Software Financial News

Tata Consultancy Services: Tata Consultancy Services (TCS) Ltd on Wednesday reported a 16.84% year-on-year rise in its consolidated net profit for the fiscal's first quarter ended June (Q1FY24) to ₹11,074 crore. The company had reported a profit of ₹9, 478 crore in the year-ago period. Sequentially, the consolidated net profit was down 2.8%.

Zensar Tech: Buy at ₹396.40, target ₹414, stop loss ₹390;2] Syngene International: Buy at ₹780, target ₹811, stop loss ₹768; and3] VRL Logistics: Buy at ₹736, target ₹764, stop loss ₹722. (Read More)Housing Development Finance Corp., India’s largest mortgage lender, took its last bow from the stock market on Wednesday with a record high volume of ₹11,567.44 crore and the highest-ever deliverable quantity of 33.8 million shares, indicating that investors and traders took delivery ahead of the record date on 13 July to be eligible for receiving the merged HDFC Bank shares.In addition to fresh buying, those holding derivatives positions on NSE would have also opted for delivery as all derivatives contracts remaining open by the end of trade on 12 July would result in compulsory delivery, given the attractive swap ratio, said analysts.

HCLTech reported a 7.6% on-year rise in net profit for the fiscal first quarter, missing estimates due to project ramp downs mainly in its technology and telecom verticals even as it signed fewer deals in the three-month period amid overall macroeconomic uncertainty. India's third largest software company, however, maintained its revenue growth guidance of 6-8% as well as 18-19% operation margin for the fiscal year. For the quarter, net profit stood at ₹3,534 crore compared with ₹3,283 crore last year.

HCLTech will acquire a 100% stake in German automotive engineering services provider ASAP Group for €251 million and the transaction is expected to close by September 2023 subject to regulatory approvals, the IT major informed the stock exchanges on Thursday. ASAP is focussed on future-oriented automotive technologies in areas such as autonomous driving, e-mobility, and connectivity.

Tata Consultancy Services (TCS) advanced 17% on-year, beating D-Street estimates, but India's software bellwether warned it lacks immediate visibility on a rebound in demand that remains «soft and uncertain,» with clients across geographies and business verticals deploying elaborate priority filters to assess the necessity of spending money now on discretionary and non-critical projects. The most-valued Tata group company on Wednesday said net profit climbed to ₹11,074 crore, from ₹9,478 crore a year ago, paced by better cost realisation.

Tesla has held discussions with union government officials, exploring the possibility of bringing its auto parts and electronics chain to India and of getting incentives and tax breaks in the process, said people with knowledge of the matter. The development signals the US-headquartered electric vehicle maker’s renewed interest in India, close on the heels of Prime Minister Narendra Modi’s meeting with the company’s chief executive Elon Musk during his trip to the US last month, said the people.

Bharti Airtel has bought an additional 20.6% stake in Bengaluru-based technology startup Lavelle Networks, taking its holding to 45.6%. The company did not share financial details of the deal. In January last year, Airtel acquired around 25% equity stake in Lavelle Networks. «Agreement has been entered for acquisition of additional 20.6% stake on the basis of price determined by the valuation report. The said valuation has not been disclosed due to the reasons of confidentiality,» Airtel said in a regulatory filing Wednesday. Founded in 2015, Lavelle Networks is a networking software startup that delivers next generation cloud powered technology to optimize, secure and manage enterprise branch networks. Airtel, through its startup accelerator program, aims to support growth of early-stage Indian tech startups and partner with them in building significant scale to achieve its vision.

₹386 crore Chandrayaan-1 was successful. Its orbiter kept orbiting around the Moon for 312 days conducting experiments while its impact probe landed on the lunar surface and discovered signs of water. The ₹850 crore Chandrayaan-2’s mandate was bigger.

Nvidia will invest $50 million to speed up training of Recursion's artificial intelligence models for drug discovery, the companies said on Wednesday, sending the biotech firm's shares surging about 83%. Recursion, whose advisers include AI pioneer Yoshua Bengio, will use its biological and chemical datasets exceeding 23,000 terabytes to train AI models on Nvidia's cloud platform. Nvidia, seen as a big winner of the boom in artificial intelligence, could then license those models to biotech firms through BioNeMo, a generative AI cloud service for drug discovery that it rolled out earlier this year.

HCL Technologies were muted, broadly missing Street estimates. India’s third largest IT services firm reported 7.6 per cent year-on-year growth in consolidated net profit in the first quarter of fiscal 2024 ended on June 30, 2023. The IT major's profit after tax (PAT) declined by 11.27 per cent in Q1FY24 as against a profit of ₹3,983 crore recorded in the preceding March quarter of fiscal 2022-23.

By Foo Yun Chee

Cathie Wood founded ARK Investment Management back in 2014. She chose the name «ARK» because it stands for Active Research Knowledge and also alludes to the Ark of the Covenant, as she is a devout Christian.

funding, led by Iron Pillar. Other participating investors included Iora Health founder and former CEO Dr Rushika Fernandopulle, National Quality Forum former president and CEO Dr Christine Cassel, Aetna former board member Dr Molly Coye, Cigna former chief growth officer Sridhar Krishnan, and Perot Jain managing partner Anurag Jain. The capital infusion will be used to continue scaling the San Francisco- and Pune-headquartered startup's platform and hire talent.

HCL Tech said. “Continuing its tradition of ideapreneurship and a culture of innovation, in Q1 FY24 a total of 21 patents were filed and granted (10 filings, 11 grants)," it added. The net profit of HCL Tech in Q1FY24 has missed street expectations as it rose by 7.65% year-on-year to ₹3,534 crore.

HCL Tech Q1 results: HCL Technologies earned a consolidated net profit of ₹3,534 crore, which is attributable to shareholders, in the first quarter of FY24, rising by 7.65% year-on-year. The tech player missed street estimates across parameters. A year ago, the company's PAT stood at ₹3,283 crore in the same quarter.

HCL Technologies reported a nearly 8% year-on-year (YoY) rise in consolidated net profit for the June quarter to Rs 3,534 crore. This is lower than the ET Now poll of Rs 3,792 crore. Consolidated revenue grew 12% YoY to Rs 26,296 crore, and was also a tad below the estimated Rs 26,810 crore.

Broadcom's planned $61-billion takeover of cloud computing firm VMware on Wednesday after the company offered remedies to ease competition concerns. The massive deal raised fears that it would stifle competition following its announcement in May 2022, prompting probes by antitrust watchdogs in the European Union and Britain.

Computer chip and software maker Broadcom’s $61 billion proposed purchase of cloud technology company VMware got the green light from European Union regulators who were satisfied by concessions to ease competition fears

Some congressional Democrats say three large tax preparation firms sent “extraordinarily sensitive” information on tens of millions of taxpayers to Facebook parent company Meta over at least two years

Tata Consultancy Services (TCS), the largest software services exporter in India, announced its April-June quarter results today, reporting a decline in its attrition rate to 17.8 per cent for the last 12 months. The IT major's total workforce stood at 6,15,318 as on June 30, 2023, with a net addition of 523 during the quarter, according to a regulatory filing by TCS to the stock exchanges. ‘’Our attrition continues to trend down and we expect it to be back in our industry-leading, long term range in the second half of the year,'' said Milind Lakkad, Chief HR Officer, TCS.

After months of turbulence for Google’s mixed reality devices, Mark Lucovsky, head of operating systems and software platforms for augmented and mixed reality devices, has departed the company. He announced his departure through a tweet on Monday.