TCS

Feb 20 (Reuters) - Tata Consultancy Services Ltd TCS.NS:

• CO AND CISCO LAUNCH CENTER OF EXCELLENCE FOR AUTONOMOUS ENTERPRISE

Source text: ID:nNSE31wRGp

Further company coverage: TCS.NS

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Feb 19 (Reuters) - The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.

- United States Food and Drug Administration reversed course and agreed to begin a review of Moderna's MRNA.O application to sell a new seasonal flu shot after the vaccine maker agreed to conduct additional testing in the elderly.

- Boeing BA.N signed deals to sell almost 100 jets to Vietnamese carriers valued at over $30 billion, signaling warming ties between the U.S. and Vietnam as trade talks continue.

- Tata Consultancy Services TCS.NS said Thursday that it and the ChatGPT maker will build services tailored to specific industries, help businesses integrate the AI startup’s platforms worldwide and develop infrastructure in India to power AI workloads.

- Dominic LeBlanc, the Canadian minister in charge of U.S.-Canada ties, said Wednesday he’s confident that Ottawa and Washington can work through points of contention, and proceed on talks related to the future of the U.S.-Mexico-Canada trade pact.

- The U.S. is hosting an inaugural meeting of President Trump’s Board of Peace on Thursday, where he will announce that Board of Peace members have contributed $5 billion for Gaza’s humanitarian reconstruction effort.

- The U.S. is in the process of withdrawing all of its roughly 1,000 troops from Syria, American officials said, bringing an end to a decadelong U.S. military presence that fought Islamic State.

(Compiled by Bengaluru newsroom)

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Feb 17 (Reuters) - NVIDIA Corp NVDA.O:

• NVIDIA: TECH MAHINDRA DEPLOYING LARGE TELCO MODEL TO POWER AUTONOMOUS NETWORK OPERATIONS USING NVIDIA NIM

• NVIDIA: PERSISTENT ACCELERATES AI‑DRIVEN MOLECULAR DISCOVERY WITH NVIDIA BIONEMO AND NEMO AGENT TOOLKIT

• NVIDIA: INFOSYS BUILDS AN ENTERPRISE-GRADE CODING SMALL LANGUAGE MODEL WITH NVIDIA AI ENTERPRISE

• NVIDIA: RELIANCE NEW ENERGY EXPANDS COLLABORATION WITH CO & SIEMENS BY COMBINING SIEMENS’ DIGITAL TWIN TECHNOLOGY WITH CO'S OMNIVERSE LIBRARIES

• NVIDIA: COLLABORATING WITH NEXT‑GENERATION CLOUD PROVIDERS YOTTA, L&T AND E2E NETWORKS

• NVIDIA: DEVELOPERS BUILDING SOVEREIGN AI SYSTEMS CAN ACCESS NVIDIA NEMOTRON & NEMO TODAY

• NVIDIA: TATA CONSULTING ENGINEERS LAUNCHES COGNITIVE TWIN PLATFORM, BUILT ON NVIDIA OMNIVERSE

• NVIDIA: TO OFFER ANUSANDHAN NATIONAL RESEARCH FOUNDATION GRANTEE INSTITUTIONS COMPLIMENTARY ACCESS TO NVIDIA AI ENTERPRISE SOFTWARE

• NVIDIA: PARTNERING WITH VENTURE CAPITAL FIRMS INCLUDING PEAK XV, ELEVATION CAPITAL, ACCEL INDIA & OTHERS TO IDENTIFY & FUND AI STARTUPS

Source text: [ID:]

Further company coverage: NVDA.O

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Rewrites throughout

By Urvi Dugar and Abinaya V

Feb 17 (Reuters) - Adani Enterprises ADEL.NS said on Tuesday that it will invest $100 billion to build renewable-powered AI-ready data centres by 2035, positioning India as a contender in the global AI race.

India has seen a surge in big-ticket AI infrastructure spending, with global players like Google GOOGL.O, Amazon AMZN.O, Meta Platforms META.O and Microsoft MSFT.O ramping up investments along with domestic companies such as Reliance RELI.NS and TCS TCS.NS.

"AI-ready data centres would be a critical nerve centre of the AI-driven environment and it's natural that large groups with deep pockets will get future-ready by setting up such data centres," said Ambareesh Baliga, an independent market analyst.

Top firms, including Reliance and the Adani Group, are moving quickly to capture the vast opportunities as businesses align themselves with what is seen as a major disruptor ahead, he added.

Adani said that the investment is expected to trigger an additional $150 billion across related industries including server manufacturing and sovereign cloud platforms. Together, this is projected to create a $250 billion AI infrastructure ecosystem in India over the decade, it added.

Shares of Adani Enterprises closed 2.7% higher, making the stock the top gainer on the benchmark Nifty 50 index .NSEI.

INDIA-AI BOOM

Having been on the periphery of the AI boom so far due to the absence of any significant chip manufacturing capability, data centres represent India's best chance of making a mark on the global stage.

The investment will develop a model linking renewable energy, power grid resilience and AI computing, according to Adani.

"For decades, we imported technology. Now we are building the backbone," Chairman Gautam Adani said in a post on X.

"India will not follow the AI century. India will shape it".

The ports-to-power conglomerate will build on its existing 2 gigawatt data centre capacity and scale it to 5 GW to create the world's largest integrated data centre platform, it said, without providing a timeline.

Additionally, Adani will invest $55 billion to expand its renewable energy portfolio, which will include one of the world's largest battery energy storage systems.

AI PARTNERSHIPS

Adani has an existing partnership with Google, which has pledged to invest $15 billion over five years to build an AI data centre, its biggest ever investment in India.

The company said on Tuesday it will expand its existing partnership with Walmart WMT.O-backed Flipkart to develop a second AI data centre.

It is also in discussions with other major players to establish large-scale campuses across India, it said, without disclosing further details.

(Reporting by Urvi Dugar in Bengaluru; Writing by Abinaya Vijayaraghavan; Editing by Sonia Cheema)

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Feb 16 (Reuters) - Advanced Micro Devices Inc AMD.O:

• AMD AND TCS TO BRING STATE-OF-THE-ART ‘HELIOS’ RACK-SCALE AI ARCHITECTURE TO INDIA

• AMD: ENTERPRISES IN INDIA TO ACCESS 200MW AMD 'HELIOS' AI ARCHITECTURE

Source text: ID:nGNXc93Hjr

Further company coverage: AMD.O

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Updates throughout

By Vivek Kumar M and Nandan Mandayam

Feb 13 (Reuters) - Indian IT shares logged their worst week in more than 10 months on Friday, extending a rout driven by fears of disruption from artificial intelligence tools that wiped about $50 billion off the sector's market capitalisation so far in February.

The launch of a tool by tech startup Anthropic last month triggered a global tech sell-off and intensified concerns that rapid adoption of generative AI could upend India's $283 billion IT services industry.

For the week, the Nifty IT .NIFTYIT slid 8.2%, its steepest drop since April 2025.

Analysts at J.P. Morgan flagged investor concerns that India's IT firms could miss growth targets as AI pushes clients to reallocate spending.

Sat Duhra, portfolio manager at Henderson Far East Income, said IT companies probably haven't done the greatest job in terms of communicating how they can turn AI into an opportunity rather than a threat.

The index fell as much as 5.2% on Friday before paring losses to settle 1.44% lower.

The losses on Friday were led by a 2.1% drop in industry leader Tata Consultancy Services TCS.NS. Infosys INFY.NS declined 1.2% and HCLTech HCLT.NS dropped 1.4%.

Friday's mid-session recovery was largely due to investors "buying the dip" on attractive valuations, Centrum Broking's Piyush Pandey said.

"Investors have largely over-reacted to the threat posed by these AI tools. It is important to note that IT companies remain relevant even in the age of AI, albeit with a leaner headcount."

JP Morgan noted that it's "overly simplistic" to assume that AI can automatically generate enterprise grade software and replace the value IT Services firms create across the cycle.

"IT Services companies remain the plumbers in the tech world, and if enterprise software/SaaS is rewritten on a bespoke basis by agents - it will need significant services plumbing to work in enterprise context and minimise AI slop."

(Reporting by Nandan Mandayam, Vivek Kumar M and Bharath Rajeswaran in Bengaluru, writing by Chandini Monnappa; Editing by Sonia Cheema and Janane Venkatraman)

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Updates share levels throughout, stock milestone in headline and paragraph 1, analyst comment in paragraphs 6-7

By Nandan Mandayam

Feb 12 (Reuters) - Shares of Indian software exporters slid over 5% on Thursday, pushing the Nifty IT index to a near 10-month low, as persistent fears of AI-led disruption and fading hopes of a near-term Federal Reserve rate cut weighed on sentiment.

The 10-member .NIFTYIT index was the worst-performing sector on the day and remains the weakest so far this year, after sliding 12.6% in 2025 and a further 12.2% in 2026.

Tata Consultancy Services TCS.NS, Infosys INFY.NS and HCLTech HCLT.NS fell 5.5%, 5.7%, and 4.1%, respectively, on the day.

The launch of Amazon AMZN.O and Google GOOGL.O-backed Anthropic's Claude Cowork AI tool to automate tasks, pressured tech stocks globally last week and stoked concerns over demand for labour-intensive Indian IT services.

Domestic IT stocks have shed 14% since February 4 when the selloff began, resulting in TCS - previously India's fourth-most valuable stock - sliding to sixth place.

"The sell-off we have seen in IT stocks due to the AI models that have been launched in recent weeks is overdone," said Systematix Group analyst Ambrish Shah.

"The models currently still require human intervention and regulated verticals such as banking, financial services, and insurance are likely to be more insulated from the AI disruption."

Indian tech stocks have been battered the most, while peers in Asia, Europe and North America have recovered slightly.

Adding to the pressure on Indian IT stocks, hopes of a Fed rate cut faded after U.S. job growth unexpectedly accelerated in January and the unemployment rate fell, bolstering bets that interest rates may stay higher for longer.

That weighed on IT shares, which derive a significant portion of revenue from the United States. Lower U.S. rates could lift demand for IT spending that has largely been muted for the last few years.

The slump in IT stocks also dragged India's benchmarks lower on Thursday, with the Nifty 50 .NSEI down 0.44% and BSE Sensex .BSESN down 0.5%.

(Reporting by Nandan Mandayam in Bengaluru; Editing by Sonia Cheema and Nivedita Bhattacharjee)

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** State Bank of India SBI.NS becomes fourth-largest Indian company by market capitalisation

** Shares of India's largest lender rise 3.4% on the day, pushing market cap to 10.92 trillion rupees ($120.36 billion), per exchange data

** Pips IT bellwether TCS TCS, which fell 2.5% on Wednesday, taking its market cap to 10.52 trillion rupees

** SBI up 7% this week after upbeat Q3 earnings, while TCS is up 1.5%

** Reliance Industries RELI.NS, HDFC Bank HDBK.NS and Bharti Airtel BRTI.NS are the top three, respectively, in terms of market cap

($1 = 90.7275 Indian rupees)

(Reporting by Vivek Kumar M)

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Feb 9 (Reuters) - Tata Consultancy Services Ltd TCS.NS:

• TCS - FLIGHT CENTRE TRAVEL GROUP (FCTG) TAPS TCS TO HELP TRANSFORM ENTERPRISE TECHNOLOGY SERVICES

• TCS - PARTNERSHIP TO MODERNIZE TECHNOLOGY PLATFORMS GLOBALLY

Source text: ID:nBSE9dw47Q

Further company coverage: TCS.NS

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Recasts throughout; adds analyst and fund manager comments

By Kashish Tandon and Vivek Kumar M

BENGALURU, Feb 6 (Reuters) - Indian software exporters plunged another 2% on Friday and looked set to end a tumultuous week that has seen $22.5 billion in market value losses on growing fears that new AI tools could severely disrupt the country's IT outsourcing industry.

The selloff was part of a global rout in software and data services stocks, triggered by the launch of an AI tool from Anthropic that automates tasks across legal, sales, marketing and data analysis functions.

The IT index .NIFTYIT was the worst-performing sector on the day and was down about 7% for the week - its steepest weekly drop in more than four months.

Analysts said fast-advancing AI tools could upend India's $283‑billion IT sector, which is heavily reliant on a labour‑intensive delivery model.

"The market fears (the AI tools) may replace IT services that are currently outsourced. What the real impact will be remains to be seen," said VK Vijayakumar, chief investment strategist at Geojit Investments.

The selloff comes as some IT firms have said they are gaining from clients showing more willingness to fund AI projects despite being careful about discretionary spending amid global economic uncertainty.

Top IT firms TCS TCS.NS, Infosys INFY.NS and Wipro WIPR.NS have secured AI-led deals and are rolling out domain-specific platforms across verticals such as BFSI and healthcare as clients accelerate adoption.

Still, the IT index has now shed nearly 18% since the start of 2025, including Wednesday's selloff, when it logged its biggest single‑day fall in six years. Foreign investors sold a record $8.5 billion worth of Indian IT stocks in 2025.

KNEE-JERK REACTION, SAY SOME ANALYSTS

Industry watchers were divided on their assessment of the situation.

Centrum Broking's Piyush Pandey called the selloff a "knee‑jerk" reaction.

"AI tools have been in the works and this is how the industry is now shaping up. However, they are not expected to materially disrupt the industry as of now," he said.

Others said the sector should brace for more pain down the road.

"Surely, there would be other tools in the making that will automate tasks and increase the competitive intensity in the IT industry," said Arun Malhotra, fund manager at CapGrow Capital.

Companies will likely take measures to address these challenges, including acquisitions, he added, but "we don't foresee the glory days of the IT sector, that has been missing for the last couple of years, returning soon."

All 10 constituents of the IT sub-index traded lower on Friday. Coforge COFO.NS was down 3.4%, while TCS and Infosys INFY.NS slipped nearly 2.1% and 1.4%, respectively.

The benchmark Nifty 50 .NSEI was down 0.3%.

($1 = 90.2350 Indian rupees)

(Reporting by Kashish Tandon and Vivek Kumar M in Bengaluru; Editing by Dhanya Skariachan, Mrigank Dhaniwala and Sonia Cheema)

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Updates levels, adds graphic after paragraph 11

Feb 5 (Reuters) - Rapid advances in artificial intelligence, triggered in part by Anthropic's latest automation push, could structurally erode the IT sector's high-margin application services revenues, creating downside risks to earnings and valuations, analysts warn.

Shares in India's software exporters .NIFTYIT settled 0.6% lower on Thursday, a day after plunging 6% in their worst session for nearly six years, as AI-driven automation from U.S.-based Anthropic and Palantir fuelled fears of compressed project timelines and disruption to the industry's labour-intensive business model.

The weakness has echoed across global IT stocks this week, extending a broader selloff in companies seen as most exposed to potential AI disruption.

"There is more pain ahead for Indian IT," Jefferies said, adding that Anthropic's and Palantir's claims highlight how AI could potentially erode application service revenues for IT firms.

"With application services accounting for 40–70% of revenues, firms face growth pressures, and consensus growth estimates do not fully reflect this, posing downside risks to valuations."

DISRUPTION

Indian IT firms have been ramping up AI investments and re-skilling efforts, even as weak global tech spending, delayed client decision-making and pricing pressure have weighed on the sector. Foreign investors offloaded a record $8.5 billion worth of Indian IT stocks in 2025.

However, some analysts said the sharp selloff may be overdone.

JPMorgan said that while concerns around AI disruption were not without merit, it was illogical to extrapolate the launch of some tools to an expectation that companies will replace every layer of mission-critical enterprise software.

Domestic brokerage Kotak Institutional Equities described the decline as a case of "plenty of panic over a little flutter".

Among large IT firms, Tata Consultancy Services TCS.NS, Tech Mahindra TEML.NS and LTIMindtree LTIM.NS have higher exposure to application services, which account for about 55%–60% of revenues, while HCL Tech HCLT.NS has the lowest exposure at around 40%.

Their stocks fell between 4% and 7% % on Wednesday, and extended losses on Thursday.

Brokerage Motilal Oswal estimates that 9%-12% of industry revenues could be eliminated over the next four years due to AI-led disruption.

Jefferies expects AI to weigh on IT-sector revenue growth over the next one to two years, arguing that deflation in legacy service-line revenues will more than offset gains from AI-related opportunities.

The IT sub-index has lost 17% since the start of 2025, including Wednesday's selloff, and is on track for its worst week in over four months.

(Reporting by Kashish Tandon and Bharath Rajeswaran in Bengaluru; Writing by Chandini Monnappa; Editing by Mark Potter and Louise Heavens)

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.

By Sneha Kumar

Feb 4 (Reuters) - Equities in emerging Asian economies wobbled in afternoon trade on Wednesday as investors sold off technology stocks, while auto and battery makers helped South Korean shares notch a record closing high.

The MSCI gauge of Asian emerging stocks .MIMS00000PUS inched higher after trending in negative territory for much of the Asian session, driven by a 1.6% gain in South Korea's benchmark KOSPI index .KS11.

A global selloff in information technology stocks spilled into Asia after AI firm Anthropic launched workplace productivity tools, raising concerns of disruption across the sector. MKTS/GLOB

The MSCI index of emerging Asia information technology stocks .MIMS0IT00PUS slipped 0.7%. China's CSI Software Services Index .CSI930601 fell 1.8%, while technology giants listed in Hong Kong .HSTECH lost 1%.

India's IT shares .NIFTYIT plunged nearly 7%, with sector heavyweights Infosys INFY.NS and TCS TCS.NS falling between 7% and 8%.

"Software stocks were especially hard hit because Anthropic rolled out new tools for its Cowork product," analysts at Yardeni Research said in a note.

"It is too soon to tell how useful the new tools will be, but investors decided to cut the valuation multiples of software stocks."

In South Korea, the KOSPI index .KS11 extended gains to notch a record closing high. Car makers Hyundai Motor 005380.KS and Kia Corp 000270.KS rose about 2% each, while battery maker LG Energy Solution 373220.KS jumped 3%.

Chipmaker Samsung Electronics 005930.KS gained 1% to post a record close after trading in negative territory for much of the session, while peer SK Hynix 000660.KS slipped 0.8%.

Tech-heavy Taiwan shares .TWII climbed 0.3%. Financials and industrial stocks were among the major gainers, while top contract chipmaker TSMC 2330.TW slipped 0.8%.

Singapore stocks .STI hovered near their all-time highs, propped up by major banks, consumer, and industrial stocks.

Thailand shares .SETI rose 0.5%, while Philippine equities .PSI reversed course to slip 0.4%. Indonesia's Jakarta Composite index .JKSE dipped 0.4%, shedding almost 3% so far this week after last week's nearly 7% decline.

Limiting losses, Barito Pacific BRPT.JK and Chandra Asri Pacific TPIA.JK climbed 5.6% and 2.3%, respectively, after announcing market buybacks amid a market rout.

Regional currencies were largely subdued, with the Thai baht THB=TH gaining the most with a 0.3% rise ahead of the country's general election on February 8.

The South Korean won KRW=KFTC pared losses after the country's vice welfare minister said she hopes the National Pension Service will start issuing foreign-currency bonds by the end of the year.

In India, the rupee INR=INH slipped 0.2%, relinquishing some of the previous session's gains made after a trade deal that cut U.S. tariffs on Indian goods to 18% from 50%.

HIGHLIGHTS:

** Yield on Indonesia's 10-year bonds ID10YT=RR at 6.364%

** Nvidia's Huang dismisses fears AI will replace software tools as stock selloff deepens

** Thailand's ex-PM Abhisit returns to political fray in boost for his party

** KKR, Singtel pay $5.2 billion for full control of data centre operator STT GDC

(Reporting by Sneha Kumar in Bengaluru; Editing by Subhranshu Sahu)

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Feb 2 (Reuters) - Tata Consultancy Services Ltd TCS.NS:

• JANATA SAHAKARI BANK SELECTS TCS BANCS

• BANKING PLATFORM TO JANATA SAHAKARI BANK'S MODERNIZE CORE AND DIGITAL BANKING

Further company coverage: TCS.NS

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Jan 27 (Reuters) - Tata Consultancy Services Ltd TCS.NS:

• TO ADD 1,600 JOBS WITH NEW BRAZIL CAMPUS

• INVESTS $37 MILLION IN NEW LONDRINA FACILITY

• CAMPUS IN BRAZIL EXPECTED TO COMPLETE BY 2027

Source text: ID:nNSE3Q46zV

Further company coverage: TCS.NS

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Jan 22 (Reuters) - Tata Consultancy Services Ltd TCS.NS:

• KALMAR PARTNERS WITH TCS FOR STRATEGIC AI-POWERED TRANSFORMATION OF ITS ENTERPRISE IT LANDSCAPE

Source text: ID:nnAZN4S2KZX

Further company coverage: TCS.NS

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Jan 21 (Reuters) - Tata Consultancy Services Ltd TCS.NS:

• TCS - TCS AND RAJARAMBAPU SAHAKARI BANK DEEPEN PARTNERSHIP

Source text: [ID:]

Further company coverage: TCS.NS

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Jan 19 (Reuters) - Tata Consultancy Services Ltd TCS.NS:

• TCS - TCS NETHERLANDS B.V. INCORPORATES SUBSIDIARY IN SAUDI ARABIA

Source text: ID:nBSE8zXbjt

Further company coverage: TCS.NS

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Adds background and details from paragraph 3 onwards

Jan 16 (Reuters) - Infosys INFY.NS rose 5% on Friday after unexpectedly raising its fiscal 2026 revenue forecast, pointing to a possible turnaround for India's $283 billion IT industry as AI-led partnerships drive deals.

Shares of India's No.2 software services exporter led gains on the Nifty 50 index .NSEI with its strongest intraday rise in four months and lifted the Nifty IT .NIFTYIT sub-index 2.2% higher.

Infosys's push for vendor consolidation is boosting growth prospects, while its AI library is strengthening its position as clients expand account sizes during renewals, Morningstar said.

"Infosys is in a better competitive position compared with other Indian IT consulting firms due to its comprehensive AI offerings," the brokerage added.

The company has won AI-led deals with Adobe ADBE.O and Siemens AG SIEGn.DE in 2025 but did not disclose its AI revenue.

Its order book for deals above $50 million rose to a two-year high at $4.8 billion.

At least three brokerages, including Jefferies, raised their target price after the results.

On Wednesday, Infosys said revenue would grow 3%–3.5% in the fiscal year ending March 31, 2026, above its earlier forecast of 2%-3%.

The outlook points to steady discretionary tech spending and momentum in its core financial services business, two days after rival Tata Consultancy Services TCS.NS flagged strong 2026 demand.

Revenue from the financial services segment, which accounts for nearly a third of Infosys's sales, rose 3.9% during the quarter.

Earlier this week, TCS posted its third-quarter revenue marginally above estimates on AI-driven demand. Shares were up 1.6% on the day.

Wipro WIPR.NS, which is due to report its quarterly earnings later in the day, climbed 3.2%.

(Reporting by Urvi Dugar in Bengaluru; Editing by Sumana Nandy)

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BENGALURU, Jan 14 (Reuters) - Infosys INFY.NS reported better-than-expected third-quarter revenue on Wednesday, helped by a pickup in tech demand from its financial services clients.

Revenue at India's second-largest IT services provider rose 8.9% to 454.79 billion rupees ($5.04 billion) in the October-December period.

Analysts on average had estimated revenue of 452.27 billion rupees, according to data compiled by LSEG.

The company revised its fiscal ending 2026 revenue growth forecast upwards to 3%-3.5%, from an earlier estimate of 2%-3%.

Three brokerages had expected the company to narrow the range to 2.5%-3%.

($1 = 90.2990 Indian rupees)

(Reporting by Sai Ishwarbharath B; Editing by Nivedita Bhattacharjee)

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** Tata Consultancy Services TCS.NS on Monday posted a third-quarter revenue marginally above estimates on AI-driven demand, with revenue from its key North America market registering growth for the first time in two years

** Shares of India's top IT services exporter were flat at 3,238.70 rupees in choppy trading

AI INVESTMENTS BEARING FRUIT

** Emkay ("add"; PT 3,500 rupees) says advancing client conversations, a healthy order book, and leadership in AI, is expected to drive an uptick in revenue growth

** Jefferies ("hold"; PT 3,485 rupees) says deal bookings are healthy, but increased ask of productivity gains by clients and pricing pressure during renewals will keep FY27 growth in check

** Morningstar (PT 3,020 rupees) says TCS's early artificial intelligence investment is bearing fruit, underpinning internal cost-saving and external revenue growth

** Systematix ("buy"; PT 3,817) says deep client trust and domain expertise position TCS as a key partner in digital transformation and cost optimization initiatives

** AMBIT ("sell"; PT 2,975 rupees) TCS growth was marginally ahead but internals were weak; see risk to management aspiration of better international market growth in FY26E

** Brokerage says higher capital intensity, growth vs margin trade-off risks and GenAI legacy cannibalization risks keep us cautious

** Antique ("buy"; cuts PT to 3,450) Says AI-led transformation continues to gain traction, underpinning management's confidence in a gradual improvement in demand conditions through FY26

(Reporting by Brijesh Patel in Bengaluru)

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Jan 12 (Reuters) - Tata Consultancy Services Ltd TCS.NS:

• TCS EXEC: CONFIDENT OF STRONG CALENDAR YEAR 2026 BASED ON DEAL MOMENTUM, LEADERSHIP IN AI SOLUTIONS

• TCS EXEC: AI AND DATA-BASED DEMAND DRIVING GROWTH FOR US

• TCS EXEC: OVERALL DEMAND ENVIRONMENT IMPROVED IN Q3 VERSUS Q2

• TCS EXEC: BANKING, FINANCIAL SERVICES HURT IN Q3 DUE TO SEASONALITY, WILL RETURN TO GROWTH IN Q4

• TCS EXEC: WE EXPECT EMPLOYEE TERMINATIONS TO CONTINUE IN Q4, DON'T HAVE A SPECIFIC TARGET

Further company coverage: TCS.NS

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By Bharath Rajeswaran and Sai Ishwarbharath B

Jan 8 (Reuters) - India's information technology firms are expected to report another muted quarter, as tepid demand in the U.S. and holiday-period client shutdowns continue to weigh on tech spending, nine brokerages said ahead of earnings.

Brokerages expect the top six IT firms by revenue to post about 4% year-on-year revenue growth and a 5% rise in profit for the December quarter on average, reflecting prolonged demand softness, compared with 6.5% revenue growth in the September quarter.

Indian software exporters last reported double-digit revenue growth in the March quarter of 2023, when digital transformation, cloud adoption and remote-work demand surged in the post-pandemic period.

The broader $283 billion Indian IT industry continues to face macro headwinds, including uncertainty over U.S. tariffs, challenges from proposed $100,000 visa fees, and subdued client spending on concerns about growth in the world's largest economy.

India's IT companies earn a significant share of their revenue from the United States, making the world's largest economy crucial for the sector.

Sector bellwether Accenture's ACN.N recent earnings beat Wall Street expectations on AI-led demand, though its unchanged growth outlook underscores the cautious near-term environment.

Although India has no pure-play AI firms, IT companies are beginning to shape AI strategies through acquisitions and partnerships. Brokerages expect AI momentum to build over the next six months and demand to pick up into 2026.

"Clients remain cautious about committing incremental spending to large programs amid macro and tariff uncertainty and a new tech cycle," said Abhishek Pathak, research analyst at Motilal Oswal Financial Services.

U.S. tariff uncertainty, visa worries and weak spending drove record foreign outflows of $8.5 billion from IT stocks in 2025, nearly half of total foreign exits from Indian equities.

The Nifty IT index .NIFTYIT fell 12.6% in 2025, making it the worst-performing sector as Indian markets lagged Asian and emerging-market peers.

Tata Consultancy Services TCS.NS, the country's largest IT firm, will kick off the earnings season on January 12. Its revenue is expected to rise about 4.2% year-on-year, slower than the 5.6% growth reported last year.

Infosys INFY.NS and HCLTech HCLT.NS are forecast to report year-on-year revenue growth of about 8.1% and 4.6%, respectively, compared with 7.6% and 5.1% in the year-ago period.

Most brokerages do not expect HCLTech to upgrade its fiscal 2026 annual revenue forecast of 2%–3%, or Infosys to raise its forecast of 3%–5%.

Earnings across domestic equities are expected to improve in the December quarter on tax cuts, policy easing, stable growth and benign inflation, even as the period remains structurally weak for IT firms.

Fewer working days due to global client holidays weigh on billing and revenue, while brokerages flag margin pressure from furloughs and wage hikes at firms such as TCS and Wipro WIPR.NS.

However, resilience in the BFSI (banking, financial services and insurance) segment, deal ramp-ups, early signs of artificial intelligence strategy formation and rupee depreciation could offer support by mid-2026, six brokerages said.

(Reporting by Bharath Rajeswaran and Sai Ishwarbharath B in Bengaluru; Editing by Sherry Jacob-Phillips)

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** India's Tata Consultancy Services TCS.NS shares set for their worst year since 2008 - the year of the great financial crisis

** TCS on track to lose 20% in 2025, steepest since 2008's 56% tumble

** Stock set to be second-biggest annual pct loser on the Nifty IT index .NIFTYIT, which has lost 12.4% so far this year

** Sector is grappling with persistently weak U.S. client spending; record foreign outflows from IT stocks

** On the day, TCS down ~1%

(Reporting by Hritam Mukherjee in Bengaluru)

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Dec 17 (Reuters) - Tata Consultancy Services Ltd TCS.NS:

• TCS - INCORPORATES SUBSIDIARY IN BHUTAN

Source text: ID:nBSE1Nyz1g

Further company coverage: TCS.NS

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Dec 10 (Reuters) - Tata Consultancy Services Ltd TCS.NS:

• TCS - APPROVED ACQUISITION OF COASTAL CLOUD HOLDINGS

• TCS - ACQUISITION OF COASTAL CLOUD HOLDINGS FOR ENTERPRISE VALUE OF UP TO USD 700 MILLION, INCLUDING UPFRONT AND DEFERRED PAYMENTS

Source text: ID:nNSE13ftqD

Further company coverage: TCS.NS

(([email protected];))

Oct 14 (Reuters) - Tata Consultancy Services Ltd TCS.NS:

• TCS - PARTNERS WITH GOOGLE CLOUD TO INTEGRATE GEMINI ENTERPRISE

Source text: ID:nNSE58RfQ9

Further company coverage: TCS.NS

(([email protected];))

The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

By Shritama Bose

KOLKATA, Oct 13 (Reuters Breakingviews) - A power struggle at one of its largest business houses is the last thing India needs as it grapples with punitive U.S. tariffs. The government has intervened unusually quickly in a boardroom battle at the Tata group; India's finance minister, Nirmala Sitharaman, met last week with the $300 billion conglomerate's unlisted holding company and the charitable trusts that are its 66% owners and urged them to resolve their internal disputes. It confirms the systemic risks posed by India's family-led businesses.

One year on from the death of the group's patriarch, Ratan Tata, the conglomerate is battling multiple operational crises: the country's top manufacturer and employer is reeling from the deadly crash of a plane at Air India – a carrier it acquired from the government in 2022; a cyberattack has crippled production at Tata Motors' TAMO.NS luxury marque Jaguar Land Rover; and growth is weak at its IT software services giant, Tata Consultancy Services TCS.NS.

Yet the board of Tata's main holding company, led by Natarajan Chandrasekaran, is at only three-fifths of its March 2024 strength after a tussle between trustees at the charitable trusts resulted in the ousting of a director of Tata Sons in September. Noel Tata, who succeeded his half-brother as the chair of Tata Trusts, is struggling to stamp his authority on the group, and his position is complicated by his marriage to the sister of former Tata Sons chair Cyrus Mistry, whose family wants to exit Tata Sons; their 18% stake might be worth up to $38 billion.

India is no stranger to drama at its family businesses, but the Tatas, like Mukesh Ambani's Reliance Industries RELI.NS and the Adani group, are increasingly embedded in New Delhi's strategic planning. Tata group is Apple's AAPL.O domestic partner, leads the charge in India's chipmaking ambitions and produces defence gear through joint ventures with Lockheed Martin LMT.N and Boeing BA.N. The boom in software services over the past two decades means TCS alone has a headcount of over 593,000.

New Delhi needs its leading businesses putting their best foot forward to offset the impact of Trump's trade war. But on top of the Tata woes, the $160 billion Adani group has slowed capital expenditure and is more reliant on Indian banks after U.S. authorities charged its founder Gautam Adani with fraud, allegations the group denies.

The government's intervention at Tata group may accelerate an exit for the Mistry family. If nothing else, it shows India recognises the dangers of depending on a chosen few.

Follow Shritama Bose on Linkedin and X.

CONTEXT NEWS

Two senior Indian ministers met top executives from the Tata group and urged them to resolve internal boardroom disputes, Reuters reported on October 8, a day after the meeting took place, citing unnamed sources.

Finance Minister Nirmala Sitharaman was one of the ministers present at the meeting in New Delhi, which Tata Sons Chair N. Chandrasekaran and Tata Trusts head Noel Tata attended, the report added.

(Editing by Una Galani; Production by Ujjaini Dutta)

((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))

** India's top IT services exporter Tata Consultancy Services falls ~1% to 3,038 rupees

** Co beats quarterly revenue estimates; forecasts better growth in H2

BROKERAGES FLAG CONCERNS OVER DATA CENTRE, SUBDUED GROWTH AHEAD

** Ambit Insights ("sell"; cuts PT to 2,860 rupees) sees data centre diversification negatively; cautious on consistent growth underperformance

** Brokerages say data centre will add minimal synergies, may not materially change growth profile

** Jefferies (maintains "hold", PT of 3,100 rupees) says growth in key markets yet to recover; decline in headcount does not bode well

** BOBCaps (maintains "hold", PT of 2,979 rupees) says demand conditions indicated to be similar to where they were 3 months ago, with continued pressure on discretionary spending

** Emkay (maintains "add", PT of 3,250 rupees) says persistent macro uncertainties remain key challenge

(Reporting by Komal Salecha)

(([email protected];))

Repeats story from Wednesday, October 8 with no changes to text

NEW DELHI/MUMBAI, Oct 8 (Reuters) - Two senior Indian ministers have, in an uncommon intervention, urged Tata Group's charity arm to resolve internal boardroom disputes to ensure stability at the sprawling $180-billion business empire it controls, sources told Reuters on Wednesday.

The discord within Tata Trusts, a year after the death of family patriarch Ratan Tata, has raised fears of a repeat of a bitter 2016 public spat between the charity and Tata Sons that tarnished the reputation of India's most storied group.

Tata Trusts owns a 66% stake in Tata Sons, giving it power over major strategic decisions. Tata Sons, in turn, oversees 30 firms ranging from consumer goods, autos and airlines, including the likes of Jaguar Land Rover, Tata Consultancy Services TCS.NS, Tata Motors TAMO.NS and Air India.

The disagreement within Tata Trusts in recent weeks concerns which of its trustees should sit on the Tata Sons board, the general business direction taken by the group and how to manage the planned exit of minority shareholder Shapoorji Pallonji, two industry sources familiar with the matter said.

INDIAN GOVERNMENT ASKS TATAS TO RESOLVE ISSUES

The two Indian ministers met with Tata Sons Chair N. Chandrasekaran and Tata Trusts head Noel Tata in New Delhi on Tuesday to discuss the matter and seek a swift resolution of the disputes, one of the industry sources and a government official said.

Finance Minister Nirmala Sitharaman was one of the ministers present at the rare direct government intervention, those sources said.

Indian media reported the other senior government official as Minister of Home Affairs Amit Shah.

"The government wants them to resolve the issues and restore stability," said the government official familiar with Tuesday's discussions.

The sources declined to be named as the matter is confidential.

Tata Trusts and Tata Sons have not commented publicly on the matter, which has been widely reported in Indian media. Neither responded to Reuters' requests for comment.

India's finance ministry and home affairs ministry did not respond to requests for comment.

In the 2016 spat, Tata Sons chair Cyrus Mistry was unceremoniously ousted following disagreements with Tata Trusts, triggering legal battles. Mistry died in 2022 but his family's firm, Shapoorji Pallonji, still owns an 18% stake in Tata Sons.

One of the main current disagreements among Tata Trusts' trustees concerns how Shapoorji's long-delayed plan to part ways with the Tatas will be executed and affect the conglomerate, one of the industry sources said.

Shapoorji Pallonji did not respond to a Reuters request for comment.

(Reporting by Aditya Kalra, Aftab Ahmed, Ira Duggal, Aditi Shah and Khushi Malhotra; Editing by Joe Bavier)

((Email: [email protected]; X: @adityakalra;))

NEW DELHI/MUMBAI, Oct 8 (Reuters) - Two senior Indian ministers have, in an uncommon intervention, urged Tata Group's charity arm to resolve internal boardroom disputes to ensure stability at the sprawling $180-billion business empire it controls, sources told Reuters on Wednesday.

The discord within Tata Trusts, a year after the death of family patriarch Ratan Tata, has raised fears of a repeat of a bitter 2016 public spat between the charity and Tata Sons that tarnished the reputation of India's most storied group.

Tata Trusts owns a 66% stake in Tata Sons, giving it power over major strategic decisions. Tata Sons, in turn, oversees 30 firms ranging from consumer goods, autos and airlines, including the likes of Jaguar Land Rover, Tata Consultancy Services TCS.NS, Tata Motors TAMO.NS and Air India.

The disagreement within Tata Trusts in recent weeks concerns which of its trustees should sit on the Tata Sons board, the general business direction taken by the group and how to manage the planned exit of minority shareholder Shapoorji Pallonji, two industry sources familiar with the matter said.

INDIAN GOVERNMENT ASKS TATAS TO RESOLVE ISSUES

The two Indian ministers met with Tata Sons Chair N. Chandrasekaran and Tata Trusts head Noel Tata in New Delhi on Tuesday to discuss the matter and seek a swift resolution of the disputes, one of the industry sources and a government official said.

Finance Minister Nirmala Sitharaman was one of the ministers present at the rare direct government intervention, those sources said.

Indian media reported the other senior government official as Minister of Home Affairs Amit Shah.

"The government wants them to resolve the issues and restore stability," said the government official familiar with Tuesday's discussions.

The sources declined to be named as the matter is confidential.

Tata Trusts and Tata Sons have not commented publicly on the matter, which has been widely reported in Indian media. Neither responded to Reuters' requests for comment.

India's finance ministry and home affairs ministry did not respond to requests for comment.

In the 2016 spat, Tata Sons chair Cyrus Mistry was unceremoniously ousted following disagreements with Tata Trusts, triggering legal battles. Mistry died in 2022 but his family's firm, Shapoorji Pallonji, still owns an 18% stake in Tata Sons.

One of the main current disagreements among Tata Trusts' trustees concerns how Shapoorji's long-delayed plan to part ways with the Tatas will be executed and affect the conglomerate, one of the industry sources said.

Shapoorji Pallonji did not respond to a Reuters request for comment.

(Reporting by Aditya Kalra, Aftab Ahmed, Ira Duggal, Aditi Shah and Khushi Malhotra; Editing by Joe Bavier)

((Email: [email protected]; X: @adityakalra;))