Page 75 - Tcs News Today

20% TCS on overseas tour package: When you book, offline or online, overseas tour packages, offline or online, of more than Rs 7 lakh in a financial year, you have to pay TCS at 20% from October 1, 2023. Is there any way to reduce this additional upfront cost? Here are a few tips which will help you lower your TCS burden while travelling abroad. Read on to find out.

This comes as IT companies are facing slow growth because of macro headwinds and tech spends being pulled by clients.

Following a board meeting to consider its Q2 results, TCS said the board has approved a proposal to buyback 4.09 crore shares for an aggregate amount not exceeding Rs 17,000 crore, representing 1.12% of the total paid-up equity share capital of the company.

Market expert Mahantesh Sabarad suggests that investors should take advantage of the buyback opportunity, despite low premiums and potentially low acceptance ratios. He cautions that the stock may not sustain its rally due to weak results. While deal wins are strong, delivery is lacking and new hires have decreased, indicating subdued delivery in the coming quarters. Sabarad advises caution regarding the buyback and expresses concern about declining revenue and employee base.

"We would like to inform you that at the Board Meeting held today, the Directors have declared a second interim dividend of Rs 9 per equity share of Rs 1 each," the company said in a filing.

Strong decline in headcount raises doubts on demand recovery in near term, said analysts

India Business News: The Indian IT industry, valued at $245 billion, has been affected by a slowdown in tech spending, leading to deferred salary hikes and reduced variabl

TCSs headcount saw a net fall of 6,393 employees in Q2 of FY24, taking the overall headcount to 608,985. Further, the headcount fell by 7,186 compared to the year-ago period.

Receding top line growth despite robust deal wins suggests that execution milestones for these projects are set farther in future, which may raise concerns since it would strain profitability

TCS reported an 8.7 per cent year-on-year rise in its consolidated net profit.