Accenture Financial News

Investing.com -- U.S.-listed shares in Infosys (NYSE:INFY) fell in premarket trading on Thursday after the Indian software-services exporter slashed the upper end of its full-year revenue growth outlook.

Big four consulting firm KPMG has cut another 100 staff after making 200 redundant in February, rival Deloitte has cut dozens, and 78 staff at PwC face an uncertain future after their planned move to spin-off Scyne was scrapped.

MUMBAI, NEW DELHI : India’s top three IT companies have seen more than 25,000 net employee exits in the six months to September, driven by cost-saving measures, unfilled job openings, and hiring curbs. Companies and recruiters expect the labour market to remain weak for at least a couple of quarters, pending a rebound in deal flow and immediate needs that would require renewed recruitment. “Cost optimization is taking place either through vacancies that remain unfilled or some amount of natural attrition.

₹38,994 crore for the just-ended quarter. Infosys has also declared an interim dividend of ₹18 per equity share carrying a face value of ₹5 each.

Tata Consultancy Services reported a net fall of 6,333 employees in headcount in the second quarter (Q2) of FY24 taking the overall headcount to 608,985. Further, the headcount fell by 7,186 compared to the year-ago period. India's largest software exporter had added only around 523 employees sequentially in Q1. This comes as IT companies are facing slow growth because of macro headwinds and tech spends being pulled by clients. Last month global IT major Accenture reported a headcount growth of just 951 in their fourth quarter while guiding a tepid 2-5% revenue growth for FY24. Voluntary attrition for the quarter for stood at 14.9% compared with 17.8% last quarter and the company said further improvements in the metric would be seen going forward.

JP Morgan has projected FY24 as a "washout year" for India's $245 billion IT industry, which represents over 7.5% of the country's GDP. This isn't merely a reflection of earlier industry apprehensions, but a dire alert for the sector to address systemic challenges before it is too late. “We remain negative on the sector as we haven't seen a meaningful uptick in demand in our recent checks.

Daljeet Singh Kohli, Head — Strategy & Research, Vasuki India Fund, says We have some small amount of IT, very small allocation as of now. Mainstream IT, the two enabled services, we already have a good allocation there. But in mainstream IT, we would like to wait for this quarter’s number. The commentary from Accenture was that probably things will take much longer than what many of the analysts and the Street was expecting. That revival will happen sooner. Everybody was saying that H2 of this year will be much better but that does not seem to be the case. So maybe after the Q2 numbers, once the managements give their commentary, we will have a little more idea about it. What is your take regarding some of these new-age tech names? Zomato is finally seeing a bit of the upside but it is now past the level of 100 comfortably but you have Nykaa and the others which continue to languish? What is your view for the entire space? We continue to avoid them as of now mainly because we want to see some more numbers coming in – a lot of ESOP related and many one-offs extraordinary items.

Warburg Pincus will acquire Everise, a leading global healthcare services outsourcing company, from its existing investor Brookfield, said a company press release. Warburg Pincus’ investment values the company at around $1 billion and Brookfield will retain a minority stake. Further details of the stake buyout is not disclosed. Warburg Pincus is in advanced negotiations to acquire Everise Holdings, a Delaware-registered outsourcing company, ET first reported on 28 July. ET first reported in May on Warburg Pincus' interest in Everise.

₹62,586.88 crore last week. Last week, IT majors like Tata Consultancy Services (TCS) and Infosys emerged as the biggest loser of the market. Last week, the BSE benchmark fell 180.74 points or 0.27 per cent, and the Nifty declined 35.95 points or 0.18 per cent.

Tata Consultancy Services will kick-off the second quarter earnings season by announcing its results on October 11. The Board will also consider paying an interim dividend to investors for the financial year 2023-24. «A meeting of the Board of Directors of Tata Consultancy Services is scheduled on October 11 to approve and take on record the audited condensed standalone and consolidated financial results of the company and consider declaration of second interim dividend to the equity shareholders,» the company said in a filing. The record date for the second interim dividend is fixed as October 19. The dividend, if declared, will be paid to the equity shareholders of the company whose names appear on the register of members of the company or in the records of the depositories as beneficial owners of the shares as on record date. Shares of TCS will likely trade ex-dividend on the day or a day before the record date. When a company goes ex-dividend on a particular date, its stock does not carry the value of the next dividend payment.

Click here!) Recent trends of the market show gains in the market followed by a fresh wave of selloff. Experts think this may change in October. "The ‘sell on rally’ market construct is likely to change in October.

Accenture warns of first-quarter revenue below estimates as IT spending remains under pressure (Exciting news! Mint is now on WhatsApp Channels. Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) Experts underscore that Accenture's fourth-quarter performance and Q1FY24 outlook have raised concerns about the Indian IT sector over the near-term demand environment. "Accenture's management highlighted CMT (communications and media consulting) and North America as the key weak area, which we see as negative for Tech Mahindra (about 40 per cent communications exposure).

Infosys, Wipro Infosys and Wipro ADRs slumped in trade on Thursday on the NYSE as peer Accenture Plc’s growth guidance left investors in dismay. Quick Heal Technologies American venture capital firm Sequoia Capital has exited Quick Heal Technologies Ltd, by selling its entire 3.4% stake in the company through the open market on Thursday. Read more: Here's the trade setup for today's session Adani Green Abu Dhabi-based International Holding Co said it plans to sell its investment in Adani Group firms – Adani Green Energy Ltd and Adani Energy Solutions Ltd. Asian Paints Asian Paints Co-founder and Non-Executive Director, Ashwin Suryakant Dani, on Thursday passed away at the age of 81. Cholamandalam Investment Cholamandalam Investment and Finance launched a qualified institutional placement up to Rs 2,000 crore. Piramal Pharma USFDA conducted a good manufacturing practices inspection of Piramal Pharma's Bethlehem facility and issued two observations. Uno Minda Uno Minda to increase stake in its JV with Westport to 76% to accelerate growth in growing CNG and other alternate fuel markets. SBI Life The Board has approved the appointment of Amit Jhingran as the MD and CEO of the company with effect from October 01. Emami Emami announced its foray into the juice category with AloFrut through strategic investment in Axiom Ayurveda and its subsidiaries. Navin Fluorine Radhesh R Welling has tendered his resignation as the Managing Director and a Director on the Board of the company for personal reasons.

domestic equity benchmarks settled around a percent lower amid volatility due to the monthly F&O expiry and dragged by weak global cues. Going ahead, the weakness in the market is likely to extend till the worry over the elevated oil prices and higher interest rates remains, posing a risk to the earnings growth trajectory. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd Asian markets traded higher on Friday following overnight gains on Wall Street and release of key economic data in Japan.

Check out the companies making headlines in midday trading.

₹1.6 trillion in annual productivity gains and support 45.9 million jobs by 2030, a report said on Thursday. The jobs are likely to be created in healthcare, education, and agriculture sectors by 2030, representing 9% of total jobs in the country, according to Amazon Web Services report (AWS), conducted by global professional services firm Accenture.

Infosys and Wipro slumped in trade on Thursday on the New York Stock Exchange as peer Accenture Plc’s growth guidance left investors in dismay. Accenture, which released its earnings for the three months ended August, guided a meagre 2-5% growth in annual revenue in the backdrop of a subdued business environment for IT services. Accenture follows the September-August financial year. For the quarter ending November, the IT major expects revenue to be in the $15.85-16.45 billion range.

Mayuresh Joshi, Head-Equity Research, India, William O'Neil, says “the commentary surrounding order wins by IT companies remains extremely strong because the targeted bucketed list that they probably have between a million dollars to five million and to ten million for midcap IT companies those order wins and those transformational deals when it comes to AI and the associated space is there itself still continues at a rapid and a very good pace. The other space, ER&D, where a lot of companies like a KPIT, Tata Elxsi, Sonata have done well and continue to do well.” Is a move on Reliance sustainable and are there enough fundamental triggers in place? Singapore GRMs have come off in the last few weeks and therefore the refining segment for the better part of the second quarter and the third quarter, will stay at these levels and can be under some sort of pressure. But we all know that Reliance has access to multiple feedstocks and even if Singapore GRMs have corrected to around $6.5, an outperformance of $2 to $3 to say the least can be expected from Reliance.

The top-earning 20 per cent of partners at big four consulting firms EY and PwC took home more than $1.3 million annually, well above the top managing directors at Accenture who earned more than $875,000, the latest, available figures show.

campus hiring, as many IT/ITeS companies that typically recruit a big chunk of students have either stayed away so far or are deferring their plans. In a typical year, 30% to 50% of the offers come from IT/ITeS companies alone, placement officials at over half a dozen engineering colleges in Karnataka, Kerala, Tamil Nadu and Rajasthan told ET. This year, Tata Consultancy Services and Cognizant have not yet visited Government Engineering College, Thrissur (Kerala), said its training and placement officer Subin Poulose. The college had received more than 770 offers for 400 students in the Class of 2022, which dropped to close to 570 offers for the Class of 2023. «This year, we expect the offers to drop further by 20% or more,» said Poulose. At the Jaipur-headquartered Poornima group, which runs three engineering colleges and one university, several of the big IT/ITeS recruiters including Infosys, Capgemini and Cognizant have not come yet for the 2024 batch. «Only TCS has given a positive indication that they will hire in good numbers,» said its director, corporate relations, Dipti Lodha.

MUMBAI : Electronics giant Samsung, consulting and IT services leader Accenture and manufacturing conglomerate Larsen & Toubro (L&T) are among the early recruiters at the youngest Indian Institutes of Technology (IITs) this year, placement executives said. The compensation offered ranges from ₹6 lakh to ₹48 lakh. The IITs in Varanasi, Mandi and Bhilai, are the some of the first to start placements in September.