New Delhi, May 12 (IANS) Indian IT stocks took a deep plunge on Tuesday, dragging the Nifty IT index down 3.73 per cent to its lowest level since May 2023 after OpenAI said it would launch a new company with $4 billion initial investment to help organisations build and deploy artificial intelligence.A weak earnings outlook for the sector from analysts also impacted the sentiments with Nifty IT index extending losses for a second session.It became the top sectoral loser on the National Stock Exch…
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Mumbai, May 12 (IANS) Indian equity benchmarks traded sharply lower on Tuesday for the second consecutive day in morning trade, with both indices declining around 0.5 per cent amid geopolitical tensions.Sensex declined as much as 0.62 per cent or 474 points to trade at an intraday low of 75,541 in early trade, while Nifty was seen trading at 23,689, down 0.53 per cent or 126 points from the previous close.Sector-wise, IT, chemicals, realty, cement and financial indices were among the top losers,…
New Delhi, May 7 (IANS) IT services provider Mphasis has approached a US court alleging that rival Coforge violated contractual obligations by hiring its former senior executives and gaining access to sensitive client-related information, according to multiple reports.According to reports, legal documents filed in March show that Mphasis has sought an injunction restraining Coforge from deploying two former Mphasis executives on projects linked to Charles Schwab, a client serviced by both firms….
New Delhi, April 25 (IANS) Headcount at India’s top IT firms declined by over 7,000 in FY26, which highlighted a sharp reversal in hiring trends as companies turned cautious on workforce expansion amid an increasing focus on Artificial Intelligence (AI) and changing demand in the industry.However, the combined headcount of major IT services providers — Tata Consultancy Services, Infosys, HCLTech, Wipro and Tech Mahindra — fell by 7,389 employees in FY26, compared to a net addition of 12,718 in…
Mumbai, April 17 (IANS) Domestic equity benchmarks opened on a flat note on Friday, but gained afterwards, after relief in global oil prices and US President Donald Trump’s ceasefire announcement between Israel and Lebanon.Sensex opened at 77,976, down 12 points, or 0.02 per cent, while Nifty began the session up 30 points, or 0.13 per cent, at 24,165.The indices traded mildly positive further, with the 30-scrip basket gaining 142 points or 0.18 per cent to 78,130 and the 50-share index adding 2…
Mumbai, April 16 (IANS) Wipro, a leading global end-to-end IT transformation, consulting and business process services provider, on Thursday reported a 1.89 per cent year-on-year (YoY) decline in its consolidated profit after tax to Rs 3,501.8 crore for the fourth quarter of FY26, compared to Rs 3,569.6 crore in the same period previous financial year (Q4 FY25).On a sequential basis, however, the company posted a 12.27 per cent rise in profit, according to its stock exchange filing.Earnings per …
Mumbai, April 7 (IANS) Indian equity markets extended their winning streak for a fourth straight session, supported by late buying interest that lifted benchmark indices higher by the close.The Nifty ended the day up 0.68 per cent, gaining 155.40 points to settle at 23,123.65. Meanwhile, the Sensex rose 0.69 per cent, or 507.73 points, to close at 74,616.58.“Going ahead, continuation of this momentum may push the index towards the 23500-23600 resistance band, which remains a critical hurdle du…
New Delhi, March 17 (IANS) IT stocks came under selling pressure on Tuesday, emerging as the top dragger among sectoral indices amid rising concerns over the impact of generative artificial intelligence on traditional revenue streams.The Nifty IT index declined as much as 2.59 per cent to 28,288, hitting an intra-day low, with all constituents of the index falling by up to around 7 per cent.Meanwhile, the Nifty traded with high volatility, while weakness was also seen in PSU Bank and FMCG indice…
New Delhi, Feb 25 (IANS) Tata Consultancy Services on Wednesday asked its employees to actively use artificial intelligence tools to deliver work faster and at lower cost, even if it impacts the company’s short-term revenue.Speaking at the Nasscom Technology and Leadership Forum in Mumbai, TCS CEO K Krithivasan said the company is encouraging associates to inform clients if tasks can be done quicker and cheaper using AI, even if that leads to revenue cannibalisation.He said employees should ad…
New Delhi, Feb 18 (IANS) A raging controversy erupted over Noida-based Galgotias University misrepresenting a Chinese robot dog as their own creation ‘Orion’ at the ‘India AI Impact Summit 2026,’ IT major Wipro also showcased a Chinese robot dog at the event.However, according to company sources, they are a “software company” and “have never claimed that we are a hardware company”.“Our case is completely different from Galgotias University,” said sources on Wednesday, adding …