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<ul><li>TCS and HCL Tech said that they have over a 100 <keyword id="17930214" type="General" weightage="20" keywordseo="genai" source="Orion">genAI</keyword> opportunities in the pipeline.</li><li>They also won a few projects, most of which are in the proof-of-concept or pilot stages.</li><li>Tech companies said they built large-scale genAI capabilities, and are ready to take on projects. </li></ul>Less than a year after ChatGPT was launched, Indian tech majors have started bagging generative AI projects. Even in times when demand is slow, discretionary spends are elusive, the new-age technology is bringing work as well as excitement into the IT outsourcing market. Although the size of the deals is small at the moment, genAI has ‘captured the imagination’ of clients, say top executives of Indian IT companies. TCS and HCL Tech said that most of their <keyword id="19151325" type="General" weightage="20" keywordseo="genai-projects" source="Orion">genAI projects</keyword> are proof-of-concept or pilot stages. “Deal sizes are small and are mostly under $1 million where clients are trying them out. But there is potential to convert a part of our Jaguar Land Rover with AI and ML capabilities,” said N Ganapathy Subramaniam, COO of TCS at the company’s Q2 earnings press conference. HCL Tech’s MD C Vijayakumar too shared that most of the genAI deals they are bagging are either half a million or sub-$1 million deals. But they are currently working on a hundred such opportunities. “We have been selected as a partner by this very large software major for their product testing and sustenance efforts. We are providing GenAI on a private language model to improve resolution rate and speed efficiency,” said Vijayakumar. Infosys CEO Salil Parekh also shared that they are working on some proprietary large language models (LLMs). “AI is a part of almost every deal we do. And, GenAI is getting there. As it expands and more and larger enterprises get into it, it will be very exciting,” he added. A catalog of AI opportunities A few months back, all tech majors announced big moves in the generative AI space. Wipro announced that it will spend as much as $1 billion over three years to build capabilities. TCS, HCL Tech partnered with software major NVIDIA to skill their employees. As of September end, TCS said that they have 100,000-strong GenAI-ready workforce. They said they also have as many as 250 Gen AI opportunities in the pipeline. “When we started generative AI, they were all about knowledge discovery. As clients understand more, the genAI is getting more complicated. We are now working for a co-pilot for a financial advisor on what advice to give clients, help underwriting policies,” explaining K Krithivasan, CEO of TCS. TCS said that it has identified opportunities across various verticals, identified use cases and cataloged them per vertical. With that it says that it’s planning to go and engage with clients and have conversations on the same. “With this, we can have conversations with our clients – be in CRM or payments space and wealth advisory and other use cases,” explained Ganapathy. HCL Tech too is working on use cases related to banking and financial sector. “We signed a generative AI deal with a to improve their risk and compliance efforts – which is a very big effort in financial services. There are a lot of transactions happening on this front, and we have discussed how we can help,” said Vijayakumar. The buzz for cost optimization and automation deals has gone up in the last few months. Clients are looking to ramp down their expenses and intend to use tech to help with their overall cost reduction efforts. As automation gains ground, AI and ML will find more use cases – and most tech companies are confident that a little of it can spill into the new and emerging area of GenAI as well.

Beyond just chats: Indian tech majors start bagging deals in GenAI space

<ul><li>A third wave of outsourcing is on its way and <keyword id="6357549" type="UNKNOWN" weightage="20" keywordseo="Indian-IT-companies">Indian IT companies</keyword> like <keyword id="6357585" type="COMPANY" weightage="20" keywordseo="tata-consultancy-services">Tata Consultancy Services</keyword>, Infosys and Tech Mahindra have the most to gain, according to <keyword id="6361649" type="UNKNOWN" weightage="20" keywordseo="Goldman-Sachs">Goldman Sachs</keyword>. </li><li>Riding the third wave, Indian IT services behemoths are on the edge of doubling their market share, seeing double digit revenue growth and wider margins.</li><li>TCS, in particular, will be racing ahead of the rest.</li></ul>There’s obvious opportunity for Indian IT companies like Tata Consultancy Services (TCS), Infosys, HCL Technologies and others as more businesses look to enable ‘work from anywhere’. This will be the third wave of outsourcing this millennium, according to Goldman Sachs, with the potential to double market share for Indian IT services giants, deliver double digit revenue growth and expand margins. <div type="image" title="IT market share to grow goldman sachs" msid="77864245" hostid="261"></div> <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></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;">Time period </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;">Outsourced IT services spend growth </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;">Last 10 years </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><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;">2021-2024 </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;">6-8% </td></tr></tbody></table>(Source: Gartner) “After a steep decline of 2.7% in USD revenues for the Top 5 Indian IT firms in FY21E due to the COVID-19 impact, we are expecting a sharp revival in growth over FY22 and FY23E,” said the global investment behemoth Goldman Sachs. The only company that seems to be left behind the fray is Wipro. <div type="image" title="Copy of IT market share to grow goldman sachs" msid="77864258" hostid="261"></div> TCS, on the other hand, may race ahead of the others. It has an edge since it’s the only Indian IT company with greater market share in healthcare than in manufacturing. <div type="image" title="Copy of Copy of IT market share to grow goldman sachs" msid="77864275" hostid="261"></div> “We see TCS as one of the largest beneficiaries of these trends given its wide array of services and capabilities, geographic presence, wide client base, consistent strong execution and ability to work remotely at a large scale with c.450K employees,” said the Goldman Sachs’ report dated August 28. Riding the increased reliance of businesses on digital technology, working from home also cuts down costs like transportation and infrastructure expenses, allowing companies to expand their margin and get a bigger bang for their buck. How Indian IT companies will ride the third wave of outsourcing Demand already exists. History also supports the conclusion that the Indian IT industry is normally a late cycle beneficiary of global changes in technology. When the first wave of outsourcing occurred in 2000 after Y2K — a computer program bug that was expected to cause havoc as the year changed from 1999 to 2000 — the Indian IT sector grew faster than 40% from a small base and minimal global penetration to Indian IT companies becoming market leaders, according to Goldman Sachs. And, again, after the 2008 GFC when the Indian IT industry grew at more than 15% for three to four years before growth returned to high single digits. “This happened both due to a shift to cloud based infrastructure and the higher use of automation tools, forcing Indian IT firms to look for new ways to sell IT solutions, shifting from labor cost arbitrage to business transformation through digital technologies,” explained the report. This is compounded by the fact that India is currently home to the largest pool of digital skilled employees in the world. <div type="image" title="snapshot-1598933384850" msid="77864293" hostid="261"></div> “We believe these digitally trained employees at Indian IT firms are likely to drive overall revenue growth, which would be the key reason for their increasing relevance amid the requirement for digital-at-scale solutions,” said Goldman Sachs. <div type="image" title="pjote chart" msid="77864307" hostid="261"></div> However, not everything is as rosy as it appears Even though businesses are looking to become more digital, recurring revenues for IT companies have been falling as compared to those vendors which specifically provide software as a service (SaaS) and infrastructure as a service (IaaS). In order to address this risk, Goldman Sachs argues that Indian IT services companies will focus more on signing large contracts that look after a client’s entire IT function. These companies also have the option to sell their solutions on a vertical-specialised platform — one that focuses on a specific industry — to increase stickiness of revenue. “Both of the above approaches require more fixed-price and outcome-based contracts with higher risk-reward,” said the global investment firm. Examples of this strategy being applied already exist with Infosys’ deal with Verizon in late 2018 and TCS’ deal with Walgreens Boots Alliance (WBA) for $1.5 billion in February earlier this year. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/markets/news/dollar-index-is-at-a-two-year-low-and-heres-how-much-it-may-hurt-tcs-infosys-hcl-tech-and-others-if-it-stays-weak/articleshow/77843868.cms">Dollar Index is at a two-year low⁠ and here’s how much it may hurt TCS, Infosys, HCL Tech and others if it stays weak</a> <a href="https://www.businessinsider.in/stock-market/markets/news/there-arent-enough-shares-of-hdfc-bank-indusind-bank-and-kotak-bank-that-foreign-investors-can-buy/articleshow/77798108.cms">There aren’t enough shares of HDFC Bank, IndusInd Bank and Kotak Bank that foreign investors can buy</a> <a href="https://www.businessinsider.in/business/telecom/news/jio-adds-36-75-lakh-while-airtel-lost-47-72-lakh-subscribers-in-may/articleshow/77760669.cms">It's the day Airtel and Vodafone Idea have been waiting for – here’s the AGR case timeline of 26 years</a>

TCS, Infosys and HCL Tech have the most to gain from post COVID wave of outsourcing

<ul><li>The five large Indian IT services companies — Tata Consultancy Services (TCS), Infosys, HCL Technologies, Wipro, and Tech Mahindra — are trading in the green today. </li><li>The rally in their share price is on the back of Accenture’s fourth-quarter earnings announced last night. </li><li>The company recorded $14 billion in new deal wins, more than half of which came from the outsourcing segment.</li><li>Its growth in revenue was driven by the health and public services vertical. </li></ul>Accenture’s latest earnings report strengthens the optimism for recovery in the Indian IT sector. And the rally in domestic IT stocks is a reflection of that. Tata Consultancy Services (TCS) is among the top movers in the market today. Its Indian IT services peers — Infosys, Wipro, HCL Technologies and Tech Mahindra — India’s top 5 most valuable IT stocks are also glittering green on the back of Accenture’s earnings. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></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;">% change in share price </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;">3.43% </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;">3.07% </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;">1.85% </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;">1.82% </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;">0.21% </td></tr></tbody></table>Source: BSE — Share price as of 9:50 am compared to previous day’s closing The fourth-quarter results of the Global IT services company indicate that demand is set to return to the sector. “Strong order booking, driven by outsourcing, implies demand is on the path to normalisation and recovery,” said Motilal Oswal in its report dated September 25. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td colspan="2" 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;">Accenture's order book: </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;">New consulting orders </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;">$6.5 billion </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;">New outsourcing orders </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;">$7.5 billion </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;">Total new order value </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 billion </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;">New large clients ($100 million plus) </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 </td></tr></tbody></table> The traction seen in outsourcing and the focus on cloud, in particular, bodes well for the Indian IT industry. Of the $14 billion worth of bookings that Accenture had on its books during the fourth quarter, more than half was from outsourcing. As of Q4, 70% of the company’s revenue was coming from businesses like digital, cloud and security — areas where Indian companies have also been doubling down. “The shift to cloud helps build a foundation for digital transformation and deflates costs which can be reinvested by enterprises to fund their digital transformation initiatives,” said Japanese brokerage Nomura. Healthcare — the diamond in the rough The biggest growth driver for Accenture is health and public services. However, that particular vertical is unlikely to benefit Indian IT service companies the same way. Most of them have relatively low exposure to healthcare. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></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;">Vertical </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;">Quarterly growth by Accenture </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;">Health and public service </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;">3.2% </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;">Products </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><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;">Resources </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;">-0.9% </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;">Communications, media and technology </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;">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;">-3.3% </td></tr></tbody></table> Nonetheless, TCS — recently having breached the ₹900 lakh crore valuation — is the only Indian IT services giant who’s healthcare market share is greater than its take of the manufacturing market. <div type="image" title="tcs healthcare (1)" msid="78309569" hostid="261" caption="&amp;lt;p&amp;gt;TCS share in the healthcare market&amp;lt;/p&amp;gt;"></div> Accenture’s revenue in the three months ended August fell 2% over the previous quarter to $10.84 billion. For the next fiscal year, the company expects operating margin to be in the range of 14.8% to 15.0%, an expansion of 10 to 30 basis points over the previous year. SEE ALSO: <a href="https://www.businessinsider.in/finance/banks/news/hdfc-bank-and-sbi-customers-are-facing-upi-payment-glitches/articleshow/78293815.cms">HDFC Bank and SBI customers are facing UPI payment glitches</a> <a href="https://www.businessinsider.in/defense/news/drdo-waives-performance-security-for-development-contracts-as-an-incentive-for-the-private-sector/articleshow/78295788.cms">DRDO waives ‘performance security’ for development contracts as an incentive for the private sector</a> <a href="https://www.businessinsider.in/science/space/news/the-first-ever-supermassive-black-hole-to-be-captured-on-camera-has-a-wobbly-shadow/articleshow/78290040.cms">The first-ever supermassive black hole to be captured on camera has a wobbly shadow</a>

TCS, HCL Tech, Infosys, and other IT stocks rally led by Accenture’s outsourcing strength

Onsite wages are on an all-time high, visas are being rejecting like never before, and the political environment in the US is something nobody would be unaware of; all these situations combined have forced India's IT firms including Infosys, Wipro and TCS to depend on external subcontractors more than ever before, for their outsourcing requirements. 
 
The financial reports of financial year 2015-16 show that these tech giants spent more amount on parcelling off customer projects to smaller vendors as compared to earlier years. Moreover, most of the subcontracting work for these companies took place onsite in the US, which resulted in higher expenses. 
 
Figuratively, the last FY saw TCS spending Rs 7,823 crore on external consultants' fees, as compared with Rs 6,116 crore the year before that. 
 
Talking of Infosys, it spent Rs 4,417 crore on technical subcontractors in FY 16, as compared to Rs 2,909 crore in the previous year. 
 
Wipro, similarly, spent up to Rs 6,486 crore on subcontracting expenses, as compared to last FY’s Rs 5,208 crore. 
 
"What is happening is that subcontracting expenses for IT firms are going up, largely due to factors such as onsite reduction due to attrition and a shortage of skills. So these companies have no choice but to rely more on subcontractors, even though they are talking of gradually phasing out the reliance on subcontractors," an analyst at a multinational brokerage firm told ET on the condition of anonymity. 
 
 
<a href="http://southernsydneyitservices.com.au/wp-content/uploads/2015/05/IT-Outsourcing-Sutherland-Shire-Sydney.jpg">Image source</a>

Indian IT firms are spending more than ever on external subcontractors

<ul><li>The cheer around Accenture’s earnings is trickling to Indian IT stocks with Infosys, <keyword id="141968" type="CITY" weightage="20" keywordseo="HCL-Tech">HCL Tech</keyword>, <keyword id="10862" type="CITY" weightage="20" keywordseo="Wipro">Wipro</keyword> and <keyword id="6357150" type="ORGANIZATION" weightage="20" keywordseo="tcs">TCS</keyword> rallying on December 17. </li><li>Accenture beat revenue estimates, brought in $12.9 billion in new deals, and its utilisation hit a 10-year high of 93%. </li><li>As outsourcing continues to remain one of the key drivers for Accenture and the likes of TCS, Infosys and HCL Tech have the most to gain from this wave. </li></ul>Accenture saw its stock surge by 10% after its better-than-expected earnings on December 17. The company’s revenue beat market estimates, bookings were at a whopping $12.9 billion and its utilisation hit a 10-year high of 93%. The company also increased its revenue guidance for the current fiscal year to between 4% to 6%, up from its previous forecast of 2% to 5% growth. Meanwhile, in India, Infosys, HCL Tech, Wipro and TCS are reaping the benefits. Both TCS and Infosys have hit new 52-week highs on the exchanges today. “We see Accenture’s strong 1QFY21 performance as a positive for companies under our Indian IT Services coverage,” said Motilal Oswal in its report dated December 18. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></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;">% change in share price </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;">2.63% </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;">2.53% </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;">1.93% </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;">1.69% </td></tr></tbody></table>Source: BSE, as of 10:00 am on December 17 Outsourcing wave continues Accenture's saw a 25% jump in new deals compared to last year between September and November. This includes 16 clients with over $100 million in bookings. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></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;">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;">Bookings </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;">Consulting </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;">$6.6 billion </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;">Outsourcing </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;">$6.3 billion </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;">TOTAL </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 billion </td></tr></tbody></table>Source: Accenture's Q1FY21 earnings As outsourcing continues to remain one of the key drivers for Accenture and the likes of TCS, Infosys and HCL Tech <a href="https://www.businessinsider.in/tech/enterprise/news/rise-in-work-from-anywhere-will-lead-to-more-outsourcing-thats-an-opportunity-for-tcs-infosys-and-hcl-tech/articleshow/77864248.cms">have the most to gain from this wave</a>, according to Goldman Sachs. Going forward, Accenture expects new deals to grow even further. Everybody wants to be on the cloud — but who’s going to put them there? Accenture credits its ramp up of new bookings to the growth of cloud adoption. Going forward, it expects its revenue from cloud services, which accounts for around 30% of its revenue, to grow in double-digits. The company also invested $3 billion to create more assets to accelerate cloud migration. However, it was suggested that Accenture is facing the same issue as the Indian IT services companies — a lack of talent. “The management sounded caution on the supply front, suggesting there is a scarcity of Cloud talent in the market,” noted Motilal Oswal. Picking up new businesses on the cheap Just like Accenture, these four Indian IT services giants have been on the road to pick up businesses on the cheap and bolster their digital services. The global IT giant closed 10 acquisitions this quarter that cost Accenture around $500 million. By September next year, it expects to dole out another $1.2 billion as the trend of consolidation continues. SEE ALSO: <a href="https://www.businessinsider.in/tech/enterprise/news/wistron-apple-iphone-manufacturer-could-face-these-penalties-if-found-guilty/articleshow/79790319.cms">If investigators find Wistron management guilty, here's what is at stake for the company</a>

TCS, Infosys, HCL Tech and Wipro are riding on Accenture's high

<ul><li>NASSCOM and Bank of America are at odds about the job cuts set to occur across the Indian IT industry in the ongoing fiscal year.</li><li>Bank of America asserts that up to three million people could find themselves unemployed as a result of automation while NASSCOM asserts that only 1.4 million are employed in the ‘low skill’ segment to begin with.</li><li>Companies in the Indian IT sector may continue to be ‘net hirers’ in FY22, but that doesn’t mean that people won’t be losing their jobs to software programs that can perform day-to-day tasks better than humans. </li></ul>India’s leading information technology (IT) lobby, NASSCOM, and analysts at Bank of America are sparring over how many employees in the sector are set to lose their jobs this year. Whether it's half a million or three million, ‘low skilled’ <keyword id="57650" type="PERSON" weightage="20" keywordseo="IT-jobs">IT jobs</keyword> are under threat of automation — and even the executives recognise this. Bank of America has estimated that Tata Consultancy Services (<keyword id="6357150" type="ORGANIZATION" weightage="20" keywordseo="tcs">TCS</keyword>), <keyword id="6354512" type="COMPANY" weightage="20" keywordseo="Infosys">Infosys</keyword>, <keyword id="141968" type="CITY" weightage="20" keywordseo="HCL-Tech">HCL Tech</keyword>, Wipro, Tech Mahindra, Cognizant and others will see a 30% reduction in ‘low-skilled’ jobs globally by 2022 because of robot process automation (RPA). The global financial services company gauged that around 9 million people are employed in such roles in India, which means 3 million — one third of the total — will find themselves unemployed by the end of the year. NASSCOM has hit back saying that only 1.5 million people are employed in low-skilled and BPO roles, not 9 million. Which means, even if there are to be job losses, at the same rate as Bank of America is predicting, they may only amount to around half a million. However, the IT lobby asserts that the sector will be a net creation of jobs in the ongoing fiscal year. <div type="ExtQuote" text="The Industry continues to be a net hirer of skilled talent, adding 138,000 people in FY2021, and robust hiring plans for FY22 with the top 5 Indian IT companies planning to add over 96,000 employees." auname="NASSCOM statement"></div> <cmsannotation type="cmsannotation" annotationid="Who should be afraid of automation?" comment="subhead" text="Who should be afraid of automation?">Who should be afraid of automation?</cmsannotation> RPA isn’t actually robots — it’s software. And it’s programmed to complete specific business processes, which are routine, high-volume activities like routine help desk requests, call centre operations, data migration and other applications. RPAs can be chatbots, virtual assistants, data retrieval as well as claims processing algorithms. The justification for their use — despite the threat to actual human jobs — is that they will allow employees to focus on more specific tasks that require soft skills. At the same time, they will save companies a bucket-load of money. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></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;">Job roles in decreasing demand across industries:</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;">Data entry clerks </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;">Administrative and executive secretaries </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;">Accounting, bookkeeping and payroll clerks </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;">Accountants and auditors </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;">Business and administrative managers </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;">Client information and customer service works </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;">General and operation manages </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;">Financial analysts </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;">Sales representatives </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;">Relationship managers </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;">Human resources specialists </td></tr></tbody></table>Source: World Economic Forum’s ‘Future of Work 2020’ report Bank of America estimates that $100 billion in annual salaries and associated expenses will come in as savings as a result of automation. “Given that robots can function for 24 hrs a day, this represents a significant saving of up to 10:1 versus human labour,” said the report. However, according to NASSCOM, existing business process outsourcing (BPO) employees won’t be impacted by automation because most of the work that is being done now involves “higher end expertise”. That is to say, that ‘low skilled’ jobs have already been ‘filtered out’ — employees were either fired or upskilled — over the last few years. But one of its members, Tech Mahindra, disagrees. During an <a href="https://www.businesstoday.in/current/corporate/it-companies-set-to-slash-3-million-jobs-by-2022-due-to-automation-report/story/441821.html">analyst call</a> in February, the company’s chief financial officer (CFO), Manoj Bhat, disclosed that automation will result in savings for the company. India’s fifth-largest IT exporter also disclosed that it planned to lay off 5,000 employees within its BPO vertical by April this year with chatbots and virtual assistants increasing the productivity per employee. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td colspan="3" 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;">Hiring trends by Indian IT companies in the previous and ongoing fiscal years: </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;">Indian IT 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;">Freshers hiring in FY21 </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;">Freshers hiring plans for FY22 </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;">40,000 </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;">40,000 </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;">21,000 </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;">26,000 </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;">12,000 </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;">12,000 </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;">Around 9,000 </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;">Undisclosed </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;">Undisclosed </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;">At least 5,000 </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;">TOTAL </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;">82,000 </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;">83,000 </td></tr></tbody></table>Source: Quarterly earnings calls by the respective companies <cmsannotation type="cmsannotation" annotationid="Automation is a global phenomenon — not an India-specific problem" comment="subhead" text="Automation is a global phenomenon — not an India-specific problem">Automation is a global phenomenon — not an India-specific problem</cmsannotation> While India is among those most at risk due to automation, it’s hardly alone in trying to face this dilemma. The US, which was grappling with high unemployment numbers during the pandemic, is set to see 1 million jobs disappear due RPA, according to Bank of America. “We are seeing increasing use of artificial intelligence, robotics, and automation, which can destroy millions of jobs,” American economist <a href="https://www.businessinsider.in/business/news/interview-nouriel-roubini-professor-of-economics-new-york-universitys-stern-school-of-business-talks-about-the-future-of-global-economy-post-covid-19/articleshow/78746518.cms">Nouriel Roubini</a> said during the Business Insider Global Trends Festival 2020. With the COVID-19 crisis, the adoption of automation has accelerated. Globally, around 85 million jobs are on the line, according to the World Economic Forum (<a href="http://www3.weforum.org/docs/WEF_Future_of_Jobs_2020.pdf">WEF</a>). Not just in IT, but other sectors like retail and healthcare. And, India is racing ahead of the rest of the world. <div type="ExtQuote" text="“While 58% [of businesses in India] are accelerating automation of tasks, compared to 50% globally, as many as 87% are accelerating digitalisation of work processes, above the global average of 84%.&quot;" auname="World Economic Forum’s ‘Future of Work 2020’ report"></div> While some jobs may go out the window, new jobs will also be created as a result of automation. Overall, with 85 million jobs expected to disappear globally by 2025, 97 million new jobs will be created, as per the WEF report — that’s a net addition of 12 million jobs. For those caught in the crosshairs of ‘digital transformation’, upskilling and reskilling will be their saving grace. However, that window of opportunity is getting smaller. "The Industry is upskilling more than 250,000 employees in digital skills and has hired more than 40,000 fresh digitally trained talent, indicating at its commitment and investment towards rapid enhancement of workforce capabilities," said NASSCOM. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/sbi-hdfc-icici-and-12-others-banks-are-joining-forces-to-use-blockchain-to-power-letters-of-credit-a-move-that-could-be-a-boon-for-msmes/articleshow/83570874.cms">SBI, HDFC, ICICI and 12 others banks are joining forces to use blockchain to power Letters of Credit — a move that could be a boon for MSMEs</a> <a href="https://www.businessinsider.in/tech/apps/news/battlegrounds-mobile-india-download-link-early-access-registration/articleshow/83597180.cms">Battlegrounds Mobile India beta now available, early access rolling out – download and registration links here</a> <a href="https://www.businessinsider.in/cryptocurrency/news/tether-is-a-cryptocurrency-thats-not-volatile-and-pegged-against-the-us-dollar/articleshow/83604895.cms">Tether is a cryptocurrency that's not volatile and pegged against the US Dollar — here's everything you need to know</a>

Whether it's half a million or three million — 'low skilled' IT jobs in India are definitely at risk

<ul><li>Indian IT behemoth <keyword id="10862" type="CITY" weightage="20" keywordseo="Wipro">Wipro</keyword> touched the ₹3 lakh crore market cap milestone on June 3.</li><li>Thursday’s high comes after the company announced its new partnership with Finastra, a fintech giant that serves 90 of the top 100 banks globally.</li><li>With Wipro focusing on the banking sector, the company’s stock has rallied by over 31% with TCS, <keyword id="6354512" type="COMPANY" weightage="20" keywordseo="Infosys">Infosys</keyword>, HCL Tech and Tech Mahindra showing muted share price movement in the last two months.</li></ul>The Indian information technology (IT) giant, Wipro, touched the ₹3 lakh crore ($41 billion) market cap milestone in early trade on June 3. In the last two months, its stock has far outperformed its peers. <div type="image" title="wipro share price chart" msid="83223480" hostid="261" caption="&amp;lt;p&amp;gt;Wipro&amp;#39;s share price from 1 April 2021 to 3 June 2021&amp;lt;/p&amp;gt;"></div> Wipro’s share price has rallied by over 31% since April 1, whereas the stocks of other IT companies — Tata Consultancy Services (TCS), Infosys, HCL Tech and Tech Mahindra — have, more or less, stagnated. Among top five IT players in India, HCL Tech was the worst performing with its share price dipping by nearly 6%. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></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;">Increase in share price since 1 April 2021 </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;">31% </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;">2.5% </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;">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;">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;">-0.4% </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;">-5.9% </td></tr></tbody></table>Source: Compiled using BSE data <cmsannotation type="cmsannotation" annotationid="Wipro is expected to bring in more revenue than its peers this year" comment="subhead" text="Wipro is expected to bring in more revenue than its peers this year">Wipro is expected to bring in more revenue than its peers this year</cmsannotation> In the fourth quarter, Wipro net profit grew by 27% as compared to the same three months the year before. This was the company’s best result in nearly a decade. The last time it delivered double-digit growth in its quarterly net profit was in FY16. Barring Wipro, most IT companies have seen muted share price movement since the results of the previous financial year came out. <div type="image" title="it share price chart" msid="83223517" hostid="261" caption="&amp;lt;p&amp;gt;Performance of the top 5 Indian IT companies over the last two months&amp;lt;/p&amp;gt;"></div> However, all five of the top IT companies in India are bullish about their prospects in the ongoing financial year. Riding the wave of outsourcing and cloud adoption, IT players are aiming for double-digit revenue growth. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></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;">Revenue guidance (in constant currency 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;">Operating margin guidance </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;">Does not issue guidance </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;">Does not issue guidance </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;">12-14% </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;">22-24% </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;">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;">Double-digit growth </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;">19-21% </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;">8-10% </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;"> </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;">Double-digit growth in enterprise, and single digit growth in telecom </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;">Less than 15% </td></tr></tbody></table> With its focus on growing the banking, financial services and insurance segment (BFSI), expected recovery in manufacturing, and lead in healthcare, analysts predict that Wipro will deliver higher revenue growth than its peers over the next two years. <div type="image" title="it cos Fy22 fy23 expected revenue increase" msid="83223553" hostid="261" caption="&amp;lt;p&amp;gt;Expected revenue growth of top 5 Indian IT companies in India in FY 22 and FY 23&amp;lt;/p&amp;gt;"></div> Wipro management disclosed they don’t see overall spending coming down anytime soon, during the fourth-quarter earnings call. Cloud solutions account for 25% to 30% of Wipro’s revenue and it is growing much faster than the average growth of the company. <cmsannotation type="cmsannotation" annotationid="What is driving Wipro’s share price rally?" comment="subhead" text="What is driving Wipro’s share price rally?">What is driving Wipro’s share price rally?</cmsannotation> Wipro has seen a flurry of activity this week. The jump in Wipro’s share price comes after the IT giant announced its new partnership with Finastra — a fintech giant that serves 90 of top 100 banks globally — to help its client banks with their digital transformation. Wipro said that the new partnership is focused on its clients in the Asia-Pacific region. This includes India’s largest public sector bank — the State Bank of India (SBI) — and ING Australia, the fourth biggest bank on the island nation. The company also sold its entire stake in Denim Group, a application security firm, for a consideration of $22.42 million. That’s triple what Wipro paid for its 33.33% stake back in march 2018. Furthermore, the enterprise picked up a minority stake in Squadcast, an incident response platform that helps software engineers do on-call scheduling, for $1.2 million. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/indusind-bank-shares-slide-as-a-year-old-cayman-islands-order-against-hinduja-bank-resurfaces/articleshow/83197693.cms">IndusInd Bank shares slide as a year-old Cayman Islands order against Hinduja Bank resurfaces</a> <a href="https://www.businessinsider.in/science/health/news/the-indian-government-is-doling-out-1500-crore-to-reserve-300-million-of-biological-es-covid-19-vaccine-doses/articleshow/83196362.cms">The Indian government is doling out ₹1500 crore to reserve 300 million of Biological-E’s COVID-19 vaccine doses</a> <a href="https://www.businessinsider.in/business/corporates/news/rossari-biotech-to-acquire-peer-unitop-chemicals-for-421-crore-this-will-ramp-up-its-production-capacity-by-86000-million-tonnes-a-year/articleshow/83176380.cms">Here's why Rossari Biotech bought Unitop Chemicals for ₹421 crore</a>

Wipro outshines TCS, Infosys and others with a 31% jump in share price over the last two months

New Delhi, Work from Home and Destination Hiring are the new trends that emerged in 2020 according to the ITeS Power Movers 2020 Report by Wizikey, Asia's fastest-growing PR-SAAS start-up. The report highlights the top 25 players in the Indian ITeS sector. As per the ITeS Power Movers 2020 Report, <keyword id="6354512" type="COMPANY" weightage="20" keywordseo="Infosys">Infosys</keyword>, <keyword id="6357150" type="ORGANIZATION" weightage="20" keywordseo="tcs">TCS</keyword>, <keyword id="10862" type="CITY" weightage="20" keywordseo="Wipro">Wipro</keyword>, IBM, Cognizant are the top 5 ITes players of 2020 (mentioned according to rank). Further, a breakdown by services and product reveals that, at the top, in ITeS Services are the three Indian IT giants - Infosys, TCS and Wipro. In the Enterprise Product category, <keyword id="28251" type="CITY" weightage="20" keywordseo="Dell">Dell</keyword>, HP, Cisco and <keyword id="43340" type="CITY" weightage="20" keywordseo="Oracle">Oracle</keyword> emerge as leaders. The report talks about emerging trends within the ITeS space such as adoption of work from home technologies, inclusion of cloud offerings and the strong lineup of acquisitions &amp; partnerships that were witnessed during the year. An analysis of the announcements by top players reveals that the pandemic has successfully reversed the traditional outsourcing trend in this industry and given rise to destination hiring as a popular practice. Commenting on the trend, Anshul Sushil, CEO &amp; Co-Founder, Wizikey, said: "With mass layoffs and intense pay cuts making headlines in the first half of the year, the Indian IT industry definitely has gone through its own share of headwinds. It has taken time for them to adopt to the new normal. By diving through news via our analytics tools, we deciphered that destination hiring and remote working are the top emerging trends in the industry." Sharing his views on the importance of news analytics for brands, he said: "At Wizikey, we analyse millions of news data points with <keyword id="1157290" type="COMPANY" weightage="20" keywordseo="Big-Data-technologies">Big Data Technologies</keyword> such as predictive analytics and machine learning. This deep dive into all sectors and news articles helps us create meaningful and important data insights for various brands which they can use in creating their differentiated positioning buckets with relevant media platforms and consumer circles." The report dissected the top trends in the industry: Global imprint: Amidst low sentiment, and travel and visa uncertainties, most ITeS firms announced destination hiring plans. The pandemic reversed the outsourcing trend and gave the world far more confidence in managing operations anywhere around the globe Work From home: Most IT players adjusted to the post lockdown new realities of the universe. All the companies in the sector made massive shifts embracing work from home as the new normal. Being the largest white collar employer in the country, hiring reconciliations, virtual interviews and work from home made buzz for fresher to mid-level hiring. Clearing way for cloud: It rained cloud offerings for the ITeS category. Most players announced new products that could foster better work from home solutions for the After Covid-19 world. 4 out of the top 5 players announced initiatives to strengthen cloud offerings Inorganic Growth: A lot of players in the sector found opportunities of inorganic growth and new partnerships in these unusual times. All the top players announced plans of acquisitions and partnerships in a Covid-19 driven world. "We have used 9 metrics or factors for the findings namely Sentiment Score, an indicator of perception of the company in the media, Prominence Score includes coverage in reputed media houses, <keyword id="10483580" type="PERSON" weightage="20" keywordseo="consistency-score">Consistency Score</keyword>, Volumetric Score, LeaderHead Score includes company focused media coverage, Range Scores measuring engagement with diverse journalists and publications, Wizikey Newsmaker Score which is the combined weighted score of all the metrics and finally, Wizikey Rank is assigned based on Wizikey Newsmaker Score," Sushil said. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-infosys-wipro-jubilant-foodworks-bajaj-auto-majesco-and-others/articleshow/79909712.cms">Top stocks to watch – Infosys, Wipro, Jubilant FoodWorks, Bajaj Auto, Majesco, and others</a> <a href="https://www.businessinsider.in/stock-market/news/there-are-one-of-only-17-indian-companies-out-of-500-that-aced-the-du-pont-test/articleshow/79911627.cms">There are one of only 17 Indian companies out of 500 that aced the Du Pont test</a> <a href="https://www.businessinsider.in/business/corporates/news/wipro-buyback-offer-details-and-700-million-metro-ag-deal-drives-share-price/articleshow/79911875.cms">Wipro offers 10% more to buy back shares and signs a $700 million deal with Metro AG – everything that’s driving the IT services stock higher today</a>

Infosys, TCS and Wipro are the top newsmakers of 2020 in the IT sector, says report

<ul><li>TCS is expected to show a quarterly growth rate of 2.8%, according to analysts. </li><li>The company’s operating margins are expected to expand by 50 basis points (bps). </li><li>The macro environment has been challenging but it should be offset by the rupee depreciation, sustained wages and absence of visa costs. </li></ul>Tata Consultancy Services (TCS) will be the first of the Indian IT companies to declare its quarterly earnings this season. This quarter, its double digit growth is expected to be under pressure. Macro slowdown could present challenges for emerging IT demand but analysts from India Infoline (IFFL) Institutional Equities expect it some it to be offset by the recent depreciation of the Rupee. It also helps that visa costs have not increased further, and wages are sustained at current levels. Analysts forecast a 2.8% quarterly growth rate for the company and operating margins to expand by 50 basis points or 0.5%. "Sustenance of healthy growth in communications vertical and recovery in the retail vertical as well as progress on its platform strategy, where TCS is gaining traction in verticals like BFS and life sciences, apart from insurance are key comments to watch," cites IFFL’s report. The BFS sector is particular is of interest to investors as TCS in the midst of implementing large projects in this space. Its order bookings and commentary from clients will help analysts determine its revenue inflow from such deals. A lot will also depend on the spending outlook of large US banks. In the last quarter, TCS reported outsourcing contracts worth $5.7 billion. It was the fourth quarter in a row where it bagged deals worth $5 billion and more.

Rupee to the rescue: TCS quarterly profit might be cushioned by the exchange rate

<ul><li>At 7:45 am, the SGX Nifty was down 0.18%, indicating a tepid start for Nifty50.</li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock-market indices are likely to start subdued on Friday, led by mixed cues from the global markets. At 7:45 am, the SGX Nifty was down 0.18%, indicating a tepid start for Nifty50. However, the <a href="https://www.businessinsider.in/stock-market/news/us-stocks-climb-as-900-billion-stimulus-deal-appears-imminent/articleshow/79782556.cms">US stocks gained on Thursday</a> and marched toward record highs as a $900 billion fiscal stimulus bill to hasten the economic recovery from the COVID-19 pandemic appeared imminent. The Dow Jones Industrial Average closed 0.49% higher, and the S&amp;P 500 was up 0.58%. These are the stocks to watch out for during the trading session today: RIL The Supreme Court has asked Reliance Industries (RIL) to deposit ₹250 crore, which is 50% of the disgorged amount of ₹447.27 crore, as per the orders of the Securities Appellate Tribunal in a case related to the sale of Reliance Petroleum (RPL) shares. Bharat Dynamics, Hindustan Aeronautics, Bharat Forge and other defence stocks Bharat Dynamics, Hindustan Aeronautics, Bharat Forge and other defence stocks will be in focus during the trade today. The defence acquisition council headed by Union Minister Rajnath Singh approved the capital acquisition of various weapons/platforms/equipment/systems required by the Army, the Navy and the Air Force at an approximate overall cost of ₹28,000 crore. HCL Tech, Infosys, TCS and other IT stocks HCL Tech, Infosys, TCS and other IT stocks will be in focus during the trade. The consulting and outsourcing services provider Accenture has raised its full-year sales forecast and beat quarterly revenue estimates on December 17. Tata Consultancy Services’ (TCS) The ₹16,000 crore share buyback programme of Information technology (IT) major Tata Consultancy Services’ (TCS) will open today (December 18). And, the offer will remain open till January 1. Zee Entertainment The board of Zee Entertainment Entertainment (ZEEL) has approved the acquisition of film production and distribution business from Zee Studios, a wholly-owned subsidiary of the former for a cash consideration of ₹275 crore. BPCL Privatisation-bound Bharat Petroleum Corporation (BPCL) board has approved buying out Oman Oil Company’s stake in the Bina refinery project in Madhya Pradesh on mutually agreeable terms. The BPCL board at its meeting on Thursday also approved merging Bharat Gas Resources (BGRL) with itself, the company said in a filing to the stock exchanges. Godrej Agrovet The Government of Telangana has allotted an area measuring up to 28,164 hectares in the Mahabubabad District of Telangana to Godrej Agrovet, for the purpose of oil palm cultivation. Canara Bank The Life Insurance Corporation of India has acquired 6.28 crore shares of Canara Bank through the qualified institutional placement, taking its total shareholding in the bank to 8.35% from 4.53%. Dishman Carbogen Dishman Carbogen promoter will sell a 4.4% stake in the company via offer for sale on December 18 and 21 at a set floor price of ₹145.70 per share. SpiceJet SpiceJet would start 30 new domestic flights in a phased manner from next week. Among the 30 flights from Sunday, six will connect Darbhanga in Bihar with Ahmedabad, Pune and Hyderabad, the airline said. PVR The board of cinema hall giant PVR will meet today to discuss its fundraising plans. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/burger-king-ipo-investors-tripled-their-money-in-three-days/articleshow/79761366.cms" data-type="tilCustomLink">Burger King's IPO investors tripled their money in three days</a> <a href="https://www.businessinsider.in/business/news/india-has-a-hot-new-debate-on-its-plate-should-the-likes-of-burger-king-kfc-and-mcdonalds-menus-mention-calories/articleshow/79771040.cms" data-type="tilCustomLink">India has a hot new debate on its plate: Should the likes of Burger King, KFC and McDonald’s menus mention calories?</a>

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