As the US President stoked expectations of a corporate tax rate cut and the ensuing rise in corporations’ discretionary spending and IT budget, Indian IT majors are expected to see mid-to high-single-digit growth over the coming quarters, indicating a slower-than-expected recovery, according to brokerage firm CLSA. The brokerage adopted a cautiously optimistic outlook due to…
IT services providers appear to be happy with Donald Trump’s victory, barring concerns about the prospect of stricter H1-B visa regulations. They expect that his policies will increase businesses’ discretionary spending. According to analysts, the United States still has a lot of work to do in under-penetrated industries like banking and healthcare. Spending on IT…
While the India IT services sector’s fiscal first quarter profits showed a wide rebound across all verticals and locations, suggesting stronger fiscal growth than the previous year, the industry continued to enjoy robust deal signings in August. “After recovering in the previous months, the 3M rolling sum of deal signings—a strong lead indicator of deal…
Reimagining its worldwide IT operating model for improved resilience, scalability, and user experience, Europ Assistance, a global assistance and travel insurance firm, has chosen Tata Consultancy Services (TCS) as a strategic partner. This announcement was made on Monday. In order to align its IT ecosystem with its mission of providing services “Anytime, Anywhere” and support…
While the UK and Europe have been exceptions for Indian IT companies over the past few quarters, businesses could anticipate to face currency headwinds in the third quarter due to the pound and euro depreciating between 1% and 2% versus the US dollar. Indian IT companies, particularly those in the UK and Europe, have been…
At a time when IT services majors like TCS and Infosys are experiencing negative to sub-1.5% quarter-on-quarter (q-o-q) growth, the top five listed IT engineering services companies have risen by 1.1-9.8% q-o-q. During the first quarter of the current fiscal year, the average q-o-q revenue increase for IT services firms was -4.9%. In comparison, revenue…
Friday saw a more than 3% decline in the price of Multi Commodity Exchange (MCX) shares, a day after the exchange called off the mock trading session for the new trading platform. The exchange is currently putting a new commodity derivative platform into place. According to a circular released by MCX on Thursday, “the exchange…
During the months of January through March, Wipro’s net profit increased somewhat sequentially by 0.70% to Rs 3,074.5 crore, falling short of the Rs 3,129 crore Bloomberg consensus estimate. The period’s revenues, which were similarly less than the projection of Rs 23,460 crore, were down 0.16% sequentially to Rs 23,190 crore. The board of directors…
Tata Consultancy Services’ earnings increased 8.3% to Rs.10,465 crores in the second quarter of 2022-23, up from Rs.9,624 crore the previous year. “In terms of profitability, we crossed Rs.10,000 crore for the first time ever,” said TCS CEO Rajesh Gopinathan. Profit increased 10% sequentially from Rs. 9,478 crores in the first quarter of FY23. Revenue from…
U.S. tech major Accenture has given a below market estimate revenue guidance of 8–11 percent for FY23 due to reduced IT spending and rising inflation. This is a probable signal that the Indian IT firms may face headwinds and see the revenue growth momentum slowing down. Accenture expects revenue growth of 8 to 11 percent…
