TCS Financial News

From October 1, new rules related to TCS on LRS (Liberalised Remittance Scheme) and on purchase of overseas tour package has come into effect. As per the new rules, a higher rate of 20% TCS will be levied on spending above Rs 7 lakh on foreign tour packages and LRS.

Cleartrip said it witnessed during the recently concluded Big Billion Days sale. Bookings for air travel rose 90% during Flipkart’s annual flagship sale compared with the business-as-usual period, Cleartrip chief financial officer Aditya Agarwal told ET in an interview. While bus bookings at the online travel agency grew 80%, the biggest jump was in hotel bookings that expanded three times.

₹300 crore: That's the sum of money offered by the founder of Manipal Hospitals Group, Ranjan Pai, to Byju’s parent company Think & Learn Pvt Ltd, Mint reported. The transaction is expected to help a partial exit for the Chaudhry family from Aakash Educational Services. If the deal goes through, Pai's total investment in the group would reach $300 million.

“Geopolitical events tend to have long-term consequences. However, these challenges are difficult to quantify for the equity markets,” says Naveen Kulkarni, Chief Investment Officer, Axis Securities PMS. In an interview with ETMarkets, Kulkarni said: “More often than not, these challenges eventually manifest in the form of higher inflation, say higher crude oil prices, in this instant” 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 events tend to have long-term consequences. However, these challenges are difficult to quantify for the equity markets.

Wipro, India’s fourth largest IT services provider, recorded a sequential dip of more than 5,000 employees to 244,707in its headcount for the second quarter of FY24. The company’s staff strength for the quarter ended June was 249,758. Its voluntary attrition for IT services stood at 15.5%.

Mahantesh Sabarad, Independent Market Expert, says “Europe is where Wipro should have done better. One would have expected a much better performance. So, the root cause does primarily appear to be related to the execution delays. One cannot really comment. I have been able to see the fact sheets as yet properly.” What is your first cut on Wipro? There has been a disappointment in the profit as well as revenue figures? What is your expectation of guidance? Firstly, I have not seen their press release or the numbers per se in terms of the fact sheet. But yes, you did talk about the overall profit dropping on a quarter on quarter basis. That is a big disappointment and that number is substantially lower. Even with the revenues, there seems to be also quarter on quarter quite a bit of a hit. I consider this a very poor result. From a conference call, one would like to understand what has really happened in terms of their execution of orders? Are there any ramp downs that they have faced? Are there any delays that they are facing is the primary question one would like to find an answer for.

India's largest IT services company, Tata Consultancy Services (TCS), has also asked the employees to follow a proper dress code while returning to office. As per a TOI report, TCS recently made it mandatory for the majority of its employees to return to the office, marking the end of the work-from-home era for the firm. In a post-earnings call, TCS's Chief Human Resources Officer (CHRO), Milind Lakkad, revealed that approximately 70 percent of the company's workforce has already transitioned back to office-based work. Lakkad emphasized the significance of integrating the new workforce with the established TCS community, stating, «We strongly believe that they need to come to work so that the new workforce gets integrated with the larger workforce of TCS. And that is the only way they will learn and understand and internalize the TCS values and the TCS way. So yes, we are asking people to come all days in a week.»

NEW DELHI : India’s mid-cap information technology services firms Larsen & Toubro Technology Services and Zensar Technologies expressed caution in their September quarter earnings on Tuesday. While L&T Tech recorded 3.2% sequential revenue growth to $288.1 million in constant currency term, Zensar’s revenue was up 0.2% sequentially to $150.2 million. Despite growing revenues, LTTS slashed its FY24 revenue guidance by 2.5 percentage points to 17.5-18.5%, from 20% in April.

Benchmark NSE Nifty index fell 1.5 points to 19749.55 amid selling in frontline bluechip stocks. However, stocks such as Delta Corp, Gangotri Text, SS Infrastructure, SEL Manufact and Lakshmi Finance, touched their fresh 52-week low.

NEW DELHI: As investors remain worried over the impact of merger, HDFC Bank shares have been underperforming with an 8% drop in the last one month. Ahead of the release of its Q2 earnings today, Anand James, Chief Market Strategist at Geojit Financial Services, says the present set-up doesn't convince a sustainable recovery. “Towards this end, we eye the prospects of rejection trades emerging this week, unless there is a close above Rs 1575/1612,” he says. Edited excerpts: Nifty saw some buying at lower levels last week. What would be your strategy going ahead as IT stocks are likely to see more downside pressure? Barring Infosys, IT stocks like TCS, HCL Tech and Tech Mahindra, which together form 11% of Nifty, seems to have found a base around their respective rising trendline supports hinting a bounce back. Towards this end, we do not expect IT stocks to be slowing down Nifty, but banks might.

TCS: A nearly six-month-long probe into the bribes-for-jobs scandal at Tata Consultancy Services Ltd has resulted in crucial suggestions for hiring reforms, along with the sacking of the former head of its resource management group. On Sunday night, TCS disclosed to the exchanges that it had sacked 16 employees and blacklisted six staffing firms. E.S.

UPI) transfers, to deter offshore platforms illegally offering gambling and betting in India after finding several new ones have mushroomed. The government found as many as 114 illegal betting and gambling platforms operating in India through domain farming, people aware of the details told ET. The measures may include tax collection at source (TCS) on UPI payments, actively tracking and blocking unregistered online gaming firms and a stricter verification process, people aware of the details told ET.

Tata Consultancy Services (TCS) may grow in “very moderate single digits” in this fiscal year, according to CEO K Krithivasan who assumed office in June. The 59-year-old executive’s term comes amid one of the most testing years for the IT services industry, which is faced with slowing demand for its offerings worldwide. This could mean that TCS could register its slowest annual growth ever, more so as the first two quarters have been “very muted” and the next two quarters are expected to be seasonally weak for the entire sector, Krithivasan told ET in an interview. Edited excerpts:

Tata Consultancy Services said in a statement to the exchanges on Sunday that the company has concluded its investigation into the preferential recruitment allegations and has fired 16 people based on the findings. TCS said it has concluded its review of the allegations on the Resource management function (RMG) within the organisation. “Our investigation found 19 employees to be involved and action has been taken against all as detailed here — 16 employees have been separated from the Company for code of conduct violations, and 3 employees have been removed from the Resource Management function,” the company said in its statement. The company had notified the exchanges of his investigation on June 23.

BENGALURU/MUMBAI : A nearly six-month-long probe into the bribes-for-jobs scandal at Tata Consultancy Services Ltd has resulted in crucial suggestions for hiring reforms, along with the sacking of the former head of its resource management group (RMG). E.S.

Also Read: Dividend Stocks: TCS, HCL Tech, Glenmark Life Sciences, others to trade ex-dividend next week; check full list The derivative contracts in the mentioned securities have crossed 95 per cent of the market-wide position limit and have been currently put in the ban period by the stock exchange, said NSE. ‘’It is hereby informed that all clients/members shall trade in the derivative contracts of said security only to decrease their positions through offsetting positions.

Tech companies say that clients continue to defer newer, non-critical initiatives, choosing to focus on optimisation. While global voices concede that there are no signs of bottoming out just yet, JP Morgan's Jamie Dimon has warned that the world is facing the 'most dangerous time in decades'. Meanwhile, Infosys's headcount fell by 7,530 to 3,28,764 as of September 30, 2023, against 3,36,294 in the June quarter.

Nifty companies — TCS and HCL Tech — will trade ex-dividend this week with respect to the interim dividends announced along with their second-quarter results. The board of TCS had approved a second interim dividend of Rs 9 per share for the financial year ending 2024. The record date for the second interim dividend is fixed as October 19 and the stock will trade ex-dividend on the same date. Shares of companies usually 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.

Q2 Results Outlook: In the struggle of a global economic slowdown, India is witnessing a stroke of fortune. Post initial hurdles, the outlook for FY24 is poised for a gradual, yet promising, transformation. FY23 wrapped up on a subdued note, with subpar earnings growth and soaring valuations.

Also Read: Dividend Stocks: TCS, HCL Tech, Glenmark Life Sciences, others to trade ex-dividend next week; check full list Nifty 50 lost 42.95 points to settle at 19,751.05. The Sensex falls 125.65 points to close at 66,282.74.

Dividend Stocks: Shares of several companies including Tata Consultancy Services (TCS), HCL Technologies, Glenmark Life Sciences, among several others will trade ex-dividend in the coming week, starting from Monday, October 16. The ex-dividend date is the day on which the equity share price adjusts to reflect the next dividend payout. It is the day the stock becomes ex-dividend, which means it does not carry the value of its next dividend payment from that day forward.