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Tech Mahindra Will Hire 4,000 Freshers Globally on Demand Basis

6Aug By NitishNo Comments

News

Tech Mahindra Will Hire 4,000 Freshers Globally on Demand Basis

India's leading software development company Tech Mahindra looking to hire around 4,000 freshers in next 9 months. According to the company, the major focus on "demand-based" hiring instead of creating an inventory. Mumbai based IT company has already hired about 1,800 fresh graduates in the first quarter of the ongoing fiscal. The total headcount of the company is 1,13,552 people at the end of June 2018 quarter, an addition of 745 people over the preceding quarter. The software headcount was 72,462 people, while those in BPO were 34,700 and 6,390 people in sales and support function in the said quarter. Tech Mahindra CEO and MD C P Gurnani said trends suggest that hiring is no longer linear to the growth of companies. Also, fresher hiring is distributed ie a centre in Pl...

Wipro Hikes CEO Salary Up 34.5% to Rs 182 mn

25Jun By NitishNo Comments

News

Wipro Hikes CEO Salary Up 34.5% to Rs 182 mn

Wipro chief executive Abidali Z Neemuchwala saw his pay package growing over 34 per cent to Rs 182.3 million (Rs 18.23 crore) during FY2017-18 compared to the previous financial year, as per the company's annual report. According to the report, Neemuchwala who was paid in US dollars received an equivalent of Rs 62.9 million (Rs 6.29 crore) in gross salary, Rs 17 million (Rs 1.70 crore) in variable pay, Rs 102 million (Rs 10.2 crore) in other annual compensation along with other perks, taking his total compensation to Rs 182.3 million (Rs 18.23 crore) for FY2017-18. Wipro's Chief Strategy Officer (CSO) and Azim Premji son Rishad A Premji's compensation also grew by more than 250 percent to Rs 58 million (Rs 5.8 crore) in the said financial year. Rashid Premji received Rs 9.3 millio...

Microsoft Acquire Coding Site GitHub Inc For $7.5 Bn

4Jun By Gauri SinghNo Comments

ACQUISITION

Microsoft Acquire Coding Site GitHub Inc For $7.5 Bn

According to the reports, the software leader Microsoft has approved of buying out GitHub Inc. for $7.5 Billion. Github is the world's leading company for providing open-source code hosting services. GitHub was last valued at $2 billion back in 2015, however, the terms of the present deal are still not known and have neither been publicized by the company. Microsoft said in a statement, "it will acquire GitHub for USD 7.5 billion in Microsoft stock." Subject to customary closing conditions and regulatory review, the deal is expected to be finalized by the end of the year. GitHub Inc. is a private company which is basically an internet-based hosting service designs and develops an online platform to enable the users to store and share codes repositories (a central location in wh...

13Mar By NitishNo Comments

Market

Tata Selling TCS Shares, Shares Down 6%

After the news of Tata selling some part of Tata Consultancy Services (TCS) shares, the market has not responded positively. The shares of TCS has fallen nearly 6% at the end of today. As per the following reports that Tata Sons is planning to raise around Rs 8,200 crore by selling a stake in the IT major. The stock declined 5.46 per cent to Rs 2,885.20 on BSE. The promoter of major operating companies of the Tata group, Tata Sons is planning to raise around Rs 8,200 crore by selling the stake in IT major TCS, according to investment banking sources. The funding will use to clear out the debts on Tata group. ALSO READ: TCS will not Leave Lucknow- Tata Group Chief The stock was the worst hit among the bluechips on both Sensex and Nifty during the morning trade. The tr...

Delhi Based Vinculum Solutions Raises 82 Lakhs from Existing Investor

10Mar By NitishNo Comments

FUNDING

Delhi Based Vinculum Solutions Raises 82 Lakhs from Existing Investor

This Delhi based e-commerce software solutions provider Vinculum solutions has received additional ₹82.9 Lakhs from existing investor, the founder & CEO of Plaza Premium Group Song Hoi See in Series B round. The startup has so far raised total 70 Crore funding, in which Song Hoi invested 1.7 Crore. The company, Vinculum Solutions Private Limited, has allotted 82,202 Series B4 preference shares of ₹20/- at a premium of ₹80.85/- each. Vinculum Solutions kicked off its Series B raise in February 2014 with investment from IvyCap Ventures. Existing investor Accel Partners also participated in the round. Vinculum Group, a global software company that enables the e-commerce ecosystem with its SaaS-based products. The Saas product enables them to sell online via own webstores or ac...

9Feb By Sabhyata AgarwalNo Comments

FUNDING

Icertis receives $96 million in latest funding by Meritech Capital Partners And More

Icertis, a contract management company offering management software services to enterprise platforms, has secured $50 million in its series D funding. The finance is done by Meritech Capital Partners along with supplementary investments by two of the known tech-Investment companies in the world, PSP Growth and Cross Creek Advisers. Apart from these, the current investors which included B Capital, Ignition, Greycroft, and Eight Roads engaged in the round totalling the funding to $96 million. This funding was followed by Series C funding in last year march, where the total funding was estimated to be $46 million led by B Capital Group and previous investors namely Ignition Partners, Greycroft in partnership with e.ventures and Eight Roads Ventures. Following such capitalisation, it str...

Narayana Murthy Dismissed Threats From Artificial Intelligence, Call it “More Hype than Reality”

24Dec By PriyankaNo Comments

News

Narayana Murthy Dismissed Threats From Artificial Intelligence, Call it “More Hype than Reality”

Infosys co-founder NR Narayana Murthy has flayed the high wage hikes that senior managements have been apportioning to themselves when the software industry is in trying times and has advised them to make "sacrifices" to maintain common mans faith in capitalism. Conceding that times are difficult for the IT services sector, Murthy dismissed the commonly attributed threats of artificial intelligence and automation as "more hype than reality". Terming the trend of no hikes for juniors and freshers as "worrisome," Murthy rued that the senior level people have been taking handsome hikes. "I think that is not the way to make capitalism acceptable to the larger masses in a country that has huge poverty," he said, speaking at the IIT-Bombay over the weekend. "If we believe in capitalism, ...

Feedback From Clients Positive, Reassuring: Infosys

8Sep By Press Trust of IndiaNo Comments

News

Feedback From Clients Positive, Reassuring: Infosys

IT major Infosys today said the feedback from its clients and stakeholders, despite weeks of acrimony between the founders and former board members, has been "positive and reassuring" and it is now focusing on executing its strategy. The Bengaluru-based firm has been in the eye of a storm over the past few months, with the two sides clashing over allegations such as corporate governance lapses and irregularities in Infosys USD 200-million Panaya acquisition. "Since Vishal left and Nandan came on board, we have had a massive outreach. We have talked to all the stakeholders, clients and employees," Infosys interim CEO and MD U B Pravin Rao said at the Citi Global Technology Conference 2017. He added that the company has also reached out to investors and industry consultants and "more or...

Software Testing For GST Complete, Ready For Smooth Rollout: GSTN

28Jun By kriti singhNo Comments

INDIA

Software Testing For GST Complete, Ready For Smooth Rollout: GSTN

GST Network, the company providing technology backbone for the new indirect tax regime today said it has completed all software trials and testings necessary to successfully rollout GST from July 1. Over 66 lakh taxpayers have enrolled on the GSTN portal, Chairman Navin Kumar said. "GST IT system has undergone all mandatory tests and has been opened for new registrations and enrolments on June 25. We would like to assure everyone that the system is functioning smoothly," he said. The GSTN portal has also started accepting registrations from new taxpayers from June 25 even as the process of migration of existing taxpayers is already on. Registration has also started for GST practitioners, deduction of tax at source and e-commerce operators (TCS). The government has however deferred...

Infosys To Pay $1 Million Fine To New York In Visa Violation Case

24Jun By Press Trust of IndiaNo Comments

News

Infosys To Pay $1 Million Fine To New York In Visa Violation Case

IT major Infosys has reached a settlement for USD 1 million with the state of New York in a visa-related case, even though the company maintained it committed no wrongdoings and the probe was centred on alleged paperwork errors. In a statement, New York Attorney General Eric T Schneiderman today said a USD 1-million settlement with the Indian IT firm has been reached to conclude the investigation. While, the Bengaluru-based company in its statement said, "Infosys' agreement concludes the State of New York's investigation relating to the amount of taxes the company paid in 2010-2011 without any criminal or civil charges being filed. "While this investigation centred on alleged paperwork errors, the company committed no wrongdoing and denies all allegations made in this regard." ...

TCS Ranked Top Recruiter in US For IT Sector, Hired 12500 People

24Jun By kriti singhNo Comments

News

TCS Ranked Top Recruiter in US For IT Sector, Hired 12500 People

Tata Consultancy Services (TCS) was ranked among the top two job creators in the US for the IT services sector over the past five years, according to a study. The countrys largest software exporter has recruited more than 12,500 US employees from 2012-2016, while it ranked first in terms of US employee growth during that period, at 57 per cent, said the study by The Cambridge Group. The company has had a presence in the US for more than four decades, and the ranking in The Cambridge Group report reflects the IT giants ongoing level of investment in the worlds largest economy, the study explained. The Mumbai-headquartered exporter has invested nearly USD 3 billion in the US over the past three years, in terms of employment, new innovation labs, extensive nationwide STEM education p...

Infosys Denies Reports of Co-founders Selling Stake

9Jun By PriyankaNo Comments

News

Infosys Denies Reports of Co-founders Selling Stake

IT major Infosys today denied media reports suggesting that its co-founders, including N R Narayana Murthy, were planning to sell their entire stake in the company. "We would like to clarify reports in media speculating on plans of stake sale by the promoters. This speculation has already been denied categorically by the promoters," the company said in a statement. The country' s second largest IT services firm was reacting to a media report that Murthy and other co-founders Nandan Nilekani, Kris Gopalakrishnan, S D Shibulal and K Dinesh were looking to sell their entire stake in the company worth about Rs 28,000 crore. "The company further reiterates that it has no information on any such development. We would like to appeal to the media not to fuel such speculative stories as th...