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☆ 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 reports marginal Q2 profit beat, approves $2 bln share buyback
▼ + stars: | 2023-10-11 | by ( Sethuraman N R | ) 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. The company also approved share buyback worth 170 billion Indian rupees ($2.04 billion). Net profit rose 8.7% to 113.42 billion Indian rupees ($1.36 billion) in the three months ended Sept. 30 from 104.31 billion rupees a year earlier. Analysts, on average, had expected a profit of 113.17 billion rupees, according to LSEG data. TCS said its order book for the July-September period stood at $11.2 billion - higher than the $8.1 billion worth of deals it signed a year ago.

Persons: Dado Ruvic, Janane Organizations: Tata Consultanct Services, REUTERS, Rights, Tata Consultancy Services, TCS, Sethuraman NR, Thomson Locations: U.S, Europe, Bengaluru

☆ AI may force IT spending into economic decoupling
▼ + stars: | 2023-10-11 | by ( Pranav Kiran | ) www.reuters.com time to read: +3 min

BENGALURU, Oct 11 (Reuters Breakingviews) - Global CEOs are under pressure from investors to adopt generative artificial intelligence into their businesses. Outsourcers like $200 billion Accenture are sounding the alarm. Accenture sold $300 million in generative AI deals in the year to August, less than 1% of its $72 billion in total new bookings. Blackstone-backed Mphasis, a smaller firm, says one-third of its total contract value of $707 million for the quarter to the end of June was from “pure AI deals”. The full spectrum of how businesses can use generative AI is still emerging but there are obvious applications: customer support agents and coders are seeing productivity increases of 14% and 55% respectively.

Persons: ChatGPT, Julie Sweet, Una Galani, Thomas Shum Organizations: Reuters, Global, Accenture, Tata Consultancy Services, Infosys, HCL Technologies, Consulting, Gartner, Blackstone, Thomson Locations: BENGALURU, U.S, India

☆ 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

☆ Indian IT firms set for "washout" year, focus now on 2025 - J.P.Morgan
▼ + stars: | 2023-10-05 | 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 5 (Reuters) - J.P.Morgan analysts expect investors to parse upcoming second-quarter results and commentary from Indian IT companies for signs of recovery in deal signings in fiscal 2025 following a "washout" year. The focus for this quarter's earnings reports will be on deal signings as well as the split of new deals versus renewals to assess fiscal 2025 growth, the analysts said. J.P.Morgan expects high single-digit earnings growth, in percentage terms, for large-cap IT companies in fiscal 2025, while market expectations are for double-digit growth. Nonetheless, J.P.Morgan upgraded Infosys (INFY.NS) to "neutral" from "underweight" saying lower expectations were baked in and its large deal wins give visibility into fiscal 2025.

Persons: Vivek Prakash, Ankur Rudra, Bhavik Mehta, Rudra, Mehta, Navamya Ganesh, Savio D'Souza, Janane Organizations: Indian, Infosys, REUTERS, Rights, TCS, Wipro, J.P.Morgan, Thomson Locations: Electronic, Bangalore, Indian, Bengaluru

☆ Cognizant appoints former Wipro finance chief Jatin Dalal as CFO
▼ + stars: | 2023-09-28 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsSept 28 (Reuters) - Cognizant Technology Solutions (CTSH.O) on Thursday named former Wipro (WIPR.NS) chief financial officer Jatin Dalal as its CFO, a week after his resignation from the Indian information technology (IT) major. The pace of executive churn has picked up in the Indian tech industry in recent months. Dalal became Wipro's CFO in 2015, and with CEO Thierry Delaporte steered the company through the pandemic as demand for digital services boomed. "We are pleased to welcome Jatin to Cognizant and confident he will help us achieve our goals as we continue to focus on driving revenue growth," Cognizant CEO Ravi Kumar S said in the statement. Cognizant projected third-quarter revenue above estimates in August as more businesses turned to the IT services provider to digitize their operations.

Persons: Dado Ruvic, Jatin Dalal, Ravi Kumar S, Dalal, Jan Siegmund, Rajesh Gopinathan, Mohit Joshi, Wipro's, Thierry Delaporte, Jatin, Cognizant, Jaspreet Singh, Hritam Mukherjee, Varun Organizations: REUTERS, Technology Solutions, Wipro, Cognizant, Infosys, Indian, Tata Consultancy Services, Tech Mahindra, Thomson Locations: Bengaluru

☆ Accenture warns of weaker fiscal 2024 as IT spending remains under pressure
▼ + stars: | 2023-09-28 | by ( ) www.reuters.com time to read: +2 min

The logo of Irish services and consulting company Accenture is seen at an temporary office during the World Economic Forum 2022 (WEF) in the Alpine resort of Davos, Switzerland May 25, 2022. Accenture expects first-quarter revenue in the range of $15.85 billion to $16.45 billion, while analysts polled by LSEG forecast $16.43 billion. The company also forecast fiscal 2024 adjusted earnings per share to be in the range of $11.97 to $12.32, below estimates of $12.45. The mid-point of its revenue growth forecast of 2% to 5% in local currency also fell short of estimates. Accenture's revenue rose 4% to $16 billion in the fourth quarter ended Aug. 31, compared with estimates of $16.08 billion.

Persons: Arnd, Julie Sweet, Chavi Mehta, Shinjini Organizations: Accenture, REUTERS, U.S, Infosys, Tata Consultancy Services, LSEG, Thomson Locations: Davos, Switzerland, Federal, Indian, Bengaluru

☆ India's Wipro slides after CFO Dalal resigns in latest high-profile exit
▼ + stars: | 2023-09-22 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsBENGALURU, Sept 22 (Reuters) - Shares of Wipro (WIPR.NS) slid almost 3% on Friday, a day after long-serving CFO Jatin Dalal resigned in a surprise move, the latest senior level exit at the fourth-largest Indian IT services provider. Dalal's exit follows those of Chief Operations Officer Sanjeev Singh and several senior vice presidents as Wipro wades through a years-long turnaround of its business. Wipro has already forecast revenue from IT services would remain largely flat for the current quarter as clients cut spending. Shares of the company hit a near three-week low after news of the CFO change announced Thursday. Reporting by Chris Thomas and Nallur Sethuraman in Bengaluru; Editing by Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Jatin Dalal, Sanjeev Singh, Dalal, Aparna Iyer, Rajesh Gopinathan, Mohit Joshi, Ravi Kumar, Chris Thomas, Nallur, Nivedita Organizations: Wipro, REUTERS, Rights, Indian, Wipro wades, Kotak, Tata Consultancy Services, Infosys, Tech Mahindra, Cognizant Technology Solutions, Thomson Locations: India, United States, Bengaluru

☆ Around-the-World Itineraries on Private Jets for $120,000: Photos
▼ + stars: | 2023-09-20 | by ( Brittany Chang | ) www.businessinsider.com time to read: +1 min

TCS World Travel operates global group travels by private jet. Its recently unveiled 2024 and 2025 itineraries start at 16 days for $120,000. Travelers will get to fly on a 52-guest custom Airbus A321 with lie-flat seats and large bathrooms. Interest has been so high, luxury cruise lines like Regent Seven Seas and Oceania have seen strong or "record-breaking" booking success. But for wealthy travelers who're interested in traveling around the world but don't want to spend over 100 days at sea, there's another option: go by jet.

Persons: who're Organizations: Travel, Travelers, Service, Seven Locations: Wall, Silicon, Seven Seas, Oceania

☆ India-Canada relations: how could trade be affected as tensions rise?
▼ + stars: | 2023-09-19 | by ( Manoj Kumar | ) www.reuters.com time to read: +5 min

On Tuesday, New Delhi dismissed the allegations as "absurd", and asked Canada instead to crack down on anti-India elements operating in its territory. Here is what is at stake for both countries:HOW ARE TRADE TALKS AFFECTED? Steady growth has seen goods trade rising to $8 billion in 2022, with Indian exports to Canada touching $4 billion and imports from Canada also worth $4 billion. Pharmaceutical products, worth about $418 million, made up the bulk of Indian exports last year, followed by iron and steel products worth about $328 million and machinery, nuclear reactors and boilers worth about $287 million. India's growing demand for imported lentils has benefited Canadian farmers, while Indian pharmaceutical and software companies have expanded their presence in the Canadian market.

Persons: Hardeep Singh Nijjar, Nanak, Chris Helgren, Justin Trudeau, Canpotex, Manoj Kumar, Arpan Varghese, Jaiveer, Clarence Fernandez, Anil D'Silva Organizations: REUTERS, Trading Economics, UN, Canpotex, Pharmaceutical, Caisse, Ontario Teachers, Bombardier, SNC Lavalin, TCS, Infosys, Wipro, Canadian Bureau of International Education, Thomson Locations: Surrey, British Columbia, Canada, DELHI, India, New Delhi, India's, Punjab, Bengaluru

☆ India-Canada row: What is at stake?
▼ + stars: | 2023-09-19 | by ( Manoj Kumar | ) www.reuters.com time to read: +3 min

Here is what is at stake for both countries:HOW ARE TRADE TALKS AFFECTED? Steady growth has seen goods trade rising to $8 billion in 2022, with Indian exports to Canada touching $4 billion and imports from Canada also worth $4 billion. India's growing demand for imported lentils has benefited Canadian farmers, while Indian pharmaceutical and software companies have expanded their presence in the Canadian market. WHAT IS THE ROLE OF INDIAN STUDENTS IN CANADA? Since 2018, India has been the largest source country for international students in Canada.

Persons: Justin Trudeau, Manoj Kumar, Clarence Fernandez Organizations: Bombardier, SNC Lavalin, TCS, Infosys, Wipro, Canadian Bureau of International Education, Thomson Locations: DELHI, India, Canada, New Delhi, India's, Punjab

☆ India's Infosys signs $1.5 bln contract to leverage AI solutions
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +1 min

An employee walks past a signage board in the Infosys campus at the Electronics City IT district in Bangalore, February 28, 2012. REUTERS/Vivek Prakash/File Photo Acquire Licensing RightsBENGALURU, Sept 15 (Reuters) - India's second-largest software services exporter Infosys (INFY.NS) said it signed a $1.5 billion contract for a 15-year period with a "global company". Under the deal, Infosys will provide enhanced digital experiences and business operation services, leveraging the company's platforms and artificial intelligence (AI) solutions, it said on Thursday. Infosys did not name the company nor mention whether it is an existing client. In July, Infosys signed a $2 billion deal with an existing client to provide AI and automation services for five years.

Persons: Vivek Prakash, Manvi, Janane Organizations: Infosys, Electronics City IT, REUTERS, Rights, Nvidia, Reliance Industries, Tata group's Tata Consultancy Services, Thomson Locations: Bangalore, U.S, Manvi Pant, 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

☆ India's twin growth engines face turbulent weather
▼ + stars: | 2023-09-01 | by ( ) www.reuters.com time to read: +2 min

MUMBAI, Sept 1 (Reuters Breakingviews) - India’s gross domestic product grew 7.8% in the April to June quarter, its fastest pace in a year. The print preserves the South Asian nation’s title for the fastest-growing major economy, yet the eye-popping level may not sustain. A patchy monsoon and high food costs threaten the twin engines behind the latest headline figure. Meanwhile, El Nino weather conditions mean the winter agriculture crop could be as weak as the summer yield, keeping prices high for longer. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Narendra Modi’s, Modi, Shritama Bose, Pernod Ricard, Una Galani, Thomas Shum Organizations: Reuters, Tata Consultancy Services, Reserve Bank, India’s, X, Microsoft, Thomson Locations: MUMBAI, El Nino

☆ Cognizant projects revenue above estimates, CFO to retire in 2024
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Dado Ruvic/IllustrationAug 2 (Reuters) - Cognizant Technology Solutions (CTSH.O) forecast third-quarter revenue above estimates on Wednesday as more businesses turn to the IT services provider to digitize their operations, sending its shares up more than 6% after the bell. The company also said CFO Jan Siegmund would retire in early 2024. The New Jersey-based company expects current-quarter revenue of between $4.89 billion and $4.94 billion, compared with analysts' estimates of $4.86 billion, according to Refinitiv data. The company now expects full-year adjusted profit per share in the range of $4.25 to $4.48, compared with an earlier estimate of between $4.11 and $4.34. The company reported adjusted profit of $1.10 per share, compared with estimates of 99 cents.

Persons: Dado Ruvic, Jan Siegmund, Ravi Kumar S, Jaspreet Singh, Devika Organizations: REUTERS, Technology Solutions, TCS, Accenture, Revenue, Thomson Locations: The New Jersey, Bengaluru

☆ On tap this week: Jobs report plus 10 key earnings. Here's what we want to see
▼ + stars: | 2023-07-29 | by ( Zev Fima | ) www.cnbc.com time to read: +18 min

All three major averages advanced for the week, powered by strong mega-cap earnings and favorable inflation data. Looking to next week, earnings season enters its second half with the last of our mega-caps — Apple (AAPL) and Amazon (AMZN) — set to report on Thursday. We'll get a better read on the employment picture on Wednesday with the ADP report and then, more importantly, on Friday's nonfarm payrolls report for July. Thursday after the close brings us to the main events of the week: Earnings from Apple and Amazon. For those looking to review first quarter performance ahead of these releases, be sure to keep our first-quarter earnings report card handy.

Persons: We'll, that's, Stanley Black, Decker, Emerson, Bausch, Leggett, Platt, SIRI, Ares, COLM, PERI, Kraft Heinz, Phillips, Ferrari N.V, Johnson, Robinson, COOK, BUD, Kellogg, Papa, Pitney Bowes, Parker, Trimble, Ziff Davis, Nonfarm, Jim Cramer's, Jim Cramer, Jim, Apple Tim Cook, Kevin Dietsch Organizations: Nasdaq, Dow, Federal Reserve, Federal, ISM Manufacturing, Services PMI, Investors, Caterpillar, Devices, Starbucks, Natural Resources, AMD, Management, Emerson Electric and, Humana, Bausch Health, Apple, Microsoft, Resource Partners, AerCap Holdings, CNA Financial Corp, CNA, Apellis Pharmaceuticals, Bank, SJW, Hutchison China MediTech, Camtek Ltd, Silvercrest Asset Management, Loews Corp, Oxford Lane Capital Corp, Banco Santander, Silicom Ltd, SuperCom Ltd, Arista Networks, Avis Budget Group, Diamondback Energy, Lattice Semiconductor Corp, Republic Services, Yum China Holdings, Western Digital Corp, Power Systems, Tenet Healthcare Corp, Vornado Realty, BioMarin Pharmaceutical, PetMed, SBA Communications Corporation, Brixmor, Snack Foods Corp, Cushman & Wakefield, Sanmina Corporation, TFI, PMI, Cruise Line Holdings Ltd, Uber Technologies, Pfizer, Enterprise Products Partners, Merck, JetBlue Airways Corporation, Allegro MicroSystems, Altria, SunPower Corp, SiriusXM Holdings, Molson Coors Beverage, Marriott International, Toyota Motor Corp, BP, SYSCO Corp, Marathon Petroleum Corp, Ares Management, Equitrans Midstream Corporation, Game Technology, Illinois Tool, IDEXX Laboratories, Rockwell Automation, Packaging International Corp, Gartner, Zebra Technologies Corp, IQVIA Holdings, Oshkosh Corporation, Leidos Holdings, Eaton Corp, yte Corp, Lear Corp, Starbucks Corp, Devon Energy Corp, SolarEdge Technologies, Lumen Technologies, Virgin Galactic Holdings, Caesars Entertainment, VF Corp, Sciences Corp, Paycom, Vertex Pharmaceuticals, Suncor Energy, Holdings, Chesapeake Energy Corp, Boston Properties, American International Group, AIG, Allstate Corp, Aspen Technology, Electronic Arts, EA, Flowserve Corporation, Denny's, Corp, Prudential Financial, Store, Ternium S.A, Vimeo, Emerson, Lomb, CVS Health, Generac Holdings, Cameco Corp, Perion Network Ltd, Builders, Carlyle Group, Scorpio, Teva Pharmaceutical Industries, Ltd, Rithm Capital Corp, AeroSystems Holdings, Vertiv Holdings Co, Johnson Controls, CDW Corp, DuPont, Brands Holdings, Scotts Miracle, Gro, SMG, Brands, Allegheny Technologies, AmerisourceBergen Corporation, ABC, Real Estate Corporation, Adient plc, Editas, Garmin Ltd, WWE, Bunge Ltd, Criteo S.A, PayPal, QUALCOMM, Occidental Petroleum Corp, Apache Corp, Albemarle Corp, MGM Resorts International, MGM, Marathon Oil Corp, Joby Aviation, Industrial, CF Industries Holdings, Goodyear Tire &, Realty ome Corp, Metlife, Pacific Biosciences of, Rush Street Interactive, Zillow, JFrog Ltd, Herbalife Nutrition Ltd, Simon Property Group, McKesson Corp, Storage, Cerus Corporation, GXO Logistics, MAX Holdings, Health, Anheuser, Busch InBev, Warner Bros ., Cheniere Energy, ConocoPhillips, Hasbro, CIGNA Corp, Lantheus Holdings, Regeneron Pharmaceuticals, Fiverr International, Air Products & Chemicals, TopBuild Corp, EPAM Systems, Lightspeed Commerce, Aurinia Pharmaceuticals, Cummins, CMI, Slair Corporation, Starwood Property Trust, Vulcan, Alnylam Pharmaceuticals, New Energy Corp, Cedar Fair Entertainment, Intellia Therapeutics, Lending, Privia Health, Dickinson, Chimera Investment, CIM, Hyatt Hotels Corp, Lion Electric, LEV, Deluxe Corp, Murphy Oil Corp, PBF Energy, Papa John's, Targa Resources Corp, Wix.com Ltd, Apollo Global Management, LLC, Butterfly, Sempra Energy, Aptiv PLC, Brookfield Infrastructure Partners, Canada Goose Holdings, Hannifin Corporation, WESCO International, WCC, Arrow Electronics, Constellation Energy Group, Midstream Partners, Coinbase, Petroleo Brasileiro SA Petrobras, Gilead Sciences, Opendoor Technologies, Booking Holdings, Atlassian Corporation, International, Redfin Corporation, Motorola Solutions, Monster Beverage Corporation, Consolidated Edison, Rocket Companies, Apple Hospitality, Cirrus, Resources, Universal Display Corporation, Chesapeake Utilities Corp, Social, Defense, Security Solutions, Post Holdings, Tandem Diabetes Care, Nikola Corporation, Magna International, Dominion Energy, ACM Research, Frontier Communications, Brookfield Renewable Partners, inTEST Corporation, American Pipeline, TELUS International, XPO Logistics, Fluor Corp, Gray Television, Cboe, LyondellBasell Industries, Twist Bioscience, Global, Jim Cramer's Charitable, CNBC, Allen & Company Sun Valley, Getty Locations: U.S, China, India, Oxford, Chile, Illinois, Columbia, Pacific, Pacific Biosciences of California, Southern, PBI, Gilead, Sun Valley , Idaho

☆ India's Cyient posts Q1 profit jump but misses estimates as costs rise
▼ + stars: | 2023-07-25 | by ( ) www.reuters.com time to read: +1 min

The Hyderabad-based company reported a 45% rise in consolidated net profit of 1.68 billion rupees ($20.53 million)for the first quarter ended June 30th 2023, compared with 1.16 billion rupees a year ago. Analysts, on average, were expecting Cyient to earn 1.73 billion rupees ($21.14 million), as per Refinitiv data. Cyient said its U.S. subsidiary incurred legal costs of 111 million rupees ($1.36 million) during the quarter, and overall expenses rose 30%. For Cyient, revenue from its biggest Digital, Engineering and Technology (DET) segment rose to 14.5 billion rupees ($177.09 million), up from 10.6 billion rupees($129.58 million)a year earlier. Consolidated revenue from operations rose 35% to 16.9 billion rupees ($206.40 million) for the quarter.

Persons: Cyient, Krishna Bodanapau, Rishika Organizations: U.S, Infosys, Tata Consultancy Services, Wipro, Engineering, Technology, Thomson Locations: HYDERABAD, Hyderabad

☆ India's Infosys shares slide after cutting full-year growth outlook
▼ + stars: | 2023-07-21 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, July 21 (Reuters) - Shares of Infosys (INFY.NS), India's second-largest software exporter, fell as much as 9% on Friday, after the company halved its full-year revenue growth outlook and posted a weaker-than-expected first-quarter profit. The company cut its revenue guidance to 1%-3.5% on a constant currency basis from the previous 4%-7%. Infosys Chief Executive Salil Parekh attributed the guidance cut to delays in decision-making by clients. Last week, market leader Tata Consultancy Services (TCS.NS) warned of an uncertain demand environment, while smaller peers HCLTech (HCLT.NS) and Wipro (WIPR.NS) reported and projected muted growth. ($1 = 82.0440 Indian rupees)Reporting by Varun Vyas in Bengaluru; Editing by Sohini GoswamiOur Standards: The Thomson Reuters Trust Principles.

Persons: Salil Parekh, Varun Vyas, Sohini Goswami Organizations: Infosys, Tata Consultancy Services, Wipro, Thomson Locations: BENGALURU, Bengaluru

☆ India's Infosys halves FY revenue growth outlook as clients cut spending
▼ + stars: | 2023-07-20 | by ( Sethuraman N R | ) www.reuters.com time to read: +1 min

BENGALURU, July 20 (Reuters) - Infosys (INFY.NS), India's second-largest IT services firm by revenue, halved its full-year revenue forecast on Thursday and posted a first-quarter profit that missed estimates as clients cut back spending in a cloudy economic environment. Infosys' U.S.-listed shares fell nearly 7% in pre-market trading after the company cut its full-year revenue growth of 1%-3.5% on a constant currency basis from 4%-7% previously. There are some discretionary spending cuts from clients in the short-term and overall decision-making has slowed down, CEO Salil Parekh said in a media conference. Consolidated net profit rose 10.9% to 59.45 billion rupees ($725.5 million) in the three months to June 30, missing analysts' view of 61.41 billion rupees as per Refinitiv IBES. Businesses are cutting back spending on discretionary IT projects amid steep inflation that stoked interest rates.

Persons: Salil Parekh, Sonia Cheema Organizations: Infosys, U.S, Consolidated, Tata Consultancy Services, Wipro, Sethuraman NR, Thomson Locations: BENGALURU, Bengaluru

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

☆ India's Infosys signs five-year AI deal with $2 bln target spend
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, July 18 (Reuters) - India's second-largest software services exporter Infosys (INFY.NS) said on Monday it has signed a deal with an existing client to provide artificial intelligence (AI) and automation services that will span over five years, with a target spend estimated at $2 billion. AI and automation-related development, modernization and maintenance services are included in the agreement, the company said in an exchange filing. Infosys' move comes after rival Tata Consultancy Services (TCS.NS) said it planned to train 25,000 engineers to get them certified on Microsoft's (MSFT.O) Azure Open AI. Other rival Wipro (WIPR.NS) has plans to invest $1 billion into artificial intelligence (AI) over the next three years. Bengaluru-based Infosys launched a platform called Infosys Topaz for generative artificial intelligence (AI) in late May.

Persons: ChatGPT, Navamya Ganesh, Nivedita Organizations: Infosys, Microsoft, Tata Consultancy Services, Wipro, Thomson Locations: BENGALURU, Bengaluru

☆ India's Wipro commits $1 bln investment into AI
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, July 12 (Reuters) - Indian IT services provider Wipro Ltd (WIPR.NS) said on Wednesday it planned to invest $1 billion into artificial intelligence (AI) over the next three years. The investments will focus on the expansion of AI, big data, and analytics solutions, as well as developing new research and development and platforms, it said in an exchange filing. This comes almost a week after rival Tata Consultancy Services (TCS.NS) said it planned to train 25,000 engineers to get them certified on Microsoft's (MSFT.O) Azure Open AI. Companies across the world, from banks to big tech, have doubled down on investments in AI after ChatGPT, a generative AI chatbot by Microsoft-backed OpenAI took the world by storm in late 2022. "Especially with the emergence of generative AI, we expect a fundamental shift up ahead, for all industries," Wipro CEO Thierry Delaporte said.

Persons: OpenAI, Thierry Delaporte, Navamya Ganesh, Rashmi Organizations: Indian IT, Wipro, Tata Consultancy Services, Companies, Microsoft, Wipro ai360, Thomson Locations: BENGALURU, Indian, Bengaluru

☆ India's TCS to upskill 25,000 engineers on Microsoft's Azure Open AI
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: 1 min

BENGALURU, July 6 (Reuters) - Indian information technology (IT) company Tata Consultancy Services (TCS.NS) on Thursday said it plans to train 25,000 engineers to get them certified on Microsoft's (MSFT.O) Azure Open AI. The company also launched its new Generative AI Enterprise adoption offering for clients, making a bet on the rapidly growing artificial intelligence space. Reporting by Navamya Ganesh Acharya in Bengaluru; Editing by Janane VenkatramanOur Standards: The Thomson Reuters Trust Principles.

Persons: Navamya Ganesh, Janane Organizations: Tata Consultancy Services, Thomson Locations: BENGALURU, Bengaluru

☆ India's Infosys signs $454-mln deal with Danske Bank
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, June 26 (Reuters) - Infosys (INFY.NS), India's No.2 IT services provider, signed a $454-million contract with Denmark's Danske Bank on Monday, at a time when the broader sector is struggling with a slowdown in an uncertain global economy. The IT company will help digitize the lender's core business and add more cloud and data facilities to it, including Infosys acquiring Danske Bank's IT centre in India, it said in a regulatory filing. The contract is for five years, with an option to renew for one more year for a maximum of three times. Bengaluru-based Infosys' contract comes days after Mumbai-based bigger rival TCS signed a deal worth 840 million pounds with British pension scheme Nest, for an starting tenure of 10 years. "Despite a strengthened order pipeline, the effects of this deal might be offset by macro factors such as inflation and increased labour costs," Akshara Bassi, an analyst at Counterpoint Research, said on the Danske Bank deal.

Persons: Akshara Bassi, Navamya Ganesh Acharya, Varun, Sohini Goswami, Nivedita Organizations: Infosys, Denmark's Danske Bank, Danske Bank's, TCS, Counterpoint Research, Danske Bank, Varun Vyas, Thomson Locations: BENGALURU, India, Bengaluru, Mumbai

☆ Accenture's revenue forecast disappoints as IT spending weakness persists
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +1 min

June 22 (Reuters) - IT consulting firm Accenture forecast fourth-quarter revenue below Wall Street estimates on Thursday on worries that rising economic uncertainty will keep IT budgets tight and prevent businesses from signing fresh contracts. Cognizant Technology Solutions (CTSH.O) last month said it faced pressure in signing smaller contracts due to softer discretionary spending. Accenture forecast current-quarter revenue in the range of $15.75 billion to $16.35 billion. Accenture's new bookings, or deals in the pipeline, grew 2% to $17.2 billion in the third quarter. Revenue for the quarter ended May 31 was $16.56 billion, in line with estimates.

Persons: Jerome, Julie Sweet, Chavi Mehta, Pooja Desai Organizations: Accenture, Wall, U.S, Federal, Technology Solutions, Tata Consultancy Services, Revenue, Thomson Locations: United States, Bengaluru

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