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“The challenges which the IT companies had still continue. They have worked very hard to ensure the cost escalation does not happen. They have also worked towards gaining large orders.”

Indian IT services firms have already captured around 6-7% of the market, largely across major technology spenders such as governments, banking and financial services, retail, mining etc offering e-government solutions, integrated infrastructure, platforms, security etc.

The biggest names in Indias startup galaxy, top entrepreneurs, policymakers and investors will congregate to celebrate the countrys brightest entrepreneurs in Bengaluru on October 7 at the ninth edition of The Economic Times Startup Awards. This and more in todays ETtech Morning Dispatch

TCS share buyback: The IT major will consider the proposal of buyback of its shares along with its Q2 FY24 result on October 11, the company announced on Friday. So far, TCS has not disclosed the quantum of the buyback share proposal

TCS had in 2022 announced a share buyback of up to 4,00,00,000 shares aggregate amount not exceeding Rs 18,000 crore. This was 1.08 per cent of the total paid up equity share capital of the IT firm.

TCS share buyback: Tata Consultancy Services board will consider share buyback next week. Its last share buyback of Rs 18,000 crore concluded in 2022.

Alongside the share buyback proposal, the board will also consider and approve the earnings for the quarter and the six months ended September.

The RBIs rate-setting committee kept the key lending rate steady at 6.50%. The central bank also maintained its policy stance of "withdrawal of accommodation" to bring inflation within its target band.

To avoid a prolonged decline post FY24, Indian IT must reform its business strategies. A focused approach to Indias booming domestic market might offer the needed buffer

The quantum of buyback was not disclosed. The company has a board meeting on October 11 to consider the second quarter results for the ongoing fiscal.