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Indian shares close at record high as COVID-19 curbs ease
  + stars: | 2021-06-11 | by ( Reuters Staff | ) www.reuters.com + 0.89   time to read: +2 min
BENGALURU (Reuters) - Indian shares ended at a record high on Friday, gaining for a fourth consecutive week as more states eased pandemic restrictions, with investors seeming confident that high U.S. inflation was transitory following the latest reading. FILE PHOTO: People walk past the Bombay Stock Exchange (BSE) building in Mumbai, India, November 4, 2020. REUTERS/Francis Mascarenhas/File photoThe blue-chip NSE Nifty 50 index rose 0.39% to 15,799.35 and the benchmark S&P BSE Sensex closed 0.33% higher at 52,474.76. The southern Indian state of Karnataka, home to the tech hub Bengaluru, announced on Thursday it would ease some COVID-19 restrictions in a phased manner. The country’s richest state Maharashtra, Prime Minister Narendra Modi’s home state of Gujarat and the Indian capital New Delhi have already announced relaxations.
Persons: Francis Mascarenhas, ” Amar Ambani, Narendra Modi’s Organizations: Bombay Stock Exchange, REUTERS, BSE, Yes Securities, Reliance Industries Ltd, Infosys Ltd, Tata Consultancy Services, Steel Authority of India Ltd Locations: BENGALURU, Mumbai, India, Karnataka, Bengaluru, Maharashtra, Gujarat, New Delhi
Indian shares open higher as IT, energy firms gain
  + stars: | 2021-06-10 | by ( Reuters Staff | ) www.reuters.com sentiment -0.58   time to read: +1 min
FILE PHOTO: A man walks past the Bombay Stock Exchange (BSE) building in Mumbai, India, March 6, 2020. REUTERS/Francis Mascarenhas/File photoBENGALURU (Reuters) - Indian shares rose on Thursday, with information technology and energy companies gaining the most, as investors awaited U.S. inflation data and the outcome of a European Central Bank meeting later in the day. The blue-chip NSE Nifty 50 index was up 0.35% at 15,681.80 and the benchmark S&P BSE Sensex rose 0.30% to 52,103.55 by 0346 GMT. Reliance Industries Ltd, Infosys Ltd and Tata Consultancy Services Ltd were among the top boosts to the Nifty 50, gaining between 0.7% and 0.8%. The Nifty IT index, which has gained 2% so far this week, was up 0.89%.
Persons: Francis Mascarenhas Organizations: Bombay Stock Exchange, REUTERS, European Central Bank, BSE, Reliance Industries Ltd, Infosys Ltd, Tata Consultancy Services, Federal Locations: Mumbai, India, BENGALURU, U.S
Indian tech braces for its second coming of age
  + stars: | 2021-06-10 | by ( ) www.reuters.com + 0.00   time to read: +3 min
REUTERS/Sivaram VIt’s shaping up to be a defining year for Indian technology. The rise of Indian outsourcers such as Tata Consultancy Services (TCS.NS) in the 1990s defined the first golden age. Biggies include Walmart-owned (WMT.N) e-tailer Flipkart, which is raising funds at a mooted $40 billion valuation and eyeing a listing in New York over the next year or so. Fortunately, Indian startups are already maturing. Since 2019, top Indian tech investor SoftBank (9984.T) has deployed its capital judiciously, forcing companies to focus on their bottom line.
Persons: Steve Jobs, Mukesh Ambani, Jack Ma’s Ant Organizations: Apple, Kinfra High Tech, REUTERS, Tata Consultancy Services, Credit Suisse, Biggies, Walmart, HDFC Bank, Hindustan Unilever, Mobile, Reliance Industries, Financial, Bloomberg Locations: Kinfra, Indian, Kochi, New York, India, Paytm, New Delhi, Beijing, Mumbai
REUTERS/Francis Mascarenhas/File photoBENGALURU (Reuters) - Indian shares edged up on Tuesday, extending gains from a record high close in the previous session, as the government offered free COVID-19 vaccines to all adults, boosting sentiment as parts of the country ease restrictions. Both the indexes closed at a record high on Monday, bolstered by hopes that the economy would pick up as some states eased COVID-19 lockdowns. India will provide free COVID-19 vaccines to all adults, Prime Minister Narendra Modi said on Monday after markets closed, in an effort to rein in a pandemic that has killed hundreds of thousands. Technology stocks boosted the Nifty 50 index, with software services firms Infosys Ltd and Tata Consultancy Services Ltd rising 1.1% and 0.8%, respectively. The Nifty IT index was up 1.1%, hitting a record high and leading gains among other subindexes.
Persons: Francis Mascarenhas, Narendra Modi Organizations: Bombay Stock Exchange, REUTERS, BSE Sensex, Infosys Ltd, Tata Consultancy Services Locations: Mumbai, India, BENGALURU, COVID
Indian shares erase gains as global inflation worries weigh
  + stars: | 2021-06-08 | by ( Rama | ) www.reuters.com sentiment -1.00   time to read: +2 min
REUTERS/Francis Mascarenhas/File photoThe blue-chip NSE Nifty 50 index fell 0.20% to 15,716.40 and the benchmark S&P BSE Sensex was down 0.18% at 52,243.87 by 0541 GMT. “Markets are at slightly elevated valuations and seeing routine profit taking due to global inflation worries,” said Anita Gandhi, director at Arihant Capital Markets. Investors are awaiting U.S. inflation data due later this week for clarity on tapering of policy support from the Federal Reserve. Top private-sector lender HDFC Bank Ltd and conglomerate Reliance Industries Ltd were among the top drags to the Nifty 50 index, falling 1% and 0.8%, respectively. The Nifty PSU Bank Index, which tracks state-owned banks, fell 1.72% and the Nifty Bank Index was down 1.04%.
Persons: Francis Mascarenhas, , Anita Gandhi Organizations: Bombay Stock Exchange, REUTERS, BSE, Arihant, Markets, Investors, Federal Reserve, European Central Bank, HDFC Bank Ltd, Reliance Industries, Nifty, Infosys Ltd, Tata Consultancy Services Locations: BENGALURU, financials, Mumbai, India
Indian shares flat as financials counter gains in IT stocks
  + stars: | 2021-05-27 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: +1 min
REUTERS/Francis MascarenhasBENGALURU (Reuters) - Indian shares were largely unchanged early on Thursday, as losses in heavyweight financials offset gains in information technology stocks. The blue-chip NSE Nifty 50 index was down 0.09% at 15,283.85 by 0356 GMT, while the benchmark S&P BSE Sensex was 0.16% lower at 50,928.31. Shares of Tata Consultancy Services Ltd and Infosys Ltd extended gains to a third straight session, adding nearly 1% each and cushioning losses on the Nifty. Lenders HDFC Ltd and HDFC Bank Ltd were the top drags to the Nifty 50 index, losing 0.54% and 0.46%, respectively. On Thursday, India’s tally of COVID-19 cases rose by 211,298 over the last 24 hours, while deaths rose by 3,847.
Persons: Francis Mascarenhas BENGALURU Organizations: Bombay Stock Exchange, REUTERS, BSE, Tata Consultancy Services Ltd, Infosys, HDFC, HDFC Bank, Bharat Petroleum Corporation Ltd, Eicher Motors Ltd, Sun Pharmaceutical Industries Locations: Mumbai, India, COVID, China
Global Companies Retool as Covid-19 Surge Hits India’s Tech Talent
  + stars: | 2021-05-26 | by ( Angus Loten | ) www.wsj.com + 0.00   time to read: +6 min
Fairfax, Va.-based software company 3Pillar Global Inc. said that 70 of 342 workers at its Noida, India, office have been infected with Covid-19 since April. Nearly all Fortune 500 companies in the first quarter of the year had some level of exposure to India’s Covid-19 crisis in their IT operations, according to consulting firm Hackett Group Inc. Many global companies procure tech workers through India’s giant outsourcing firms, including Tata Consultancy Services Ltd. , Infosys Ltd. and Wipro Ltd. , along with smaller IT service providers. Related Video India's Covid-19 crisis has resulted in record numbers of cases and deaths. In India, nearly all the company’s workers who had Covid-19 are back on the job, working from home.
Persons: , Dave Sawatzky, Sawatzky, , Dion Hinchcliffe, Mr, Hinchcliffe, India’s, Hackett, Jaideep Thyagarajan, Charlie Giancarlo, Giancarlo, Samuel Rajkumar, Jon Butler, , 3Pillar, Angus Loten Organizations: 3Pillar Global Inc, Inc, 3Pillar, Constellation Research Inc, Fortune, Hackett Group Inc, Tata Consultancy Services Ltd, Infosys Ltd, Wipro Ltd, Gartner Inc, Reuters, StrategyShore Locations: India, Fairfax, Va, Noida, Mexico, Costa Rica, Guatemala, Romania, Delhi, Covid, U.S, Calif
An employee of Tata Consultancy Services (TCS) works inside the company headquarters in Mumbai March 14, 2013. REUTERS/Danish Siddiqui/File PhotoIndian software company Tata Consultancy Services Ltd (TCS.NS) (TCS) is seeing acceleration in some parts of its business across Europe as the pandemic pushed companies to adopt new technologies more rapidly, a top executive said. Europe has been the fastest growing region for TCS from where it gets about a third of its annual revenue of $22.17 billion. He expects TCS to operate in newer technologies like 5G which could be applied in industries like manufacturing and automotive. It last week launched a co-innovation and advanced research center in Amsterdam to work with clients to adopt newer technologies, and plans to make it 5G enabled in the next few months.
Persons: Danish Siddiqui, Chapalapalli Organizations: Tata Consultancy Services, REUTERS, Danish, TCS, Deutsche Bank, SAP, ASML, Infineon, ABB, Thomson Locations: Mumbai, Europe, TCS Europe, Amsterdam
India’s Covid-19 Crisis Tests the World’s Back Offices
  + stars: | 2021-05-22 | by ( Newley Purnell | ) www.wsj.com sentiment -0.98   time to read: +1 min
India’s giant outsourcing firms are facing a two-front challenge: protecting the health of millions of employees as the nation suffers the world’s worst Covid-19 crisis, and ensuring that their work continues as usual for the big Western companies on their client lists. “I don’t think anyone can downplay the challenge,” said Sandip Patel, International Business Machines Corp.’s managing director for India. IBM is working to vaccinate its 100,000-plus staff in India, and providing them with services such as medically supervised quarantining in hotels. “What we’re going through right now has no management or operational playbook,” Mr. Patel said. India has logged more than 25 million Covid-19 infections and over 280,000 deaths; months earlier, it appeared the nation had contained a first surge of the virus.
Persons: , Sandip Patel, Mr, Patel Organizations: Companies, Infosys Ltd, Wipro Ltd, Tata Consultancy Services Ltd, TCS, Bank of America Corp, Citigroup Inc, , Citibank, Vanguard Group, International Business Machines Corp, India, IBM Locations: India
Metals, IT drag India's Nifty lower as COVID-19 cases cross 24 mln
  + stars: | 2021-05-14 | by ( Chris Thomas | ) www.reuters.com sentiment -1.00   time to read: +2 min
The NSE Nifty 50 index slipped 0.13% to 14,677.8, while the S&P BSE Sensex was 0.09% higher at 48,732.55. Both indexes finished the holiday-shortened week 1% lower after losses earlier in the week on U.S. inflation worries. The Nifty Metal index dropped 3.8% as metal prices slid after a record-setting rally, while IT firms Tata Consultancy Services and Infosys fell 1.2% and 0.8%, respectively. The Nifty Pharma index gave up early gains to settle 1.3% lower, but still registered its eighth week of gains. Asian Paints soared 8.5% after reporting a jump in quarterly profit and was the top boost to the Nifty.
Persons: , Saurabh Jain, Darren Aw, UPL, Chris Thomas, Maju Samuel Organizations: Paints, NSE, BSE, SMC Global Securities, Capital Economics, Tata Consultancy Services, Infosys, ITC, Asian Paints Locations: BENGALURU, Asia, Bengaluru
Indian shares flat, Asian Paints soars after strong results
  + stars: | 2021-05-14 | by ( Chris Thomas | ) www.reuters.com sentiment -0.99   time to read: +2 min
BENGALURU (Reuters) - India’s benchmark Nifty 50 stock index was flat in volatile trading on Friday as losses in heavyweight IT and financial shares offset a surge in Asian Paints following strong quarterly results. REUTERS/Francis MascarenhasThe NSE Nifty 50 index edged down 0.09% to 14,683.2 by 0459 GMT, while the S&P BSE Sensex was 0.03% higher at 48,702.98. Both indexes are set to finish the holiday-shortened week about 1% lower after losses earlier in the week on U.S. inflation worries. Agrochemical maker UPL surged 9.4% to a near 26-year high after solid quarterly results and upbeat forecast. Nifty components Larsen & Toubro, Cipla and Dr Reddy’s Laboratories are scheduled to report results on Friday.
Persons: Francis Mascarenhas, , Siddharth Purohit, UPL, Larsen, Toubro Organizations: Paints, Bombay Stock Exchange, REUTERS, BSE, SMC Global Securities, , Asian Paints, Tata Consultancy Services, Infosys, Reddy’s Laboratories Locations: BENGALURU, Mumbai, India
Indian shares end four-day rally on inflation worries
  + stars: | 2021-05-11 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: +2 min
BENGALURU (Reuters) - Indian shares snapped a four-session rally on Tuesday as financial and IT stocks slid amid worries that a potential acceleration in U.S. inflation could lead to foreign fund outflows from the region. REUTERS/Francis MascarenhasThe NSE Nifty 50 index fell 0.61% to 14,850.75, while the S&P BSE Sensex slid 0.69% to 49,161.81. The Nifty Bank index fell 0.8%, with top private-sector lender HDFC Bank declining 1.2%. The Nifty Metal index dropped 0.9% after a commodity-driven four-day rally to record highs, while IT majors Infosys and Tata Consultancy Services slipped 0.7% each. State-run firms Coal India, NTPC, Indian Oil Corp and GAIL were among the top gainers in the Nifty 50, rising 4.6%-5.9%.
Persons: Francis Mascarenhas, GLOB, , Gaurav Garg, India’s, Sensex, GAIL Organizations: Bombay Stock Exchange, REUTERS, BSE, Stock, CapitalVia, Reserve Bank of, HDFC Bank, Infosys, Tata Consultancy Services, Coal India, Indian Oil Corp Locations: BENGALURU, Mumbai, India, Asia, Europe, United States, Reserve Bank of India
Software professionals assisting municipal authorities work on their terminals inside a "war room" focused on tracking the spread of the coronavirus disease (COVID-19) at the Bruhat Bengaluru Mahanagara Palike office in Bengaluru, India July 2, 2020. REUTERS/Nivedita BhattacharjeeThe city of Bengaluru, home to the technology operations of hundreds of global companies, is to enter a two-week lockdown as India battles a sharp surge in COVID-19 infections, officials said on Monday. Karnataka state, of which Bengaluru is capital, will also lock down from Tuesday evening for 14 days, the state chief minister, B.S. Thomson Reuters (TRI.TO), parent of Reuters News, has operations in Bengaluru, including its news division. The curbs come as India's hospitals, both in Bengaluru and elsewhere, are overwhelmed by a flood of patient admissions.
Persons: Yediyurappa, Goldman Sachs Organizations: REUTERS, World Health, Microsoft, Infosys, Wipro, Tata Consultancy Services, Thomson Reuters, Reuters, Thomson Locations: Bengaluru, India, Karnataka, Delhi, Mumbai
TCS sees 'significant opportunities' across markets
  + stars: | 2021-04-13 | by ( ) www.cnbc.com + 1.00   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTCS sees 'significant opportunities' across marketsHaving seen a stellar financial performance in FY2020/21, COO of Tata Consultancy Services N. Ganapathy Subramaniam is looking forward to more growth in the coming financial year.
Persons: Ganapathy Subramaniam Organizations: TCS, Tata Consultancy Services
Indian shares gain over 2% as banks, JSW Steel rise after Bhushan deal
  + stars: | 2021-03-30 | by ( Sethuraman N R | ) www.reuters.com sentiment -0.97   time to read: +2 min
REUTERS/Shailesh Andrade/FilesThe blue-chip NSE Nifty 50 index rose 2.3% to 14,845.10 and the benchmark S&P BSE Sensex gained 2.2% at 50,084. Major lenders to Bhushan, including State Bank of India Punjab National Bank, Canara Bank gained more than 1% each and ICICI Bank rose 2.3%. The Nifty bank index added 1.7% and the public sector bank index gained 0.7%. The Nifty metals index climbed 2.8%, while the Nifty information technology index rose 2.9% on expectations of strong results in the upcoming quarter, analysts said. Shares of Manganese Ore (India) Ltd jumped 13%, while Steel Authority of India Ltd, Jindal Steel, Tata Steel rose between 3% and 5%.
Persons: Shailesh Andrade, JSW, , Saurabh Jain, Bhushan Organizations: JSW Steel, REUTERS, BSE Sensex, Bhushan Steel, SMC Global Securities, State Bank of India Punjab National Bank, Canara Bank, ICICI Bank, Steel Authority of India Ltd, Jindal Steel, Tata Steel, Technology, Infosys, Tata Consultancy Services, Nazara Technologies Locations: BENGALURU, Mumbai, financials, New Delhi, India
REUTERS/Danish Siddiqui/FilesThe blue-chip NSE Nifty 50 index rose 1.27% to 14,507.30 and the benchmark S&P BSE Sensex gained 1.2% to 49,008.50. India’s top court backed the removal of Tata Group’s former chairman Cyrus Mistry, whose family firm owns an 18% stake in the group holding company, Tata Sons. Shares of Tata Consultancy Services, Tata Motors, Tata Steel, Tata Consumer and Tata Power rose between 1% and 7% after the verdict. Also boosting sentiment, world stocks gained on optimism about a global economic recovery and the week’s easing of global bond market yields. The Nifty bank index rose 0.9% on Friday, having fallen more than 6% in the past two weeks.
Persons: Danish Siddiqui, Tata, Cyrus Mistry, , Saurabh Jain Organizations: Tata Group, REUTERS, Danish, BSE Sensex, Tata Sons, Tata Consultancy Services, Tata Motors, Tata Steel, Tata Consumer, Tata Power, SMC Global Securities Locations: BENGALURU, Mumbai, India, New Delhi
Indian shares fall over 1% as surging COVID-19 cases renew growth worries
  + stars: | 2021-03-25 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: +1 min
BENGALURU, March 25 (Reuters) - Indian shares closed sharply lower for a second straight session on Thursday, led by losses in energy and technology companies, due to renewed concerns over the impact of surging coronavirus cases on economic growth. The blue-chip NSE Nifty 50 index and the benchmark S&P BSE Sensex each fell 1.5% to 14,324.90 and 48,440.12, respectively. India’s daily COVID-19 cases hit a five-month high on Thursday and the country put a temporary hold on all major exports of the AstraZeneca coronavirus shot made by the Serum Institute of India to meet domestic demand. The Nifty energy index fell 2.9%, dragged down by a 2.7% fall in heavyweight Reliance Industries. The Nifty information technology index fell 2.2%, led by a more than 1% drop in Infosys and Tata Consultancy Services.
Persons: AstraZeneca coronavirus, Aditi Nayar, ICRA, Shaktikanta Das, Nallur, Vinay Dwivedi Organizations: BSE, AstraZeneca, Serum Institute of India, Reliance Industries, Infosys, Tata Consultancy Services, Laxmi Organic Industries, Automation Locations: BENGALURU, India, COVID, Mumbai, Bengaluru
Indian shares fall 1% as surging coronavirus cases spook investors
  + stars: | 2021-03-25 | by ( Sethuraman N R | ) www.reuters.com sentiment -1.00   time to read: +2 min
BENGALURU (Reuters) - Indian shares fell sharply for a second straight session on Thursday, led by losses in financial and technology companies, on concerns over the possibility of fresh restrictions to curb the spread of coronavirus cases. REUTERS/Shailesh Andrade/FilesThe blue-chip NSE Nifty 50 index and the benchmark S&P BSE Sensex fell 1% to 14,405 and 48,675.66, respectively, as of 0507 GMT. The indexes had dropped nearly 2% in the previous session. India’s Nifty bank index fell 1.3% and the public sector bank index dropped 2.4%. The Nifty information technology index fell 1.3%.
Persons: Shailesh Andrade, AstraZeneca coronavirus, ” KK Organizations: REUTERS, BSE, AstraZeneca, Serum Institute of India, , ” KK Mittal, Venus India, Analysts, Reliance Industries, Tata Consultancy Services, Laxmi Organic Industries, Automation Locations: BENGALURU, Mumbai, COVID
Sensex, Nifty hit record high as banks, Airtel gain
  + stars: | 2021-01-13 | by ( Sethuraman N R | ) www.reuters.com + 0.88   time to read: +2 min
The blue-chip NSE Nifty 50 index rose 0.4% to 14,628 and the benchmark S&P BSE Sensex was up 0.35% at 49,699.16 by 0441 GMT. The Nifty bank index gained 0.9%, while the public sector banking index rose 2.3%. Corporate earnings so far has given confidence to investors, while the liquidity is also supportive with foreign investors continuing to be net buyers, Gandhi said. Tata Elxsi Ltd shares rose 9.5% after reporting a surge in December-quarter profit and revenue. Foreign investors pumped more than $20 billion into Indian equities last year, according to Refinitiv Eikon data.
Persons: Francis Mascarenhas, , Anita Gandhi, Gandhi Organizations: Bharti Airtel, Bombay Stock Exchange, REUTERS, Infosys, Wipro, BSE Sensex, Arihant, Tata Elxsi Ltd, Tata Consultancy Services Locations: BENGALURU, Mumbai, India
Indian shares end flat; Infosys gains ahead of results
  + stars: | 2021-01-13 | by ( Reuters Staff | ) www.reuters.com sentiment -0.99   time to read: +1 min
BENGALURU (Reuters) - Indian shares ended mostly unchanged on Wednesday as losses in HDFC and Reliance Industries were offset by gains in tech heavy weight Infosys ahead of its quarterly earnings. The Nifty ended down 0.04% to 14,564 and the benchmark Sensex was up 0.03% at 49,530. The Nifty bank index gained 0.6% and the public sector banking index rose 3%. Tata Elxsi Ltd shares rose 13.62%, hitting a record high after reporting a surge in December-quarter profit and revenue. Infosys shares ended up 1.3%, while Wipro gained 0.1%.
Persons: Francis Mascarenhas, Morgan Stanley Organizations: Reliance Industries, Infosys, Bombay Stock Exchange, REUTERS, Wipro, Tata Elxsi Ltd, Tata Consultancy Services, Housing Development Finance Ltd, Bharti Airtel, Mahindra Locations: BENGALURU, HDFC, Mumbai, India
CIOs Expect Tech Investments to Climb in 2021
  + stars: | 2020-12-23 | by ( Angus Loten | ) www.wsj.com + 0.00   time to read: +5 min
That is helping tech executives bolster the case to invest in these and other advanced tools, including artificial intelligence, chief information officers and other IT officials say. Newsletter Sign-up CIO Journal The Morning Download delivers daily insights and news on business technology from the CIO Journal team. Ms. Leibman was one of 45 IT executives who responded via email to CIO Journal’s annual end-of-year questionnaire on technology spending forecasts and other issues. “The pandemic allowed us to justify the business case,” Mr. Mazumder said. Etsy Inc. completed a two-year migration to Google Cloud less than a month before Covid-19 reached the U.S., said Mike Fisher, the online marketplace’s chief technology officer.
Persons: , Maya Leibman, you’re, Leibman, Cathy Bessant, Bessant, Abhijit, Mr, Mazumder, it’s, Gartner, Mike Fisher, Fisher, Mike McNamara, Jacqui Guichelaar, Brian Fox, ” Mr, Fox, Angus Loten Organizations: American Airlines Group Inc, Bank of America Corp, Tata Consultancy, Tata Consultancy Services Ltd, Global, Gartner Inc, Gartner, Etsy Inc, Google, Target Corp, Cisco Systems Inc, Sonatype Inc
Deutsche Bank to sell IT unit to Tata as it trims staff
  + stars: | 2020-11-09 | by ( Reuters Staff | ) www.reuters.com + 0.89   time to read: +1 min
FILE PHOTO: A statue is pictured next to the logo of Germany's Deutsche Bank in Frankfurt, Germany September 30, 2016. REUTERS/Kai PfaffenbachFRANKFURT (Reuters) - Germany's Deutsche Bank DBKGn.DE has agreed to sell its IT services division Postbank Systems to India's Tata Consultancy Services TCS.NS, it said on Monday. Postbank Systems has around 1,500 employees, mainly in the German city of Bonn. Deutsche Bank will pay TCS’s integration costs of 120 million euros ($142.69 million) as part of the deal. “As part of our move to one technology organisation, we are consolidating the IT platform for our retail banking brand Postbank into the Deutsche Bank platform,” Deutsche Bank’s Chief Technology Officer Bernd Leukert said.
Persons: Kai Pfaffenbach, Deutsche Bank DBKGn.DE, Bernd Leukert, Subramaniam Organizations: Germany's Deutsche Bank, REUTERS, Deutsche Bank, Postbank Systems, India's Tata Consultancy Services, Deutsche Bank’s, TCS Locations: Frankfurt, Germany, Kai Pfaffenbach FRANKFURT, German, Bonn
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