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Information Technology (IT) News
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Indian IT companies will find it tough to meet operating profit consensus estimates for FY24, Citi says
- Citi, a brokerage firm, believes that Indian IT companies like TCS and Infosys will face challenges in meeting consensus estimates for the financial year 2024.
- Meeting these estimates would require significant operating profit (EBIT) growth, ranging from 5% to 78%, which Citi considers difficult in a slow-growth environment, weaker seasonality, and pending wage hikes.
- Seasonal factors, such as extended holidays in December and wage hikes in the March quarter, traditionally impact IT companies' margin performance.
- Citi also sees challenges in meeting consensus estimates for the financial year 2025, with only Infosys and HCLTech rated as "neutral" in their coverage.
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IT companies nudge staff to work from office all 5 days
- Indian IT companies, including Wipro, Capgemini, and LTIMindtree, are encouraging employees to work from the office for all or at least 50% of the working days in a week, according to sources.
- This push to return to the office is driven by client demand crunch and global macroeconomic crisis, squeezing tech spending.
- Multinational companies like Ericsson and Fiserv are also implementing a work-from-office schedule of three to five days a week.
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North America to be a pain point for Indian IT firms
- Accenture's low growth forecast (2-5% in FY24) will negatively impact Indian IT firms like Wipro, Tech Mahindra, and LTI Mindtree.
- Wipro is hit by weak consulting business, while Tech Mahindra and LTI Mindtree face issues in the communications, media, and tech sector.
- Accenture's poor performance in North America, where Indian IT firms get 55% of their revenue, is a major concern.
- The cautious outlook for North America, along with cost-saving priorities, is pushing Indian IT firms to explore business opportunities in Europe, Africa, the Middle East, and Australia.
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TCS asks employees to work from office 5 days a week from October 1
- IT services major Tata Consultancy Services (TCS) is likely to end hybrid work from October 1, 2023. In an internal email, the company asked its workforce to attend office for five days a week, signalling a ongoing shift in work-from-home policies for the IT sector which employs over five million Indians.
- While the previous policy allowed employees to work from the office three days a week, there has been pressure from managers to increase office attendance.
- TCS will maintain some flexibility and make exceptions when necessary, but it is now mandatory for all associates to attend the office on all working days.
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3.5 lakh vehicles choke Bengaluru’s Outer Ring Road leading to massive traffic congestion
- Bengaluru experienced massive traffic congestion on Wednesday, a day after a city-wide bandh (strike) had kept the roads empty.
- The Outer Ring Road (ORR), home to major tech parks and around 10 lakh IT employees, saw unprecedented traffic, with vehicle counts reaching 3.5 lakh by 7:30 pm, which is double the usual traffic on Wednesdays.
- Several factors contributed to the congestion, including the aftermath of the bandh, employees returning to work, upcoming holidays leading to residents exiting the city, and issues like waterlogging and vehicle breakdowns.
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Infosys to begin fresh appraisal cycle; last year hikes still pending
- Infosys is starting a new appraisal cycle for the current financial year, but some employees are still awaiting salary hikes from the previous year's performance review cycle.
- The performance evaluation process at Infosys typically runs from October to September, with salary increases implemented in June or July of the following year.
- Four employees have expressed concerns about pending salary hikes from the last performance cycle (October 2021 to September 2022), and it's unclear if these will be integrated into the upcoming cycle.
- The Indian IT industry has been facing challenges due to global macroeconomic conditions, with some companies providing modest increments or deferring salary hikes.
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Why IT growth is only leading to more burnout, and what should be done about it
- IT professionals face burnout due to excessive workloads, long hours, lack of recognition, and lack of challenges, according to a Dice report.
- Glitches, outages, breaches, and incidents contribute to overwhelming workdays for tech professionals, costing companies over $100 million annually, says Constellation Research.
- Automation and a focus on incident response can help alleviate burnout and improve customer satisfaction, but a shortage of skilled IT personnel and manual processes pose challenges.
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Indian IT is seeing green shoots amid macro storm: Nasscom Chair Rajesh Nambiar
- Indian IT industry shows signs of recovery despite global economic challenges, says Nasscom Chair Rajesh Nambiar.
- Strong deal pipeline and investments in Generative Artificial Intelligence (GenAI) are positive indicators, but full recovery may take a few more quarters.
- Business process management and engineering sectors experience growth, while government support is crucial for India to stay ahead in GenAI revolution.
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Here's why September 15 is celebrated as National Engineers' Day
- National Engineers' Day in India is observed annually on September 15 to commemorate the birth anniversary of Sir Mokshagundam Visvesvaraya, a renowned Indian engineer and statesman.
- Sir Visvesvaraya was a pioneering figure in the field of engineering and played a crucial role in shaping India's infrastructure. His contributions include the development of dams, irrigation networks, and various other vital projects.
- This day not only celebrates Sir Visvesvaraya's legacy but also recognizes the significant role engineers play in the growth and modernization of India, emphasizing the importance of engineering in the country's development.
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Why Indian IT service companies are losing their allure among students
- Graduates with IT job offers are facing onboarding delays and revoked offers due to various issues, causing uncertainty in the tech job market.
- IT services firms plan to reduce fresh graduate hiring due to weak business prospects and recessionary concerns in the US.
- Thousands of affected students have lodged complaints, questioning why so many offers were extended if business conditions were uncertain. Employee unions are getting involved.
- Graduates are increasingly looking beyond IT services firms due to stagnant entry-level salaries, with IT product companies offering better compensation and more appealing roles.
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Govt shares graphics showing progress of India's tech and startups
- India's technology and startup ecosystem is thriving, with a remarkable 25,000 technology startups and more than 108 unicorns recorded by December 2022.
- A notable achievement is that 47% of these startups have at least one woman director, emphasizing progress in gender diversity within the industry.
- India's educational system is producing an abundant pool of graduates, outstripping the United States by a factor of 4 to 4.5, while the technology sector is projected to reach a substantial FY23 revenue of $245 billion, underscoring its economic significance.
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From TCS to Wipro: Who has rolled out and who has delayed salary hikes
- Wipro plans to announce its salary hike in the third quarter (October-December) after a 2.8% sequential revenue decline in the June quarter.
- TCS gives 6% to 8% average salary hikes, with higher rewards for top performers.
- Infosys has not yet provided salary hikes and has lowered its growth forecast due to the adverse impact of the BFSI slowdown, potentially marking one of its lowest growth rates.
- LTIMindtree has implemented salary hikes, while HCL Tech and Tech Mahindra have deferred hikes for certain employee groups. Coforge, on the other hand, has rolled out salary hikes and is optimistic about its revenue growth prospects.
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Bengaluru software engineer claims he saves Rs 40,000 monthly after moving to Hyderabad; sparks debate
- Prudhvi Reddy, a software engineer, shared a viral post on X (formerly Twitter) about his move from Bengaluru to Hyderabad, claiming to save Rs 40,000 per month in expenses.
- In his post, Reddy emphasized the value of family and stated that living alone loses its appeal when family values align.
- Reactions to Reddy's post on social media varied, with some agreeing that living alone can be overrated, while others questioned the financial aspects of his claims.
- Reddy clarified that the Rs 40,000 savings included rent, maintenance, water and electricity bills, and food expenses.
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Indian techies may be in for a long wait as IT firms defer hikes
- Indian IT firms are facing challenges in providing salary hikes this year due to a softer business environment.
- According to a TOI report, Infosys and HCLTech are not implementing raises, while TCS is giving an average hike of 6-8%, with higher increases for top performers.
- Wipro and Tech Mahindra are deferring salary increases due to reduced revenue and macroeconomic uncertainties.
- Wage hikes vary based on company performance, industry demand, and economic conditions, with expectations of higher hikes by early 2024 due to the AI revolution and improved economic outlook.
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Future of IT staffing industry in India in next 5 years
- Indian IT staffing industry set for 10% CAGR in next 5 years, fueled by new technologies and demand for skilled IT professionals.
- Surge in demand for AI, machine learning, and blockchain experts drives IT staffing industry's role in connecting talent to organizations.
- Overcoming scarcity of niche skilled professionals and adapting to automation-induced shifts are key hurdles.
- Despite global uncertainties, India's resilient IT sector and increased spending support industry growth, while remote work trend creates opportunities.
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