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The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
By Shritama Bose
MUMBAI, Aug 21 (Reuters Breakingviews) - India's most respected conglomerate has an opportunity to take an important step forward. In a bid to improve governance, charitable trusts controlling the $280 billion Tata salt-to-IT group formally split ownership from management in 2022 by giving Tata Sons, the unlisted holding company, its own chair. The fractious departure of the latest person to hold that position, N. Chandrasekaran, suggests the reform fell short. If the trusts' ultimate goal is to maximise income to fund their philanthropic mandate, they should resist reimposing central control and give the next chair greater authority.
Set up by founder Jamsetji Tata in 1892, the Tata Trusts are a cluster of charities aiming to advance social and economic development. Their activities, ranging from building hospitals to sponsoring sports in India's hinterland, are financed through dividends drawn from their 66% stake in Tata Sons. This income grew more than 11-fold during the four years ended March 31 to 29.4 billion rupees ($307.24 million). The charity work, and the founder's insistence that Tata group companies look after employees to a high standard, has made its brand synonymous with public service.
In the long term, however, indirectly owning large or majority stakes in some 31 companies ranging from $87 billion Tata Consultancy Services TCS.NS to $18 billion Tata Motors TATM.NS may not be the best way for the trusts to fund their mission. A true arm's-length separation between the charities and the holding company, with the latter making minority investments like a pension or sovereign fund, may be more lucrative.
The current structure is the worst of all worlds because it has allowed the trusts to cling onto power. The two main charities don't just nominate one-third of directors on Tata Sons' board, they also hold veto rights over its decisions. Any investment of more than 1 billion rupees ($10.45 million) gets kicked up to the board, a threshold so low that the charities have the final say over most spending.
As a result, the trusts have someone to blame if they don't like performance but are not delegating enough power for the holding company chair to maximise returns. It has led to bizarre decisions that jeopardise the charities' future income, such as the purchase of struggling carrier Air India from the government. By contrast, the not-for-profit foundation Robert Bosch Stiftung has no influence on the strategic or business orientation of Germany's Bosch despite owning 94%.
Tata is much more complex and no corporate structure is immune to boardroom clashes of the sort that culminated in Chandra's exit. The root of his departure revolved around a unique disagreement over whether to list the holding company, which would fundamentally change the group's structure. Nonetheless, now that he's on the way out, the trusts have an opportunity to reflect on how best to fulfill their philanthropic mandate.
Follow Shritama Bose on LinkedIn and X.
CONTEXT NEWS
Tata Trusts, the charities controlling India's Tata group of companies, said on August 13 that trustees of the Sir Dorabji Tata Trust have passed a resolution to set up a selection committee to recommend a new Chairman for Tata Sons. N. Chandrasekaran on August 12 said he would not offer himself for a third term as chair of Tata Sons, citing the absence of unanimous support from the board for his re-appointment.
(Editing by Una Galani; Production by Aditya Srivastav)
((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
By Shritama Bose
MUMBAI, Aug 21 (Reuters Breakingviews) - India's most respected conglomerate has an opportunity to take an important step forward. In a bid to improve governance, charitable trusts controlling the $280 billion Tata salt-to-IT group formally split ownership from management in 2022 by giving Tata Sons, the unlisted holding company, its own chair. The fractious departure of the latest person to hold that position, N. Chandrasekaran, suggests the reform fell short. If the trusts' ultimate goal is to maximise income to fund their philanthropic mandate, they should resist reimposing central control and give the next chair greater authority.
Set up by founder Jamsetji Tata in 1892, the Tata Trusts are a cluster of charities aiming to advance social and economic development. Their activities, ranging from building hospitals to sponsoring sports in India's hinterland, are financed through dividends drawn from their 66% stake in Tata Sons. This income grew more than 11-fold during the four years ended March 31 to 29.4 billion rupees ($307.24 million). The charity work, and the founder's insistence that Tata group companies look after employees to a high standard, has made its brand synonymous with public service.
In the long term, however, indirectly owning large or majority stakes in some 31 companies ranging from $87 billion Tata Consultancy Services TCS.NS to $18 billion Tata Motors TATM.NS may not be the best way for the trusts to fund their mission. A true arm's-length separation between the charities and the holding company, with the latter making minority investments like a pension or sovereign fund, may be more lucrative.
The current structure is the worst of all worlds because it has allowed the trusts to cling onto power. The two main charities don't just nominate one-third of directors on Tata Sons' board, they also hold veto rights over its decisions. Any investment of more than 1 billion rupees ($10.45 million) gets kicked up to the board, a threshold so low that the charities have the final say over most spending.
As a result, the trusts have someone to blame if they don't like performance but are not delegating enough power for the holding company chair to maximise returns. It has led to bizarre decisions that jeopardise the charities' future income, such as the purchase of struggling carrier Air India from the government. By contrast, the not-for-profit foundation Robert Bosch Stiftung has no influence on the strategic or business orientation of Germany's Bosch despite owning 94%.
Tata is much more complex and no corporate structure is immune to boardroom clashes of the sort that culminated in Chandra's exit. The root of his departure revolved around a unique disagreement over whether to list the holding company, which would fundamentally change the group's structure. Nonetheless, now that he's on the way out, the trusts have an opportunity to reflect on how best to fulfill their philanthropic mandate.
Follow Shritama Bose on LinkedIn and X.
CONTEXT NEWS
Tata Trusts, the charities controlling India's Tata group of companies, said on August 13 that trustees of the Sir Dorabji Tata Trust have passed a resolution to set up a selection committee to recommend a new Chairman for Tata Sons. N. Chandrasekaran on August 12 said he would not offer himself for a third term as chair of Tata Sons, citing the absence of unanimous support from the board for his re-appointment.
(Editing by Una Galani; Production by Aditya Srivastav)
((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))
By Bharath Rajeswaran
Aug 19 (Reuters) - Robust profit growth for India's Nifty 50 companies has brightened the outlook for domestic markets, but global risk aversion and a strong IPO pipeline could temper a broader rally in the near term, according to Abakkus Investment Managers.
The benchmark Nifty 50 .NSEI and Sensex .BSESN are down 7.9% and 9.8% year-to-date amid crude-driven inflation and a record $25 billion in foreign outflows. In comparison, regional peers, such as South Korea and Taiwan, are up about 50% each.
Abakkus, which manages assets worth $5.2 billion, sees elevated crude prices, rising global yields and volatility in the AI trade as key external risks for Indian equities.
"Domestically, consumer demand and corporate profitability is strong as seen in the better-than-expected Q1 results, but globally, they are not," Aman Chowhan, head of equities of Alternates at Abakkus AMC, told Reuters on Wednesday.
However, Chowhan said that "after a weak first half, India should outperform EM and Asian peers relatively, but its direction will still be dictated by global risk sentiment, with crude and the AI trade likely setting the market's tempo."
Expanding equity supply is another hurdle, with IPOs, qualified institutional placements, and block deals competing for limited capital, Chowhan said.
"Every other day there's an IPO… some promoter selling, some QIP," Chowhan said, adding "fresh issues and institutional placements are siphoning liquidity from secondary markets as investors chase listing gains and growth stories."
After 27 mainboard IPOs raised 225.72 billion rupees ($2.36 billion) in the first half of 2026, a packed August pipeline signals sustained primary market supply in the near term.
Chowhan estimates that 40-50% of capital may, therefore, be absorbed by such offerings, restricting a broader market rally.
Against this backdrop, Abakkus favors leading niche NBFCs and mid-sized banking stocks, citing stronger credit growth.
It also expects foreign investors to return to equities only gradually as years of weak returns in key sectors, such as financials and IT, have made them cautious of increasing their exposure.
($1 = 95.7525 Indian rupees)
(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Sonia Cheema)
(([email protected]; +91 9769003463;))
By Bharath Rajeswaran
Aug 19 (Reuters) - Robust profit growth for India's Nifty 50 companies has brightened the outlook for domestic markets, but global risk aversion and a strong IPO pipeline could temper a broader rally in the near term, according to Abakkus Investment Managers.
The benchmark Nifty 50 .NSEI and Sensex .BSESN are down 7.9% and 9.8% year-to-date amid crude-driven inflation and a record $25 billion in foreign outflows. In comparison, regional peers, such as South Korea and Taiwan, are up about 50% each.
Abakkus, which manages assets worth $5.2 billion, sees elevated crude prices, rising global yields and volatility in the AI trade as key external risks for Indian equities.
"Domestically, consumer demand and corporate profitability is strong as seen in the better-than-expected Q1 results, but globally, they are not," Aman Chowhan, head of equities of Alternates at Abakkus AMC, told Reuters on Wednesday.
However, Chowhan said that "after a weak first half, India should outperform EM and Asian peers relatively, but its direction will still be dictated by global risk sentiment, with crude and the AI trade likely setting the market's tempo."
Expanding equity supply is another hurdle, with IPOs, qualified institutional placements, and block deals competing for limited capital, Chowhan said.
"Every other day there's an IPO… some promoter selling, some QIP," Chowhan said, adding "fresh issues and institutional placements are siphoning liquidity from secondary markets as investors chase listing gains and growth stories."
After 27 mainboard IPOs raised 225.72 billion rupees ($2.36 billion) in the first half of 2026, a packed August pipeline signals sustained primary market supply in the near term.
Chowhan estimates that 40-50% of capital may, therefore, be absorbed by such offerings, restricting a broader market rally.
Against this backdrop, Abakkus favors leading niche NBFCs and mid-sized banking stocks, citing stronger credit growth.
It also expects foreign investors to return to equities only gradually as years of weak returns in key sectors, such as financials and IT, have made them cautious of increasing their exposure.
($1 = 95.7525 Indian rupees)
(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Sonia Cheema)
(([email protected]; +91 9769003463;))
Adds details paragraph 3 onwards
Aug 18 (Reuters) - India's Tata Sons TATO.NS has adjourned its annual general meeting that was scheduled for August 18, a source with direct knowledge of the matter told Reuters on Tuesday.
The postponement comes days after Chairman N. Chandrasekaran said he would not seek reappointment when his term ends in February 2027, following months of disagreements with Tata Trusts, the group holding company Tata Sons' controlling shareholder.
Tata Trusts set up a selection committee last week to recommend a new chairman for Tata Sons. The trusts hold a controlling stake in Tata Sons and appoint a third of its directors, who have veto powers over key decisions.
Tata Trusts and Tata Sons did not immediately respond to Reuters' requests for comment.
The succession process is one of the most significant decisions facing the 158-year-old conglomerate, whose listed companies have a combined market value of about $277 billion.
Tata Sons is also facing pressure from minority shareholder Shapoorji Pallonji Group to pursue a public listing, an issue on which Tata Trusts and its chairman, Noel Tata, are expected to have significant influence.
(Reporting by Surbhi Misra, Kashish Tandon and Mridula Kumar in Bengaluru; Editing by Rashmi Aich and Ronojoy Mazumdar)
(([email protected] | X: https://twitter.com/SurbhiMisra_ |;))
Adds details paragraph 3 onwards
Aug 18 (Reuters) - India's Tata Sons TATO.NS has adjourned its annual general meeting that was scheduled for August 18, a source with direct knowledge of the matter told Reuters on Tuesday.
The postponement comes days after Chairman N. Chandrasekaran said he would not seek reappointment when his term ends in February 2027, following months of disagreements with Tata Trusts, the group holding company Tata Sons' controlling shareholder.
Tata Trusts set up a selection committee last week to recommend a new chairman for Tata Sons. The trusts hold a controlling stake in Tata Sons and appoint a third of its directors, who have veto powers over key decisions.
Tata Trusts and Tata Sons did not immediately respond to Reuters' requests for comment.
The succession process is one of the most significant decisions facing the 158-year-old conglomerate, whose listed companies have a combined market value of about $277 billion.
Tata Sons is also facing pressure from minority shareholder Shapoorji Pallonji Group to pursue a public listing, an issue on which Tata Trusts and its chairman, Noel Tata, are expected to have significant influence.
(Reporting by Surbhi Misra, Kashish Tandon and Mridula Kumar in Bengaluru; Editing by Rashmi Aich and Ronojoy Mazumdar)
(([email protected] | X: https://twitter.com/SurbhiMisra_ |;))
Aug 17 (Reuters) - Tata Consultancy Services Ltd TCS.NS:
TCS- LAUNCHES AGENTIC AI PLATFORM TO TRANSFORM DRUG DEVELOPMENT
Source text: ID:nnAZN4TEQEF
Further company coverage: TCS.NS
(([email protected];))
Aug 17 (Reuters) - Tata Consultancy Services Ltd TCS.NS:
TCS- LAUNCHES AGENTIC AI PLATFORM TO TRANSFORM DRUG DEVELOPMENT
Source text: ID:nnAZN4TEQEF
Further company coverage: TCS.NS
(([email protected];))
The author is a Reuters Breakingviews columnist. The opinions expressed are her own. Updates to add graphic.
By Ujjaini Dutta
BENGALURU, Aug 14 (Reuters Breakingviews) - India's $315 billion IT industry was once easy for investors to read: work was largely billed on human effort, so headcount was a straightforward indicator of revenue growth and earnings potential. That correlation is fraying as AI tools made by Anthropic, OpenAI and others mean IT companies can serve clients with fewer people and increase revenue without hiring. New measures are needed to differentiate between firms adapting fast enough and those who can't keep up.
Traditional contracts paid IT companies for hours worked and engineers deployed. That model is fading fast, especially at smaller and more agile firms. Yet the distinction is not reflected in share prices. Investors have indiscriminately dumped shares in giants led by $90 billion Tata Consultancy Services TCS.NS , Infosys INFY.NS and Wipro WIPR.NS, alongside stakes in smaller providers like Blackstone-backed BX.N Mphasis MBFL.NS. The benchmark Nifty IT index .NIFTYIT is down 17% this year.
Some companies are starting to report "AI revenue". Venu Lambu, the boss of $15 billion LTM LTIM.NS, reckons it will become the industry's defining metric but that seems unlikely. At Tata Consultancy, this newly adopted measure is poorly explained and, worse, lumpy. A more nuanced approach is probably required.
From March next year, $5 billion Mphasis,will report “key operating metrics” such as annual recurring revenue and platform attach rate. This suggests it sees a growing share of future revenue from selling software-like services. The firm already generates less than half of its topline from the traditional "Time and Materials" billable hours model. Similarly, $8.5 billion Coforge is building up a portfolio of AI-related software products and tools including 8 AI platforms, 22 AI assets and over 100 reusable AI agents, per its latest post-earnings call.
AI is not only making engineers more productive; it is also encouraging IT firms to package their expertise into reusable software platforms as clients increasing value speed of deployment. So instead of building a custom customer-service application from scratch, an outsourcer could deploy a pre-built AI platform across dozens of clients and charge subscription fees.. Attach rate would show how often clients purchase additional products or services after adopting a platform, offering a clue about future revenue growth.
This shift to a "services-as-software" model is imminent, says Sanjeev Narsipur, Managing Director and Lead of Digital, AI and Technology Services at Alvarez & Marsal. And as this line blurs globally, AI developers OpenAI and Anthropic are also moving into enterprise services. Whatever the way forward, after decades of falling back on old metrics, IT firms need to find new ways to demonstrate their worth.
Follow Ujjaini Dutta on LinkedIn and X.
CONTEXT NEWS
Blackstone-backed Mphasis sees a shift toward "recurring, platform-attached revenue” the company said on July 24 in a post-earnings call. In May, the company said it would start reporting “key operating metrics” such as annual revenue runrate, platform attach rate and net retention rate for the year ending March 2028.
(Editing by Una Galani; Production by Aditya Srivastav)
((For previous columns by the author, Reuters customers can click on DUTTA/[email protected]))
The author is a Reuters Breakingviews columnist. The opinions expressed are her own. Updates to add graphic.
By Ujjaini Dutta
BENGALURU, Aug 14 (Reuters Breakingviews) - India's $315 billion IT industry was once easy for investors to read: work was largely billed on human effort, so headcount was a straightforward indicator of revenue growth and earnings potential. That correlation is fraying as AI tools made by Anthropic, OpenAI and others mean IT companies can serve clients with fewer people and increase revenue without hiring. New measures are needed to differentiate between firms adapting fast enough and those who can't keep up.
Traditional contracts paid IT companies for hours worked and engineers deployed. That model is fading fast, especially at smaller and more agile firms. Yet the distinction is not reflected in share prices. Investors have indiscriminately dumped shares in giants led by $90 billion Tata Consultancy Services TCS.NS , Infosys INFY.NS and Wipro WIPR.NS, alongside stakes in smaller providers like Blackstone-backed BX.N Mphasis MBFL.NS. The benchmark Nifty IT index .NIFTYIT is down 17% this year.
Some companies are starting to report "AI revenue". Venu Lambu, the boss of $15 billion LTM LTIM.NS, reckons it will become the industry's defining metric but that seems unlikely. At Tata Consultancy, this newly adopted measure is poorly explained and, worse, lumpy. A more nuanced approach is probably required.
From March next year, $5 billion Mphasis,will report “key operating metrics” such as annual recurring revenue and platform attach rate. This suggests it sees a growing share of future revenue from selling software-like services. The firm already generates less than half of its topline from the traditional "Time and Materials" billable hours model. Similarly, $8.5 billion Coforge is building up a portfolio of AI-related software products and tools including 8 AI platforms, 22 AI assets and over 100 reusable AI agents, per its latest post-earnings call.
AI is not only making engineers more productive; it is also encouraging IT firms to package their expertise into reusable software platforms as clients increasing value speed of deployment. So instead of building a custom customer-service application from scratch, an outsourcer could deploy a pre-built AI platform across dozens of clients and charge subscription fees.. Attach rate would show how often clients purchase additional products or services after adopting a platform, offering a clue about future revenue growth.
This shift to a "services-as-software" model is imminent, says Sanjeev Narsipur, Managing Director and Lead of Digital, AI and Technology Services at Alvarez & Marsal. And as this line blurs globally, AI developers OpenAI and Anthropic are also moving into enterprise services. Whatever the way forward, after decades of falling back on old metrics, IT firms need to find new ways to demonstrate their worth.
Follow Ujjaini Dutta on LinkedIn and X.
CONTEXT NEWS
Blackstone-backed Mphasis sees a shift toward "recurring, platform-attached revenue” the company said on July 24 in a post-earnings call. In May, the company said it would start reporting “key operating metrics” such as annual revenue runrate, platform attach rate and net retention rate for the year ending March 2028.
(Editing by Una Galani; Production by Aditya Srivastav)
((For previous columns by the author, Reuters customers can click on DUTTA/[email protected]))
Rewrites, adds details
Aug 13 (Reuters) - A panel will recommend the next chairman of India's largest conglomerate Tata Sons, the charitable arm that controls the group said on Thursday, a day after N. Chandrasekaran said he would not seek reappointment at the end of his term in February.
The Sir Dorabji Tata Trust, part of Tata Trusts and one of the two principal charitable trusts that own Tata Sons, has passed a resolution to initiate the setting up of a selection committee "as soon as possible", Tata Trusts said in a statement.
The Sir Dorabji Tata Trust and the Sir Ratan Tata Trust collectively owned more than 50% of Tata Sons as of March 31, according to the Tata Sons annual report.
"We extend our full support to Tata Sons in ensuring a smooth, timely and orderly transition of leadership, consistent with the values and long-term interests of Tata Sons and the Tata group," Tata Trusts said.
Earlier this year, Tata Sons — which controls more than 30 Tata companies, including IT firm TCS TCS.NS, Tata Motors TAMO.NS and Air India — postponed a decision on reappointing Chandrasekaran as chairman after Noel Tata, chairman of Tata Trusts, opposed the move.
Chandrasekaran cited the lack of board backing as the reason for his departure.
(Reporting by Surbhi Misra and Abinaya V in Bengaluru; Editing by Mrigank Dhaniwala)
(([email protected] | X: https://twitter.com/SurbhiMisra_ |;))
Rewrites, adds details
Aug 13 (Reuters) - A panel will recommend the next chairman of India's largest conglomerate Tata Sons, the charitable arm that controls the group said on Thursday, a day after N. Chandrasekaran said he would not seek reappointment at the end of his term in February.
The Sir Dorabji Tata Trust, part of Tata Trusts and one of the two principal charitable trusts that own Tata Sons, has passed a resolution to initiate the setting up of a selection committee "as soon as possible", Tata Trusts said in a statement.
The Sir Dorabji Tata Trust and the Sir Ratan Tata Trust collectively owned more than 50% of Tata Sons as of March 31, according to the Tata Sons annual report.
"We extend our full support to Tata Sons in ensuring a smooth, timely and orderly transition of leadership, consistent with the values and long-term interests of Tata Sons and the Tata group," Tata Trusts said.
Earlier this year, Tata Sons — which controls more than 30 Tata companies, including IT firm TCS TCS.NS, Tata Motors TAMO.NS and Air India — postponed a decision on reappointing Chandrasekaran as chairman after Noel Tata, chairman of Tata Trusts, opposed the move.
Chandrasekaran cited the lack of board backing as the reason for his departure.
(Reporting by Surbhi Misra and Abinaya V in Bengaluru; Editing by Mrigank Dhaniwala)
(([email protected] | X: https://twitter.com/SurbhiMisra_ |;))
Aug 12 (Reuters) - Tata Sons TATO.NS:
TATA SONS CHAIRMAN CHANDRASHEKARAN RESIGNS - SOURCE
N CHANDRASEKARAN WILL COMPLETE HIS TERM AS TATA SONS CHAIRMAN - SOURCE
Further company coverage: TATO.NS
(([email protected];))
Aug 12 (Reuters) - Tata Sons TATO.NS:
TATA SONS CHAIRMAN CHANDRASHEKARAN RESIGNS - SOURCE
N CHANDRASEKARAN WILL COMPLETE HIS TERM AS TATA SONS CHAIRMAN - SOURCE
Further company coverage: TATO.NS
(([email protected];))
Aug 11 (Reuters) - Tata Consultancy Services Ltd TCS.NS:
TCS- TCS AND GOOGLE CLOUD LAUNCH GEMINI EXPERIENCE CENTER IN MEXICO TO HELP DRIVE AI ADOPTION
Source text: ID:nBSE15qS6j
Further company coverage: TCS.NS
(([email protected];))
Aug 11 (Reuters) - Tata Consultancy Services Ltd TCS.NS:
TCS- TCS AND GOOGLE CLOUD LAUNCH GEMINI EXPERIENCE CENTER IN MEXICO TO HELP DRIVE AI ADOPTION
Source text: ID:nBSE15qS6j
Further company coverage: TCS.NS
(([email protected];))
Aug 10 (Reuters) - Tata Consultancy Services Ltd TCS.NS:
RECEIVED THREAT-INTELLIGENCE ALERTS ALLEGING POSSIBLE EXPOSURE OF CERTAIN EMPLOYEE INFORMATION
NO INDICATION THAT CUSTOMER DATA, CUSTOMER SYSTEMS, OR TCS OPERATIONAL SYSTEMS HAVE BEEN IMPACTED
INVESTIGATED THE MATTER AND HAS NOT FOUND ANY CREDIBLE EVIDENCE OF A BREACH OF TCS SYSTEMS OR CUSTOMER ENVIRONMENTS
ATTACKER CLAIMS TO HAVE USED PASSWORD SPRAY AND MULTI-FACTOR AUTHENTICATION (MFA) FATIGUE AS ATTACK VECTOR
COMPANY WILL CONTINUE TO ASSESS ANY NEW INFORMATION THAT BECOMES AVAILABLE AND TAKE APPROPRIATE ACTION
Further company coverage: TCS.NS
(([email protected];;))
Aug 10 (Reuters) - Tata Consultancy Services Ltd TCS.NS:
RECEIVED THREAT-INTELLIGENCE ALERTS ALLEGING POSSIBLE EXPOSURE OF CERTAIN EMPLOYEE INFORMATION
NO INDICATION THAT CUSTOMER DATA, CUSTOMER SYSTEMS, OR TCS OPERATIONAL SYSTEMS HAVE BEEN IMPACTED
INVESTIGATED THE MATTER AND HAS NOT FOUND ANY CREDIBLE EVIDENCE OF A BREACH OF TCS SYSTEMS OR CUSTOMER ENVIRONMENTS
ATTACKER CLAIMS TO HAVE USED PASSWORD SPRAY AND MULTI-FACTOR AUTHENTICATION (MFA) FATIGUE AS ATTACK VECTOR
COMPANY WILL CONTINUE TO ASSESS ANY NEW INFORMATION THAT BECOMES AVAILABLE AND TAKE APPROPRIATE ACTION
Further company coverage: TCS.NS
(([email protected];;))
RBI keeps Tata Sons in top tier of NBFCs
Says move won't affect pending licence surrender application.
Decision leaves unresolved whether Tata Sons will ultimately be required to list
Rewrites with comments from source, background
By Nishit Navin and Gopika Gopakumar
Aug 6 (Reuters) - The Reserve Bank of India on Thursday kept Tata Sons under enhanced regulatory supervision but said that would not affect the holding company's pending application to surrender its non-banking finance licence, leaving uncertainty over whether it will eventually have to list its shares.
Tata Sons, the principal investment holding company of the $400-billion Tata Group, was first classified as an upper-layer non-banking financial company (NBFC) in 2022. Under RBI rules, such entities are required to list within three years, although the regulator did not clarify whether that requirement applies while Tata Sons' deregistration request remains under review.
To avoid a listing, Tata Sons repaid its debt and applied about two years ago to surrender its NBFC licence. The application is still being considered by the central bank.
A person familiar with the RBI's thinking said the regulator is unlikely to require Tata Sons to list while the application remains pending, even though the three-year timeline has elapsed.
"Technically if you see Tata Sons has to follow all the regulation and if you look at even the listing, RBI will consider it as overdue. Since the application is yet to be disposed of, RBI will not push them to enforce these regulations," said the source familiar with the matter
The RBI and Tata Sons did not immediately respond to a Reuters request for comment. RBI Governor Sanjay Malhotra said on Wednesday that Tata Sons continued to be classified as an upper-layer NBFC because the framework governing such entities was "principle-based".
Upper-layer NBFCs are considered large and systemically important financial institutions and are subject to enhanced regulatory oversight. Tata Sons remains in the category because its asset size exceeds the stipulated 10 trillion rupees ($105 billion) threshold.
The outcome is significant because the Tata Trusts own about 66% of Tata Sons. A public listing could affect funding for the trusts' philanthropic activities and its investments in unlisted businesses, and alter the ownership structure of one of India's largest conglomerates.
Pressure for a listing has also come from Tata Sons' second-largest shareholder, the Shapoorji Pallonji Group, which wants to monetise or exit its holding as it seeks to reduce debt estimated at 5.5 trillion rupees to 6 trillion rupees.
Tata Sons owns Air India, Tata Digital and Tata Electronics, alongside stakes in listed companies including Tata Consultancy Services TCS.NS and Tata Steel TISC.NS.
($1 = 95.2200 Indian rupees)
(Reporting by Nishit Navin and Gopika Gopakumar. Editing by Sonia Cheema and Mark Potter)
(([email protected];))
RBI keeps Tata Sons in top tier of NBFCs
Says move won't affect pending licence surrender application.
Decision leaves unresolved whether Tata Sons will ultimately be required to list
Rewrites with comments from source, background
By Nishit Navin and Gopika Gopakumar
Aug 6 (Reuters) - The Reserve Bank of India on Thursday kept Tata Sons under enhanced regulatory supervision but said that would not affect the holding company's pending application to surrender its non-banking finance licence, leaving uncertainty over whether it will eventually have to list its shares.
Tata Sons, the principal investment holding company of the $400-billion Tata Group, was first classified as an upper-layer non-banking financial company (NBFC) in 2022. Under RBI rules, such entities are required to list within three years, although the regulator did not clarify whether that requirement applies while Tata Sons' deregistration request remains under review.
To avoid a listing, Tata Sons repaid its debt and applied about two years ago to surrender its NBFC licence. The application is still being considered by the central bank.
A person familiar with the RBI's thinking said the regulator is unlikely to require Tata Sons to list while the application remains pending, even though the three-year timeline has elapsed.
"Technically if you see Tata Sons has to follow all the regulation and if you look at even the listing, RBI will consider it as overdue. Since the application is yet to be disposed of, RBI will not push them to enforce these regulations," said the source familiar with the matter
The RBI and Tata Sons did not immediately respond to a Reuters request for comment. RBI Governor Sanjay Malhotra said on Wednesday that Tata Sons continued to be classified as an upper-layer NBFC because the framework governing such entities was "principle-based".
Upper-layer NBFCs are considered large and systemically important financial institutions and are subject to enhanced regulatory oversight. Tata Sons remains in the category because its asset size exceeds the stipulated 10 trillion rupees ($105 billion) threshold.
The outcome is significant because the Tata Trusts own about 66% of Tata Sons. A public listing could affect funding for the trusts' philanthropic activities and its investments in unlisted businesses, and alter the ownership structure of one of India's largest conglomerates.
Pressure for a listing has also come from Tata Sons' second-largest shareholder, the Shapoorji Pallonji Group, which wants to monetise or exit its holding as it seeks to reduce debt estimated at 5.5 trillion rupees to 6 trillion rupees.
Tata Sons owns Air India, Tata Digital and Tata Electronics, alongside stakes in listed companies including Tata Consultancy Services TCS.NS and Tata Steel TISC.NS.
($1 = 95.2200 Indian rupees)
(Reporting by Nishit Navin and Gopika Gopakumar. Editing by Sonia Cheema and Mark Potter)
(([email protected];))
Adds details on new tech hub, additional details on data center and background
July 24 (Reuters) - India's HCLTech HCLT.NS said on Friday it would invest 142.57 billion rupees ($1.48 billion) to set up its first AI data center in the eastern state of Odisha in partnership with homegrown startup Sarvam AI.
India’s IT services firms are entering the data center business to capitalise on demand from AI and cloud computing while diversifying beyond their traditional outsourcing operations.
HCLTech's investment will include financial support from the Odisha government, the company said.
The project, based in the state capital of Bhubaneswar, will utilise HCLTech's full-stack AI capabilities and Sarvam's foundation models to offer sector-specific AI applications to both government-owned and private companies.
Last month, HCLTech acquired a 10.5% stake in Sarvam AI for $150 million.
Additionally, India's third-largest IT firm said it is also opening a technology center in Bhubaneswar, which will house 5,000 employees and start operations by 2028.
HCLTech CEO C Vijayakumar in a post-earnings press conference last week said that the company wants to deliver full-stack AI services, with data centers being a part of the value chain.
"...it's the data centre, it's the GPUs, it's the models, it's the applications that we will deliver on top of it. The overall value creation is significantly of a very different magnitude when you really look at this as a full stack, and that's really what we want to play," he said.
In November, larger peer Tata Consultancy Services' TCS.NS announced plans to invest $2 billion to develop AI data centers in partnership with private equity firm TPG.
The AI boom has spurred a rush among companies to pour money into data centers, with India seen as a key market due to its large internet user base and lower power and operating costs.
($1 = 96.5425 Indian rupees)
(Reporting by Abhirami G and Haripriya Suresh in Bengaluru; Editing by Sonia Cheema)
Adds details on new tech hub, additional details on data center and background
July 24 (Reuters) - India's HCLTech HCLT.NS said on Friday it would invest 142.57 billion rupees ($1.48 billion) to set up its first AI data center in the eastern state of Odisha in partnership with homegrown startup Sarvam AI.
India’s IT services firms are entering the data center business to capitalise on demand from AI and cloud computing while diversifying beyond their traditional outsourcing operations.
HCLTech's investment will include financial support from the Odisha government, the company said.
The project, based in the state capital of Bhubaneswar, will utilise HCLTech's full-stack AI capabilities and Sarvam's foundation models to offer sector-specific AI applications to both government-owned and private companies.
Last month, HCLTech acquired a 10.5% stake in Sarvam AI for $150 million.
Additionally, India's third-largest IT firm said it is also opening a technology center in Bhubaneswar, which will house 5,000 employees and start operations by 2028.
HCLTech CEO C Vijayakumar in a post-earnings press conference last week said that the company wants to deliver full-stack AI services, with data centers being a part of the value chain.
"...it's the data centre, it's the GPUs, it's the models, it's the applications that we will deliver on top of it. The overall value creation is significantly of a very different magnitude when you really look at this as a full stack, and that's really what we want to play," he said.
In November, larger peer Tata Consultancy Services' TCS.NS announced plans to invest $2 billion to develop AI data centers in partnership with private equity firm TPG.
The AI boom has spurred a rush among companies to pour money into data centers, with India seen as a key market due to its large internet user base and lower power and operating costs.
($1 = 96.5425 Indian rupees)
(Reporting by Abhirami G and Haripriya Suresh in Bengaluru; Editing by Sonia Cheema)
Forecast cut reflects more demand pressure, analyst says
AI revenue up 8.2% versus 5.5% in December quarter
U.S.-listed shares down 5% in early trading
Adds details of CEO transition, more analyst comments, background, shares and graphic
By Sai Ishwarbharath B and Haripriya Suresh
BENGALURU, July 23 (Reuters) - Infosys INFY.NS named company veteran Ashiss Kumar Dash as its next CEO on Thursday, tapping a three-decade insider to lead India's No. 2 IT firm through an AI-driven upheaval reshaping the technology services industry.
The succession plan was announced alongside a cut to the company's annual revenue growth forecast, sending its U.S.-listed shares down 5% in early trading.
Dash, who heads the company's energy and utilities business, will take over in April 2027 for a five-year term after Salil Parekh steps down at the end of his tenure in March, the company said.
The appointment comes as India's $315 billion IT sector wrestles with the impact of AI on technology spending and traditional outsourcing models.
"Ashiss Kumar Dash is a safe, execution-focused appointment at a time when Infosys needs stability as much as transformation," said Phil Fersht, CEO of tech research firm HFS Research.
"He understands the firm's culture, clients, and delivery engine, which should reassure customers and investors after a period of uncertainty."
Nandan Nilekani, the co-founder and non-executive chairman of Infosys, said Dash's long career at the firm had given him experience across key functions, including delivery, sales and account management, making him well-suited for the top role.
Dash will return from Los Angeles to India in the coming months and begin a structured handover process, with Parekh expected to mentor him from October as part of the transition.
NARROWS REVENUE GROWTH FORECAST
The Bengaluru-based firm narrowed its fiscal 2027 revenue growth forecast to 1.5%-3.0% from 1.5%-3.5%, citing cautious client spending amid AI-driven disruption. Analysts had expected growth of 2.5%-4.5%.
Parekh said the forecast's upper end reflected expectations of a stronger macroeconomic environment, which have yet to materialise.
StoxBox analyst Sagar Shetty said the forecast downgrade likely reflects a more pressuring environment going forward.
Revenue in the quarter rose 14% to 482.11 billion rupees ($4.99 billion), missing analysts' average estimate of 483.67 billion rupees, according to data compiled by LSEG. Net profit rose 12.2% to 77.69 billion rupees, while analysts expected 78.32 billion rupees.
Rivals Tata Consultancy Services TCS.NS and HCLTech HCLT.NS beat quarterly estimates earlier, aided by strong financial services demand and a weaker currency.
AI services accounted for 8.2% of Infosys' revenue, compared with 5.5% in the December quarter.
Large deal bookings were $3.6 billion in the quarter, up from $3.2 billion in the previous quarter but down from $3.8 billion a year earlier.
($1 = 96.5725 Indian rupees)
(Reporting by Sai Ishwarbharath B and Haripriya Suresh; Additional reporting by Mridula Kumar, Surbhi Misra and Kashish Tandon; Editing by Nivedita Bhattacharjee, Dhanya Skariachan and Devika Syamnath)
(([email protected];))
Forecast cut reflects more demand pressure, analyst says
AI revenue up 8.2% versus 5.5% in December quarter
U.S.-listed shares down 5% in early trading
Adds details of CEO transition, more analyst comments, background, shares and graphic
By Sai Ishwarbharath B and Haripriya Suresh
BENGALURU, July 23 (Reuters) - Infosys INFY.NS named company veteran Ashiss Kumar Dash as its next CEO on Thursday, tapping a three-decade insider to lead India's No. 2 IT firm through an AI-driven upheaval reshaping the technology services industry.
The succession plan was announced alongside a cut to the company's annual revenue growth forecast, sending its U.S.-listed shares down 5% in early trading.
Dash, who heads the company's energy and utilities business, will take over in April 2027 for a five-year term after Salil Parekh steps down at the end of his tenure in March, the company said.
The appointment comes as India's $315 billion IT sector wrestles with the impact of AI on technology spending and traditional outsourcing models.
"Ashiss Kumar Dash is a safe, execution-focused appointment at a time when Infosys needs stability as much as transformation," said Phil Fersht, CEO of tech research firm HFS Research.
"He understands the firm's culture, clients, and delivery engine, which should reassure customers and investors after a period of uncertainty."
Nandan Nilekani, the co-founder and non-executive chairman of Infosys, said Dash's long career at the firm had given him experience across key functions, including delivery, sales and account management, making him well-suited for the top role.
Dash will return from Los Angeles to India in the coming months and begin a structured handover process, with Parekh expected to mentor him from October as part of the transition.
NARROWS REVENUE GROWTH FORECAST
The Bengaluru-based firm narrowed its fiscal 2027 revenue growth forecast to 1.5%-3.0% from 1.5%-3.5%, citing cautious client spending amid AI-driven disruption. Analysts had expected growth of 2.5%-4.5%.
Parekh said the forecast's upper end reflected expectations of a stronger macroeconomic environment, which have yet to materialise.
StoxBox analyst Sagar Shetty said the forecast downgrade likely reflects a more pressuring environment going forward.
Revenue in the quarter rose 14% to 482.11 billion rupees ($4.99 billion), missing analysts' average estimate of 483.67 billion rupees, according to data compiled by LSEG. Net profit rose 12.2% to 77.69 billion rupees, while analysts expected 78.32 billion rupees.
Rivals Tata Consultancy Services TCS.NS and HCLTech HCLT.NS beat quarterly estimates earlier, aided by strong financial services demand and a weaker currency.
AI services accounted for 8.2% of Infosys' revenue, compared with 5.5% in the December quarter.
Large deal bookings were $3.6 billion in the quarter, up from $3.2 billion in the previous quarter but down from $3.8 billion a year earlier.
($1 = 96.5725 Indian rupees)
(Reporting by Sai Ishwarbharath B and Haripriya Suresh; Additional reporting by Mridula Kumar, Surbhi Misra and Kashish Tandon; Editing by Nivedita Bhattacharjee, Dhanya Skariachan and Devika Syamnath)
(([email protected];))
** TCS TCS.NS, India's top software services exporter, up 9% this week
** Co on track for best week in nearly six years
** Stock, which is down more than 30% so far this year, has shown some signs of recovery in July
** Co posted quarterly revenue last week on strong banking demand, rising AI revenue
** Analysts note revenue growth in coming quarters, led by AI revenue; prospects for grown in BFSI, high-tech and regional markets
** On the day, stock up 2.8% to 2,262.4 rupees in lighter-than-usual trading
** More than 2.6 mln shares change hands vs 30-day avg of 5.1 mln shares
** Stock top gainer on IT index .NIFTYIT on Friday, among top gainers on benchmark Nifty 50 .NSEI
** Avg rating of 43 analysts is "buy"; median PT is 2,400 rupees - LSEG data
(Reporting by Abinaya V in Bengaluru)
** TCS TCS.NS, India's top software services exporter, up 9% this week
** Co on track for best week in nearly six years
** Stock, which is down more than 30% so far this year, has shown some signs of recovery in July
** Co posted quarterly revenue last week on strong banking demand, rising AI revenue
** Analysts note revenue growth in coming quarters, led by AI revenue; prospects for grown in BFSI, high-tech and regional markets
** On the day, stock up 2.8% to 2,262.4 rupees in lighter-than-usual trading
** More than 2.6 mln shares change hands vs 30-day avg of 5.1 mln shares
** Stock top gainer on IT index .NIFTYIT on Friday, among top gainers on benchmark Nifty 50 .NSEI
** Avg rating of 43 analysts is "buy"; median PT is 2,400 rupees - LSEG data
(Reporting by Abinaya V in Bengaluru)
July 16 (Reuters) - Tata Consultancy Services Ltd TCS.NS:
TCS - CO AND GOOGLE CLOUD LAUNCH GEMINI EXPERIENCE CENTER IN KOLKATA
TCS - BY END OF 2026, PLANS TO ESTABLISH TOTAL OF 10 GECS GLOBALLY, INCLUDING FOUR IN INDIA
Source text: ID:nBSE15x2Fn
Further company coverage: TCS.NS
(([email protected];))
July 16 (Reuters) - Tata Consultancy Services Ltd TCS.NS:
TCS - CO AND GOOGLE CLOUD LAUNCH GEMINI EXPERIENCE CENTER IN KOLKATA
TCS - BY END OF 2026, PLANS TO ESTABLISH TOTAL OF 10 GECS GLOBALLY, INCLUDING FOUR IN INDIA
Source text: ID:nBSE15x2Fn
Further company coverage: TCS.NS
(([email protected];))
July 15 (Reuters) - NVIDIA Corp NVDA.O:
TCS - LAUNCHES INDUSTRIAL AI SOLUTIONS LAB IN BENGALURU POWERED BY NVIDIA
Source text: ID:nBSEbk81Nz
Further company coverage: NVDA.O
(([email protected];))
July 15 (Reuters) - NVIDIA Corp NVDA.O:
TCS - LAUNCHES INDUSTRIAL AI SOLUTIONS LAB IN BENGALURU POWERED BY NVIDIA
Source text: ID:nBSEbk81Nz
Further company coverage: NVDA.O
(([email protected];))
By Ira Dugal
July 14 - Foreign investors are embracing the Indian bonds with uncommon enthusiasm, even as they remain wary of the nation's stocks. The resulting drop in borrowing costs is delivering immediate benefits for the government and economy, but are risks waiting in the wings? That's our focus this week. Share your views with me at [email protected].
Also, quarterly earnings from India's largest IT company bring relief to beaten-down tech stocks. Scroll down for that. And, catch the best of Reuters reporting on India in our 'must-reads' section.
THIS WEEK IN ASIA
Japan pension pivot seen as a slow burn, not a bond market fire sale
How the absence of Iran's new supreme leader is becoming a liability for the Islamic Republic
China lifts fuel export curbs for July, sources say
Bangladesh's Hasina plans December return with party colleagues to surrender
BONDS GET A VOTE OF CONFIDENCE
While Indian equity markets have struggled to draw foreign investor interest over the past year, the country's bonds are enjoying a moment in the spotlight.
A confluence of factors has led to nearly $6.5 billion in foreign investment into government securities since the start of June - a month which saw record inflows, pulling down the benchmark 10-year bond yield by about 25 basis points to 6.73%, close to the levels seen before the Iran war began.
A relatively dovish central bank, lower taxes for foreign investors and a dollar deposit scheme targeting the Indian diaspora are all playing a part.
"The relative stability in the rupee after the central bank's steps aimed at drawing dollar flows has also been a key positive for bond investors," said Vivek Kumar, an economist at QuantEco Research.
Additionally, some front-running of the potential inclusion of Indian sovereign debt in Bloomberg's flagship Global Aggregate Index could be driving demand, said Abhishek Upadhyay, co-head of economic and fixed income research at Mumbai-based ICICI Securities Primary Dealership.
"It has been a beautiful set-up for anyone considering allocation to Indian government bonds," he said.
COULD BOND BULLS TURN VIGILANTES?
The inflows have given foreigners increasing clout in a market that the government historically has carefully controlled.
Overseas ownership of bonds in a category called "fully accessible route (FAR)" climbed to 7%, Reuters' Dharamraj Dhutia reported. FAR bonds, introduced in 2020, have no foreign investment restrictions and are now part of three global bond indices, buffing their attractiveness to foreign investors.
Prior to 2020, India had tightly limited overseas investment in government debt, even though equity markets were fully open. The worry was that foreign ownership might spur volatility in borrowing costs across the economy, acting as a constraint on policymakers.
For instance, bond vigilantes — investors who demand higher yields when they perceive fiscal risks — could complicate the pursuit of spending priorities such as strategic energy reserves. Yields rise when bonds sell off.
India could eventually become more susceptible to such pressures, but those risks remain limited for now, said Upadhyay.
"Foreign ownership of Indian government bonds is still low, while domestic banks and insurers continue to provide a stable source of demand because of regulatory requirements," he said.
Banks are required to hold 18% of their deposits in government bonds, while investment guidelines for insurance companies also require large holdings of these securities.
India's 7% foreign ownership is lower than countries like Malaysia and Indonesia, where overseas investors own about 22% and 14% of government debt, respectively.
And QuantEco's Kumar noted that much of the investment has come from funds tracking global bond indices, suggesting the inflows could prove sticky.
"These are largely passive investors and they typically don't swing positions very sharply due to near-term macroeconomic developments as their holdings are linked to an index weight," he said.
MARKET MATTERS
After a sharp fall since the start of the year for technology stocks, earnings from Tata Consultancy Services TCS.NS for the June quarter beat market expectations, bringing some relief to the sector.
Strong banking demand and rising AI revenue helped India's largest IT services firm beat revenue estimates. Company executives told Reuters' Sai Ishwarbharath B and Haripriya Suresh that it is scouting for acquisitions in the AI space to boost revenue further. Read more here.
THIS WEEK'S MUST-READS
India is holding out for a better trade deal with the U.S. as Prime Minister Narendra Modi draws confidence from new trading partners and a relatively resilient economy, Shivangi Acharya, Manoj Kumar and Trevor Hunnicutt reported.
India's National Stock Exchange (NSE) will pitch its IPO to over 30 global investors this month as a bet on the country's rapid financial expansion and growing capital-market participation, Jayshree Upadhyay reported.
An Indian investigation found duty-free shops run by billionaire Gautam Adani's business group at Mumbai international airport breached the law by selling nicotine pouches, Aditya Kalra reported. Adani denies wrongdoing. The Indian government is seeking to throw out a court challenge mounted by the Adani group.
(Reporting by Ira Dugal; Editing by Kevin Buckland)
(([email protected]; +91-9833024892;))
By Ira Dugal
July 14 - Foreign investors are embracing the Indian bonds with uncommon enthusiasm, even as they remain wary of the nation's stocks. The resulting drop in borrowing costs is delivering immediate benefits for the government and economy, but are risks waiting in the wings? That's our focus this week. Share your views with me at [email protected].
Also, quarterly earnings from India's largest IT company bring relief to beaten-down tech stocks. Scroll down for that. And, catch the best of Reuters reporting on India in our 'must-reads' section.
THIS WEEK IN ASIA
Japan pension pivot seen as a slow burn, not a bond market fire sale
How the absence of Iran's new supreme leader is becoming a liability for the Islamic Republic
China lifts fuel export curbs for July, sources say
Bangladesh's Hasina plans December return with party colleagues to surrender
BONDS GET A VOTE OF CONFIDENCE
While Indian equity markets have struggled to draw foreign investor interest over the past year, the country's bonds are enjoying a moment in the spotlight.
A confluence of factors has led to nearly $6.5 billion in foreign investment into government securities since the start of June - a month which saw record inflows, pulling down the benchmark 10-year bond yield by about 25 basis points to 6.73%, close to the levels seen before the Iran war began.
A relatively dovish central bank, lower taxes for foreign investors and a dollar deposit scheme targeting the Indian diaspora are all playing a part.
"The relative stability in the rupee after the central bank's steps aimed at drawing dollar flows has also been a key positive for bond investors," said Vivek Kumar, an economist at QuantEco Research.
Additionally, some front-running of the potential inclusion of Indian sovereign debt in Bloomberg's flagship Global Aggregate Index could be driving demand, said Abhishek Upadhyay, co-head of economic and fixed income research at Mumbai-based ICICI Securities Primary Dealership.
"It has been a beautiful set-up for anyone considering allocation to Indian government bonds," he said.
COULD BOND BULLS TURN VIGILANTES?
The inflows have given foreigners increasing clout in a market that the government historically has carefully controlled.
Overseas ownership of bonds in a category called "fully accessible route (FAR)" climbed to 7%, Reuters' Dharamraj Dhutia reported. FAR bonds, introduced in 2020, have no foreign investment restrictions and are now part of three global bond indices, buffing their attractiveness to foreign investors.
Prior to 2020, India had tightly limited overseas investment in government debt, even though equity markets were fully open. The worry was that foreign ownership might spur volatility in borrowing costs across the economy, acting as a constraint on policymakers.
For instance, bond vigilantes — investors who demand higher yields when they perceive fiscal risks — could complicate the pursuit of spending priorities such as strategic energy reserves. Yields rise when bonds sell off.
India could eventually become more susceptible to such pressures, but those risks remain limited for now, said Upadhyay.
"Foreign ownership of Indian government bonds is still low, while domestic banks and insurers continue to provide a stable source of demand because of regulatory requirements," he said.
Banks are required to hold 18% of their deposits in government bonds, while investment guidelines for insurance companies also require large holdings of these securities.
India's 7% foreign ownership is lower than countries like Malaysia and Indonesia, where overseas investors own about 22% and 14% of government debt, respectively.
And QuantEco's Kumar noted that much of the investment has come from funds tracking global bond indices, suggesting the inflows could prove sticky.
"These are largely passive investors and they typically don't swing positions very sharply due to near-term macroeconomic developments as their holdings are linked to an index weight," he said.
MARKET MATTERS
After a sharp fall since the start of the year for technology stocks, earnings from Tata Consultancy Services TCS.NS for the June quarter beat market expectations, bringing some relief to the sector.
Strong banking demand and rising AI revenue helped India's largest IT services firm beat revenue estimates. Company executives told Reuters' Sai Ishwarbharath B and Haripriya Suresh that it is scouting for acquisitions in the AI space to boost revenue further. Read more here.
THIS WEEK'S MUST-READS
India is holding out for a better trade deal with the U.S. as Prime Minister Narendra Modi draws confidence from new trading partners and a relatively resilient economy, Shivangi Acharya, Manoj Kumar and Trevor Hunnicutt reported.
India's National Stock Exchange (NSE) will pitch its IPO to over 30 global investors this month as a bet on the country's rapid financial expansion and growing capital-market participation, Jayshree Upadhyay reported.
An Indian investigation found duty-free shops run by billionaire Gautam Adani's business group at Mumbai international airport breached the law by selling nicotine pouches, Aditya Kalra reported. Adani denies wrongdoing. The Indian government is seeking to throw out a court challenge mounted by the Adani group.
(Reporting by Ira Dugal; Editing by Kevin Buckland)
(([email protected]; +91-9833024892;))
July 13 (Reuters) - Tata Consultancy Services TCS.NS announced a top-level leadership reshuffle and formed five new business units focused on growth in the U.S. West Coast market and its ServiceNow NOW.N practice as AI threatens to disrupt the $315 billion Indian IT sector.
The announcements were made through a series of memos from CEO K Krithivasan and COO Aarthi Subramanian on Sunday, seen by Reuters.
The banking and financial services Americas unit will be split in two with company veterans Rakesh Kumar and Mohan Veeturi heading the U.S. West and U.S. East banking units respectively. Current U.S. banking head Susheel Vasudevan will move to a strategic role reporting to the CEO, according to one of the memos. Local newspaper Mint reported the development first.
Banking is the Tata Group company's largest vertical, accounting for a third of overall revenue while North America accounts for nearly half. Manmeet Chhabra, who currently heads the Canada banking unit, will take over as the country head for Canada.
TCS also announced the creation of five new business groups: the ServiceNow practice, travel and transport clients, energy and utility clients, U.S. West Coast, and global autonomous businesses, each with their own new leaders. It also appointed new leadership to the cybersecurity, UK and Europe lifesciences and communication and media verticals.
The moves come in a period when AI is seen as a disruption risk to India's $315 billion IT services industry, through reducing demand for engineering teams, shortening project timelines and squeezing prices as clients seek a share of productivity gains.
Last week, the IT services exporter beat quarterly revenue estimates for the April-June period, helped by higher spending by banking clients and weakness in the rupee.
(Reporting by Sai Ishwarbharath B and Haripriya Suresh in Bengaluru; Editing by Ronojoy Mazumdar)
July 13 (Reuters) - Tata Consultancy Services TCS.NS announced a top-level leadership reshuffle and formed five new business units focused on growth in the U.S. West Coast market and its ServiceNow NOW.N practice as AI threatens to disrupt the $315 billion Indian IT sector.
The announcements were made through a series of memos from CEO K Krithivasan and COO Aarthi Subramanian on Sunday, seen by Reuters.
The banking and financial services Americas unit will be split in two with company veterans Rakesh Kumar and Mohan Veeturi heading the U.S. West and U.S. East banking units respectively. Current U.S. banking head Susheel Vasudevan will move to a strategic role reporting to the CEO, according to one of the memos. Local newspaper Mint reported the development first.
Banking is the Tata Group company's largest vertical, accounting for a third of overall revenue while North America accounts for nearly half. Manmeet Chhabra, who currently heads the Canada banking unit, will take over as the country head for Canada.
TCS also announced the creation of five new business groups: the ServiceNow practice, travel and transport clients, energy and utility clients, U.S. West Coast, and global autonomous businesses, each with their own new leaders. It also appointed new leadership to the cybersecurity, UK and Europe lifesciences and communication and media verticals.
The moves come in a period when AI is seen as a disruption risk to India's $315 billion IT services industry, through reducing demand for engineering teams, shortening project timelines and squeezing prices as clients seek a share of productivity gains.
Last week, the IT services exporter beat quarterly revenue estimates for the April-June period, helped by higher spending by banking clients and weakness in the rupee.
(Reporting by Sai Ishwarbharath B and Haripriya Suresh in Bengaluru; Editing by Ronojoy Mazumdar)
CEO Krithivasan says the FDE group would equal 1% to 1.5% of associates
TCS is evaluating acquisitions in AI, data security and cybersecurity
Quarterly annualised AI revenue growth decelerated to 13% from 28% previously
By Sai Ishwarbharath B and Haripriya Suresh
BENGALURU, July 12 (Reuters) - Tata Consultancy Services TCS.NS is building a team of up to 8,900 forward-deployed engineers and hunting for AI acquisitions as it bets artificial intelligence will create new business rather than undermine outsourcing, two TCS executives told Reuters.
The strategy emerges amid investor concern that AI could disrupt India's $315 billion IT services industry by reducing demand for engineering teams, shortening project timelines and squeezing prices as clients seek a share of productivity gains.
"We would be ... ensuring that we have as many as 1% to 1.5% of our associates who could be what you would call FDEs," CEO K Krithivasan said in an interview. TCS TCS.NS is India's largest software services firm.
Krithivasan's figures would translate to roughly 5,900 to 8,900 employees based on TCS's end-June headcount. Krithivasan did not say whether the company would hire externally or retrain existing staff.
Forward-deployed engineers embed with clients to accelerate AI adoption and tailor tools to business needs, a role that has emerged as a hiring bright spot in a sector grappling with AI-driven efficiency gains.
The plan pits TCS against firms such as OpenAI, Anthropic and Microsoft MSFT.O, which have expanded hiring for forward-deployed engineers to help clients deploy AI tools.
The Mumbai-based company is also evaluating acquisitions in AI, data security and cybersecurity, after largely shunning acquisitions for years and relying instead on organic growth until late 2025.
"We are looking at where we can find things which will help us enable or enhance our strategic positioning," CFO Samir Seksaria said.
AI: FRIEND OR FOE?
Krithivasan dismissed concerns that AI would disrupt the outsourcing model, arguing that companies still need partners such as TCS to integrate and deploy AI systems.
"What you need is a deep knowledge of the customer environment to make it work. That is where we differentiate ourselves. This has nothing to do with cost arbitrage. It's essentially because of the talent pool that we have built," Krithivasan said.
Companies increasingly use multiple AI models and require partners such as TCS to connect those models with existing systems and manage data flows, he said.
Even so, TCS's annualised AI revenue growth slowed to 13% in the first quarter from 28% in the previous quarter. Krithivasan said he would like the business to grow about 25% quarter-on-quarter over the long term but that he did not expect a linear trajectory.
TCS spends about $1 billion annually on talent development and making AI accessible internally, with a focus on training, targeted hiring and niche recruitment in AI-native technologies, Seksaria said.
(Reporting by Sai Ishwarbharath B and Haripriya Suresh in Bengaluru; Editing by Dhanya Skariachan and Tom Hogue)
CEO Krithivasan says the FDE group would equal 1% to 1.5% of associates
TCS is evaluating acquisitions in AI, data security and cybersecurity
Quarterly annualised AI revenue growth decelerated to 13% from 28% previously
By Sai Ishwarbharath B and Haripriya Suresh
BENGALURU, July 12 (Reuters) - Tata Consultancy Services TCS.NS is building a team of up to 8,900 forward-deployed engineers and hunting for AI acquisitions as it bets artificial intelligence will create new business rather than undermine outsourcing, two TCS executives told Reuters.
The strategy emerges amid investor concern that AI could disrupt India's $315 billion IT services industry by reducing demand for engineering teams, shortening project timelines and squeezing prices as clients seek a share of productivity gains.
"We would be ... ensuring that we have as many as 1% to 1.5% of our associates who could be what you would call FDEs," CEO K Krithivasan said in an interview. TCS TCS.NS is India's largest software services firm.
Krithivasan's figures would translate to roughly 5,900 to 8,900 employees based on TCS's end-June headcount. Krithivasan did not say whether the company would hire externally or retrain existing staff.
Forward-deployed engineers embed with clients to accelerate AI adoption and tailor tools to business needs, a role that has emerged as a hiring bright spot in a sector grappling with AI-driven efficiency gains.
The plan pits TCS against firms such as OpenAI, Anthropic and Microsoft MSFT.O, which have expanded hiring for forward-deployed engineers to help clients deploy AI tools.
The Mumbai-based company is also evaluating acquisitions in AI, data security and cybersecurity, after largely shunning acquisitions for years and relying instead on organic growth until late 2025.
"We are looking at where we can find things which will help us enable or enhance our strategic positioning," CFO Samir Seksaria said.
AI: FRIEND OR FOE?
Krithivasan dismissed concerns that AI would disrupt the outsourcing model, arguing that companies still need partners such as TCS to integrate and deploy AI systems.
"What you need is a deep knowledge of the customer environment to make it work. That is where we differentiate ourselves. This has nothing to do with cost arbitrage. It's essentially because of the talent pool that we have built," Krithivasan said.
Companies increasingly use multiple AI models and require partners such as TCS to connect those models with existing systems and manage data flows, he said.
Even so, TCS's annualised AI revenue growth slowed to 13% in the first quarter from 28% in the previous quarter. Krithivasan said he would like the business to grow about 25% quarter-on-quarter over the long term but that he did not expect a linear trajectory.
TCS spends about $1 billion annually on talent development and making AI accessible internally, with a focus on training, targeted hiring and niche recruitment in AI-native technologies, Seksaria said.
(Reporting by Sai Ishwarbharath B and Haripriya Suresh in Bengaluru; Editing by Dhanya Skariachan and Tom Hogue)
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
By Ujjaini Dutta
BENGALURU, July 10 (Reuters Breakingviews) - Tata Consultancy Services TCS.NS shares have been battered by fears that coding tools from Anthropic and others will make it redundant, but the $78 billion IT services giant had plenty of good news to offer on Thursday when it reported better-than-expected quarterly earnings. Unhelpfully, the bespoke metric it created to flaunt the firm's tech credentials is sending a less optimistic signal.
The Indian company’s topline returned to growth on Thursday, buoyed by higher spending from banking clients and a weak rupee. Revenue stood at 723 billion rupees ($7.6 billion) in the quarter ended June 2026, up 14% year-on-year and 2.7% in constant currency terms. Its deal pipeline ticked up slightly to $9.5 billion after the company won an $800 million AI-led business transformation pact with European manufacturing giant SKF SKFb.ST, insurer Canada Life and Norwegian packaging firm Elopak ELO.OL.
This, as CEO K Krithivasan suggested on a post-earnings call, hints that AI deflation may not be as bad as many feared. Asked by analysts about the likely impact of higher spending by global companies on AI tokens, he said most enterprises will use multiple large language models and that the complex architecture involved could result in more work for IT firms.
Such optimism is reinforced by a surprise uptick in hiring. Tata Consultancy added around 9,300 employees, its fastest quarterly pace in more than three years, including AI-native engineers who can be deployed immediately on client projects. That's a striking contrast with one month ago when Chair N Chandrasekaran, who also leads the holding company of the wider Tata group, said AI would slow industry hiring and predicted AI agents' numbers would soon match the company's workforce. The apparent contradiction mattered little to investors: shares rose 3% in early trading on Friday.
Yet one figure which the company only started disclosing in December gives pause. The company's so-called annualised AI services revenue, which includes AI for business transformation and modernisation work, reached just $2.6 billion for the period. That was up 13% from the previous quarter but a sharp slowdown from the 28% pace it logged in March. Management blamed lumpy deal timing, noting that AI projects last only one or two quarters and then need to be won again, unlike traditional services deals with recurring revenue. It's a reminder that, for IT giants, future growth may be less predictable in the agentic era.
Follow Ujjaini Dutta on LinkedIn and X.
CONTEXT NEWS
Tata Consultancy Services on July 9 reported revenue of 723 billion rupees ($7.58 billion) in the quarter ended June 2026, up 14% year-on-year and 2.7% in constant currency terms.
The Indian IT firm's order book stood at $9.5 billion, down from $12 billion in the March quarter.
Annualised AI services revenue, a figure the company started disclosing in December, rose 13% quarter-on-quarter to $2.6 billion, slower than the 28% growth in the prior three months.
Tata Consultancy added around 9,300 employees, its fastest quarterly pace in more than three years. Asked by analysts about the likely impact of higher spend on AI tokens, CEO K Krithivasan said most enterprises will use multiple large language models, which will result in bigger roles for IT firms.
(Editing by Una Galani; Production by Aditya Srivastav)
((For previous columns by the author, Reuters customers can click on DUTTA/[email protected]))
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
By Ujjaini Dutta
BENGALURU, July 10 (Reuters Breakingviews) - Tata Consultancy Services TCS.NS shares have been battered by fears that coding tools from Anthropic and others will make it redundant, but the $78 billion IT services giant had plenty of good news to offer on Thursday when it reported better-than-expected quarterly earnings. Unhelpfully, the bespoke metric it created to flaunt the firm's tech credentials is sending a less optimistic signal.
The Indian company’s topline returned to growth on Thursday, buoyed by higher spending from banking clients and a weak rupee. Revenue stood at 723 billion rupees ($7.6 billion) in the quarter ended June 2026, up 14% year-on-year and 2.7% in constant currency terms. Its deal pipeline ticked up slightly to $9.5 billion after the company won an $800 million AI-led business transformation pact with European manufacturing giant SKF SKFb.ST, insurer Canada Life and Norwegian packaging firm Elopak ELO.OL.
This, as CEO K Krithivasan suggested on a post-earnings call, hints that AI deflation may not be as bad as many feared. Asked by analysts about the likely impact of higher spending by global companies on AI tokens, he said most enterprises will use multiple large language models and that the complex architecture involved could result in more work for IT firms.
Such optimism is reinforced by a surprise uptick in hiring. Tata Consultancy added around 9,300 employees, its fastest quarterly pace in more than three years, including AI-native engineers who can be deployed immediately on client projects. That's a striking contrast with one month ago when Chair N Chandrasekaran, who also leads the holding company of the wider Tata group, said AI would slow industry hiring and predicted AI agents' numbers would soon match the company's workforce. The apparent contradiction mattered little to investors: shares rose 3% in early trading on Friday.
Yet one figure which the company only started disclosing in December gives pause. The company's so-called annualised AI services revenue, which includes AI for business transformation and modernisation work, reached just $2.6 billion for the period. That was up 13% from the previous quarter but a sharp slowdown from the 28% pace it logged in March. Management blamed lumpy deal timing, noting that AI projects last only one or two quarters and then need to be won again, unlike traditional services deals with recurring revenue. It's a reminder that, for IT giants, future growth may be less predictable in the agentic era.
Follow Ujjaini Dutta on LinkedIn and X.
CONTEXT NEWS
Tata Consultancy Services on July 9 reported revenue of 723 billion rupees ($7.58 billion) in the quarter ended June 2026, up 14% year-on-year and 2.7% in constant currency terms.
The Indian IT firm's order book stood at $9.5 billion, down from $12 billion in the March quarter.
Annualised AI services revenue, a figure the company started disclosing in December, rose 13% quarter-on-quarter to $2.6 billion, slower than the 28% growth in the prior three months.
Tata Consultancy added around 9,300 employees, its fastest quarterly pace in more than three years. Asked by analysts about the likely impact of higher spend on AI tokens, CEO K Krithivasan said most enterprises will use multiple large language models, which will result in bigger roles for IT firms.
(Editing by Una Galani; Production by Aditya Srivastav)
((For previous columns by the author, Reuters customers can click on DUTTA/[email protected]))
** TCS TCS.NS falls 1% to 2,038 rupees
** Analysts, on avg, expect India's top software services exporter to post 13.6% Y/Y rev growth in Q1 - LSEG-compiled data
** BofA and UBS flag continued weakness from the Middle East and softer discretionary spending
** UBS also points to deal deferrals and delayed client decisions
** TCS kickstarts Q1 earnings for Indian IT; peers Infosys INFY.NS, Wipro WIPR.NS and HCLTech HCLT.NS report later this month
** Jefferies expects deal wins to remain steady at $9 billion to $10 billion, says it is not enough to materially improve near-term growth
** Co's commentary will be more important than reported numbers, with investors focused on demand trends, BFSI spending and FY27 growth outlook, Jefferies and JP Morgan say
** Avg rating of 43 analysts on TCS is "buy"; median PT is 2,655 rupees
* YTD, stock down 35.6% vs IT index's .NIFTYIT 28.4% drop and Nifty 50's .NSEI
(Reporting by Kashish Tandon in Bengaluru)
** TCS TCS.NS falls 1% to 2,038 rupees
** Analysts, on avg, expect India's top software services exporter to post 13.6% Y/Y rev growth in Q1 - LSEG-compiled data
** BofA and UBS flag continued weakness from the Middle East and softer discretionary spending
** UBS also points to deal deferrals and delayed client decisions
** TCS kickstarts Q1 earnings for Indian IT; peers Infosys INFY.NS, Wipro WIPR.NS and HCLTech HCLT.NS report later this month
** Jefferies expects deal wins to remain steady at $9 billion to $10 billion, says it is not enough to materially improve near-term growth
** Co's commentary will be more important than reported numbers, with investors focused on demand trends, BFSI spending and FY27 growth outlook, Jefferies and JP Morgan say
** Avg rating of 43 analysts on TCS is "buy"; median PT is 2,655 rupees
* YTD, stock down 35.6% vs IT index's .NIFTYIT 28.4% drop and Nifty 50's .NSEI
(Reporting by Kashish Tandon in Bengaluru)
Nifty IT index down 28.4% in 2026, trailing a 6.6% drop in Nifty 50
Rupee weakness to mask underlying softness in revenue and profit growth
TCS kicks off earnings on July 9
Brokerages say Infosys and HCLTech could trim upper end of annual revenue forecasts
AI adoption pressures pricing, speeds software development cycles
By Haripriya Suresh and Bharath Rajeswaran
BENGALURU, July 6 (Reuters) - India's top information technology companies are expected to report another subdued quarter, as AI-driven pricing pressure, weak client spending, and global geopolitical turmoil continue to weigh on growth, nine brokerages said.
The April-to-June quarter is usually a strong one for India's $315 billion IT sector, helped by higher billing days and new project starts, but analysts expect a slow start to the fiscal year that would push back hopes of a recovery.
India's largest IT services company, Tata Consultancy Services TCS.NS, kicks off earnings on Thursday with peers Infosys INFY.NS, HCLTech HCLT.NS and Wipro WIPR.NS reporting later this month.
While India's top six IT firms are expected to report around 14% year-on-year revenue growth in rupee terms with net profit rising 12%-13%, this would largely be due to the impact of sharp rupee depreciation. Stripping out exchange rate effects, the companies are expected to post a mere 2.8% revenue growth in constant-currency terms.
Citi expects a fourth straight year of subdued growth for Indian IT firms, while JPMorgan sees revenue growth staying below 3%-4% for the "foreseeable future".
The IT sector is racing to adapt to changing customer needs as companies across the globe step up the use of AI tools and agents to cut costs and quicken software development cycles.
Software firms have slowed hiring, with TCS Chairman N Chandrasekaran saying the "day is not far" when the company would have an equal number of AI agents and employees.
Indian IT firms are in a "perfect storm," Nomura said in its earnings preview, with Middle East conflict-led uncertainty compounding AI-driven pricing pressure.
Fears that AI would disrupt the IT sector's traditional, labour-intensive business model dragged the Nifty IT index .NIFTYIT down 9.5% in the June quarter even as India's benchmark Nifty 50 .NSEI gained 6.9%.
The IT index has slumped about 28% so far in 2026, making it the worst-performing major sector in India.
The impact of AI-led disruption and weakness in client spending will be broad-based, according to PL Capital, with effects visible in the consumer, hi-tech, and telecom verticals.
"Slower decision-making and elongated sales cycle are leading to delays in revenue conversion and execution," the brokerage said in a note.
Annual revenue forecasts will be a key focus for investors. Brokerages say Infosys and HCLTech could narrow or trim the upper end of their forecasts.
Potentially higher interest rates in the U.S., which makes up about 60% of Indian IT firms' revenue, also loom.
(Reporting by Haripriya Suresh and Bharath Rajeswaran in Bengaluru; Editing by Mrigank Dhaniwala)
Nifty IT index down 28.4% in 2026, trailing a 6.6% drop in Nifty 50
Rupee weakness to mask underlying softness in revenue and profit growth
TCS kicks off earnings on July 9
Brokerages say Infosys and HCLTech could trim upper end of annual revenue forecasts
AI adoption pressures pricing, speeds software development cycles
By Haripriya Suresh and Bharath Rajeswaran
BENGALURU, July 6 (Reuters) - India's top information technology companies are expected to report another subdued quarter, as AI-driven pricing pressure, weak client spending, and global geopolitical turmoil continue to weigh on growth, nine brokerages said.
The April-to-June quarter is usually a strong one for India's $315 billion IT sector, helped by higher billing days and new project starts, but analysts expect a slow start to the fiscal year that would push back hopes of a recovery.
India's largest IT services company, Tata Consultancy Services TCS.NS, kicks off earnings on Thursday with peers Infosys INFY.NS, HCLTech HCLT.NS and Wipro WIPR.NS reporting later this month.
While India's top six IT firms are expected to report around 14% year-on-year revenue growth in rupee terms with net profit rising 12%-13%, this would largely be due to the impact of sharp rupee depreciation. Stripping out exchange rate effects, the companies are expected to post a mere 2.8% revenue growth in constant-currency terms.
Citi expects a fourth straight year of subdued growth for Indian IT firms, while JPMorgan sees revenue growth staying below 3%-4% for the "foreseeable future".
The IT sector is racing to adapt to changing customer needs as companies across the globe step up the use of AI tools and agents to cut costs and quicken software development cycles.
Software firms have slowed hiring, with TCS Chairman N Chandrasekaran saying the "day is not far" when the company would have an equal number of AI agents and employees.
Indian IT firms are in a "perfect storm," Nomura said in its earnings preview, with Middle East conflict-led uncertainty compounding AI-driven pricing pressure.
Fears that AI would disrupt the IT sector's traditional, labour-intensive business model dragged the Nifty IT index .NIFTYIT down 9.5% in the June quarter even as India's benchmark Nifty 50 .NSEI gained 6.9%.
The IT index has slumped about 28% so far in 2026, making it the worst-performing major sector in India.
The impact of AI-led disruption and weakness in client spending will be broad-based, according to PL Capital, with effects visible in the consumer, hi-tech, and telecom verticals.
"Slower decision-making and elongated sales cycle are leading to delays in revenue conversion and execution," the brokerage said in a note.
Annual revenue forecasts will be a key focus for investors. Brokerages say Infosys and HCLTech could narrow or trim the upper end of their forecasts.
Potentially higher interest rates in the U.S., which makes up about 60% of Indian IT firms' revenue, also loom.
(Reporting by Haripriya Suresh and Bharath Rajeswaran in Bengaluru; Editing by Mrigank Dhaniwala)
BENGALURU, July 3 - Hiring for AI roles within India's IT sector outpaced overall recruitment within the industry last month, a survey showed on Friday, indicating a push from companies to reorient themselves in the face of evolving technology.
The sector's AI hiring rose 16% year-on-year in June, while overall IT jobs declined 3%, according to job portal Naukri's monthly JobSpeak report that collated job listings from more than 150,000 firms on its website.
India's $315 billion IT industry has been under pressure with clients holding back on spending on technology due to a weak macroeconomic environment and the advent of AI that threatens their traditional business model.
"The divergence (between AI and overall IT hiring) is important because it shows where tech companies are still investing. AI is increasingly becoming a core capability area, especially as demand shifts towards more senior and specialised talent," said Hitesh Oberoi, CEO at Info Edge INED.NS, which owns Naukri.
The country's No.1 software exporter, Tata Consultancy Services TCS.NS, last month said it expects IT companies to slow down hiring, with the Tata Group firm moving towards having an equal number of employees and AI agents in its workforce.
Last July, the firm cut more than 12,000 jobs, while headcount fell by more than 23,000 on a net basis in the fiscal year ended March 2026.
Across 14 sectors, AI and machine learning jobs increased 25%, the report added. The insurance and consumer goods sector showed the most increase in job hiring during the period, it said.
(Reporting by Sai Ishwarbharath B in Bengaluru;)
BENGALURU, July 3 - Hiring for AI roles within India's IT sector outpaced overall recruitment within the industry last month, a survey showed on Friday, indicating a push from companies to reorient themselves in the face of evolving technology.
The sector's AI hiring rose 16% year-on-year in June, while overall IT jobs declined 3%, according to job portal Naukri's monthly JobSpeak report that collated job listings from more than 150,000 firms on its website.
India's $315 billion IT industry has been under pressure with clients holding back on spending on technology due to a weak macroeconomic environment and the advent of AI that threatens their traditional business model.
"The divergence (between AI and overall IT hiring) is important because it shows where tech companies are still investing. AI is increasingly becoming a core capability area, especially as demand shifts towards more senior and specialised talent," said Hitesh Oberoi, CEO at Info Edge INED.NS, which owns Naukri.
The country's No.1 software exporter, Tata Consultancy Services TCS.NS, last month said it expects IT companies to slow down hiring, with the Tata Group firm moving towards having an equal number of employees and AI agents in its workforce.
Last July, the firm cut more than 12,000 jobs, while headcount fell by more than 23,000 on a net basis in the fiscal year ended March 2026.
Across 14 sectors, AI and machine learning jobs increased 25%, the report added. The insurance and consumer goods sector showed the most increase in job hiring during the period, it said.
(Reporting by Sai Ishwarbharath B in Bengaluru;)
June 23 (Reuters) - DXC Technology Co DXC.N:
DXC COLLECTS $213,560,494.98 IN LANDMARK IP THEFT CASE FROM TCS
Source text: ID:nPn8WbHLka
Further company coverage: DXC.N
(([email protected];;))
June 23 (Reuters) - DXC Technology Co DXC.N:
DXC COLLECTS $213,560,494.98 IN LANDMARK IP THEFT CASE FROM TCS
Source text: ID:nPn8WbHLka
Further company coverage: DXC.N
(([email protected];;))
BENGALURU, June 19 (Reuters) - India's Nifty IT index .NIFTYIT slumped 5.8% on Friday after industry bellwether Accenture ACN.N forecast quarterly sales below Wall Street view and lowered the upper end of its annual revenue outlook due to weakness in its Middle East business.
Shares of Indian IT companies, including Tata Consultancy Services TCS.NS, Infosys INFY.NS, and HCL Technologies HCLT.NS fell between 5% and 7%.
(Reporting by Haripriya Suresh in Bengaluru; Editing by Sherry Jacob-Phillips)
BENGALURU, June 19 (Reuters) - India's Nifty IT index .NIFTYIT slumped 5.8% on Friday after industry bellwether Accenture ACN.N forecast quarterly sales below Wall Street view and lowered the upper end of its annual revenue outlook due to weakness in its Middle East business.
Shares of Indian IT companies, including Tata Consultancy Services TCS.NS, Infosys INFY.NS, and HCL Technologies HCLT.NS fell between 5% and 7%.
(Reporting by Haripriya Suresh in Bengaluru; Editing by Sherry Jacob-Phillips)
June 17 (Reuters) - Tata Consultancy Services Ltd TCS.NS:
TCS - TCS WINS MULTI-YEAR DEAL TO TRANSFORM ELOPAK’S IT OPERATIONS
Source text: [ID:]
Further company coverage: TCS.NS
(([email protected];))
June 17 (Reuters) - Tata Consultancy Services Ltd TCS.NS:
TCS - TCS WINS MULTI-YEAR DEAL TO TRANSFORM ELOPAK’S IT OPERATIONS
Source text: [ID:]
Further company coverage: TCS.NS
(([email protected];))
June 16 (Reuters) - Tata Consultancy Services Ltd TCS.NS:
TCS - US SUPREME COURT DENIES TCS PETITION IN DXC TECHNOLOGY CASE ON JUNE 15, 2026
TCS - TO BOOK $70 MILLION ONE-TIME EXCEPTIONAL EXPENSE IN Q1 FY2027
Source text: ID:nBSE8J3MPM
Further company coverage: TCS.NS
(([email protected];))
June 16 (Reuters) - Tata Consultancy Services Ltd TCS.NS:
TCS - US SUPREME COURT DENIES TCS PETITION IN DXC TECHNOLOGY CASE ON JUNE 15, 2026
TCS - TO BOOK $70 MILLION ONE-TIME EXCEPTIONAL EXPENSE IN Q1 FY2027
Source text: ID:nBSE8J3MPM
Further company coverage: TCS.NS
(([email protected];))
Repeats with no change in text
DXC Technology won the award after suing Tata in Dallas
Tata says award unjustified under US trade-secrets law
Case involves life-insurance software trade secrets
By Blake Brittain
WASHINGTON, June 15 (Reuters) - The U.S. Supreme Court turned away on Monday a bid by India-based Tata Consultancy Services TCS.NS to overturn a $168 million award won against it by DXC Technology DXC.N for allegedly stealing trade secrets related to life-insurance software.
Tata had appealed after a lower court upheld a judge's decision to set the award at $56 million in compensatory damages and $112 million in punitive damages to Ashburn, Virginia-based DXC. Tata had argued that the damages award could not be justified under U.S. law regarding trade secrets.
DXC's predecessor Computer Sciences Corp, or CSC, licensed its software to insurance company Transamerica in the 1990s. Its 2019 lawsuit, filed in Dallas federal court, said that Tata hired 2,200 Transamerica employees and used their access to CSC's software and knowledge of its proprietary information to build a competing life-insurance platform.
Tata denied the allegations, told the court that the information at issue was not secret and argued that it accessed the software legally.
A jury in 2023 decided in an advisory verdict - a nonbinding decision given to a judge - that Tata should pay DXC $210 million for willfully stealing its trade secrets. U.S. District Judge Brantley Starr reduced the proposed damages award to $168 million in 2024. The New Orleans-based 5th U.S. Circuit Court of Appeals upheld Starr's decision in 2025.
U.S. law concerning trade secrets allows for monetary damages to address both a plaintiff's losses from the theft of trade secrets and a defendant's "unjust enrichment" from it. The award to DXC was based entirely on unjust enrichment.
Tata told the Supreme Court in a filing that DXC should not have won unjust enrichment damages without proving it suffered actual losses as well. Tata also argued that the punitive damages award was excessive.
DXC responded that "nothing about the court of appeals' fact-bound application of settled law warrants further review."
(Reporting by Blake Brittain; Editing by Will Dunham)
(([email protected]; +1 (202) 938-5713))
Repeats with no change in text
DXC Technology won the award after suing Tata in Dallas
Tata says award unjustified under US trade-secrets law
Case involves life-insurance software trade secrets
By Blake Brittain
WASHINGTON, June 15 (Reuters) - The U.S. Supreme Court turned away on Monday a bid by India-based Tata Consultancy Services TCS.NS to overturn a $168 million award won against it by DXC Technology DXC.N for allegedly stealing trade secrets related to life-insurance software.
Tata had appealed after a lower court upheld a judge's decision to set the award at $56 million in compensatory damages and $112 million in punitive damages to Ashburn, Virginia-based DXC. Tata had argued that the damages award could not be justified under U.S. law regarding trade secrets.
DXC's predecessor Computer Sciences Corp, or CSC, licensed its software to insurance company Transamerica in the 1990s. Its 2019 lawsuit, filed in Dallas federal court, said that Tata hired 2,200 Transamerica employees and used their access to CSC's software and knowledge of its proprietary information to build a competing life-insurance platform.
Tata denied the allegations, told the court that the information at issue was not secret and argued that it accessed the software legally.
A jury in 2023 decided in an advisory verdict - a nonbinding decision given to a judge - that Tata should pay DXC $210 million for willfully stealing its trade secrets. U.S. District Judge Brantley Starr reduced the proposed damages award to $168 million in 2024. The New Orleans-based 5th U.S. Circuit Court of Appeals upheld Starr's decision in 2025.
U.S. law concerning trade secrets allows for monetary damages to address both a plaintiff's losses from the theft of trade secrets and a defendant's "unjust enrichment" from it. The award to DXC was based entirely on unjust enrichment.
Tata told the Supreme Court in a filing that DXC should not have won unjust enrichment damages without proving it suffered actual losses as well. Tata also argued that the punitive damages award was excessive.
DXC responded that "nothing about the court of appeals' fact-bound application of settled law warrants further review."
(Reporting by Blake Brittain; Editing by Will Dunham)
(([email protected]; +1 (202) 938-5713))
June 12 (Reuters) - Anthropic:
ANTHROPIC: TCS AND ANTHROPIC PARTNER TO BRING CLAUDE TO REGULATED INDUSTRIES - WEBSITE
(([email protected];;))
June 12 (Reuters) - Anthropic:
ANTHROPIC: TCS AND ANTHROPIC PARTNER TO BRING CLAUDE TO REGULATED INDUSTRIES - WEBSITE
(([email protected];;))
June 11 (Reuters) - India's top IT firm Tata Consultancy Services TCS.NS said on Thursday it has partnered with Anthropic to launch an alliance to drive enterprise AI scaling.
(Reporting by Urvi Dugar in Bengaluru; Editing by Mrigank Dhaniwala)
(([email protected]; +91 9558725583;))
June 11 (Reuters) - India's top IT firm Tata Consultancy Services TCS.NS said on Thursday it has partnered with Anthropic to launch an alliance to drive enterprise AI scaling.
(Reporting by Urvi Dugar in Bengaluru; Editing by Mrigank Dhaniwala)
(([email protected]; +91 9558725583;))
BENGALURU, June 9 (Reuters) - Indian software services exporter Tata Consultancy Services TCS.NS expects IT companies to have an equal number of employees and AI agents, Chairman N Chandrasekaran said during the company's annual general meeting on Tuesday.
"If the company has half a million employees, the day is not far when the company will have half a million AI agents... The company's employees and AI agents will work together and that will be the future," he said.
(Reporting by Haripriya Suresh and Sai Ishwarbharath B in Bengaluru; Editing by Sherry Jacob-Phillips)
BENGALURU, June 9 (Reuters) - Indian software services exporter Tata Consultancy Services TCS.NS expects IT companies to have an equal number of employees and AI agents, Chairman N Chandrasekaran said during the company's annual general meeting on Tuesday.
"If the company has half a million employees, the day is not far when the company will have half a million AI agents... The company's employees and AI agents will work together and that will be the future," he said.
(Reporting by Haripriya Suresh and Sai Ishwarbharath B in Bengaluru; Editing by Sherry Jacob-Phillips)
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Popular questions
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What does TCS do?
Tata Consultancy Services (TCS)is an IT services, consulting and business solutions organization partnering with many of the world’s largest businesses in their transformational journeys for many years. With a global presence and deep domain expertise across multiple industry verticals, the company offers a comprehensive portfolio of services and offerings - grouped under application development and management, digital transformation, AI (Artificial Intelligence), data and cloud services, engineering services, cognitive business operations, cyber security, and products & platforms - targeting every C-suite stakeholder.
Who are the competitors of TCS?
TCS major competitors are Infosys, HCL Technologies, Wipro, Tech Mahindra, LTM, Oracle Finl. Service, Persistent Systems. Market Cap of TCS is ₹8,31,437 Crs. While the median market cap of its peers are ₹1,55,160 Crs.
Is TCS financially stable compared to its competitors?
TCS seems to be financially stable compared to its competitors. The probability of it going bankrupt or facing a financial crunch seem to be lower than its immediate competitors.
Does TCS pay decent dividends?
The company seems to pay a good stable dividend. TCS latest dividend payout ratio is 80.92% and 3yr average dividend payout ratio is 77.47%
How has TCS allocated its funds?
Companies resources are allocated to majorly productive assets like Plant & Machinery and unproductive assets like Accounts Receivable
How strong is TCS balance sheet?
Balance sheet of TCS is strong. It shouldn't have solvency or liquidity issues.
Is the profitablity of TCS improving?
Yes, profit is increasing. The profit of TCS is ₹50,055 Crs for TTM, ₹49,210 Crs for Mar 2026 and ₹48,553 Crs for Mar 2025.
Is the debt of TCS increasing or decreasing?
Yes, The net debt of TCS is increasing. Latest net debt of TCS is -₹25,809 Crs as of Mar-26. This is greater than Mar-25 when it was -₹30,912 Crs.
Is TCS stock expensive?
TCS is not expensive. Latest PE of TCS is 16.7, while 3 year average PE is 28.0. Also latest EV/EBITDA of TCS is 11.05 while 3yr average is 19.72.
Has the share price of TCS grown faster than its competition?
TCS has given lower returns compared to its competitors. TCS has grown at ~6.39% over the last 10yrs while peers have grown at a median rate of 12.8%
Is the promoter bullish about TCS?
Promoters stake in the company seems stable, and we need to go through filings and allocation of resources to gauge promoter bullishness. Latest quarter promoter holding in TCS is 71.77% and last quarter promoter holding is 71.77%.
Are mutual funds buying/selling TCS?
The mutual fund holding of TCS is decreasing. The current mutual fund holding in TCS is 5.68% while previous quarter holding is 5.77%.