ENGINEERING SERVICES
L&T using generative AI to enhance processes across project lifecycle, says MD Subrahmanyan
To fuel this innovation, L&T has launched a collaborative platform connecting aspiring data scientists with domain experts and technology champions to develop cutting-edge, future-proof solutions, S N Subrahmanyan said during 79th Annual General Meeting.
Infra cos step up hiring betting on govt focus on sector
India's infrastructure sector is hiring millions in unskilled, semi-skilled, and skilled labor segments, with expectations that the new government will continue investing in infrastructure development, including highways, roads, and airports. An estimated 9.8 million jobs are expected to be created in FY25, driven by strategic investments and ambitious plans for transportation and logistics development.
Persistent Systems buys US software firm Starfish Associates for Rs 173 crore
Persistent Systems said in a statement, "Known for its cutting-edge Enterprise Communications automation platform, Starfish Associates caters to the world’s largest enterprises including many Fortune 500 companies." Following the acquisition announcement on Wednesday morning, Persistent’s stock hit a 52-week high to 4,596 apiece rising over 2% on the BSE.
Indian software sector earnings will remain modest in Q1: here’s why
Infosys and LTIMindtree are expected to lead a modest increase in average growth for Indian software service providers in the first quarter of FY25. However, previous top performers, Tata Consultancy Services (TCS) and HCLTech, may see pressure on profits and margins as they work to reignite growth.
Strong ER&D demand helps IT buck overall soft hiring trend
India's $250 billion IT services industry is facing sluggish hiring, but a bright spot is emerging in Engineering, Research & Development (ER&D). Demand for ER&D services is surging, driving a 15% increase in recruitment for these roles. Staffing firms report that tech companies are ramping up ER&D hiring to stay competitive in the global market.
Why Indian IT companies are moving into New Jersey
Top Indian IT companies are zeroing in on New Jersey as its hub, with their top executives and a majority of Indian-origin engineers who work in the US making the city their base. India is New Jersey’s second-largest foreign direct investor and a majority of New Jersey’s immigrant population hails from India.
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Tech Mahindra CEO Mohit Joshi says FY25 will be turnaround year
As per Tech Mahindra chairman Anand Mahindra, as organisations strive to stay ahead in the digital race, IT services will play a key role in enhancing technology by integrating AI seamlessly into the core business functions. “The race does not necessarily belong to the large or the most specialised. The winners will be companies that are agile, well-prepared and can scale at speed,” he said.
L&T hit by 'severe' skilled manpower shortage: 45,000 engineers & techies needed
Larsen & Toubro (L&T) faces a severe shortage of skilled labor, with a deficit of 25,000 workers in engineering and construction, and 20,000 in IT and IT services, per its Chairman S N Subrahmanyan. This shortfall, due to various factors including high attrition and migration, is affecting project execution.
L&T group facing shortage of over 45,000 labourers and engineers: Chairman Subrahmanyan
The flagship engineering, procurement and construction business is grappling with a labour shortage of 25,000-30,000 labourers, while the information technology and IT-enabled services business is facing a shortage of 20,000 engineers, he told reporters here.
87 stocks turn multibaggers in resilient Indian market during H1. What's the second half looking like?
Indian market showcases resilience with 87 stocks turning multibaggers in H1. Top performers include Marsons and Tinna Trade. IT and capital goods sectors witness significant growth. Analysts predict positive market trajectory post-Union Budget and US Fed's decisions.
Facing an unprecedented slowdown, IT companies are undergoing a shift. Here’s what’s changing
IT companies like TCS, HCLTech, Wipro and Tech Mahindra are reorganising their businesses to wade through disruptions and prepare for Gen AI. TCS, under new leadership, merged AI and cloud operations into a unified AI.Cloud unit, responding to growing demand in cloud migration and transformation services.
Gensol Engineering bags another BESS project from GUVNL
Gensol Engineering secures an additional 250 MW/500 MW Battery Energy Storage System Project from GUVNL, increasing its order book to Rs 3,100 crore.
Indian IT engineers are a cricket craze in the US
Indian IT professionals from companies like Cognizant, ServiceNow, and Cigniti are actively involved in promoting cricket in the USA during the T20 World Cup matches. The IT industry's role includes owning cricket franchises, sponsoring leagues, and even participating in matches. They are contributing to the growth of cricket in North America, with Indian origin players like Saurabh Netravalkar and Nosthush Kenjige playing for the USA team.
IT industry's competitive intensity to be at highest levels in FY25: HCLTech CEO C Vijayakumar
Despite a challenging economic environment, HCLTech has achieved remarkable annual growth and outpaced larger competitors. The third-largest software services firm, with annual revenues of $13.27 billion, reported growth that outpaced Tata Consultancy Services 4.1% and Infosys 1.4%. Smaller players such as Wipro and Tech Mahindra faced significant struggles.
Gensol Engineering emerges successful bidder for Rs 1,340-cr battery energy storage project
The project will supply electricity on an 'on-demand' basis to Gujarat State's DISCOMs during peak and off-peak hours, thereby extending renewable energy availability beyond solar hours, fulfilling energy storage purchase obligations, and enhancing grid resilience, a company statement said.
How IT companies are using acquisitions to build engineering prowess
IT companies like Cognizant are acquiring engineering services companies to expand their competencies and fend off competition from pure-play firms. Cognizant's recent $1.3 billion acquisition of Belcan marks its largest in this segment, signaling a trend in the industry.
Cognizant to acquire US digital engineering firm Belcan for $1.3 billion
Cognizant Technologies to acquire Belcan for $1.3 billion, expanding into aerospace, defense, space, and automotive sectors.
TCS launches GenAI platform WisdomNext
Tata Consultancy Services (TCS) launched the Gen AI platform WisdomNext, aggregating multiple GenAI technologies. The platform helps companies adopt next-gen technology, lower costs, and operate within a regulatory framework.
How the Indian GCC boom is lighting up prospects of IT firms
With India emerging as a hub for global capability centres (GCCs), IT services companies are cashing in, setting up projects, looking for partnership opportunities, and even acquiring such centres.
Here's how much top IT CEOs got paid in FY24
Indian IT services company leaders saw a rise in annual compensation amidst industry challenges. Infosys CEO Salil Parekh's remuneration increased by over a sixth to Rs 66 crore. LTI's CEO Debashis Chatterjee's total compensation grew by 10% to Rs 19.34 crore.
LTIMindtree CEO pay up 10%, LTTS chief’s package jumps over 100%
Debashis Chatterjee fixed pay was Rs 9.33 crore, variable compensation at Rs 9.9 crore for the fiscal 2024. The median remuneration of employees of LTIMindtree during the financial year grew by 12% to Rs 14,00,009. In FY23, the median remuneration of the employees was Rs 12,49,992.
GlobalLogic sees increased business from India-based GCCs
GlobalLogic has seen a significant increase in its India business due to the growing number of global capability centres (GCCs) in the country, according to the company's top executives.
Wipro teams up with Centre for Brain Research at IISc on AI-driven health behaviour innovations
Wipro partners with Centre for Brain Research to utilize AI, ML, and big data analytics for health behavior innovations.
HCLTech, Arm collaborate to work on custom silicon chips for AI-led biz
The partnership will enable semiconductor manufacturers, system OEMs (original equipment manufacturers) and cloud services providers to enhance the computing efficiency of their data centre environments, HCLTech said in a statement.
It’ll take time to leverage full potential of GenAI: : TCS’ AI-Cloud biz head
Siva Ganesan, head, TCS’ AI.Cloud business unit told ET that upskilling of the workforce, reimagining core business processes, focusing on return on investments and conforming to regulatory needs are some of the challenges that organisations face with GenAI.
E&RD growth to come from US, Germany and Japan, says LTTS CEO
LTTS, a mid-tier information technology firm, reached the $1 billion revenue milestone in 2023-24 2024.
Indian IT’s reliance on H-1B dropped 56% over past 8 years
Indian IT companies’ reliance on H-1B visas has fallen over the years as they have ramped up local hiring in the US. High denial rates during the Trump administration along with tightening of the immigration regime have also decreased visa usage, experts said.
Midcaps up M&A game with winds of tech spends revival
Indian IT sector witnesses a surge in acquisitions by firms of all sizes, driven by the need to pivot to new technologies and business models. Smaller players innovate and acquire to become key innovation partners in digital areas.
Happiest Minds makes third acquisition for $8.5 million
This is the third acquisition for the Bengaluru-based IT services firm in FY25 so far with two acquisitions PureSoftware Technologies and Macmillan Learning India announced in April.
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