Page 134 - Tcs News Today

TCS sent the head of recruitment on leave, sacked four executives from RMG, and blacklisted three staffing firms

As an indicator of the weakening market, Infosys chief executive Salil Parekh took a pay cut of 21% in FY23 whereas outgoing TCS chief executive Rajesh Gopinathan saw a pay hike of 13%.

The Bengaluru-based firm said for retail investors, the entitlement ratio - the indication of minimum shares that the company will definitely accept in the buyback - has been fixed at 23.4%, while for others, it is 4.3%. Analysts recommend retail investors tender shares in the buyback programme given the ongoing uncertainty in the sector.

Foreign institutional investors have opened a $9bn-strong wallet for Dalal Street in FY24, as Sensex hit a record lifetime high at 63,588 while on International Yoga Day today, some analysts said the market has been slowly stretching without any sharp up or down moves. IndusInd Bank, Power Grid, Tata Motors, Titan Company and Ultratech Cement are among the seven other stocks that have delivered double-digit returns, but Infosys shares are down 21% since the last Sensex peak, while Reliance Indus...

The UK-based National Employment Savings Trust (Nest) had terminated its 18-year $1.8 billion IT transformation contract with French provider Atos, in February this year. TCS was among the frontrunners for the deal and had taken over the project operations after it was canceled. It is not clear if TCS has won the entire deal or part of it.

TCS' contract with National Employment Savings Trust (NEST) for TCS has the potential to grow to $1.9 billion if the tenure extends to 18 years.

The macro environment for Indian IT companies persists to be weak with global clients tightening their purse strings and the competition to grab existing deals in the market getting fiercer, company executives said as first quarter of the fiscal draws to a close.

TCS will be 5% for amounts exceeding Rs 7 lakh for education and medical treatment abroad.

This confidence stems from expectations that despite decade-high interest rates, the worlds largest economy will not slip into a recession and the US consumer will remain strong.

Coinswitch had earlier announced plans to offer conventional investment products like mutual funds, US stocks, etc., widening its scope beyond cryptocurrencies, which have taken a battering over the last few years.