IT Service

Effects of single-digit salary growth for 3 qtrs on consumer spending are now palpable

Sets up vertical to focus on high-growth markets

While the 'Make in India' initiative has boosted domestic smartphone manufacturing, the $200 billion Indian IT services industry remains focused on international markets over the domestic one

IT solutions company Coforge reported an 11.7 per cent year-on-year increase to Rs 202.2 crore in consolidated net profit for the quarter ended in September. It had posted a net profit (attributable to owners of the company) of Rs 181 crore in the year-ago period, according to a stock exchange filing. Revenue from operations for the quarter under review stood at Rs 3,062.3 crore, a 34.5 per cent rise from Rs 2,276.2 crore in Q2 FY24. Its profit and revenue jumped 51.8 per cent and 27.5 per cent, respectively. The Noida-headquartered firm added 5,871 staff during the quarter, including 4,430 from its acquisition of Cigniti. This brings its total employee count to 32,483. "The growth and the margin expansion at Cigniti are a preview of sustained growth and further increases in margin to follow. We have operationally fully integrated the Cigniti team and the synergies have exceeded even our expectations," said Sudhir Singh, CEO and Executive Director, Coforge. The company's board ..

Company says most of its contracts are now for work in artificial intelligence

"We are hiring primarily in India," says Julie Sweet

Investment in mobile phone manufacturing under the PLI scheme as well as production has surpassed the targets, Electronics and IT Secretary S Krishnan said on Wednesday. Addressing reporters on the completion of 10 years of Make In India initiative, the official said the overall production of electronics in India has increased to Rs 9.52 lakh crore with an annual compounded growth rate of 17.4 per cent from Rs 1.9 lakh crore in 2014-15, he said. "If you look at what the PLI scheme has done in the mobile sector, the overall production we have reached is far in excess of the target. We have reached Rs 6.61 lakh crore is the total value of production, well above the target that has been set. The overall investment has been Rs 9,100 crore, which is again well above the target," Krishnan said. The government had set a target of Rs 7,000 crore cumulative investment during the five-year scheme period and Rs 5,488 crore till 2023-24, according to official data. The mobile PLI scheme set a

The government may look at creating more "compute capacity" through viability gap funding after building high-tech capability under the Rs 10,372-crore India AI mission, Electronics and IT Secretary S Krishnan said on Thursday. Addressing a Deloitte India event, Krishnan said that India AI Mission has an outlay of about 10,372 crore of which more than Rs 4,500 crore is intended for compute capacity. "Later on, there is a possibility, and we will decide based on how much compute capacity actually gets created in the country. There is a possibility that we would actually support more compute capacity being created on the viability gap funding," Krishnan said. The government has invited bids for the empanelment of entities for providing artificial intelligence services on the cloud under the India AI mission. Under the IndiaAI Mission, supercomputing capacity, comprising over 10,000 GPUs, will be made available to various stakeholders for creating an artificial intelligence (AI) ...

Wipro is enforcing a new policy requiring employees to work from the office at least three days a week. Those found violating the rules will be at risk of losing a day's leave

IT services firm Infosys and Belgium-headquartered digital services and communication solutions provider Proximus Group on Tuesday announced a strategic collaboration aimed at unlocking new business opportunities, according to a release. The strategic collaboration will focus on a joint go-to-market approach that will leverage products of Proximus' International affiliates, including Route Mobile's Communications Platform as a Service (CPaaS) and Telesign's Digital Identity (DI) solutions. "This combined with Infosys digital services will drive innovation in omnichannel customer engagement and AI-driven digital assistants for their customers," a release said, adding that the collaboration aims to enhance digital security by providing digital identity and fraud protection solutions, that drive trusted communication online. The collaboration between Infosys and Proximus enables the two sides to further strengthen their digital offerings and drive their innovative solutions to business

According to the circular, both life and general insurers are mandated to provide an essential summary of important information at different stages of the insurance contract

The revival in demand for tech services from big banks such as JPMorgan Chase and Bank of America as mentioned during their recent earnings calls could also have a ripple effect

Data centre operator CtrlS Datacenters on Monday said it will invest about Rs 400 crore in the greenfield datacentre in Patna and has acquired land for the new facility. The site, situated 300 meters from the company's existing Patna DC1 facility, is located in the Pataliputra Industrial Area and has been acquired through the Bihar Industrial Area Development Authority (BIADA). The datacentre is expected to be operational by the second-half of FY 25-26. "CtrlS Datacenters plans to invest approximately Rs 400 crore in this new datacentre, which will boast a 10MW IT load capacity and house approximately 1,000 racks. This land acquisition reaffirms CtrlS Datacenters' commitment to strengthening its presence in Patna," a company statement said. Hyderabad-based CtrlS Datacenters operates 15 datacentres across Mumbai, Noida, Hyderabad, Chennai, Bengaluru, Kolkata, Lucknow, and Patna.

Telangana's total exports in the Information Technology sector reached Rs 2,68,233 crore during the last financial year, reflecting an 11.2 per cent increase from the previous year. This growth rate significantly outpaces the national average growth of 3.3 per cent. An official release from the state government said the sector now supports over 9.46 lakh professionals with a net addition of over 40,000 jobs in FY24, representing a 4.5 per cent increase in employment, it said. Telangana is one of the fastest-growing states in the nation and wants to keep up this momentum by concentrating on high-value, cutting-edge technologies such as artificial intelligence (AI), semiconductor design, cybersecurity, and data science, it said. The state's strategic focus includes expanding its footprint of Global Capability Centres (GCCs), Centres of Excellence (CoEs), and Global Business Support Centres (GBSCs). With over 200 top GCCs already operating in Hyderabad, Telangana is on track to doubl

The tax demand relates to services availed by the IT services conglomerate from its overseas branches for five years starting 2017

IT services segment revenue was at $2,625.9 million, a decrease of 1.2 per cent Q-o-Q and a decrease of 5.5 per cent Y-o-Y

Wipro is expected to see a tepid June quarter with revenues estimated to slide on a year on year basis and net profits seeing a marginal rise

This strengthened partnership solidifies LTIMindtree's leadership in the banking, financial services, and insurance (BFSI) sector

Other business services emerge as India's new export star, which could outpace software and information technology with strategic support

The company's first-quarter performance beat revenue but missed net profit estimates of Bloomberg