TCS Financial News

Cognizant Technology Solutions forecast third-quarter revenue above estimates on Wednesday as more businesses turn to the IT services provider to digitize their operations, sending its shares up more than 6% after the bell. The company also said CFO Jan Siegmund would retire in early 2024.

Analyst downgrades in earnings estimates of Indian companies for FY24 outnumbered that of upgrades in the past four weeks after the June quarterly results. Out of the Nifty 100 companies, 41 including UPL, Tech Mahindra, Vedanta, SRF, ACC, Grasim, and Tata Steel, among others, witnessed Earnings Per Share (EPS) downgrades for FY24, while 32 saw upgrades.

The overall woman headcount at TCS, Infosys, Wipro, HCLTech and LTIMindtree has jumped by 77% in the last six year while their male employees’ number increased 62%, data compiled by specialist staffing firm Xpheno for ET showed. “The IT services cohort and its bellwethers in particular are a huge driving force behind the tech sector having a significant one-third ratio of women professionals,” Kamal Karanth, cofounder of Xpheno, told ET. Companies vouch for the trend.

Reliance, HDFC Bank, TCS, and Infosys, among others offering low-risk and long-term growth investment options for investors. Hence, these funds are usually associated with lower risk than other types of equity funds. They provide stable returns over the long term.

Given the high institutional holding, IT stocks tend to have a very strong and long phase of directional movement. After remaining under pressure for a long time, IT stocks had seen an up move post TCS results.

Deepak Shenoy, Founder, Capital Mind, says “PE ratio at the smallcap index is less than that of midcap or the largecap indexes. They have shown earnings growth that have come at a fast clip. In the last six months, we have seen some stock price rises.

Marico Ltd, a leading FMCG company in India, reported a significant 15% rise in its consolidated net profit, reaching ₹436 crore for the first quarter ending on June 30, 2024. This marks a notable improvement compared to the ₹377 crore net profit posted in the same April-June quarter of the previous year, as stated in the regulatory filing by Marico.However, the company experienced a decline in its revenue from operations, which decreased by 3.16% to ₹2,477 crore during the current quarter, compared to ₹2,558 crore recorded in the corresponding period a year ago.Marico attributed the growth in its gross margin to surpassing internal expectations, expanding by 494 basis points (bps) year-on-year and 257 bps sequentially.

TCS: Tata Consultancy Services (TCS) has announced a change in senior management positions (SMP). TCS executive vice-president K Ananth Krishnan will no more remain in SMP due to his upcoming retirement. As per the exchange filing, TCS informed that Ananth Krishnan will be no longer in SMP from 31st of July 2023 due to his retirement falling in October 2023.

Previously, one could easily find details of income, tax deducted at source (TDS), etc., in the 26AS form and this aided the filing of income tax return (ITR). However, the tax department has now trifurcated the annual information statement (AIS) into three sections—AIS, taxpayer information summary (TIS) and statement of financial transaction (SFT). Sometimes, this is very confusing as all three sections can have different figures under a particular income head. How do I ensure that there are no errors in filing the ITR and avoid attracting a tax notice? —Dilip Saxena Form 26AS is an annual tax statement which primarily provides details of TDS, and tax collected at source (TCS), along with the corresponding income against which such deduction has been done.

TCS revamps group structure with new CEO New Delhi Tata Consultancy Services (TCS), India’s top software services company, has revamped its organizational structure by creating business groups based on industry sectors and geographies under new chief executive officer and managing director, K. Krithivasan who took charge on 1 June. These business groups such as banking, financial and insurance (BFSI), healthcare, retail and energy, would be led by senior executives appointed with effect from 1 August.

As the last date for filing income tax returns arrives, the scramble to get documents in order and meet the 31 July deadline reminds us of how little has changed over the years. With the authorities cracking down on non-filers and false-claim makers, taxpayer anxiety over potential errors that may invite penal action has gone up. Of course, it is the government’s responsibility to ensure truthful reporting and catch tax evaders.

ITC and HDFC Bank taking the biggest hit, in-line with a muted trend in equities. Last week, the BSE benchmark fell by 524.06 points or 0.78 per cent.

Tata Consultancy Services (TCS) revamped its organisation structure, aligning it with the $28-billion tech company’s verticals or business groups (BGs), according to an internal note by new chief executive K Krithivasan sent on Friday. The reorg under new chief executive K Krithivasan abandons most elements of the restructuring put in place by predecessor Rajesh Gopinathan in April last year. India’s biggest software developer also announced appointments to the leadership team, along with new heads for its seven business groups, according to a stock exchange filing early on Saturday.

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Tata Consultancy Services (TCS) has announced change in senior management positions (SMP). The Indian IT major informed Indian stock market bourses about the changes in its exchange communication. TCS executive vice-president K Ananth Krishnan will no more remain in SMP due to his upcoming retirement.

Nifty ended lower on July 28, extending losses into the second consecutive session, amid weak global cues. This week US Federal Reserve and European Central Bank hiked rates to 22-year and 23-year high peaks respectively. The focus now shifts to the Bank of England meeting next week.

Japan’s central bank opted to keep its benchmark interest rate at minus 0.1% but fine-tuned its bond purchases to allow greater flexibility. The BSE Sensex index ended 106 points or 0.16% lower at 66,160, while Nifty50 fell 14 points or 0.07% to settle at 19,646.

Individuals whose income exceeds the basic exemption limit in a financial year are required to file income tax return (ITR) in India. However, what is the case with senior citizens? Are senior and super senior citizens exempt from filing income tax return? Or, are they also required to file ITR?

Wipro, Tech Mahindra and Infosys - lost employees in the quarter ended June 2023. Tata Consultancy Services meanwhile saw a net addition of 523 employees during the same period. Infosys saw its attrition rate improve to stand at 17.3% at the end of June even as the company lost nearly 7,000 employees.

₹7 lakh in a year. The TCS rate was hiked from 5% to 20% in Budget 2023. Indian residents are also subject to a limit of $250,000 on remittances under the Liberalised Remittance Scheme (LRS) per year.

US Federal Reserve raised its benchmark lending rate on Wednesday (July 26) to the range of 5.25 per cent - 5.50 per cent, the highest level since 2001, and also signalled that the war against inflation will stretch, with a possibility of further increases ahead. Federal Reserve Chair Jerome Powell said it is possible the central bank will follow its latest rate rise with another one at the policy meeting scheduled for September, or it may even take a pause, depending on the macro data.