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<ul><li>The stocks of the top Indian IT services companies are the top gainers in Nifty 50 today morning after Tata Consultancy Services (TCS) announced its earnings late last evening. </li><li>The CEO of India’s largest IT services company said that TCS was in the first phase of a multi-year ‘technology transformation’ cycle. </li><li>Wipro's rally may also stem from its announcement of considering share buyback at the next board of directors meeting.</li></ul>IT stocks continue to rally for a second week after India’s top IT services company announced that there is a multi-year technology transformation cycle in the works. “What we are witnessing right now is the start of the first phase,” said TCS CEO <keyword id="1422411" type="PERSON" weightage="20" keywordseo="Rajesh-Gopinathan">Rajesh Gopinathan</keyword> during the earnings call yesterday. TCS’ own share price is up by more than 4% alongside Wipro, HCL Tech and Infosys. In fact, these four companies are currently the top gainers in the Nifty 50 today morning. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% change in share price </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">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;">4.79% </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;">4.78% </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;">4.4% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">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;">3.75% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tech Mahindra </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.24% </td></tr></tbody></table>Source: NSE, Share prices as of 11:00am Wipro’s rally also stems from the announcement of it considering to buyback shares during the next board of directors meeting on October 13. TCS embarks on a multi-year technology transformation cycle Gopinathan explained that currently, in the first phase of the multi-year technology transformation cycle, companies are building a cloud-based foundation. This will become the ‘resilient, secure and scalable’ digital core of their business. In the following phases, the industry will witness the native capabilities of these platforms coming up in new use cases. They will be used to create “innovative new business models and differentiated customer experiences,” he said. The cycle is driven by the desire to accelerate availing the business value of investments that clients have made in technology, according to TCS COO NG Subramanam. The company’s role is to help clients open up more micro services and ecosystems to building partnerships, not just internally within the organisation, but also with other companies. Subramaniam further highlighted that the multi-year cycle involved investments in multiple areas — whether it's the way of working, secure borderless work spaces (SBWS), the 25/25 vision and other measures — all of which are coming into play one way or another. “In the last six months, the resilience of cloud collaboration and digital has been proven beyond doubt,” he said. In the second quarter, TCS raked in $8.6 billion worth of new deals — including the deal with Phoenix Systems for $2.5 billion — with its revenue jumping 4.8% over the previous quarter and revenue up by 6.7% sequentially.

TCS and Wipro lead rally in IT stocks after TCS CEO announces multi-year 'technology transformation' cycle in the works

<ul><li>The technology major reported a 0.3% growth in dollar revenue in constant currency terms.</li><li>Operating margin of 25% was better than most estimates.</li><li>The company declared a dividend of ₹5 a share along with its earnings.</li><li>These are some of the big deal wins as declared by the management.</li></ul>Technology major <keyword id="385529" type="PERSON" weightage="20" keywordseo="TCS-revenue">TCS revenue</keyword> barely grew in the three months between October and December 2019. However, the Chief Executive Officer (CEO) Rajesh Gopinathan highlighted a slew of large deals that the company bagged in the last quarter. The aggregate TCV for this quarter is $6 billion, adds up to $18 billion for the first three quarters of the fiscal year. It shows the level of activity in the market, the CEO added. These are the new deals and extensions listed by the company in its statement <ul><li>Walgreens Boots Alliance, a leading North American pharmacy retailer, selected <keyword id="6357150" type="ORGANIZATION" weightage="20" keywordseo="tcs">TCS</keyword> as trusted partner to accelerate the work on transforming its critical pharmacy operating system leveraging TCS contextual knowledge. The solution will be cloud native with modern architecture enabling <keyword id="6355515" type="UNKNOWN" weightage="20" keywordseo="business">business</keyword> agility and improved customer's experience. </li><li>Petco, America's leading pet specialty retailer, selected TCS Optumera™, the award-winning AI-powered merchandize optimization suite, to hyper-localize and optimize its store products and space strategies in an integrated way, with greater speed and precision in decision-making, and deliver an improved end-to-end customer experience. </li><li>IAG Tech, part of International Airlines Group, has extended its strategic technology partnership by selecting TCS to support existing datacenter infrastructure and services. This multi-year managed services contract will optimize and support datacenter operations, standardize processes and technologies, and reduce the legacy IT footprint to enable IAG's datacenter transformations across all operating companies. </li><li>Chosen by Bayer, a leading life sciences company, as a strategic partner to provide IT transformation services across the pharmaceuticals and consumer health business, as well as in the area of corporate functions and HR across the enterprise. TCS was selected for its capabilities in research and development, as well as track record in delivering large and complex engagements. </li><li>Selected by a France-based global pharmaceutical company, for end to end transformation of the user experience, enabled by Digital Workplace Services, leveraging the combined strengths of next gen analytics and cognitive automation with robust global service delivery capability. </li><li>Selected by one of the largest pan-Asian life insurance groups to deliver a major cloud transformation and modernization program, leveraging Agile techniques, to enable hyper personalized customer experience and to support future growth. </li><li>Engaged by a UK-based multinational pharmaceutical company to deliver an Agile/Dev-Ops transformation of its IT Research and Development operating model. This value-driven Agile culture will enable the company to deliver "medicines that matter" and change patient’s lives by focusing on a unique equation combining Science x Technology x Culture. </li><li>Chosen by a global banking and financial services holding company as its partner for transforming its FDIC compliance regulatory reporting. </li><li>Selected by CSL Behring, a leading rare diseases biotech company, as a strategic business technology partner to help consolidate and transform its operations and business enablement model and support its accelerated growth plans. </li><li>Chosen by a major UK-based financial services company, to re-imagine and transform the employee experience by implementing a persona-centric, modern and collaborative Digital Workplace to dramatically improve workplace productivity, co-ordination, agility and innovation. TCS will also transform the security ecosystem to provide superior protection against major cyber threats. </li><li>Selected by a leading UK-based multinational energy and utilities company as their strategic innovation-ecosystem partner for transforming their product portfolio and innovating at scale. The engagement includes building capabilities for legacy modernization, cloud transformation, integration of acquisitions, and AI-based data security compliance with GDPR/CCPA regulations. </li><li>One of Australia’s leading banks is expanding its strategic partnership with TCS to drive service management transformation in its Consumer Banking, Business Banking, Institutional Banking businesses and corporate functions. As the single partner of choice, TCS will enable this transformation leveraging TCS’ Run-the-Bank framework and assets, Machine First™ Delivery Model and its cognitive automation product, ignio™. </li><li>Chosen by a pioneering high-end luxury fashion group based in France, to transform their global finance and supply chain functions for better customer experience and efficient operations. TCS will lead the design and deployment of the enterprise resource planning template to rationalize applications for their North America operations to ensure faster time to market, streamlined fashion management supply chain cycle and greater efficiency. </li><li>Selected by a US-based multinational pharmaceutical company for enabling real-time analytics to optimize their business functions including manufacturing, sales, transportation, scrap &amp; raw materials inventory, and quality metrics analysis. TCS will develop a solution on a leading public cloud platform using state-of-the-art data analytics and visualization technologies. </li><li>Selected by a global leader in the transportation and storage of specialty chemicals, to stay ahead of changing markets by modernizing its big data platform on the cloud. This will help unlock the power of data, accelerate the growth and transformation journey for organizational agility, and deliver enhanced business ROI. </li><li>Engaged by an American Fortune 100 energy company, for enhancement and managed services for their IoT-based mobile field management suite of applications. This application is used to track their real time field problems, relevant maintenance service, resource planning, outage management and periodic inspections. </li><li>Engaged by one of the largest telecom service provider in USA, to implement an online device registration portal leveraging a leading IoT platform to enhance their connectivity management API with real time inputs, provisioning, monitoring, usage management, reporting &amp; analytics integrated with messaging, location services and firmware management features. </li><li>Engaged by a leading US-based automated pool accessories manufacturer as partner in their connected pool IoT solution for its line of residential pool equipment to generate additional revenue streams and increased market share from hi-tech value-added services. </li><li>Engaged by one of the largest American multinational technology companies, to transform their current legacy and home-grown HR systems and processes, and enable their transition to a unified cloud platform for seamless employee onboarding, superior engagement and experience. </li><li>Selected by a leading American health insurer to improve engagement of customers and partners, while creating new efficiencies in related business functions. A leading cloud-based health insurance CRM platform will replace the legacy front and back-office systems, reimagining how business is done and provide a unified experience across business functions. </li><li>Engaged by a US-based bank to streamline its customer engagement channels and operations, migrating its legacy technology applications to a leading cloud-based financial services CRM solution. This move will consolidate business processes and systems across its retail, wealth, and commercial lines of business, to increase customer wallet-share. </li><li>Selected by a leading networking company based in the US to manage onboarding, migration, and integration of its most recently acquired company to its operations and enterprise platforms on the cloud. This integration will ensure that the investment made in the acquisition is maximized through cross-selling solutions across the respective customer segments. </li><li>Chosen by a British semiconductor and software design company for its employee experience transformation program designed to consolidate its diverse HR portfolio into a harmonized platform which will help improve employee experience. </li><li>Engaged by a global pharmaceutical giant based in Germany to deliver digital content production services for its global marketing needs as part of its renewed go to market strategy. </li><li>Selected by a global medical devices company, to prepare for scaling blockchain solution for tracking movement of surgical supplies. The pilot solution that has been deployed to improve visibility from manufacturing through distribution would be evolved to scale up transaction volumes in 2020. </li><li>Selected by a global leader in airline catering, retail-on-board and hospitality products and services, to host their ERP and Analytics applications on the TCS Enterprise Cloud Platform, and provide ongoing support for ERP administration. </li><li>Selected by a major UK insurer for transforming its IT infrastructure to meet dynamically growing business requirements, leveraging the TCS Enterprise Cloud Platform. </li><li>Engaged by a leading global financial services firm, as the strategic partner to modernize their application portfolio, currently on legacy mainframe systems, to a leading public enterprise cloud platform by leveraging TCS' Cloud Migration &amp; API factory model. </li><li>Chosen by a leading multinational bank based in Europe to govern and manage their risk and assurance process for security infrastructure. TCS will enable it to transform to a new operating model leveraging its Machine First approach, and migrate their SOC to a cloud to optimally support increased demand with real-time analysis and visualization of machine data. </li><li>Engaged by a Netherlands-based global semiconductor manufacturer as a delivery and innovation partner to transform their overall security posture, by setting up a robust security operations center with contextualized threat intelligence and orchestration, leveraging intelligent automation technologies. </li><li>Engaged by a leading American coffee company and coffeehouse chain to support their security operations including Public Key Infrastructure, privileged identity management, web single sign on and federation, virtual directory, external identity management and automated provisioning. </li><li>Selected by Aptiv PLC, a global technology company, as a strategic partner to continue to advance their IT Infrastructure Operations by bringing in business aligned, scalable, secure, digitally automated operations using cognitive tools powered by the MFDM™ framework. </li><li>Selected by one of the largest agricultural products firms, to provide end to end infrastructure services with a new engagement model leveraging service reliability engineering &amp; digital technologies. The scope includes cognitive technology powered service desk, field services, digital workplace services, client experience and unified collaboration services, cloud and on-premise hosting services, security and global network services. The proposed solution and operating model will prime their Global IT Infrastructure for the future, ensuring business continuity and transformation. </li><li>Selected by a global pharmaceutical company headquartered in USA, to enhance and transform their end user experience through TCS’ futuristic Digital Workplace Services Solution that is based on zero touch, nextgen technology and experience-focused services. TCS’ intuitive, immersive and intelligent UX solution, leveraging MFDM™-based service delivery, cognitive automation capabilities, and persona-based analytics, will deliver a hyper-personalized, reimagined experience to their customer-facing workforce. </li><li>Selected by a financial software and risk solutions to render digital workplace services on a hybrid cloud solution leveraging a leading public cloud platform and TCS Enterprise Cloud Platform. TCS’ Machine First design, leveraging automation and chatbots, security and support services, will result in improved customer experience, reduced onboarding timelines and higher user productivity. </li><li>Chosen by a US-based global fashion retailer to improve the customer experience and drive online business growth by implementing a leading enterprise CRM platform with a Machine First approach leveraging chat bots for enhanced response times and enriched contextual customer conversations. TCS will also drive the consolidation of multiple contact centres into a single digitally enabled multi-lingual center to enable better call handling, customer up-sell and cross-sell. </li><li>Selected by a leading US-based multinational technology company, to transform its procurement operations, deployment engineering, network deployment services. TCS will leverage its Machine First approach to automate and expedite hardware deployment and procurement functions to bring in agility and efficiencies to one of the largest and widely spread global cloud operations.</li></ul>See Also: T<a href="https://www.businessinsider.in/business/corporates/news/tcs-third-quarter-earnings-1-2-dollar-revenue-growth-ceo-commentary-and-other-highlights/articleshow/73327973.cms?src=hp_ts">CS third-quarter earnings ⁠— 0.3% dollar revenue growth, CEO commentary and other highlights</a>

These are the big deals bagged by TCS in the the last three months

<ul><li>A third wave of outsourcing is on its way and <keyword id="6357549" type="UNKNOWN" weightage="20" keywordseo="Indian-IT-companies">Indian IT companies</keyword> like <keyword id="6357585" type="COMPANY" weightage="20" keywordseo="tata-consultancy-services">Tata Consultancy Services</keyword>, Infosys and Tech Mahindra have the most to gain, according to <keyword id="6361649" type="UNKNOWN" weightage="20" keywordseo="Goldman-Sachs">Goldman Sachs</keyword>. </li><li>Riding the third wave, Indian IT services behemoths are on the edge of doubling their market share, seeing double digit revenue growth and wider margins.</li><li>TCS, in particular, will be racing ahead of the rest.</li></ul>There’s obvious opportunity for Indian IT companies like Tata Consultancy Services (TCS), Infosys, HCL Technologies and others as more businesses look to enable ‘work from anywhere’. This will be the third wave of outsourcing this millennium, according to Goldman Sachs, with the potential to double market share for Indian IT services giants, deliver double digit revenue growth and expand margins. <div type="image" title="IT market share to grow goldman sachs" msid="77864245" hostid="261"></div> <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Time period </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Outsourced IT services spend growth </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Last 10 years </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4-5% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2021-2024 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6-8% </td></tr></tbody></table>(Source: Gartner) “After a steep decline of 2.7% in USD revenues for the Top 5 Indian IT firms in FY21E due to the COVID-19 impact, we are expecting a sharp revival in growth over FY22 and FY23E,” said the global investment behemoth Goldman Sachs. The only company that seems to be left behind the fray is Wipro. <div type="image" title="Copy of IT market share to grow goldman sachs" msid="77864258" hostid="261"></div> TCS, on the other hand, may race ahead of the others. It has an edge since it’s the only Indian IT company with greater market share in healthcare than in manufacturing. <div type="image" title="Copy of Copy of IT market share to grow goldman sachs" msid="77864275" hostid="261"></div> “We see TCS as one of the largest beneficiaries of these trends given its wide array of services and capabilities, geographic presence, wide client base, consistent strong execution and ability to work remotely at a large scale with c.450K employees,” said the Goldman Sachs’ report dated August 28. Riding the increased reliance of businesses on digital technology, working from home also cuts down costs like transportation and infrastructure expenses, allowing companies to expand their margin and get a bigger bang for their buck. How Indian IT companies will ride the third wave of outsourcing Demand already exists. History also supports the conclusion that the Indian IT industry is normally a late cycle beneficiary of global changes in technology. When the first wave of outsourcing occurred in 2000 after Y2K — a computer program bug that was expected to cause havoc as the year changed from 1999 to 2000 — the Indian IT sector grew faster than 40% from a small base and minimal global penetration to Indian IT companies becoming market leaders, according to Goldman Sachs. And, again, after the 2008 GFC when the Indian IT industry grew at more than 15% for three to four years before growth returned to high single digits. “This happened both due to a shift to cloud based infrastructure and the higher use of automation tools, forcing Indian IT firms to look for new ways to sell IT solutions, shifting from labor cost arbitrage to business transformation through digital technologies,” explained the report. This is compounded by the fact that India is currently home to the largest pool of digital skilled employees in the world. <div type="image" title="snapshot-1598933384850" msid="77864293" hostid="261"></div> “We believe these digitally trained employees at Indian IT firms are likely to drive overall revenue growth, which would be the key reason for their increasing relevance amid the requirement for digital-at-scale solutions,” said Goldman Sachs. <div type="image" title="pjote chart" msid="77864307" hostid="261"></div> However, not everything is as rosy as it appears Even though businesses are looking to become more digital, recurring revenues for IT companies have been falling as compared to those vendors which specifically provide software as a service (SaaS) and infrastructure as a service (IaaS). In order to address this risk, Goldman Sachs argues that Indian IT services companies will focus more on signing large contracts that look after a client’s entire IT function. These companies also have the option to sell their solutions on a vertical-specialised platform — one that focuses on a specific industry — to increase stickiness of revenue. “Both of the above approaches require more fixed-price and outcome-based contracts with higher risk-reward,” said the global investment firm. Examples of this strategy being applied already exist with Infosys’ deal with Verizon in late 2018 and TCS’ deal with Walgreens Boots Alliance (WBA) for $1.5 billion in February earlier this year. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/markets/news/dollar-index-is-at-a-two-year-low-and-heres-how-much-it-may-hurt-tcs-infosys-hcl-tech-and-others-if-it-stays-weak/articleshow/77843868.cms">Dollar Index is at a two-year low⁠ and here’s how much it may hurt TCS, Infosys, HCL Tech and others if it stays weak</a> <a href="https://www.businessinsider.in/stock-market/markets/news/there-arent-enough-shares-of-hdfc-bank-indusind-bank-and-kotak-bank-that-foreign-investors-can-buy/articleshow/77798108.cms">There aren’t enough shares of HDFC Bank, IndusInd Bank and Kotak Bank that foreign investors can buy</a> <a href="https://www.businessinsider.in/business/telecom/news/jio-adds-36-75-lakh-while-airtel-lost-47-72-lakh-subscribers-in-may/articleshow/77760669.cms">It's the day Airtel and Vodafone Idea have been waiting for – here’s the AGR case timeline of 26 years</a>

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

<keyword id="6357585" type="COMPANY" weightage="20" keywordseo="tata-consultancy-services">Tata Consultancy Services</keyword> CEO and <keyword id="6696063" type="UNKNOWN" weightage="20" keywordseo="md-rajesh-gopinathan">MD Rajesh Gopinathan</keyword> took home a pay package of about ₹20.36 crore in 2020-21, according to the company's annual report. In 2019-20, Gopinathan had received a total remuneration of ₹ 13.3 crore. According to TCS' annual report for 2020-21, Gopinathan received ₹ 1.27 crore in salary, ₹2.09 crore in benefits, perquisites and allowances, and ₹ 17 crore in commission. TCS Chief Operating Officer N Ganapathy Subramaniam drew a pay package of about ₹16.1 crore in the last financial year. This includes ₹1.21 crore in salary, ₹1.88 crore in benefits, perquisites and allowances, and ₹13 crore in commission. The increase in the managerial remuneration for the year was 55.22 per cent, the report said. "Increase in the managerial remuneration for FY2021 is not comparable with FY2020 owing to decrease in remuneration of 15 per cent in FY2020 in view of the economic conditions impacted by the COVID-19 pandemic wherein the Directors had decided to moderate the executive remuneration for FY2020 to express solidarity and conserve resources," it added. The average annual increase in salaries was 5.2 per cent in India. However, during the course of the year, the total increase is approximately 6.4 per cent, after accounting for promotions and other event-based compensation revisions. Employees outside India received a wage increase varying from 2 to 6 per cent, the report said. The increase in remuneration is in line with the market trends in the respective countries, it added. The report said the percentage increase in the median remuneration of employees in FY2021 was 0.03 per cent. TCS' permanent employee base was at 4,48,649 at the end of 2020-21 fiscal year. The 26th Annual General Meeting of the Mumbai-based company will be held virtually on June 10, 2021. TCS Chairman N Chandrasekaran said the company sees immense opportunities for growth, riding the new technology cycle that has kicked off, powered by the belief that its differentiated capabilities and collaborative, solution-centric approach makes it the preferred transformation partner of its customers. "It is building on that belief, and investing in sharpening the capabilities needed to expand its footprint in this large opportunity," he said in his letter to the shareholders. Despite a sharp fall in revenues in the first quarter, TCS made a swift recovery during the rest of the year and clocked full year revenues of ₹ 164,177 crore in FY2021. SEE ALSO <a target="_blank" class="c-link" href="https://www.businessinsider.in/tech/mobile/news/xiaomi-oppo-vivo-and-poco-extend-warranties-by-up-to-two-months-due-to-covid-19-lockdowns-and-restrictions/articleshow/82763113.cms">Xiaomi, Oppo, Vivo and Poco extend warranties by up to two months due to COVID-19 lockdowns and restrictions</a> <a target="_blank" class="c-link" href="https://www.businessinsider.in/tech/mobile/news/android-12-beta-how-to-download-and-install-it-on-pixel-oneplus-xiaomi-realme-phones-among-others/articleshow/82760990.cms">Android 12 beta – how to download and install it on Pixel, OnePlus, Xiaomi, Realme phones among others</a> <a target="_blank" class="c-link" href="https://www.businessinsider.in/business/corporates/news/adani-green-energy-to-acquire-sb-energy-india/articleshow/82759578.cms">Adani Green Energy to acquire SB Energy India, boosting its renewable energy capacity by 4.9GW</a>

TCS CEO took home over ₹20 crore pay in the last financial year, as managerial hike goes up by 55%

Ride-hailing major Uber on Thursday announced a partnership with electric vehicle fleet operator Lithium Urban Technologies to deploy over 1,000 EVs in Delhi-NCR, Mumbai, Bengaluru, Hyderabad and Pune. Uber said it has already deployed more than 100 such electric vehicles (all sedan), such as Mahindra eVerito and Tata Tigor EV, on its platform. Over the next 12 months, the company said it remains committed to scaling up to 2,000 electric vehicles on its platform, including the Lithium EVs. "After our partnerships with Yulu, Mahindra and SUN Mobility, this is our fourth partnership in this space and Uber will always remain committed to providing smarter mobility, building greener cities and creating healthier lives," said Prabhjeet Singh, President, Uber India and South Asia said. Lithium's charging hubs in the selected cities have the capacity to charge multiple cars and buses simultaneously. While a fast charger can charge a sedan in 90 minutes, a slow charger can do that in 8 to 9 hours. "Our partnership with Uber has the potential to significantly add to the number of electric kilometers covered by cars in every city. Electric vehicles are particularly well-suited to the shared economy, and that's why we're seeing their early adoption, most noticeably in fleets," said Ashwin Mahesh, Co-Founder and CEO, Lithium Urban Technologies. According to the 2019 ‘IQAir; rankings, 14 of the 20 most polluted cities in the world are in India. Exposure to outdoor and indoor air pollution contributed to over 1.2 million deaths in India in 2017, according to the State of Global Air Report. Uber recently announced a global commitment to make all rides on its platform 100 per cent emission-free by 2040 through zero-emission vehicles and the integration of public transport and micro-mobility. A market leader in sustainable mobility solutions, Lithium was established in 2014 to encourage an environment-friendly mobility solution for corporates. Lithium runs its over 1,000 electric fleet of hatchbacks, sedans, SUVs and buses across 10 cities in India with its own charging infrastructure of more than 500 fast and slow chargers and charging hubs. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/tcs-and-wipro-lead-rally-in-it-stocks-after-tcs-ceo-announces-multi-year-technology-transformation-cycle-in-the-works/articleshow/78547893.cms" data-type="tilCustomLink">TCS and Wipro lead rally in IT stocks after TCS CEO announces multi-year 'technology transformation' cycle in the works</a> <a href="https://www.businessinsider.in/india/news/here-are-the-guidelines-issued-by-the-dgca-for-the-refund-of-airline-tickets-booked-during-the-lockdown-period/articleshow/78547292.cms" data-type="tilCustomLink">Here are the guidelines for refund of airline tickets booked during the lockdown period issued by the DGCA</a>

Uber partners with Lithium Urban Tech to onboard 1,000 EVs in India

Former <keyword id="6357150" type="General" weightage="80" keywordseo="tcs" source="Orion">TCS</keyword> CEO Rajesh <keyword id="221979" type="General" weightage="100" keywordseo="gopinathan" source="Orion">Gopinathan</keyword>'s overall remuneration jumped 13.17 per cent to Rs 29.16 crore in FY23, his last year as the chief executive of the largest IT services player. In the annual report for the fiscal year 2022-23, TCS said Gopinathan earned over Rs 25 crore as commission, a salary of Rs 1.73 crore and Rs 2.43 crore in other benefits. Gopinathan, who helmed the company for six years till May 31, had earned a salary Rs 25.76 crore FY22. Despite heading the largest company, Gopinathan's pay cheque is lower compared to peers and also lower than what his predecessor <keyword id="97017" type="General" weightage="50" keywordseo="n-chandrasekaran" source="Orion">N Chandrasekaran</keyword> drew in FY17 before being appointed as the Tata Sons Chairman. On his elevation to the CEO's seat from being a chief financial officer, Gopinathan drew Rs 6.22 crore in FY17 which doubled to Rs 12.5 crore in FY18 and had been steadily rising since but for a blip in FY20. Gopinathan has committed to help TCS in the leadership transition by being available till September, and is yet to reveal his future plans. K <keyword id="16817833" type="General" weightage="50" keywordseo="krithivasan" source="Orion">Krithivasan</keyword>, Gopinathan's successor, will be getting a basic salary of Rs 10 lakh per month which can go up to Rs 16 lakh, commission as decided by the board and other benefits like rent-free residential accommodation. The company's chief operating officer N G Subramaniam earned a total remuneration of Rs 23.60 crore for FY23, up from about Rs 20 crore in FY22. The annual report said the increase in managerial remuneration is at 13.58 per cent as against the median hike of 5.11 per cent across its 6.14 lakh permanent employees. Chandrasekaran thanked Gopinathan and also wished the best for Krithivasan in his note, and said TCS is significantly investing in building AI capabilities which include products and platforms that are AI-powered. "We will also invest in research areas important for the future, in collaboration with our global academic partners and start-up ecosystem," he added. Krithivasan, who has been with TCS for several decades, said he has interacted with customers, leadership teams and employees as part of the leadership transition and added that an order book of USD 34.1 billion, coupled with strong pipeline of replenishment, gives it a good visibility for the medium-term. Chandrasekaran also said that companies need to focus on building talent for the future as the energy, supply chain and AI (artificial intelligence) transitions are going to require companies to reskill or upskill existing talent base, hire and integrate new talent and invest in research. In his note to shareholders, Gopinathan spoke about overcoming the challenges on the HR front, and said TCS' best years are ahead. "We broke out of the vicious cycle of hiring and counter-hiring within the industry by investing in onboarding an unprecedented number of fresh engineers," he said, pointing out that it hired 1.10 lakh fresh engineers in FY22 and 44,000 in FY23. Its global head for human resources, Milind Lakkad, said half of its over 6 lakh workforce has been hired since March 2020 and underscored the need for staff to return to working from offices. "New employees get acculturated through physical interactions with senior colleagues and leaders, by observing and following their behaviors and ways of thinking. Without those interactions, employee engagement as well as acculturation got badly impacted," Lakkad said. Amid the talk of newer technologies like generative AI, Lakkad said the "linearity" between revenue and headcount is not going to go away any time soon. "With ever-increasing dependence on technology for competitive differentiation, we expect enterprise spending to keep growing, for which we will have to keep hiring new talent," he said. The company scrip was trading 0.89 per cent up at Rs 3263 a piece on the BSE at 1348 hrs as against gains of 0.27 per cent on the benchmark. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/tcs-looking-to-grab-opportunities-arising-due-to-global-shifts-in-energy-and-supply-chain-says-chandrasekaran/articleshow/100815501.cms">TCS looking to grab opportunities arising due to global shifts in energy and supply chain, says Chandrasekaran</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/maruti-suzuki-jimny-vs-honda-elevate-comparison-of-features-and-style/slidelist/100815083.cms">Maruti Suzuki Jimny vs Honda Elevate – Which SUV suits your need</a>

Former TCS CEO Rajesh Gopinath got a 13% pay hike last financial year

The Indian IT sector is facing rough weather and to add to the worries of job seekers, <keyword id="6372077" type="CITY" weightage="20" keywordseo="Nasscom">Nasscom</keyword> said the IT industry will create 20-38% fewer jobs this fiscal. While the IT sector added 1.8 lakh jobs in FY17, the FY18 will see less <keyword id="81847" type="UNKNOWN" weightage="20" keywordseo="Job-creation">job creation</keyword> and the industry would create 1.3-1.5 lakh new jobs. One of the reasons of the job loss is automation, Nasscom president R Chandrashekhar said automation was leading to job loss but new ones are also being created. Companies are now focussing on automation and restructuring its workforce to deal with automation and achieve cost savings. <keyword id="6357150" type="CITY" weightage="20" keywordseo="TCS">TCS</keyword> and <keyword id="6354512" type="CITY" weightage="20" keywordseo="Infosys">Infosys</keyword> cut down their staff to trim costs. "Tech is eliminating jobs in every sector, including IT. It is also creating jobs. Countries like the US and UK have been adopters of technology and have experienced the same cycle. Today , their unemployment levels are close to zero. While there is job loss and pain, ultimately , it is the only route to economic prosperity ," said Chandrasekhar. In India, IT sector is considered to be largest job market.

Here’s some bad news for job seekers in the IT sector

<ul><li><keyword id="896278" type="PERSON" weightage="20" keywordseo="Indian-IT-services-companies">Indian IT services companies</keyword> <keyword id="6354512" type="COMPANY" weightage="20" keywordseo="Infosys">Infosys</keyword> and <keyword id="141968" type="CITY" weightage="20" keywordseo="HCL-Tech">HCL Tech</keyword> may see their stocks increase by more than 50% in the coming year, according to Edelweiss.</li><li>The current ‘tech upcycle’ could also put mid-cap stocks like MindTree and L&amp;T Infotech on the road to becoming large caps by 2035.</li><li>The surge of growth is pegged on the faster-than-expected recovery of the BFSI vertical, the prioritisation of spending on cloud services and the reduction of costs due to most employees working from home. </li></ul>The COVID-19 pandemic may have wreaked havoc on many industries but the IT sector exhibited extraordinary perseverance. Edelweiss estimates that despite the rally seen over the last three months, the best is yet to come. And, <keyword id="4126021" type="PERSON" weightage="20" keywordseo="Indian-IT-stocks">Indian IT stocks</keyword> like Infosys, HCL Tech and TCS are most likely to reap the benefits. “Among mid-caps, we believe Mindtree and L&amp;T Infotech might well be the large caps of 2035 (perhaps much like Infosys and TCS, respectively),” said the analysts’ December report on the IT sector. <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 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Company </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:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Target Price </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:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Projected upside </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:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Eclerx </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:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹1,536 </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:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">96.70% </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:bottom;padding:2pt 2pt 2pt 2pt;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 0.5pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹1,480 </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:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">72.90% </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:bottom;padding:2pt 2pt 2pt 2pt;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:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹1,850 </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:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">63.10% </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:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">LTTS </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:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹2,740 </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:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">52.10% </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:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">TCS </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:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹4,000 </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:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">46.90% </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:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Mindtree </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:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹2,044 </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:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">42.10% </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:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">L&amp;T Infotech </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:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹4,197 </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:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">28.50% </td></tr></tbody></table>Source: Edelweiss Research This is because ‘clients are more determined to spend than ever before,’ according to Edelweiss. This is further bolstered by the fact that the IT companies themselves are gaining on margins with employees working from home. Most companies will have a larger than usual budget for tech upgrades Companies don’t normally carry over their budget allocation for IT into the next year. But this time around, they’re making an exception. Majority of IT departments are likely to carry forward any of the unused technology budgets from 2020 into 2021, according to Edelweiss. That means next year, most clients of IT services companies will have a significant amount to spend in addition to traditional allocation for technology upgrades. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Quarter </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;">TCS’ Total Contract Value </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys’ large deal signings </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;">Q1 FY20 </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;">$5.7 billion </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;">$2.7 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q2 FY20 </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;">$6.4 billion </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;">$2.8 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q3 FY20 </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 billion </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;">$1.8 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q4 FY20 </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;">$8.9 billion </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;">$1.7 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q1 FY21 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$6.9 billion </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;">$1.7 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q2 FY21 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$8.6 billion </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$3.2 billion </td></tr></tbody></table>Source: Respective company reports “[This implies] FY22 revenue growth for Indian technology companies can be comfortably in the 12–14% range or even more,” said the report. The best phase of the ‘tech upcycle’ The surge in spending on technology upgrades has been dubbed the ‘tech upcycle’. It’s a result of the increase in online activity during the coronavirus pandemic. Back in June, the upcycle was just kicking off and the most expansive phase — when the money actually starts rolling — is yet to begin. This is called the ‘squeeze up’ phase of the cycle. <div type="image" title="Copy of canara bank" msid="79659488" hostid="261" caption="&amp;lt;p&amp;gt;The share prices of HCL Tech, Infosys and TCS over the last six months&amp;lt;/p&amp;gt;"></div> Why will some companies gain more than others? According to Edelweiss, all IT companies have something to gain from the increased spending on digital that will flow in. But, some will gain more than others depending on where their focus lies within the digital space. For instance, spending on cloud technology is more important than investing in non-cloud digital services. “Cloud has clearly taken precedence in spends as clients now increasingly and strongly-than-ever believe that they need an agile IT infrastructure to manage variable data loads,” notes the report. With companies like HCL Tech, Infosys and TCS being the strongest contenders for cloud technology right now, they have the most to gain. Another positive for these companies is that the BFSI segment, in particular, is witnessing decade-high budgetary allocations to upgrade its technology. <div type="Article" hostid="261" msid="76334123" title="TCS, Infosys, HCL Tech and others will gain from Microsoft, Amazon and Google spending more on technology" mstype="2" mssubtype="0"></div> IT sector gains aren’t without its risks The IT sector may be on the precipice of massive growth but the risks have never been higher. A serious data breach — keeping in mind that the number of cyberattacks on companies during the last six months has been increasing — could have a serious impact on client trust and customer confidence. The depreciation of the dollar versus the rupee could also moderately affect growth and the resulting earnings estimates of IT companies, according to Edelweiss. And, while it is true that technology spends are stepping up, the North American market is an exception to that rule. Since most clients within the US are already digitally savvy, their budgets for IT may be slashed. <keyword id="6357549" type="UNKNOWN" weightage="20" keywordseo="Indian-IT-companies">Indian IT companies</keyword> may bear the brunt since, for most, the majority of their revenue comes from customers in the US. Lastly, while the BFSI sector is racing to catch up, it also means there’s a higher risk of companies within that vertical declaring bankruptcy. If a large enough BFSI client was to go bust, it wouldn’t impact the whole industry, but the IT services company providing services would be in for a rough ride. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/india-desi-gps-finally-joins-china-russia-and-the-us-after-a-two-year-long-wait/articleshow/79656300.cms">India’s desi-GPS is now in the same league as the US, Russia and China — can scan 1,500 kilometres beyond its own borders</a> <a href="https://www.businessinsider.in/science/health/news/canada-has-enough-covid-19-vaccine-doses-to-cover-each-citizen-five-times-over-while-the-fate-of-67-poor-countries-remains-undecided/articleshow/79645493.cms">Canada has enough COVID-19 vaccine doses to cover each citizen five times over while the fate of 67 poor countries remains undecided</a> <a href="https://www.businessinsider.in/india/news/farmers-plan-to-block-delhi-jaipur-and-delhi-agra-highways-starting-december-12-and-start-nationwide-protests-on-december-14/articleshow/79644167.cms">Farmers call for nationwide protest on December 14 — plan to block Delhi-Jaipur and Delhi-Agra highways starting December 12</a>

One research firm says shares of Infosys, HCL Tech, and TCS may see another surge — here's why

<ul><li>The Indian <keyword id="6374106" type="ORGANIZATION" weightage="20" keywordseo="ministry-of-external-affairs">Ministry of External Affairs</keyword> (MEA) spokesperson hit back at the <keyword id="159857" type="ORGANIZATION" weightage="20" keywordseo="Chinese-embassy">Chinese Embassy</keyword> for its open letter asking Indian media to refrain from covering Taiwan’s National Day celebration. </li><li>“There's free media in India that reports on issues as it sees fit," said spokesperson <keyword id="916281" type="PERSON" weightage="20" keywordseo="Anurag-Srivastava">Anurag Srivastava</keyword>.</li><li>The open letter asked Indian media to honour the ‘One China’ narrative.</li></ul>After the Chinese Embassy issued a notice to Indian media to refrain from covering Taiwan’s National Day celebrations, India’s Ministry of External Affairs (MEA) has hit back. “There's free media in India that reports on issues as it sees fit," said spokesperson Anurag Srivastava during the press briefing today evening on October 8. In its open letter, the Chinese Embassy told the Indian media not to recognise Taiwan’s National Day (October 10) and called for them to honour the commitment to ‘One-China’ policy. “The Chinese Embassy would like to remind our media friends that there is only one China in the world… Taiwan is an inalienable part of China’s territory,” it wrote. The letter even irked the Taiwanese authorities. The country’s Foreign Ministry hit back on Twitter, asking China to ‘<a href="https://twitter.com/MOFA_Taiwan/status/1313838337875079169?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1313838337875079169%7Ctwgr%5Eshare_3&amp;ref_url=https%3A%2F%2Fwww.indiatoday.in%2Findia%2Fstory%2Fget-lost-says-taiwan-after-china-asks-indian-media-to-follow-one-china-policy-1729418-2020-10-08">get lost</a>.’ The Chinese government’s diktat came in after two Delhi-based newspapers carried full-page advertisements issued by the Taiwanese government featuring the slogan, “Taiwan and India are natural partners.” What some are calling an ‘<a href="https://twitter.com/AdityaRajKaul/status/1313814773830578176">indirect threat</a>’ by the Chinese Embassy comes amid India-China border tensions in Ladakh. The eighth round of military-level talks between the two sides is scheduled on October 12. Even as both the countries agree not to escalate the border impasse any further, disengagement is yet to occur. The standoff has been in place for nearly six months now, with the Asian giants sending in supplies for troops as they prepare for sub-zero winters of the Himalayas. SEE ALSO: <a href="https://www.businessinsider.in/defense/news/indias-defence-ministry-removes-three-years-worth-of-monthly-reports-from-website/articleshow/78552916.cms">India’s Defence Ministry removes three-years worth of monthly reports from website</a> <a href="https://www.businessinsider.in/business/corporates/news/infosys-to-acquire-us-based-data-analytics-company-for-125-million-deal-expected-to-close-in-third-quarter/articleshow/78551010.cms">Infosys to acquire US-based data analytics company for $125 million — deal expected to close in third quarter</a> <a href="https://www.businessinsider.in/defense/news/iaf-displays-its-might-with-rafale-apache-tejas-and-others-during-the-annual-air-force-day-airshow/slidelist/78549506.cms">IN PICS: IAF displays its might with Rafale, Apache, Tejas, and others during the annual Air Force Day airshow</a> <a href="https://www.businessinsider.in/stock-market/news/tcs-and-wipro-lead-rally-in-it-stocks-after-tcs-ceo-announces-multi-year-technology-transformation-cycle-in-the-works/articleshow/78547893.cms">TCS and Wipro lead rally in IT stocks after TCS CEO announces multi-year 'technology transformation' cycle in the works</a>

India’s MEA hits back at Chinese Embassy — ‘There’s free media in India,’ says spokesperson

New Delhi, <keyword id="6354814" type="UNKNOWN" weightage="20" keywordseo="prime-minister-narendra-modi">Prime Minister Narendra Modi</keyword> said on Monday that the world's biggest inoculation drive against <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">coronavirus</keyword> is set to begin in the country, a day after the drugs regulator approved two vaccines for restricted emergency use. Lauding the scientists and technicians for the 'Made in India' vaccines, he said the country is proud of them. "World's biggest COVID-19 vaccination programme set to begin in India. For this, the country is proud of the contributions of its scientists and technicians," Modi said. India's drugs regulator on Sunday approved Oxford COVID-19 vaccine <keyword id="9617748" type="COMPANY" weightage="20" keywordseo="covishield">Covishield</keyword>, manufactured by the <keyword id="242973" type="COMPANY" weightage="20" keywordseo="Serum-Institute">Serum Institute</keyword>, and indigenously developed <keyword id="9485939" type="PERSON" weightage="20" keywordseo="covaxin">Covaxin</keyword> of <keyword id="149108" type="PERSON" weightage="20" keywordseo="Bharat-Biotech">Bharat Biotech</keyword> for restricted emergency use in the country, paving the way for a massive inoculation drive. Addressing scientists at the National Metrology Conclave, Modi said it must be ensured that 'Made in India' products not only have global demand but also global acceptance. "Quality is as much important as quantity, our standards should rise with our scale in our quest for Aatmanirbhar Bharat," he said. The prime minister said in any progressive society, research is key and effective and its effects are commercial and social. They also help widen approach and thinking. "Past teaches us that more a country concentrates on science, the more its technology gets strengthened. This technology in turn helps new industries and promotes research. This cycle takes the country ahead," he said. "We do not want to fill the world with Indian products, but we must win the hearts of every customer of Indian products in every corner of the world," he said. Quality of services in our country and products, both public or private sector, will determine India's strength in the world, he stressed. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-beml-hcl-tech-infosys-tech-mahindra-tcs-ril-tata-motors-hero-moto-tvs-and-others/articleshow/80089765.cms">Top stocks to watch — BEML, HCL Tech, Infosys, Tech Mahindra, TCS, RIL, Tata Motors Hero Moto, TVS, and others</a> <a href="https://www.businessinsider.in/business/auto/news/checkout-upcoming-new-cars-in-year-2021/slidelist/80025993.cms">Upcoming new cars in India in 2021 of Maruti, Tata, MG, Audi</a> <a href="https://www.businessinsider.in/international/news/questions-arise-about-jack-ma-whereabouts-as-alibaba-faces-scrutiny-from-the-chinese-government/articleshow/80090457.cms">Where is Jack Ma? Questions arise about the billionaire’s whereabouts as Alibaba faces scrutiny from the Chinese government</a>

You Searched For "tcs technology cycle" and got 10 results

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