Page 181 - Tcs News Today

Information technology stocks are likely to remain under pressure in the near-term amid headwinds emanating from the worsening economic situation in key global markets and financial market volatility, according to analysts. 

Wipro plans to offer employee promotions every quarter—a first for the Bengaluru-based company—and boost salaries of most of its workforce by 10% in September, with the top performers receiving more than 15% hikes.

TCS said that it hired a lot of lateral talent in the quarter and is maintaining the hiring target of 40,000 freshers for the year.

The Sensex and Nifty are poised to open higher on Friday, extending gains from the previous session as Asian shares and Wall Street surged broadly.

Tata Consultancy Services Ltd reported a 5.2% rise in June-quarter profit on Friday, as India's top IT exporter won more contracts from companies looking to digitise operations.

The company announced its results post-market hours. Earlier in the day, shares of the company closed 0.67 per cent down at Rs 3264.85 while the benchmark equity index BSE Sensex settled 303 points or 0.56 per cent, higher at 54,481.84.

Tata Consultancy Services (TCS), the country's largest IT firm, is scheduled to announce its financial results for the first quarter of the current financial on Friday.

While commenting on the fall in operating profit margins, Rajesh Gopinathan, chief executive officer and managing director, TCS said, “This is the bottom where we do our annual wage increases and promotions. The total impact of that on our profit and loss is about 150 basis points.”

Tata Consultancy Services is likely to report double-digit growth of Friday. Brokerages stress the need to watch the company's growth environment.

Benchmark BSE Sensex on Tuesday gave up intra-day gains to close lower by a little over 100 points on emergence of fag-end selling in FMCG, banking and IT stocks and weak opening in European stock markets.