SEAnews 2016-07-29 ArtNo.45811

【New Delhi】The first set of earnings reports from Indian IT majors indicates that conditions are likely to get extremely difficult from here on and companies need to seriously reconsider their growth strategies.
　Despite the April-June quarter being a strong period traditionally for IT companies, most large and mid-tier companies that have so far announced their quarterly results have missed market estimates, while the slowing global economy is going to pose a serious challenge in the coming quarters too.
　Unlike a decade ago, when a weak rupee was enough to buttress earnings for IT companies, the picture is quite different today, with only 60 per cent or less of earnings denominated in dollars.
　From slowing discretionary spends by companies in energy, telecom, BFSI and manufacturing spaces to increase in competition forcing price cuts and drop in operating margins, there are problems aplenty for IT companies.
　Further, a large portion of the new orders from clients are in the SMAC (social, mobile, analytics and cloud) stack and not many Indian IT companies are well placed to take them up. This has been resulting in loss of market share.
○TCS top employer in IT industry: Nasscom

【New Delhi】Software services major Tata Consultancy Services (TCS) has been ranked as the top employer in the Indian IT industry by the representative body Nasscom.
　At the end of June, 2016, TCS had a total headcount of 3.62 lakh while Infosys and Wipro had 1.97 lakh and 1.73 lakh, respectively. Others in the top 10 include HCL Technologies, Tech Mahindra, Genpact, Intelenet Global Services and Aegis. Though Cognizant is a US-based IT firm, it has the largest number of employees in India with development centres in Chennai, Bengaluru and Hyderabad.
○VSoft develops app for instant transfer of money

【Hyderabad】VSoft Technologies, a banking technology solutions firm, has developed an app for smoother transfer of money. Unlike in mobile wallets, the app doesn’t require people to store money in it. The app helps people to transfer and receive money instantaneously.
　“With ‘Jeb’, money remains in the respective accounts and thus continues to earn money unlike in mobile wallets where you are supposed to store money for payments,” Murthy Veeraghanta, Chairman and Chief Executive Officer of VSoft Technologies, said. It enables transactions based on the United Payments Interface, promoted by the National Payments Corporation of India (NPCI), a common body for all retail payment systems in the country.
【News source】

IT’s getting tough

TCS top employer in IT industry: Nasscom

VSoft develops app for instant transfer of money

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