-1B visas.
HCL Tech's broad-based growth & margin boosts signal strong future performance: Ravi Menon
I think after FY23, when they raised guidance in October but then missed due to sudden environmental changes, management is being cautious.
Long-term outlook good for IT services sector; Macquarie's Ravi Menon bullish on 5 large and midcap stocks
Ravi Menon from Macquarie expresses optimism for a strong run in the Indian IT sector, highlighting companies like TCS, HCL, Wipro, and LTIMindtree. He further predicts significant investments in digital transformation and AI, noting Persistent Systems as a standout midcap pick. Challenges are anticipated for sectors like telecom and automotive.
Byju¡¯s rights issue at $500 million valuation; what¡¯s hurting cloud kitchens?
Happy Wednesday! Beleaguered edtech major Byju¡¯s finally filed its much-delayed audited FY22 results with the Registrar of Companies. It¡¯s also holding talks to float a rights issue at a valuation of less than $1 billion. Yes, you heard it right. More on that in today¡¯s ETtech Morning Dispatch.
Do techies get Rs 25 lakh per annum salary after 3-5 years of experience? A debate is raging on Twitter.
Social media buzzed when a trader commented that a Rs 25 lakh salary is unimpressive for tech professionals in India. While some argued this is common for mid-career professionals, especially in startups, others said such high salaries are less common. The debate highlighted differences in pay across companies post-COVID-19.
We are happy with Q1 results but not in a position to say TCS is on a growth path again: CEO
TCS foresees FY25 outperforming FY24, leveraging AI and cost optimization despite market volatility, BFSI challenges, and election impacts. With Q1 achievements, reduced attrition, strategic headcount growth, and strong India business, performance remains robust. Investments in talent, discretionary project validation, and technology adaptation sustain a healthy order book, even amid fewer mega deals and extended decision-making cycles.
Zomato-Paytm ticketing deal; Oyo¡¯s Rs 1,000-crore funding
Zomato is looking to strengthen its ¡®going-out¡¯ business with the acquisition of Paytm¡¯s ticket booking and events business. Details on this, and more in today¡¯s ETtech Morning Dispatch.
Infosys Q4 earnings; layoffs at Good Glamm group
India¡¯s second-largest IT company Infosys posted upbeat results for the fourth quarter. More numbers in today¡¯s ETtech Top 5.
PhonePe¡¯s Rs 800 crore in-house bets; layoffs at Allen
Fintech giant PhonePe has put big money into its subsidiaries to grow businesses such as insurance broking, wealth management and hyperlocal ecommerce. This and more in today¡¯s ETtech Morning Dispatch.
India likely to bag 40% of jobs lost to layoffs globally; Mojocare funders flag financial finagling
Some good news to chase away the Monday blues. Remember the thousands who lost their jobs globally? According to experts, a big chunk of those roles could move to outsourcing hubs like India in the coming months. This and more in today¡¯s ETtech Morning Dispatch.
Byju¡¯s term loan gets more expensive; MPL lays off 350 post GST hit
Byju's quest to settle the $1.2 billion TLB feud might come at a steeper price. The embattled edtech firm might have to pony up an additional $50-60 million to service the increased interest rate it has offered to conclude the revised terms for the deal. This and more in today¡¯s ETtech Morning Dispatch.
E-gaming investors seek meeting with PM Modi on 28% GST; Third round of layoffs at Dunzo
A clutch of domestic and foreign investors backing online gaming companies in India has sought a meeting with Prime Minister Narendra Modi to voice their concerns on the 28% GST levied on the industry.
TCS not considering layoffs, hiring impacted employees from startups: CHRO Milind Lakkad
TCS chief human resources officer Milind Lakkad said the company, which employs over 6 lakh people, will be announcing hikes similar to earlier years.
TCS starts fresher hiring for 2024 batch
TCS announced their annual National Qualifier Test (NQT) for final year students graduating in 2024. This online test is the first step in their recruitment process for engineers and computer science graduates interested in Ninja and Digital roles. The NQT assesses candidates' aptitude and coding skills.
Employee cost proportion rises for large IT companies
TCS reported a sequential revenue increase of only 0.6% in constant currency, and the employee cost as a percentage of the revenue went up sequentially from 55.8% to 56.9%.
TCS CEO Rajesh Gopinathan unexpectedly resigns, K Krithivasan to take over; e-pharmacies look to make a case to health ministry
Under Gopinathan's tenure the IT services major's share rose over 160%. His resignation will be effective on September 15, 2023.
American techies accuse TCS of firing them in favour of Indians on H-1B visa
TCS has been accused of favoring H-1B visa holders over Americans, facing discrimination claims based on race and age. Denies allegations, emphasizing equal opportunity.
No layoffs at TCS: Indian IT giant to give salary hike to employees soon
TCS will not lay off its employees, but will also look to recruit impacted workers, according to Chief Human Resources Officer of TCS Milind Lakkad.
Exclusive: Reliance JioMart lays off 1,000 employees; govt groups may submit AI rules framework soon
Layoffs have now hit Reliance Industries, with its wholesale format JioMart sacking over employees, as per people in the know. This and more in today¡¯s ETtech Morning Dispatch.
Indian IT giants ride US jobs boom, hire more and more techies
US tech hiring surge boosts Indian IT firms like TCS, Infosys, HCL. Job openings in tech positions increase, with cities like New York, Washington, Dallas showing high demand. CompTIA forecasts further growth in the tech workforce.
'Negative list' for data transfer in works; Flipkart¡¯s reshuffle & Amazon layoffs
The government may come up with ¡®negative list' of countries where cross-border data flow will be disallowed, the minister of state for electronics and IT, Rajeev Chandrasekhar told ET. This and more in today¡¯s ETtech Morning Dispatch.
Exclusive: Byju¡¯s offers to pay higher interest rate on $1.2B loan; Rajesh Gopinathan¡¯s ops model may have led to unease at TCS
Happy Monday. Byju¡¯s has held discussions to pay higher interest rates to its lenders for the $1.2 billion loan the company picked up in November 2021, per sources in the know. This and more in today¡¯s ETtech Morning Dispatch.
RBI bars Paytm¡¯s services; Wipro to cut hundreds of jobs
In a big blow for the Vijay Shekhar Sharma founded fintech, the Reserve Bank of India has barred Paytm Payments Bank from offering all banking services after February 29. This and more in today¡¯s ETtech Top 5.
Another crypto company goes bust
One of the world¡¯s largest crypto lenders, Genesis froze withdrawals in November after the spectacular collapse of FTX.
Largecap vs midcap: Accenture earnings show which IT companies may benefit
Accenture is usually seen as a bellwether for the global IT sector, and analysts gauge the prospects for the Indian IT sector based on the global firm¡¯s commentary and business outlook.
IT Q3 earnings off to a weak start; Dealshare¡¯s new CEO
The third-quarter IT earnings for FY24 began on a weak note as TCS posted a low single-digit rise in net profit while Infosys saw its profit fall 7%. This and more in today¡¯s ETtech Top 5.
Startups slam Google¡¯s ¡®cosmetic¡¯ changes to Android; tech firms oppose parts of Delhi¡¯s draft aggregator policy
On Wednesday, Google announced it would make a slew of changes to Android in India to comply with a ruling by the country¡¯s competition watchdog last October, which found the tech giant guilty of abusing its market dominance. Now, a number of Indian startups have accused Google of using ¡°delaying tactics¡±, saying its changes to Android are merely cosmetic.
PE, VC investors seek tax parity in budget; Meesho faces seller revolt over returns policy
Internet industry body IndiaTech, which represents a clutch of startups and VC investors, also said that the longer holding period for unlisted securities to be considered long-term assets means angel investors have to pay up to four times more tax if they sell a stake in an unlisted company after holding it for 18 months.
The unravelling of GoMechanic after SoftBank-Khazanah funding collapsed; Oyo to refile IPO papers
With SoftBank and Malaysia¡¯s Khazanah pulling the plug on GoMechanic funding round after EY flagged issues like inflated revenues, fictitious garages, the startup has admitted to making what its founder Amit Bhasin called ¡°grave mistakes¡±. Bhasin also confirmed that the firm will sack about 70% of its employees as its investors including the likes of Sequoia, Tiger Global, Chiratae Ventures, have initiated a financial audit of the firm.
Tax sops top crypto, gaming firms¡¯ budget demands; govt urged to mandate local storage of data
The crypto industry meanwhile has asked the government to reduce the 1% TDS on crypto transactions, and review income tax provisions to allow investors to offset any loss incurred during the transfer of the virtual asset against income,
ShareChat sacks over 500 employees; Paytm Payments Bank gets RBI nod to be Bharat Bill Payment Operating Unit
On Monday morning we reported that ShareChat was set to join the growing list of Indian startups that have laid off employees amid a brutal funding winter. Later in the day, CEO Ankush Sachdeva told employees in an email that the company was laying off over 500 people or about a fifth of its workforce.
Great resignation was a fraud; not sure about a great layoff trend either! Digitisation super cycle just started: Manish Sabharwal, Teamlease
"My sense is that domestic consumption right now and IT are the two engines. So sales, customer service and logistics are where we see the fastest hiring and where the most open positions are. The interesting part is it is not just in 50 cities, we probably have employees in 4,000 cities but our 400 cities are now starting to look like places where demand is. So is this the second tier, third tier are just saving less and consuming more or is there more income? It is still too early to say."
Meta¡¯s ads business faces a reckoning in Europe
While the fallout from Apple¡¯s move is still playing out, there¡¯s little doubt it has delivered a swift uppercut cut to Meta¡¯s once-invincible ads business. The only consolation has been that Meta can still track its users¡¯ activity within Facebook or Instagram to show them targeted ads.
Futile for IT firms to prevent moonlighting: Rajeev Chandrasekar, Wipro rolls out annual hikes for FY22, TCS wants staff back in office
Ride-hailing company Ola has decided to not lay off the 200 engineers the company was earlier planning to let go, according to sources in the know. We had reported on September 19 about these 200 engineers being fired across its ride-hailing and fintech businesses in a fresh round of layoffs.
Infosys not in favour of moonlighting, says CEO Salil Parekh
In the last few months, most IT services companies have taken a tough stance on the practice of employees moonlighting, with cross-town rival Wipro letting go off 300 employees for working for competition.
Sky-high home rents trouble IT employees back in office
Techies are battling the highest increase in house prices and rentals as landlords have started charging inordinate amounts amid the return-to-office demands of managements, as per data accessed by ET.
Meta India may not face brunt of layoffs; IT firms dig deep to catch moonlighters
CEO Mark Zuckerberg took the blame for the company¡¯s first-ever mass sacking, saying he was guilty of over-optimism about its future after growth surged during the pandemic.
TCS case may throw spotlight on job termination in IT industry
¡°Awareness of workers' rights keeps increasing as we come across more judgments of similar nature. As this order involves one of the largest Indian IT companies, it will create an impact on the industry with respect to employment termination cases,¡± said Vikram Shroff, head, human resource laws (employment and labour) at Nishith Desai Associates.
Cognizant board bound to notice underperformance, execution challenges: Wedbush
Report speculative, Board fully supports strategic direction, management team: Cognizant
India's TCS sees fall in staff attrition, robust demand for IT services: executive
TCS' rate of staff attrition, the percentage of those retiring or leaving for other reasons, rose to 17.4% in the quarter-ending March 2022 from 15.1% in the whole of 2021, as India's IT services sector experiences a tech talent crunch and high staff turnover.
Cobranded credit card rush; threat of complete ban on offshore crypto apps
Happy Friday! Banks are pushing the pedal on their cobranded credit card strategy as they gain traction through large consumer facing internet companies. This and more in today¡¯s ETtech Morning Dispatch
View: What lies ahead for ITeS sector & how GoI can play its part
While the ITeS sector will continue to grow near double-digit levels, headcount will shrink in 2024 by at least 5 percentage points. If the sector does not shed people, it would indicate seeping complacency, a lack of understanding of the impact of new technologies, and an incipient loss of competitiveness. It needs to reduce headcount, and stay competitive and relevant in the face of automation and AI.
Accenture to lay off 19,000 people, 40% of its 7.38 lakh employees are in India
The software services behemoth said currency headwinds and wage inflation had a direct impact on its decision to lay off employees.
Can IT stocks stand up to the bears and save Nifty?
Despite the fact in the last one year, only negative things have been said about IT companies, look at their stocks performance. Except one large IT stock which had been a perennial under performer, most of the other IT stocks are not very far from the highs they had touched almost two years back. Infact relative performance of some IT is far better than many of the stocks and sectors which have been headlines. While it might be contrarian buy, there is high probability that IT stocks perform better than most in bearish market conditions. Stock Reports Plus, powered by Refinitiv, is a comprehensive research report that evaluates five key components of 4,000+ listed stocks - earnings, fundamentals, relative valuation, risk and price momentum to generate standardized scores.
Terra¡¯s aftershocks torment crypto
This week, Terra¡¯s creator Do Kwon was fined $78 million by tax authorities and faces an investigation in South Korea, another stablecoin lost its peg to the dollar, and regulators vowed to rein in the controversial assets.
Now, Cars24 sacks 600 employees; small online sellers face CCI heat
The company, which is backed by SoftBank and Alpha Wave Global, joins a growing list of startups that have fired employees to conserve cash amid a slowdown in funding.
Startup dreamers return to IT firms after layoffs; Zomato reports Rs 360 crore net loss in Q4
IT firms have been battling record attrition of late, so startups¡¯ loss is their gain.
Nifty IT index stocks: Is the sector new bellwether for consumption and economy?
Most of the investors look at IT stock on a standalone basis as companies for bottomline line. Now let's look at it from the perspective, an economy where the biggest export is software services, shouldn't one be watchful when that sector says growth will moderate and there are layoffs in the sector. So if there is a slowdown in the IT sector there is a high probability that other sectors of the economy may also face pressure, specifically the ones where there is a high element of discretionary consumption. Stock Reports Plus, powered by Refinitiv, is a comprehensive research report that evaluates five key components of 4,000+ listed stocks - earnings, fundamentals, relative valuation, risk and price momentum to generate standardized scores.
IT hiring to drop severely in FY24 as slowdown bites; BNPL feels the blues
With macroeconomic headwinds stalling growth, hiring across the IT sector is likely to take a hit in the coming months. And with no green shoots propping up anywhere, a respite is nowhere in sight.
Govt plans stricter rules to deter betting apps; Indian cricket jerseys fly off ecommerce shelves
To curtail the spread of illegal online gambling and betting via offshore platforms in the country, the Centre is planning to tighten the rules, especially on UPI payments. This and more in today¡¯s ETtech Top 5.
TCS jobs scam: IT firm fires six employees and staffing firms; Upgrad, Udacity in deal talks
N Chandrasekaran, Tata Sons chairperson, informed shareholders during the TCS Annual General Meeting (AGM) that the company has sacked six employees and banned as many staffing firms after allegations by a whistleblower surfaced a recruitment scam. This and more in today¡¯s ETtech Morning Dispatch.
TCS CEO on jobs scandal, $2 billion deal cancellation & more; Byju¡¯s announces key appointments
OK, Tata. A day after India¡¯s largest tech company Tata Consultancy Services (TCS) kicked off the earnings season with subdued numbers, CEO & MD K Krithivasan sat down with ETtech, talking about everything from the latest recruitment scandal in the company to macroeconomic indicators. This and more in today¡¯s ETtech Morning Dispatch.
Online gaming hit by 28% tax; Swiggy is prioritising growth over profitability
Fist bump, on hump day. In a major setback to India¡¯s online gaming industry, the GST Council decided to levy a 28% tax on the full value of monies paid by users, a move industry stakeholders have termed ¡°unconstitutional and irrational¡±. This and more in today¡¯s ETtech Morning Dispatch.
Why India risks falling behind in the AI race
India¡¯s startup landscape, meanwhile, is caught in a time warp, with embarrassed investors marking down their stakes in Byju¡¯s, an online education company collapsing under the weight of its own reckless growth.
CaratLane to challenge FEMA violation notice; govt may use DigiLocker for parental consent
CaratLane Trading is under the lens of the Enforcement Directorate (ED) for alleged violation of Foreign Direct Investment (FDI) regulations. The omnichannel retailer has challenged a show-cause notice issued by the investigative authority, sources tell us. This and more in today¡¯s Morning Dispatch.
TCS to continue investments in R&D, technology, offices spaces: CFO Samir Seksaria
???The company's promise to continue with the normal wage hikes will hit the operating profit margins by a further 1.70-1.75% in the June quarter, its chief financial officer Samir Seksaria said
Infosys and Wipro roll out Q4 variable pay, flag uncertainty
The quantum of variable pay during Q4 has taken a hit for many companies as they struggle with extended deal closure cycles and a cautious spending environment.
TCS reports addition of 821 employees during March quarter, attrition eases
This comes as India's largest software exporter had a drop of 2,197 employees sequentially in Q3.
Data Protection Act: A ¡®mind-what-you ask-for¡¯ moment for startups & other top tech stories
Perhaps what could turn out to be one of the most crucial acts for Digital India was undertaken by the Indian Parliament through the passage of the Digital Personal Data Protection Bill, 2023 earlier this week. While the law will impact every entity in this country that deals in the personal data of Indian citizens, tech companies and consumer facing startups are perhaps going to be impacted the most.
Founder Vijay Shekhar Sharma¡¯s stake in Paytm touches 20%; Data Bill passed in Lok Sabha
In a move that Vijay Shekhar Sharma no doubt hopes will please regulators and convince them to greenlight the Paytm founder¡¯s business plans, Ant Financial has transferred a 10% stake in the fintech major to an entity owned by Sharma. The transaction will reduce Chinese representation on the cap table of One 97 Communications, Paytm¡¯s parent. This and more in today¡¯s ETtech Top 5.
IT companies¡¯ telecom business revenue may stay under pressure through 2024
Data from Jefferies shows a cumulative 4.6% dip in sequential revenue from the vertical across IT majors, the highest vertical-wise dip compared to all other segments, while revenue from Banking, financial services, insurance (BFSI), which is the largest revenue contributor for the Indian IT industry ¡ª saw revenue declining by a lesser percentage ¡ª 0.8% during the same period.
Hiring of women pips IT headcount growth
The number of female employees increased 6.5% at these IT companies in FY23, outpacing growth in their total headcount, which was 5.9%, according to a survey commissioned by ET and conducted by staffing firm Xpheno.
Exclusive: Airbnb¡¯s Brian Chesky on India¡¯s potential; over 50% staff at Indian unicorns seeking jobs
Bouncing back from Covid-19, Airbnb in 2022 saw a 70% growth in overnight bookings in India, one of its biggest markets, CEO Brian Chesky told us in an exclusive chat. This and more in today¡¯s ETtech Morning Dispatch.
Jio's big bet on India and Blackrock's second coming, and other top stories this week
While the initial buzz was that JFS would start off with a lending business given that it has an NBFC licence, the joint venture announcement stumped many.
Dunzo¡¯s downfall: from startup star to sinking ship? and other top tech stories this week
This week was Dunzo¡¯s worst ever since it pivoted to quick commerce with Dunzo Daily in 2021. At ETtech, we have been closely tracking the Reliance Retail and Google-backed firm. What has come to pass has been in the making for a while.
Infosys slashes guidance as profit spikes; star power for startups
Every silver lining has a cloud. Infosys announced its first quarter results on Thursday, reporting an 11% rise in profit on-year. However, the company cut its revenue guidance, highlighting the macro challenges for the IT sector. This and more in today¡¯s ETtech Morning Dispatch.
Won¡¯t forego margins for growth: TCS CEO-designate K Krithivasan
The 58-year old executive said the company is "comfortable" with its business model and not perturbed by smaller rival Infosys adding more net business over the last few quarters despite being almost half in size.
Rajnish Kumar, Mohandas Pai join Byju¡¯s advisory council; Wipro net profit up in double digits
Troubled edtech major Byju¡¯s said it has appointed Rajnish Kumar, former SBI chief, and ex-Infosys CFO Mohandas Pai to its Board Advisory Committee. This and more in today¡¯s ETtech Top 5.
General Atlantic adds another $100M to PhonePe¡¯s kitty; TCS Q4 profit jumps 15% YoY
Fintech firm PhonePe has raised another $100 million from existing backer General Atlantic and its affiliate funds at a $12-billion pre-money valuation. This is PhonePe¡¯s fourth tranche of funding after it announced a separation of ownership from Flipkart last December.
The unbooming of crypto boom and other top tech & startup stories this week
By calling out the widespread adoption of private crypto currencies as a risk to monetary stability, the RBI has indicated to the market that its stance will only get harder going forward.
Accenture results signal growth impact in FY24, larger firms to benefit
Most analysts expect the Indian IT sector to grow its revenue in mid- to high-single digits year on year in FY24, a steep climb down from the high growth registered in the past two years post the pandemic.
Draft Digital India Act to open for public consultation soon; concerns raised over Digital Competition bill
When India¡¯s Information Technology Act came into being in October 2000, Facebook was four years away from its inception, the first iPhone wouldn't be launched for the next seven years, and the Nasdaq was experiencing an unprecedented implosion of the dotcom bubble. The internet has changed a lot since. Now, to replace the IT Act of 2000, the government is bringing the Digital India Act, the draft of which will be open for public consultation in the next two weeks. This and more in today¡¯s ETtech Morning Dispatch.
PhonePe goes live with merchant loans; Government probing Byju¡¯s
After its failed ZestMoney acquisition, PhonePe is kickstarting its credit journey with merchant lending.
A correction good for IT companies, staff: Nasscom chairperson
Krishnan Ramanujam said it is as bad a judgment call for an employee to take steep salary hikes for no discernible reason as it is for an employer to offer the same.
Generative AI like ChatGPT will be a co-worker, will not replace jobs: TCS
The introduction of platforms like ChatGPT has led to concerns on whether a trained human is needed at all to deliver the work which a technology company offers to clients.
Exclusive | 2023 will be to repair margins which will improve but not by leaps and bounds: TCS CEO Rajesh Gopinathan
Attrition was also driven by this lack of supply. People were in a negative spiral of hiring from each other and driving attrition. As the supply side eases out, that kind of a (talent) demand goes off the table, said TCS CEO Rajesh Gopinath
Scoop: PharmEasy valuation halved to $2.8 billion, logs ebitda profitability; Paytm¡¯s loan biz decoded
Online pharmacy PharmEasy recorded a positive ebitda of around Rs 14 crore, which means it is operationally profitable, even as one of its investors marked its valuation down to $2.8 billion. This and more in today¡¯s ETtech Morning Dispatch.
Snags hit ecommerce orders on ONDC; IT firms hire more women in FY23
Government-backed Open Network for Digital Commerce (ONDC) is set for rough weather ahead as the platform faces roadblocks while scaling. This and more in ETtech¡¯s Morning Dispatch.
Cost-optimisation programmes will lead deal mix in 2023
Industry experts said the top players like Tata Consultancy Services (TCS), HCLTech, Infosys, and Wipro will be better positioned to tap this opportunity, as quite a few such deals fall under traditional outsourcing requirements.
What¡¯s next for Indian electric two-wheeler makers; and other top stories this week
The market landscape and dynamics have changed in the past year amid the government¡¯s investigations against electric two-wheeler manufacturers over subsidies claimed under government scheme FAME (Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India). This scheme was launched in 2011 as part of the National Mission on Electric Mobility.
Cognizant CEO Ravi Kumar on earnings, company¡¯s vision & ChatGPT; Visa launches CVV-free online transactions
Ravi Kumar S, who took over as the chief of US-headquartered IT firm Cognizant four months ago, has termed the last quarter ¡°historic¡± amid a cautious macro environment.
IT staff¡¯s pay hike hopes down 40% in December as job market cools
Attrition has tapered from peak levels of 25-30% last year to about 20% in the December quarter and the consequent lag in salary hikes is likely to help companies improve operating margins, which have been under pressure due to the high cost of talent.
Wipro Q4 net flat at Rs 3000 cr, approves Rs 12,000-cr buyback
Wipro guided for a revenue drop between 1% and 3% in the April-June quarter, owing to a negative demand outlook. This is below estimates by brokerage houses such as Kotak, which had estimated Wipro to guide for revenue decline of 1% to growth of 1% for the period.
Wipro reports flat Q4 net profit; board approves Rs 12,000 crore share buyback
Wipro guided for a revenue drop between 1% and 3% in the April-June quarter, owing to a negative demand outlook.
TCS headcount falls by over 2,000 QoQ despite improvement in attrition
TCS¡¯s headcount stood at 613,974 for the quarter-ended December. It is to be noted that, in the second quarter, the employee addition came in at 9,840 in July¡ªSeptember period¡ª its lowest net new addition in the last nine quarters.
Fintechs struggle to come together for self-regulation; epharmacies, govt officials hold talks over new rules
India's new-age financial services industry has faced constant regulatory scrutiny in recent years disrupting businesses across the board. To streamline the workings, the country's central bank has asked the fintech industry to come up with a self-regulatory organisation. But that's not been easy to do. This and more in today¡¯s ET Morning Dispatch.
IBM misses first quarter revenue estimates; cuts growth forecast to 6%-8%
The company's software and consulting businesses rose 6% and 8.2%, respectively, at constant currency in the first quarter, in line with IBM's targets. Big Blue also reiterated its full-year free cash flow forecast of $10.5 billion.
Amid startup layoffs, IT firms plan 8-10% hikes
. This has prompted several new-age companies, from Unacademy to Meesho, to lay off employees as they look to cut costs and get back to basics now that the Covid-fuelled funding party is well and truly over.
Infosys reports dip in headcount, FY23 net hiring down 46%
For the full year, the net hiring number stood at 29,219, down 46% from the 54,396 employees hired by the Bengaluru-headquartered firm for the full year in FY22.
As attrition drops, Indian IT majors eye higher margins
Attrition rate over the past 12 months has dropped to 17-18% across the sector, say experts.
Indian IT hiring to buck global trend, may pick up in 2023
Seven in 10 IT cos in India may increase their headcount in Q1 2023, says Randstad survey.
Tata Neu¡¯s muted first year, PhonePe-ZestMoney deal called off & the week¡¯s top tech stories
Hi Digbijay here in Bengaluru. Last month, I was in Mumbai and visited the offices of the newest ecommerce challenger in India ¨CTata Digital-- which runs the superapp Neu. If you¡¯ve been reading our coverage of one of Tata¡¯s most ambitious projects, you¡¯ll know we¡¯ve been on top of all the big developments, breaking the most important stories.
TikTok¡¯s future hangs in balance amid possible US ban & other top tech stories this week
Earlier this week TikTok said it has more than 150 million monthly users (nearly half the population) in the US, up from 100 million just a year ago. However, the exponential growth of the short video platform comes at a time when it faces an existential crisis in the US as the Joe Biden administration seeks a ban or a potential sale of the platform to a local owner.
2023 could be more like 2013 but not as bad as 2008: Nilesh Shah, Envision Capital
For a 1-year perspective, invest in largecaps such as the Nifty or a basket of stocks from the Nifty, while midcaps and smallcaps are better suited for a 3-5 year view, according to Nilesh Shah, CEO at Envision Capital. He believes that stocks bought during IPOs could become profitable in five years' time. While echoes of the 2008 financial crisis are being heard, he says history will not repeat itself. Rather, he sees a 2013-type scenario with a possible extended period of consolidation.
How ChatGPT maker OpenAI is fuelling a generative AI war
It has been a week of major turmoil for the technology industry with the sudden collapse of Silicon Valley Bank. But amid all the chaos of the last few days, the hype around generative AI continued.
In tech meltdown, Indian biggies not hit as hard as global giants
According to analysts, IT services exporters have showed gross profit margin expansion despite slower top line growth in the previous quarter, which is expected to continue. The weakness of the rupee against the dollar and slower attrition rates due to layoffs in global IT majors & Indian startups are the other tailwinds for the sector atthe fundamental level.
CCI¡¯s Google fines draw global interest; crypto giant Binance to acquire rival FTX
Antitrust regulators in Australia and Germany are among those following recent action by the Competition Commission of India against Google, signalling increased global attention on policy rulings in India.
Every downturn a boon for Indian software companies: Narayana Murthy
I think every downturn is actually a boom for Indian software companies except some extraordinary events like 2008 when the banking sector went down very badly and that was a reasonably large sector for large Indian software companies like TCS, Infosys etc. But even during that year, I still remember Kris Gopalakrishnan was a CEO, we grew by 25% so that was not bad.
The human dimension of India¡¯s IT woes
Many of those laid off were mid- or upper-level techies, with low lateral skills for other industries.
