INFOSYS PRESIDENT QUITS
Rishi Sunak's campaign to stay British PM showed his lack of political touch
Predecessors such as Tony Blair and Boris Johnson were more politically astute and able to connect with voters. As for Sunak, he didn't have to call the election until Jan. 2025. He defied political advice by doing so in May - with Conservative support dwindling steadily amid an economic slump, ethics scandals and a revolving door of leaders over the last two years - and announced the July 4 date in the pouring rain.
How to trade India Cements, NMDC, Amara Raja and 3 other stocks? Aamar Deo of Angel One decodes
Markets had a dream rally in June, with the benchmark index Nifty gaining 2% WoW, whereas Bank Nifty gained 1.3% WoW. Overall, the markets continue to be driven by bullish investment sentiments, on the back of positive global cues, rally in heavyweights and on the hopes of rate-cut materialising, most probably in this quarter.
Britain's Rishi Sunak struggles with missteps while trying to lift Conservatives ahead of elections
British Prime Minister Rishi Sunak has faced scrutiny over his political instincts during the general election campaign, which started five weeks ago. His actions have not always reflected the seasoned touch of past leaders like Tony Blair or Boris Johnson, evidenced by some notable campaign missteps.
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.
Is it a case of ‘no bad news is good news’ for IT companies now? Rahul Jain answers
Rahul Jain of Dolat Capital says that the guidance for the current fiscal has been very weak in the case of the IT companies that give explicit numbers, be it Infosys or HCL Tech. And if they do not surprise positively during the earnings season, all the momentum can gradually fizzle out.
Wipro CEO Thierry Delaporte quits, to be replaced by Americas chief Srini Pallia
Srinivas Pallia, who was the CEO for the company's Americas 1 area, will take over as the new CEO and Managing Director from April 7, the company added.
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India's LTIMindtree grooms two insiders for CEO job, sources say
The succession plan unfolds amid a broader churn in the C-suites of the $245-billion Indian IT industry that is grappling with weak client demand in the face of inflationary pressures and global macroeconomic uncertainty.
Cobranded credit card rush; threat of complete ban on offshore crypto apps
Happy Friday! Banks are pushing the pedal on their cobranded credit card strategy as they gain traction through large consumer facing internet companies. This and more in today’s ETtech Morning Dispatch
IT Q3 earnings off to a weak start; Dealshare’s new CEO
The third-quarter IT earnings for FY24 began on a weak note as TCS posted a low single-digit rise in net profit while Infosys saw its profit fall 7%. This and more in today’s ETtech Top 5.
Indian IT firms fight it out to foil plans of talent-fishing companies
Plagued by a slew of senior-level management exodus, Wipro has filed lawsuits against at least two of them. In another instance, Infosys, the country’s second largest IT services firm, is reported to have accused Cognizant of using “unethical poaching tactics”.
Infosys to announce Q3 results on January 11
In the second quarter, the Bengaluru-based company reported a 3% growth in consolidated net profit at Rs 6,212 crore. Consolidated revenue grew nearly 7% YoY to Rs 38,994 crore. In an unexpected move, the software major tweaked its guidance for FY24 in the September quarter. It now sees revenue growing 1-2.5% in constant currency terms in FY24, compared to its earlier estimate of 1-3.5%.
Infosys shares under pressure on CFO Nilanjan Roy's resignation
"Nilanjan Roy, Chief Financial Officer and Key Managerial Personnel has resigned from the services of the Company. His last date with the Company would be March 31, 2024," Infosys said in a filing on Monday.
Leadership crisis deepens at Infosys as CFO Nilanjan Roy resigns
Roy's last day will be effective from March 31, 2024, Infosys said in a regulatory filing.
Apple supplier Corning to build a Rs 1,000 crore facility in TN; Zomato to enter catering biz
American gorilla glass maker Corning is setting up a manufacturing unit in Tamil Nadu with an investment of Rs 1,000 crore, we have learnt. This and more in today’s ETtech Morning Dispatch.
HCLTech chief delivery officer Appa Rao VV quits
Rao was the company’s chief human resources officer before he took up the chief delivery officer role in October 2022. Ramachandran Sundararajan had succeeded him as chief HR officer at the time.
Infosys loses another veteran to rival company
Ranjan, who was the executive vice president (EVP) and service offering head for manufacturing in India and Japan business units, left Infosys to join US-based engineering firm Ness Digital Engineering as its chief operating officer (COO).
Hexaware appoints Girish Pai as global head of data, AI
Pai has around 28 years of experience in IT, digital strategy, and data and analytics and most recently was part of the advisory board at Vitalize Venture Capital firm.
Byju’s CFO quits; Flipkart’s Big Billion sale numbers
In another blow to edtech Byju’s, its chief financial officer, Ajay Goel, is leaving after seven months at the company. This and more in today’s ETtech Morning Dispatch.
Bleak days ahead for IT firms as macro trends crimp spending; and other top, tech stories this week
Reluctance by clients to go for large spends on digital transformation over the past few quarters has taken a toll on big IT firms. Subdued macroeconomic trends have meant cutting down on discretionary spending and projects that do not immediately require investments.
Govt plans stricter rules to deter betting apps; Indian cricket jerseys fly off ecommerce shelves
To curtail the spread of illegal online gambling and betting via offshore platforms in the country, the Centre is planning to tighten the rules, especially on UPI payments. This and more in today’s ETtech Top 5.
HCL, TCS leading the growth in tier I names followed by Infy, Tech M & Wipro: Rahul Jain
Rahul Jain of Dolat Capital believes that long-term investors are giving up on the upside in largecap stocks due to disappointing results. Infosys, in particular, has cut its guidance for the second quarter in a row, indicating more pressure ahead. Jain explains that the revenue growth is not translating from the order book due to delayed starts and a decrease in discretionary spending by clients. He expects a severe cut in stock prices and suggests that midcap stocks with better execution may face more pressure compared to tier I stocks.
Three business heads quit as Byju’s rejigs verticals
Troubled edtech major Byju's on Tuesday announced that it has undertaken restructuring of businesses and verticals, including consolidation of four verticals into two -- K-10 and exam preparation.
Infosys sees another top level exit as EVP Richard Lobo quits firm
Infosys executive vice president Richard Lobo has stepped down from his post after serving 22 years at the company.
Gopikrishnan Konnanath joins Cybage Software as President
Gopikrishnan Konnanath, has joined Cybage Software as President on March 09, 2023
New Data Bill draft to allow storage in trusted nations, Amazon layoffs likely to hit India staff
The government will propose to allow transfer of data and its storage in “trusted geographies” in the revised draft of the data protection Bill, doing away with the data localisation requirement proposed in the earlier version, people privy to the matter told us.
Data localisation to be scrapped in new Bill, Amazon layoffs to hit India staff
The government will propose to allow transfer of data and its storage in “trusted geographies” in the revised draft of the data protection Bill, doing away with the data localisation requirement proposed in the earlier version, people privy to the matter told us.
Google-Facebook ad duopoly continues; Ajit Mohan quits Meta to join Snap
Google and Facebook combined posted a 77% year-on-year jump in their ad sales last fiscal while the equalisation levy they paid soared 82%, as per their RoC (Registrars of Companies) filings sourced from Altinfo.
Cognizant picks Infosys veteran Ravi Kumar to lead Americas market
Co appoints former Accenture leader Prasad Sankaran to head Software and Platform Engineering service line
Infosys president Ravi Kumar S quits after 20-year stint
IT major Infosys on Tuesday said that its president Ravi Kumar S has quit, effective October 11.
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