Page 38 - Persistent Systems News Today

Beleaguered quick commerce startup Dunzo, which has been scrambling to lock in some desperately-needed funding, has seen five exits from its board of directors over the past two months.

The awards ceremony of the Economic Times Startup Awards 2023, scheduled to be held in Bengaluru on October 7, will see Union minister of commerce and industry Piyush Goyal and minister of state for information technology Rajeev Chandrasekhar attending as guests of honour. This and more in todays ETtech Morning Dispatch.

Nomura also predicts the current demand slowdown in IT services to spread across the entire FY24 rather than just the first half, with the possibility of its impact even extending to FY25 as macro uncertainties continue to linger.

The Nifty IT index traded volatile on Friday. Accentures weak performance and outlook raise concerns about the Indian IT sector. Kotak Institutional Equities expects weakness in discretionary spending and a negative impact on Tech Mahindra and Wipro.

The decline in Accentures consulting business is a significant factor in their first guidance, and the negative impact is felt in verticals such as communications. However, the managed services segment remains stable, and Indian IT companies are expected to benefit from increased market share due to strong bookings. The US economy, which historically influences Accentures performance, is expected to recover, indicating potential growth for the IT sector.

Amazon rolls out new features to help organizations leverage generative AI - SiliconANGLE

Wipro plans to implement salary hikes in the October-December quarter, with an expected average increase of 6%-8%. Top performers may receive double-digit raises. Other Indian IT firms like TCS have also offered similar hikes, while Infosys is yet to announce its increases, but they have begun the year-end performance review cycle.

Industry innovators discuss the intersection of cloud and AI, paving the way for a new era in business evolution.

Anand Deshpande started the company three decades ago with his tax refund for seed capital. Today, it has a market cap of nearly Rs 45000 crore.

Concerns grow over impact of high interest rates in the US on Indian IT stocks. Nifty IT index in the green since May.