It-software Sector

Software services export grows to $205.2 bn in FY24, US major destination

India's total exports of software services, including services delivered by foreign affiliates of Indian companies, increased to USD 205.2 billion during 2023-24 from USD 200.6 billion in the previous fiscal, according to a Reserve Bank survey. India's exports of software services (excluding their sales through overseas commercial presence) increased by 2.8 per cent during 2023-24 to USD 190.7 billion, according to the data related to the 2023-24 round of RBI annual survey on computer software and information technology enabled-services (ITES) exports. The US was the major software export destination with a 54 per cent share, followed by Europe (31 per cent share), where the United Kingdom was a major destination country, according to the data. In the survey, 7,226 software export companies were contacted, of which 2,266 firms, including most of the large companies, responded. The participating companies together accounted for nearly 89 per cent of total software services ...

After 2-year delay, Infosys finally sends joining dates to 1,000 graduates

If Infosys fails to honour commitment and breaches joining date, NITES will organise a protest right in front of its office, said Harpreet Singh Saluja, president of the IT employee union

Indian SaaS sector likely to reach a market size of $50 billion by 2030

Amongst the surveyed organisations, 99 per cent of firms in India said that they plan to increase their cyber budgets, with half of them anticipating a 6-15 per cent rise

Future beyond software: How can India bring next wave of lucrative jobs?

Policymakers in New Delhi have their sight on China's factory-to-the-world crown. They are spending $24 billion over five years on production-linked incentives

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 .

Newgen Software Q4 result: Net profit up 32% at Rs 105 cr, revenue up 23%

Tech firm Newgen Software Technologies on Tuesday posted a 31.67 per cent increase in consolidated net profit (attributable to shareholders of the company) to Rs 105.26 crore for the fourth quarter ended March 2024. The company had reported a net profit of Rs 79.94 crore in the year-ago period. Revenue from operations, driven by strong growth in Europe, Middle East, and Africa (EMEA) and India region, rose 23.01 per cent year-on year to Rs 375.26 crore, as against Rs 305.05 crore in Q4FY23, according to a BSE filing. The largest share of revenue was brought in by the banking vertical (73 per cent), followed by insurance (8 per cent), and Govt/PSUs (5 per cent). For the full FY24, the company's profit stood at Rs 251.60 crore, a 42.13 per cent ascent from the previous fiscal's Rs 177.01 crore. Revenue for the year was 27.70 per cent higher at Rs 1,243.82 crore. "We are delighted to close another good growth year in terms of revenue and profit with strong growth in India and EMEA .

Azim Premji's family office to invest more money in AI to prop $10 bn fund

PremjiInvest, the largest Indian family office that manages over $10 billion for software tycoon Azim Premji, will invest more money into AI companies while fine-tuning its AI investment tools

Microsoft lays off 1,900 Activision Blizzard, Xbox employees: Report

Blizzard President Mike Ybarra and Chief Design Officer Allen Adham are also leaving the company, while a previously announced survival game by Blizzard has been canceled, the report said

Software firm Ebix files bankruptcy after short-seller attacks, debt woes

Publicly traded Ebix is the parent of Indian fintech company EbixCash, which facilitates payments, foreign exchange and prepaid gift cards.

LTIMindtree expands presence in LATAM, opens delivery centre in New Mexico

The delivery centre, inaugurated on December 14, will enable workforce transformation and localisation for LTIMindtree in the Americas

India a fair market with large opportunity where anyone can compete: NetApp

Global software company NetApp feels that the lack of domestic vendors makes the Indian market an open one where anyone can compete on a fair basis, as per a top company official. The San Jose, US-headquartered company wants to make India the biggest market in Asia in the medium term by overtaking Japan. Its Kerala-born chief executive George Kurian said Asia is performing better than the rest of world, and the company will be targeting to increase the share of revenues from the continent to 20 per cent from the present 18 per cent. Size and scope of the Indian market is strong, it is the fastest growing large GDP in the worldand there is no domestic vendor, so the Indian market is open for everybody to compete on a fair basis. That's why we believe it's a good opportunity, Kurian told PTI on the sidelines of the company's annual event Insight' here. He said an increasing number of multinationals are putting up their technology centres in India, and many American companies are maki

Microsoft chief executive officer Nadella touts promise of 'age of AI'

The US is the 2023 rotating host for events tied to the 21-member APEC group, which originated in a vision laid out by Australia in the late 1980

Changing business models of auto OEMs creating new opportunities: KPIT CFO

KPIT has recently revised its constant currency revenue growth outlook for 2023-24 (FY24) to over 37 per cent, up from the earlier guidance of 27-30 per cent

Kerala's Technopark records software exports worth Rs 11,630 cr for FY23

Kerala's pioneer IT hub Technopark here has reported a remarkable surge in software export revenue for the financial year 2022-23. The organization saw a substantial increase of Rs 1,855 crores in export revenue, registering a 19 per cent growth compared to the previous fiscal year, a statement said here on Wednesday. Also, the Technopark has consistently maintained an A+ stable rating from CRISIL (Credit Rating Information Service of India Limited) for the last three years, underscoring its robust financial performance and seamless transactions. The campus spread over 768.63 acres with 11.22 million sq. ft of built up space, currently hosts 72,000 employees across 486 companies. In the last financial year, 46 companies opened new IT/ITeS offices in Technopark and during that time, Technopark's software export revenue from 465 companies was Rs 9,775 crores, it said. This fiscal year it has reached Rs 11,630 crores, which is an excellent growth curve. Col Sanjeev Nair (Retd), CEO

TCS announces multi-year tech support deal with British retail firm Asda

Indian firm will build a new digital core to streamline Asda's supply chain forecasting, merchandising processes

Between manufacturing and services, can AI show India a third way to grow?

Even if generative artificial intelligence has been overhyped, it's safe to assume that ChatGPT-type bots will only get better at routine tasks like writing computer software

Salesforce CEO terms AI amazing; stresses on aspects of trust, values

Salesforce CEO Marc Benioff described advances in Artificial Intelligence as "amazing" and "incredible", while drawing attention to tenets of trust and value and outlining the company's commitment to building trusted AI platform for customer companies. Technology is moving faster than ever, right from cloud, to mobile, to social and "now a burst of AI" is "nothing like any of us have seen before", Benioff said at Salesforce's flagship event, Dreamforce. Benioff noted that business is the greatest platform for change, his keynote address filled with references to AI, and, in equal measure, on aspects of values and trust. He emphasised on Salesforce's tenets of trusted, ethical and humane AI. "It is amazing what is happening with AI. It is incredible what is going on," said the top honcho of the world's third largest software company, whose revenue in FY23 stood at USD 31.4 billion dollars. "Technology is also moving faster than ever. We have seen over and over again from cloud to ..

Generative AI in Manufacturing : A transformational alliance

The manufacturing industry in Bharat can attempt to deploy basic AI / ML techniques far more creatively than it does today

Why small and microcaps are rocketing

The question on everyone's mind is, will this be sustainable? The answer is not simple

Software firm Hexaware announces 100-120% variable pay to all employees

Software services firm Hexaware Technologies Wednesday announced up to 120 per cent variable pay to its more than 28,500 employees. The payout ranges from 100 per cent to all employees and up to 120 per cent for high performers who have shown exceptional performance for two years, the city-based company said in a statement. Of its 28,500 employees, as many as 20,000 are based in India. Despite the prevailing economic volatility where companies have put hiring on hold, Hexaware has committed to on-board around 6,000 experienced professionals this year, it said. While the entire software industry is facing high attrition levels, the company claimed that its employee retention has seen a significant leap, jumping from 68 per cent in 2021 to 73 per cent in 2022. In 2022, Hexaware's revenues grew over 25 per cent in constant currency terms. The company is confident of maintaining this growth pace in 2023 in spite of the anticipated macroeconomic headwinds. Chief operating officer Vin