How a nudge from Cyrus Mistry helped TCS unlock a USD1 billion opportunity
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Hans India
an hour ago
- Hans India
Indices tumble nearly 1% on selling in IT, auto stocks
Equity benchmark indices Sensex and Nifty declined for the third session in a row on Friday, dropping nearly 1 per cent, dragged by heavy selling in IT, auto and energy stocks amid a muted start of the earnings season. Tariff-related uncertainties and mixed global market trends also added to the pressure, analysts said. The 30-share BSE Sensex tanked 689.81 points or 0.83 per cent to settle at 82,500.47. During the day, it fell 748.03 points or 0.89 per cent to 82,442.25. As many as 2,450 stocks declined while 1,557 advanced and 158 remained unchanged on the BSE. Similarly, the 50-share NSE Nifty dropped 205.40 points or 0.81 per cent to 25,149.85. On the weekly front, the BSE benchmark dropped 932.42 points or 1.11 per cent, and the Nifty tanked 311.15 points or 1.22 per cent. 'While weak European market cues and negative US Dow Futures weighed on sentiment, the disappointing start to earnings season by software major TCS cautioned investors about the sluggish global demand scenario that led to heavy selling in IT, telecom, auto, realty and oil & gas stocks,' Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said. From the Sensex firms, Tata Consultancy Services declined 3.46 per cent after reporting its June quarter earnings. The country's largest IT services company on Thursday reported a 6 per cent growth in June quarter net profit at Rs 12,760 crore, helped by a jump in non-core income even as revenues grew at a tepid pace. The rupee revenue grew 1.3 per cent to Rs 63,437 crore during the quarter. Still, it was down by over 3 per cent on a constant currency basis, as the company faced headwinds in its major markets amid a winding down of the BSNL deal, which helped it in recent quarters. Mahindra & Mahindra, Bharti Airtel, Tata Motors, Titan, HCL Tech, Bajaj Finance, Reliance Industries, Trent, Infosys and HDFC Bank were among the other major laggards from the pack.
Time of India
8 hours ago
- Time of India
23 cos setting up campuses in new tech hub: Babul Supriyo
Kolkata: Twenty-three companies, including and L&T, have started construction of their buildings at Bengal Silicon Valley (BSV), an upcoming tech hub in New Town, while NTT, ST Telemedia and CtrlS data centres are on the verge of launching their operations. Tired of too many ads? go ad free now This was revealed by state IT and electronics minister during an interaction with IT industry stakeholders on Friday. Urging private tech firms to adopt a startup each for improving Bengal's IT ecosystem, the minister said: "About 41 companies have taken plots at BSV spread over 250 acres. The construction work of five companies is nearing completion while 23 companies are in different stages of construction. We will bring an amended version of the existing IT policy. We are also working on global capability centre and semiconductor policies. " The state was looking at an investment of Rs 30,000-35,000 crore from the companies setting up units at BSV, Supriyo said. Speaking on incentives for manufacturing units, he said: "The land price at BSV is Rs 40 crore per acre, but govt has given it for Rs 5 crore per acre. We are not thinking about any more subsidy." Representatives of TCS, Capgemini and British Telecom urged Supriyo for a change in the syllabus of degree and diploma engineering to tide over the dearth of skilled workforce in the city. "When we recruit passouts, they are not industry-ready. We have to look at workforce outside the state," said Monojit Sengupta, a representative from TCS. Responding to this, Supriyo said: "Webel and tech education department are coordinating on the issue. We are open to suggestions from IT companies for introducing new chapters or courses in the syllabus."
New Indian Express
10 hours ago
- New Indian Express
AI revenues have grown this quarter: TCS COO
BENGALURU: Tata Consultancy Services's the growth for the June quarter was led by AI & Data, TCS Interactive and cyber security. Though the company did not quantify specific revenues from AI, top executives in an interaction with the media said, from the new-age service line perspective, all offerings--AI, data & cyber security--have grown well in the June quarter and that the company is witnessing strong demand from its customers. "Customers are investing in industry-specific solutions. AI for modernisation is coming across as a strong theme because Gen AI is now becoming the tool to really understand the legacy code," said Aarthi Subramanian, Executive Director - President and Chief Operating Officer, TCS. Subramanian, who is the first woman COO at TCS, took charge from May this year. She said the company's AI revenues have grown in Q1.
