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Information Technology (IT) News
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Cognizant aims to sell office assets in Bengaluru, Hyderabad: Report
- Cognizant Technologies plans to sell office assets in Bengaluru and Hyderabad, aiming to become asset-light and capitalize on non-core real estate.
- The move is part of a cost-cutting strategy to save $400 million over two years, involving the divestment of a 10-acre campus in Gachibowli, Hyderabad, and a 14-acre campus in Siruseri, Chennai.
- The company reported a 16% drop in net profit to $525 million for Q3 2023, amid efforts to strengthen fundamentals, enhance customer satisfaction, and invest in serving clients amidst economic uncertainty. Cognizant's total headcount reached 346,600 by the end of Q3 2023.
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7 out of 10 highest-paid CEOs in India belong to IT sector; know their salaries
- The Economic Times reports that seven of India's top 10 highest-paid CEOs are from the IT sector, with salaries ranging from ₹29 crore to ₹82 crore annually.
- Wipro's Thierry Delaporte leads the list, earning over ₹80 crore, while former TCS CEO Rajesh Gopinath reported ₹29 crore. Other IT leaders include Sandeep Kalra, Nitin Rakesh, Salil Parekh, Sudhir Singh, and CP Gurnani. HCL Technologies' C Vijayakumar is the eleventh highest-paid at ₹28 crore.
- In contrast, Zerodha founders Nithin and Nikhil Kamath are India's highest-paid startup CEOs at ₹72 crore each. Such high IT salaries aim to mitigate liquidation risks, Nithin Kamath explained.
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India's Tech Job Boom: Thales, AMD, and UST Lead Engineering Hiring Spree
- French MNC Thales plans to double its engineering workforce in India by 2027, currently employing 1,500-2,000 people, with a focus on aerospace and defense systems.
- AMD, a semiconductor giant, opened its largest design center in Bengaluru and aims to hire 3,000 engineers by 2028, focusing on semiconductor technology, 3D stacking, AI, and machine learning.
- UST, based in California, intends to double its employee count to 4,000 in its newly-opened tech center, dedicated to AI, machine learning, and IoT research and development.
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Top 4 YouTube Channels Every Software Developer Should Follow
- Fireship: Quick, 5-minute videos ideal for busy developers, offering updates on the latest tools and tech trends efficiently.
- Garry Tan: Gain insights into the tech industry from this renowned investor and tech founder, enriching your vocabulary with advanced business and tech terms.
- English For IT: Tailored for tech pros, featuring videos on English and communication skills, including interviews, career tips, and grammar guidance.
- Jeff Su: A go-to resource for career growth, productivity, and communication expertise, Jeff Su's practical content provides valuable real-world insights for developers.
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US software company Databricks offers ₹2cr+ to IIT-Roorkee student
- The ongoing final placements at Indian Institutes of Technology (IITs) have witnessed an impressive start, with top firms offering crore-plus packages.
- Companies like Databricks breached the ₹2 crore mark at IIT Roorkee for an international role, while NK Securities emerged as a top paymaster at IIT-BHU with a ₹1.68 crore package. Notable recruiters included Optiver, Accenture Japan, Google, Goldman Sachs, and more.
- Despite global economic concerns, students secured salaries ranging from ₹15 lakh to over ₹2 crore, showcasing sustained interest from recruiters. The first phase of placements concludes in mid-December, reflecting the enduring appeal of IIT talent.
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Hiring in IT sector to remain slow in 2-3 quarters, says report
- Indian IT giants, including TCS, Infosys, HCL Tech, and Wipro, have reduced employee hiring over the last four quarters due to a demand slowdown and lower attrition levels following excessive pandemic-driven hiring, reports ICRA.
- Despite this, the average last twelve-month attrition for IT companies has dropped to 14% in September 2023 from 23% a year ago.
- The COVID-19-induced digitization demand initially led to record hiring, but macro-economic challenges in the US and Europe have slowed growth.
- ICRA expects muted hiring in the next two-three quarters as companies focus on profitability amid lower revenue growth and global uncertainties.
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Ola CEO Bhavish Aggarwal returns to alma mater IIT-Bombay for hiring
- Ola CEO Bhavish Aggarwal returned to his alma mater, IIT Bombay, for campus placements, participating in Day Zero interviews.
- Aggarwal shared on social media his excitement about interacting with bright and energetic students during the Day Zero campus interviews.
- Reflecting on his own journey, Aggarwal mentioned that he didn't secure a Day Zero job offer when he was a student at IIT Bombay.
- Day Zero is the first day of campus recruitments at many IITs, where top companies aim to secure talent by offering job positions to students, and landing a Day Zero placement is considered prestigious.
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IT hiring remains muted while demand for talent with functional skills rises in Q2 of FY24: Report
- IT sector hiring remained subdued in Q2 FY24, showing a decline in headcount for large IT services companies.
- Despite the overall muted hiring, there was a notable surge in demand for functional skills such as Development, ERP, Automotive Design, Testing, and Administration.
- Specific functional skills contributed to 65% of IT sector demand, with additional interest in Gen AI, Data Science, DevOps, Cloud, Automotive Engineering, Cyber Security, and Networking Specialists.
- India's IT sector is transforming beyond Bengaluru, with emerging tech hubs like Pune, Hyderabad, Mumbai, Chennai, and Delhi NCR gaining prominence, accounting for over 79% of technology job postings.
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Bengaluru techie dies of heart attack after India's loss to Australia in World Cup final
- Jyotish Kumar Yadav, a 35-year-old IT professional from Bengaluru, suffered a fatal heart attack following India's loss to Australia in the ODI World Cup final. The stress and tension during the match reportedly led to chest pain, ultimately resulting in his collapse.
- Yadav, who had returned to his hometown of Tirupati for Diwali holidays, was watching the match with friends and family. The festive gathering took a tragic turn as the match progressed, and India faced challenges in their batting performance.
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Indian IT employees forced to work 50 hours a week to meet deadlines: Data
- Indian IT employees average 45-50 weekly hours, exceeding the standard 40 hours, often due to project deadlines as per data from staffing firms.
- Industry's emphasis on hours over productivity, coupled with factors like commutes and stress, hinders optimal performance.
- Over five fiscal years, productivity per rupee spent on employee compensation has stagnated, impacting the industry's financial dynamics.
- A substantial 58% of IT workers in India report an average to poor work-life balance, highlighting the need for a cultural shift in the industry.
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IT firms can place staff in different locations: TeamLease RegTech CEO
- CEO of TeamLease RegTech, Rishi Agrawal, asserts that IT firms have the right to transfer employees to different locations based on business needs, and no permanent single location commitment can be guaranteed.
- The statement comes in response to allegations by the IT employees' union, NITES, claiming that TCS transferred over 2,000 employees without proper notice or consultation.
- Agrawal points out that employment terms are governed by the Industrial Employment (Standing Orders) Act of 1946. Offer and appointment letters, aligned with standing orders, outline the terms and conditions.
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Bihar farmer's son enrolls into IIT at 13, picked by Apple at 24
- Satyam Kumar, hailing from Bihar's Bhojpur district, entered the prestigious Indian Institute of Technology (IIT) in Kanpur at the remarkable age of 13 in 2013, securing the 679th rank and becoming the youngest Indian to achieve this feat.
- After an initial rank of 8,137 in 2012, Kumar retook the IIT exam, showcasing determination and breaking the record for the youngest IIT qualifier.
- Graduating in 2018 from IIT Kanpur, Kumar pursued a Ph.D. at the University of Texas in Austin, expanding his academic horizons.
- At 24, Kumar joined Apple as a machine learning intern until August 2023, marking a successful start to his professional career.
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TCS office in Bengaluru receives hoax bomb threat from laid-off employee: Reports
- Panic ensued at TCS Think Campus in Bengaluru on November 14 due to a hoax bomb threat received at the B block during the morning hours.
- TCS promptly alerted the Parappana Agrahara police station, leading to the immediate deployment of police officials, bomb disposal squad, and dog squad to the location.
- Preliminary investigations revealed a Hubli-based former female TCS employee as the alleged perpetrator, acting out of anger. The accused's identity was not disclosed in initial reports.
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Tech firms & startups sack about 2.5 lakh employees so far in 2023
- Over 2.5 lakh tech and startup employees globally have lost jobs in 2023, a 50% increase from 2022. Major companies like Google, Amazon, and Microsoft, as well as smaller startups, have contributed to this trend.
- Data from Layoffs.fyi shows that nearly 1,106 tech companies have laid off 248,974 employees by November 11, exceeding the 2022 total. The average daily layoffs over the last two years are 555, indicating a widespread impact across the tech sector.
- Retail tech and consumer tech experienced the highest layoffs in 2023. Anticipated further layoffs suggest ongoing challenges. Recent announcements from companies like F5, Viasat, and Splunk highlight the tech and gaming sectors' struggles.
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Non-IIT, Non-IIM student lands impressive Rs 1.13 crore job offer
- Saahil Ali, a DAVV graduate from Indore, secured a record-breaking Rs 1.13 crore annual package from Netherlands-based technology firm Adyen.
- His achievement challenges the conventional belief that top-tier institutions are the only path to lucrative job opportunities, showcasing the importance of skills and dedication over institutional tags.
- Before joining Adyen, Saahil gained diverse internship experiences at organizations like Eatburp Developers, Codenscious, Cliff.ai, Greendeck, Python Software Foundation, GitHub, and Cred, highlighting his versatility in the tech industry.
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