TCS Financial News

J.P.Morgan analysts expect investors to parse upcoming second-quarter results and commentary from Indian IT companies for signs of recovery in deal signings in fiscal 2025 following a «washout» year. «We remain negative on the sector as we haven't seen a meaningful uptick in demand in our recent checks.

Tata Consultancy Services said on Thursday it has won a deal from the Georgia Department of Labor (GDOL) to replace its 1980s-era legacy platform with a scalable cloud-based unemployment insurance system that streamlines the claims process. Deal financials were not disclosed. The system will ensure that eligible individuals receive prompt financial assistance and support. During the pandemic, Georgia experienced an unprecedented surge in unemployment claims – the third highest in the nation – placing tremendous strain on the state's aging 40-year-old unemployment system and underscoring the urgent need for change.

The 30-share BSE benchmark Sensex advanced 405 points or 0.62% to settle at 65,631. The broader NSE Nifty surged 110 points or 0.56% to end at 19,546. The market capitalisation of all listed companies on BSE increased by Rs 1.21 lakh crore to Rs 317.87 lakh crore.

Benchmark NSE Nifty index rose 98.05 points to 19534.15 amid buying in frontline bluechip stocks. However, stocks such as Navin Fluorine, Shree Ram Proteins, Winsome Yarns, McNally Bharat and The Grob Tea Company, touched their fresh 52-week low.

Tata Consultancy Services said on Wednesday that it has won a multi-year deal from British retail giant Asda to support its digital transformation and to implement a new organisation-wide IT operating model, following its divestiture from Walmart. Deal financials were not disclosed. TCS Has been a long-time vendor to Walmart as well. The strategic partnership will leverage TCS’ cloud, AI, and security solutions to help Asda deliver the divestiture smoothly, on time and securely, it said in a statement. TCS will further enable Asda to enhance its customer experience and innovation capabilities to help increase their market share and retain price leadership.

Tata Consultancy Services, Infosys and HCLTech in the last few weeks. The three-month period through September is usually seen as a strong quarter for the sector. TCS will kick off the quarterly earnings season for India Inc on October 11. Infosys and HCLTech will report results on October 12.

India’s largest IT conglomerate, Tata Consultancy Services (TCS), recently signalled a momentous shift in the corporate world by discontinuing its hybrid work policy. Starting 1 October, all TCS employees have been mandated to work from office for five days a week. The move by TCS, a trendsetter in India’s corporate landscape, could set a precedent for other companies, potentially reshaping the future of work environments and positively impacting Real Estate Investment Trusts (Reits).

JM Financial. The brokerage firm expects Infosys and TCS to be at the upper end while Tech Mahindra, still impacted by project ramp-downs towards the first quarter-end, to be at the bottom end of the band. Mid-caps under coverage will fare relatively better.

JSW Infrastructure: The initial public offering (IPO) of India’s second-largest commercial port operator JSW Infrastructure received a strong response from investors and will make its debut on the Indian stock market exchanges on Tuesday, October 3. JSW Infrastructure shares are likely to list with a decent premium on stock exchanges given the strong subscription numbers and healthy prospects of the company. JSW Infrastructure IPO listing will take place within the T+2 timeline (IPO closing date + 2 working days).

Wipro, Capgemini and LTIMindtree are among the leading IT companies in India that have begun nudging employees to be in office on all or at least 50% of the working days in a week, according to sources, in what could signal the end of the work-from-home era in the country’s tech sector. This push to return to office is being implemented by IT/BPM and some technology companies across the country through verbal and informal communication channels, the people cited earlier said, as the industry faces a client demand crunch due to the global macroeconomic crisis which is squeezing tech spending.

tax collection at source (TCS) rates will impact various financial transactions, including international travel, investments in foreign assets, and educational expenses abroad. To help you navigate this upcoming change, we present a breakdown of the revised TCS regime. Under the Reserve Bank of India's Liberalised Remittance Scheme (LRS), individuals can remit up to $250,000 in a financial year. Starting October 1, 2023, all overseas outward remittances, except those for medical and educational purposes, exceeding the threshold of Rs 7 lakh in a financial year will incur a 20% TCS. TCS is not a standalone tax but a tax credit, reflected in Form 26AS. It can be claimed against tax payable when filing income tax returns (ITR) or offset against advance taxes. If you cannot offset it against taxes or other forms, it will be available as a refund after filing ITR. Here's what gets costlier and what remains same... Foreign Remittances for Education

Nifty 50 has net gained more than 13%, and one sector that has contributed significantly to this is the information technology pack despite the hullabaloo around global slowdown and earnings growth risks for the sector. The outperformance of IT stocks, which enjoy the second highest weightage in Nifty 50, to banks, has helped the 50-stock index move past the psychologically-crucial 20000-mark. In the first half of FY24, while the Nifty IT index has gained 11%, Nifty Bank has added over 9%. Of the 10 constituents of the Nifty IT index, eight of them have given double-digit returns in the April-September period. One must note that the stellar gains in stocks have come even after most technology majors gave a bleak outlook for earnings growth in FY24 amid the economic slowdown in the US and Europe.

₹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.

tax regulations is set to impact Indian residents investing in foreign assets. A Tax Collected at Source (TCS) of 20% will be levied on foreign remittances exceeding Rs 7 lakh in a financial year, with some exceptions. This alteration in the tax regime will influence those who invest in international stocks or plan to acquire real estate abroad. Presently, there is no TCS on foreign remittances up to Rs 7 lakh per year. However, if investors send more than Rs 7 lakh for investments in foreign securities under the Liberalised Remittance Scheme (LRS), a TCS of 5% is applicable. So, what changes are expected this month? The Budget 2023 has raised the TCS rate on foreign remittances of over Rs 7 lakh through the LRS to 20%. This higher rate will come into effect on October 1, 2023. Here's a breakdown of the TCS and its implications for investors: Imagine you are an Indian resident directly investing in US stocks. You have already invested Rs 7 lakh in the relevant financial year and plan to add Rs 1 lakh more to your overseas broking account. If you remit Rs 1 lakh to the broking account through a bank, Rs 20,000 will be deducted as TCS by the bank, leaving only Rs 80,000 in your broking account.

₹7 lakhs per financial year per individual will be restored for TCS on all categories of LRS payments through all modes of payment, regardless of the purpose. In an exclusive interview, Virender Bisht, Co-founder & CTO at Niyo, explains all that one needs to know about the new TCS rate and how it will impact financing education and buying international travel packages. As per the Central government’s June 30, 2023, notification, remittances for education include: The regular remittance by students for education purposes is not expected to have any major impact post October 1 TCS changes.

Tata Consultancy Services Limited is scheduled to be held on Wednesday, October 11, 2023, inter alia to approve and take on record the audited condensed standalone financial results" and the “audited condensed consolidated financial results" for the quarter and six month period ending September 30, 2023, the regulatory filing stated. The board will also “consider declaration of second interim dividend" to the equity shareholders, it added.

Personal finance changes from next month: With the beginning of October month, one would be entering into new quarter as well. With the beginning of new quarter, a good number of new rules are getting effective from 1st October 2023 that would directly impact perfonal finance of an investor.

TCS rule is going to impact your investment from tomorrow.

Travel firms and operators are pushing for deferment as the October 1 deadline looms for 20% tax collected at source (TCS) on spending above Rs 7 lakh on overseas tours, citing a lack of proper mechanism to monitor spending across multiple sources. Companies and industry bodies have approached the government, suggesting that the banking system should shoulder the responsibility for tracking these expenses rather than travel operators. «Currently, the RBI (Reserve Bank of India) and banks are not equipped to track the spending limits above Rs 7 lakh per traveller and there is no mechanism to track the same,» Travel Agents Association of India (TAAI) president Jyoti Mayal wrote in a letter to the finance ministry this week. The association requested for deferment of the new rules and the creation of a mechanism for «effective» monitoring of spending without loopholes.

Mumbai: The Multi Commodity Exchange of India Ltd (MCX) stock witnessed significant volatility on Friday after the Securities and Exchange Board of India (Sebi) directed it to postpone the planned migration to a new trading platform on 3 October, in response to a petition filed by the Chennai Financial Markets and Accountability (CFMA) before the Madras high court. MCX said in an exchange filing that it had received a Sebi-forwarded letter on 27 September from CFMA regarding its migration to the new commodity derivative platform (CDP).