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The country's sixth biggest IT services company by revenues, <keyword id="13843427" type="General" weightage="100" keywordseo="ltimindtree" source="Orion">LTIMindtree</keyword>, reported a decline in September quarter net profit at Rs 1,162 crore. The city-headquartered company had a net profit of Rs 1,189 crore in the year-ago period, and the same stood at Rs 1,152 crore in the preceding June quarter. Its overall revenues grew 8.2% to Rs 8,905 crore for the reporting quarter, from Rs 8,228 crore in the year-ago period and Rs 8,702 crore in the June quarter. However, there was a sharper contraction in the operating profit margin to 16%, as against 17.5% in the year-ago period, which seems to have been the biggest reason for the decline in the overall profits. The company's managing director and chief executive <keyword id="214484" type="General" weightage="20" keywordseo="Debashis-Chatterjee" source="Orion">Debashis Chatterjee</keyword> said the margins were impacted by the wage hikes given out from July 1, and exuded confidence of gains on the same to exit the fiscal year at 17-18%. He said the company is not witnessing any pressures on margins despite the volatile economic environment at present. Deal pipeline is also flowing, and the company reported new wins of USD 1.3 billion for the reporting quarter, he said, adding that discretionary demand is being replaced with long-term engagements focused on cost optimization. The overall employee base increased to 83,532 at the end of September, which was up from 82,738 in June, but down from 86,936 in the year-ago period. Chatterjee said 1,400 freshers joined in the reporting quarter, and the attrition is stable at 15.2%. The company will be training 10,000 of its employees on artificial intelligence in the December quarter, Chatterjee said, adding that it is already engaged in 20 projects which have generative AI components in it. The company scrip closed 1.11% down at Rs 5,156.90 a piece on the BSE, as against a correction of 0.83% on the benchmark.

LTIMindtree Q2 net profit declines as profit margin contracts

Mindtree, a <keyword id="147676" type="General" weightage="80" keywordseo="larsen" source="Orion">Larsen</keyword> &amp; Toubro Group company, is planning to set up a development centre in <keyword id="6354925" type="General" weightage="50" keywordseo="kolkata" source="Orion">Kolkata</keyword>, which could create employment opportunities for 15,000-20,000 people in the next four-five years, a company official said here on Wednesday. The IT services firm has already onboarded 1,700 people in its existing facility in the West Bengal capital so far, he said. "We have taken up 19 acres of space. Hopefully, things will start. The construction will be done by L&amp;T... the management is committed. We will set up a huge centre," Mindtree Ltd Chief Executive Officer and Managing Director <keyword id="214484" type="General" weightage="80" keywordseo="debashis-chatterjee" source="Orion">Debashis Chatterjee</keyword> said at ICT East organised by CII. The development centre can create employment opportunities for 15,000-20,000 people, he said. The IT company had in March announced the opening of its first development centre in Kolkata. Another IT company of the L&amp;T group, Larsen and Toubro Infotech (LTI) had in June also announced opening up of a new centre in the eastern metropolis. Larsen and Toubro board had in May announced a composite scheme of amalgamation of its two listed IT services firms to create a combined entity. During the event, State Information Technology minister <keyword id="6721" type="General" weightage="80" keywordseo="babul-supriyo" source="Orion">Babul Supriyo</keyword> urged the industry leaders to guide his department about "what needs to be done" to grow the information and technology sector in West Bengal. Another multinational technology firm Oracle is also weighing opportunities in the state for a data centre project that could help small and medium businesses. We are working very closely with the government towards creating a dedicated data centre for West Bengal, said <keyword id="105775" type="General" weightage="80" keywordseo="shailendra-kumar" source="Orion">Shailendra Kumar</keyword>, senior vice president, regional managing director India and NetSuite JAPAC, Oracle NetSuite Global Business Unit. The plans could take shape over the next 2-3 months, he added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/sensex-nifty-in-the-green-as-crude-prices-soften/articleshow/94066162.cms">Sensex, Nifty in the green as crude prices soften</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/indigo-shares-fall-over-4-as-co-founder-rakesh-gangwal-offloads-2000-cr-worth-stake/articleshow/94065345.cms">IndiGo shares fall over 4% as co-founder Rakesh Gangwal offloads ₹2,000 cr worth stake</a>

Mindtree planning to set up development centre in Kolkata: CEO

Leading technology consulting and software services firm <keyword id="6357902" type="COMPANY" weightage="20" keywordseo="mindtree">Mindtree</keyword> hired former <keyword id="6370971" type="COMPANY" weightage="20" keywordseo="accenture">Accenture</keyword> executive <keyword id="8855735" type="PERSON" weightage="20" keywordseo="dayapatra-nevatia">Dayapatra Nevatia</keyword> as its Chief Operating Officer(COO), the L&amp;T subsidiary said on Monday. "Nevatia joins us from global software major Accenture where he was MD (Managing Director) and director of delivery for advanced technology centres in India," Mindtree Chief Executive <keyword id="214484" type="PERSON" weightage="20" keywordseo="Debashis-Chatterjee">Debashis Chatterjee</keyword> said in a statement here. In the new role, Nevatia will lead the city-based IT firm in its next phase of growth as an industry veteran. "Nevatia's rich industry experience and track record will be an asset for us to strive for customer-centric growth. His hiring testifies our focus on leadership expansion, worldwide" said Chatterjee on the occasion. Nevatia, an electronics' engineer with a master's in management, led the delivery for the portfolio, spanning system integration, digital, application outsourcing, infrastructure, and security services across industry groups. Mumbai-based infrastructure construction <keyword id="8856009" type="PERSON" weightage="20" keywordseo="behemoth-larsen">behemoth Larsen</keyword> and Toubro (L&amp;T) acquired controlling stake (60.1 per cent) in Mindtree in July 2019 from its co-founder promoters and executives.

Mindtree names former Accenture exec Dayapatra Nevatia as COO

<ul><li>In constant currency terms, <keyword id="13843427" type="General" weightage="20" keywordseo="ltimindtree" source="Orion">LTIMindtree</keyword> posted revenue growth of 8.2% YoY for the June quarter. </li><li>The order inflow continued to increase and reached $1.41 billion in this quarter. </li><li>“Our operational rigor helped us achieve an EBIT of 16.7% and PAT of 13.2%," said Debashis Chatterjee, CEO and MD. </li></ul> Technology consulting and digital solutions company LTIMindtree posted a 4.1% year-on-year rise in net profit to ₹1,152 crore for the first quarter ended June 30. Revenue rose 13.8% to ₹8,702 crore for the period. In constant currency terms, the company’s revenue rose 8.2% YoY for the June quarter. On a quarter-on-quarter basis, however, this revenue was almost flat at 0.1% growth. “Our key verticals BFSI (banking, financial services and insurance), Manufacturing &amp; Resources and Hi-Tech, Media, and Entertainment, which make up 75% of our revenues performed well,” said Debashis Chatterjee, chief executive officer and managing director. “Our strategic programs are bearing fruit and is evident in the upward movement across our client buckets. The order inflow continued to increase and reached $1.41 billion in this quarter,” he added. The company has 723 active clients as of June 30, 2023. During the quarter, $5 million+ clients increased by 18 on a YoY basis, while $10 million+ clients increased by 9 and $50 million+ clients increased by 3. “Our operational rigor helped us achieve an EBIT of 16.7% and PAT of 13.2%," Chatterjee added. EBIT is earnings before interest and taxes, while PAT refers to profit after tax. At the end of the quarter, the company had 82,738 professionals with the trailing 12 month attrition at 17.8%. Among the deals won during the quarter are a deal from one of the largest property &amp; casualty insurance companies in the United States, which has chosen LTIMindtree as a strategic partner for a multi-year application development and maintenance deal. Shares of the company were trading 2.5% lower at ₹5,006 in morning trade on the NSE. Meanwhile, the Nifty50 was up 0.45%.

LTIMindtree Q1 net profit rises 4.1% to ₹1,152 crore, revenue up 14% YoY

<ul><li>Mindtree’s net profit rose by 7.9% sequentially at ₹509 crore and revenue from operations grew by 8.9% at ₹3,400 crore.</li><li>“Our robust performance in the second quarter of FY23 marked a solid first half of the year,” said Debashis Chatterjee, CEO and MD at Mindtree.</li><li>The management said that its margin has remained healthy despite cost pressure from wage hikes.</li><li>Attrition rate at the company has come down marginally to 24.1% in September quarter from 24.5% in the previous quarter.</li></ul>Bengaluru-based Mindtree’s net profit in the September quarter rose 7.9% sequentially to ₹509 crore as compared to ₹471 crore in the last quarter. Its revenues from operations rose by 8.9% to ₹3,400 crore. In constant currency, its revenues for the quarter stood at $422 million, up 7.2% sequentially. The company said that with an order book of $518 million, its signings in the first half crossed $1 billion for the first time in history. “Our robust performance in the second quarter of FY23 marked a solid first half of the year,” said Debashis Chatterjee, CEO and MD at Mindtree. The management said that its EBIDTA margin remained healthy despite cost pressures from wage hikes. “We not only delivered strong revenues of $422.1 million, up 7.2% sequentially in constant currency, but also maintained our EBITDA margin at a healthy 21% despite wage hikes across the board, making it our seventh consecutive quarter of more than 5% revenue growth in constant currency, and eighth consecutive quarter of more than 20% EBITDA margin,” said Chatterjee. Ahead of its earnings, Mindtree’s share price closed 0.84% lower at ₹3,318 on October 13. <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;">Particulars </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;">Q2 FY23 </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;">Q1 FY23 </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;">Q2 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;">Revenue </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;">₹3,400 crore </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;">₹3,121 crore </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;">₹2,586 crore </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;">Net profit </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;">₹509 crore </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;">₹471 crore </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;">₹398 crore </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;">Net margin </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;">20.5% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">21.1% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">21.0% </td></tr></tbody></table>Source: Company reports Retail, consumer packaged goods (CPG) &amp; manufacturing segments witnessed negative growth sequentially in terms of revenue. Other than that, travel, transportation, hospitality and BFSI segment saw double digit growth from the last quarter. <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;">Segment revenue </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;">QoQ 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;">BFSI </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10.2% </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;">Communications, Media &amp; 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;">4.3% </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;">Retail, CPG &amp; Manufacturing </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.8% </td></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;">Travel, Transportation &amp; Hospitality </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;">8.8% </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;">HealthCare </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;">34.9% </td></tr></tbody></table>On the bright side, attrition rate at the company has come down to 24.1% in September as compared to 24.5% in the previous quarter. Mindtree’s employee base stood at 38,290 in the second quarter of FY23, which increased from 37,455 in the previous quarter. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/it-cos-go-slow-on-hiring-despite-high-attrition-rates-hiring-down-57-in-q2/articleshow/94832706.cms">IT cos go slow on hiring despite high attrition rates, hiring down 57% in Q2</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/39-of-mgnrega-job-card-holders-didnt-get-a-single-day-of-work-in-2020-21-says-study/articleshow/94837158.cms">39% of MGNREGA job card holders didn’t get a single day of work in 2020-21 says study</a>

Mindtree’s Q2 net profit rises 7.9% sequentially to ₹509 crore

<ul><li>LTI and Mindtree will start functioning as a single entity from November 14, 2022. </li><li>Mindtree will be delisted and LTI will be renamed LTI-Mindtree. </li><li>All shareholders of Mindtree will be issued shares of LTI in the ratio of 73 shares of LTI for every 100 shares of Mindtree. </li><li>The record date for issue of equity shares of LTI pursuant to the scheme is November 24, 2022. </li></ul>Larsen &amp; Toubro (L&amp;T) Group on Monday said that National Company Law Tribunal (NCLT) has approved the scheme of amalgamation and arrangement between L&amp;T Infotech and Mindtree. The Mumbai and Bengaluru benches of NCLT have approved the scheme, under provisions of the Companies Act, 2013. Both the companies will effectively start functioning as a single entity from November 14, 2022. Mindtree will be delisted and LTI will be renamed LTI-Mindtree. All shareholders of Mindtree will be issued shares of LTI in the ratio of 73 shares of LTI for every 100 shares of Mindtree. The parent company, L&amp;T, will hold 68.73% of the merged entity. The record date to determine the eligible shareholders of Mindtree for issue of equity shares of LTI pursuant to the scheme is fixed as November 24, 2022. “LTI-Mindtree merger will create the sixth largest IT company by revenue and fifth largest by market cap. The IT sector will be affected due to geopolitical tensions and more but the merged entity will be better equipped to stand up to it,” said <keyword id="6698812" type="General" weightage="20" keywordseo="a-m-naik" source="Orion">A M Naik</keyword>, the group chairman of L&amp;T and chairman of LTIMindtree, in a press conference. “The merged entity will have benefits of scale, streamlined delivery and presence across verticals. The work ethics of Mindtree and LTI are consistent and anticipate no HR challenges with integration,” said Debashis Chatterjee, CEO and MD of LTIMindtree. The merged entity will have an employee strength of 90,000. Naik also said that the attrition problem of the IT sector might ease, going ahead. “There has been a war-like situation and war itself. The first thing that companies will cut is overheads that will include IT. The IT industry attrition is around 23-24% and it might come down by 4-5%,” he said without giving a timeline.

All decks cleared for LTI’s merger with Mindtree

IT firm <keyword id="6357902" type="COMPANY" weightage="20" keywordseo="mindtree">Mindtree</keyword> on Tuesday reported a 61.2 per cent rise in consolidated net profit to Rs 343.4 crore for the June quarter compared to that of ₹213 crore in the same period last year. Revenue of the Bengaluru-based company grew by 20.1 per cent to ₹2,291.7 crore in the quarter under review from Rs 1,908.8 crore in the year-ago period, it added. In dollar terms, net profit rose by 64.7 per cent to USD 46.5 million while revenue grew by 22.6 per cent to USD 310.5 million in the June quarter over the year-ago period. At the end of June quarter, the company's active client base stood at 260, the filing said. Mindtree had 27,256 employees at the end of the June quarter with trailing 12-months attrition at 13.7 per cent. "We are pleased to report a strong start to FY22 with broad-based first-quarter growth across all service lines and industry segments," Mindtree CEO and Managing Director Debashis Chatterjee said. For the quarter, revenues were USD 310.5 million, up 7.7 per cent sequentially, and <keyword id="63060" type="ORGANIZATION" weightage="20" keywordseo="EBITDA">EBITDA</keyword> was 20.3 per cent - demonstrating the resilience of Mindtree business in a challenging environment. "Our highest-ever orderbook of USD 504 million affirms that the focused execution of our strategy and our client-centricity in re-imagining business models for the digital era are helping us drive profitable and sustainable growth," he said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/pubg-mobile-battlegrounds-mobile-india-1-5-update-download-changelog-tesla-model-y/articleshow/84373727.cms">You can now drive the Tesla Model Y in Battlegrounds Mobile India</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/binances-compliance-journey-gets-bumpier-as-another-partner-backs-out/articleshow/84373786.cms">Binance’s compliance ‘journey’ gets bumpier as another partner backs out</a>

Mindtree's operating profit goes up over 20% sequentially, as the Bengaluru-based IT services firm gets highest ever order book

<keyword id="5269" type="POSITION" weightage="20" keywordseo="Chief-Minister">Chief Minister</keyword> and Trinamool Congress chairperson <keyword id="43868" type="PERSON" weightage="20" keywordseo="Mamata-Banerjee">Mamata Banerjee</keyword> on Friday released her partys candidate list for all 294 seats in the <keyword id="332351" type="ORGANIZATION" weightage="20" keywordseo="Bengal-assembly">Bengal Assembly</keyword>. "I have given importance to young people this time while choosing the name of candidates. They all are young people," Banerjee said. It appeared to be a star-studded affair as the <keyword id="201042" type="POSITION" weightage="20" keywordseo="Trinamool-chief">Trinamool chief</keyword> accommodated a slew of Bengali film and television industry representatives in the party's candidate list for the upcoming elections in March-April. Banerjee said that she will contest from East Midnapore's Nandigram this time. "I will contest from Nandigram. I keep my promises," she said while releasing the list here at her Kalighat residence. State power minister and Trinamool Congress veteran Sovandeb Chatterjee will contest from Bhawanipore seat as Mamata chose to contest from Nandigram. Former Trinamool Councilor and Kolkata Municipal Corporation (KMC)'s Member of Mayor in council (MMiC) Debashis Kumar will contest from Rashbihari seat, in place of Chatterjee. The Trinamool supremo also fielded actor Kanchan Mallick, who had joined the Trinamool Congress a few days back, from Hooghly's Uttarpara; Soham Chakraborty from Chandipur; director Raj Chakraborty from Barrackpore; actress Sayantika from Bankura; actress June Malliah from Midnapore sadar; actress Sayani Ghosh from Asansol south; cricketer Manoj Tiwari from Howrah's Shibpur and Kaushani Mukherjee from Krishnanagar north assembly constituency. West Bengal will go to polls in eight phases between March 27 and April 29. Counting of votes will take place on May 2. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/apple-find-my-stalking-airtags-item-safety-alerts/articleshow/81342449.cms">Apple’s new Find My feature updated to prevent stalking as launch of the rumoured AirTags nears</a> <a href="https://www.businessinsider.in/tech/news/regulating-digital-news-is-important-but-freedom-of-press-is-precious/articleshow/81341289.cms">OPINION: Regulating digital news is important but freedom of press is precious</a> <a href="https://www.businessinsider.in/stock-market/news/heranba-industries-ipo-makes-a-bumper-debut-on-stock-exchanges/articleshow/81342578.cms?upcaceh=2">Heranba Industries makes a bumper debut on stock exchanges — shares soar 44% over the issue price band</a> <a href="https://www.businessinsider.in/finance/banks/news/ignore-low-cibil-score-for-street-vendor-loans-work-on-holidays-and-other-diktats-from-indian-government-to-banks-rushing-to-meet-march-target/articleshow/81223572.cms">EXCLUSIVE: Bankers may be working all 31 days of March with the government looking to double the loans doled out under the PM SVANidhi scheme</a>

Mamata Banerjee releases TMC's candidate list for Bengal elections

Kozhikode, Mar 15 (): In the wake of the coronavirusscare, the Indian Institute of Management, Kozhikode (IIM-K)has indefinitely postponed its annual convocation, which wasto be held on April 4.The two-day ceremony was to begin from April 3 with apre-convocation cultural night for students, their familiesand the IIMK community, followed by the Main ceremony, on thefollowing day, an IIM-K press release said.Prof. Debashis Chatterjee, Director, IIM Kozhikode, said"Considering that the World Health Organisation has recentlydeclared COVID-19 as a pandemic and the advisories issued bythe Health Ministries of Union of India and Government ofKerala advocate avoiding public gatherings, we have taken thedecision to postpone Convocation 2020 scheduled for April 3and 4 indefinitely.At a time when the world is combating an unprecedentedchallenge of this magnitude, we at IIMK will stand by theguidelines issued by the governing bodies in nationalinterest.As dutiful citizens, we are vigilant towards thedeveloping situation and have also geared up internally totake on the challenge.We will be announcing the new dates for the convocationto the students in due course of time," Chatterjee said.A total of 663 students from various programmes of IIMKwere expected to be awarded degrees at the 22nd AnnualConvocation Programme. UD APRAPR APR

IIM-K postpones convocation in wake of coronavirus scare

New Delhi, Jan 14 () IT firm Mindtree on Tuesday reported a 3 per cent rise in consolidated net profit at Rs 197 crore for the December 2019 quarter.
 The company had posted a net profit of Rs 191.2 crore in the same period last year, Mindtree said in a regulatory filing.
 The Bengaluru-based company saw its revenue grow about 10 per cent to Rs 1,965.3 crore in the quarter under review from Rs 1,787.2 crore in the year-ago period, it added.
 In dollar terms, net profit rose 3.1 per cent to USD 27.7 million, while revenue increased 9.4 per cent to USD 275.2 million in the said quarter over the year-ago period.
 In July last year, Larsen and Toubro (L&amp;T) had acquired control of Mindtree with 60.06 per cent stake.
 At the end of December 2019 quarter, the company's active client base stood at 320. It had 21,561 employees at the end of the third quarter with trailing 12-months attrition at 17.2 per cent.
 "As we continue to grow revenue, our sharp focus on driving profitable growth has resulted in expansion of operating margin by 2.6 per cent and a rise in net profit by 44.7 per cent as compared to previous quarter," Mindtree CEO and Managing Director Debashis Chatterjee said.
 He added that the company continues to execute its growth strategy, proactively incubate deals by mining strategic clients and nurture a learning-led culture. SR MBI RVK

Mindtree Q3 net profit up 3 pc to Rs 197 cr

Indian IT companies are doing anything to hire talent in overseas markets. To increase the headcount, they are <keyword id="4677161" type="UNKNOWN" weightage="20" keywordseo="poaching-talent">poaching talent</keyword> from rival companies. In this poaching war, <keyword id="6354512" type="CITY" weightage="20" keywordseo="Infosys">Infosys</keyword> is leading the race as it hired 12 executives from Cognizant, 13 from Capgemini, 5 from <keyword id="6357150" type="CITY" weightage="20" keywordseo="TCS">TCS</keyword>, and 8 each from <keyword id="10862" type="CITY" weightage="20" keywordseo="Wipro">Wipro</keyword>, Accenture and IBM in the fiscal year ended March. Infosys said it will hire 10, 000 people in the US in next two years and has ramped up its efforts to get best of talent in the industry. "The talent arms race has started with gusto,” Phil Fersht, chief executive of IT consultancy HfS Research told ET. "The race for talent is not new. We have always been competing for talent. But, yes, now we will need more talent onshore than in the past,” UB Pravin Rao, chief operating officer at Infosys, told ET last month. Meanwhile, Cognizant will hire from campuses. "We have been hiring technology and management from dozens of US campuses as well as from the lateral market. We have made a number of acquisitions and also rebadged employees from our customer organisations,” said Debashis Chatterjee, president, digital systems and technology, at Cognizant.

Indian IT companies are poaching talent to hire overseas; Infosys is leading the race

It’s just been two days that <keyword id="28721" type="CITY" weightage="100" keywordseo="Cognizant">Cognizant</keyword> Technology Solutions (CTS) slashed its growth guidance for the year, and now it has shuffled its senior management team, while also announcing hiring a new COO. It recently became the second largest software services firm in the country, leaving behind several of its biggest rivals. 
 
As per Senior Cognizant sources, this shuffle had nothing to do with the financial performance statements issued over the weekend; instead, it was being planned for quite some time now. 
 
"The market is undergoing a major shift in the pace of digital technology adoption by clients, driven by new social, mobile, analytics, cloud, artificial intelligence, the Internet of Things (IoT), adaptive manufacturing, augmented reality and blockchain technologies, to name a few... Our realigned organizational structure brings together all of our talented teams to fully align with the transformative needs of our clients and helps us better support them in navigating the shift to compete in the digital economy," said a Cognizant spokesperson. 
 
There have been no changes in the top management of the company, but the senior management has been shuffled. 
 
Changes include hiring a new COO, Srinivasan V, who will be taking over from Sridhar T, as he moves on to a newly created strategic initiatives portfolio. Earlier, Srinivasan was executive VP, products and resources. 
 
The senior management roles that are changed include delivery roles being given to Debashis Chatterjee, who is executive VP and president, technology solutions. Prasad C, on the other hand, will now be taking care of industry verticals in North America, and Santosh Thomas has been given Latin American markets along with EU and APAC. 
 
<a href="https://upload.wikimedia.org/wikipedia/en/c/cd/Cognizant-TCO.jpg">Image source</a>

Cognizant shuffles senior management, appoints new COO

Ex-chairman of United Spirits Ltd, <keyword id="14678" type="PERSON" weightage="100" keywordseo="Vijay-Mallya">Vijay Mallya</keyword>, has been in news for all the wrong reasons recently. Firstly, it was him fleeing out of the country, and then deciding not to come back even for ED hearings. However, <keyword id="612463" type="UNKNOWN" weightage="100" keywordseo="indian-business-schools">Indian business schools</keyword> have found something worthwhile in his whole debt fiasco, using his success-to-failure story as rich material for discussions of ethics, corporate governance, brand management, entrepreneurship and families. 
 "The Vijay Mallya case could most certainly be the subject of a case study," Debashis Chatterjee, professor at <keyword id="56716" type="COMPANY" weightage="100" keywordseo="IIM-Lucknow">IIM Lucknow</keyword>, told ET. "It should be a subject of discussion in classes on strategy across business schools and the IIMs are no exception. It's about the downfall of a high-profile brand and there's an ethical connotation as well." 
 Not only at IIM-L, IIMs from Bangalore and Indore, <keyword id="565228" type="ORGANIZATION" weightage="100" keywordseo="XLRI-Jamshedpur">XLRI Jamshedpur</keyword>, Indian School of Business (ISB) Hyderabad and Management Development Institute (MDI), Gurgaon are also using Vijay Mallya’s story to explain to its students, the future managers of the industry, the aspects of business and lessons that they should learn. 
 
"This is a live case study for us and we have to build our arguments based on limited resources. A similar 'live' case study discussed earlier was during Satyam," said Kavil Ramachandran, executive director, Thomas Schmidheiny Centre for Family Enterprise, ISB. 
 
Mallya’s strategy of pampering customers at the cost of other stakeholders, including owners, employees, suppliers and society proved to be hard on his business and honour, an example which can teach a lot about organisational behaviour and human resources management to these students. "It also leads to discussion on the obsession in many companies to meet the interests of 'owners' at the cost of other stakeholders," said Abhoy Ojha of ISB. 
 
<a href="http://indiainf1.com/wp-content/uploads/2014/03/Vijay-Mallya-file-2013-SFI-pic-7mar2014.jpg">Image source</a>

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