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<ul><li><keyword id="19906778" type="General" weightage="100" keywordseo="Infosys" source="keywords" meta.keywordsubtype="org" meta.entityname="Infosys" meta.hostid="261" meta.entityid="Infosys">Infosys</keyword> has delayed hiring of 2000 young professionals</li><li><keyword id="20033579" type="General" weightage="20" keywordseo="NITES" source="keywords" meta.keywordsubtype="org" meta.entityname="NITES" meta.hostid="261" meta.entityid="NITES">NITES</keyword> has filed a complaint in the matter</li><li>Infosys is also making headlines for its new Power Programme</li></ul> The Nascent Information Technology Employees Senate (NITES), a Pune-based <keyword id="22859482" type="General" weightage="20" keywordseo="IT-employee-union" source="keywords">IT employee union</keyword>, has filed a formal complaint with the Ministry of Labour and Employment against Infosys. The union alleges that Infosys has delayed the <keyword id="22570539" type="General" weightage="20" keywordseo="onboarding-process" source="keywords">onboarding process</keyword> for around 2,000 <keyword id="22859483" type="General" weightage="20" keywordseo="fresh-engineering-graduates" source="keywords">fresh engineering graduates</keyword> for over two years, leaving them in a state of uncertainty and distress. <h2>Infosys delayed freshers' onboarding for more than two years</h2>According to NITES, these graduates were selected for roles such as system engineer and digital specialist engineer as early as April 2022. Despite receiving offer letters, the onboarding process has been repeatedly postponed. The affected graduates were required to participate in unpaid pre-training programs and undergo additional, unexpected assessments, further complicating their entry into the workforce. NITES claims that despite fulfilling all the prerequisites set by Infosys, these young professionals have been kept in limbo, leading to significant frustration and anxiety. The union views this situation as a serious breach of trust by Infosys, which has long been regarded as one of the pillars of India’s IT industry. Harpreet Singh Saluja, President of NITES, expressed deep concern over the situation, emphasizing the broader implications for the Indian IT sector. “We believe that this is not just a breach of trust by one of India’s largest IT companies, but also a significant issue that impacts the future of our country’s <keyword id="22360158" type="General" weightage="20" keywordseo="IT-workforce" source="keywords">IT workforce</keyword> and economy. We are calling on the government to take immediate and strict action against Infosys to ensure that such exploitative practices are halted and that the rights of these young professionals are protected,” Saluja said, according to a report by The Economic Times. The complaint filed by NITES highlights that even after long delays, the graduates were asked to participate in an unpaid virtual pre-training program from July 1 to July 24, 2024. They were promised final joining dates of either August 19 or September 2, 2024. However, despite completing the training, they were informed that they would need to retake the exam offline, once again without pay. This has only added to their frustration and uncertainty about their future with the company. <h2>Infosys’ Power Programme</h2>In a contrasting development, Infosys is also making headlines for its recent campus placement drive, where it has introduced a new 'power programme.' According to a report by The Times of India, the company is offering pay packages of up to Rs 9 lakh per annum to select colleges, a significant increase from its standard entry-level packages, which typically range from Rs 3-3.5 lakh. This move is seen as part of Infosys’ strategy to attract highly specialized talent in areas such as coding, software development, cloud computing, AI/ML, and cybersecurity. Infosys plans to hire between 15,000 and 20,000 graduates in FY25. During its earnings call last month, Infosys announced plans to resume campus placements and off-campus fresher hiring in the current fiscal year. The top four IT firms in India are expected to collectively add about 82,000 freshers in FY25. Among them, HCLTech and <keyword id="19945574" type="General" weightage="20" keywordseo="wipro" source="keywords">Wipro</keyword> plan to hire 10,000 and up to 12,000 freshers, respectively. SEE ALSO: <a href="https://www.businessinsider.in/careers/news/work-life-balance-is-a-myth-photo-of-man-working-in-front-of-momo-stall-goes-viral-internet-reacts/articleshow/112516510.cms" data-type="tilCustomLink" target="_blank">'Work-life balance is a myth’: Photo of man working in front of momo stall goes viral, Internet reacts</a> <a href="https://www.businessinsider.in/tech/article/arrange-or-love-marriage-debate-is-passe-people-are-now-marrying-their-ai-partners/articleshow/112522764.cms" data-type="tilCustomLink" target="_blank">Arrange or love marriage debate is passe, people are now marrying their AI partners</a>

Infosys delays onboarding of 2,000 graduates for more than 2 years, NITES files complaint

The Covid-19 pandemic drastically changed the way we work, with <keyword id="20665553" type="General" weightage="20" keywordseo="remote-work" source="keywords">remote work</keyword> quickly becoming the new normal. Employees across the globe adapted to working from home, enjoying newfound flexibility and a better <keyword id="19901232" type="General" weightage="20" keywordseo="work-life-balance" source="keywords">work-life balance</keyword>. And for a long time, we all thought that this was the new world and going to the office every day would be a thing of the past. However, as pandemic restrictions eased, many companies began rolling back these remote policies, pushing employees to return to the office. Tech giant <keyword id="19904608" type="General" weightage="100" keywordseo="Amazon" source="keywords" meta.keywordsubtype="org" meta.entityname="Amazon" meta.hostid="261" meta.entityid="Amazon">Amazon</keyword> recently ended remote work for its employees and told them to come to office five days a week, just like how it used to be before the pandemic. Amazon CEO Andy Jassy, in a blog post, said that working from offices has its benefits and therefore all employees will have to start coming to work the entire week. He added that even though they will permit work from home in case of emergencies (taking care of your sick kid, running emergency errands etc), remote work will no longer be the norm. <h2>Companies are calling employees back to offices</h2>Amazon isn’t the only company that has implemented the <keyword id="20007258" type="General" weightage="20" keywordseo="rto" source="keywords">RTO</keyword> (<keyword id="20408795" type="General" weightage="20" keywordseo="return-to-office" source="keywords">return to office</keyword>) mandate. Companies like <keyword id="19945574" type="General" weightage="20" keywordseo="Wipro" source="keywords" meta.keywordsubtype="org" meta.entityname="Wipro" meta.hostid="261" meta.entityid="Wipro">Wipro</keyword>, TCS, X (earlier called Twitter) and Infosys also require employees to be there in office for at least three days a week. While X boss <keyword id="19903807" type="General" weightage="20" keywordseo="Elon-Musk" source="keywords">Elon Musk</keyword> had once asked those seeking work from home to “get off of their moral high horse,” Infosys CEO N. R. Narayana Murthy had made headlines for saying that workers in India should work 70 hours per week. In wake of Amazon’s recent RTO mandate, many young professionals are reacting strongly on the internet. While some feel that the RTO mandate will hamper their productivity, others feel that it is simply unnecessary. And then there are also some people who think that this is a good decision. Let us take a look at how people are reacting on being called back to offices. <h2>How are people reacting?</h2>Social media sites like Reddit, X, and LinkedIn are full of reactions on the RTO mandate. Many employees feel that this will increase their cost and time spent on commute. Amazon’s recent decision to bring its employees back to offices has not sat well with many, especially those accustomed to the <keyword id="20445439" type="General" weightage="20" keywordseo="hybrid-work-model" source="keywords">hybrid work model</keyword>. On LinkedIn, Samrat Bhardwaj, who has previously interned with Amazon India, questioned the rationale behind the shift, asking whether the company truly considered employee well-being or was more focused on its own benefits. He also voiced concerns over the increased cost in case employees think of moving closer to tech hubs. He also added that if people start living at a distance from tech parks, rent will be lower, but you'll be wasting a lot of time to and fro from the office every day. On the other hand, Erin Mantz, a former Meta and Amazon employee, pointed out the stark difference between previous work norms and the flexibility of today's workforce in a LinkedIn post. “Gen Xers, for decades, used to have to go in every day... no working from home, no midday walks or being home for the dishwasher repairman,” she said, reflecting on how work-life balance has evolved. She concluded that the shift back to in-office work might not align with modern expectations, suggesting that today’s workforce has experienced a better way of working. <h2>“Working in the parking lot isn’t a bad idea”</h2>People aren’t just concerned about the increased cost and wastage of time in commute. Some also pointed out the irony of commuting to the office only to continue working in their cars due to a lack of proper space and resources. One Reddit user said, “Genuinely had no idea how bad RTO would be until it hit. I'm as unproductive as ever and half my work is done in the parking lot at this point for these exact reasons. Going back to the office isn't the end of the world, but when there's zero space or even disability accommodation for the employees? Unacceptable, especially considering the ones who usually enforce the arrangements all have their own private offices with the best gear their department offers.” Another user, Oracle-2050, quipped that working from their car was a makeshift solution, noting, "At least I can attend Teams meetings and make phone calls." The absurdity of the situation was highlighted by yet another commenter who sarcastically remarked, “Only in clown world would a worker drive to the office in order to do work in their car.” Another user pointed out that the decision-makers pushing these mandates “all have their own private offices with the best gear their department offers,” leaving regular employees to struggle in far less conducive work environments. <h2>The “Fake work” problem </h2> Annie Dean, who earlier used to work as Director of Remote Work at Facebook, took a critical stance on LinkedIn, highlighting that return-to-office mandates don’t address the core problem which is “Fake work.” This term, popularised by Airbnb’s Brian Chesky, refers to tasks that feel like work but don’t actually create value for the business. Dean explained in her post that employees are drowning in endless meetings and messages, which detract from productivity. She argued that instead of mandating office attendance, companies like Amazon should focus on “pioneering new, more efficient modes of work.” This argument has resonated with many on X as well, where employees have expressed frustration over the return-to-office mandates being viewed as a quick fix. One Twitter/X user remarked that "commuting to do the same virtual meetings in person isn’t solving anything," while others echoed that the core problem lies in work structures, not location. Here are some other reactions on X: <div type="image" title="negative reactions" msid="113528739" hostid="261" sizebytes="64721"></div> <h2>A quiet layoff strategy? </h2> Yet another take on the RTO mandate comes from Jennifer DeLorenzo, a former senior recruiter at Pinterest. She suggested that the move feels like a “quiet layoff strategy.” According to her, by mandating full-time office attendance, companies may be hoping for a wave of resignations without having to deal with the negative press of formal layoffs. “This tactic allows them to reduce headcount while avoiding the negative optics of layoffs,” DeLorenzo wrote on LinkedIn, adding that it may backfire as hiring becomes challenging again when the economy shifts. Many others seemed to agree with her view. On Reddit too, there are many people talking about how companies might be carrying out soft layoffs by implementing an RTO mandate. Her comments tapped into a broader conversation on how companies may be using return-to-office mandates to indirectly reduce their workforce. Other social media users pointed out similar trends across industries, where companies tighten office attendance policies to nudge employees toward leaving voluntarily. <h2>Some mixed reactions too </h2> While the return-to-office mandates are frustrating for many, not all reactions are negative. Some employees, particularly newer hires, see value in the traditional office setting. Bhardwaj, for example, also noted that going to the office is beneficial for freshers who want to learn. “I do believe that going to the office makes you learn a lot as freshers,” he wrote in his post, suggesting that for those early in their careers, the in-person experience might be crucial for growth and networking. Some users on X too seemed to be in support of this mandate. Here’s a look: <div type="image" title="mixed-reactions" msid="113528718" hostid="261" sizebytes="77770"></div> This duality reflects the ongoing debate around the future of work. On one hand, companies like Amazon, Google, and Meta are focusing on building stronger in-office teams, believing that physical presence fosters better collaboration, innovation, and mentoring. On the other hand, employees, especially those who experienced the benefits of remote work during the pandemic, are pushing back against these mandates, valuing the flexibility and improved work-life balance that working from home provides. As companies continue to adjust their RTO policies, the tension between employee expectations and corporate strategies is likely to persist. However, one thing is clear — the future of work is still being negotiated, and both sides are making their voices heard across the internet.

'I'm unproductive, this is not the real solution': Internet reacts as Amazon, Wipro and others call employees back to office

<ul><li>The second quarter has always been a historically strong quarter, but Q2 FY24 is expected to be soft.</li><li>The demand picture is still weak and for most sectors, the slowdown has not bottomed out.</li><li>Vendor consolidation has led to a few large deal wins by the Big 3, but conversion to revenues will be slow.</li><li>Margin expansion will also be tough with a stable Rupee and cost levers yet to kick in. </li></ul>Little has changed for the Indian <keyword id="46964" type="General" weightage="20" keywordseo="it-sector" source="Orion">IT sector</keyword> in the last three months. The second quarter earnings are expected to be as muted as the quarter before. IT sector clients are continuing with their budget squeezes, cuts in discretionary spending that’s bringing in less into the companies’ revenue kitty. Top-tier IT companies are expected to see a 0.8% fall in constant currency revenues to a tad over 1% growth on a quarter-on-quarter basis. At the highest end of the most optimistic expectations is a 1.3% growth. On a year-on-year basis too, most see lower single digit growth or a fall – showing that the fear of recession has taken over the market. Most analysts expect <keyword id="6354512" type="General" weightage="20" keywordseo="infosys" source="Orion" topicspecial.url="https://economictimes.indiatimes.com/infosys-ltd/stocks/companyid-10960.cms">Infosys</keyword> to retain its FY24 revenue growth, guidance of 1-3.5%. <keyword id="141968" type="General" weightage="20" keywordseo="hcl-tech" source="Orion" topicspecial.url="https://economictimes.indiatimes.com/hcl-technologies-ltd/stocks/companyid-4291.cms">HCL Tech</keyword> is widely expected to cut its 6-8% growth projections. Most others are expected to veer towards the lower end of the guidance as the first half remains muted. Where is the budget flush? The much awaited budget flush that could have changed the fortunes of the sector is still evasive. “The second quarter of FY24 is likely to be incrementally better than the first quarter. But nowhere close to what most players envisaged at year-beginning. Hopes of finding a bottom in the first half has not materialised, we believe, as project ramp downs/cancellations continue,” says a report by J M Financial. The second quarter has always been a historically strong quarter. And, this theory is all set to change. “Most of the demand indicators are trailing 10-15% below levels at the beginning of the year and only slightly better than the July lows,” said HDFC Securities. Across sectors, budget cuts have played out differently. For the key BFSI sector, spend cuts have bottomed out. The recovery however is gradual and may not be visible before FY25, says HSBC. Telecom sector which was one of the worst affected, along with high-tech and retail, could also bottom out in the second quarter. “We think the spending cuts have been unsustainably aggressive. Hi-tech demand has already started to improve from 2Q. Further, verticals like O&amp;G and manufacturing continue to do well,” says HSBC, which believes that Q2 will see a slight positive growth. It however does not see any major budget flush or V-shaped recovery. Expected change in Constant Currency Revenues (QoQ) <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;">Company </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;">Kotak </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;">J M Financial </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;">IIFL Securities </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;">0.5% </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;">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;">1.2% </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;">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;">0.6% </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;">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;">1.3% </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;">-0.6% </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;">0.8% </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;">-1% </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;">HCL Tech </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;">0.8% </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;">0.8% </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;">1.1% </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;">TechM </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;">0% </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;">-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;">-0.5% </td></tr></tbody><tbody></tbody><tbody></tbody></table>Source: Research reports Big deals, slow conversion Budget squeezes led to consolidation, with IT clients going in for mega deals. All the big three made top deal announcements in Q2. Infosys bagged a EUR1.5 billion deal from Liberty Global, in addition to a $454 million deal from Danske Bank. <keyword id="6357150" type="General" weightage="20" keywordseo="tcs" source="Orion" topicspecial.url="https://economictimes.indiatimes.com/tata-consultancy-services-ltd/stocks/companyid-8345.cms">TCS</keyword> bagged a £800 million deal from Jaguar Land Rover. It also won a NEST € 810 million deal from NEST. HCL Tech also won a $2.1 billion deal from Verizon. “We believe deal flow has steadied after the transition from discretionary spending-powered short-tenured programs to larger programs fueled by cost take-outs, which have longer sales cycles,” said Kotak Institutional Equities. These kinds of deal wins are expected to continue and grow through the financial year, as discretionary spending. “While most IT services firms saw a further moderation in year-on-year revenue growth in the June quarter, deal wins accelerated. Since then, the large and mega deal win momentum has quickened, giving us confidence in strong growth for FY25,” said BNP Paribas. Large deals, however, are spread across five years, and tend to convert slowly into revenues. “Barring re-badging deals, ramp-up and hence revenue conversion of mega deals tend to be long drawn,” says J M Financial. The most watched metric for the IT sector this season would be Total Contract Value-to-revenue conversion pace. The others would be the extent of compression in the existing book of business, and greater-than-normal furloughs, says a report by Nirmal Bang. Rupee, salaries &amp; margins One advantage of a soft macroeconomic environment is Rupee depreciation that adds to the margins of IT companies. Rupee depreciated only by 1% on a quarter-on-quarter basis, adding little to the sectoral margins. “This slowdown is different. Indian Rupee is relatively stable and Covid-19-led cost rationalisation is still unwinding like travel costs and onshore mix,” says HSBC Global Research. Margin management is also expected to be tough going forward as the operating environment has turned hard. Unplanned benching due to sudden ramp-downs, shift in revenue mix towards cost-takeout deals and lower growth will add to the pain on the profitability end. Kotak also expects a marginal decline in the EBIT margin on year-on-year comparison, except TechM where the decline will be sharp. Increase in costs such as travel and back-to-office expenses will hurt. “Cost levers are yet to fully kick in,” the research firm adds. On the other hand, net hiring has been all but flat for most IT sector companies. Moreso, Infosys, HCL Tech and <keyword id="10862" type="General" weightage="20" keywordseo="wipro" source="Orion" topicspecial.url="https://economictimes.indiatimes.com/wipro-ltd/stocks/companyid-12799.cms">Wipro</keyword> have all delayed wage hikes which can help, along with other cost rationalization programmes. <div type="javascript" title="Custom" contenttype="Text"><cdata><![CDATA[]]></cdata></div>

Earnings preview: Q2 to be another washout quarter for IT sector, market to focus on execution

<ul><li>Tech brands have fared badly in 2023 due to global headwinds, recession threats and more.</li><li>Banking and financial services companies including fintechs saw their value swell during the year.</li><li>PhonePe and Cred were the new entrants into Kantar’s list of Top 75 Indian brands.</li><li>Auto companies made a comeback from Covid-lows with TVS and Mahindra being among the fastest risers. </li></ul>It is not just the share prices of technology services companies that are falling, even their brand value has taken a beating. India’s top brands have borne the brunt of the global economic downturn in 2023. The combined value of Kantar BrandZ’s top-75 Indian brands shed 4% of their value to $379 billion in 2023. Yet, they have fared better than their global counterparts, as its global list has shed 20% of its value. Most of this loss in brand value was seen in Indian tech brands whose value shrunk by 14%. The brands have a major presence in international markets, and have been impacted by global pressures, recession threats and geopolitical instability, says Kantar. “If you exclude tech, the combined brand value is quite stable,” said Soumya Mohanty, managing director and chief client officer, South Asia, Insights Division of Kantar. TCS on the top, as usual The spot of India’s most valuable brand, however, is retained by tech giant TCS. It has shed 6% of its value but has fared better than tech as a sector. “TCS has a strong corporate reputation which makes it more likely to retain clients and business. It can also help enable customer retention which is also a factor that adds to brand value,” Deepender Rana, executive managing director of South Asia Insights Division at Kantar told Business Insider India. Infosys’ brand value dropped by 17%, while HCL Tech’s brand value rose by 3%. Both these brands made it to the top 10. Wipro’s brand value dropped by a sharp 42%. The rest of the list is dominated by banks, telecom companies with only one consumer company, Asian Paints in the top 10. Kantar BrandZ Top 10 Most Valuable Indian Brands 2023 <table style="border-width: initial; border-style: none;"></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;">Rank 2023 </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;">Brand </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;"> Category </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;">Brand Value 2023 </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;">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;">Tata Consultancy Services </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;">Business Technology and Services Platforms </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;">$42.9 bn </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;">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;">HDFC Bank </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;">Financial Services </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;">$33.6 bn </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;">3 </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;">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;">Business Technology and Services Platforms </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;">$24.1 bn </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;">4 </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;">Airtel </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;">Telecom Providers </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;">$22.5 bn </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;">5 </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;">State Bank of India </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;">Financial Services </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;">$14.4 bn </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;">6 </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;">ICICI Bank </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;">Financial Services </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;">$12.9 bn </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;">7 </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;">Asian Paints </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;">Paints </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;">$12.8 bn </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;">8 </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;">Jio </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;">Telecom Providers </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;">$11.7 bn </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;">9 </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;">Kotak Mahindra Bank </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;">Financial Services </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;">$10.3 bn </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;">10 </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;">HCL Tech </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;">Business Technology and Services Platforms </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;">$9.3 bn </td></tr></tbody></table> Source: Kantar Autos zoom ahead Auto brands have been buzzing in 2023 and the sector has provided two of the fastest risers of the year. TVS, valued at $1.9 billion, occupies the 51st rank. The company has gained 59% in value and leapt 24 places thanks to a number of successful product launches and a 10-year partnership with BMW that gives it leverage in markets such as Europe, the US and Canada. Mahindra is valued at $2.01 billion and occupies the 47th rank. Mahindra, which grew its value by 48%, made itself incredibly meaningful in consumers’ eyes, and also significantly boosted its salience. The sector saw the second highest category growth of 19%, after tobacco. Royal Enfield’s value also swelled, thanks to Indians’ preference for premium products. A lot of Indian auto brands, like Tata Motors, also entered EV markets and are able to meet consumer needs better, observes Rana. “Auto companies’ value declined during Covid and made a comeback after they dealt with supply chain issues and dealt with bottlenecks,” said Mohanty. India’s largest auto company Maruti Suzuki, however, shed 5% of its brand value, while Bajaj Auto’s brand value went up by 9%. The value in finance Financial services brands have grown their brand value by 6% with 16 brands and contributing to the biggest chunk of the total brand value. Their growth is attributed to growth in digital banking and Axis Bank whose value swelled 28% and now ranks at 17. ICICI Bank which ranks at no 6 also has seen its brand value swell by 18%. Two of this year’s new entrants also belong to the fintech sector — PhonePe and Cred. This is in spite of the fact that tech as a sector saw its value go down during the year. PhonePe has made its debut on the list at No.21 with a value of $4.4 billion. It has quickly become India’s leading digital payment app by investing heavily in the strength of its infrastructure, building connections with partner banks, and developing a huge network of merchant acceptance points, said Kantar. Meanwhile, Cred has entered at no 48 with a brand value of $2 billion. “Growth of credit and other digital trends are adding to the value of fintechs. There is a need for these services and brands are doing a good job of providing them,” Mohanty tells Business Insider India. PayTM, Zomato, Swiggy, Flipkart, Naukri, Oyo and Nykaa have shed value; while Byju’s hasn’t been included in the list this year. FMCG as a sector has seen its brand value remain stable during the year.

TCS retains No 1 spot as India’s top brand but tech sector takes a hit

As the results season kicks in, the <keyword id="20097634" type="General" weightage="20" keywordseo="quarterly-earnings" source="keywords">quarterly earnings</keyword> numbers of several <keyword id="22405488" type="General" weightage="20" keywordseo="blue-chip-firms" source="keywords">blue-chip firms</keyword> — such as <keyword id="19906778" type="General" weightage="20" keywordseo="Infosys" source="keywords" meta.keywordsubtype="org" meta.entityname="Infosys" meta.hostid="261" meta.entityid="Infosys">Infosys</keyword> and Reliance Industries — along with <keyword id="20837523" type="General" weightage="20" keywordseo="global-trends" source="keywords">global trends</keyword> and <keyword id="20223116" type="General" weightage="100" keywordseo="trading-activity" source="keywords">trading activity</keyword> of foreign investors, will determine <keyword id="22405487" type="General" weightage="20" keywordseo="equity-market-movement" source="keywords">equity market movement</keyword> in the holiday-shortened week ahead, according to analysts. The domestic <keyword id="22405489" type="General" weightage="20" keywordseo="WPI-inflation-data" source="keywords">WPI inflation data</keyword> for June — scheduled to be announced on Monday — will also influence trading sentiments, traders said. Markets will remain closed on Wednesday for Muharram. Among major quarterly earnings to be tracked this week are from HDFC Life Insurance Company, Bajaj Auto, BPCL, JSW Steel, Asian Paints, Infosys, and Reliance Industries. "Q1 earnings will be a key focus this week as numerous companies, including heavyweights Infosys, and Reliance, are set to release their results. Additionally, <keyword id="22194639" type="General" weightage="20" keywordseo="pre-Budget-discussions" source="keywords">pre-Budget discussions</keyword> are expected to contribute to market volatility," Santosh Meena, Head of Research, Swastika Investmart Ltd, said. On the global front, a significant focus will be on China. The country is scheduled to announce its GDP and Industrial Production (IIP) numbers, Meena said. "Other global factors to watch include the speech by the US Federal Reserve Chairman, US retail sales figures, and macroeconomic data from Japan," he added. Meanwhile, IT services company HCL Tech on Friday posted a 20.4 per cent rise in consolidated net profit to Rs 4,257 crore for the June-ended quarter and gave a revenue growth guidance of 3-5 per cent for FY25 on GenAI diversification and strong operational execution. "On Monday, markets will react to India's inflation data. Key results this week include Jio Financial Services, HDFC Life, Asian Paints, LTIMindtree, Infosys, Wipro, JSW Steel, Paytm, etc. Also globally, investors will take cues from China's GDP numbers, US core retail sales data, and ECB (European Central Bank) interest rate decision," Siddhartha Khemka, Head, Retail Research, Motilal Oswal Financial Services Ltd, said. Retail inflation increased to four-month high of 5.08 per cent in June as food items, including vegetables, became dearer, according to government data released on Friday. Vinod Nair, Head of Research, Geojit Financial Services, said, "We expect stock-specific moves to gain traction due to the ongoing earnings season; indeed, IT will be in the limelight due to the good start to the earnings and outlook." In the week ahead, economic data like China GDP, EuroZone CPI inflation, ECB policy, and the US Fed chair speech will be watched by investors to get cues on market momentum, Nair added. On a weekly basis, the BSE benchmark jumped 522.74 points, or 0.65 per cent, while the Nifty climbed 178.3 points, or 0.73 per cent. The 30-share BSE Sensex jumped 622 points, or 0.78 per cent, to settle at a record closing level of 80,519.34 on Friday. During the day, it zoomed 996.17 points, or 1.24 per cent, to hit an all-time high of 80,893.51. The NSE Nifty surged 186.20 points, or 0.77 per cent, to settle at a record closing high of 24,502.15. Intra-day, it jumped 276.25 points, or 1.13 per cent, to hit a new lifetime peak of 24,592.20.

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