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Tech Mahindra chief CP <keyword id="45924" type="General" weightage="100" keywordseo="gurnani" source="Orion">Gurnani</keyword> wants to transition from being a long serving captain in the IT industry to a "coach" after he retires from the company in December this year. The nomination and remuneration committee has extended the tenure of Gurnani till December 19, 2023 as it looks to work on the succession plan of Gurnani. While he did not divulge any further details on the succession plan, sources have indicated that internal candidates -- <keyword id="2493116" type="General" weightage="50" keywordseo="jagdish-mitra" source="Orion">Jagdish Mitra</keyword>, Manish <keyword id="30343" type="General" weightage="50" keywordseo="vyas" source="Orion">Vyas</keyword>, <keyword id="2173310" type="General" weightage="50" keywordseo="lakshmanan-chidambaram" source="Orion">Lakshmanan Chidambaram</keyword> are among top contenders for the post. Jagdish Mitra is currently serving as Chief Strategy Officer and Head of Growth, who has been with the group for last 30 years; Vyas is serving as President, Communications, Media and Entertainment Business, and CEO, Network Services and been with the company for last 23 years and <keyword id="6362104" type="General" weightage="50" keywordseo="chidambaram" source="Orion">Chidambaram</keyword>, currently serving as President for <keyword id="16133454" type="General" weightage="50" keywordseo="tech-mahindra-americas" source="Orion">Tech Mahindra Americas</keyword> and been with company since December 2012. Gurnani said that the succession plan will be finalised by the committee as per the corporate governance norms of the company. "I've done the same business for a very long time. I became a CXO at the age of 38 and am now stepping down at the age of 65. All I'm trying to say is that I've been a playing captain for a very long time. I will become a coach. I will no longer be a playing captain," Gurnani said. One of the longest serving CEOs in the technology sector, Gurnani told PTI that would like to see the other side of the world and pursue things that are close to his heart. "I have been one of the longest serving CEOs of the technology sector. I think it is fair that I get to see what the other side of the world looks like and I'm not talking about travel. I'm talking about a few things that I've always wanted to do in life. It is also good for the corporation that we get a new leader because a bit of rotation is like getting more oxygen into the system," Gurnani said. While talking about business, Gurnani said Tech Mahindra will continue to deepen its presence in Japan and Europe and look at opening delivery centres closer to the home of its employees. "I have always been a very big admirer of Japan, I will continue to create much deeper business interest in Japan. Frankly, I think Europe is a big opportunity now. Because overall Europe has felt the impact of the war. "The war has been closest to them. Every individual in Europe has paid a price by inflation and higher energy bills. I believe that some of our cost transformation initiatives would be very helpful to European clients. So, my focus will be Japan and Europe," he said. Gurnani said that the technology sector has matured and they have continued to serve their consumers, businesses, enterprises and corporates around the world by not taking a position. "The only area where there has been some conversations is there organizations which are using cyber attacks as a weapon," Gurnani said but declined to reveal further details. When asked about a broad strategic action plan that the company is planning to put in place this year, Gurani said that Tech Mahindra will look at distributing delivery centres across the country and near to the homes of its employees. "We continue to make technological investments in the future of technology. Right now it is AI, cloud, metaverse and we have already started investing in quantum computing. We want to be ahead of the curve. There are some of our products which I think will be able to commercialize them a lot better," Gurnani said. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/ril-q3-to-be-a-mixed-bag-muted-growth-in-o2c-robust-retail-and-jio-performance/articleshow/97094061.cms">RIL’s Q3 to be a mixed bag: Muted growth seen in O2C, robust performance projected for retail and Jio</a> <a href="https://www.businessinsider.in/finance/banks/news/indusind-bank-q3-net-profit-grows-69-yoy-to-1959-crore-margin-and-asset-quality-see-improvements/articleshow/97093861.cms">IndusInd Bank Q3 net profit grows 69% YoY to ₹1,959 crore, margin and asset quality see improvements</a> <a href="https://www.businessinsider.in/business/startups/news/udaan-shipped-over-1-7-billion-products-across-1200-cities-in-2022/articleshow/97086070.cms">Udaan shipped over 1.7 billion products across 1,200 cities in 2022</a>

Tech Mahindra CEO CP Gurnani looks to transition from captain to coach post retirement

IT company <keyword id="43217" type="General" weightage="100" keywordseo="tech-mahindra" source="Orion">Tech Mahindra</keyword> expects to soon hit USD 7 billion revenue run rate for the current fiscal year, out of which the telecom vertical is estimated to contribute USD 3 billion, a top official of the company said on Monday. Tech Mahindra Managing Director and Chief Executive Officer CP <keyword id="45924" type="General" weightage="80" keywordseo="gurnani" source="Orion">Gurnani</keyword> told PTI that the company has hit a run rate of USD 1 billion (about Rs 8,300 crore), from 5G solutions that it provides to telecom companies. "We are at an annual revenue run rate of USD 6.6 billion. We expect to reach USD 7 billion run rate for this fiscal. Telecom vertical is expected to contribute USD 3 billion to this. We have already touched a revenue run rate of USD 1 billion from 5G services," Gurnani said at Mobile World Congress (MWC) 2023. Tech Mahindra posted a 5 per cent decline in consolidated profit after tax at Rs 1,297 crore for the December quarter. Revenue from operations, however, increased 20 per cent to Rs 13,734.6 crore from Rs 11,451 crore a year ago. Tech Mahindra President, Communications, Media and Entertainment Business, and CEO, <keyword id="659906" type="General" weightage="50" keywordseo="network-services" source="Orion">Network Services</keyword>, <keyword id="644257" type="General" weightage="50" keywordseo="manish-vyas" source="Orion">Manish Vyas</keyword> said 50 per cent of the company's business comes from the American region, 30 per cent from Europe and 20 per cent from the rest of the world. "We believe this trend will continue because we have invested in these geographies. All the sectors within telcos, be it the growth of fibre, fixed wireless, new product build and all the transformation on the digital side, have continued to provide us growth," he said. Talking about the impact of the global macroeconomic situation on the company, <keyword id="30343" type="General" weightage="80" keywordseo="vyas" source="Orion">Vyas</keyword> said uncertainty still remains across the globe and there will be intense pressure on the cost of services. "The overall macroeconomic situation still remains uncertain. People will need to conserve as we go forward. It is an important opportunity for us to continue to drive cost optimization through simplification. The broad macroeconomic situation also will evolve as we come out of this uncertain time. People will need to continue to innovate more. Particularly with the whole focus on generative AI as well as the way metaverse will be used by enterprises," he said. Vyas said that globally the company has acquired 42 new logos this year to whom it is providing network transformation including solutions for private 5G networks. "It is essentially a network on the cloud, software-defined network and private network. The growth driver has been a requirement of enterprises to simplify their operations and modernise tracking of their business data," he said. Gurnani said several companies are engaging with Tech Mahindra to simplify, modernise and monetise their networks, and the rollout of the 5G network across the globe will continue to drive the business of the company. "We are very keen to look at how the rollout of 5G and deployments will happen. It is a big year from a deployment standpoint. It is a big year for the modernisation of the digital stack. I think telcos will look to find adjacencies with fintech, learning, manufacturing, IoT etc for growth. We are very excited about 2023. There are a lot of case studies that will emerge in all these areas," Vyas said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/air-india-has-enormous-potential-efforts-on-to-make-it-a-key-global-player-ceo-wilson/articleshow/98269115.cms">Air India has enormous potential, efforts on to make it a key global player: CEO Wilson</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/news/karnataka-gujarat-ranked-best-performing-indian-states-in-clean-energy-transition-efforts-ieefa/articleshow/98269028.cms">Karnataka, Gujarat ranked best performing Indian states in clean energy transition efforts: IEEFA</a>

TechM expects $7 bn revenue run rate this fiscal, $3 bn from telecom

Continuing its acquisition spree, <keyword id="43217" type="CITY" weightage="100" keywordseo="Tech-Mahindra">Tech Mahindra</keyword>, the IT arm of the <keyword id="6355744" type="CITY" weightage="100" keywordseo="Mahindra-Group">Mahindra group</keyword>, has agreed to buy UK-based digital technology firm <keyword id="3436035" type="UNKNOWN" weightage="100" keywordseo="The-BIO-Agency">The BIO Agency</keyword> for an enterprise value of 40 million pounds. The deal also includes a surplus cash component not exceeding more than 5 million pounds. 
 
It was only last month that the company had bought UK-based financial services firm Target Group in a deal that was valued at more than 112 million pounds. 
 "The BIO Agency and Tech Mahindra will create one of the world's leading innovation practices. A combination of BIO's visionary thinking and delivery with Tech Mahindra's IT to Digital Transformation strategy will enable and create digital services," said Tech Mahindra CEO <keyword id="45959" type="ORGANIZATION" weightage="100" keywordseo="CP-Gurnani">CP Gurnani</keyword>. 
 
As per the deal, the company will pay 22 million pounds and the surplus cash upfront while the rest will be deferred, depending on how BIO Agency performs. 
 
The rewards given to the management of BIO Agency will also depend on the revenue that tbey will be bringing in over the next three years. 
 
For fiscal 2016, BIO had revenue of 12.5 million pounds, while for the year before that, it had revenue of 5.2 million pounds. 
 
<a href="http://easynaukari.com/wp-content/uploads/2015/11/tech-mahin.jpg">Image source</a>

Tech Mahindra continues to expand, buys UK-based digital firm for £40 million

After Cholamandalam and <keyword id="3377501" type="UNKNOWN" weightage="100" keywordseo="Dilip-Shanghvi-IDFC-Bank-Telenor">Dilip Shanghvi-IDFC Bank-Telenor</keyword> combine, <keyword id="43217" type="CITY" weightage="100" keywordseo="Tech-Mahindra">Tech Mahindra</keyword> has become the third entity to have dropped out of the payments bank race. 
 
The firm has cited that the business would take a lot of time to turn profitable because of "aggressive posturing" by deep-pocketed global competitors. 
 
Cholamandalam had quit the race in April, while Dilip Shanghvi-IDFC Bank-Telenor combine announced their decision last Friday. 
 "Over a period of time, we have realised that the amount of aggression that has come into the marketplace only erodes the margins," said Tech Mahindra MD and CEO <keyword id="45959" type="ORGANIZATION" weightage="100" keywordseo="CP-Gurnani">CP Gurnani</keyword>. 
 
The Reserve Bank of India had given in-principle approval for payments banks to TechM and 10 others in August 2015. 
 
Gurnani further added that payments bank business always carried the risk of profit margins being "razor thin," but the competition they would face includes the who's who of the telecom world, including the Ambanis, the Birlas, Airtel and Vodafone, among others, thus delaying profitability for a long time. 
 The announcement has come just a day after RBI deputy governor <keyword id="1531843" type="COMPANY" weightage="100" keywordseo="S-S-Mundra">S S Mundra</keyword> had said that it was not fair of licencees to abandon their plans to set up payments banks. "We would certainly feel little aggrieved because lot of efforts from the part of RBI go in processing these applications," Mundra has said. 
 
<a href="https://i.ytimg.com/vi/_7G6qYLELes/maxresdefault.jpg">Image source</a>

Tech Mahindra chickens out of payments bank race, cites delayed profitability and tough competition

<ul><li>The annual compensation of top Indian IT CEOs in the IT sector ranges from ₹16 crore to ₹28 crore. </li><li>Rajesh Gopinathan of Tata Consultancy Services and Abidali (Abid) Z. Neemuchwala of Wipro were also featured in the CEOWORLD global rankings of the top CEOs across the globe. </li><li>Rajesh Gopinathan is one of the youngest CEOs in the Tata Group. </li></ul>The Indian IT sector has been <a href="https://www.businessinsider.in/hiring-tcs-infosys-wipro-and-others-up-12-months-in-a-row/articleshow/69019342.cms">growing</a> at a healthy pace, unlike many other sectors which are on the edge of a downturn. A lot of this success is attributed to nimble strategies of the leadership in the sector, who succeeded in spite of the dynamic nature of the sector. It hence comes as no surprise that Rajesh Gopinathan of Tata Consultancy Services and Abidali (Abid) Z. Neemuchwala of Wipro were also featured in the <a href="https://www.businessinsider.in/heres-the-list-of-the-top-indian-ceos-featured-in-ceoworld-global-rankings/articleshow/70444805.cms">CEOWORLD global rankings</a> of the top CEOs across the globe Let us see how the CEOs of this sector are being compensated for their hard work and success. Here’s a list of annual compensation of top IT CEOs of the country right from <keyword id="328377" type="PERSON" weightage="20" keywordseo="Salil-Parekh">Salil Parekh</keyword> of Infosys to CP Gurnani of Tech Mahindra: 
	
	
	<div type="Slideshow" msid="70548354" hostid="261" title="Here’s the list of India's highest-paid tech CEOs" firstImageMsid="70548471" slideCount="5"></div>

Here’s the list of India's highest-paid tech CEOs

A recent firing at <keyword id="43217" type="CITY" weightage="100" keywordseo="Tech-Mahindra">Tech Mahindra</keyword> has stepped up the fear among mid-senior techies about instability in the industry where handing over of pink slips is no longer a hush-hush phenomenon. The phone call recording that went viral last week has an HR staff asking an associate to put down his papers by the next day morning, failing to which would make the employer send termination letter. In the age of internet, the recorded clip on <keyword id="881139" type="COMPANY" weightage="20" keywordseo="SoundCloud">SoundCloud</keyword> has gone viral and Tech Mahindra has received enough digital hatred for such weak HR policy. The case has reached the upper management to a level when <keyword id="46425" type="PERSON" weightage="100" keywordseo="Anand-Mahindra">Anand Mahindra</keyword>, Chairman and <keyword id="4741088" type="UNKNOWN" weightage="20" keywordseo="md-of-mahindra-group">MD of Mahindra Group</keyword> has apologised for sacking in this manner and assured no such instances in future. In an open social media post, he wrote, “"I want to add my personal apology. Our core value is to preserve the dignity of the individual and we'll ensure this does not happen in future.” CP <keyword id="45924" type="PERSON" weightage="20" keywordseo="Gurnani">Gurnani</keyword>, managing director at Tech Mahindra, tweeted, "I deeply regret the way the HR rep &amp; employee discussion was done. We have taken the right steps to ensure it doesn't repeat in the future.” Here’s the recorded clip of the conversation &lt;iframe width="100%" height="166" scrolling="no" frameborder="no" src="https://w.soundcloud.com/player/?url=https%3A//api.soundcloud.com/tracks/331810449&amp;amp;color=ff5500"&gt;&lt;/iframe&gt; Though Tech Mahindra has issued a statement regretting the manner of the exit interview, it said "alignment, of the workforce will carry on. We continue to implement strategies to implement the changing demands of business in the current global economic environment and align our workforce with the business objectives, strategic priorities of the organisations, and requirements of our clients.”

Tech Mahindra fires employee giving 24-hour notice; Anand Mahindra apologises

The <keyword id="6355302" type="General" weightage="20" keywordseo="rupee" source="Orion">rupee</keyword> depreciated 15 paise to 81.45 against the US dollar in early trade on Thursday, weighed down by a muted trend in domestic equities and foreign fund outflows. At the interbank foreign exchange, the domestic unit opened weak at 81.45 against the dollar, registering a decline of 15 paise over its last close. In initial trade, the rupee also touched an early high of 81.27 against the US dollar. In the previous session on Wednesday, the rupee settled at 81.30 against the US dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.09 per cent to 102.26. Brent crude futures, the global oil benchmark, declined 1.18 per cent to $83.98 per barrel. Forex traders expect the rupee to trade with a slight negative bias on global economic concerns. IMF managing director Gita Gopinath warned of a tough year in 2023 for the global economy. The global economy is facing a unique situation due to unprecedented levels of high inflation and that is causing tension between monetary and fiscal policies, IMF's Gita Gopinath said on Wednesday. In the domestic equity market, the 30-share BSE Sensex was trading 140.49 points or 0.23 per cent lower at 60,905.25. The broader NSE Nifty declined 65.45 points or 0.36 per cent to 18,099.90. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Wednesday as they offloaded shares worth Rs 319.23 crore, according to exchange data. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/33-parents-say-their-children-were-approached-by-strangers-on-online-platforms-cry-study/articleshow/97115067.cms">33% parents say their children were approached by strangers on online platforms: CRY study</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/tech-mahindra-ceo-cp-gurnani-looks-to-transition-from-captain-to-coach-post-retirement/articleshow/97120238.cms">Tech Mahindra CEO CP Gurnani looks to transition from captain to coach post retirement</a>

Rupee falls 15 paise to 81.45 against US dollar

<ul><li>The country's current account deficit (<keyword id="52599" type="General" weightage="80" keywordseo="cad" source="Orion">CAD</keyword>) widened to 4.4 per cent of the GDP in the quarter that ended September from 2.2 per cent in April-June.</li><li>In the opening trade on Tuesday, the rupee depreciated 12 paise to 81.64 against the US dollar </li><li>According to the survey, while commodity prices have retreated from record highs, they are still above the "pre-conflict" (Russia-Ukraine war) levels.</li></ul> The Indian rupee may remain under depreciation pressure on account of plateauing of exports and subsequent widening of the current account deficit, said the <keyword id="6354872" type="General" weightage="20" keywordseo="economic-survey" source="Orion">Economic Survey</keyword> 2022-23 tabled in <keyword id="6354721" type="General" weightage="80" keywordseo="parliament" source="Orion">Parliament</keyword> on Tuesday. It said the "risks to the current account balance stem from multiple sources". The country's current account deficit (CAD) widened to 4.4 per cent of the GDP in the quarter that ended September from 2.2 per cent in April-June due to a higher trade gap, as per the latest data of the <keyword id="6354335" type="General" weightage="80" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword>. In the opening trade on Tuesday, the rupee depreciated 12 paise to 81.64 against the US dollar, weighed down by significant foreign fund outflows and a muted trend in domestic equities. Amid the geopolitical situation and tightening of monetary policy by the <keyword id="117388" type="General" weightage="80" keywordseo="us-fed" source="Orion">US Fed</keyword>, the Indian rupee has remained under pressure and even breached the 83-mark to the US dollar. According to the survey, while commodity prices have retreated from record highs, they are still above the "pre-conflict" (Russia-Ukraine war) levels. Strong domestic demand amid high commodity prices will raise India's total import bill and contribute to unfavourable developments in the current account balance, it said. "These may be exacerbated by plateauing export growth on account of slackening global demand. Should the current account deficit widen further, the currency may come under depreciation pressure," said the key document released a day before the presentation of the Union Budget 2023-24. The survey is a government commentary on the economic developments and related aspects during 2022-23. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/demand-is-strong-but-decisions-are-slow-tech-mahindra-ceo-cp-gurnani/articleshow/97474512.cms">Demand is strong but decisions are slow: Tech Mahindra CEO CP Gurnani</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/adani-enterprises-fpo-subscription-details-stock-price/articleshow/97476824.cms">Adani Group stocks continue to witness volatility: Adani Enterprises FPO subscribed 20% so far</a>

Rupee may remain under depreciation pressure, says Economic Survey

<keyword id="10387" type="General" weightage="20" keywordseo="Microsoft" source="Orion">Microsoft</keyword> chairman and CEO <keyword id="276564" type="General" weightage="20" keywordseo="Satya-Nadella" source="Orion">Satya Nadella</keyword> believes that the golden age of <keyword id="107950" type="General" weightage="20" keywordseo="artificial-intelligence" source="Orion">Artificial Intelligence</keyword> is "underway" and it will redefine work and businesses as we know them. In a session at the ongoing five-day annual meeting of the World Economic Forum, Nadella said that technology will provide more and more ways to bring people together. "Microsoft is opening up access to new AI tools like <keyword id="15681942" type="General" weightage="20" keywordseo="ChatGPT" source="Orion">ChatGPT</keyword>," Nadella was quoted in a WEF release on Wednesday (local time). "I see these technologies acting as a co-pilot, helping people do more with less." The cutting-edge chatbot ChatGPT is capturing the world's imagination. The new artificial intelligence site amassed 1 million users in just five days after its recent launch. It is but one of a dozen AI-driven so-called apps that are expected to transform human productivity and the future of work. ChatGPT answers complex questions via short prompts on a vast array of topics and even writes lyrics and poetry. During the session, he provided two anecdotes of recent use cases of <keyword id="16130348" type="General" weightage="20" keywordseo="GPT-technology" source="Orion">GPT technology</keyword>. The first one he cited was about an expert coder from Silicon Valley who improved their productivity by 80 per cent by using the model to help write better code faster. The second was an Indian farmer who was able to use a GPT interface to access an opaque government programme via the internet, despite only speaking a local dialect. "AI is just at the beginning of the S-curve," Nadella further said, adding that the near-term and long-term opportunities are enormous. Looking ahead, he said Microsoft intends to lead on quantum computing. Microsoft has all the building blocks for a next-generation quantum computer. Speaking about sustainability, the Microsoft chief said it is at the core of the business. "By 2050 Microsoft aims to not just be carbon-neutral but carbon-negative." In 2022, the tech giant released Cloud for Sustainability, bringing together a growing set of environmental, social and governance (ESG) capabilities across the <keyword id="16130349" type="General" weightage="20" keywordseo="Microsoft-cloud-portfolio" source="Orion">Microsoft cloud portfolio</keyword> plus solutions from the firm's global ecosystem. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/tech-mahindra-ceo-cp-gurnani-looks-to-transition-from-captain-to-coach-post-retirement/articleshow/97120238.cms">Tech Mahindra CEO CP Gurnani looks to transition from captain to coach post retirement</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/we-need-to-go-to-theatres-enough-with-the-streaming-already-james-cameron-says/articleshow/97122924.cms">We need to go to theatres. Enough with the streaming already, James Cameron says</a>

Satya Nadella says golden age of AI is here, and will redefine work, businesses

Award-winning filmmaker <keyword id="47027" type="General" weightage="80" keywordseo="james-cameron" source="Orion">James Cameron</keyword>'s '<keyword id="44111" type="General" weightage="20" keywordseo="Avatar" source="Orion">Avatar</keyword>' franchise was made for viewing in premium large format theatres such as IMAX 3D and Dolby Cinema, but that doesn't mean watching the movies at home is a bad idea. The Oscar-winning director recently spoke about different viewing methods for 'Avatar', and he said a "good experience" can still be achieved at home, reports 'Variety'. "If you watch '<keyword id="13787418" type="General" weightage="50" keywordseo="way-of-water" source="Orion">Way of Water</keyword>' at home on a reasonably large flat screen TV with a decent sound system and you sit close enough and that way across the room, you're going to have a good experience," <keyword id="6375620" type="General" weightage="100" keywordseo="cameron" source="Orion">Cameron</keyword> said. Watching 'Avatar' on your phone is where Cameron draws a line, but it has nothing to do with the size of the screen. As the director said, "When you start looking at something on a phone, you're sort of missing the point. Going to a movie theatre is less about the size of the screen and the perfection of the sound system. And it's more about a decision to not multitask." "I think that's the critical part that people are missing," the director continued. "You're making a deal between yourself and a piece of art to give it your full attention. And you don't when you're at home. People don't cry as much when they watch a movie at home as they will in a movie theatre. You don't have the depth of emotion." Cameron expressed a similar opinion earlier this month during an interview with 'Variety' on the Golden Globes red carpet. "When we go to the movies we make a deal with ourselves to have undivided attention for a couple of hours," he said. "It's about immersing yourself...choosing to commit to that ahead of time." 'Avatar: The Way of Water' just surpassed 'Spider Man: No Way Home' at the worldwide box office to become the sixth-biggest film in history with $1.92 billion. It's all but certain 'The Way of Water' will cross the $2 billion mark. Cameron celebrated the box office milestone by telling 'Variety' that the 'Avatar' sequel's success is proof that movie theatres still matter. "We're going back to theatres around the world," Cameron said. "They're even going back to theatres in China where they're having this big COVID surge. We're saying as a society, 'We need this! We need to go to theatres.' Enough with the streaming already! I'm tired of sitting on my ass." 'Avatar: The Way of Water' is now playing in theatres nationwide. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/ril-q3-to-be-a-mixed-bag-muted-growth-in-o2c-robust-retail-and-jio-performance/articleshow/97094061.cms">RIL’s Q3 to be a mixed bag: Muted growth seen in O2C, robust performance projected for retail and Jio</a> <a href="https://www.businessinsider.in/business/news/soothing-personal-content-top-draws-for-online-audience-in-2022/articleshow/97086303.cms">Soothing &amp; personal content top draws for online audience in 2022 – Hybrid creators &amp; communities to rule in 2023</a> <a href="https://www.businessinsider.in/business/news/tech-mahindra-ceo-cp-gurnani-looks-to-transition-from-captain-to-coach-post-retirement/articleshow/97120238.cms">Tech Mahindra CEO CP Gurnani looks to transition from captain to coach post retirement</a>

We need to go to theatres. Enough with the streaming already, James Cameron says

<ul><li>The technology company’s consolidated profit after tax grew just 2.2% sequentially in October to December.</li><li>Shares of the company slipped nearly 4% on Wednesday as investors were disappointed with the marginal growth in profits.</li><li>Adding to it, more employees left <keyword id="43217" type="General" weightage="20" keywordseo="tech-mahindra" source="Orion">Tech Mahindra</keyword> than at <keyword id="6357150" type="General" weightage="20" keywordseo="tcs" source="Orion">TCS</keyword> and <keyword id="10862" type="General" weightage="20" keywordseo="wipro" source="Orion">Wipro</keyword> in an industry that is struggling with high attrition rate.</li></ul>Shares of information technology (IT) firm Tech Mahindra slumped nearly 4% on February 2 as investors sold stocks after the company delivered lower than expected profits. The company's net profit increased 2.2% sequentially to ₹1,369 crore in October to December as compared to expectation of ₹1,454 crore consensus estimate of analysts tracked by <a href="https://www.bloombergquint.com/business/tech-mahindra-q3-results-profit-rises-22-but-misses-estimates-attrition-inches-up">Bloomberg</a>. While revenue is in line with expectations, weaker than expected margins and slower hiring is a concern, says analysts <a href="https://twitter.com/CNBCTV18Live/status/1488700416942829568">reportedly</a> at UBS investment banking firm. It also maintained a ‘sell’ rating on the stock with a target price of ₹1,260 per share. Adding to it, more employees are leaving Tech Mahindra than TCS and Wipro in an industry that is struggling with a high attrition rate. However, Tech Mahindra is not the only firm struggling with high attrition, every other IT firm is getting more resignations than ever before. Infosys has the highest attrition rate in the industry. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IT companies </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Attrition rate in Oct-Dec </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">25.5% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tech Mahindra </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">24% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wipro </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">22.7% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TCS </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15.3% </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>“We continue to strengthen our presence, deliver broad-based profitable growth and value for our customers, backed by future-ready talent and niche digital capabilities,” said CP Gurnani, managing director and chief executive officer at Tech Mahindra. Tech Mahindra’s total headcount has increased by 19% on a yearly basis to 1.45 lakh as on December quarter. <div type="image" title="tech mahindra" height="900" width="1200" msid="89291795" hostid="261"></div> <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tech Mahindra Q3 results </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% growth QoQ </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% growth YoY </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Revenue growth in dollar terms </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4.1% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">17.2% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Profit after tax </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.2% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4.5% </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/budget-2022-nirmala-sitharaman-was-asked-these-10-questions-on-cryptocurrency-employment-inflation-in-india/slidelist/89280855.cms">India’s finance minister was asked these 10 questions and these were her answers</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/india-budgets-2022-for-a-trickle-down-as-slow-as-that-might-be/articleshow/89280984.cms">India budgets for a trickle down ⁠— as slow as that might be</a>

More employees are leaving Infosys, Tech Mahindra than TCS and Wipro

<ul><li><keyword id="43217" type="CITY" weightage="20" keywordseo="Tech-Mahindra">Tech Mahindra</keyword> was the top gainer on Nifty 50 with an 8% surge in its shares.</li><li>The company gave a guidance of more than 10% revenue growth for FY22 for the first time in over 5 years in June quarter.</li><li>Revenues grew 4.1% in the quarter in dollar terms to $1.38 billion.</li></ul>Shares of Tech Mahindra surged about 8% as investors cheered the company’s double digit growth guidance in revenue for FY22. Also, the stock hit its one year high at ₹1,223.70 on Friday, July 30. The information technology (IT) services major reported a 4.1% quarter-on-quarter growth in revenues at $1.38 billion while profit after tax jumped 24.1% quarter-on-quarter to $183.2 million.<div type="image" title="tech mahindra chart" height="900" width="1200" msid="84882149" hostid="261"></div> The company added 5,209 employees in the April-June quarter taking the total headcount to 126,263. “The double-digit revenue growth in FY22 (as guided) will be a first for Tech Mahindra, after half a decade – a testimony of its significant underperformance,” said a report by Phillip Capital. “The company has reported a decent set of numbers, slightly ahead of expectations, which were quite low to begin with. Constant currency growth of 3.9% in the quarter, while ahead of estimates, was significantly lower than peers. Margins came ahead of expectations while dealflow remained strong,” added the report. “We have witnessed an all rounded performance this quarter with growth across our key markets and industry sectors. We continue to see strong traction in large deal wins as we are helping our customers in integrated digital transformation,” said CP Gurnani, managing director and chief executive officer of Tech Mahindra. At 10:43 a.m., on Friday, shares of the company were trading at ₹1,231, higher by 9%. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/cleartax-major-acquisitions-and-hiring-2021-funding-on-the-way/articleshow/84880048.cms">Clear has planned major acquisitions and hiring for this year, in talks with investors to raise funds </a> <a href="https://www.businessinsider.in/stock-market/news/rolex-rings-ipo-last-day-for-subscription-allotment-on-august-4/articleshow/84864899.cms">Today is the last day of Rolex Rings’ ₹731 crore IPO with a price band of ₹880-900 </a>

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