Page 4 - It Industry

Wipro appoints Vinay Firake as CEO of APMEA strategic market unit

Firake succeeds Anis Chenchah, who is stepping down to pursue opportunities outside the organisation

TCS CEO Krithivasan's salary for FY24 at Rs 25 cr, COO earned Rs 26.18 cr

Krithivasan's remuneration includes his that for his previous role as company's global head for BFSI

Parseable raises $2.5 mn in seed round to expand log analytics services

Bengaluru-based company specialises in processing huge amounts of data generated by information technology systems

Happiest Minds Tech Q4 result: Profits up 25%, revenue rises by 10.4%

IT firm Happiest Minds Technologies reported a 24.83 per cent increase in consolidated net profits at Rs 71.98 crore for the quarter ended March 2024, and said it expects to encash on its newly launched GenAI business unit. According to a stock exchange filing, the company clocked a profit of Rs 57.66 crore in the year-ago period. Revenue from operations for the reporting quarter stood at Rs 417.29 crore, as against Rs 377.98 crore in Q4FY23, translating into a 10.4 per cent rise. Revenue for the quarter was led by the edutech vertical (22.3 per cent), followed by healthcare (16.1 per cent). Executive chairman Ashok Soota said the newly created Gen AI business unit, the creation of six new industry groups, and the successful closure of two acquisitions have put the company back on course towards accomplishing its 'long-term vision of USD 1 billion in revenues by FY31'. Annual profits saw a 7.53 per cent rise to Rs 248.39 per cent, as compared to the previous fiscal's Rs 230.99 ...

IT giants Cognizant and Capgemini hired 150,000 fewer employees in 2023

Cognizant and Capgemini collectively employ around 400,000 people in India

Cognizant Q1 profit declines 6% to $546 million, revenue dips 1.2%

2024 full-year revenue guidance unchanged at -2% to 2%; firm signed 8 large deals during the quarter with TCV of $100 million each

India, New Zealand look to boost collaboration in pharma, digital trade

India and New Zealand are looking to increase collaboration in goods and services sectors like pharmaceuticals, digital trade, and cross-border payment systems to promote bilateral trade. Issues to promote trade through these collaborations were discussed during the recent visit of Commerce Secretary Sunil Barthwal to New Zealand from April 26-27. The commerce ministry said that huge potential is there in both economies to further promote bilateral trade. "The meetings reviewed progress on market access issues, economic cooperation projects and explored opportunities for new initiatives," it said. Both sides discussed the establishment of robust bilateral economic dialogue architecture and the creation of working groups in sectors like Agriculture, Food Processing, Storage and Transportation, Forestry and Pharmaceuticals to facilitate ongoing collaboration on key trade and economic issues. Deliberations also included increasing cooperation in kiwi fruit as well as the dairy ...

LTTS signs €45 mn deal to train European auto supplier Forvia's engineers

5-year partnership also involves Indian company providing engineering services to Forvia

India takes top rank in world artificial intelligence race, shows data

In leading countries, 60 per cent of companies had AI projects "up and running"

AI inside: Tech simplifies and automates routine work for IT firms

AI can be used in a variety of functions: From HR management to sales and coding. Senior executives say companies must continuously train employees in the technology and keep them skilled

To fund artificial intelligence boom, technology plans plumbing upgrade

The money being thrown at technology to support artificial intelligence is also a reminder of spending patterns of the dot-com boom of the 1990s

L&T Technology Q4 result: Revenue rises 7% aided by strong deal wins

BENGALURU (Reuters) - Indian engineering research and development services provider L&T Technology Services reported a 7% rise in its fourth-quarter revenue on Thursday, in line with street expectations, aided by strong deal wins.

To cut costs, Indian tech companies expanding into smaller cities

The change also comes as state governments offer stamp duty concessions, land benefits, subsidised power and other incentives to bring jobs to smaller cities

LTIMindtree Q4 FY24: Net profit down 1.2% at Rs 1,100 cr; missed estimates

On the demand scenario, the management said that the firm expects Q1 FY25 to report growth

Centre bets on 'Swades' moment for semiconductor industry's talent

Expects thousand-odd Indian engineers to return from Southeast Asia, US

Tech industry growth projected to halve to 3.8% in FY24 compared to FY23

Industry expected to generate additional $9.3 billion in revenue, spanning across IT services, business process management engineering services: Nasscom

Aspire to further expand operating profit margin: TCS CEO Krithivasan

Having exited FY24 with an operating profit within its aspirational band, the country's largest IT services company TCS will be looking at expanding further on the key metric and take it "as close to" 28 per cent as possible, a top company official has said. "We just entered that (aspirational) range. So, we would aspire to stay here or at least go up as close to 28 (per cent) as possible. We do believe that there are a little more headroom left for us to increase our (margins)," TCS Chief Executive Officer and Managing Director K Krithivasan said. There are a slew of levers available to widen the number like fixing the pyramid, mix pushing its utilisation, and also upping deal pricing, Krithivasan told PTI in an interview. Asked about pricing, which was marked out as a key to improve margins further by its Chief Financial Officer Samir Seksaria in the post-earnings call last Friday, Krithivasan said the company has not faced any troubles on it despite a series of headwinds in its k

Fitch expects HCLTech's revenue to grow by 8% in FY24-27, retains rating

Fitch attributed HCLTech's solid market position, diversified customer base, no country ceiling constraint, and robust profitability as some of the key drivers that led the rating

TCS looking to increase prices to boost operating margins: CFO Seksaria

The company said it is expecting a "better" fiscal 2025 on a robust deal pipeline including a record $13.2 billion worth of orders in the reporting quarter

'India commands over 50% of Global Capability Centres, retains top spot'

India commands over 50 per cent of the Global Capability Centres, and it remains the most preferred destination to set up such GCCs, a report by business consulting company ANSR said on Friday. ANSR Global is a consulting firm that enables organisations to build and manage teams through Global Capability Centres. The company has established over 110 Global Capability Centres, using 12 million sq ft of office space and employs over 1.20 lakh people. According to the quarterly report released on Friday, India commands over 50 per cent of the GCC market with a mix of unique talent and a robust startup system, and the country remains the most preferred destination to set up a GCC. The study also revealed that nearly 80 per cent of GCCs were directing their focus on Artificial Intelligence, Machine Learning, and Data Analytics. "We are witnessing a transformative shift in the Global Capability Centres landscape, with a strong focus on digital capabilities such as AI/ML, analytics, and .