TCS SWISS RE DEAL
Ukraine summit opens in Switzerland, seeking path to peace
World leaders were joining Ukrainian President Volodymyr Zelensky in Switzerland on Saturday for a summit on peace in his country, but with Russia staying away it is seen as the first step in a long process. "Together, we are making the first step toward just peace based on the UN Charter and fundamental principles of international law," he said on X, formerly Twitter.
Human trafficking case: Hinduja scion in Swiss human-trafficking trial says nanny was like a ‘second mum’
Hinduja human trafficking case: The scion of the billionaire Hinduja family is facing accusations of overworking a nanny at his Swiss villa. Ajay Hinduja denies the allegations, stating that the nanny was like a second mother to his children. The family is also accused of human trafficking and mistreatment of household staff, with the trial ongoing in Geneva.
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TCS Q4 show trumps D-Street expectations: 5 takeaways from the earnings
TCS Q4 Results: The company's order book for FY24 was at an all-time high of $42.7 billion and record $13.2 billion in the March quarter, led by the mega deal with Aviva and others in the emerging markets vertical.
TCS announces final dividend of Rs 28 per share
This will be paid on the fourth day from the conclusion of the 29th Annual General Meeting. TCS' revenue for the January-March quarter stood at Rs 61,237 crore, up 3.5% on a year-on-year basis and 2.2% YoY in constant currency terms. Full-year revenue was reported at Rs 240,893 crore, up 6.8% YoY and over 3.4% in the CC terms while the net income stood at Rs 46,585 crore jumping by 10.5% YoY.
TCS performance strong but keep eye on verticals and outlook: Omkar Tanksale
Analyst optimistic about TCS's growth, citing strong execution and deal pipeline. Premium valuations justified by client engagement.Tanksale says: "There are definitely uncertainties lagging the growth drivers on the laggard part but TCS is likely to cope up. But still, it is very important to watch out for the vertical commentary and outlook."
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Mayuresh Joshi on why TCS stock deserves to be rerated
Market expert Joshi praises TCS's outstanding financial performance, expecting a stock re-rating. Anticipates positive sector impact and growth in BFSI, energy, manufacturing, life sciences, and healthcare industries based on TCS's stellar results.
Why is IT sector doing well despite many headwinds? Sandip Agarwal explains
This year I think I will compare with 2021 when people were very negative in the month of January because they were seeing a lot of impact of COVID and all that and suddenly in March they realised that oh, we need technology to even survive in COVID.
Byju’s rights issue offer to estranged investors; TCS kicks off fresh hiring
Byju’s held an extraordinary general meeting (EGM) this morning to increase its authorised share capital. None of the participating investors objected to the proposal.
Did promoter stake sales suck out Rs 40,000 cr from the market? Pankaj Pandey answers
Pankaj Pandey analyzes the market's liquidity dynamics, stake sales' impacts on companies like Tata Chemicals, and the valuation uncertainties in tech stocks. He also discusses the potential of Blinkit, preferring stable businesses over evolving models like new tech companies. Pandey also says that they have lowered HDFC Bank target price to Rs 1,800.
16 years in the making, key details of India's pact with four-nation European trade bloc
India signed a free trade pact with Switzerland, Norway, Iceland, and Liechtenstein, committing to reduce tariffs and receive $100 billion in investments over 15 years. The pact is expected to boost exports, attract investments, and improve trade ties between India and Switzerland.
No structural breakdown yet in small and midcap indices: Anand James
The gap between largecaps and small and mid cap indices is widening, but no structural breakdown has occurred. IT stocks, except for TCS, are in a downtrend. Tata Steel shares hit fresh 52-week highs. A largecap route is a more broad based one, while smaller cap approach is often in search of superlative returns, and provides a larger universe to pick. This advantage stays with the smaller market capitalized segment.
Upbeat IT CEOs expecting tech spends to rise in 2024
India's technology outsourcing industry is optimistic about revenue expansion in 2024. Tata Consultancy Services and Tech Mahindra CEOs expect growth from deal renewals, vendor consolidation, and transformation projects. The IT industry is projected to reach $253.9 billion in fiscal 2024.
Margin guidance won’t hold up this fiscal, says LTIMindtree’s Debashis Chatterjee
LTIMindtree has also booked a strong deal booking at all-time high, translating into a quarterly order book of $1.5 billion. CEO Debashis Chatterjee, in an interaction with ET, said the firm will need to hire a little ahead of time with some specialised skills to meet the deal commitments.
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Wipro Q3 Results: Operating margin beat, deal wins among 5 key takeaways from earnings card
The IT major has guided for -1.5% to 1% sequential growth in its IT services business revenue. This translates to a revenue of $2.62-$2.67 billion in the March quarter in constant currency terms. Most analysts had expected Wipro to give -1% to +1% growth in constant currency revenue.
TCS and Infosys log muted sales growth
At the post-results briefings, senior executives at Infosys and TCS said there were few signs of recovery in global demand for technology services, which has been buffeted by macroeconomic and geopolitical uncertainty for nearly two years now.
IT stocks rally looks premature after Accenture's underwhelming guidance. Should you sell?
Accenture reiterated its headline FY24 revenue growth guidance of 2-5% YoYcc but increased the inorganic contribution to more than 2% vs 2% earlier, which implies that FY24 organic growth guidance has been trimmed slightly. Management indicated no change in the demand environment – persistent weakness in BFS, CMT, and discretionary spends.
PSU pack getting re-rated; book profit in IREDA: Rahul Shah
“The IREDA stock has done quite well. I am sure you know about it. And I think going forward, we feel that a lot of other stocks and the entire other sectors, and especially in the financial space, looks quite promising. One should look at booking profits at this level.”
Adverse impact on discretionary demand affected Q2 revenues: TCS COO N Ganapathy Subramaniam
Stating that discretionary demand can contribute as much as 30% of incremental revenues in a quarter, Subramaniam said the September quarter results were impacted due to this aspect.
HCLTech wins $2.1 billion Verizon deal
This comes at a time when large IT providers have been announcing mega deals even as technology spends have been hit due to macroeconomic concerns in the US and Europe. Such large deals could be a factor of companies driving cost efficiencies and consolidating their vendors.
Byju’s, lenders agree to close $1.2 bn loan terms by Aug 3; Swiggy’s $50 million Esop buyback
Byju’s and its lenders have reached an agreement to lock in the new terms for the $1.2 billion term loan B by August 3, according to a statement from the steering committee of the lenders group – confirming ETtech’s newsbreak from earlier on Monday.
Transamerica cancels $2 billion TCS deal ahead of schedule
Tata Consultancy Services said on Friday it has mutually agreed with insurance provider Transamerica to end a $2 billion contract, citing reasons including a challenging macro environment.
UBS turns to ex-CEO Ermotti to steer Credit Suisse takeover
Sergio Ermotti, the current chairman of Swiss Re, is returning to the bank, where he was chief executive from 2011 to 2020, following the takeover of Credit Suisse. He will replace current Chief Executive Ralph Hamers from April 5, UBS said.
Telefonica Germany partners with TCS to build its operations support systems
“TCS is delighted to expand its partnership with Telefónica Germany to transform its customer experience with a reimagined service assurance landscape,” said V Rajanna, Global Head, Communications, Media, and Technology Business, TCS.
TCS expands collaboration with Keysight; wins IT transformation deal
Working with Keysight, TCS will help architect an automation-driven operating model that will boost operational resilience, transform the user experience, and enhance business agility enabling Keysight to harness synergies across the value chain.
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Swiggy’s delivery staff strike again; VCs on wait mode & govt scrutiny on TikTok’s re-entry
Owing to a reduction in worker payouts and poor working conditions, delivery workers near a dark store of Instamart - Swiggy’s quick commerce business - went on strike in New Delhi’s Lajpat Nagar area.
Paytm’s general insurance deal with Raheja QBE terminated
In a stock exchange filing late on Sunday night, Paytm parent One97 Communications (OCL) said “the share sale and purchase transaction has not been consummated within the time period envisaged by the parties under the said agreement, the agreement has automatically terminated.”
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