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☆ Everyone's buzzing about AI — including plenty of people who clearly don't understand it
▼ + stars: | 2024-01-17 | by ( Spriha Srivastava | ) www.businessinsider.com time to read: +4 min

BINigel Vaz, CEO of Publicis Sapient, a consulting firm, compares the buzz around AI to the early days of the internet. BINela Richardson, chief economist at ADP, told BI there's a big learning gap on what constitutes AI. Much of what is being called "generative AI" has been around for decades, while much of what workers think is AI is actually automation. Similarly, Guru Gowrappan, CEO of ViaSat, a communications operator, says many companies are just talking about AI at Davos — but not actually doing much with it. And some of them are just recategorizing what they were doing to call it AI," he tells BI.

Persons: —, I've, Davos — I've, Sheila Warren, there's, Warren, Nigel Vaz, Publicis, Vaz, Bain, Nela Richardson, Richardson, Ivana Bartoletti, Guru Gowrappan, Gowrappan Organizations: Service, Economic, Business, Davos —, Crypto, VR, Infosys, IBM, Accenture, Consulting, ADP, Wipro, ViaSat, Davos Locations: Davos

☆ ‘A year of volatility’: Morgan Stanley names its top stocks as India prepares to head to the polls
▼ + stars: | 2023-11-28 | by ( Amala Balakrishner | ) www.cnbc.com time to read: +3 min

The investment case for India is hard to argue with, according to analysts at Morgan Stanley — but they warn that upcoming elections with "potential binary outcomes sets the market up for volatility." "Government policy remains supportive, and the RBI (Reserve Bank of India) executes a calibrated exit from its current hold stance. For Morgan Stanley, the downside, or bear case, to its forecast would see India's elections result in a change in government. Focus list of overweight-rated stocks Looking ahead to India in 2024, Morgan Stanley is overweight on companies in the financials, consumer discretionary, industrials and technology sectors. From the financial services sector, Morgan Stanley is overweight on ICICI Bank and insurer SBI Life Insurance .

Persons: Morgan Stanley —, Ridham Desai, Narendra Modi, Morgan Stanley, — CNBC's Michael Bloom Organizations: Bombay Stock Exchange, Reserve Bank of India, International Monetary Fund, Maruti Suzuki, Hindustan Aeronautics, Infosys, ICICI Bank, SBI Life Insurance Locations: India, U.S, Government, F2026E

REUTERS/Dado Ruvic/File Photo Acquire Licensing RightsBENGALURU, Nov 9 (Reuters) - Wipro (WIPR.NS) may skip giving hikes to "top performers with higher compensation" in its largest business line in the upcoming round of salary revisions in December, according to an internal memo seen by Reuters. Wipro will prioritise employees with lower compensation among those eligible for a raise, Bandaru highlighted, adding that "top performers with higher compensation may not be covered in this cycle". Wipro, which had 244,707 employees as of Sept. 30, had already delayed its salary hike cycle. Some industry watchers said the move echoed a larger trend in the tech industry as it tried to address pay inequities among regions and cut payroll costs. While Infosys (INFY.NS) delayed giving hikes by two quarters, HCL (HCLT.NS) skipped hikes for managers.

Persons: Dado, Peter Bendor, Samuel, Ray Wang, Sai Ishwarbharath, Haripriya Suresh, Dhanya Skariachan Organizations: Wipro, REUTERS, Rights, Reuters, Employees, Wipro Enterprise, Everest Group, ”, Infosys, HCL, Thomson Locations: Bengaluru

☆ How T-Mobile is taking a leading role in the 5G revolution
▼ + stars: | 2023-11-09 | by ( Sponsor Post | Created Insider Studios With T-Mobile | ) www.businessinsider.com time to read: +6 min

T-Mobile's nationwide standalone 5G network helps power these efforts. The common thread of these varied scenarios might surprise you: 5G, the "fifth generation" of wireless network technology. T-Mobile is the only provider of a standalone nationwide 5G network, putting it in a prime position to shake up that paradigm in the US. Uses for all industriesT-Mobile's 5G technology can be applied across all industries, for an ever-expanding number of use cases. Find out more about how T-Mobile's 5G technology is powering change across industries.

Persons: —, Parvin Mahajan, Mahajan, Heather Nelson, Rod Laver, Will Townsend, Organizations: Mobile, Children, Boston Children's Hospital, Drivers, Infosys, Rod Laver Arena, Insider Studios Locations: Bellevue , Washington

REUTERS/Dado Ruvic/File Photo Acquire Licensing RightsBENGALURU, Nov 7 (Reuters) - Wipro (WIPR.NS), India's fourth-largest IT services provider, is mandating that all its employees globally work from office at least thrice a week from this month, according to a company-wide email seen by Reuters on Tuesday. 2 software services exporter, asked some employees to return to office 10 days a month, while industry leader TCS (TCS.NS) has asked employees to return to the office for five days a week. Wipro has been encouraging employees to work from office thrice a week since May and about 55% of the workforce are currently working from office at that frequency, a company spokesperson said. Wipro had 244,707 employees as of Sept. 30. Starting Jan. 7 next year, consistent defaulters may face consequences, according to the email dated Nov. 6.

Persons: Dado, Sai Ishwarbharath, Varun, Savio D'Souza Organizations: Wipro, REUTERS, Rights, Reuters, Companies, Infosys, TCS, Varun Vyas, Thomson Locations: Bengaluru

☆ India debate on 70-hour workweek: Illegal or road to greatness?
▼ + stars: | 2023-11-07 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +2 min

Indians currently work an average of 47.7 hours a week, according to the International Labour Organization. Infosys founder Narayana Murthy recently sparked a controversy on social media when he said young people should be working 70 hours a week to boost India's economy. If we want to achieve greatness, then yes, those are the number of hours and the kind of sacrifices we must make," Kapoor said. Our youngsters must say: 'This is my country, I want to work 70 hours a week,'" he said during a podcast with Indian philanthropist T.V. He told CNBC that "70 hours just sounds like a very high number.

Persons: Narayana Murthy, Ayushmaan Kapoor, Kapoor, Murthy, Rishi Sunak, T.V, Mohandas Pai, Vivek Mudaliar, Mudaliar, wouldn't Organizations: International Labour Organization, Infosys, CNBC, U.S, UK, Reliance Industries, DBS Bank, HSBC Locations: India, China, U.S, Germany, Singapore, Japan

☆ India's Infosys says US unit hit by cyber security event
▼ + stars: | 2023-11-03 | by ( ) www.reuters.com time to read: 1 min

The Infosys logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. REUTERS/Chris Helgren/File Photo Acquire Licensing RightsBENGALURU, Nov 3 (Reuters) - Indian IT service provider Infosys (INFY.NS) said on Friday its U.S. unit, Infosys McCamish Systems, was impacted by a cyber security event, resulting in the non-availability of certain applications and systems. The company said it is working with a cyber security company to resolve the issue and that it had launched an investigation to identify the potential impact on systems and data. Reporting by Sethuraman NR in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

Persons: Chris Helgren, Savio D'Souza Organizations: Infosys, REUTERS, Rights, Indian IT, Infosys McCamish Systems, Sethuraman NR, Thomson Locations: Toronto , Ontario, Canada, Indian, Bengaluru

☆ Infosys asks some workers to return to office 10 days a month: source
▼ + stars: | 2023-11-01 | by ( Dhanya Skariachan | ) www.reuters.com time to read: +1 min

The Infosys logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. REUTERS/Chris Helgren/File Photo Acquire Licensing RightsNov 1 (Reuters) - India's No.2 software-services exporter Infosys Ltd (INFY.NS) has asked some of its employees to work from office 10 days a month, a source familiar with the matter said on Wednesday. Narayana Murthy courted controversy by urging young Indians to work 70 hours a week for the development of the country. Larger rival Tata Consultancy Services (TCS.NS) has already asked workers to return to the office for five days a week. Tech giants Amazon.com Inc (AMZN.O) and Alphabet Inc's (GOOGL.O) Google have also told workers to work from office for at least a few days every week.

Persons: Chris Helgren, Salil Parekh, N.R, Narayana Murthy, Dhanya Organizations: Infosys, REUTERS, Tata Consultancy Services, Tech, Amazon.com Inc, Google, Thomson Locations: Toronto , Ontario, Canada

☆ Cognizant forecasts quarterly revenue below estimates on weak corporate spending
▼ + stars: | 2023-11-01 | by ( ) www.reuters.com time to read: +2 min

The Teaneck, New Jersey-based company expects current-quarter revenue between $4.69 billion and $4.82 billion, compared with market estimates of $4.86 billion, according to LSEG data. Indian IT services giants Infosys (INFY.NS) cut the upper end of its annual revenue forecast earlier in Oct, raising concerns about near-term demand, while Tata Consultancy Services (TCS.NS) reported weaker-than-expected quarterly revenue. The company expects annual adjusted profit per share in the range of $4.39 to $4.42, from its prior estimate of between $4.25 and $4.48. Revenue for the third quarter stood at $4.90 billion, slightly below estimates of $4.91 billion. The company reported a profit of $1.04 per share, compared with $1.22 per share a year earlier.

Persons: Dado Ruvic, Cognizant, Jan Siegmund, Jaspreet Singh, Anil D'Silva Organizations: REUTERS, Technology Solutions, Wall, Infosys, Tata Consultancy Services, Accenture, Thomson Locations: Teaneck , New Jersey, Bengaluru

☆ Billionaire businessman says young Indians should work 70 hours a week
▼ + stars: | 2023-10-28 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +4 min

Narayana Murthy said young Indians should work 70 hours a week. I want to work 70 hours a week," N.R. But Indians already work some of the longest hours of any nationality, averaging around 47.7 hours per week per employed person, according to the ILO. In a post on X, formerly known as Twitter, tech entrepreneur Vishal Gondal wrote: "Respectfully, Narayana Murthy ji, while hard work is crucial, a 70-hr work week may risk burnout and stifle creativity." Respectfully, Narayana Murthy ji, while hard work is crucial, a 70-hr work week may risk burnout and stifle creativity.

Persons: N.R, Narayana Murthy, —, Mohandas Pai, Murthy, Forbes, Pai, Vishal Gondal Organizations: Infosys, Service, T.V, International Labour Organization, ILO, India, United, Emirates Locations: India, Qatar, Congo, Lesotho, Bhutan, Gambia

☆ Infosys’ billionaire founder says Indians need to work 70 hours a week to succeed
▼ + stars: | 2023-10-27 | by ( Diksha Madhok | ) edition.cnn.com time to read: +2 min

New Delhi CNN —One of India’s most revered entrepreneurs believes that young people need to put in exceptionally long hours at work if they want to see the country become a global economic powerhouse. Narayana Murthy, co-founder of the software behemoth Infosys, said India needs “highly determined, extremely disciplined and extremely hardworking” youngsters, who should put in 70 hours a week at work. Murthy, whose wealth is estimated at over $4 billion by Forbes, co-founded Infosys in 1981. “India’s work productivity is one of the lowest in the world.”He added that Indians should learn from policies that helped other emerging markets, particularly China. Over the past few years, several surveys have shown that Indians feel they are among the most overworked and underpaid people in the world.

Persons: Narayana Murthy, “, ” Murthy, Mohandas Pai, Murthy, Rishi Sunak, they’ve Organizations: New, New Delhi CNN, Infosys, YouTube, Forbes, British, International Monetary Fund, CNN Locations: New Delhi, India, China, United States

☆ India's Tech Mahindra posts biggest profit fall in 16 years
▼ + stars: | 2023-10-25 | by ( Manvi Pant | ) www.reuters.com time to read: +2 min

BENGALURU, Oct 25 (Reuters) - India's Tech Mahindra (TEML.NS) on Wednesday posted its biggest fall in profit in over 16 years as expenses mounted and clients tightened spending amid a tough macroeconomic environment. Tech Mahindra's net profit for the quarter fell 61.6%, its worst performance since March 2007. Consolidated revenue from operations fell 2.02% year-on-year, while expenses rose nearly 7%, led by a 30% jump in "other expenses." "Near-term demand environment remains challenging as the telecom sector, on which Tech Mahindra has a high dependence remains stressed," said Piyush Pandey lead analyst, Yes Securities. Shares of Tech Mahindra closed 1.2% lower ahead of results, with trade volume just shy of three-quarters of the 30-day average.

Persons: Piyush Pandey, Manvi, Varun Organizations: India's Tech Mahindra, Tata Consultancy Services, Infosys, Tech, Consolidated, Tech Mahindra, Yes Securities, Thomson Locations: BENGALURU, dealmaking, U.S, Europe, EBIT, Manvi Pant, Bengaluru

☆ Citi says buy this information technology stock with more than 20% upside
▼ + stars: | 2023-10-20 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +2 min

The bank upgraded shares of the information technology and consulting firm to buy from neutral, accompanied by a raise in price target to $80 from $72. Analyst Ashwin Shirvaikar noted that while the stock has done well this year, it remains attractive. CTSH YTD mountain CTSH YTD chart Shirvaikar thinks Cognizant's growth outlook seems promising for the year ahead as the company's bookings momentum grows. The firm's emphasis on greater management outreach, employee engagement and cost competitiveness have all contributed to Cognizant's abilities to accelerate the rate of its deal bookings. Meanwhile, the analyst noted that Cognizant seems well-equipped to offset the margin pressure that often comes with large deal bookings momentum.

Persons: Ashwin Shirvaikar, Cognizant, Shirvaikar, Ravi Kumar S, — CNBC's Michael Bloom Organizations: Citi, Cognizant, Infosys Locations: 3Q23

☆ India's Cyient beats Q2 revenue estimates on sustainability, transport demand
▼ + stars: | 2023-10-19 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Oct 19 (Reuters) - India's Cyient (CYIE.NS) on Thursday reported a bigger-than-expected rise in its second-quarter revenue on strong growth in sustainability and transportation segments. The company's consolidated net profit saw an over two-fold rise to 1.78 billion rupees in the September quarter from a year earlier. Revenue from its biggest digital, engineering and technology segment rose 22% to 14.76 billion rupees during the quarter. Revenue from the sustainability business rose nearly 72%, while the transportation segment saw a growth of 22%. Cyient's revenue growth was stronger compared with its larger peers.

Persons: Kashish Tandon, Mrigank Organizations: Revenue, Tata Consultancy Services, Wipro, Infosys, DLM, Thomson Locations: BENGALURU, Bengaluru

☆ India's Wipro reports surprise Q2 revenue drop
▼ + stars: | 2023-10-18 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Dado Ruvic/Illustration//File Photo Acquire Licensing RightsBENGALURU, Oct 18 (Reuters) - India's fourth-largest IT services provider Wipro (WIPR.NS) reported a surprise drop in second-quarter revenue as clients curtailed spending amid global economic uncertainty and inflationary pressures. The Bengaluru-based company's consolidated revenue from operations declined 0.1% to 225.16 billion rupees ($2.70 billion) for the three months to Sept. 30, from a year earlier, against estimates of a rise to 228.10 billion rupees, according to LSEG data. Last week, industry leader TCS (TCS.NS) blamed an uncertain macro environment for its revenue miss, while India's No. Consolidated net profit at the company fell to 26.46 billion rupees in the quarter, from 26.59 billion rupees a year ago. Analysts had expected a profit of 31.02 billion rupees, as per LSEG data.

Persons: Dado Ruvic, Varun Vyas, Indranil Sarkar, Sonia Cheema Organizations: Wipro, REUTERS, Rights, TCS, Infosys, Consolidated, Thomson Locations: Bengaluru, Indian

☆ India's Tata Elxsi posts rise in Q2 profit on uptick in transportation business
▼ + stars: | 2023-10-17 | by ( ) www.reuters.com time to read: +1 min

Oct 17 (Reuters) - Indian design and technology services company Tata Elxsi (TTEX.NS) on Tuesday posted a rise in quarterly profit, helped by growth in its transportation segment. The company's net profit rose 14.8% year-on-year to 2 billion rupees ($24.03 million), while revenue from operations climbed to 8.82 billion rupees. For further results highlights, click [Full Story]WHY IT MATTERSTata Elxsi's results come after larger peers Tata Consultancy Services (TCS.NS) and Infosys (INFY.NS) posted an 8.7% and 3.2% rise in profit for the quarter, respectively, while flagging weak client spending amid inflationary pressures and high interest rates. The company's transportation business grew 26.1% year-on-year, helped by large deals and strong traction in Software Defined Vehicle engagements. JULY-SEPTEMBER STOCK PERFORMANCEPEER COMPARISON* Mean of analysts' ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell ** Ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading above the PT-- All data from Refinitiv($1 = 83.2207 Indian rupees)Reporting by Aleef Jahan in Bengaluru; Editing by Varun H K and Sohini GoswamiOur Standards: The Thomson Reuters Trust Principles.

Persons: Aleef Jahan, Varun, Sohini Organizations: Tata, Tata Consultancy Services, Infosys, Thomson Locations: Bengaluru

☆ Jean-Pierre Mustier enters Atos last chance saloon
▼ + stars: | 2023-10-16 | by ( ) www.reuters.com time to read: +2 min

LONDON, Oct 16 (Reuters Breakingviews) - Atos (ATOS.PA) is ending its long-running governance farce by starting at the top. Former UniCredit (CRDI.MI) CEO Jean-Pierre Mustier is taking over as chairman of the 540 million euro French IT group. Mustier, who led a recapitalisation for UniCredit in 2017, has his work cut out. On Monday, Atos also delayed the split until the second quarter of 2024, sending its shares down as much as 4%. Atos’s growing cybersecurity unit Evidian, which accounts for two-thirds of its current operating profit, will remain listed after the split.

Persons: Jean, Pierre Mustier, Mustier, Atos, Daniel Kretinsky, Pierre Briancon, Neil Unmack, Oliver Taslic Organizations: Reuters, HSBC, UBS, X, Infosys, Thomson Locations: UniCredit, Czech, Europe

☆ Dollar General bets on old boss’s old magic
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, Oct 13 (Reuters Breakingviews) - Dollar General (DG.N) is reaching back to happier days. In that time, shares plummeted 60%, compared to rival Dollar Tree’s (DLTR.O) gentler decline of roughly a fifth. Meanwhile, Dollar General has repeatedly missed analyst expectations as net profit margin fell from nearly 7% to estimates of 3% for this quarter, according to LSEG. Under his previous stint from 2015 until 2022, shares returned an annualized 19%, beating Dollar Tree, Walmart (WMT.N) and Big Lots (BIG.N). Dollar General faces plenty of challenges shared by all retailers, from rising wages to shifting consumer spending.

Persons: Todd Vasos, Jeff Owen, Vasos, Walt Disney, Bob Iger, Howard Schultz, outperforming, doesn’t, Jennifer Saba, Larry Fink, Uncle Sam, Jonathan Guilford, Sharon Lam Organizations: Reuters, Walmart, Walt, Starbucks, X, Infosys, Thomson Locations: Europe

☆ Europe-Musk spat carries risks for both sides
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Gonzalo Fuentes/File Photo Acquire Licensing RightsBRUSSELS, Oct 13 (Reuters Breakingviews) - The European Commission has made social-media site X, formerly known as Twitter, the test case for its fight against disinformation. The Commission on Oct. 12 sent a formal request to X, owned by Elon Musk, for information about possible illegal content and disinformation. X pushed back, with Musk exchanging combative posts with Breton on the website. While the process drags on, any problematic posts can just keep proliferating on X and other sites. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Elon Musk, Porte, Gonzalo Fuentes, Thierry Breton, X, Breton, Rebecca Christie, Liam Proud, Streisand Neto Organizations: SpaceX, Tesla, Viva Technology, Porte de, REUTERS, Rights, Reuters, European Commission, Twitter, Elon, Digital Services, DSA, Big Tech, X, Infosys, Ericsson, Thomson Locations: Paris, France, Rights BRUSSELS, Israel, Breton, Europe, Brussels

☆ Infosys campus pullback signals hard jobs reboot
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +2 min

Employees of Indian software company Infosys walk past Infosys logos at their campus in the Electronic City area in Bangalore September 4, 2012. REUTERS/Vivek Prakash/File Photo Acquire Licensing RightsBENGALURU, Oct 13 (Reuters Breakingviews) - Clients are cutting back on IT spending as the global economy slows. India’s second biggest technology services firm by market capitalisation Infosys (INFY.NS) has twice cut its revenue growth forecast this year. IT firms provide well-paying jobs in urban India where less than half of workers have regular wages or salaries. As a result, Infosys revenue grew 16% annually between financial year 2021 and 2023, twice the rate during the prior three years.

Persons: Vivek Prakash, That’s, Pranav Kiran, Una Galani, Thomas Shum Organizations: Indian, Infosys, REUTERS, Rights, Reuters, U.S, Tata Consultancy Services, X, Ericsson, Qantas, Thomson Locations: Electronic, Bangalore, India

☆ BlackRock’s Larry Fink squares off with Uncle Sam
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +2 min

Laurence Fink, founder and chief executive officer of BlackRock, Inc. speaks during the Reuters Global Investment Outlook Summit in New York, U.S., November 13, 2017. REUTERS/Lucas Jackson Acquire Licensing RightsNEW YORK, Oct 13 (Reuters Breakingviews) - BlackRock (BLK.N) calls every dollar it manages a “unit of trust” expressed by clients. The trouble for the investing behemoth led by Larry Fink is that there’s an increasingly reliable custodian of such assets these days: Uncle Sam. Even so, $644 billion has crowded into retail money-market funds this year, crimping BlackRock’s all-important stock portfolios. Fink has been bulking up in infrastructure, credit and other investments that are harder to trade, but which also generate higher fees.

Persons: Laurence Fink, Lucas Jackson, ”, Larry Fink, Uncle Sam, Fink, crimping, Jonathan Guilford, Jeffrey Goldfarb, Sharon Lam Organizations: Inc, Reuters Global Investment, REUTERS, Reuters, BlackRock, Graphics, Treasury, X, Infosys, Thomson Locations: BlackRock, New York, U.S, Europe

☆ St James’s Place adds extra twist to wealth pain
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +2 min

LONDON, Oct 13 (Reuters Breakingviews) - St James’s Place (SJP.L) is in a tricky spot. Wealth managers around the world are finding it harder to justify their fees as interest rates in countries like the UK have topped 5%. Friday’s 16% drop in the 4 billion pound UK wealth manager’s shares reflects its problematic twist on that trend. The UK firm is under pressure from regulators to overhaul its fee structure to comply with new rules brought in by the Financial Conduct Authority. SJP, run by CEO Andrew Croft, has been facing intense scrutiny due to its complex fee structure and stiff penalties for clients who look to withdraw their cash.

Persons: Andrew Croft, SJP, Aimee Donnellan, George Hay, Oliver Taslic Organizations: Reuters, Financial, Authority, Reuters Graphics Reuters, X, Infosys, Ericsson, Thomson Locations: Europe

☆ Waning demand for IT services hits hiring at Indian tech majors
▼ + stars: | 2023-10-13 | by ( Sethuraman N R | ) www.reuters.com time to read: +2 min

Tata Consultancy Services (TCS.NS), Infosys (INFY.NS) and HCLTech (HCLT.NS) have seen employee headcount reducing in the second quarter as they reported weak results. Infosys added over 83,000 employees in the last two fiscal years, while TCS' employee headcount surged by over 120,000 and HCL added about 57,000. In contrast, Infosys' net employee headcount has fallen by 14,470 in the first half of this year and HCLTech's by about 4,800. "In a way we hired ahead of demand predicted ... with that slowing down this year, our employee utilization fell. Infosys is targeting 84%-85% in employee utilization from the current 81.8%, Roy said.

Persons: Vivek Prakash, Phil Fersht, headcount, Nilanjan Roy, Roy, Nivedita Organizations: Infosys, Electronics City IT, REUTERS, Rights, Tata Consultancy Services, HCL, Analysts, TCS, Sethuraman, Navamya, Thomson Locations: Bangalore, Indian, U.S, 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 Infosys cuts top end of FY revenue outlook
▼ + stars: | 2023-10-12 | by ( Sethuraman N R | ) www.reuters.com time to read: +2 min

The No.2 Indian software-services exporter said it now sees full-year revenue growth at 1%-2.5% on a constant currency basis, versus a prior view of 1%-3.5%. Consolidated net profit at Infosys rose to 62.12 billion rupees ($746.46 million) in the quarter ended Sept. 30, from 60.21 billion rupees a year ago. Analysts had expected a profit of 62.95 billion rupees, as per LSEG IBES data. Last month, leading global IT services provider Accenture forecast full-year earnings and first-quarter revenue below Wall Street targets. Large deal signing for Infosys jumped nearly three-fold from the year-ago period to $7.7 billion in the quarter.

Persons: Vivek Prakash, Peter Bendor, Indranil Sarkar, Nivedita Organizations: Infosys, Electronics City IT, REUTERS, Rights, Tata Consultancy Services, Everest Group, Reuters, Consolidated, Accenture, Sethuraman, Thomson Locations: Bangalore, U.S, Mumbai, Bengaluru

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