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

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

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

Trading activity to hinge on Q1 results, global trends in holiday-shortened week: analysts

Shares of <keyword id="19950203" type="General" weightage="100" keywordseo="TCS" source="keywords">TCS</keyword> on Friday climbed over 3 per cent after the country's largest <keyword id="20069374" type="General" weightage="20" keywordseo="IT-services" source="keywords">IT services</keyword> player reported 8.7 per cent growth in the June quarter net profit at Rs 12,040 crore. The stock went up by 3.10 per cent to Rs 4,044.35 on the BSE. At the NSE, it rallied 3 per cent to Rs 4,044.90. The company's <keyword id="20097096" type="General" weightage="20" keywordseo="market-valuation" source="keywords">market valuation</keyword> jumped Rs 40,359.77 crore to Rs 14,59,626.96 crore in morning deals. The stock emerged as the biggest gainer among the Sensex pack. "The positive domestic cue is the better-than-expected numbers from TCS and positive management commentary which can lift most IT stocks," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services. In the equity market, the 30-share BSE Sensex climbed 226.11 points to 80,123.45 in early trade. The <keyword id="19950205" type="General" weightage="20" keywordseo="nse-nifty" source="keywords">NSE Nifty</keyword> went up by 82.1 points to 24,398.05. <keyword id="19950119" type="General" weightage="20" keywordseo="Tata-Consultancy-Services" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Consultancy Services" meta.hostid="261" meta.entityid="Tata Consultancy Services">Tata Consultancy Services</keyword> (TCS) on Thursday posted an 8.7 per cent year-on-year rise in its consolidated net profit at Rs 12,040 crore for the first quarter ended June 2024. Net profit for the year-ago period stood at Rs 11,074 crore. The company - which competes in the IT services market with the likes of Infosys, Wipro and HCLTech - reported 5.4 per cent increase in revenue at Rs 62,613 crore for the quarter just ended. "I am pleased to report a strong start to the new fiscal year with all-round growth across industries and markets," K Krithivasan, Chief Executive Officer and Managing Director of TCS, said in a release. TCS has declared an interim dividend of Rs 10 per equity share of Re 1 each. Meanwhile, other IT stocks -- Infosys, Tech Mahindra, HCL Technologies and Wipro -- were also in demand.

TCS shares climb over 3% after earnings announcement; Market valuation jumps Rs 40,360 crore

<ul><li>We are not the only ones seeing a dichotomy between volumes and revenues, said <keyword id="10862" type="General" weightage="100" keywordseo="wipro" source="Orion">Wipro</keyword> CEO.</li><li>He expects its large deal <keyword id="2415150" type="General" weightage="50" keywordseo="tcv" source="Orion">TCV</keyword> of $1.3 billion wins to drive quality revenue next year.</li><li>The typical pyramid of large and small deals has evolved, and small deals in the market are much fewer. </li></ul> After Wipro posted a <a href="https://www.businessinsider.in/business/news/wipros-revenues-fall-2-pc-in-q2fy24-guides-for-a-steeper-fall-in-q3/articleshow/104527236.cms" data-type="tilCustomLink" target="_blank">sequential revenue fall</a> for the third consecutive quarter, its CEO <keyword id="3808309" type="General" weightage="50" keywordseo="thierry-delaporte" source="Orion">Thierry Delaporte</keyword> said that it will see a rebound in the next few quarters. This was after the company said that its upcoming quarter’s constant currency revenues could fall anywhere between 1.5-3%, after its Q2 revenues fell 2%. “We are not the only one seeing a dichotomy between volumes and revenues. For several years, we have seen growth and in the last few quarters what we are seeing is reflective of the industry,” Delaporte said at the company’s <keyword id="56260" type="General" weightage="60" keywordseo="Q2-earnings" source="Orion">Q2 earnings</keyword> press conference. Like many of its peers, the Bengaluru-based IT major reported rampdowns, furloughs and reductions – that’s resulted in revenue leakage. The company, which has a larger exposure to consulting business in the BFSI segment, was hit harder than its peers. The constant currency revenues of its strategic business unit Americas 1 (healthcare, consumer goods, retail and Latin America etc) grew by 0.9% QoQ, its Americas 2 unit (banking, manufacturing, hi-tech, utilities and Canada) fell by 2.6%. Europe saw a steep fall of 5.4% sequentially. “Given our strong order booking in Europe, we’re confident of a swift rebound,” said Delaporte. Top-heavy deal book The company’s total bookings for the quarter stood at $3.8 billion. Its large deal total contract value (TCV) stood at $1.3 billion – which is the highest it has seen in the last nine quarters. “Our large deals will drive quality revenue for the next year,” he said, adding that he derives confidence from the number of large deals they have booked. Yet, the total number of new customers for the quarter were at 49, which is much lower than the 65 in Q1. On a year on year comparison, its new customer number fell over a half from 128. Its total number of active customers also fell both sequentially and on an annual basis to 1,393. Explaining this, Delaporte said that the typical pyramid of large and small deals has evolved. “There are a lot less of the very very small deals. It’s our strategy that we want to reduce the number of small clients and focus on large accounts and grow them. Because, a very large number of small deals are not predictive,” he said. The company kickstarted a programme three years back to improve its margins. Even in a difficult quarter, the company said that it was able to deliver a 10 basis point improvement in operating margin to 16.1%. It also promised that it will remain range-bound without any guidance for the quarters ahead. The company said that it is confident of discretionary spending coming back to the system which will set it back on the track. “It’s very important for Wipro to keep focus on key elements of transformation,” said Delaporte.

Wipro CEO expects revenues to rebound in the next few quarters

<ul><li><keyword id="10862" type="General" weightage="80" keywordseo="wipro" source="Orion">Wipro</keyword>’s board approved the merger of five of its subsidiaries into the company.</li><li>Wipro said that it has 22 accounts above the $100 million range as of September end.</li><li>Its voluntary attrition came in at a nine-quarter low of 13.4% in the second quarter.</li></ul> Wipro, the country’s fourth largest IT services company, reported a 2% sequential fall in constant currency revenues for the July-September quarter on Wednesday. This is the third consecutive quarter where it has reported sequential fall in revenues. Gross revenues declined 0.01% to ₹17,365 crore year-on-year. The IT major has also guided for yet another weak quarter ahead. It expects revenues to fall anywhere between 1.5-3.5% in the third quarter of FY24. The fall was steeper in its quarterly net profit, which declined by 8% in rupee terms to ₹2,667 crore against ₹2,887 crore it reported in the previous quarter. The Street was expecting Wipro to report a 1% sequential fall in constant currency revenues. In dollar terms, its IT segment revenues fell 2.3% to $2,713.3 million, the company said on Wednesday. Commenting on the quarterly numbers, <keyword id="3808309" type="General" weightage="50" keywordseo="thierry-delaporte" source="Orion">Thierry Delaporte</keyword>, Wipro’s CEO and MD, said: “Due to our higher exposure to the consulting and BFSI sector in the Americas, we have seen a higher than usual impact of macroeconomic conditions. As the markets start to turnaround, on the back of our transformation and efficiency plays, we expect to see improvement in the coming quarters. Wipro said that its total bookings for the quarter stood at $3.8 billion for the quarter which is 6% higher than what it was in the same quarter last year. Its large deal booking is at $1.3 billion – which is the highest it has seen in the last nine quarters. It said it has 22 accounts above the $100M range – twice as much they had in FY21. Wipro’s operating margin for the quarter was at 16.1%, up 10 bps QoQ. The company said it expects the margins to remain range-bound as seen in the last few quarters. Employees to get 80% variable pay Wipro’s voluntary attrition has continued to moderate sequentially, coming in at a nine-quarter low of 13.4% in the second quarter. The company also said it will give 80% of the variable pay to its employees based on performance. It did not disclose its plans of hiring at campuses this year. “Hiring is a function of demand and benching. We are focussed on honouring our commitments made to people before going to campuses, and there are still some offers left to honour,” said Saurabh Govil, chief human resources officer at Wipro. The company’s board also approved a scheme of amalgamation to merge five of its wholly-owned subsidiaries with itself. The subsidiaries are Wipro HR Services, Wipro Overseas IT Services, Wipro Technology Product Services, Wipro Trademarks Holding and Wipro VLSI Design Services. “The scheme is subject to necessary statutory and regulatory approvals under applicable laws, including approval of the National Company Law Tribunal,” the company said. IT companies are facing demand headwinds in their key markets. Wipro, like other peers, had also indicated that its revenues could contract during the second quarter. In July, the company had said while announcing its first quarter earnings that it expected revenue from IT services to be in the range of $2,722 million to $2,805 million. This would translate to sequential guidance of -2 per cent to +1 per cent in constant currency terms.

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

Divyanshi Sharma

Trading activity to hinge on Q1 results, global trends in holiday-shortened week: analysts

PTI

TCS shares climb over 3% after earnings announcement; Market valuation jumps Rs 40,360 crore

PTI

Wipro CEO expects revenues to rebound in the next few quarters

Katya Naidu

Wipro’s revenues fall 2% in Q2, guides for a steeper fall in Q3

Katya Naidu

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