Get ready for a day packed with impactful events! October 10th is shaping up to be a significant date with key diplomatic, political, economic, and stock market happenings. This article highlights the must-know developments, from the somber observance of Ratan Tata’s mourning day to the exciting PM Modi’s visit to Laos and crucial financial announcements.
The Indian stock market experienced a significant downturn last week, with eight of the top ten companies losing over Rs 1.28 lakh crore in market capitalization. IT giants TCS and Infosys were the hardest hit due to global recession fears. However, HDFC Bank saw a surge in its market cap, while LIC also gained. The broader market sell-off reflects potential exhaustion and consolidation due to premium valuations, weak Q1 results, and global market uncertainty.
Tata Consultancy Services (TCS), a leading Indian IT services company, experienced a significant drop in its market capitalization last week due to a broader downturn in the equity market. Despite the decline, TCS remains the second most valued firm in India.
Tata Consultancy Services (TCS) has expanded its partnership with Rolls-Royce to research hydrogen fuel system technology for aviation. The collaboration focuses on tackling challenges in fuel combustion, delivery, and integration, aiming to contribute to the aviation industry’s goal of net zero carbon emissions by 2050.
Nine of the top-10 most valued Indian firms added a collective Rs 2,89,699.42 crore in market valuation last week, led by Reliance Industries. The surge follows a strong rally in the Indian equity markets, with the BSE Sensex gaining over 2% last week and 7.14% in June. The Sensex even breached the 79,000 mark on Thursday.
Tata Consultancy Services (TCS) has launched its Aviation Digital Center in Portugal, partnering with TAP Air Portugal to accelerate its digital transformation. The center, staffed by TCS experts, leverages cutting-edge technology to streamline operations, enhance customer experience, and drive innovation in the aviation industry.
Tata Consultancy Services (TCS) has partnered with Bharat Sanchar Nigam Limited (BSNL) to deploy a comprehensive 4G network across India as part of their Rs 15,000-crore agreement. The collaboration aims to provide enhanced mobile connectivity to over 1000 villages, strengthening communication infrastructure for both districts and tehsil offices. TCS is establishing extensive data centers across four regions while BSNL focuses on building the network for 4G and 5G services in various locations. The project has attracted orders worth approximately Rs 19,000 crore for TCS, Tejas Networks, and ITI, paving the way for the integration of 5G capabilities in the future.
Tata Consultancy Services (TCS) CEO K Krithivasan’s annual compensation for FY24 stood at ₹25.36 crores, making it the lowest among the large IT firms in India. However, it is important to note that Krithivasan’s salary was for a 10-month period compared to the full year for the outgoing COO, NG Subramaniam, who earned more than the CEO. Despite a marginally lower salary, Krithivasan’s compensation includes basic pay, benefits, allowances, and a commission of ₹21 crore. He currently holds approximately 11,232 stocks in the company. In comparison, other leading IT firms such as Infosys and Wipro have yet to release their annual reports for FY24. However, in FY23, Infosys’ CEO Salil Parekh had the highest remuneration of ₹56 crore, followed by Wipro’s newly appointed CEO Srinivas Pallia with ₹50 crore annually.
Wipro’s recent announcement of 11 large deals worth over USD1 billion in Q3FY23 is a positive indication for the Indian IT industry. This follows similar reports of record-breaking deal wins by TCS and Infosys, suggesting strong demand for IT services. Investors should be optimistic about the future prospects of these companies.
Despite a challenging year for the Indian IT sector, auto companies are emerging as a strong growth driver for FY24. Automotive firms are increasingly outsourcing software development and engineering services to IT companies to support their transformation to electric and autonomous vehicles. This trend has contributed to a significant increase in revenue from automotive clients for IT services companies, particularly in manufacturing and engineering, research and development (ER&D) segments.
