TCS becomes first $100-b IT Company

download (5).jpgSource: The Hindu Business Line, Apr 23, 2018

Mumbai: Varun Aggarwal Fourteen years after it listed its shares, IT behemoth Tata Consultancy Services has become the first and only Indian company in the sector to cross market capitalisation of $100 billion.

The crown jewel of the Tata Group has surpassed its global rival in the IT services space, Accenture, in market valuation.

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Indian IT firms looking for ways to soften US tax blow

Source: LiveMint.com, Jan 30, 2018

New Delhi: An anti-abuse provision in the US tax code that President Donald Trump signed into law last month is forcing Indian information technology (IT) services companies to look at ways to mitigate the impact of the tax blow.

The Tax Cuts and Jobs Act, designed to encourage American companies to invest and create jobs locally, seeks to discourage offshoring of work to overseas group companies by way of a 10% tax on the payments made to such offshore entities.

This tax, called the “base erosion and anti-abuse tax”, or BEAT, hits Indian multinational companies in the IT sector, which caters to their US clients through American subsidiaries.

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Indian IT gears up for $50 billion renewals

Source: The Economic Times, Jan 08, 2018

BENGALURU: About 196 IT deals worth more than $100 million each, and adding up to $51 billion, are coming up for renewal in 2018. Of these, some 12 are multi-billion-dollar deals, the largest of which is Siemens’ $7.2-billion contract with French IT giant Atos, according to research firm Everest Group.

As in previous years, this is an opportunity for Indian IT firms that have been steadily increasing their share of global outsourcing contracts. Of the 196 deals, only four are currently led by Indian IT firms, though these firms may be present as secondary partners in some of the other deals.

Also, the opportunity for Indian IT sector is rising because many of the large deals today are being broken up into smaller contracts. Barring TCS, the others are typically not considered for billion-dollar deals, but if these same deals are broken up, the others get to pitch. Read the rest of this entry »

Chandrababu Naidu targeting US$ 2 billion in IT investments in Andhra Pradesh

index.jpgSource: LiveMint.com, Oct 10, 2017

Visakhapatnam: The Andhra Pradesh (AP) government aims to attract $2 billion of investments and create about 100,000 jobs in the information technology (IT) sector, chief minister N. Chandrababu Naidu said on Monday.

Addressing delegates at Blockchain Business Conference at Visakhapatnam, Naidu, who explained how his government is using technology to monitor work on a real-time basis, also remarked that “election is not a problem”, hinting that he was confident of winning the 2019 Andhra Pradesh elections thanks to various schemes introduced during his governance in the last three years.

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How the Indian IT services sector is seeking to make its biggest transformation

downloadSource: The Economic Times, Sept 14, 2017

Technology services businesses are used to change. Veterans in the $160-billion industry employing almost 4 million engineers fondly recal l how they caught up each time technology changed — from client-server to business software (oh, that ERP!), web, internet, cloud and more. With each new generation (in tech, that can be as short as three years) they reskilled thousands, literally upgrading CVs as engineers diligently learnt new code.

In more recent years, though, the technology shifts have become tectonic. Growth is down to single digits from the high teens, even as companies in sectors from banks to automobiles consume more tech and look like technology firms themselves. Customers want the next digital tool that will help them stay ahead in the game and attract millennials to buy their products and services.

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Assam signs MoU with Google to boost Internet connectivity

download (2)Source: Business Standard, Sept 07, 2017

Guwahati: The Assam government on Thursday signed a MoU with Google India to take Internet connectivity to the remotest part of the north-eastern state.Chief Minister Sarbananda Sonowal said the government would work to provide Internet connections to 26,000 villages and 1,500 tea garden areas in Assam under the MoU and thus increase digital literacy.

Information Technology Secretary Nitin Khare and Goodle India Country Head (Policy) Chetan Krishnaswami signed the Memorandum of Understanding in the presence of Sonowal.

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Sweden poised to become key destination for Indian IT

Source: Business Standard, Aug 10, 2017

Bengaluru: Sweden has the potential to emerge as a market for Indian IT services industry, said a joint report by Nasscom, Business Sweden and Radar Ecosystem.

The IT industry lobby, Nasscom, said that the Nordic country has the highest GDP of $550 billion and been identified to have 40 per cent ($23 billion in 2016-17) share of the Nordic region IT spend.

Sweden, the country which is home to companies such as Truecaller, Candy Crush, Skype and Spotify, has a significant focus on digitisation with its government’s “Digital First” strategy.The report, Sweden a key driver of Nordic ICT growth, noted that with a strong underlying economic development, Sweden is witnessing the adoption of new delivery models, such as cloud computing and offshore delivery. “This is in congruence with IT industry, where adoption of new technologies is disrupting the IT space. With most Swedish firms embracing cloud computing at a rapid pace, a growing need for skills in the field is also on the rise. Another technology that is increasingly penetrating the Swedish markets is the Internet of Things (IoT) market in the vehicle, health, banking and logistics space,” said Nasscom quoting the findings of the report.

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