TCS Financial News

Tech Mahindra's disappointing earnings, the Nifty IT index plummeted more than 1% on Thursday's trade amid an overall gloomy market environment. Among the top laggards of the Nifty IT index were shares of Persistent Systems Ltd (down 3.07%), Tech Mahindra Ltd (down 2.91%), and Coforge Ltd (down 1.95%). Analysts witnessed selling pressure to continue in the IT Index following the release of lower-than-expected earnings from major IT companies, along with lower guidance indicating less spending for the upcoming year.

Axis Bank: Axis Bank Ltd on Wednesday reported a net profit of ₹5,863 crore in the second quarter of FY24 registering a 10% growth from ₹5,329.8 crore in the corresponding quarter of last year. NII during Q2FY24 rose 18.9% to ₹12,314.56 crore from ₹10,360.26 crore YoY. NIM for Q2FY24 was 4.11%, up 1 basis point QOQ and 15 basis points YOY, according to Axis Bank's filing exchange.

Moneycontrol said on Wednesday. The labour department has issued the notice to TCS officials to meet department officials and discuss the matter on November 2 at the Pune labour department office. “Joint meeting of management regarding redressal of grievances/settlement on 02/11/2023 in the morning / 12.00 noon.

Tax collection at source, or TCS, is an additional amount collected as tax by a seller of specified goods from the buyer at the time of sale over and above the sale amount and is remitted to the government account. It is mentioned in section 206C of the Income Tax Act, 1961.

Ola Electric sold a scooter every 10 seconds during Dussehra and Navratri, its founder and chief executive officer, Bhavish Aggarwal, claimed. In total, the electric scooter maker sold 2.5 times more scooters than last year, Aggarwal added. «Our sales have gone through the roof this Dussehra and Navratri! I'm selling a scooter every 10 seconds right now, and almost 2.5x more than last year,» the Ola CEO tweeted. «India’s EV moment is here this festive season,» he added. Ola sells three electric scooters: the S1 Pro, S1 Air, and S1X. Ola had announced a festive sale, Bharat EV Fest, to attract more buyers during the festive sales.

₹7.59 lakh crore on Monday as the equity market took a heavy drubbing amid escalating tensions in the Middle EastThe 10-year Treasury yield eased on Tuesday after hitting its highest level since 2007 a day before and was at 4.82%. Another drop in oil prices helped to ease the pressure on inflation.Oil steadied after falling more than 6% over the previous three sessions on signs the Israel-Hamas war will remain contained for the time being.Tata Consultancy Services (TCS) Ltd is revising the rates it pays to about 1,000 staffing firms for every engineer deployed, the first such revision by India’s largest information technology (IT) services company in the past six years.The Mumbai-based company communicated to the staffing firms last month that the new pricing structure for engineers, depending on the skill sets, will be effective from January, according to two executives privy to the development.“The vendor contracts get renewed every September/October and are valid for a year.

Reliance Industries: According to reports, Reliance is close to finalising a cash and stock agreement to acquire Walt Disney's India operations. It is speculated that the US entertainment powerhouse might relinquish a controlling interest in the Disney Star enterprise, estimating its worth at approximately $10 billion. Conversely, Reliance has appraised the assets to be valued within the range of $7 billion to $8 billion.

Mint explains. The headcount in India’s IT sector this fiscal year is expected to grow only 2.4%, as per recruitment firm Xpheno. This is in sharp contrast to the years just after the pandemic when it saw the phenomenon of the ‘Great Resignation’—engineers resigning in huge numbers, sending firms into a hiring frenzy as demand shot up.

MUMBAI : Tata Consultancy Services (TCS) Ltd is revising the rates it pays to about 1,000 staffing firms for every engineer deployed, the first such revision by India’s largest information technology (IT) services company in the past six years. The Mumbai-based company communicated to the staffing firms last month that the new pricing structure for engineers, depending on the skill sets, will be effective from January, according to two executives privy to the development.

“We remain overweight on sectors that will benefit from economic expansion such as banks, industrials, utilities, defence, real estate, and cement,” says Dr. Poonam Tandon, Chief Investment Officer at IndiaFirst Life. In an interview with ETMarkets, Tandon said: “We are very positive on the infrastructure and real estate cycle as the sector will continue to benefit with the government allocating higher budgets and offering various incentives” Edited excerpts: October is turning out to be a roller coaster ride for investors in equity markets. Will geopolitical concerns have a long-term impact on equity markets if things escalate? Geopolitical pressure is on the rise amid the ongoing war between Russia and Ukraine and now the Israel-Palestine conflict.

Tata Consultancy Services (TCS), Infosys, HCLTech and Wipro are increasing their profitability as the elbowroom to expand revenues appears rather constricted. TCS, the leader of the pack and the only tech company to feature in the list of global top 100 by market capitalisation, sequentially widened its operating margins by 110 basis points to 24.3%.

₹100 crore over the last three years. So, all it took was the involvement of 0.002%-0.003% of its employees and just about 0.01% of its annual revenue to put the reputation of TCS built over 55 years at stake.

Tata Consultancy Services (TCS) shares at the time of its listing on Indian stock markets for public trading back in 2004, what returns would you have generated? According to TCS chairman, N Chandrasekaran, TCS shares had provided a whopping 3,000% return (bit.ly/3PgXEgF) by a certain point in 2021 when the stock traded at around ₹3,200 per equity share (the price is even higher now). How does one explain such a staggering number and what is the quickest way to calculate returns for any company’s stock, for any period, and in any context? The answer could be LIVA: Long-term Investor Value Appropriation (bit.ly/3CqEz3F), a metric developed by Phebo Wibbens and Nicolaj Siggelkow at INSEAD, which is an acronym for Institut Europeen d’Administration des Affaires, a business school, and the Wharton School of the University of Pennsylvania, respectively.

LTI Mindtree being the biggest loser, experiencing a nearly 4% decline. It was followed by Adani Enterprises, Hindalco Industries, Adani Ports & SEZ, UPL, JSW Steel, Tata Steel, TCS, Tata Motors, IndusInd Bank, HDFC Life Insurance Company, Grasim Industries, Wipro, and Coal India, all recording losses ranging from 2% to 3.6%. In 2023, the Nifty 50 has suffered a decline of over 1% on more than 11 occasions, with January 2023 having the most instances of such fall.

Infosys Technologies Ltd., India’s second-largest IT services company, is likely to report its slowest growth ever based on the current guidance of 1-2.5%, data sourced from brokerage firm BNP Paribas shows.

MUMBAI : The Bengaluru twins Infosys Ltd and Wipro Ltd, which together hired 208,000 engineering graduates in the past three years, have said they don’t plan to go to the campuses this year. This implies that Tata Consultancy Services (TCS) Ltd and HCL Technologies Ltd, which hired 55% of the half a million engineering graduates between 1 April 2020 and 31 March 2023, will be the only ones among the top four IT companies to hire from colleges this year. According to two analysts, this split in campus hiring strategies among the country’s Big Four IT services firms—a first in more than two decades—could serve as a pointer to investors looking to separate the leaders from the laggards.

₹152,979.78 crore last week, PTI reported. The BSE benchmark index fell 1.33 percent or 885.12 points last week.

Reliance Industries and Tata Consultancy Services (TCS) taking the biggest hit in an overall weak trend in equities. Last week, the BSE benchmark fell 885.12 points or 1.33 per cent.

Wipro have reported subdued earnings for the July-September quarter (Q2) due to the impact of ongoing macroeconomic uncertainties, which have resulted in reduced discretionary spending in critical markets. The near-future prospects also seem unfavourable, as the US Federal Reserve is committed to reducing inflation to its 2 per cent target. To achieve this, the central bank is expected to maintain high-interest rates for an extended duration and may even implement further rate hikes, which could place additional pressure on the economy.

Domestic benchmark index NSE Nifty ended 82.05 points down at 19542.65, while the BSE Sensex closed 231.62 points down at 65397.62. On the other hand, Dhunseri Invst, Bombay Burmah, GKW Ltd, Summit Sec and Prajay Engg stocks hit their fresh 52-week highs today.

The 30-share BSE benchmark Sensex fell 232 points or 0.35% to settle at 65,397. The broader NSE Nifty dropped 82 points or 0.42% to end at 19,542. From the Sensex pack, ITC, Tata Steel, and HUL were the top laggards, falling over 2% each.