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☆ CNBC's Inside India newsletter: Will AI make or break India?
  + stars: | 2024-05-02 | by ( Ganesh Rao | ) www.cnbc.com   time to read: +9 min
But one that could foreshadow India's growth story. Can Teleperformance's stock plunge be the canary in the coal mine for what is likely to happen to India because of AI? But it's likely to be a blip for India's growth trajectory, given the macro forces at play. Besides creating jobs that are less likely to be immediately disrupted by AI, India could also be a net beneficiary of artificial intelligence. The Indian stock market indexes, Sensex and Nifty 50 , are heading for a positive week again — up by 1% and 1.2%, respectively.
Persons: Findlay Kember, Klarna, ChatGPT, K Krithivasan, Krithivasan, Narendra Modi, It's, Shilan Shah, Goldman Sachs, Vinay Dwivedi, Ashok Gulati, Nomura, League Pickleball, Karine Jean, Pierre, Jerome Powell, Raghuram Rajan, Ashish Jain, CNBC's Ayushi Jindal Organizations: AFP, Getty, India's Tata Consultancy Services, Financial Times, TCS, World Bank, International Monetary Fund, University of Oxford, Capital Economics, Investment, Nomura, Qualcomm, Powerchip Semiconductor Manufacturing, UPI, India, Commission, Agricultural, United Pickleball Association, Global Sports, PPA, League, Washington Post, White, U.S ., Federal, CNBC, Reserve Bank of India, University of Chicago Booth School of Business Locations: Swedish, Paris, India, Chennai, U.S, Europe, China, Singapore, South Korea, Canada, United States
☆ Hewlett Packard Enterprise beats quarterly profit estimates but forecast falters
  + stars: | 2023-11-28 | by ( ) www.reuters.com   time to read: +2 min
REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsNov 28 (Reuters) - Hewlett Packard Enterprise (HPE.N) beat estimates for quarterly profit on Tuesday due to easing costs but unfavorable macroeconomic conditions led to a dour forecast for the current quarter. On an adjusted basis, the "edge-to-cloud" firm earned 52 cents per share, beating analysts' average estimate of 50 cents, according to LSEG data. In the fourth quarter, Texas-based HPE's net revenue fell 7% to $7.35 billion, marginally below estimates of $7.36 billion. Compute, its largest segment, reported revenue of $2.60 billion for the quarter, down nearly 31% from a year earlier. Annualized revenue run rate, a measure of future revenue, was up 39% at $1.30 billion in the quarter ended Oct. 31.
Persons: Brendan McDermid, Arsheeya, Maju Samuel Organizations: Hewlett Packard Enterprise Co, New York Stock Exchange, REUTERS, Hewlett Packard Enterprise, IT, Accenture, India's Tata Consultancy Services, Thomson Locations: New York City, U.S, HPE, Texas, Bengaluru
☆ India's TCS to take $125 mln hit to Q3 earnings over US lawsuit
  + stars: | 2023-11-21 | by ( ) www.reuters.com   time to read: 1 min
Figurines with computers and smartphones are seen in front of Tata Consultanct Services logo in this illustration, July 24, 2022. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsBENGALURU, Nov 21 (Reuters) - India's Tata Consultancy Services (TCS.NS) on Tuesday said it will make a provision of $125 million in its third-quarter results in relation to a 2014 trade secret lawsuit filed against the company by U.S.-based EPIC Systems. (This story has been corrected to say that the lawsuit was filed in 2014, not 2016, in paragraph 1)Reporting by Varun Vyas in Bengaluru; Editing by Varun H KOur Standards: The Thomson Reuters Trust Principles.
Persons: Dado Ruvic, Varun Vyas, Varun Organizations: Tata Consultanct Services, REUTERS, Rights, India's Tata Consultancy Services, U.S, EPIC Systems, Thomson Locations: Bengaluru
☆ Indian shares set for muted opening; TCS, Cipla in focus
  + stars: | 2023-11-20 | by ( Sethuraman N R | ) www.reuters.com   time to read: +2 min
The new logo of the Bombay Stock Exchange (BSE) building is seen in Mumbai, India, July 12, 2023. REUTERS/Francis Mascarenhas/File Photo Acquire Licensing RightsBANGALORE, Nov 20 (Reuters) - Indian shares are set to open on a slightly muted note on Monday, with a focus on the global interest rate outlook after a more than 3% rally so far this month. The NSE Nifty 50 index (.NSEI) gained 1.58% last week, its best in two months, while the Sensex rose 1.37%. "Market is expected to continue its upward movement driven, by robust macro data and diminishing global concerns," SMC Global Securities said in a note. In global markets, MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) edged up 0.3%, with investors awaiting minutes of the Fed's last meeting.
Persons: Francis Mascarenhas, Nifty, Sohini Goswami Organizations: Bombay Stock Exchange, REUTERS, Rights, NSE, U.S . Federal, SMC Global Securities, India's Tata Consultancy Services, United, United States Food, Drug Administration, CFM Mozambique, General Tax Authority, Sethuraman NR, Thomson Locations: Mumbai, India, Rights BANGALORE, Asia, Pacific, Japan, United States, Qatar, Bengaluru
☆ India's TCS skids on demand recovery worries after Q2 revenue miss
  + stars: | 2023-10-12 | by ( ) www.reuters.com   time to read: +2 min
[1/2] Figurines with computers and smartphones are seen in front of Tata Consultancy Services logo in this illustration, July 24, 2022. The poor results and commentary from India's largest IT services provider took the shine off TCS' $2 billion share buyback announcement, and also slammed shares of peers. TCS' revenue rose 7.9% to 596.92 billion rupees ($7.18 billion) in the September quarter, it said after market hours on Wednesday, but fell short of the analysts' estimates of 602.44 billion rupees. In the post-earnings press conference, TCS also hinted that there was no clear picture of when discretionary spends will return. TCS shares are currently down 1.5%, bringing year-to-date gains to 11.4%, compared with the IT index's 13% rise this year.
Persons: Dado Ruvic, Jefferies, Nomura, Ashna Teresa Britto, Janane Organizations: Tata Consultancy Services, REUTERS, Rights, India's Tata Consultancy Services, Infosys, TCS, Thomson
☆ India's TCS to consider share buyback next week
  + stars: | 2023-10-06 | by ( ) www.reuters.com   time to read: +1 min
BENGALURU, Oct 6 (Reuters) - India's Tata Consultancy Services (TCS.NS) on Friday said it will consider a share buyback when its board meets next Wednesday to approve second-quarter financial results. TCS, India's largest information technology (IT) services firm, did not disclose the quantum of the buyback it was considering. It had last bought back shares worth 160 billion rupees ($1.92 billion) in 2020. The buyback comes at a time Indian IT services companies are grappling with an uncertain demand environment, especially in the U.S., a key market for the sector. ($1 = 83.1740 Indian rupees)Reporting by Chris Thomas in Bengaluru; Editing by Savio D'Souza and Varun H KOur Standards: The Thomson Reuters Trust Principles.
Persons: Chris Thomas, Savio D'Souza, Varun Organizations: India's Tata Consultancy Services, TCS, Investors, Thomson Locations: BENGALURU, Indian, U.S, Bengaluru
☆ India's TCS expands partnership with Britain's JLR in over $1 billion deal
  + stars: | 2023-09-06 | by ( ) www.reuters.com   time to read: +1 min
A member of staff works on the production line at Jaguar Land Rover’s factory in Solihull, Britain, December 15, 2022. REUTERS/Phil Noble/File photo Acquire Licensing RightsBENGALURU, Sept 6 (Reuters) - India's Tata Consultancy Services (TCS.NS) and Britain's Jaguar Land Rover (JLR) have expanded their partnership, valued at more than 800 million pounds ($1.00 billion) over five years, the two Tata Group companies said on Wednesday. As part of the partnership, India's top IT services exporter would deliver a range of services for the vehicle manufacturer spanning application development and maintenance to cloud migration, cybersecurity and data services. TCS had in June signed a $1.1 billion contract with British pension scheme Nest. Rivals Infosys (INFY.NS) signed three deals between June and August, while HCL Technologies (HCLT.NS) secured a $2.1 billion deal with U.S. telecom major Verizon last month.
Persons: Phil Noble, Nandan Mandayam, Shilpi Majumdar Organizations: REUTERS, Rights, India's Tata Consultancy Services, Rover, Tata Group, JLR, TCS, Infosys, HCL Technologies, U.S, Verizon, Thomson Locations: Solihull, Britain, India, States, Bengaluru
☆ IBM misses second-quarter revenue estimates as IT spending cools
  + stars: | 2023-07-19 | by ( Chavi Mehta | Thomson Reuters | Chavi Reports On U.S. Technology Companies | ) www.reuters.com   time to read: +2 min
July 19 (Reuters) - Enterprise software provider IBM's (IBM.N) second-quarter revenue fell short of Wall Street expectations on Wednesday, bogged down by tepid spending from businesses. Revenue growth in the U.S. and Western Europe was "muted" as the company wrapped up the cycle for its mainframe computers it launched last year, Chief Financial Officer James Kavanaugh said in an interview. Total revenue for the quarter ended June 30 fell 0.4% to $15.48 billion compared with analysts' average estimate of $15.58 billion, according to Refinitiv data. Analysts expect watsonx to aid the software business, which grew 7.2% to $6.6 billion during the reported quarter, thanks to enterprise digitization projects. Net income rose to $1.58 billion, or $1.72 per share, compared with $1.39 billion, or $1.53 per share, a year earlier.
Persons: James Kavanaugh, Chavi Mehta, Vinay Dwivedi Organizations: Enterprise, Accenture, India's Tata Consultancy Services, North, IBM, Thomson Locations: North America, U.S, Western Europe, Bengaluru
☆ IBM misses first-quarter revenue estimates as corporate IT spending shrinks
  + stars: | 2023-04-19 | by ( Chavi Mehta | Thomson Reuters | Chavi Reports On U.S. Technology Companies | ) www.reuters.com   time to read: +2 min
April 19 (Reuters) - IBM Corp (IBM.N) missed Wall Street expectations for first-quarter revenue on Wednesday, hurt by shrinking corporate spending on IT services and a strong dollar. IBM cut its full-year consulting revenue growth forecast to 6%-8% from earlier expectations of high single-digit percentage growth. IBM, which receives over 75% of its revenue from its software and consulting business units, said its consulting revenue rose 8.2% at constant currency to $4.96 billion in the quarter ended March 31. Accenture signaled to a wider slowdown last month, when it decided to slash about 19,000 jobs and trimmed revenue growth and profit forecasts. Total revenue in the first quarter rose 4.4% at constant currency to $14.25 billion, compared with analysts' estimate of $14.35 billion.
☆ India's TCS slips 2.7% on profit miss, weak outlook
  + stars: | 2023-01-10 | by ( ) www.reuters.com   time to read: +2 min
Shares of India's largest IT services provider fell as much as 2.7% to 3,230.1 rupees, dragging the broader market down 0.7%. "While TCS is better placed in a recessionary environment, its rich valuations will likely weigh on stock performance." The Mumbai-based company's order book fell to $7.8 billion from $8.1 billion in the September quarter. (nL4N33U1V6)Profit rose to 108.46 billion rupees ($1.32 billion) from 97.69 billion rupees a year earlier, but missed analysts' estimates of 110.46 billion rupees. The stock fell 12.9% in 2022, after five straight years of gains.
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