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Clients clamour for steep price cuts and more productivity in AI era
Outcome-based contracts increasingly popular over billable-hour model
Nimble mid-tier firms win business as AI levels playing field
Some firms said to be making irrational decisions to please clients
By Sai Ishwarbharath B, Abhirami G and Haripriya Suresh
BENGALURU, August 21 (Reuters) - Artificial intelligence promised to disrupt India's IT industry and it is delivering.
Outsourcing giants like Tata Consultancy Services TCS.NS, Infosys INFY.NS, Wipro WIPR.NS, HCLTech HCLT.NS and Cognizant CTSH.O are rejigging business models, increasingly tying fees to performance outcomes instead of hours worked, as clients demand steep price cuts and more productivity.
Industry executives also say they are losing some work entirely as customers use AI to shift tasks in-house, while all the uncertainty that the new technology has brought is resulting in shorter contracts.
And where once the big IT companies won contracts because they could point to their huge employee base, that has become less and less of an advantage as AI automates more and more tasks — levelling the playing field for smaller rivals which have jumped at opportunities to snatch business.
"It's a desperate market for the service providers. The odds are very much in favour of clients," said Jimit Arora, CEO of research and advisory firm Everest Group.
Software companies globally have been battered by worries that AI will render key parts of their business obsolete, but India's IT industry — worth $315 billion in annual revenue — is the most obvious victim with its traditional reliance on billable hours.
The Nifty IT index .NIFTYIT has tumbled by a fifth this year, with its 10 constituents losing a combined $73 billion in market value.
CONTRACTS SHIFT TO MEASURABLE OUTCOMES
These days, pricing for contracts is more likely to be dictated by performance outcomes.
TCS Chief Executive K Krithivasan told Reuters that about 80% of the company's contracts within its finance, human resources and other business services segment are now based on outcome performance measures.
That number represents a doubling since AI went mainstream in late 2023, said a person with knowledge of the matter, who was not authorised to speak to media and declined to be identified. TCS did not respond to a request for comment.
Other examples in the industry include an AI and automation deal Cognizant CTSH.O struck with Daimler Truck DTGGe.DE in February. It stipulated AI-related cost savings would be split between the vendor and the client, according to people familiar with the terms.
"With AI, the fundamentals are shifting," Cognizant said in a statement to Reuters, though it declined to comment on specific contracts. "Clients now expect more value and measurable outcomes, and we are re-forging our model for that reality."
Daimler Truck did not respond to a request for comment.
A separate multiyear cloud management deal forged in June 2025 was structured so HCLTech will not be paid by German utility E.ON EONGn.DE for the first year, with payments from the second year tied to efficiency gains and specific business outcomes, according to two people familiar with the agreement.
E.ON declined to comment, while HCLTech did not respond to a request for comment.
CLIENTS WANT MORE BANG FOR THEIR BUCK
As AI drives productivity gains, clients have become increasingly vocal about getting more for less.
Persistent Systems PERS.NS CEO Sandeep Kalra told Reuters that the IT provider's clients were demanding the same work for 25% to 30% less while expecting faster delivery and higher productivity.
But on the plus side, AI is helping Persistent win larger deals than it would have previously.
"The demarcation of a scale player only by revenue is not necessarily a big thing today," he said.
IT executives and analysts alike say competition from mid-sized firms has become brutally fierce.
Many customers now want rapid development of pilot programmes and smaller firms are winning mandates by deploying senior leaders quickly and offering flexible pricing, says Phil Fersht, CEO and chief analyst at HFS Research.
"Many Tier 2 firms have been more agile and hungry in this phase," he said.
Both Persistent and Coforge COFO.NS, another mid-sized IT services provider, have seen revenue in dollar terms grow by double digits for at least eight quarters in a row. In April-June, revenue for Persistent surged 16%, while Coforge's sales jumped by a third.
In contrast, TCS, Infosys, Wipro and HCLTech had subdued growth of 1% to 3%.
IRRATIONAL EXUBERANCE?
As pressure from clients grows, some firms are making rash decisions, says Tech Mahindra TEML.NS CEO Mohit Joshi.
Some rivals are factoring in productivity gains of 70% to 80% over five to seven years and guaranteeing prices despite rising chip costs, Joshi told an analysts' call last month, adding that his company had chosen not to take such risks.
"Clearly, there is a ton of competition out there, and our competition at times is doing irrational things," he said.
Infosys last month also told analysts it had walked away from contracts that were no longer economically viable.
TCS's Krithivasan said that so far the company has been able to offset AI-related downward pressure on revenue with new work.
"But how fast and how much more we are able to go ahead of the (revenue) deflation will determine the growth going forward," he added.
TCS is also boosting its numbers of engineers who embed with clients to accelerate AI adoption and is hunting for AI acquisitions.
It is thus far the only Indian IT services provider to have announced mass layoffs in the AI era, implementing cuts of more than 12,000 last year. But companies have flagged that their traditional role as huge hirers of new recruits may be winding down.
The country's IT giants will no longer need large ranks of entry-level engineers, according to former Infosys CFO V. Balakrishnan.
"The pyramid model is gone. With coding agents, we no longer need basic coding," he said.
(Reporting by Sai Ishwarbharath B, Abhirami G and Haripriya Suresh in Bengaluru; Editing by Dhanya Skariachan and Edwina Gibbs)
Clients clamour for steep price cuts and more productivity in AI era
Outcome-based contracts increasingly popular over billable-hour model
Nimble mid-tier firms win business as AI levels playing field
Some firms said to be making irrational decisions to please clients
By Sai Ishwarbharath B, Abhirami G and Haripriya Suresh
BENGALURU, August 21 (Reuters) - Artificial intelligence promised to disrupt India's IT industry and it is delivering.
Outsourcing giants like Tata Consultancy Services TCS.NS, Infosys INFY.NS, Wipro WIPR.NS, HCLTech HCLT.NS and Cognizant CTSH.O are rejigging business models, increasingly tying fees to performance outcomes instead of hours worked, as clients demand steep price cuts and more productivity.
Industry executives also say they are losing some work entirely as customers use AI to shift tasks in-house, while all the uncertainty that the new technology has brought is resulting in shorter contracts.
And where once the big IT companies won contracts because they could point to their huge employee base, that has become less and less of an advantage as AI automates more and more tasks — levelling the playing field for smaller rivals which have jumped at opportunities to snatch business.
"It's a desperate market for the service providers. The odds are very much in favour of clients," said Jimit Arora, CEO of research and advisory firm Everest Group.
Software companies globally have been battered by worries that AI will render key parts of their business obsolete, but India's IT industry — worth $315 billion in annual revenue — is the most obvious victim with its traditional reliance on billable hours.
The Nifty IT index .NIFTYIT has tumbled by a fifth this year, with its 10 constituents losing a combined $73 billion in market value.
CONTRACTS SHIFT TO MEASURABLE OUTCOMES
These days, pricing for contracts is more likely to be dictated by performance outcomes.
TCS Chief Executive K Krithivasan told Reuters that about 80% of the company's contracts within its finance, human resources and other business services segment are now based on outcome performance measures.
That number represents a doubling since AI went mainstream in late 2023, said a person with knowledge of the matter, who was not authorised to speak to media and declined to be identified. TCS did not respond to a request for comment.
Other examples in the industry include an AI and automation deal Cognizant CTSH.O struck with Daimler Truck DTGGe.DE in February. It stipulated AI-related cost savings would be split between the vendor and the client, according to people familiar with the terms.
"With AI, the fundamentals are shifting," Cognizant said in a statement to Reuters, though it declined to comment on specific contracts. "Clients now expect more value and measurable outcomes, and we are re-forging our model for that reality."
Daimler Truck did not respond to a request for comment.
A separate multiyear cloud management deal forged in June 2025 was structured so HCLTech will not be paid by German utility E.ON EONGn.DE for the first year, with payments from the second year tied to efficiency gains and specific business outcomes, according to two people familiar with the agreement.
E.ON declined to comment, while HCLTech did not respond to a request for comment.
CLIENTS WANT MORE BANG FOR THEIR BUCK
As AI drives productivity gains, clients have become increasingly vocal about getting more for less.
Persistent Systems PERS.NS CEO Sandeep Kalra told Reuters that the IT provider's clients were demanding the same work for 25% to 30% less while expecting faster delivery and higher productivity.
But on the plus side, AI is helping Persistent win larger deals than it would have previously.
"The demarcation of a scale player only by revenue is not necessarily a big thing today," he said.
IT executives and analysts alike say competition from mid-sized firms has become brutally fierce.
Many customers now want rapid development of pilot programmes and smaller firms are winning mandates by deploying senior leaders quickly and offering flexible pricing, says Phil Fersht, CEO and chief analyst at HFS Research.
"Many Tier 2 firms have been more agile and hungry in this phase," he said.
Both Persistent and Coforge COFO.NS, another mid-sized IT services provider, have seen revenue in dollar terms grow by double digits for at least eight quarters in a row. In April-June, revenue for Persistent surged 16%, while Coforge's sales jumped by a third.
In contrast, TCS, Infosys, Wipro and HCLTech had subdued growth of 1% to 3%.
IRRATIONAL EXUBERANCE?
As pressure from clients grows, some firms are making rash decisions, says Tech Mahindra TEML.NS CEO Mohit Joshi.
Some rivals are factoring in productivity gains of 70% to 80% over five to seven years and guaranteeing prices despite rising chip costs, Joshi told an analysts' call last month, adding that his company had chosen not to take such risks.
"Clearly, there is a ton of competition out there, and our competition at times is doing irrational things," he said.
Infosys last month also told analysts it had walked away from contracts that were no longer economically viable.
TCS's Krithivasan said that so far the company has been able to offset AI-related downward pressure on revenue with new work.
"But how fast and how much more we are able to go ahead of the (revenue) deflation will determine the growth going forward," he added.
TCS is also boosting its numbers of engineers who embed with clients to accelerate AI adoption and is hunting for AI acquisitions.
It is thus far the only Indian IT services provider to have announced mass layoffs in the AI era, implementing cuts of more than 12,000 last year. But companies have flagged that their traditional role as huge hirers of new recruits may be winding down.
The country's IT giants will no longer need large ranks of entry-level engineers, according to former Infosys CFO V. Balakrishnan.
"The pyramid model is gone. With coding agents, we no longer need basic coding," he said.
(Reporting by Sai Ishwarbharath B, Abhirami G and Haripriya Suresh in Bengaluru; Editing by Dhanya Skariachan and Edwina Gibbs)
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]))
Adds details throughout
Aug 10 (Reuters) - National Stock Exchange of India NSEI.NS said on Monday exchange operator BSE BSEL.NS will replace information technology company Wipro WIPR.NS in its benchmark Nifty 50 .NSEI index effective September 30.
BSE has been added to the Nifty 50 as its six-month average free-float market capitalization was at least 1.5 times that of the index's smallest constituent Wipro, NSE said.
The change was announced as part of a semi-annual index review by the NSE.
The rejig comes as investors weigh AI-related risks to Indian IT service exporters and Indian households continue to move more of their savings into financial markets.
Changes to the Nifty 50 are closely watched as passive funds with about $97 billion of assets under management track the 50-stock index as of May 31, according to NSE data.
The index represents the 50 biggest companies in India based on average free-float market capitalization in the past six months, with trading liquidity criteria also applied before inclusion.
BSE's shares closed 4% higher earlier in the day, taking its gains so far in 2026 to around 37%. In contrast, Bengaluru-based Wipro fell 1.1% on Monday and is down 29.5% for the year.
(Reporting by Vivek Kumar M and Nishit Navin; Editing by Ronojoy Mazumdar)
(([email protected];))
Adds details throughout
Aug 10 (Reuters) - National Stock Exchange of India NSEI.NS said on Monday exchange operator BSE BSEL.NS will replace information technology company Wipro WIPR.NS in its benchmark Nifty 50 .NSEI index effective September 30.
BSE has been added to the Nifty 50 as its six-month average free-float market capitalization was at least 1.5 times that of the index's smallest constituent Wipro, NSE said.
The change was announced as part of a semi-annual index review by the NSE.
The rejig comes as investors weigh AI-related risks to Indian IT service exporters and Indian households continue to move more of their savings into financial markets.
Changes to the Nifty 50 are closely watched as passive funds with about $97 billion of assets under management track the 50-stock index as of May 31, according to NSE data.
The index represents the 50 biggest companies in India based on average free-float market capitalization in the past six months, with trading liquidity criteria also applied before inclusion.
BSE's shares closed 4% higher earlier in the day, taking its gains so far in 2026 to around 37%. In contrast, Bengaluru-based Wipro fell 1.1% on Monday and is down 29.5% for the year.
(Reporting by Vivek Kumar M and Nishit Navin; Editing by Ronojoy Mazumdar)
(([email protected];))
Aug 5 (Reuters) - Wipro Limited WIPR.NS:
WIPRO - CO AND RUBRIK LAUNCH ENTERPRISE RESILIENCE AS A SERVICE (ERAAS)
Source text: ID:nBSE4pDWBF
Further company coverage: WIPR.NS
(([email protected];))
Aug 5 (Reuters) - Wipro Limited WIPR.NS:
WIPRO - CO AND RUBRIK LAUNCH ENTERPRISE RESILIENCE AS A SERVICE (ERAAS)
Source text: ID:nBSE4pDWBF
Further company coverage: WIPR.NS
(([email protected];))
- Lincoln Property formed a USD 400 million real estate investment program backed by affiliates of HF Capital, SGF Capital.
- Structure set as a long-term discretionary investing partnership to pursue real estate investments across Lincoln’s US platform.
- Move lifts 2026 equity raised across Lincoln’s investment platform to more than USD 2 billion.
- JLL Securities advised on arranging the partnership.
Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Lincoln Property Company published the original content used to generate this news brief on July 31, 2026, and is solely responsible for the information contained therein.
- Lincoln Property formed a USD 400 million real estate investment program backed by affiliates of HF Capital, SGF Capital.
- Structure set as a long-term discretionary investing partnership to pursue real estate investments across Lincoln’s US platform.
- Move lifts 2026 equity raised across Lincoln’s investment platform to more than USD 2 billion.
- JLL Securities advised on arranging the partnership.
Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Lincoln Property Company published the original content used to generate this news brief on July 31, 2026, and is solely responsible for the information contained therein.
July 27 (Reuters) - Wipro Ltd WIPR.NS:
WIPRO - WIPRO PARTNERS WITH DATABRICKS
Source text: ID:nnAZN4TA41L
Further company coverage: WIPR.NS
(([email protected];))
July 27 (Reuters) - Wipro Ltd WIPR.NS:
WIPRO - WIPRO PARTNERS WITH DATABRICKS
Source text: ID:nnAZN4TA41L
Further company coverage: WIPR.NS
(([email protected];))
July 17 (Reuters) - Shares of India's Wipro WIPR.NS fell 2% on Friday after the IT services firm's quarterly earnings miss and weak outlook disappointed investors, reinforcing concerns that sluggish client spending, delayed deal ramp-ups and AI-led disruption could weigh on growth for longer.
The stock was down at 174.17 rupees, making it the biggest loser on both the Nifty IT index .NIFTYIT and the benchmark Nifty 50 .NSEI.
(Reporting by Kashish Tandon in Bengaluru; Editing by Sherry Jacob-Phillips)
(([email protected]; 8800437922;))
July 17 (Reuters) - Shares of India's Wipro WIPR.NS fell 2% on Friday after the IT services firm's quarterly earnings miss and weak outlook disappointed investors, reinforcing concerns that sluggish client spending, delayed deal ramp-ups and AI-led disruption could weigh on growth for longer.
The stock was down at 174.17 rupees, making it the biggest loser on both the Nifty IT index .NIFTYIT and the benchmark Nifty 50 .NSEI.
(Reporting by Kashish Tandon in Bengaluru; Editing by Sherry Jacob-Phillips)
(([email protected]; 8800437922;))
July 16 (Reuters) - Wipro Ltd WIPR.NS:
INDIA'S WIPRO EXEC: UNCERTAINTY CONTINUES TO SHAPE DECISION MAKING FOR CLIENTS
WIPRO EXEC: DESPITE SELECTIVE SPENDING, CONTRACT PIPELINE REMAINS HEALTHY
WIPRO EXEC: SEE DEAL MOMENTUM BUILDING UP IN BANKING SEGMENT IN Q2
WIPRO EXEC: SEE HEALTHY DEMAND IN THE UK AND NORDICS REGION
WIPRO EXEC: DEMAND IS FOCUSED ON COST-OPTIMISATION AND VENDOR CONSOLIDATION-TYPE OF DEALS
WIPRO EXEC: AMERICAS MARKET DECLINED DUE TO CLIENT SPECIFIC ISSUES, TECH SPENDING CUTS IN HEALTHCARE SEGMENT
WIPRO EXEC: WILL INVEST IN AI-NATIVE UNIT, BUILD SLMS, PARTNER WITH FRONTIER AI FIRMS SUCH AS ANTHROPIC AND OPENAI
WIPRO EXEC: WILL INVEST IN AI-NATIVE UNIT, BUILD SLMS, PARTNER WITH FRONTIER AI FIRMS SUCH AS ANTHROPIC AND OPENAI
WIPRO EXEC: OVERALL IT BUDGETS NOT GOING UP BUT EXISTING SPENDS SHIFTING TO AI PROJECTS
WIPRO EXEC: SHORT-TERM AI SPENDS COULD BE BUMPY
WIPRO EXEC: WILL DESIGN AND IMPLEMENT DATA CENTRE, SOVEREIGN AI SOLUTIONS FOR CLIENTS
Source text: [ID:]
Further company coverage: WIPR.NS
(([email protected];;))
July 16 (Reuters) - Wipro Ltd WIPR.NS:
INDIA'S WIPRO EXEC: UNCERTAINTY CONTINUES TO SHAPE DECISION MAKING FOR CLIENTS
WIPRO EXEC: DESPITE SELECTIVE SPENDING, CONTRACT PIPELINE REMAINS HEALTHY
WIPRO EXEC: SEE DEAL MOMENTUM BUILDING UP IN BANKING SEGMENT IN Q2
WIPRO EXEC: SEE HEALTHY DEMAND IN THE UK AND NORDICS REGION
WIPRO EXEC: DEMAND IS FOCUSED ON COST-OPTIMISATION AND VENDOR CONSOLIDATION-TYPE OF DEALS
WIPRO EXEC: AMERICAS MARKET DECLINED DUE TO CLIENT SPECIFIC ISSUES, TECH SPENDING CUTS IN HEALTHCARE SEGMENT
WIPRO EXEC: WILL INVEST IN AI-NATIVE UNIT, BUILD SLMS, PARTNER WITH FRONTIER AI FIRMS SUCH AS ANTHROPIC AND OPENAI
WIPRO EXEC: WILL INVEST IN AI-NATIVE UNIT, BUILD SLMS, PARTNER WITH FRONTIER AI FIRMS SUCH AS ANTHROPIC AND OPENAI
WIPRO EXEC: OVERALL IT BUDGETS NOT GOING UP BUT EXISTING SPENDS SHIFTING TO AI PROJECTS
WIPRO EXEC: SHORT-TERM AI SPENDS COULD BE BUMPY
WIPRO EXEC: WILL DESIGN AND IMPLEMENT DATA CENTRE, SOVEREIGN AI SOLUTIONS FOR CLIENTS
Source text: [ID:]
Further company coverage: WIPR.NS
(([email protected];;))
TCS shares rise after revenue beat from strong banking demand, rising AI revenue
Annualized AI revenue crosses $2.6 billion, driven by faster deployments across industries
Results offer investors early signs that sector growth may be stabilizing, analysts say
Updates with closing levels
By Mridula Kumar
July 10 (Reuters) - India's Tata Consultancy Services TCS.NS rose as much as 4.1% on Friday after better-than-expected quarterly revenue on strong banking demand and rising AI revenue, though analysts said the broader sector recovery was likely to remain gradual.
Shares of the country's top software services exporter trimmed some gains to close about 1% higher at 2,069 rupees, helping lift the benchmark Nifty 50 .NSEI 1.02% higher.
The IT index .NIFTYIT gained about 1.96% during the session.
Analysts said investors were looking at positive growth expectations for TCS in the coming quarters, led by AI revenue, with multiple brokerages also citing strong growth in banking, financial services and insurance, high-tech and regional markets.
"The company expects AI adoption growth and transformation to pick up, and they expect better numbers," said Piyush Pandey, lead IT Analyst at Centrum Broking.
Annualized AI revenue crossed $2.6 billion, driven by faster deployments across industries, rising from $2.3 billion in the previous quarter, TCS said.
Quarterly sales rose 14% to 722.75 billion rupees ($7.58 billion), while CEO K Krithivasan signalled a second-quarter recovery in manufacturing and life sciences demand.
SUBDUED QUARTER, GRADUAL RECOVERY
While the results offered investors early signs that growth may be stabilizing in India's $315 billion IT sector, analysts said a broader recovery was likely to remain gradual as demand concerns remained after expectations of another subdued quarter.
Flattish international revenue and a 3% year-on-year fall in headcount suggested continued sluggishness, according to Citi, while Nomura analysts said macro uncertainty still weighed on the near-term outlook.
Brokerages had flagged a low growth rate for the company in fiscal 2027 due to AI-led deflation.
The earliest the net AI impact will turn accretive for the sector and company is mid- to end-fiscal 2028, HSBC said post the results, adding that TCS' quarterly earnings offered limited grounds for pessimistic investors to reassess their stance.
Rivals Infosys INFY.NS, HCLTech HCLT.NS and Wipro WIPR.NS are expected to report their quarterly earnings later in the month.
($1 = 95.3150 Indian rupees)
(Reporting by Mridula Kumar in Bengaluru; Writing by Abinaya V; Editing by Mrigank Dhaniwala and Janane Venkatraman)
TCS shares rise after revenue beat from strong banking demand, rising AI revenue
Annualized AI revenue crosses $2.6 billion, driven by faster deployments across industries
Results offer investors early signs that sector growth may be stabilizing, analysts say
Updates with closing levels
By Mridula Kumar
July 10 (Reuters) - India's Tata Consultancy Services TCS.NS rose as much as 4.1% on Friday after better-than-expected quarterly revenue on strong banking demand and rising AI revenue, though analysts said the broader sector recovery was likely to remain gradual.
Shares of the country's top software services exporter trimmed some gains to close about 1% higher at 2,069 rupees, helping lift the benchmark Nifty 50 .NSEI 1.02% higher.
The IT index .NIFTYIT gained about 1.96% during the session.
Analysts said investors were looking at positive growth expectations for TCS in the coming quarters, led by AI revenue, with multiple brokerages also citing strong growth in banking, financial services and insurance, high-tech and regional markets.
"The company expects AI adoption growth and transformation to pick up, and they expect better numbers," said Piyush Pandey, lead IT Analyst at Centrum Broking.
Annualized AI revenue crossed $2.6 billion, driven by faster deployments across industries, rising from $2.3 billion in the previous quarter, TCS said.
Quarterly sales rose 14% to 722.75 billion rupees ($7.58 billion), while CEO K Krithivasan signalled a second-quarter recovery in manufacturing and life sciences demand.
SUBDUED QUARTER, GRADUAL RECOVERY
While the results offered investors early signs that growth may be stabilizing in India's $315 billion IT sector, analysts said a broader recovery was likely to remain gradual as demand concerns remained after expectations of another subdued quarter.
Flattish international revenue and a 3% year-on-year fall in headcount suggested continued sluggishness, according to Citi, while Nomura analysts said macro uncertainty still weighed on the near-term outlook.
Brokerages had flagged a low growth rate for the company in fiscal 2027 due to AI-led deflation.
The earliest the net AI impact will turn accretive for the sector and company is mid- to end-fiscal 2028, HSBC said post the results, adding that TCS' quarterly earnings offered limited grounds for pessimistic investors to reassess their stance.
Rivals Infosys INFY.NS, HCLTech HCLT.NS and Wipro WIPR.NS are expected to report their quarterly earnings later in the month.
($1 = 95.3150 Indian rupees)
(Reporting by Mridula Kumar in Bengaluru; Writing by Abinaya V; Editing by Mrigank Dhaniwala and Janane Venkatraman)
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)
June 23 (Reuters) - Wipro Ltd WIPR.NS:
WIPRO - SIGNS DEFINITIVE AGREEMENT TO BUY ALPHA NET CONSULTING CUSTOMER CONTRACTS
WIPRO - DEAL TO COMPLETE BY SEPTEMBER 30, 2026
Source text: ID:nBSE4gL9Mh
Further company coverage: WIPR.NS
(([email protected];))
June 23 (Reuters) - Wipro Ltd WIPR.NS:
WIPRO - SIGNS DEFINITIVE AGREEMENT TO BUY ALPHA NET CONSULTING CUSTOMER CONTRACTS
WIPRO - DEAL TO COMPLETE BY SEPTEMBER 30, 2026
Source text: ID:nBSE4gL9Mh
Further company coverage: WIPR.NS
(([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 18 (Reuters) - Wipro Ltd WIPR.NS:
WIPRO - COMPLETES MULTI-YEAR DATA CENTER MIGRATION FOR METRO AG
Source text: ID:nBSEc5RjCk
Further company coverage: WIPR.NS
(([email protected];))
June 18 (Reuters) - Wipro Ltd WIPR.NS:
WIPRO - COMPLETES MULTI-YEAR DATA CENTER MIGRATION FOR METRO AG
Source text: ID:nBSEc5RjCk
Further company coverage: WIPR.NS
(([email protected];))
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
By Ujjaini Dutta
BENGALURU, June 17 (Reuters Breakingviews) - HCLTech’s HCLT.NS decision to lead a fundraising round for India’s sovereign AI posterchild is both timely and shrewd. The $32 billion IT services firm's 10% stake in Sarvam, valuing the startup at $1.5 billion, is small enough to limit any risk yet showy enough to deflect mounting criticism that the world's back office is underinvesting as AI eats away at its revenue.
To be sure, Sarvam, founded by Vivek Raghavan and Pratyush Kumar, is not a neat fit for its newest big backer. The barely three-year-old startup's large language model is optimised for Indic languages but HCL's client base is largely outside the country, mostly in the United States and Europe: India accounted for just 3% of HCLTech's annual sales in the year to the end of March 2026.
And while the IT industry's decades-long success is often attributed to New Delhi staying out of the way, Sarvam is at the heart of the government's IndiaAI Mission. Through that initiative, the startup has secured financial and compute support, including subsidised access to Nvidia's NVDA.O graphics processing chips.
Of course, taking a stake in India's sovereign AI champion could unlock more domestic deals for the C Vijayakumar-led company with Indian enterprises. And it might also get early access to Sarvam's latest tech, as Microsoft MSFT.O did through its investment in OpenAI, though the company run by Satya Nadella also bagged a huge customer for its Azure cloud business.
The political returns for HCL at least appear more certain. Washington's order for Anthropic to suspend access for non-U.S. residents to its Fable 5 and Mythos 5 models will only deepen the desire of governments around the world to find their own sovereign AI solutions across compute infrastructure, AI models and user-facing AI software. That will require oodles of capital.
HCL's rivals such as Wipro WIPR.NS and Infosys INFY.NS are attempting to counter AI deflation on their revenues in other ways. Tata Consultancy Services TCS.NS, for example, is investing in a data centre. Backing Sarvam is, for now, less expensive and probably more politically savvy. They may be tempted to pile in too.
Follow Ujjaini Dutta on LinkedIn and X.
CONTEXT NEWS
HCLTech will acquire a 10.5% stake in Sarvam AI for 14.27 billion rupees ($150.7 million) in cash, the Indian IT services company said in a stock exchange filing on June 15. HCL co-led the fundraising round with Bessemer Venture Partners. It also included existing investors Khosla Ventures and Peak XV Partners.
The investment will allow the Indian IT services company to develop specific language models and AI solutions for its global client base and accelerate the development of sovereign AI solutions for governments and regulated industries, HCLTech said.
Sarvam was valued at $1.5 billion in the round, which raised $234 million in its first close out of a targeted $300 million. The AI startup is backed by India's government AI Mission.
(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, June 17 (Reuters Breakingviews) - HCLTech’s HCLT.NS decision to lead a fundraising round for India’s sovereign AI posterchild is both timely and shrewd. The $32 billion IT services firm's 10% stake in Sarvam, valuing the startup at $1.5 billion, is small enough to limit any risk yet showy enough to deflect mounting criticism that the world's back office is underinvesting as AI eats away at its revenue.
To be sure, Sarvam, founded by Vivek Raghavan and Pratyush Kumar, is not a neat fit for its newest big backer. The barely three-year-old startup's large language model is optimised for Indic languages but HCL's client base is largely outside the country, mostly in the United States and Europe: India accounted for just 3% of HCLTech's annual sales in the year to the end of March 2026.
And while the IT industry's decades-long success is often attributed to New Delhi staying out of the way, Sarvam is at the heart of the government's IndiaAI Mission. Through that initiative, the startup has secured financial and compute support, including subsidised access to Nvidia's NVDA.O graphics processing chips.
Of course, taking a stake in India's sovereign AI champion could unlock more domestic deals for the C Vijayakumar-led company with Indian enterprises. And it might also get early access to Sarvam's latest tech, as Microsoft MSFT.O did through its investment in OpenAI, though the company run by Satya Nadella also bagged a huge customer for its Azure cloud business.
The political returns for HCL at least appear more certain. Washington's order for Anthropic to suspend access for non-U.S. residents to its Fable 5 and Mythos 5 models will only deepen the desire of governments around the world to find their own sovereign AI solutions across compute infrastructure, AI models and user-facing AI software. That will require oodles of capital.
HCL's rivals such as Wipro WIPR.NS and Infosys INFY.NS are attempting to counter AI deflation on their revenues in other ways. Tata Consultancy Services TCS.NS, for example, is investing in a data centre. Backing Sarvam is, for now, less expensive and probably more politically savvy. They may be tempted to pile in too.
Follow Ujjaini Dutta on LinkedIn and X.
CONTEXT NEWS
HCLTech will acquire a 10.5% stake in Sarvam AI for 14.27 billion rupees ($150.7 million) in cash, the Indian IT services company said in a stock exchange filing on June 15. HCL co-led the fundraising round with Bessemer Venture Partners. It also included existing investors Khosla Ventures and Peak XV Partners.
The investment will allow the Indian IT services company to develop specific language models and AI solutions for its global client base and accelerate the development of sovereign AI solutions for governments and regulated industries, HCLTech said.
Sarvam was valued at $1.5 billion in the round, which raised $234 million in its first close out of a targeted $300 million. The AI startup is backed by India's government AI Mission.
(Editing by Una Galani; Production by Aditya Srivastav)
((For previous columns by the author, Reuters customers can click on DUTTA/[email protected]))
June 16 (Reuters) - India's Wipro WIPR.NS said on Tuesday it has set up a Center of Excellence (CoE) for applied AI focused on Anthropic's Claude models at its Bengaluru hub.
Wipro's move comes as AI-led automation pressures revenue of traditional Indian IT services firms, which lost billions of dollars in market value in February, partly following Anthropic's launch of an AI agent tool.
Here are some details:
The CoE is expected to bolster the IT services firm's ability to scale enterprise AI adoption using Claude models.
It is aimed at helping Wipro develop AI-based platforms and industry tools, and expand the use of AI across its finance, human resources and sales teams.
Wipro said it will train 10,000 employees to use Anthropic's Claude over the next 18 months.
Analysts at Jefferies said Wipro expects compression in services revenue to weigh on growth in the coming quarters, while AI could help widen its addressable market through application rebuilds and workflow redesign.
Investors are increasingly concerned that AI tools could disrupt the labour-intensive business model of India's $315 billion IT sector.
On June 11, rival TCS said it had partnered with Anthropic to launch an alliance to drive enterprise AI scaling.
(Reporting by Mridula Kumar in Bengaluru; Editing by Diti Pujara)
June 16 (Reuters) - India's Wipro WIPR.NS said on Tuesday it has set up a Center of Excellence (CoE) for applied AI focused on Anthropic's Claude models at its Bengaluru hub.
Wipro's move comes as AI-led automation pressures revenue of traditional Indian IT services firms, which lost billions of dollars in market value in February, partly following Anthropic's launch of an AI agent tool.
Here are some details:
The CoE is expected to bolster the IT services firm's ability to scale enterprise AI adoption using Claude models.
It is aimed at helping Wipro develop AI-based platforms and industry tools, and expand the use of AI across its finance, human resources and sales teams.
Wipro said it will train 10,000 employees to use Anthropic's Claude over the next 18 months.
Analysts at Jefferies said Wipro expects compression in services revenue to weigh on growth in the coming quarters, while AI could help widen its addressable market through application rebuilds and workflow redesign.
Investors are increasingly concerned that AI tools could disrupt the labour-intensive business model of India's $315 billion IT sector.
On June 11, rival TCS said it had partnered with Anthropic to launch an alliance to drive enterprise AI scaling.
(Reporting by Mridula Kumar in Bengaluru; Editing by Diti Pujara)
Company to enter Kolkata, expand in northern India
Hyderabad accounts for more than half of revenue
CFO sees revenue growth of 15% in current year
By Praveen Paramasivam
June 15 (Reuters) - Hyderabad-based Electronics Mart India ELEO.NS is looking to diversify away from the technology hub as concerns grow that potential AI-triggered job losses could hurt consumer spending, a top executive said.
The retailer gets about 60% of its revenue from Hyderabad, which hosts offices of global companies such as JPMorgan Chase JPM.N and Eli Lilly LLY.N, and Indian IT majors Wipro WIPR.NS and Infosys INFY.NS.
Around a fifth of its stores in Hyderabad are located in neighbourhoods where the majority of the residents are software employees.
The retailer, which sells products from brands including Sony and OnePlus, has over 220 stores across six states, mostly in the southern states of Andhra Pradesh and Telangana, and entered the National Capital Region in 2022.
By comparison, billionaire Mukesh Ambani's Reliance Digital has more than 695 outlets and Tata Group's Croma about 540 stores. Privately held Vijay Sales operates more than 170 stores, according to their websites.
Electronics Mart plans to invest about 1.2 billion rupees ($12.69 million) to open 20 stores in the current financial year, including up to seven in Kolkata, where it currently has no presence, while deepening its presence in and around New Delhi.
"If there is any disturbance in the IT industry, definitely there is going to be an impact on our business," CFO Premchand Devarakonda told Reuters.
Growing AI adoption has raised concerns about job losses in the technology sector, a key driver of consumption in cities such as Hyderabad and Bengaluru.
"We need not really worry immediately," Devarakonda said, adding the expansion was aimed at "de-risking" the retailer's dependence on any one sector.
Electronics Mart plans to add 20 to 25 stores annually over the next five years, with a focus on northern markets where fragmented retail offers scope for growth.
For the current year, the company expects revenue to rise about 15%, in line with LSEG estimates, helped in part by strong demand for air conditioners in a hotter summer.
($1 = 94.5950 Indian rupees)
(Reporting by Praveen Paramasivam in Chennai; Editing by Dhanya Skariachan and Nivedita Bhattacharjee)
(([email protected]; +91 867-525-3569;))
Company to enter Kolkata, expand in northern India
Hyderabad accounts for more than half of revenue
CFO sees revenue growth of 15% in current year
By Praveen Paramasivam
June 15 (Reuters) - Hyderabad-based Electronics Mart India ELEO.NS is looking to diversify away from the technology hub as concerns grow that potential AI-triggered job losses could hurt consumer spending, a top executive said.
The retailer gets about 60% of its revenue from Hyderabad, which hosts offices of global companies such as JPMorgan Chase JPM.N and Eli Lilly LLY.N, and Indian IT majors Wipro WIPR.NS and Infosys INFY.NS.
Around a fifth of its stores in Hyderabad are located in neighbourhoods where the majority of the residents are software employees.
The retailer, which sells products from brands including Sony and OnePlus, has over 220 stores across six states, mostly in the southern states of Andhra Pradesh and Telangana, and entered the National Capital Region in 2022.
By comparison, billionaire Mukesh Ambani's Reliance Digital has more than 695 outlets and Tata Group's Croma about 540 stores. Privately held Vijay Sales operates more than 170 stores, according to their websites.
Electronics Mart plans to invest about 1.2 billion rupees ($12.69 million) to open 20 stores in the current financial year, including up to seven in Kolkata, where it currently has no presence, while deepening its presence in and around New Delhi.
"If there is any disturbance in the IT industry, definitely there is going to be an impact on our business," CFO Premchand Devarakonda told Reuters.
Growing AI adoption has raised concerns about job losses in the technology sector, a key driver of consumption in cities such as Hyderabad and Bengaluru.
"We need not really worry immediately," Devarakonda said, adding the expansion was aimed at "de-risking" the retailer's dependence on any one sector.
Electronics Mart plans to add 20 to 25 stores annually over the next five years, with a focus on northern markets where fragmented retail offers scope for growth.
For the current year, the company expects revenue to rise about 15%, in line with LSEG estimates, helped in part by strong demand for air conditioners in a hotter summer.
($1 = 94.5950 Indian rupees)
(Reporting by Praveen Paramasivam in Chennai; Editing by Dhanya Skariachan and Nivedita Bhattacharjee)
(([email protected]; +91 867-525-3569;))
** Wipro WIPR.NS falls as much as 6.19% to a three-year low of 186.01 rupees, making the software services company the top percentage loser on the Nifty 50 .NSEI and Nifty IT indexes .NIFTYIT, which are down 0.8% each
** Decline comes after the record date for its share buyback on Friday, likely prompting some short-term traders to exit positions, reducing overall buying interest, two analysts say
** A global technology rout also weighs on sentiment, alongside rising expectations of a U.S. Federal Reserve rate hike by year-end after a stronger-than-expected May jobs report
** Higher U.S. rates hurt Indian IT stocks by reducing appeal for foreign investors
** Financials and IT, which have relatively high foreign ownership, vulnerable to outflows
** Tighter U.S. policy could also slow client spending, a key revenue driver for software firms
** Wipro down 29.5% YTD, underperforming Nifty IT's 24% drop
(Reporting by Bharath Rajeswaran in Bengaluru)
(([email protected]; +91 9769003463;))
** Wipro WIPR.NS falls as much as 6.19% to a three-year low of 186.01 rupees, making the software services company the top percentage loser on the Nifty 50 .NSEI and Nifty IT indexes .NIFTYIT, which are down 0.8% each
** Decline comes after the record date for its share buyback on Friday, likely prompting some short-term traders to exit positions, reducing overall buying interest, two analysts say
** A global technology rout also weighs on sentiment, alongside rising expectations of a U.S. Federal Reserve rate hike by year-end after a stronger-than-expected May jobs report
** Higher U.S. rates hurt Indian IT stocks by reducing appeal for foreign investors
** Financials and IT, which have relatively high foreign ownership, vulnerable to outflows
** Tighter U.S. policy could also slow client spending, a key revenue driver for software firms
** Wipro down 29.5% YTD, underperforming Nifty IT's 24% drop
(Reporting by Bharath Rajeswaran in Bengaluru)
(([email protected]; +91 9769003463;))
** India's Wipro WIPR.NS down 4% at 196.1 rupees
** Top loser on Nifty IT .NIFTYIT and benchmark Nifty 50 .NSEI indexes, which are up 0.1% and 0.2%, respectively
** Stock down as Friday marks record date for company's share buyback of up to 150 billion rupees ($1.57 billion)
** Investors selling shares n Friday will be eligible for buyback
** Co to buy back shares via tender offer route; dates yet to be announced
** Stock rated "hold" on average by 40 brokerages, median PT at 210 rupees, per data compiled by LSEG
** YTD, WIPR down 25.5%, while NIFTYIT down 22.7%
($1 = 95.6600 Indian rupees)
(Reporting by Vivek Kumar M)
(([email protected];))
** India's Wipro WIPR.NS down 4% at 196.1 rupees
** Top loser on Nifty IT .NIFTYIT and benchmark Nifty 50 .NSEI indexes, which are up 0.1% and 0.2%, respectively
** Stock down as Friday marks record date for company's share buyback of up to 150 billion rupees ($1.57 billion)
** Investors selling shares n Friday will be eligible for buyback
** Co to buy back shares via tender offer route; dates yet to be announced
** Stock rated "hold" on average by 40 brokerages, median PT at 210 rupees, per data compiled by LSEG
** YTD, WIPR down 25.5%, while NIFTYIT down 22.7%
($1 = 95.6600 Indian rupees)
(Reporting by Vivek Kumar M)
(([email protected];))
Adds details throughout
By Vivek Kumar M and Abhirami G
June 3 (Reuters) - India's information technology stocks were headed for their worst day in four months on Wednesday as renewed concerns that artificial intelligence could disrupt traditional software services rattled investors.
The IT index .NIFTYIT was down 5.8% at 29,310.25 points. If losses hold, this would be its worst day since February 4.
Tata Consultancy Services TCS.NS, India's largest software exporter, slumped 9% to lead the losses, while Bengaluru-based Infosys INFY.NS and Wipro WIPR.NS dropped 4.3% and 3.7%, respectively.
Among mid-tier firms, Coforge COFO.NS and Persistent Systems PERS.NS shed 5.7% each.
The losses mark a sharp reversal from the sub-index's 7% gains seen over the last two sessions when investors bought beaten down IT stocks and bet that increasing AI spending could boost demand for IT services.
India's $300 billion IT sector has been under pressure for much of this year as investors assess whether AI will generate new revenue streams for software exporters or reduce demand for traditional outsourcing services.
"We expect new opportunities such as legacy modernization to increase, but do not expect them to compensate for the deflation enough," said Kotak Institutional Equities analysts led by Kawaljeet Saluja.
A surge in AI investments and AI tools from Anthropic has rattled software stocks globally this year. India's Nifty IT index is down 22% in 2026, after plunging 26% in 2025.
Ambit Capital said fourth-quarter IT earnings confirmed the ongoing challenges that the sector is facing.
"While we see a role for IT services in enterprise AI implementation, building guardrails/governance and vertical solutions, we believe deflation will exceed incremental demand," the brokerage said.
Rishubh Vasa, a research analyst at Indsec Securities and Finance, said the total addressable market of domestic IT companies could shrink 20%-25%.
India's IT stocks head for worst day in about four months https://reut.rs/43LRsTE
(Reporting by Vivek Kumar M; Additional reporting by Abhirami G in Bengaluru; Editing by Sonia Cheema)
(([email protected];))
Adds details throughout
By Vivek Kumar M and Abhirami G
June 3 (Reuters) - India's information technology stocks were headed for their worst day in four months on Wednesday as renewed concerns that artificial intelligence could disrupt traditional software services rattled investors.
The IT index .NIFTYIT was down 5.8% at 29,310.25 points. If losses hold, this would be its worst day since February 4.
Tata Consultancy Services TCS.NS, India's largest software exporter, slumped 9% to lead the losses, while Bengaluru-based Infosys INFY.NS and Wipro WIPR.NS dropped 4.3% and 3.7%, respectively.
Among mid-tier firms, Coforge COFO.NS and Persistent Systems PERS.NS shed 5.7% each.
The losses mark a sharp reversal from the sub-index's 7% gains seen over the last two sessions when investors bought beaten down IT stocks and bet that increasing AI spending could boost demand for IT services.
India's $300 billion IT sector has been under pressure for much of this year as investors assess whether AI will generate new revenue streams for software exporters or reduce demand for traditional outsourcing services.
"We expect new opportunities such as legacy modernization to increase, but do not expect them to compensate for the deflation enough," said Kotak Institutional Equities analysts led by Kawaljeet Saluja.
A surge in AI investments and AI tools from Anthropic has rattled software stocks globally this year. India's Nifty IT index is down 22% in 2026, after plunging 26% in 2025.
Ambit Capital said fourth-quarter IT earnings confirmed the ongoing challenges that the sector is facing.
"While we see a role for IT services in enterprise AI implementation, building guardrails/governance and vertical solutions, we believe deflation will exceed incremental demand," the brokerage said.
Rishubh Vasa, a research analyst at Indsec Securities and Finance, said the total addressable market of domestic IT companies could shrink 20%-25%.
India's IT stocks head for worst day in about four months https://reut.rs/43LRsTE
(Reporting by Vivek Kumar M; Additional reporting by Abhirami G in Bengaluru; Editing by Sonia Cheema)
(([email protected];))
- Wipro reported fiscal 2026 revenue up 4.17% to ₹ 928.09 billion, while profit attributable to equity holders edged up 0.47% to ₹ 131.97 billion.
- Operating income was flat at ₹ 151.25 billion, with operating margin narrowing 0.68 percentage point to 16.3%.
- IT Services revenue rose 3.71% to ₹ 921.15 billion, while large-deal bookings climbed 45.8% to $ 7.83 billion in total contract value.
- IT Products revenue more than doubled to ₹ 6.94 billion, swinging to segment profit of ₹ 559 million from a loss a year earlier.
- The board backed a tender-offer buyback of up to 600,000,000 shares at ₹ 250 each, totaling up to ₹ 150 billion.
Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Wipro Limited published the original content used to generate this news brief via EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system operated by the U.S. Securities and Exchange Commission (Ref. ID: 0001193125-26-253514), on June 02, 2026, and is solely responsible for the information contained therein.
- Wipro reported fiscal 2026 revenue up 4.17% to ₹ 928.09 billion, while profit attributable to equity holders edged up 0.47% to ₹ 131.97 billion.
- Operating income was flat at ₹ 151.25 billion, with operating margin narrowing 0.68 percentage point to 16.3%.
- IT Services revenue rose 3.71% to ₹ 921.15 billion, while large-deal bookings climbed 45.8% to $ 7.83 billion in total contract value.
- IT Products revenue more than doubled to ₹ 6.94 billion, swinging to segment profit of ₹ 559 million from a loss a year earlier.
- The board backed a tender-offer buyback of up to 600,000,000 shares at ₹ 250 each, totaling up to ₹ 150 billion.
Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Wipro Limited published the original content used to generate this news brief via EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system operated by the U.S. Securities and Exchange Commission (Ref. ID: 0001193125-26-253514), on June 02, 2026, and is solely responsible for the information contained therein.
June 1 (Reuters) - Wipro Ltd WIPR.NS:
WIPRO - WILL ACQUIRE AN ADDITIONAL 20% STAKE IN AGGNE GLOBAL INC
WIPRO - PURCHASE CONSIDERATION OF USD 28.5 MILLION
Source text: ID:nnAZN4SZURY
Further company coverage: WIPR.NS
(([email protected];))
June 1 (Reuters) - Wipro Ltd WIPR.NS:
WIPRO - WILL ACQUIRE AN ADDITIONAL 20% STAKE IN AGGNE GLOBAL INC
WIPRO - PURCHASE CONSIDERATION OF USD 28.5 MILLION
Source text: ID:nnAZN4SZURY
Further company coverage: WIPR.NS
(([email protected];))
May 29 (Reuters) - Shares of Wipro WIPR.NS rose 4.67% before the market bell on Friday, after the IT services company said it had expanded its partnership with U.S.-based software provider ServiceNow NOW.N to deploy agentic AI workflows across core enterprise functions.
(Reporting by Surbhi Misra in Bengaluru; Editing by Rashmi Aich)
(([email protected] | X: https://twitter.com/SurbhiMisra_ |;))
May 29 (Reuters) - Shares of Wipro WIPR.NS rose 4.67% before the market bell on Friday, after the IT services company said it had expanded its partnership with U.S.-based software provider ServiceNow NOW.N to deploy agentic AI workflows across core enterprise functions.
(Reporting by Surbhi Misra in Bengaluru; Editing by Rashmi Aich)
(([email protected] | X: https://twitter.com/SurbhiMisra_ |;))
- Wipro expanded its partnership with ServiceNow to embed agentic AI workflows across core enterprise functions.
- The tie-up targets broader deployment of AI-driven automation using Wipro Intelligence platforms with ServiceNow technology.
Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Wipro Limited published the original content used to generate this news brief on May 28, 2026, and is solely responsible for the information contained therein.
- Wipro expanded its partnership with ServiceNow to embed agentic AI workflows across core enterprise functions.
- The tie-up targets broader deployment of AI-driven automation using Wipro Intelligence platforms with ServiceNow technology.
Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Wipro Limited published the original content used to generate this news brief on May 28, 2026, and is solely responsible for the information contained therein.
- Wipro CFO Aparna Chandrasekhar Iyer sold 45,000 equity shares on May 19, 2026 at USD 2 per share.
- Her direct holding fell to 3,678 equity shares following the transaction.
Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Wipro Limited published the original content used to generate this news brief via EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system operated by the U.S. Securities and Exchange Commission (Ref. ID: 0002122457-26-000008), on May 20, 2026, and is solely responsible for the information contained therein.
- Wipro CFO Aparna Chandrasekhar Iyer sold 45,000 equity shares on May 19, 2026 at USD 2 per share.
- Her direct holding fell to 3,678 equity shares following the transaction.
Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Wipro Limited published the original content used to generate this news brief via EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system operated by the U.S. Securities and Exchange Commission (Ref. ID: 0002122457-26-000008), on May 20, 2026, and is solely responsible for the information contained therein.
May 15 (Reuters) - Olam Group Ltd OLAG.SI:
OLAM GROUP LTD - COMPLETES MINDSPRINT SALE TO WIPRO FOR S$386 MILLION
Source text: ID:nSN3HHfHJ
Further company coverage: OLAG.SI
(([email protected];))
May 15 (Reuters) - Olam Group Ltd OLAG.SI:
OLAM GROUP LTD - COMPLETES MINDSPRINT SALE TO WIPRO FOR S$386 MILLION
Source text: ID:nSN3HHfHJ
Further company coverage: OLAG.SI
(([email protected];))
India's $315 billion IT sector under pressure
Worries about AI disruption return to the fore
AI momentum must slow for investor interest to return: HSBC
Adds details on sector paragraph 2 onwards
May 12 (Reuters) - India's IT shares fell to a three-year low on Tuesday as investor jitters around the threat posed by artificial intelligence to flagship IT firms flared up again, after OpenAI announced a new AI venture.
The Nifty IT index .NIFTYIT fell 3.6% to its lowest since May 2023, with Tata Consultancy Services TCS.NS, Infosys INFY.NS, HCL Technologies HCLT.NS and Wipro WIPR.NS falling between 2.5% and 4%.
Analysts at HSBC said in a Tuesday note that India's top-tier IT firms largely failed to meet street expectations for earnings in March quarter as well as in their outlooks for the new financial year, adding that strong spending globally on AI could be "crowding out" demand for traditional IT services.
HSBC's warning comes a day after OpenAI said it is launching a new company backed by more than $4 billion, embedding engineers into organizations to identify where AI can make the most impact. It's the latest challenge to Indian IT firms' business model from a major AI company targeting enterprise clients.
Indian IT stocks are unlikely to attract positive investor interest unless global AI activity, cloud capex growth and cloud revenue momentum slow, HSBC said.
Indian IT companies derive a significant share of their revenue from North America and are considered sensitive to U.S. economic uncertainty and corporate technology spending trends.
The industry has been under pressure for much of 2026, starting with a February rout after the roll-out of Anthropic's Claude Code and on fears rapid advances in generative AI would disrupt demand for traditional IT and professional services.
India's IT stocks have slid 25.4% so far this year, making them India's worst-performing sector, compared with a 9.7% drop in the benchmark Nifty 50 .NSEI.
March quarter results have done little to soothe investor worries. Dollar revenue at industry bellwether Tata Consultancy Services TCS.NS shrank 0.5% year-on-year to $30 billion for the year ended March - the first decline since the company's 2004 IPO.
Industry peers have flagged challenges of meeting targets with limited visibility on demand: HCL Tech's CEO C Vijayakumar said in the company's post-earnings investor call it took "25%-30% more effort to convert and get to the same number" in terms of total contract value.
The broader Indian market remained under pressure on Tuesday, with the rupee sliding to a record low on elevated crude oil prices with talks to end the U.S.-Israeli war with Iran finding no success.
India stocks buck broader EM rally https://sphinx.thomsonreuters.com/graphics/#/graphic/zjvqmleozvx
Indian IT stocks falls to three-year low on weak earnings outlook https://reut.rs/4u71A5a
(Reporting by Chandini Monnappa, Surbhi Misra and Pranav Kashyap in Bengaluru; Editing by Ronojoy Mazumdar)
(([email protected] | X: https://twitter.com/SurbhiMisra_ |;))
India's $315 billion IT sector under pressure
Worries about AI disruption return to the fore
AI momentum must slow for investor interest to return: HSBC
Adds details on sector paragraph 2 onwards
May 12 (Reuters) - India's IT shares fell to a three-year low on Tuesday as investor jitters around the threat posed by artificial intelligence to flagship IT firms flared up again, after OpenAI announced a new AI venture.
The Nifty IT index .NIFTYIT fell 3.6% to its lowest since May 2023, with Tata Consultancy Services TCS.NS, Infosys INFY.NS, HCL Technologies HCLT.NS and Wipro WIPR.NS falling between 2.5% and 4%.
Analysts at HSBC said in a Tuesday note that India's top-tier IT firms largely failed to meet street expectations for earnings in March quarter as well as in their outlooks for the new financial year, adding that strong spending globally on AI could be "crowding out" demand for traditional IT services.
HSBC's warning comes a day after OpenAI said it is launching a new company backed by more than $4 billion, embedding engineers into organizations to identify where AI can make the most impact. It's the latest challenge to Indian IT firms' business model from a major AI company targeting enterprise clients.
Indian IT stocks are unlikely to attract positive investor interest unless global AI activity, cloud capex growth and cloud revenue momentum slow, HSBC said.
Indian IT companies derive a significant share of their revenue from North America and are considered sensitive to U.S. economic uncertainty and corporate technology spending trends.
The industry has been under pressure for much of 2026, starting with a February rout after the roll-out of Anthropic's Claude Code and on fears rapid advances in generative AI would disrupt demand for traditional IT and professional services.
India's IT stocks have slid 25.4% so far this year, making them India's worst-performing sector, compared with a 9.7% drop in the benchmark Nifty 50 .NSEI.
March quarter results have done little to soothe investor worries. Dollar revenue at industry bellwether Tata Consultancy Services TCS.NS shrank 0.5% year-on-year to $30 billion for the year ended March - the first decline since the company's 2004 IPO.
Industry peers have flagged challenges of meeting targets with limited visibility on demand: HCL Tech's CEO C Vijayakumar said in the company's post-earnings investor call it took "25%-30% more effort to convert and get to the same number" in terms of total contract value.
The broader Indian market remained under pressure on Tuesday, with the rupee sliding to a record low on elevated crude oil prices with talks to end the U.S.-Israeli war with Iran finding no success.
India stocks buck broader EM rally https://sphinx.thomsonreuters.com/graphics/#/graphic/zjvqmleozvx
Indian IT stocks falls to three-year low on weak earnings outlook https://reut.rs/4u71A5a
(Reporting by Chandini Monnappa, Surbhi Misra and Pranav Kashyap in Bengaluru; Editing by Ronojoy Mazumdar)
(([email protected] | X: https://twitter.com/SurbhiMisra_ |;))
May 5 (Reuters) - CrowdStrike Holdings Inc CRWD.O:
CROWDSTRIKE EXPANDS PROJECT QUILTWORKS, THE CYBERSECURITY COALITION FOR SECURING FRONTIER AI RISK
CROWDSTRIKE - ARMADIN, COGNIZANT, HCLTECH, INFOSYS, KPMG, NTT DATA, TCS, WIPRO JOIN QUILTWORKS COALITION
CROWDSTRIKE - INTEGRATES ANTHROPIC OPUS 4.7 AI INTO FALCON PLATFORM
Source text: ID:nBw1WDjhXa
Further company coverage: CRWD.O
(([email protected];))
May 5 (Reuters) - CrowdStrike Holdings Inc CRWD.O:
CROWDSTRIKE EXPANDS PROJECT QUILTWORKS, THE CYBERSECURITY COALITION FOR SECURING FRONTIER AI RISK
CROWDSTRIKE - ARMADIN, COGNIZANT, HCLTECH, INFOSYS, KPMG, NTT DATA, TCS, WIPRO JOIN QUILTWORKS COALITION
CROWDSTRIKE - INTEGRATES ANTHROPIC OPUS 4.7 AI INTO FALCON PLATFORM
Source text: ID:nBw1WDjhXa
Further company coverage: CRWD.O
(([email protected];))
- Wipro posted Q4 net income of ₹35 billion, up 12.3% quarter-on-quarter but down 1.9% year-on-year.
- IT Services revenue rose to ₹240.18 billion, climbing 2.7% QoQ and 7% YoY.
- IT Services operating income edged up to ₹41.52 billion, increasing 0.8% QoQ and 5.7% YoY.
- Total bookings reached $3.46 billion, while large deal bookings jumped 65.1% QoQ to $1.44 billion.
- For quarter ending June 30, 2026, Wipro forecast IT Services revenue of $2.6 billion to $2.65 billion.
Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Wipro Limited published the original content used to generate this news brief on April 27, 2026, and is solely responsible for the information contained therein.
- Wipro posted Q4 net income of ₹35 billion, up 12.3% quarter-on-quarter but down 1.9% year-on-year.
- IT Services revenue rose to ₹240.18 billion, climbing 2.7% QoQ and 7% YoY.
- IT Services operating income edged up to ₹41.52 billion, increasing 0.8% QoQ and 5.7% YoY.
- Total bookings reached $3.46 billion, while large deal bookings jumped 65.1% QoQ to $1.44 billion.
- For quarter ending June 30, 2026, Wipro forecast IT Services revenue of $2.6 billion to $2.65 billion.
Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Wipro Limited published the original content used to generate this news brief on April 27, 2026, and is solely responsible for the information contained therein.
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
By Ujjaini Dutta
BENGALURU, April 24 (Reuters Breakingviews) - "AI deflation" is the new popular shorthand for an uncomfortable truth: getting paid less for doing the same amount of work. Coding tools such as those made by Anthropic's Claude are eroding pricing power of India's top IT services companies far faster than expected. For the $315 billion industry, it heralds a reset toward outcomes rather than hours-based billing.
HCL Technologies HCLT.NS on Tuesday cut its revenue guidance in constant currency terms to 1%-4% for the year to March 2027, after missing its 4%-4.5% target. Its shares fell 11% the next day, wiping out $4.5 billion in market value. The plummeting growth is a far cry from the expectation that firms would unlock more work in the short-term as clients modernise legacy code and clean up data for AI infrastructure, even if it comes at a lower cost.
Indeed, deal wins and toplines show little sign of that support. U.S. dollar revenue at the $97 billion industry leader Tata Consultancy Services TCS.NS shrank 0.5% year-on-year to $30 billion for the year ended March 2026 - its first decline since the company's initial public offering in 2004. Wipro's WIPR.NS annual IT services segment revenue contracted 0.3% as well.
It is getting harder to secure contracts too: HCLTech CEO C Vijayakumar admitted in the company's post-earnings investor call that the total contract value of deals in the quarter ended March remained largely flat but it took "25%-30% more effort to convert and get to the same number." There is also margin compression: HCLTech's net profit margin stood at 12.8% in the year to March, compared to 14.9% in the previous year.
So what happens when the models keep improving and more services fall under generative AI capabilities? Anthropic's latest model, Mythos, is deemed so powerful at finding software vulnerabilities that the company is, for now, holding back releasing it to the wider public.
It points to a heavy remodelling how Indian IT functions. Charging by hour is a dead end. One option is to guarantee outcomes and agree remuneration by way of a share of revenue or cost-savings achieved by a client. Some firms, including HCLTech, already do a little bit of this but the risks are harder to manage. Revenue and earnings could become much more volatile.
Shares of Tata Consultancy -- one of India's most important white-collar employers -- are down nearly 21% since Anthropic's coding tools were released in early 2025. The country's IT sector has lived through many technology transitions, but debugging its model in the AI era may prove harder than usual.
Follow Ujjaini Dutta on LinkedIn and X.
CONTEXT NEWS
Shares of HCLTech fell nearly 11% on April 22 after the Indian IT services firm on the prior day slashed its full year revenue guidance to 1%-4% year-on-year growth in constant currency terms for the year to March 2027, down from 4%-4.5% guided for the previous financial year.
"The business environment remains highly fluid, making it difficult to form a definitive view of how the next 12 months will unfold," said CEO C Vijayakumar in a post-earnings call.
Wipro on April 16 reported IT services segment revenue of $10.5 billion, down 0.3% year-on-year. The company announced a record share buyback of up to 150 billion rupees ($1.61 billion) and said it expects June‑quarter revenue to range from a 2% sequential decline to flat growth.
Tata Consultancy Services on April 9 reported its U.S. dollar revenue fell 0.5% year-on-year to $30 billion for the year ended March 31. In constant currency terms, revenue fell 2.4%.
Growth is dramatically slowing at India's top IT firms https://www.reuters.com/graphics/BRV-BRV/gdvzajjjbpw/chart.png
IT firms have lagged since Anthropic's AI coding tools were released https://www.reuters.com/graphics/BRV-BRV/lgvdgqqqypo/chart.png
(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, April 24 (Reuters Breakingviews) - "AI deflation" is the new popular shorthand for an uncomfortable truth: getting paid less for doing the same amount of work. Coding tools such as those made by Anthropic's Claude are eroding pricing power of India's top IT services companies far faster than expected. For the $315 billion industry, it heralds a reset toward outcomes rather than hours-based billing.
HCL Technologies HCLT.NS on Tuesday cut its revenue guidance in constant currency terms to 1%-4% for the year to March 2027, after missing its 4%-4.5% target. Its shares fell 11% the next day, wiping out $4.5 billion in market value. The plummeting growth is a far cry from the expectation that firms would unlock more work in the short-term as clients modernise legacy code and clean up data for AI infrastructure, even if it comes at a lower cost.
Indeed, deal wins and toplines show little sign of that support. U.S. dollar revenue at the $97 billion industry leader Tata Consultancy Services TCS.NS shrank 0.5% year-on-year to $30 billion for the year ended March 2026 - its first decline since the company's initial public offering in 2004. Wipro's WIPR.NS annual IT services segment revenue contracted 0.3% as well.
It is getting harder to secure contracts too: HCLTech CEO C Vijayakumar admitted in the company's post-earnings investor call that the total contract value of deals in the quarter ended March remained largely flat but it took "25%-30% more effort to convert and get to the same number." There is also margin compression: HCLTech's net profit margin stood at 12.8% in the year to March, compared to 14.9% in the previous year.
So what happens when the models keep improving and more services fall under generative AI capabilities? Anthropic's latest model, Mythos, is deemed so powerful at finding software vulnerabilities that the company is, for now, holding back releasing it to the wider public.
It points to a heavy remodelling how Indian IT functions. Charging by hour is a dead end. One option is to guarantee outcomes and agree remuneration by way of a share of revenue or cost-savings achieved by a client. Some firms, including HCLTech, already do a little bit of this but the risks are harder to manage. Revenue and earnings could become much more volatile.
Shares of Tata Consultancy -- one of India's most important white-collar employers -- are down nearly 21% since Anthropic's coding tools were released in early 2025. The country's IT sector has lived through many technology transitions, but debugging its model in the AI era may prove harder than usual.
Follow Ujjaini Dutta on LinkedIn and X.
CONTEXT NEWS
Shares of HCLTech fell nearly 11% on April 22 after the Indian IT services firm on the prior day slashed its full year revenue guidance to 1%-4% year-on-year growth in constant currency terms for the year to March 2027, down from 4%-4.5% guided for the previous financial year.
"The business environment remains highly fluid, making it difficult to form a definitive view of how the next 12 months will unfold," said CEO C Vijayakumar in a post-earnings call.
Wipro on April 16 reported IT services segment revenue of $10.5 billion, down 0.3% year-on-year. The company announced a record share buyback of up to 150 billion rupees ($1.61 billion) and said it expects June‑quarter revenue to range from a 2% sequential decline to flat growth.
Tata Consultancy Services on April 9 reported its U.S. dollar revenue fell 0.5% year-on-year to $30 billion for the year ended March 31. In constant currency terms, revenue fell 2.4%.
Growth is dramatically slowing at India's top IT firms https://www.reuters.com/graphics/BRV-BRV/gdvzajjjbpw/chart.png
IT firms have lagged since Anthropic's AI coding tools were released https://www.reuters.com/graphics/BRV-BRV/lgvdgqqqypo/chart.png
(Editing by Una Galani; Production by Aditya Srivastav)
((For previous columns by the author, Reuters customers can click on DUTTA/[email protected]))
Rewrites throughout and updates closing levels
By Urvi Dugar and Pranav Kashyap
April 22, BENGALURU - HCLTech HCLT.NS lost $4.5 billion in market capitalisation on Wednesday after it projected fiscal 2027 revenue growth below estimates, with restrained client spending raising fresh doubts over a recovery in India's $315 billion IT industry.
The weakness points to sector-wide challenges rather than a company-specific issue, Goldman Sachs analysts said, citing subdued discretionary spending, slower project ramp‑ups and ongoing macro pressures that suggest a meaningful demand recovery may remain elusive.
Top Indian IT companies have been beset by uncertainties over the last year from U.S. tariff and immigration policies as well as geopolitical turmoil in the Middle East, with clients choosing to focus on optimising costs.
HCLTech shares ended the session down 10.7% at 1,286 rupees, losing the most in a day in more than 10 years. Its fourth‑quarter earnings also missed analyst estimates.
The gloom spilled across the IT pack, dragging larger peers Infosys INFY.NS and Tata Consultancy Services TCS.NS down 3.4% and 3%, respectively, and the sub-index .NIFTYIT down 3.9%.
HCLTech's trading volumes surged as panic selling gripped investors, with 33.06 million shares changing hands—the busiest session since November 2012, and nearly 10 times the 30-day average. Meanwhile, at least six brokerages cut their price target, with Jefferies also downgrading the stock to "Underperform" from "Hold".
NSE data for HCLTech's May 26 expiry contracts showed a jump in put-buying at the 1,200‑rupee strike, with open interest swelling to 6,863 contracts by market close, and heavy call writing at 1,300.
The former implies investors are betting on the stock falling further by around 7% while the latter suggests limited scope for a near‑term rebound.
"The business environment remains highly fluid, making it difficult to form a definitive view of how the next 12 months will unfold," said CEO C Vijayakumar in a post-earnings call.
He also called out specific project scaledowns from two clients in the Americas region, which could shave about 0.5% off annual growth.
Tech Mahindra TEML.NS staged a partial comeback to close 2.5% down, after sliding nearly 6%, following a fourth-quarter revenue beat.
HCLTech continues trade slightly higher than larger rivals https://reut.rs/4vyAi8G
(Reporting by Urvi Dugar and Pranav Kashyap in Bengaluru; Editing by Ronojoy Mazumdar and Janane Venkatraman)
(([email protected]; +91 9558725583;))
Rewrites throughout and updates closing levels
By Urvi Dugar and Pranav Kashyap
April 22, BENGALURU - HCLTech HCLT.NS lost $4.5 billion in market capitalisation on Wednesday after it projected fiscal 2027 revenue growth below estimates, with restrained client spending raising fresh doubts over a recovery in India's $315 billion IT industry.
The weakness points to sector-wide challenges rather than a company-specific issue, Goldman Sachs analysts said, citing subdued discretionary spending, slower project ramp‑ups and ongoing macro pressures that suggest a meaningful demand recovery may remain elusive.
Top Indian IT companies have been beset by uncertainties over the last year from U.S. tariff and immigration policies as well as geopolitical turmoil in the Middle East, with clients choosing to focus on optimising costs.
HCLTech shares ended the session down 10.7% at 1,286 rupees, losing the most in a day in more than 10 years. Its fourth‑quarter earnings also missed analyst estimates.
The gloom spilled across the IT pack, dragging larger peers Infosys INFY.NS and Tata Consultancy Services TCS.NS down 3.4% and 3%, respectively, and the sub-index .NIFTYIT down 3.9%.
HCLTech's trading volumes surged as panic selling gripped investors, with 33.06 million shares changing hands—the busiest session since November 2012, and nearly 10 times the 30-day average. Meanwhile, at least six brokerages cut their price target, with Jefferies also downgrading the stock to "Underperform" from "Hold".
NSE data for HCLTech's May 26 expiry contracts showed a jump in put-buying at the 1,200‑rupee strike, with open interest swelling to 6,863 contracts by market close, and heavy call writing at 1,300.
The former implies investors are betting on the stock falling further by around 7% while the latter suggests limited scope for a near‑term rebound.
"The business environment remains highly fluid, making it difficult to form a definitive view of how the next 12 months will unfold," said CEO C Vijayakumar in a post-earnings call.
He also called out specific project scaledowns from two clients in the Americas region, which could shave about 0.5% off annual growth.
Tech Mahindra TEML.NS staged a partial comeback to close 2.5% down, after sliding nearly 6%, following a fourth-quarter revenue beat.
HCLTech continues trade slightly higher than larger rivals https://reut.rs/4vyAi8G
(Reporting by Urvi Dugar and Pranav Kashyap in Bengaluru; Editing by Ronojoy Mazumdar and Janane Venkatraman)
(([email protected]; +91 9558725583;))
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Popular questions
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What does Wipro do?
Wipro is a leading AI-powered technology services and consulting company focused on building innovative solutions that address clients’ most complex digital transformation needs. Leveraging its holistic portfolio of capabilities in consulting, design, engineering, and operations, the company help clients realize their boldest ambitions and build future-ready, sustainable businesses.
Who are the competitors of Wipro?
Wipro major competitors are Tech Mahindra, LTM, Oracle Finl. Service, Persistent Systems, Coforge, Mphasis, L&T Technology Serv.. Market Cap of Wipro is ₹1,78,771 Crs. While the median market cap of its peers are ₹89,105 Crs.
Is Wipro financially stable compared to its competitors?
Wipro seems to be less financially stable compared to its competitors. Altman Z score of Wipro is 4.18 and is ranked 8 out of its 8 competitors.
Does Wipro pay decent dividends?
The company seems to be paying a very low dividend. Investors need to see where the company is allocating its profits. Wipro latest dividend payout ratio is 87.42% and 3yr average dividend payout ratio is 46.66%
How has Wipro allocated its funds?
Companies resources are allocated to majorly productive assets like Plant & Machinery
How strong is Wipro balance sheet?
Balance sheet of Wipro is strong. It shouldn't have solvency or liquidity issues.
Is the profitablity of Wipro improving?
Yes, profit is increasing. The profit of Wipro is ₹13,265 Crs for TTM, ₹13,197 Crs for Mar 2026 and ₹13,135 Crs for Mar 2025.
Is the debt of Wipro increasing or decreasing?
Yes, The net debt of Wipro is increasing. Latest net debt of Wipro is -₹4,322.7 Crs as of Mar-26. This is greater than Mar-25 when it was -₹8,212.6 Crs.
Is Wipro stock expensive?
Wipro is not expensive. Latest PE of Wipro is 13.52, while 3 year average PE is 20.43. Also latest EV/EBITDA of Wipro is 10.16 while 3yr average is 14.65.
Has the share price of Wipro grown faster than its competition?
Wipro has given lower returns compared to its competitors. Wipro has grown at ~5.83% over the last 9yrs while peers have grown at a median rate of 19.07%
Is the promoter bullish about Wipro?
Promoters seem not to be bullish about the company and have been selling shares in the open market. Latest quarter promoter holding in Wipro is 72.59% and last quarter promoter holding is 72.62%
Are mutual funds buying/selling Wipro?
The mutual fund holding of Wipro is decreasing. The current mutual fund holding in Wipro is 1.83% while previous quarter holding is 4.31%.