Page 2 - It Companies

New Govt to build on tech accomplishments, more plans ahead: IT secretary

As the NDA is set to form government for a third term, tech initiatives are expected to maintain pace, with IT Secretary S Krishnan on Wednesday saying that Meity will take up a slew of new initiatives as planned, while building on the legacy of past successes and outcomes. Krishnan, speaking on the sidelines of a Software Technology Park of India (STPI) event, said the ministry has a "number of initiatives which have been planned and are in the works" and those will be taken up once the new government is in place. To a question on whether the work on Digital Personal Data Protection (DPDP) rules and shaping Digital India legislation framework will continue at speed, he said, "the legacy in terms of what we have in the organisation in terms of...institutional memory continues." Asked in particular about the status of the proposed Digital India legislation -- which would provide guardrails and define regulatory approach on new age technologies like AI - he said, "We will see how we .

Wipro public shareholders object to outgoing CEO Delaporte's severance pay

Resolution to pay him $4.33 mn in cash compensation is accepted due to promoter shareholding

HCLTech integrates its GenAI platform AI Force with Google Gemini

Last month, the company had expanded its partnership with Google Cloud to enable 25,000 engineers on Google Gemini

'Quiet firing': How to identify the layoff tactic of companies in India

It help firms cut costs by avoiding severance packages for resigning employees. Some 20,000 tech professionals in India may have lost jobs through 'silent' layoffs in 2023

HCLTech to acquire certain assets of HPE's Communication Tech for $225 mn

IT company HCLTech on Thursday said it will acquire certain assets of Hewlett Packard Enterprise's Communications Technology Group (CTG) for USD 225 million, about Rs 1,874 crore, in an all-cash deal. As part of this agreement, approximately 1,500 employees and 700 contractors with experience of engineering services for telecom industry in various countries -- including Spain, Italy, India, Japan, China, Americas and APAC region -- will be transferred to HCLTech, the companies said in a note. HCLTech in a regulatory filing mentioned that the deal is for "purchase of certain assets (CSS) of Communications Technology Group, a business division of Hewlett Packard Enterprise Company. CSS delivers engineering services to leading global Communications Service Providers (CSPs) leveraging its intellectual properties in a global delivery model" for which "total purchase price is USD 225 million". The deal will strengthen HCL Technologies' presence in telecom vertical by expanding its ...

Tracking apps, variable pay: How IT firms are nudging staff back to office

Cognizant, TCS, Dell, Wipro, and Infosys are deploying various tactics including compliance apps and linking variable pay to attendance to ensure their staff return to office

May lead to termination: Cognizant warns staff for not returning to office

IT major Cognizant workforce reduced by 3,300 to 344,400 employees at the end of March 2024, compared to December 2023

IT firms' work for international clients may not always attract IGST

Experts say the ruling may have ramifications for other industries which provide services to foreign clients too, particularly in the IT, consulting, marketing, and recruitment sectors

LTIMindtree, IBM collaborate to set up GenAI Centre of Excellence for India

IT company LTIMindtree on Tuesday said it has collaborated with American technology company IBM to establish a global, joint Generative AI Center of Excellence (CoE) for India. The centre will focus on building point solutions to accelerate clients' generative AI adoption journeys. According to a company statement, the CoE plans to offer a comprehensive suite of services, combining LTIMindtree's expertise in data and machine learning model customisation and full-stack engineering with IBM watsonx technology, including watsonx.ai, watsonx.data, and watsonx.governance, and AI assistants. "Our collaboration, distinguished by the Center of Excellence, is an opportunity for our companies to work closely together to help funnel the latest AI research and innovations into technologies solving real-world business challenges," Kate Woolley, General Manager at IBM Ecosystem, said.

Top 3 Indian IT companies train over 775,000 in generative AI skills

This figure is substantially higher than what the IT industry body Nasscom had predicted in its Strategic Review of 2023

Early bird top line growth fastest in four quarters; BFSI leads the charge

IT, manufacturing laggards in Q4 so far

LTIMindtree Q4 results: Profit dips 1.2% to Rs 1,100 cr, revenue up 2.3%

Indian IT company LTIMindtree on Wednesday reported a 1.2 per cent decline in consolidated net profit to Rs 1,100.7 crore for the March quarter. The company had posted a net profit of Rs 1,114.1 crore in the year-ago period. Revenue from operations was pegged at Rs 8,892.9 crore in the fourth quarter of FY24, up 2.32 per cent from Rs 8,691 crore in the year-ago period, according to a BSE filing. For the full FY24, the net profit stood 4 per cent higher at Rs 4,584.6 crore. The revenue from operations for the full FY24 was Rs 35,517 crore, 7.03 per cent higher than the previous fiscal, as per the filing. "We closed FY24 amidst a tough macro environment and delivered a resilient performance with full-year revenue growth of 4.4 per cent in USD terms and an EBIT margin of 15.7 per cent," Debashis Chatterjee, Chief Executive Officer and Managing Director of LTIMindtree, said in a release. The company's order inflow for the full year was at USD 5.6 billion, registering a 15.7 per cent

TCS has one of world largest AI-ready workforce: CEO Krithivasan

IT company has trained 300,000 employees in basic foundational AI skills

Still early days for GenAI on revenue side, says LTIMindtree CEO & MD

The desired results of the merger have been impacted by the prolonged slowdown that the industry is witnessing

Srini Pallia's job as Wipro CEO: Drive growth, stem senior-level exits

Pallia joined Wipro in 1992 as product manager and moved to the US in 2000 as general manager, US central

TCS says it trained over 350,000 employees in generative AI skills

Country's largest IT services company TCS on Friday said it has trained 3.5 lakh employees in generative AI skills. The company, which had in January announced that 1.5 lakh staffers are trained in the skill sets of what is said to be the biggest opportunity for IT services firm in the future, has now taken the number up to over half its employee base. "With over 350,000 employees trained on foundational skills in GenAI, TCS is well-poised to build one of the largest AI-ready workforces in the world," an official statement said. In 2023, it had become the first technology company to create a dedicated business unit for AI and cloud to address the growing needs of customers for cloud and AI adoption. TCS' work till now includes application of GenAI to enhance customer experience for airlines featuring natural conversations with customers when their flight is delayed or cancelled, and alternative routing options. It has also tapped into GenAI capabilities to streamline and simplify t

ED files money laundering case against Vijayan's daughter, her IT company

The Enforcement Directorate has filed a money laundering case against Kerala Chief Minister Pinarayi Vijayan's daughter Veena Vijayan, her IT company and some others to probe a case of alleged illegal payments made by a private mineral firm to her and the company, official sources said Wednesday. The agency has registered a case under the Prevention of Money Laundering Act (PMLA) and is expected to summon the people involved, the sources said. The ED case has been booked after taking cognisance of a complaint filed by the Serious Fraud Investigation Office (SFIO), an investigative arm of the Union corporate affairs ministry, they said. The case stems from an Income Tax Department investigation that alleged that a private company called Cochin Minerals And Rutile Ltd (CMRL), made an illegal payment of Rs 1.72 crore to Veena's company-- Exalogic Solutions-- during 2018 to 2019, even though the IT firm had not provided any service to the company. The Karnataka High Court had last mont

TCS signs 7-year deal to transform IT infrastructure for Denmark's Ramboll

TCS will provide services to manage Ramboll's Cloud and data centres, application development, maintenance

HCLTech, CAST expand alliance to offer customised semiconductor chips

IT company HCLTech on Tuesday said it has expanded its alliance with semiconductor intellectual property (IP) core provider CAST to provide customised chips and aid enterprises in accelerating their digital transformation. HCLTech said it will enhance design verification, emulation, and rapid prototyping of its turnkey system-on-chip solutions by using silicon-proven IP (intellectual property) cores and controllers from CAST. This will help original equipment manufacturers in varied industries, including automotive, consumer electronics and logistics, to reduce engineering risk and development costs, a company statement said. "CAST's high-quality and well-supported IP cores, coupled with HCLTech's system integration design expertise, will enable us to deliver superior custom chips to our customers worldwide," said Vijay Guntur, President, of Engineering and R&D Services, HCLTech.

ICRA forecasts Indian IT service industry growth at 3-5% in FY25

Most of the top IT services firms have reported record levels of total contract value. For instance, Tata Consultancy Services (TCS) reported a TCV of $8.1 billion in the third quarter of FY24