SOFTWARE AND IT SERVICES INDIA
AI an inflexion point; IT firms should innovate
In an interview with ET Francisco D¡¯Souza, cofounder and managing partner of New York-based private equity firm Recognize said the world will continue to get more and more technology intensive as AI begins to change the course of the industry.
India¡¯s IT services: getting GenAI-ed?
For the first time, top executives of TCS and Wipro, among others, have acknowledged that the correlation between workforce addition and revenue may fade in the future due to GenAI-driven efficiency and productivity gains.
US fintech firm Broadridge to boost India headcount by 26% in 3 years, top executive says
The fintech firm plans to sell its products soon via an acquisition strategy, said India's managing director, Sheenam Ohrie. She expects most of the hirings to be software engineers as the firm looks to modernise its existing "legacy" technology. Broadridge Financial currently only has tech centres in India and has clients such as JPMorgan Chase & Co., Bank of America, and Wells Fargo.
Indian IT spending to grow 11.1% to $161.5 billion in 2025: Gartner
The forecast is a tad lower in percentage terms from Gartner¡¯s November estimate of 11.2% but, in absolute terms, the spending is set to increase from $160 billion earlier estimated.
Newgen Software Technologies shares crack 17% post reporting Q3 results
Newgen Software share price: The company¡¯s profit after tax (PAT) for the third quarter ended December 2024 was Rs 89 crore, marking a 30% year-on-year increase compared to Rs 68 crore in Q3FY24. Additionally, revenue from operations grew by 18% YoY, reaching Rs 381 crore.
Qualcomm, MapmyIndia ink pact to drive 'Make in India' solutions for auto sector
Qualcomm Technologies and MapmyIndia are collaborating to support India's automotive sector with Snapdragon Digital Chassis solutions and MapmyIndia's expertise. They aim to deliver advanced connectivity solutions for both four-wheelers and two-wheelers, ensuring safety and convenience. This collaboration will enable automakers to offer high-quality, affordable connectivity to a broader market, enhancing the overall user experience.
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Infosys aims to hire over 20,000 freshers in FY26
Infosys hiked its annual sale forecast Thursday and posted an 11.4% on-year rise in profit for the December quarter, signalling a gradual revival in client spending. Infosys's headcount increased by 5,591 employees in the December quarter, when compared to the September quarter, according to the company's quarterly filings.
Wondrlab acquires Gen AI firm BigStep Technologies
Wondrlab has acquired a majority stake in BigStep Technologies. This acquisition will boost Wondrlab's capabilities in Generative AI and custom software solutions. BigStep Technologies, known for providing innovative enterprise solutions, will now have access to Wondrlab's extensive network and European markets. The collaboration aims to drive innovation and expand their combined offerings globally.
HCLTech will focus on GenAI-led solutions on client demand: CEO C Vijayakumar
IT services major HCLTech is changing its strategic direction towards generative artificial intelligence (GenAI) amid a revival in client demand, chief executive and managing director C Vijayakumar told ET.
Mankind Pharma, Suzlon Energy among stocks that Motilal Oswal Midcap Fund bought & sold in December
Motilal Oswal Midcap Fund, the top performer in 2024 with a 57.51% return, added stocks like Oracle Financial, Indraprastha Gas, and Mankind Pharma in December. The fund exited stocks including BSE, Bajaj Auto, and Suzlon Energy, while increasing its exposure in Trent, Jio Financial Services, and others.
3 stocks that India's largest mutual fund scheme bought and sold in December
HDFC Balanced Advantage Fund, India's largest mutual fund by assets, added Union Bank of India and Vishal Mega Mart to its holdings in December. It sold all shares of Oracle Financial Services Software. The fund increased stakes in eight companies, including Kotak Mahindra Bank and Tata Steel, while reducing stakes in 17 stocks, including Cipla and Wipro.
Significant percentage of iPhone, Android users in India faced issues post software upgrade: Survey
Call failure is the biggest problem that iPhone users are facing, be it a normal call or app-based calls, while freezing of apps is the biggest issue for Android users.
¡®Algorithmic¡¯ rider in draft data law trips firms deploying AI
New data rules will require organisations using AI to perform due diligence on their algorithmic software. This change is expected to affect companies involved in AI products or services. The rules focus on data protection and compliance, creating challenges for companies to balance between innovation and regulation, unlike the stricter EU AI Act.
Block deals worth over Rs 3,849 crore this week. Godrej Consumer, Avenue Supermarts among stocks that saw major action
In the largecap segment, 11 companies recorded major block deals totaling Rs 1,844 crore. Leading the list was Godrej Consumer with four block deals worth Rs 466 crore, followed by Avenue Supermarts (Rs 353 crore), Jio Financial Services (Rs 309 crore), Axis Bank (Rs 158 crore), HDFC Bank (Rs 116 crore), and Hindustan Aeronautics (Rs 111 crore).
10 big-bang policy moves Modi government made in 2024
In 2024, India implemented several transformative policies under Narendra Modi's leadership, including One Nation, One Election, an expanded Unified Pension Scheme, and the BioE3 policy. These initiatives, along with scrapping angel tax, promoting rooftop solar, and launching the PM Internship Scheme, aim to stimulate economic growth, innovation, and job creation while ensuring social progress.
Mission FY26: IT¡¯s time to reboot hiring
India's software services industry, valued at $254 billion, anticipates a 10-12% increase in hiring for FY26, driven by a projected 10-15% business growth. The sector aims to add 500,000 to 750,000 jobs by March 2025, with a significant focus on fresher hiring and specialized skills. Major firms like TCS and Wipro are expanding their talent pools.
Girish Mathrubootham sells $40 million worth of Freshworks stock
The chairman of the board of directors of Freshworks sold 2.5 million shares in two tranches on December 18 and 19, filings made with the US Securities and Exchange Commission (SEC) showed. Before this, he held around a 5% stake in the company. In February this year, he had divested shares worth $9.6 million.
Year-ender 2024: Zaggle, Oracle and 5 other SMIDs rule IT sector in CY24 with up to 150% returns. How about 2025?
Indian IT stocks are set to end 2024 on a strong note, with seven stocks in the BSE IT index becoming multibaggers and 22 others delivering double-digit returns. Analysts expect the sector to perform well in 2025, driven by strong demand for digital transformation, AI adoption, and the US Fed's policy shift, boosting discretionary spending by companies.
ServiceNow appoints Airtel¡¯s Ganesh Lakshminarayanan as India, SAARC business MD
Lakshminarayanan has previously served as the chief executive officer (CEO) of the domestic B2B operations of Airtel. India accounts for more than 20% of ServiceNow's global workforce, with over 40% of the company's global product engineering being led from the country.
Salesforce to combine ASEAN, Indian operations under Arundhati Bhattacharya
Bhattacharya will helm the 'South Asia Operating Unit' from February, which will include Singapore, Philippines, Malaysia, Vietnam, Thailand and Indonesia, India, Sri Lanka and Bangladesh. The sales leadership team of ASEAN will report to Salesforce India managing director - sales, Arun Kumar Parameswaran, who will continue to report to Bhattacharya.
IT counts on higher client spend to log faster growth
India's software services industry anticipates budget increases in 2025, driven by growth in banking and financial services, AI, and cloud computing. IT spending is projected to rise, with companies favoring smaller deals amid economic uncertainties. Positive factors include a strong deal pipeline and lower attrition.
IT outlook is positive, weakness in stock price to be temporary, say analysts
India's $254 billion software services industry sees temporary weaknesses in stock prices likely caused by US inflation concerns but maintains a positive outlook. Experts predict business growth and an uptick in technology spending as the economic policies of the Trump administration clarify and rate cuts commence.
IT cos' Q2FY25 results ahead of estimates. Infosys, LTIMindtree among 9 brokerage buys
Indian technology companies exceeded their Q2 earnings forecasts, but their future guidance remained cautious. While some brokerages observed a potential bottoming out of pessimism, clear signs of increased spending in developed countries are still pending. Stocks like Infosys, TCS, and HCL Tech are among the top picks for many brokerages.
Nifty IT index hits fresh record high; Infosys, LTIMindtree, Tech Mahindra lead the gains
The Nifty IT index hit a record high on Tuesday, rising 1.4% to 44,240, with all 10 constituents in the positive. Infosys led with a 2.4% increase, followed by gains in other major stocks. Despite broader market selling in November, the index has risen over 9% this month and 23.7% year-to-date, outperforming the Nifty 50.
India's services sector may outpace merchandise exports by 2030, touch USD 618 billion: GTRI
India's services exports are on track to surpass merchandise exports by 2030, reaching USD 618 billion. Driven by software, IT, and Other Business Services (OBS), this shift highlights India's emergence as a global services powerhouse. However, diversifying IT exports beyond the US and promoting OBS sectors are crucial for sustained growth.
AI integration with cloud, edge computing have potential to create jobs: STPI director general
"First is AI-machine learning integration in cloud services and also access to artificial intelligence through cloud. With this you can optimise your resources. All kind of personalized technology services can be given once AI-ML is integrated on cloud," Software Technology Parks of India director general Arvind Gupta said.
IT spending to rise by 11.2% in 2025; higher impact on jobs
The IT spending shrunk by 0.5% to $112.56 billion in 2023 while it grew 10.7% to $124.61 billion in 2024. The software spending is estimated to record the highest annual growth rate of 17% in 2025 while data centres systems and devices may see a slower growth.
LTTS shares jump 4.5% following $110 million AI-focused acquisition
The acquisition aims to strengthen LTTS's AI and software capabilities within its digital engineering suite for global clients, enhancing software development, data, and platform engineering. With Intelliswift¡¯s AI-driven automation and digital enterprise expertise, LTTS will also provide integration services through agile engineering and next-gen technologies.
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