IT CLIENTS
![BPO clients automating ops via AI to raise productivity: Automation Anywhere CTO](https://img.etimg.com/thumb/msid-111788666,width-100,height-75,resizemode-4/tech/tech-bytes/bpo-clients-automating-ops-via-ai-to-raise-productivity-automation-anywhere-cto.jpg)
BPO clients automating ops via AI to raise productivity: Automation Anywhere CTO
Around 70% of the San Jose-headquartered company’s global workforce is based in India, with 917 employees working out of the Bengaluru, Mumbai and Vadodara offices. The company earns majority of its revenue from automation in the BFSI (banking, financial services and insurance), supply chain and retail segments. The company counts Adani Group, Tech Mahindra, Indian Oil Corporation, Tata Sky, Axis Bank and IDFC Bank among its clients.
![Eton Solutions onboards NR Narayana Murthy’s family office as first client](https://img.etimg.com/thumb/msid-111637783,width-100,height-75,resizemode-4/tech/technology/eton-solution-onboards-nr-narayana-murthys-family-office-as-first-client.jpg)
Eton Solutions onboards NR Narayana Murthy’s family office as first client
Eton Solutions announced Catamaran Ventures, associated with NR Narayana Murthy, as the first Indian user of its AtlasFive platform, managing $781 billion for 665 families globally. Deepak Padaki praised AtlasFive's efficiency. Eton, with 300 Bengaluru employees, plans a new GIFT City tech center. Satyen Patel cited India's financial emergence. Founded by Robert Mallernee, its international HQ is in Singapore.
![Mass layoffs at PwC after exodus of clients in China](https://img.etimg.com/thumb/msid-111628691,width-100,height-75,resizemode-4/industry/services/consultancy-/-audit/mass-layoffs-at-pwc-after-exodus-of-clients-in-china.jpg)
Mass layoffs at PwC after exodus of clients in China
PricewaterhouseCoopers LLP is reducing staff in China due to declining revenue prospects and client exodus. Over 100 employees across Beijing, Shanghai, and other locations are being laid off. The firm faces regulatory scrutiny and client losses, prompting job inquiries from competitors. PwC's mainland China arm could face record fines and operational suspension.
![Hindenburg has never been a client of the firm, Kotak Mahindra International says](https://img.etimg.com/thumb/msid-111426714,width-100,height-75,resizemode-4/industry/banking/finance/banking/kotak-clarifies-hindenburg-has-never-been-a-client-of-the-firm.jpg)
Hindenburg has never been a client of the firm, Kotak Mahindra International says
Kotak Mahindra International Limited (KMIL) clarified on Tuesday that Hindenburg has never been a client or investor of the firm. The company made the statement to address any confusion regarding their relationship with Hindenburg.
![Judge in Trump classified documents case grants his request for one hearing, denies bid for another](https://img.etimg.com/thumb/msid-111327660,width-100,height-75,resizemode-4/news/international/world-news/judge-in-trump-classified-documents-case-grants-his-request-for-one-hearing-denies-bid-for-another.jpg)
Judge in Trump classified documents case grants his request for one hearing, denies bid for another
A federal judge presiding over the classified documents case of former President Donald Trump granted the defense's request for a hearing to determine if prosecutors improperly breached attorney-client privilege. However, the judge denied a request for a hearing on a separate claim that the Justice Department had submitted false or misleading information for a search warrant at Trump’s Florida estate.
![It's about can, not Cannes](https://img.etimg.com/thumb/msid-111321919,width-100,height-75,resizemode-4/opinion/et-commentary/its-about-can-not-cannes.jpg)
It's about can, not Cannes
The Pritzker Architecture Prize - 'Nobel Prize of architecture' - for instance, celebrates living structures, not scintillating sketches. Michelin stars are awarded to restaurants who deliver outstanding food daily and are reviewed yearly, not a one-time gastronomical creation. Oscars, Grammys, Emmys and Tonys are earned by scalable appreciation, not just conceptual craft.
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GST suppliers giving post-sale discount have to take undertaking from clients: CBIC
In a separate circular, Central Board of Indirect Taxes and Customs (CBIC) clarified that ITC is available to insurance companies in respect of motor vehicle repair expenses incurred by them in case of reimbursement mode of claim settlement.
Big 4’s management consulting arms gain muscle
The management consulting business has been growing 25-30% for all firms in the last two years. At the Big Four, the total number of partners engaged in strategy, operations, and the top end of digital advisory — areas typically dominated by firms like McKinsey, BCG and Bain — stands close to 300, with consultant numbers at 5,500-6,000. However, the varying number of digital consultants each firm adds to management consulting complicates direct comparisons.
Infosys working on 225 GenAI programs for clients; enterprise AI will take years to unfold: Nilekani
At Infosys' 43rd annual general meeting, cofounder and chairman Nandan Nilekani talked of the nascent stage of the Generative AI revolution. He also said consumer AI will see rapid adoption but enterprise AI will take several years to mature and have a widespread impact.
Google Cloud’s AI push is winning clients: Thomas Kurian
Google Cloud chief sees tech infra that govt wants to put together as an opportunity to work closely with India. He says so many Indian entrepreneurs are aspiring to build the next Google... ‘we are super supportive of it’.
Overall ADTO declines MoM as new demat accounts rise: Motilal Oswal
In May 2024, demat account additions surged by 36 lakh, but the overall average daily turnover (ADTO) in the financial markets declined by 3% to Rs 433 lakh crore. While F&O ADTO decreased by 3%, cash ADTO rose by 5.5%. Active users on NSE increased to 4.29 crore.
PSU banks still remain top bet in financial space: Rahul Shah
I think the mood is very positive. Obviously, as you rightly said, a lot of people missed out last Tuesday when we saw the sell-off in the markets and obviously, so I think luckily most of them are still holding on to their positions and not sold it and they are just riding it.
Midcap IT companies in India poach talent from industry majors
Midcap IT companies in India are attracting more employees from larger rivals in the past two years. This trend is seen in the technology services sector amidst macroeconomic challenges and a focus on hiring deployable talent.
Investors to get direct payout of securities now
Sebi mandates direct transfer of securities to demat accounts by clearing corporations to protect clients' assets. A Balakrishnan from Geojit Financial Services praises the move for enhancing security, ease of margin trading, auto pledge for funded stocks, effective from October 14, improving the margin trading facility.
Sebi mandates direct transfer of securities by clearing corporations to Demat accounts
The proposed change seeks to streamline operations and mitigate risk by directly crediting securities payouts to clients' Demat accounts, bypassing the broker's pool account.
JM Financial to fund realty projects through AIF, syndications
JM Financial Group shifts to funding real estate projects through AIF route and syndications, transitioning to investment banking-led distribution. Vishal Kampani, non-executive vice chairman, announces strategic AIF for land and approval financing.
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.
ETMarkets AIF Talk: This Rs 300 crore fund manager unveils M.E.R.I.T strategy to pick investments for portfolio
Himanshu Kohli, Co-founder of Client Associates, discusses identifying themes early for investors and the fund philosophy emphasizing value in business with strong fundamentals and execution. He mentions raising Rs 300 crore in AUM.
Indian IT sees deal tenures shrinking in rich neighbourhoods
At least two companies – HCLTech and Birlasoft – have gone on record to say that from the usual 10-12 year deals earlier, long-term arrangements are now ending in four years. Earlier, the tenures ranged between 10-12 years.
Four European Union banks seek RBI nod for clearing model
"There was a meeting last month between the heads of four European banks and top RBI officials. The banks have sought the RBI's approval on the proposed third-party model because there is no established rulebook for this kind of arrangement," a source aware of the developments said.
As macro climate changes, GenAI will also scale up: Infosys CEO Salil Parekh
In a wide-ranging interview with Sameer Ranjan Bakshi, Beena Parmar and Surabhi Agarwal, Salil Parekh, chief executive and managing director of Infosys, spoke of his plans to prepare the $18.6 billion software services giant — through its Topaz platform — for the GenAI-led transformation that will take root as global macro-economic concerns ease.
Rupee closes mildly weaker, forward premiums slip
The Indian rupee closed slightly down on Monday, unable to build on recent gains as local dollar demand pressured the currency even as most of its Asian peers rose.
SBI Automotive Opportunities Fund: Is it time to capitalise on opportunities in the world's 3rd largest auto market?
SBI Automotive Fund, managed by Tanmaya Desai and Pradeep Kesavan, offers high exposure to automotive stocks. Experts from WealthMills Securities recommend considering the fund for high-risk appetite investors.
HCLTech to buy Hewlett Packard’s communications tech assets for $225 million
As part of this agreement, HCLTech will also absorb around 1,500 employees and 700 contractors with experience of engineering services for telecom industry in countries including Spain, Italy, India, Japan, China, Americas and APAC region, HCLTech said in a regulatory filing on Thursday.
Wait for Awfis Space Solutions to deliver stable profitability
The company has an asset-light business model and is debt-free. However, limited operating history, consistent losses, scalability of business, and sustainability of long-term contracts with clients are a few concerns.
Upstox enters insurance distribution business
HDFC Life is among the first insurers to partner with Mumbai-based Upstox, featuring its term insurance plans on the platform
Demat account additions flat at 31 lakh in April. Overall tally rises to 15.40 crore
The number of Demat accounts increased by 31 lakh in April to 15.40 crore accounts with month-on-month (MoM) growth remaining flat and in line with the average monthly additions of 31 lakh in FY2024, according to a press note released by Motilal Oswal Financial Services (MOFSL).
Zerodha, 4 other discount brokers widen lead in active clients vs traditional brokers in April
Top five discount brokers expanded their lead over traditional ones in active clients on NSE, reaching 63.9% share in the previous month, up from 60.1% in April 2023. NSE's active clients rose by 2.6% sequentially to 4.18 crore in April, as per Motilal Oswal.
Hoteliers pull out all the stops to pamper business travellers
Travel and hospitality firms reported that they are seeing distinct changes in the needs of India's new generation of business travelers, going above and beyond simple lodging. Customized facilities and services are in greater demand and are being provided.
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