Page 9 - It Industry

IT firms see 14-20% topline growth in Q3, raise guard on uncertainties

India's IT services heavyweights delivered between 14-20 per cent on-year growth in topline for December quarter, as they raised guard on global uncertainties and choppy verticals, but remained hopeful that costs as well as business considerations will drive tech demand. The tech earnings season began with large IT companies -- Tata Consultancy Services (TCS), Infosys, Wipro and HCL Technologies -- declaring their Q3 report card this week, amid analysts' gloomy prognosis around slowdown in advanced economies and fear of geopolitical flare-ups. The industry leaders said they are keeping a close watch on the global economy and cues. Overall, the revenue growth band of the top-tier IT players was pegged at between 14-20 per cent for Q3FY23, compared to the year ago period. Seen sequentially, the topline growth for the large IT pack ranged between three per cent and eight per cent versus previous September quarter. Meanwhile, December-quarter net profit of the top IT deck rose between

Age of celebration of technology for technology's sake is over: Nadella

Suggesting that the age of celebration of technology for technology's sake is over, Microsoft Chairman and CEO Satya Nadella on Thursday said it is now about technology and its use for everyone in the world, where India can contribute immensely. Speaking at the 'Microsoft Future Ready Technology Summit' here, he also highlighted the "magic" of government programmes and India Stack co-evolving in the country. "I had a chance to have a brief conversation with the Prime Minister yesterday, his vision and all the programmes, the yojanas and the India Stack. In fact the thing I'm realising is the magic of India Stack, because everything needs feedback. The yojanas or the policy and the technology stack co-evolving, that's just like a virtuous cycle that is unlike anything I have seen and it's just tremendous," Nadella said. He said, "I absolutely think both of these are perhaps the greatest contributions that India can make to the world quite frankly. When I think about it, the idea that

We want to push India's $1 trillion digital economy dream: Satya Nadella

Nadella said that India's tax spend as a percentage of its GDP is becoming normalised when compared to the developed world, and is now among the top 10 countries

Indian shares trim losses on IT recovery; recession fears linger

Indian shares pared most of the losses in the final hour helped by rebound in IT stocks, while recession worries and a surge in Covid-19 cases in China continued to dampen sentiment

Indian tech industry hired nearly 380,000 freshers in FY22: Nasscom report

Indian tech industry hired around 380,000 freshers in FY22 and over 70 per cent of Gen Z students are keen to take up tech jobs in the near future, a Nasscom report said on Friday

Infinite Solutions to invest Rs 500 cr for IT campuses in Noida, Lucknow

Uttar Pradesh government delegation led by state Finance Minister Suresh Khanna met with Chairman, of Infinite Computer Solutions Sanjay Govil on Tuesday in New York

Geopolitics to become integral to IT industry: Top Ericsson India official

Geopolitics will define business decisions in the IT industry going ahead, and companies will have to turn their focus on real-time data to stay ahead of the competition, said Amitabh Ray, the managing director of Ericsson Global Services India. Ray said geopolitics can no more be overlooked by IT companies in the aftermath of the Russia-Ukraine crisis and the COVID-19 pandemic. "In the IT industry, we were very happy to keep ourselves away from politics, but now it will become an integral part of information technology, because decisions about places where we can do business and with whom will be driven by geopolitics. We have to adjust to this," he told PTI on the sidelines of a session at INFOCOM 2022, an IT event organised by the ABP Group. The senior company official said business leadership needs to be redefined in today's times, and a key aspect of that is to take into account factors like "nowcasting". "Business decisions will have to be taken on the basis of 'nowcasting',

Aversion to the cloud for engineering operations is fading, shows data

Cloud adoption for engineering and manufacturing grew 2.5x times vis-a-vispre-pandemic levels

Start-up Odisha growth fund gets Rs 1,000 cr commitment, disbursal in 5 yrs

Flags off Hall of Fame 2.0 with TiE Bhubaneswar

IT hiring slowdown to hit Info Edge revenues in second half of FY23

Ongoing investments in 99acres amid rising competition may hinder profitability

Infosys Science Foundation names winners of 14th Prize in six categories

The Infosys Prize focuses on the achievements of the recipients and awards them for their contributions to science and research impacting India

Indian IT, business services market grew 7.4% in first half of 2022: Study

The IT and business services market in the country was valued at $7.15 billion between January and June 2022, according to IDC

Tech Mahindra Q2 net down 4% YoY to Rs 1,285 cr on supply side pressure

Profit was up sequentially, however; Revenue rose 20.7% YoY and 3.3% QoQ, driven by growth in CME segment and the US market

ITC stock slips despite good performance in September quarter

All analysts are bullish on the firm with target prices ranging from Rs 375 to Rs 490

Best of BS Opinion: Headwinds from the West, Xi's China syndromes & more

Here is the best of Business Standard's opinion pieces for today

The glare on moonlighting: It needs creative solutions

The underlying principle of using carrot rather than sticks may work better in tackling a problem that the IT biggies cannot wish away

Industry body Nasscom launches responsible AI hub and resource kit

The resource kit comprises sector-agnostic tools and guidance to enable business to leverage AI to grow scale with confidence by prioritising user trust and safety, the Indian IT industry body said.

Cisco launches India Webex infra, sees permanent shift to hybrid work model

Facility's dedicated data centre will enable Cisco to offer India-specific pricing for its customers, taking down costs by over 50%

TCS beats Street estimates in Q2, net rises 8.4%; attrition remains high

Net profit has crossed the Rs 10,000-crore mark for the first time

Half of all Indian cos set to boost ICT budget post 5G rollout: KPMG study

The report adds that over 85% of Indian enterprises from various sectors are expecting up to 20% return on investments made in 5G and industry 4.0 use cases