Market sources and media reports concur that today's global sell-off may trigger an early rate cut by the US Federal Reserve
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.
The final decision of the GAC is binding on platforms and refusing to comply with the GAC can cost a platform its safe harbour protections
The council will also have representation from NITI Aayog, the Indian Statistical Institute, and the Department of Science & Technology (DST)
Karnataka State IT/ITeS Employees' Union (KITU) has urged the Siddaramaiah-led government to reconsider its reported plans to extend the working hours of the IT/ITeS/BPO sector. According to the union, the government plans to increase the working hours to 14 hours a day. The proposal to amend the Karnataka Shops and Commercial Establishment Act in this regard, was presented in a recent meeting called by the labour department with various stakeholders in the industry, it said in a release. Labour Minister Santosh Lad, officials from the Department of Labour and IT-BT Ministry attended the meeting, in which the representatives of the union took part. The union strongly opposed the proposed amendment which, it said, poses an "attack on the basic right of any worker to have a personal life." The labour minister agreed to have one more round of discussion before taking any decision, it added. Noting that the proposed new bill 'Karnataka Shops and Commercial Establishments (Amendment)
Auto major Maruti Suzuki India on Friday said it was partly affected by the global outage of Microsoft systems and production and despatch operations halted briefly. The company, however, said it has been able to resume operations. "A global IT issue affected several companies across several countries today. This problem was encountered in our company also," Maruti Suzuki India said in a regulatory filing. The car market leader further said it immediately initiated precautionary and remedial measures "and production/despatch operations were briefly halted". "The company has been able to resume its operations now," Maruti Suzuki said, adding, it does not anticipate any material impact of this incident on its performance. Microsoft users globally, including several in India, have reported massive outages in services, with outage tracking website Downdetector showing users flagging disruptions across various services. There have been reports of disruptions in functioning of several
Sees 7.1% rise in Q1 earnings, 100 bps improvement in margin to 21.1%
Domestically, foreign institutional investors were net buyers on July 16, acquiring shares worth Rs 1,271.45 crore, whereas domestic institutional investors sold shares worth Rs 529.48 crore.
The country's largest IT services exporter TCS has reached pre-pandemic levels on the percentage of employees working from offices, a top official has said. Admitting that it took longer than expected, the Tata group company's chief of human resources Milind Lakkad said the levels have been achieved after 18 months of "hard" efforts. "We actually have come to the point where we believe we are coming back to almost the same levels as we were pre-pandemic times," Lakkad told PTI. Stating that "it is kind of a business as usual" for the company employing over 6 lakh people, Lakkad said TCS will not track this metric as much in the next couple of quarters. The number of employees working from offices for five days a week is higher than the 70 per cent it had previously announced, he said, without giving a figure. It can be noted that the pandemic-induced lockdowns resulted in the entire IT industry's staff delivering work from their homes, but companies, who look at working from offic
India has the talent and deep expertise to become a global player in the semiconductor industry which is a vital sector for the country, Ministry of Electronics and Information Technology, Secretary, S Krishnan said. The government was helping industries to create the ecosystem to build the semiconductors, he said. Krishnan made those comments at a conference organised by fabless semiconductor firm iVP Semiconductor Pvt Ltd here on Saturday. Global management consulting firm McKinsey has predicted that the semiconductor industry is expected to become a trillion dollar industry worldwide, while India Electronics and Semiconductor Association (IESA) estimates the sector to touch USD 100 billion by 2030. India is rapidly becoming one of the biggest markets for electronics, automotive, Electric Vehicles and a significant hub for technical expertise. "The semiconductor industry is vital for the country and India has the talent, deep expertise and scalability to be a global player. The
But, Q1FY25 could rank among the weakest in the past decade
IT firm to follow 'three-pronged' strategy for revenue and profitability predictability, says Mohit Joshi
Portfolio management firm Emkay Investment Managers Ltd (EIML) on Thursday announced the launch of an alternative investment fund -- Emkay Capital Builder Fund-- through which it is aiming to mobilise Rs 500 crore in the next 6 to 8 months. The open-ended category III Alternative Investment Fund (AIF) -- Emkay Capital Builder Fund-- is hoping to generate long-term capital appreciation for investors from a portfolio of equity and equity-related securities. This will be a multi-cap portfolio of around 20-25 stocks. "Emkay Capital Builder AIF caters to the growing preference for Alternative Investment Funds as an investment avenue amongst UHNIs in India. Our bottom-up stock-picking strategy will help in formulating a winning AIF portfolio backed by the robust E-Qual model to mitigate risks related to management quality," Sachin Shah, Executive Director and Fund Manager, Emkay Investment Managers Ltd, said. In a webinar on opportunities in AIFs, the portfolio management firm said," EIM
HR analysts and college placements offices that Business Standard spoke to said fresher hiring by the top five IT firms has been the lowest in this financial year so far
The salary of a fresher engineer joining the IT services sector starts at around Rs 3.5 lakh per annum. Whereas, freshers who get selected through this tiered framework can get 6.25-12 lakh per annum
The uptick in share price came after the IT major announced that it has entered into a long-term strategic partnership agreement with Google Cloud, to drive innovative solutions
The share was also the top gainer on both the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE)
IT major Wipro on Monday said it has appointed Bruno Schenk as the Country Head and Managing Director for Switzerland, with immediate effect. He will report to Wipro's Europe CEO Pierre Bruno. Schenk is taking over from Ren Mulder, who has decided to explore new opportunities beyond Wipro, the company said. Schenk was previously the CEO of Eviden Switzerland, an Atos business. "I extend a warm welcome to Schenk, and I look forward to the insights, energy and rigour he will bring to our clients and teams in Switzerland and as part of our Europe Leadership Team," said Pierre Bruno. "Ren and Schenk will work together closely over the coming weeks to ensure a smooth transition. I'd like to thank Ren for his leadership over the last four years, delivering outstanding value and innovation and for building a strong, client-focused team in the region," he said. In May, Wipro appointed Sarat Chand as regional head and managing director of its northern Europe region.
Computing hardware manufacturing firm Mega Networks (Meganet) is en route to entering the Rs 1,000 crore club in terms of revenue in the next two years, founder and CEO Amrish Pipada said. During an interaction with PTI, Pipada extensively discussed the firm's expansion plans, its strategy to encash India's burgeoning AI server market, and the role of the Production Linked Incentive (PLI) scheme in its growth. The CEO exuded confidence in the company's capabilities and said the homegrown firm is set to achieve a 30-40 per cent revenue growth in FY25. Meganet recorded a revenue of Rs 300 crore in FY24. "We are on track to join the Rs 1,000 crore club within the next two years on the back of evolving demands and our growth strategy. This involves accelerating our core business by focusing on delivering high-quality products and services, investing in marketing and operational efficiency, and expanding into high-potential emerging technologies such as semiconductors fabrication, ...
Even as overall job opportunities in the IT sector declined by 3.6 per cent nationwide, openings gained traction in technology hubs Bengaluru and Hyderabad that saw a growth of 24 per cent and 41.5 per cent, respectively, during April, a report said on Friday. According to data from Indeed, job postings in the IT sector have increased by 41.5 per cent in Hyderabad and 24 per cent in Bengaluru, highlighting the growing prominence of these cities as top destinations for IT professionals. There has also been a significant growth in job clicks, with a 161 per cent rise in job seeker interest in Hyderabad and an 80 per cent increase in Bengaluru, the report added. Overall, there has been a decrease in IT job opportunities nationally, with job postings declining by 3.6 per cent, indicating that tech companies are being cautious in hiring due to the uncertain global economic climate, said the report. The report is based on data related to job postings and job clicks on Indeed's platform i