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Software giant <keyword id="6354512" type="General" weightage="100" keywordseo="infosys" source="Orion">Infosys</keyword> softening its stand on <keyword id="64527" type="General" weightage="20" keywordseo="moonlighting" source="Orion">moonlighting</keyword> has allowed its staffers to take up external work with prior permission, sources stated on Friday. The company has intimated to the employees its new policy through email. The email from the company states that any employee, who wishes to take up gig work, may do so, with the prior consent of their manager and <keyword id="15318360" type="General" weightage="20" keywordseo="bp-hr" source="Orion">BP-HR</keyword>, and in their personal time, for establishments that don't compete with Infosys or Infosys' clients. The corporate world has been discussing moonlighting for quite some time. Techies working for other companies has become a trend and concern in the industry with startups readily offering very attractive offers to utilize the skills of the talent working for other companies. <keyword id="197349" type="General" weightage="50" keywordseo="rishad-premji" source="Orion">Rishad Premji</keyword>, the Chairman of <keyword id="10862" type="General" weightage="50" keywordseo="wipro" source="Orion">Wipro</keyword> repeatedly issued statements against moonlighting and had also asked the startups not to only focus on immediate fortune. The company had earlier announced the firing of hundreds of employees for integrity issues. Rishad Premji also shared how an employee in an important position was shown the doors for lack of integrity and later the company did not give him a clean relieving letter. He also shared that it did not take more than 10 minutes to fire 20 staffers of higher positions who showed a lack of integrity. The insiders in Infosys stated that the step would help the company to find solutions for many challenges that are being faced presently. The decision would help the employee to carry out the work of his or her choice. The step by Infosys will draw sharp criticism and set a new trend in the corporate world, experts say. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/tata-consumer-products-profit-grows-36-to-355-crore-in-q2-fy23/articleshow/94992535.cms">Tata Consumer Products profit grows 36% to ₹355 crore in Q2 FY23</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/personalities/news/zerodhas-co-founders-nithin-and-nikhil-kamath-donate-100-crore-in-fy22/slidelist/94991823.cms">Zerodha’s co-founders Nithin and Nikhil Kamath donate ₹100 crore in FY22</a>

Infosys to now allow moonlighting with prior permission, say sources

<ul><li>TCS gained over 2% in early morning trade on Thursday as analysts expressed satisfaction with the cost efficiencies it has delivered in Q1. </li><li>Infosys, LTIMindtree and even Wipro, which will announce its earnings later in the day, are trading in the green. </li><li>HCL Tech Q1 earnings were below estimates due to underperformance in telecom, tech and engineering R&amp;D verticals. </li></ul>Almost all the top tier IT stocks were trading in the green in Thursday early morning trade after TCS’s first quarter performance met analyst expectations. The IT bellwether reported a flat growth in constant currency revenues when compared to the previous quarter (Q4FY23). India’s largest IT company said that there is softness in the IT market due to macroeconomic conditions, but does not see any large scale cancellations. The commentary seems to be comforting the markets, as even Infosys, LTIMindtree and even Wipro which is expected to announce its earnings today, was trading in the green along with TCS which gained by 2.5% in the morning trade. “We continue to expect TCS to deliver superior growth in the near term among our Tier 1 coverage on account of its leadership in cost efficiency projects, which has resulted in strong inflows over the last two quarters. We factor in a USD revenue CAGR of 10.7% over FY23-25,” said an early morning update by Motilal Oswal. Motilal Oswal also says that the company has been able to deliver on cost efficiency, which resulted in strong inflows for the last two quarters. “We expect the trend to continue, providing better visibility for FY25 revenue growth despite an uncertain demand,” it adds. The BSE IT index went up by 1.9% in morning trade, as of 10:12 am. Morning gains in IT stocks <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">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 morning trade </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;">2.61% </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;">2.3% </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;">1.43% </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;">0.06% </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;">LTIMindtree </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;">2.24% </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>Source: BSE HCL Tech trades flat on account of disappointing results HCL Tech is the only outlier whose stock traded flat after it reported a 1.3% drop in constant currency revenues for the quarter, sequentially. This is due to continued ramp-downs in telecom and technology verticals, mainly in engineering R&amp;D which saw 5.2% decline sequentially in constant currency terms. The company however maintained its revenue guidance for the financial year, at 6-8% YoY in growth in constant currency revenues. “It (the management) is confident about the guidance in anticipation of fast scale-up of large deals in IT services and a rebound in ER&amp;D business in Q2. But we see elevated risk to HCLT’s growth guidance on account of the steep ask rate over the next three quarters, and hence our estimates are 30bp below (at 5.7% YoY CC) the lower end of the management’s guidance band,” said Motilal Oswal.

Tech stocks zoom despite tough times ahead as TCS meets street estimates

<ul><li>India’s equity markets edged lower in morning trade on Wednesday amid negative cues in global markets as the debt ceiling talks continue in the US. </li><li>The indices were dragged down by IT majors Infosys, Wipro and HCL Tech, apart from realty stocks. </li><li>Both <keyword id="6484188" type="General" weightage="20" keywordseo="sensex" source="Orion">Sensex</keyword> and <keyword id="2931774" type="General" weightage="20" keywordseo="nifty50" source="Orion">Nifty50</keyword> were down by 0.1% in morning trade, with Sensex hovering at 61,855 points and Nifty50 at 18,272 points.</li></ul>India’s equity markets edged lower in morning trade on Wednesday amid negative cues in global markets as the debt ceiling talks continue in the US. The indices were dragged down by IT majors Infosys, Wipro and HCL Tech, apart from realty stocks. Both Sensex and Nifty50 were down by 0.1% in morning trade, with Sensex hovering at 61,855 points and Nifty50 at 18,272 points. Top gainers and losers on Nifty50 <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top gainers </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top losers </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hero MotoCorp </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.23% </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HCL Tech </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.82% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bharat Petroleum </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.63% </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kotak Mahindra Bank </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.81% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">UPL </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.06% </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.74% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IndusInd Bank </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.04% </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Eicher Motors </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.72% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cipla </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.99% </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wipro </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.71% </td></tr></tbody></table> Source: NSE, as on May 17, 2023 Earlier on Monday, both the indices ended on a negative note amid heightened volatility in equity markets around the world – both Sensex and Nifty50 closed the day with a decline of 0.6%. Gold and silver prices edged lower, with gold at ₹60,200 per 10 grams while silver was hovering at ₹72,600 per kilogram. Crude oil prices edged up, with Brent crude hovering at $75 per barrel. <cmsannotation type="cmsannotation" annotationid="Debt ceiling talks weigh down equity markets" comment="subhead" text="Debt ceiling talks weigh down equity markets">Debt ceiling talks weigh down equity markets</cmsannotation> Amidst an ongoing debt ceiling debate in the US, investor sentiments remained volatile around the world. While the Dow Jones closed 1% down on Tuesday, S&amp;P 500 shed 0.64%. The tech-heavy Nasdaq declined 0.18%. Asian markets were mixed, with Taiwan Weighted gaining 1.13%, followed by Nikkei 225 which was up 0.65% and KOSPI which was 0.55% in the green. Hang Seng was down 0.33%, while Shanghai Composite was trading 0.11% lower. <cmsannotation type="cmsannotation" annotationid="Stocks to watch" comment="subhead" text="Stocks to watch"><keyword id="73648" type="General" weightage="20" keywordseo="stocks-to-watch" source="Orion">Stocks to watch</keyword></cmsannotation> Bharti <keyword id="15491" type="General" weightage="20" keywordseo="airtel" source="Orion">Airtel</keyword>: The automaker reported a 50% on year rise in net profit at ₹3,006 crore for March quarter while revenue rose 14% on year to ₹36,009 crore. For FY23, Airtel’s net profit nearly doubled to ₹8,346 crore. <keyword id="6367820" type="General" weightage="80" keywordseo="adani-group" source="Orion">Adani Group</keyword>: The Supreme Court on Wednesday will hear a batch of public interest litigations (PILs) seeking an investigation into the <keyword id="76451" type="General" weightage="80" keywordseo="adani" source="Orion">Adani</keyword> Group - Hindenburg report issue. Infosys: The IT major has bagged a deal from energy company BP to be their primary partner for en-to-end application services. As per reports, the deal size is $1.5 billion making it a mega deal at a time when the industry has been facing several headwinds. Tata Consumer Products: The company will delist its global depository receipts (GDRs) from the London Stock Exchange and Luxembourg Stock Exchange from June 23 this year. Jindal Steel and Power: The steelmaker has reported a 69% decline in net profit at ₹462 crore for March quarter from ₹1,511 crore last year due to higher expenses. Revenues also fell 4% on year to ₹13,691 crore. Earnings today: Jindal Saw, <keyword id="95677" type="General" weightage="100" keywordseo="jubilant-foodworks" source="Orion">Jubilant Foodworks</keyword>, JK Tyre &amp; Industries, Teamlease Services, Sterlite Technologies, Endurance Technologies, SKF India, Honeywell Automation India, Devyani International, Timken India, Zydus Wellness, MTAR Technologies, Railtel Corporation of India, Eris Lifesciences among companies to release its March quarter earnings today.

Sensex, Nifty50 edge lower in morning trade, dragged by Infosys, Wipro and realty stocks

<ul><li>Indian equity markets opened in the red on Friday following negative global cues.</li><li>The 30-stock <keyword id="6484188" type="General" weightage="20" keywordseo="sensex" source="Orion">Sensex</keyword> opened 265 points lower to open at 61,534, while <keyword id="2931774" type="General" weightage="20" keywordseo="nifty50" source="Orion">Nifty50</keyword> shed 96 points to open lower at 18,319.</li><li>Most Asian and the <keyword id="123399" type="General" weightage="20" keywordseo="us-markets" source="Orion">US markets</keyword> were weak on recessionary fears as central banks across the world are raising interest rates after the US Fed on Wednesday.</li><li>The Bank of England and European Central Bank also raised interest rates by 50 basis points, following in the footsteps of the US Fed.</li><li>Rupee opened flat on Friday at 82.84 against the US dollar. Brent crude oil prices were also flat at $81.15.</li></ul>Indian equity markets opened in the red on Friday following negative global cues on concerns over growth after central banks in Europe, England and the US hiked interest rates. After the US Federal Reserve hiked interest rates by 50 basis points on Wednesday, Bank of England and the European Central Bank also raised interest rates by 50 basis points. Inflation has become a pain point for several economies after the Covid-19 pandemic driven by supply bottlenecks, Russia-Ukraine war. The 30-stock Sensex opened 265 points lower to open at 61,534, while Nifty50 shed 96 points to open lower at 18,319. “Indian markets could open mildly lower, in line with largely negative <keyword id="35189" type="General" weightage="20" keywordseo="asian-markets" source="Orion">Asian markets</keyword> today and sharply lower US markets on Thursday,” said Deepak Jasani, head of retail research at HDFC Securities. Global markets remains tense over recession fears Most Asian and the US markets were weak on recessionary fears after the US Fed’s hawkish commentary on rate hikes. "There is a near term risk aversion in global equity markets. Following the 50 bp rate hike and hawkish message from the Fed on December 14, the European Central Bank and Bank of England also hiked rates on December 15 by 50 basis points each and delivered, perhaps, a more hawkish message than the Fed,” said V K Vijayakumar, chief investment strategist at Geojit Financial Services. The US markets ended sharply lower on Thursday with S&amp;P 500 down 2.49%. The tech heavy Nasdaq closed 3.23%% lower while Dow Jones ended 2.25% down. Most Asian markets were trading lower on Friday with Nikkei 225 down the most with a 1.59% fall, Taiwan SE Weighted Index down 1.26%, Shanghai SE Composite Index down 0.25% while Hang Seng was up 0.3%. Rupee opened flat on Friday at 82.84 against the US dollar. Brent crude oil prices were also flat at $81.15. Stocks to watch out for Wipro: The IT major has bagged a multi-million dollar five-year contract from Mazda Motor Logistics Europe to provide next-generation managed services. Reliance Industries: Reliance Consumer Products, the FMCG arm of Reliance Ventures, <a href="https://www.businessinsider.in/business/news/reliance-consumer-products-launches-fmcg-brand-independence/articleshow/96253971.cms">launched</a> its indigenous consumer packaged goods (CPG) brand ‘Independence’. The company said that under this brand, it will offer a wide range of products like staples, processed foods and other daily essentials. Zee Entertainment: IDBI Bank has filed an insolvency application against the company initiating a corporate insolvency resolution process (CIRP). The bank is one of the financial creditors of the company and is claiming a default of ₹149 crore. Hindustan Petroleum: The company is planning to raise around ₹10,000 crore in debt from domestic or overseas markets to fund its oil refining and fuel marketing operations. Stocks under F&amp;O ban IRCTC, Punjab National Bank, Bharat Heavy Electricals, Gujarat Narmada Valley Fertilizers &amp; Chemicals, Indiabulls Housing Finance and Delta Corp are stocks banned in the F&amp;O list on Friday. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/tpg-to-acquire-adar-poonawalla-led-groups-housing-finance-arm-at-3900-crore-valuation/articleshow/96256578.cms">TPG to acquire Adar Poonawalla-led group’s housing finance arm at ₹3,900 crore valuation</a> <a href="https://www.businessinsider.in/stock-market/news/droneacharya-ai-ipo-subscription-status/articleshow/96203527.cms">DroneAcharya IPO subscribed 262x on last day as HNIs, retail investors lap up</a>

Indian markets open in the red amid weak global cues – Wipro, Zee Entertainment, RIL among stocks to watch out for

BP, world's leading oil and gas company, has refurbished its outsourcing strategy. As a result, it has revamped its multi-million dollar contract with Wipro, as reported by ET. 
 
BP, in its capacity as one of the supermajors, spends around $1 billion on technology per year, and is a large customer of India's information technology industry, which stands at $146-billion. BP, however, has now decided to reduce the number of outsourcing companies that it hands out its business to. 
 
Wipro, on the other hand, currently gets well over $100 million of its annual business from the British company, and with a revamped contract, is likely to get at least $100 million more business over the next 2-3 years. 
 
"BP has decided to consolidate the number of vendors it does business with - for them at this point it makes sense to go with 2-3 vendors, rather than 5-6 different vendors, given the current pressures on technology spending," said one of the sources. "As a result, some vendors such as Wipro, IBM and Infosys have gained, while others have lost out," the person continued. 
 
BP spokesperson said, "BP continuously reviews how we source our IT services. Currently, there is a focus on 5 strategic suppliers: Infosys, Wipro, IBM, HP, and T-Systems." 
 
<a href="http://www.t-systems.com/umn/uti/914098_2/blobBigBinary/2012-07-19_BP-im.jpeg?ts_layoutId=916136">Image Source</a>

Wipro to get at least $100 million more with renewed BP contract

New Delhi, Feb 27 () IT major Wipro Ltd on Thursday said its design arm, Designit, has set up a new studio in Dallas. The studio will be officially launched with an event at the Dallas Museum of Art on March 3, 2020, a statement said. Designit works with companies including Abbott, BMW, BP, CBRE, Cisco, FedEx, GM, Novo Nordisk, Lloyds to help create people-centered experiences and organisations. Dallas is an ideal new location for the firm as the region has a large and growing market with a unique combination of old and new - several corporate headquarters alongside a booming tech and start-up community, the statement said. "We're very excited to setup the new studio in Dallas, and to provide strategic design services outside of the traditional coastal corridors and help Dallas' companies design what matters," Ayal Levin, Executive Director at Designit, Dallas said. Designit Dallas studio will work within Wipro's Dallas regional offices, which currently have over 1,500 employees in the region. Designit will be hiring new employees from within the greater Dallas region as well as Texas' universities, it said. SR RVK

Wipro sets up new Designit Studio in Dallas

IT heavyweights led by <keyword id="6354512" type="General" weightage="20" keywordseo="infosys" source="Orion">Infosys</keyword>, <keyword id="44863" type="General" weightage="20" keywordseo="hul" source="Orion">HUL</keyword> and Reliance Industries dragged the <keyword id="6484188" type="General" weightage="20" keywordseo="sensex" source="Orion">Sensex</keyword> down to a sharp fall of more than 1,000 points on Friday. Infosys is down more than 8 per cent, HUL is down 3.8 per and Reliance is down more than 3 per cent. IT majors, HCL Tech is down 4 per cent while Wipro is down more than 3 per cent. Weak Q1 results by Infosys and Hindustan Unilever are weighing on Indian indices. HUL's revenue growth of 6 per cent YoY was below our expectations, HDFC Securities said in a report. HUL is down 3 per cent in trade on Friday. Domestic volume growth, at 3 per cent, was below our estimate. We note volume growth was impacted as trade reduced stock levels (1-3 days) in lieu of price cuts. In home care, fabric wash grew in double digits, led by the premium portfolio while household care too grew in double digits (volume-led), driven by outperformance in dishwash, the report said. Further price reduction taken in soaps. Hair care registered mid-single digit volume-led growth, while skincare/oral care grew in double digits. On Infosys, Motilal Oswal Financial Services said the FY24 guidance reset will impact near-term stock view. Infosys reported 1QFY24 revenue at USD4.62b, up 1.0 per cent QoQ in CC terms with 20 bps QoQ decline in operating margin. While on a negative surprise, the company has sharply lowered its FY24 revenue growth guidance to 1.0-3.5 per cent YoY CC from 4.0-7.0 per cent YoY CC earlier. The substantial cut in the guidance is majorly attributed to lower-than-expected volume and discretionary spends, delays in decision-making and push-outs in anticipated mega deals, the report said. "We lower our below-guidance FY24 estimates (earlier at 3.8 per cent YoY CC) by 120bp despite the 325bp cut in guidance at the mid-point, to take into account the weaker demand commentary and project delays," the report said.

Infosys, HUL, RIL drag Sensex down by 1,000 points

<ul><li><keyword id="6357150" type="General" weightage="80" keywordseo="tcs" source="Orion">TCS</keyword> reported a revenue drop in Q2, while <keyword id="6354512" type="General" weightage="80" keywordseo="infosys" source="Orion">Infosys</keyword> and <keyword id="28126" type="General" weightage="80" keywordseo="hcl" source="Orion">HCL</keyword> cut FY24 revenue guidance.</li><li>Brokerages made only minor tweaks to their estimates and most of them maintained their ratings.</li><li>Large deal wins, improving margins and better utilization rates is giving brokerages confidence in the sector. </li></ul>The Indian IT sector has kicked off the <keyword id="56260" type="General" weightage="20" keywordseo="q2-earnings" source="Orion">Q2 earnings</keyword> season on a somber note. The Big 3 tech companies – TCS, Infosys and <keyword id="141968" type="General" weightage="80" keywordseo="hcl-tech" source="Orion">HCL Tech</keyword> painted a gloomy picture of the outlook ahead. With project rampdowns, revenue leakages and cautious clients — they have re-calibrated the revenue earnings for the entire year. TCS reported its first ever drop in constant currency revenues in four years. Infosys and HCL trimmed their revenue guidance for FY24, while TCS does not give guidance. Infosys now expects its constant currency revenues to grow anywhere between 1-2.5% and HCL expects the same to grow by 5-6% for FY24. Mega deal wins offer comfort: Brokerages As expected, the IT sector stocks have fallen in the last two days, yet brokerages have only done minor tweaks to their earnings estimates and maintained their buy or add ratings. Their mega deal wins, large order books; and confidence that they will hit the upper end of their guidance is providing them cushion, they say. Few have changed their ratings on the IT stocks. “From a long-term perspective, we believe TCS has built a resilient business model by securing multiple long-term contracts with the world’s leading brands. It has also established robust capabilities that will enable it to gain market share moving ahead,” said <keyword id="6407277" type="General" weightage="50" keywordseo="axis-securities" source="Orion">Axis Securities</keyword>. The ₹17,000 crore buyback TCS announced at a share price that’s premium to current its price also offers mid-term levers ahead. Kotak Institutional Equities (KIE) also said that Infosys has won a fair share of large deals to provide some visibility for FY25 growth. It cut its FY24-26 revenue estimates by 1-2% while maintaining a buy rating. Even for HCL Tech, KIE marginally tweaked its FY24-26 revenue estimates by 0.3-0.8%. With regards to the bad news delivered in Q2, little of it has come as a surprise. The street has been pricing in possible recession in the US and slowdown in Europe for over a year now. The IT sector gained very little or nothing from the recent bull run seen in the broader markets. In the last month, all of Nifty’s IT index constituents lost value with the exception of LTTS. Coforge, Tech Mahindra and HCL Tech shed over 4% of their values. The Nifty IT Index itself shed around 3%. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IT stock </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;">30 day change </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;">-4.57 </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;">-1.07 </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;">L&amp;T Technology 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;">1.74 </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;">-5.31 </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;">LTI Mindtree </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;">-6.37 </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;">Persistent </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;">-1.17 </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;">Coforge </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;">-6.64 </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;">-4.11 </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;">Infy </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;">-2.37 </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;">Mphasis </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;">-0.50 </td></tr></tbody><tbody></tbody></table>Source: NSE Margins present a pretty picture In times of macro-economic headwinds, IT companies are working to improve their margins. Not only have their headcount additions waned, they are pushing for higher utilization levels, lowering subcontracting expenses and also cutting down their discretionary spends much like their clients. TCS’ earnings before interest and tax (EBIT) margins went up quarter-on-quarter by 110 basis points to 24.3%. “We believe continued supply side tailwinds should help TCS protect and expand margins despite lower growth/mega deal ramp ups in the second half,” said a report by IIFL. HCL Tech and Infosys maintained their operating margin guidance for the year, in spite of revenue cuts – indicating that they intend to keep up their productivity levels. HCL expects its FY24 margins at 18-19%, Infosys’ expects its annual margins to be anywhere between 20-22%. Brokerages also back their confidence. “The 40 basis point margin (EBIT) improvement during the quarter was encouraging and indicated Infosys’ ability to manage its workforce despite the lack of an operating leverage opportunity. We now expect FY24 EBIT to go up 30bp YoY,” said a report by Motilal Oswal. Also, all three reported reduction of attrition to around 14% recording a dramatic slip sequentially. That too offers a cushion ahead that their people costs will be under control, unlike last year. <div type="javascript" title="Custom" contenttype="Text"><cdata><![CDATA[]]></cdata></div>

Brokerages not rattled by big 3 IT players' tepid Q2 performance

<ul><li><keyword id="6484188" type="General" weightage="20" keywordseo="sensex" source="Orion">Sensex</keyword> opened 225 points lower at 57,400 while <keyword id="2931774" type="General" weightage="20" keywordseo="nifty50" source="Orion">Nifty50</keyword> was down 64 points at 17,059.</li><li>India's headline inflation in September surged to a 5-month high to 7.4% on year.</li><li>Food inflation surged to a 22-month high of 8.6% on year in September while core inflation rose to 4-month high of 6.3%.</li><li>As inflation remains above RBI’s tolerance level of 6%, analysts expect at least 35 basis points hike in repo rate by the Indian central bank in December.</li></ul><keyword id="46038" type="General" weightage="20" keywordseo="indian-markets" source="Orion">Indian markets</keyword> opened lower today after inflation numbers raised the spectre of more aggressive monetary policy action by the Indian central bank. The Sensex opened 225 points lower at 57,400 while Nifty50 was down 64 points at 17,059. India's <a href="https://www.businessinsider.in/india/news/retail-inflation-rises-to-7-41-due-to-surging-food-prices/articleshow/94814942.cms">headline inflation in September surged </a>to a 5-month high to 7.4% year-on-year as compared to estimates of 7.3% — due to rise in food inflation. Food inflation surged to a 22-month high of 8.6% year-on-year in September while core inflation rose to a 4-month high of 6.3%. “Food items continue to see an upside in price momentum especially in cereals and vegetables. Lower acreage and unseasonal rains will continue to impart upside to food prices,” said Suvodeep Rakshit, senior economist at Kotak Institutional Equities. As inflation remains above RBI’s tolerance level of 6%, analysts expect at least 35 basis points hike in repo rate by the Indian central bank in December. “We believe that the September inflation print should keep the RBI on course for a 35 bps hike in December. External sector concerns as well as uncertainty on energy prices will keep the RBI’s policy contingent on incremental data and events,” said Rakshit. “Overall, the combination of slightly higher inflation and fall in IIP raises concerns. However, next month data and US Fed's policy will decide whether we see a 35 or 50bp hike by the RBI in Dec'22. In any case, we continue to expect that the terminal rate will be 6.5% and there will be a pause in global monetary policy in CY23,” said Nikhil Gupta, chief economist at Motilal Oswal Financial Services group. The fall in the benchmark indices were limited as auto, pharma and metals indices were trading in a positive range. HCL Tech was the top gainer in Nifty50 after its September quarter earnings came in strong with the company raising revenue guidance for FY23. It reported a 6.2% increase in the second quarter net profit to ₹3,489 crore, sequentially. Its revenues too grew 3.8% sequentially to ₹24,686 crore. At the same time, Wipro was the top loser on the 50-stock index as its quarterly profit came in below analyst expectations. <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;">Top losers </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 </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;">Top gainers </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 </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;">-5.63%</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;">3.16% </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;">ONGC </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;">-2.51%</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;">Hindalco Industries </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;">2.37% </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;">SBI Life Insurance </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;">-1.63%</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;">Eicher Motors </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;">1.70% </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;">Adani Ports and SEZ </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;">-1.37%</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;">M&amp;M </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;">1.41% </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;">HDFC Life Insuranc e </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;">-1.35%</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;">Cipla </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;">1.31% </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> Today all eyes will be on IT major Infosys’ Q2 FY23 results, which can offer a clearer picture of the IT industry and its outlook amid global recessionary fears. Mindtree, Angel One, Anand Rathi, Cyient, Aditya Birla Money and Den Networks among companies to release their quarterly earnings today. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/hcl-techs-net-profit-rises-6-3-sequentially-increases-fy23-revenue-guidance/articleshow/94813269.cms">HCL Tech’s net profit rises 6.3% sequentially, increases FY23 revenue guidance</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/wipro-q2-net-profit-rises-3-7-to-2659-cr-sequentially-but-isnt-as-optimistic-about-q3/articleshow/94811975.cms">Wipro Q2 net profit rises 3.7% to ₹2,659 cr sequentially, but isn’t as optimistic about Q3</a>

Sensex, Nifty50 open lower after inflation spike and weak global cues

<ul><li><keyword id="64527" type="General" weightage="20" keywordseo="moonlighting" source="Orion">Moonlighting</keyword> has become a huge issue in the IT industry.</li><li>Companies now fear that employees may work for their rivals and share corporate secrets.</li><li>Moonlighting has resulted in companies offering services to track moonlighting employees.</li></ul>Moonlighting has become a huge issue in the IT industry, with several of the country’s top companies weighing in on it, offering different opinions. While a few companies have accepted it as the new normal, <keyword id="197349" type="General" weightage="80" keywordseo="rishad-premji" source="Orion">Rishad Premji</keyword>, Wipro’s executive chairman, <a href="https://twitter.com/RishadPremji/status/1560894886026440704?cxt=HHwWgMCj1Z_otKkrAAAA">called</a> it “plain and simple cheating.” Companies have raised concerns about moonlighting, which involves one person working for more than one company. According to a Financial Times <a href="https://www.ft.com/content/a9b154ab-835a-42f4-8125-6825b49dc772">report</a>, an increase in employees moonlighting has resulted in new companies popping up, offering “intermittent background checks” on employees to find out if they are moonlighting. “It’s kind of top of mind right now for pretty much everyone here in India because the problem does exist, and it’s large,” said Ashok Hariharan, chief executive officer of IDfy, an identity verification company, in a statement to Financial Times. <cmsannotation type="cmsannotation" annotationid="Different stances on moonlighting" comment="subhead" text="Different stances on moonlighting">Different stances on moonlighting</cmsannotation> Moonlighting have become a hot issue, with <keyword id="7849536" type="General" weightage="80" keywordseo="milind-lakkad" source="Orion">Milind Lakkad</keyword>, chief HR officer, <keyword id="6357150" type="General" weightage="80" keywordseo="tcs" source="Orion">TCS</keyword> calling it an <a href="https://www.businessinsider.in/business/corporates/news/moonlighting-is-an-ethical-issue-says-tcs-hr-head/articleshow/94765592.cms">ethical issue</a>. <keyword id="6354512" type="General" weightage="80" keywordseo="infosys" source="Orion">Infosys</keyword>, on the other hand, has <a href="https://www.businessinsider.in/business/news/infosys-to-now-allow-moonlighting-with-prior-permission-say-sources/articleshow/95006965.cms">softened</a> its stand on moonlighting after <a href="https://www.businessinsider.in/business/news/infosys-too-cracks-whip-but-mulling-policy-to-allow-moonlighting/articleshow/94858304.cms">opposing</a> it. The software giant has allowed its employees to take up gig work with the prior consent of their manager and BP-HR in their time and for companies that don’t compete with Infosys or its clients. <cmsannotation type="cmsannotation" annotationid="Companies offering background checks" comment="subhead" text="Companies offering background checks">Companies offering background checks</cmsannotation> With moonlighting becoming rampant, IT companies are worried about their employees working for their competitors. “What the IT sector really cares about is if they’re working in competing companies. The risk significantly increases because your data can get out, your proprietary methodology can get out,” Hariharan added. IDfy uses machine learning software to find moonlighting employees as part of its background checks. One of the methods the company uses to check for this is the provident fund database, in addition to social media, job websites, and other public records. Companies have reportedly also used income tax filings to catch moonlighting employees. Companies reportedly check income tax filings and look if employees have any separate sources of income. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/moonlighting-is-fine-as-long-as-it-is-unrelated-to-what-we-do-for-our-clients-says-lt-tech/articleshow/94958101.cms">Moonlighting is fine as long as it is unrelated to what we do for our clients, says L&amp;T Tech</a> <a href="https://www.businessinsider.in/careers/news/simply-put-moonlighting-is-wrong-but-is-it-really/articleshow/94260237.cms">SIMPLY PUT: Moonlighting is wrong... but is it really?</a> <a href="https://www.businessinsider.in/business/corporates/news/moonlighting-is-an-ethical-issue-says-tcs-hr-head/articleshow/94765592.cms">Moonlighting is an ethical issue says TCS HR head</a>

India’s IT giants are worried about moonlighting employees sharing their corporate secrets

<ul><li>Petrol and diesel prices have been hiked by 80 paise per litre each in metro cities after a pause of 137 days.</li><li><keyword id="6360114" type="General" weightage="50" keywordseo="lpg" source="Orion">LPG</keyword> cylinder price has also shot up by ₹50 in Delhi and Mumbai.</li><li>The price hike was much anticipated after the announcement of the assembly election results on March 10.</li></ul>After a freeze for more than four months, the prices of petrol and diesel have been increased by 80 paise per litre each in metro cities. The price hike has been on pause since November 4 ahead of assembly elections in Uttar Pradesh, Punjab, Goa, Manipur, and Uttarakhand. This is the revised petrol and diesel prices in different metro cities — <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;">State </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;">New petrol price per litre </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;">New diesel price per litre </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;">Delhi </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;">₹96.21 </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;">₹87.47 </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;">Mumbai </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;">₹110.82 </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;">₹95.00 </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;">Chennai </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;">₹102.16 </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;">₹92.19 </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;">Kolkata </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;">₹105.51 </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;">₹90.62 </td></tr></tbody></table>Source: Media reports In Delhi, petrol prices have gone up from ₹95.41 to ₹96.21, while diesel prices have been hiked from ₹86.67 to ₹87.47. Similarly, in Mumbai, the price of petrol is now ₹110.82 per litre, while price of diesel is now ₹95.00 per litre. The government of India took a series of duty cuts in order to keep the fuel rates unchanged as the crude oil price in the international market is at an all-time high. The price of crude oil has shot up by at least 25% since the last hike in November, according to media reports. <cmsannotation type="cmsannotation" annotationid="LPG prices have gone up too" comment="subhead" text="LPG prices have gone up too">LPG prices have gone up too</cmsannotation> The price of liquefied petroleum gas (LPG) has also been hiked by ₹50 in Delhi and Mumbai, which is the fist hike since October 6, 2021. The new price will come into effect from today, March 22. The revised price of LPG cylinder in different states — <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;">State </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;">New 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;">Delhi </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;">₹949.50 </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;">Mumbai </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;">₹949.50 </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;">Kolkata </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;">₹976 </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;">Chennai </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;">₹965.50 </td></tr></tbody></table>Source: Media reports Cooking gas price or LPG cylinder in Kolkata will now cost you ₹976, while in Chennai it will ₹965.50. Earlier this week, the government also raised the bulk <keyword id="158076" type="General" weightage="20" keywordseo="diesel-price" source="Orion">diesel price</keyword> by ₹25 per litre. According to a report by The Economic Times, petrol pump sales have gone up by one fifth this month as bulk users like bus fleet operators filled up their tanks from petrol pumps rather than ordering directly from the oil companies. This practice has widened the loss for retailers like Nyara Energy, Jio-bp and Shell. The price hike in petrol, diesel and LPG cylinders was expected after the election results were announced on March 10. The latest hike implies that the consumers will have to pay more for fuel, but the increase is still less than 1% of the per litre <keyword id="44886" type="General" weightage="20" keywordseo="petrol-price" source="Orion">petrol price</keyword>. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/wipro-sun-pharma-zomato-and-other-hot-stocks-on-march-22/slidelist/90365793.cms">Wipro, Sun Pharma, Zomato and other hot stocks on March 22</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/retail/news/mukesh-ambanis-reliance-retail-has-brands-like-clovia-zivame-manish-malhotra-ritu-kumar-armani/slidelist/90355186.cms">Clovia, Zivame, Manish Malhotra, Armani — Here’s all that is included in Mukesh Ambani’s Reliance Retail</a>

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Infosys to now allow moonlighting with prior permission, say sources

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