It Sector

Indian-origin Cognizant CEO gets over $ 10 mn pay package

New Delhi: Offshore-centric IT services major Cognizant has paid its India-origin CEO Francisco D'Souza a pay package of USD 10.61 million in cash, stocks and other benefits.



The US-listed company, which has a large portion of its 1.63 lakh workforce in India, paid Frank a base salary of USD 590,000, stock awards worth USD 9.59 million and a non-equity incentive plan compensation of USD 405,780 for the last year.

However, his USD 10.61 million package for 2012 was lower than USD 11.76 million paid to him in 2011 when 44-year old Frank had got stock awards of over ten million dollars....more    

K'aka: Parties woo IT professionals; will they come out and vote?

Bangalore: With less than a week to go for the Assembly elections campaigning is in full swing in Karnataka. The generals have now landed on the battlefield. After Gujarat Chief Minister Narendra Modi, now Prime Minister Manmohan Singh will start his tour of the state. He will first address a public meeting in Hubli which was a BJP stronghold till recently. But the question is whether Dr Singh will be...  

Wipro shares slump on first trading session after split

Mumbai: Shares in Wipro Ltd, India's No.3 software services provider, fell as much as 11.3 per cent on Tuesday, which marked the first trading session as a standalone IT stock after splitting its other businesses into a separate unit. Wipro's split-off announced in November 2012 legally took effect on March 31, but has not been reflected in shares until Tuesday, meaning the company's shares no longer take into account the...  

Hiring activity in IT sector likely to be muted this year: Infosys

Hiring activity in the IT sector is likely to be muted this year, Infosys Co-founder and Executive Co-Chairman S Gopalakrishnan has said. "Hiring position seems to be muted this year because many companies still have deep bench (strength), in other words their utilisation rate is still low," he told PTI. ...  

Indian IT industry targets $300 billion revenue in 7 years

Targetting $300 billion revenue from IT sector by 2020, the industry representative body Nasscom on Monday announced expansion of its focus to include internet, mobile technology and cloud computing. ...  

Budget 2013: 'Invest in pharma, financial, IT sector'

While most people in the market are bullish in the run up to the Union Budget, Dipan Mehta, member of BSE & NSE doesn't see the Budget having any large impact on the equity market. The domestic and global cues, according to Mehta, will at best have a short-term effect on the stock prices. ...  

Budget 2013: IT hardware biz seeks cut in duty, nil tax

IT hardware manufacturing industry will provide employment for not-so-lucky people, possessing educational qualifications like ITI and diploma, besides gender employment. Current Internet density and penetration of IT have enough of headroom for growth and India being geographically at a right location in the middle of the globe, it serves as centre for products and services exports towards African and South Asian countries, besides the Middle East. ...  

Budget 2013: IT sector demands sop for domestic companies

The Union Budget for 2012-13 should incorporate policies and measures to develop the domestic software industry and also focus on encouraging software products segment in the country by protecting it from foreign competition in the domestic market. ...  

'India's IT sector exports to grow 12-14 per cent in FY14'

Exports from India's IT outsourcing sector are expected to grow between 12 and 14 per cent in the fiscal year starting April to as much as $87 billion, according to the National Association of Software and Services Companies (Nasscom), the industry lobby. ...  

Government to spend Rs 36,800 crore on IT in 2013: Report

Government is expected to spend Rs 36,800 crore on IT products and services in 2013, an increase of 10.5 per cent over 2012, research firm Gartner today said. ...  

India Inc's records decelerating sales growth: RBI

Indian companies recorded a decelerating sales growth rate in the first half of current fiscal, while it was 'other income' helping them post a decent growth in net profits, an analysis of Reserve Bank says. According to the analysis, published in latest monthly bulletin of RBI, the sales of non-financial private sector companies grew by 12.3 per cent in the first half of 2012-13, down from 17.3 per cent in...  

India IT outsourcing growth seen at lower end of forecast

Mumbai: India's $100 billion software and services outsourcing sector is likely to meet the lower end of the growth outlook for this fiscal year, an industry lobby group said as customers tread cautiously on technology spending due to global economic uncertainty. The National Association of Software and Services Companies (Nasscom) had in February forecast IT exports to grow 11-14 per cent in the fiscal year ending March 2013. "For FY2013,...  

Nilekani in favour of using IT to tackle corruption

New Delhi: UIDAI Chairman Nandan Nilekani on Thursday said a strategy to tackle corruption at all levels can be effectively and systematically done by use of information technology. "Systemic changes by re-engineering process that interface with the common man through the use of innovative technology solutions will go a long way in addressing the issue of corruption," he said while delivering the 19th Lovraj Kumar Memorial Lecture in New Delhi....  

No offshore: US ruling to hit Indian IT sector

Mumbai: In what could be a major setback to the 100 billion dollar Indian IT industry that thrives on offshore revenues, the US on Wednesday proposed two deals with a mandatory 'no-offshore' clause. It has been learnt that of the two deals, the first is a 320 million dollar deal in the insurance sector, for which Infosys and IBM are likely front-runners. The second is said to be a 400...  

IT sector slows down hiring to cut costs

New Delhi: Information technology sector in the country witnessed steep decline in hiring activities as most companies embraced cost cutting measures to tide over uncertain economic conditions, say experts. "Hiring activities have seen a dip of 29 per cent in IT and ITeS sectors in May 2012 from the preceding month," MyHiringClub.com CEO Rajesh Kumar said. However, he said that other industries have increased recruitment activities by 13-15 per cent...  

Pay packets for freshers in IT sector on the rise

New Delhi: Notwithstanding the economic uncertainty, fresher recruitment and salary levels have seen an upward trend in the IT and ITeS sector during the January-March quarter of 2012 compared to other sectors in the same period, shows a survey. The survey findings reveal that IT and ITeS Sector had recruited 24 per cent freshers in the last quarter of FY'12 of their total hiring, a surge of 9 per cent...  

Kerala: CM promises steps to promote IT sector

Thiruvananthapuram: The StateGovernment is committed to formulate new schemes to overcome the stagnantsituation prevailing in the IT sector and to create aninvestment climate andattract prominent international companies to invest in Kerala, Chief MinisterOommen Chandy said. Inaugurating the CII IT Summit here on Thursday, the Chief Minister said that in the scenario in which IT trade was estimated to register a turnover of Rs 10 lakh crore in the country by...  

IT sectors to see slower spending growth in 2012

Bangalore: Worldwide IT spending is forecast to total $3.8 trillion in 2012, a 3.7 per cent increase from the previous calendar year, according to the latest outlook by technology researcher Gartner. In 2011, worldwide IT spending totalled $3.7 trillion, up 6.9 per cent from 2010 levels. Gartner has revised downward its outlook for 2012 global IT spending from its previous forecast of 4.6 per cent growth. All four major technology...  

2012 will be a challenging year for IT firms: TCS

Mumbai: The depreciation in rupee's value is likely to benefit software exporters, but the global macro economic situation will pose a challenge for the industry next year, a top official of IT giant TCS said on Thursday. "This year has gone very well and better than what we expected. Next year it will be some kind of stressful environment and every government will try to avoid the Lehman kind of...  

Mamata invites IT giants to invest in Bengal

Kolkata: West Bengal Chief Minister Mamata Banerjee on Thursday announced full support for development of the IT and technology sector in the state. "It's an open offer, you just tell me, I will do. This government is fully committed," she said at Infocom 2011. Pointing out that this sector (IT and technology) is an employment potential area, Banerjee said the state had formed two high-power committee under the leadership of...