Page 38 - Tcs News Today

While the ITeS sector will continue to grow near double-digit levels, headcount will shrink in 2024 by at least 5 percentage points. If the sector does not shed people, it would indicate seeping complacency, a lack of understanding of the impact of new technologies, and an incipient loss of competitiveness. It needs to reduce headcount, and stay competitive and relevant in the face of automation and AI.

The two companies combined saw headcount fall by 34,851 year-on-year. Headcount at TCS dropped by 10,669 and that at Infosys by 24,182 since the third quarter of the previous fiscal.

There are several tax deducted at source (TDS) provisions with different thresholds and multiple rates. This has created a TDS maze that leads to frequent disputes as well as the blocking of working capital at businesses.

Historically, December quarter is seasonally weak for the information technology sector, but this time around, companies have likely witnessed a stronger winter chill.

Daniel Hughes Callahan, also known as, Don Callahan, ends his journey at TCS on January 10, 2024, and has decided to not stay on for a second term

Furloughs is a period when employees go on leave, and this typically occurs during the December quarter, particularly in the western countries.

Stocks that were in focus included names like TCS, which rose 0.4%, ZEE, which fell 8%, and EaseMyTrip, whose shares climbed 5.4% on Tuesday.

CLSA maintained a buy rating on RIL with a target price of Rs 3060. Organic and inorganic triggers are likely to come together and support the up move in 2024.

TCS had reported a total contract value of $11.2 billion, after clocking TCV of $10.2 billion in Q1FY24, which was above the guided range of $7-9 billion.

Japanese telecommunication giant NTT Corporation has fully exited its 69.14% controlling stake in Pune-based IT consulting and services firm Nihilent Ltd selling it to the founder and promoter LC Singh.