COGNIZANT CHENNAI
Kallakurichi hooch tragedy: AIADMK holds hunger strike demanding CBI inquiry
AIADMK leaders and workers, including Leader of Opposition Edappadi Palaniswami, are staging a hunger strike in Chennai to protest the Kallakurichi hooch tragedy that claimed 63 lives, demanding a CBI inquiry. The Assembly session saw AIADMK creating chaos, leading to their suspension and eviction for disrupting proceedings. The death toll rose to 63, with 229 affected by the illicit liquor consumption in Tamil Nadu.
Narayanan Vaghul cremated in Chennai, industry doyens pay last respects to veteran banker
Veteran banker and Padma Bhushan recipient Narayanan Vaghul, who passed away on May 18 at the age of 88, was cremated in Chennai on Sunday. Industry leaders including Ajay Piramal and R Seshasayee paid their respects. Vaghul, former head of ICICI, was remembered for his significant contributions to the banking sector, particularly in mentoring many successful women bankers. Union Finance Minister Nirmala Sitharaman and RBI Governor Shaktikanta Das also offered condolences.
South side story: Can attractive sops turn Chennai into a hub for GCCs?
Can a slew of attractive sops from the state government and a competitive workforce turn Chennai into a hub for GCCs, positioning the state as a healthy alternative to Bengaluru and Hyderabad? In addition to banks and automotive firms, manufacturing, pharma, tech and product companies in the fintech space are considering setting up GCCs in Chennai.
Tech companies plug into India's smaller cities for talent
The trend of Indian IT companies relocating to smaller cities is gaining momentum, driven by factors such as cost efficiency, government incentives, and the availability of talent. Workers like B. Ramachandran are choosing to live in places like Madurai over major tech hubs like Bengaluru and Chennai, citing reasons such as familial ties and lower living costs.
WEF: Davos serendipity, the hardest-hitting speech ever and Covid lessons for Cognizant
Argentinian President Javier Milei delivers fiery speech at Davos, advocating for unbridled free enterprise and capitalism. He warns that the Western world is in danger due to the abandonment of the model of freedom for collectivist experiments. Milei emphasizes that collectivism is not the solution to global problems, but rather the root cause. He highlights the Argentinian perspective on these issues. The speech receives significant attention and Milei is mobbed for selfies afterwards.
Cognizant gets its mojo back under new CEO’s watch
Experts say ‘people's person’ Ravi Kumar wins back competitiveness on large deals. He is also getting major talent back to Cognizant, and has rationalised the company with real estate as well as headcount consolidation.
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Sachin Bansal’s Navi in slow lane; New Year spike for health, wellness D2C brands
Sachin Bansal’s fintech venture Navi had big ambitions to digitally disrupt the financial services sector, but two of its flagship products have not been able to shore up much traction. This and more in today’s ETtech Morning Dispatch.
Cognizant gets HC relief in Rs 9,403 crore dividend distribution tax case
The bench said that in the event of default on the part of the company in complying with the conditions, the order shall stand vacated automatically, without any further reference to the court.
Cognizant to buy advisory firm Thirdera to focus on workflow solutions
New Jersey-based Cognizant plans to absorb 940 people from Thirdera into its ServiceNow business group, its channel partner which has a team of 1,500 people.
Cognizant plans to sell office assets in Hyderabad, Chennai
"Cognizant is re-evaluating its entire real estate portfolio and has given up rented properties in some geographies. In some cases, the company has renegotiated the rent and downsized the assets too," said multiple people aware of the deal.
Global capability centers follow top tech talent to India’s heartland
While Pune and Chennai’s automotive and manufacturing sector has attracted interest from a number of GCCs in the same space, Hyderabad has attracted pharmaceutical GCCs in addition to its IT base.
Cognizant moves Madras High Court against ITAT ruling on dividend tax
Cognizant, the IT major, has challenged a ruling by the Income Tax Appellate Tribunal (ITAT) in Madras that held the company liable for dividend distribution tax (DDT) on a ₹19,000 crore share buyback through a scheme of arrangement.
Bribery case trial of ex-Cognizant employees delayed as witness unable to travel
The trial involving two former Cognizant executives in a bribery case has got delayed as a key witness Srimanikandan Ramamoorthy's passport has been held by the Enforcement Directorate in India which is investigating the same case.
Micro markets in Pune, Chennai and Hyderabad attracting office space occupiers due to sub-dollar rents : Report
Hinjewadi in Pune, Gachibowli, Nanakramguda, and Kokapet in Hyderabad, and Mount Poonamallee Road and Pallavaram-Thoraipakkam Road in Chennai are becoming popular office locations due to affordable rents, reasonable residential prices, and good connectivity. The Triumvirate of Gachibowli, Nanakramguda, and Kokapet in Hyderabad offers a rental arbitrage of 25-30% compared to HITEC City.
ETtech In-depth | Conglomerates get a taste of tech
The in-house technology arms of Indian companies such as TVS, Shriram Group, Motherson, ITC, Godrej and even Patanjali Group are extending their services to external firms including some MNCs.
Chennai ITAT rules Cognizant's Rs 19,000 crore buyback will attract dividend distribution tax
The Income Tax Appellate Tribunal in Chennai has ruled that IT firm Cognizant Technology Solutions India implemented a Rs 19,000-crore buyback program with a view to "evade legitimate tax," and that the company was liable to pay dividend distribution tax (DDT) on the buyback scheme approved by the jurisdictional High Court.
Names of top L&T, former Cognizant executives come to fore in corruption case investigation
The case involves bribes allegedly paid to officials of Chennai Metropolitan Development Authority (CMDA), state housing, urban development department, as well as the then minister, during the construction of the IT company's 'KITS Campus' facility, ToI reported on August 11.
Top 7 Indian cities record strongest housing sales since 2008 in June quarter
For the quarter ended June, these seven markets including Mumbai Metropolitan Region, Delhi-NCR, Bengaluru, Pune, Hyderabad, Chennai, and Kolkata have recorded sales of over 64,500 units, taking the half yearly volume to 126,500 units, up 21% from a year ago, showed data from JLL India.
Aishwaryaa Rajinikanth claims house help stole jewellery worth Rs 3.6 L, files complaint with Chennai police
Aishwaryaa has accused three members of her household staff of stealing her jewellery.
Meet TCS’ new boss K Krithivasan: soft spoken and non-flashy
Ray Wang, founder of IT research firm Constellation Research, said Krithivasan has had “a lot of success with large deals, productisation and delighting customers”.
Cognizant Q4 net profit down 9.6% YoY, beats annual guidance for FY22
The company's revenue, however, saw an uptick, rising 1.3% on year to $4.84 billion for the three-month period. It was slightly above street estimates of $4.83 billion. Revenue was flat while the profit declined 20.7% on a sequential basis.
Cognizant, Garuda Aerospace to make advanced drones
Cognizant and Garuda Aerospace will collectively bring a slew of drone-based management and monitoring offerings for businesses across sectors.
Cognizant opens new facility in Chennai for hybrid work
The facility, located at Ozone Techno Park in Chennai was inaugurated by Tamil Nadu Chief Minister M.K. Stalin, in the presence of senior government officials from the state.
Cognizant’s net income rises amid strong digital business growth
The quarterly net income, representing the bottomline performance, stood at $563 million for the quarter against $505 million a year ago. Earnings per share (EPS) stood at $1.07 against $0.95 year-on-year.
Digital’s share in revenue to go up to 55-60%: Cognizant
Firm plans to hire 50,000 freshers this year
Cognizant reports 10% growth in annual revenue at $18.5 billion in FY21
For the fourth quarter, ended December, Cognizant reported revenue of $4.8 billion, up 14.2% on a year-on-year basis. Digital revenue for the full year was about 19% and represents 44% of total revenue in FY21, up from 42% in the prior year.
Cognizant drags law firm Bohrer PLLC to court alleging overbilling
Bohrer PLLC was one of five law firms hired by Cognizant’s former chief legal officer Steven E. Schwartz to defend him in an India bribery case relating to construction of the company’s campus in the outskirts of Chennai.
L&T washes its hands of ex-Cognizant employees India bribery case in US
L&T says it cannot be made a party in an ongoing case against two ex-Cognizant executives over an alleged $2 million bribe paid to Indian government officials to receive building permits for the IT services provider’s campus in Chennai.
Accolite Digital goes on a hiring spree to scale up in India, North America
The Texas-based company, which has digital laboratories in Bengaluru, Hyderabad, Gurgaon and Chennai, has hired a new chief financial officer, delivery head, and president for North American operations among others
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