TCS

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

• TCS EXTENDS PARTNERSHIP WITH COOP DANMARK

• EXTENDED PARTNERSHIP TO SUPPORT CORE BUSINESS SYSTEM

Source text: [ID:]

Further company coverage: TCS.NS

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March 11 (Reuters) - Tata Consultancy Services Ltd TCS.NS:

• ANNOUNCES ACQUISITION OF DARSHITA SOUTHERN INDIA HAPPY HOMES

• ACQUISITION COST 22.50 BILLION RUPEES FOR 100% EQUITY SHARES

Source text: ID:nBSEb4V6Lj

Further company coverage: TCS.NS

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March 6 (Reuters) - Tata Consultancy Services Ltd TCS.NS:

• TATA CONSULTANCY SERVICES LTD - NORTHERN TRUST EXPANDS COLLABORATION WITH TCS

• TATA CONSULTANCY SERVICES LTD - TO DEPLOY BANCSTM PLATFORM FOR NORTHERN TRUST

Source text: ID:nBSE9fxXsB

Further company coverage: TCS.NS

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March 5 (Reuters) - Tata Consultancy Services Ltd TCS.NS:

• TCS - TCS PARTNERS WITH VANTAGE TOWERS

• TCS- PARTNERS WITH VANTAGE TOWERS

Source text: [ID:]

Further company coverage: TCS.NS

(([email protected];))

Feb 28 (Reuters) - Tata Consultancy Services Ltd TCS.NS:

• TCS - TCS EXTENDS PARTNERSHIP WITH DNB BANK ASA BY 5 YEARS FOR NEXT-GEN BANKING

Further company coverage: TCS.NS

(([email protected];))

MUMBAI, Feb 24 (Reuters) - India's technology sector is expected to grow at 5.1% this fiscal year, driven by engineering research and development as well as rising global capacity centres, its main industry body said on Monday.

The National Association of Software and Service Companies (Nasscom) expects the industry's revenue to grow to $282.6 billion in fiscal 2025 and cross $300 billion in fiscal year 2026.

(Reporting by Haripriya Suresh and Sai Ishwarbharath; Editing by Janane Venkatraman)

(([email protected];))

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

• LAUNCHES THREE INITIATIVES UNDER SALESFORCE COLLABORATION

• TCS PARTNERS WITH SALESFORCE

Source text: ID:nNSE7DdFKJ

Further company coverage: TCS.NS

(([email protected];;))

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

• TCS COLLABORATES WITH MASSROBOTICS IN NORTH AMERICA

• TO DEPLOY A TEAM AT MASSROBOTICS’ BOSTON FACILITY

Source text: [ID:]

Further company coverage: TCS.NS

(([email protected];;))

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

By Shritama Bose

MUMBAI, Feb 11 (Reuters Breakingviews) - India is pulling out all the stops to be on Donald Trump's good side. The country has already made tariff concessions and fielded a planeload of deported immigrants ahead of Prime Minister Narendra Modi's visit to meet the U.S. President at the White House. But it is migration, not trade, that will be the sticking point in bilateral relations.

Narrowing India's $35 billion trade surplus with the United States should be manageable. Earlier this month, New Delhi undertook wide-ranging cuts to duties on American imports from Harley Davidson HOG.N motorcycles to components used by Apple AAPL.O to build smartphones. The country can also pledge to buy more American weapons and oil. Shipments of the latter amounted to $5 billion, or just 4% of bilateral trade, in the year to March 2024.

What Modi can offer on migration is far less straightforward. Trump has vowed to deport millions of illegal workers in the country and as of 2022, India was the third-largest source of undocumented immigrants in the U.S. behind Mexico and El Salvador, per data from Pew Research Center.

The country also supplies a huge chunk of legal skilled workers: India accounts for 72% of so-called H-1B visas, which allow companies from Amazon AMZN.O to Alphabet GOOGL.O, as well as Indian giants like Tata Consultancy Services TCS.NS, to hire specialised overseas workers such as software engineers. The programme benefits both sides: Big Tech gets access to lower-cost talent while India's skilled labour can find employment. But visa issuances have shrunk in recent years and the programme is getting an intense backlash from some of Trump's supporters.

A possible deal could see Modi agree to accept deported Indians back into the country without fuss in exchange for U.S. officials to speed up H-1B visas. But a repeat of the spectacle this month of hundreds of handcuffed people alighting from a U.S. military plane would be politically embarrassing, and shines an ugly spotlight on India's lack of high-quality jobs.

The problem for Modi, though, is that he has a weak hand with Trump with the fortunes of India's top tycoons hanging in the balance. Infrastructure magnate Gautam Adani is battling fraud charges levelled by U.S. federal investigators and the Securities and Exchange Commission, which his Adani group denies. The White House can also squeeze access to cheap Russian oil that helps India to keep inflation low, and which its largest company, Mukesh Ambani's Reliance Industries RELI.NS, is processing, or punish India with tariffs for pushing trade transactions in non-dollar currencies. A lot rides on Modi's U.S. charm offensive.

Follow @ShritamaBose on X.

CONTEXT NEWS

U.S. President Donald Trump has invited Indian Prime Minister Narendra Modi to visit the White House during February 12-14, Reuters reported on February 4, citing an unnamed White House official.

Separately, India slashed custom duties on motorcycles, such as those from Harley Davidson, with engine capacity of 1,600 cc or more, to 30% from 50% on fully built imports in the government’s annual budget announced on February 1. New Delhi also cut average tariffs to 11% from 13%, Finance Secretary Tuhin Kanta Pandey told Reuters in an interview after the budget.

(Editing by Robyn Mak and Ujjaini Dutta)

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

MUMBAI, Feb 10 (Reuters) - The increasing use of generative artificial intelligence (GenAI) could boost the productivity of India's $254-billion software by 43%-45% over the next five years, according to a survey by consulting firm EY India.

This productivity boost, which EY India's survey states will span 500 roles, will come through the dual effect of the IT industry itself integrating elements of GenAI internally and as more client projects move from proof of concept to production.

Top IT companies such as Tata Consultancy Services TCS.NS and Infosys INFY.NS have highlighted the use of AI by clients to do new projects and EY India said 89% of them have started trialling GenAI projects, with 33% of those already in production.

"Enterprises are moving beyond experimentation to putting AI into production at scale. The rapid transition from POC to enterprise-wide adoption reflects the industry's confidence in AI's potential," Abhinav Johri, a technology consulting partner at EY India, said in a statement.

Within the sprawling IT industry, EY India's survey showed that roles in software development will get the biggest productivity boost, of roughly 60%, followed by a 52% improvement for BPO services and 47% for IT consulting.

This trio -- software development, BPO services and IT consulting -- will account for 50%-60% of the overall productivity improvement in tech services, the survey showed.

The increasing use of AI is not only helping the IT industry enhance customer service but is also lowering costs and improving revenue growth, according to executives surveyed by EY India.

(Reporting by Haripriya Suresh; Editing by Savio D'Souza)

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Adds details, executive comment in paragraph 3,4

Feb 5 (Reuters) - Cognizant Technology Solutions CTSH.O forecast annual revenue below estimates on Wednesday, as uncertainty about the path of future interest rate cuts forces companies to temper spending on IT services and consultancy.

Persistent high capital costs continue to strain IT spending, prompting enterprises to rethink spending on consultancy services while prioritizing investments in AI-related projects.

Still, an increase in spending by clients in the financial services sector helped Cognizant win more large deals in the fourth quarter than a year earlier, powering its quarterly revenue above Wall Street expectations.

"In North America, we are seeing an improved pipeline of opportunities for transformation and modernization projects across both insurance and select ADRs of banking and financial services clients," finance chief Jatin Dalal said.

The company's fourth-quarter revenue stood at $5.08 billion, compared to analysts' expectations of $5.07 billion, according to data compiled by LSEG.

Cognizant's adjusted profit came in at $1.21 per share in the quarter ended December 31, compared with analysts' average estimate of $1.12 per share.

The New Jersey-based company said it expects first-quarter revenue in the range of $5 billion to $5.1 billion, compared with analysts' average estimate of $5.06 billion.

Cognizant expects its 2025 revenue to be between $20.30 billion and $20.80 billion, lower than estimates of $20.89 billion compiled by LSEG.

It projected 2025 adjusted earnings between $4.90 per share and $5.06 per share. The midpoint of the forecast is $4.98 per share, compared with analysts' average estimate of $4.99 per share.

(Reporting by Priyanka.G and Akash Sriram in Bengaluru; Editing by Mohammed Safi Shamsi)

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Feb 5 (Reuters) - Cognizant Technology Solutions CTSH.O forecast annual revenue below estimates on Wednesday, as uncertainty about the path of future interest rate cuts forces companies to temper spending on IT services and consultancy.

Persistent high capital costs continue to strain IT spending, prompting enterprises to cut back on consultancy services while prioritizing investments in AI-related projects.

Cognizant's shares fell 1.2% in extended trading.

Uncertainty around rate cuts by the U.S. Federal Reserve this year is exacerbated by President Donald Trump's changes to immigration policies, tariffs and other initiatives, forcing companies to limit spending.

The company's fourth-quarter revenue stood at $5.08 billion, compared to analysts' expectations of $5.07 billion, according to data compiled by LSEG.

Cognizant's adjusted profit came in at $1.21 per share in the quarter ended December 31, compared with estimates of $1.12 per share.

The New Jersey-based company expects first-quarter revenue in the range of $5 billion to $5.1 billion, compared to analysts' estimates of $5.06 billion.

Cognizant expects its 2025 revenue to be between $20.3 billion and $20.8 billion, lower than estimates of $20.89 billion.

It projected 2025 adjusted earnings between $4.90 per share and $5.06 per share. The midpoint of the forecast is $4.98 per share, compared with estimates of $4.99 per share.

(Reporting by Priyanka.G and Akash Sriram in Bengaluru; Editing by Mohammed Safi Shamsi)

(([email protected];))

Jan 20 (Reuters) - Wipro's shares WIPR.NS surged about 8% on Monday, set for their best day in nearly four years, after India's No. 4 IT services company joined its peers in signaling a revival in demand.

The company beat third-quarter revenue and profit estimates on Friday and CEO Srinivas Pallia said, "We see discretionary spending slowly coming back" after facing macroeconomic challenges in 2024.

Wipro's shares were also among the top percentage gainers on the benchmark Nifty 50 .NSEI index, which was trading flat. At least eight brokerages raised their rating on Wipro's stock, while 16 raised their price targets, as per LSEG data.

"Wipro is witnessing a pick up in discretionary spends in its BFSI (banking, financial services and insurance) segment - evident from 11% y/y growth in revenue," Jefferies analysts said in a note, raising both their rating and price target.

The BFSI segment accounts for about a third of the company's revenue.

Wipro's bet of a more promising 2025 echoed similar indications from larger peers TCS TCS.NS, Infosys INFY.NS and HCLTech HCLT.NS.

India's $254 billion IT services sector has faced sluggish growth for several quarters due to global macroeconomic uncertainties and inflationary pressures, which have pushed clients to rein in spending.

($1 = 86.4390 Indian rupees)

(Reporting by Manvi Pant in Bengaluru; Editing by Savio D'Souza)

(([email protected]; +918447554364;))

Adds details on forecast, analyst comment, background on peers

By Indranil Sarkar and Manvi Pant

Jan 17 (Reuters) - Shares of India's No. 2 software services exporter Infosys INFY.NS fell nearly 6% on Friday and were set for their biggest one-day decline since July 2023, as analysts raised concerns about the quality of earnings following its third-quarter report.

The stock was down 5.7% as of 11:49 a.m. IST, and was the top drag on the IT index .NIFTYIT and the benchmark Nifty 50 .NSEI, which declined 2.5% and 0.7% respectively.

Its U.S.-listed shares INFY.N fell about 6% overnight.

Infosys on Thursday raised its annual revenue forecast for the third time this financial year as its U.S. banking and retail clients warmed up to spending more on discretionary projects, echoing Tata Consultancy Services TCS.NS and HCLTech HCLT.NS.

However, analysts were concerned about the "quality" of the earnings report, which overshadowed the outlook.

The revenue growth was driven by a higher component of "third-party items" in Infosys' deal pipeline, "which drove concerns around the quality of the beat and raise", Morgan Stanley analysts said in a note.

"Given that the commentary on small deals pipeline is not showing any meaningful signs of inflection, we now assume the (industry-wide) recovery to be more gradual than before," they said.

Small deals comprise more than two-thirds of the company's total deal intake, according to BofA Global Research.

Markets are awaiting further evidence of uptick in discretionary spending, not just commentary from IT companies, said Saurabh Jain, assistant vice president of retail equities research at SMC Global Securities.

Infosys shares gained 22.5% in 2024, outperforming TCS and LTIMindtree LTIM.NS, but trailed behind HCLTech, which rose 31%.

(Reporting by Indranil Sarkar and Manvi Pant in Bengaluru, additional reporting by Anuran Sadhu; Editing by Mrigank Dhaniwala and Varun H K)

(([email protected]; +918447554364;))

The author is a Reuters Breakingviews columnist. The opinions expressed are her own. Refiles to add hyperlinks.

By Shritama Bose

MUMBAI, Jan 16 (Reuters Breakingviews) - If India wants to prop up its stalling economic growth, it will have to sacrifice some of the financial stability underpinning the country’s moment on the global stage.

Under Prime Minister Narendra Modi, consumption by India’s 294 million households has nearly trebled to $2.07 trillion over the past decade. It is the top engine of the $4 trillion economy and drives around 60% of GDP. Yet consumer spending is weak and has decoupled dramatically from the path of national output since the year ended March 2023, according to economists at state-owned Punjab National Bank.

Beyond the luxury market where well-heeled Indians are spending big on the high life, cracks are appearing; car sales crawled during the usually busy annual Diwali holiday in October-November. Indians are eating out less often. Starbucks SBUX.O and its partner Tata Consumer Products TACN.NS, meanwhile, are pushing the brakes on expansion; their target to hit 1,000 coffee stores by 2028 is unchanged but they are slowing the pace of new openings. Starbucks has more than 6,500 stores in China.

As it stands, India expects its GDP growth in the current year to March will hit a four-year low of 6.4%, the lower end of the pace policymakers envisioned the country sustaining for the next decade. In short, consumption is fading before it has had a real chance to flourish.

A weak jobs environment lies at the heart of the problem. The abundance of labour in the world’s most populous country is making wages crawl. It puts a perverse spin on the vaunted demographic dividend: casual and regular workers in 2023 earned an average real monthly wage roughly 1% lower than in the previous year, an International Labour Organization report based on official data shows. That’s prompted fears of a middle class shrinking instead of growing.

As a result of stagnant real incomes, middle-class Indians don't have much left over for the kind of discretionary purchases that would power a U.S.-style consumer economy.

"There used to be a middle segment, which used to be the segment that most of us fast moving consumer goods firms used to operate in, which is the middle class of the country, that seems to be shrinking," Suresh Narayanan, chair of Nestle’s India NEST.NS unit, warned in October. His peers have sounded an alarm about weak consumption in rural India for years.

The problem is worryingly broad-based. IT companies, typically the biggest private sector employers, are making fewer hires and paying less. Demand for their services like those provided by Tata Consultancy Services TCS.NS is growing slower. Automation and advances in technology including artificial intelligence are killing repetitive jobs in outsourcing and financial services, so firms are not backfilling roles when they fall vacant.

Farmers’ incomes benefited in 2024 from a strong monsoon but it’s a brief respite after two years of stagnating incomes for the 46% of the workforce depending on agriculture. Climate change is upsetting weather and food-inflation patterns: in June, rating agency Moody's tipped water stress as a sovereign credit risk to India.

The long-term answer is to create more jobs outside of agriculture. Modi’s administration is pushing manufacturing investment in the hope that factories will absorb workers and pay them better. However, the foreign direct investment required to speed progress is declining.

In the short term, New Delhi needs to act to avoid a return to a trend of weak output and consumption growth following a two-year phase of post-pandemic revenge spending. The reduced private spending is hitting growth directly and shrinking tax collections. Poor demand also means lower private investment, and that burdens the government with an even bigger role in turbocharging GDP.

Authorities could cut taxes to stimulate consumption. They are considering lower levies on personal income in the budget in February, Reuters reported in December, citing two official sources. Yet New Delhi will be hard-pressed to forego revenue without imperiling its goal to consolidate the fiscal deficit to 4.5% of GDP by March 2026.

A larger deficit could further beat down consumption if it prompts a spike in the government’s borrowing costs, triggers a lower sovereign credit rating and weakens demand for the rupee in international currency markets. That would make India’s oil import bill heftier and prompt a surge in inflation: Oil prices are already spiking following U.S. curbs on oil tankers supplying Russian crude.

Those problems could quickly compound if, as expected, Indian policymakers try to keep exports competitive by allowing the rupee to track the weakening yuan. That currency is getting battered by fears of a second trade war between China and the United States under Donald Trump’s imminent presidency.

Alternatively, the central bank could boost consumption by making it easier for individuals to tap credit. New governor, Sanjay Malhotra, will be wary of risks stemming from eye-popping growth in consumer loan books as the banking system only recently recovered from a corporate bad debt crisis. The Reserve Bank of India raised risk weights for unsecured lending in November 2023. These measures added to a chill in consumer spending – personal loans are growing at nearly half their pace a year ago. Nonetheless, the RBI expects banks’ asset quality to weaken.

The rosy narrative of strong growth and macroeconomic stability is fragile. If policymakers do intervene, they would be better off doing it sooner rather than later.

Follow @ShritamaBose on X

(Editing by Una Galani and Aditya Srivastav)

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

By Sai Ishwarbharath B and Haripriya Suresh

BENGALURU/MUMBAI, Jan 12 (Reuters) - India's Tata Consultancy Services TCS.NS expects its retail and manufacturing clients in North America to step up spending on tech, following a similar upturn in its banking and financial services segment, a top executive of the nation's No. 1 software-services exporter, said.

"We have heard about good holiday season sales (in the U.S.) that should boost consumer sentiment and manufacturing has some of the labour issues behind them," CFO Samir Seksaria told Reuters.

"If these three verticals (along with banking) improve overall, we should see a good recovery," he said.

Seksaria's cautious optimism highlights broader global economic uncertainties and sticky inflation that have forced clients to keep a leash on tech spending.

The company's revenue in North America, its largest market, declined for the fifth consecutive quarter even as banking and financial services posted their best performance since June 2023.

Retail and manufacturing are the second- and fourth- largest revenue contributors to the $29 billion behemoth.

Last month, Walmart Inc WMT.N, Amazon.com AMZN.O, and fast-growing e-commerce sites Shein and PDD Holding's PDD.O Temu, saw record-breaking sales on Black Friday and Cyber Monday.

U.S. online spending too rose nearly 9% to $241.4 billion during the recent holiday season.

TCS' communications and media vertical, a capital-intensive segment that is currently one of the company's laggards, will also see some pickup if interest rates start to go down, Seksaria said.

The comments echo CEO Krithivasan's sentiment that the incoming U.S. administration is likely to remove policy uncertainty and boost client confidence to spend on discretionary projects.

On Friday, its Mumbai-listed shares closed up 5.6%, its highest single day rise since July 2024.

TCS also played down concerns over the rise in insourcing by multinational corporations through global capability centres (GCCs), potentially slashing work that would have been contracted to IT players in the past.

A growing number of global companies are increasing their local offices in India and expanding in-house teams, adding roles such as engineering, cybersecurity and accounting and finance. India's GCC market size is estimated to reach $105 billion by 2030.

"Initially, there could a cost advantage, probably GCCs are right now being seen as global cost saving centers. But as things go into next year, maintaining cost and delivering cost productivity in a 3-year to 7-year period is where the cyclicality of opening and shutting of GCCs keeps coming," said Seksaria.

In 2023, Infosys INFY.NS acquired the captive arm of Danske Bank DANSEN.UL and before that TCS acquired Post Bank AG's unit of 1,500 employees in late 2020.

(Reporting by Sai Ishwarbharath B in Bengaluru and Haripriya Suresh in Mumbai.
Editing by Dhanya Skariachan and Shri Navaratnam)

(([email protected];))

** India's IT index .NIFTYIT jumps 3.5%, only one of 13 main sub-indexes in green; benchmark indexes flat .BO

** Sub-index set for best session since Nov. 6, when Donald Trump claimed victory in US presidential race

** TCS TCS.NS, top IT firm, flags signs of discretionary spending revival

** TCS's commentary boosting sentiment after years of caution and uncertainty from bellwethers, says S Krishnakumar, director at Lion Hill Capital

** Adds US economic strength and certainty of Trump at political helm indicate higher client spending in US, a key revenue geography for IT firms

** TCS jumps 6%, leading gains on 10-member IT index

** LTIMindtree LTIM.NS follows with 5% rise; L&T Tech LTEH.NS and Coforge COFO.NS up 1.6%, the least on index

** IT index gained 22% in 2024 vs ~9% rise in benchmark Nifty 50

(Reporting by Ashna Teresa Britto and Hritam Mukherjee in Bengaluru)

(([email protected] ; ( +91 8078332441))

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

• TCS Q3 CONSOL NET PROFIT 123.8 BILLION RUPEES; IBES EST. 123.99 BILLION RUPEES

• TCS Q3 CONSOL REV FROM OPS 639.73 BLN RUPEES; IBES EST. 644.52 BLN RUPEES

• TCS: STRONG Q3 TCV AT $10.2 BILLION

• TCS - DIVIDEND 10 RUPEES PER SHARE

• TCS - SPECIAL DIVIDEND OF 66 RUPEES PER EQUITY SHARE

Further company coverage: TCS.NS

(([email protected];))

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

• TATA CONSULTANCY SERVICES LTD - RECEIVES ORDER FROM JOINT COMMISSIONER, CGST NOIDA

• TATA CONSULTANCY SERVICES LTD - ORDER DEMANDS TAX AND PENALTY OF 13.8 MILLION RUPEES

• TATA CONSULTANCY SERVICES LTD - TO APPEAL AGAINST THE ORDER

Source text: ID:nBSE5gkBTp

Further company coverage: TCS.NS

(([email protected];;))

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

• TCS AFRICA TO SELL 30% STAKE IN TCS SA

• DEAL FOR ZAR 60.8 MILLION

Source text: ID:nNSE7lPVgQ

Further company coverage: TCS.NS

(([email protected];))

** Tata Consultancy Services TCS.NS falls 1.4% to 4,411 rupees; second-biggest pct loser on IT index .NIFTYIT, which is down 0.5%

** Citi maintains "sell" - CNBC-TV18 report

** Brokerage says co's project with BSNL BSNL.NS to deploy 4G network across India will be stable or slightly decline in Q3 and taper off post that

** Adds UK and Europe markets have softer demand vs US

** PT of 3,935 rupees represents ~11% downside to current price

** TCS, rival Infosys INFY.NS rated "buy" on avg - LSEG

** Stock climbs 17.3% YTD vs NIFTYIT's ~29% gain

($1 = 84.8380 Indian rupees)

(Reporting by Ananta Agarwal in Bengaluru)

(([email protected]))

Dec 13 (Reuters) - Tata Consultancy Services Ltd TCS.NS:

• TCS - PARTNERS WITH LANDIS+GYR TO DELIVER NEXT-GENERATION ENERGY EFFICIENCY SOLUTIONS

Source text: [ID:]

Further company coverage: TCS.NS

(([email protected];))

Dec 3 (Reuters) - Tata Consultancy Services Ltd TCS.NS:

• TCS - TCS INKS DEAL WITH BANK OF BHUTAN

• TCS - TCS INKS DEAL WITH BANK OF BHUTAN TO MODERNIZE DIGITAL CORE, ENHANCE CUSTOMER EXPERIENCE

Source text: [ID:]

Further company coverage: TCS.NS

(([email protected];))

Nov 28 (Reuters) - Tata Consultancy Services Ltd TCS.NS:

• TCS PARTNERS WITH IIT KGP

Source text: [ID:]

Further company coverage: TCS.NS

(([email protected];;))

Rewrites with updates on details and background, adds final shares in paragraph 5 and analyst reaction

By Himanshi Akhand and Rishav Chatterjee

Nov 26 (Reuters) - The Australian Securities Exchange (ASX) said on Tuesday that the second phase of an upgrade to its clearing and settlement software will likely cost up to A$320 million ($208 million), sending its shares sharply lower.

Announcing the cost estimate for the first time, the bourse operator added that it expects the second phase implementation to be completed by 2029.

ASX ASX.AX also aims to conclude the first phase - the clearing service - in 2026, with associated costs now tracking at the higher end of its previous estimate of A$105 million to A$125 million.

While the timeline seems reasonably extended, the phase 1 costs are now tracking at the top end of expectations and this pushes capital expenditure towards the top end of ASX’s prior guidance range, Citi analysts said.

ASX shares fell 4.7% to A$65.87 in its weakest trading session since mid-June.

The update on the software overhaul comes months after the Australian Securities and Investments Commission sued ASX, alleging it misled investors about the failure to upgrade its critical settlement and clearing infrastructure, known as CHESS.

The share market operator hired India's Tata Consultancy Services (TCS) last year to overhaul CHESS, after abandoning a widely criticised effort to upgrade it to a blockchain-based system.

That effort raised the ire of shareholders and regulators, and ultimately ended with a A$250 million write-down and slump in the bourse operator's share price.

ASX will deploy a TCS TCS.NS product that is already being used to manage share settlement and clearing in New Zealand, South Africa and Finland.

ASX Managing Director and CEO Helen Lofthouse said implementing the CHESS project over two releases would enhance its reliability.

The bourse operator's decision to undertake complex IT projects means its prime focus will likely remain on appeasing regulators and various stakeholders, with investors further down the pecking order, Citi analysts said.

($1 = 1.5408 Australian dollars)

(Reporting by Himanshi Akhand and Rishav Chatterjee in Bengaluru; Editing by Mohammed Safi Shamsi, Rashmi Aich and Nicholas Yong)

(([email protected];))

Nov 11 (Reuters) - Tata Consultancy Services Ltd TCS.NS:

• GETS ORDER FROM COMMISSIONER OF CUSTOMS WITH PENALTY OF 5 MILLION RUPEES

Source text: ID:nNSE7BdV00

Further company coverage: TCS.NS

(([email protected];;))

Oct 24 (Reuters) - Tata Consultancy Services Ltd TCS.NS:

• TCS - TCS LAUNCHES NVIDIA BUSINESS UNIT

• TCS - TCS LAUNCHES NVIDIA BUSINESS TO ACCELERATE AI ADOPTION FOR CUSTOMERS ACROSS INDUSTRIES

Further company coverage: TCS.NS

(([email protected];))

Oct 17 (Reuters) - Wipro WIPR.NS, India's fourth-largest software company, posted higher-than-expected second-quarter revenue on Thursday, helped by a revival in spending by its clients in the U.S. communications sector.

The company's consolidated revenue fell 1% to 223.02 billion rupees ($2.65 billion) in the July-September quarter, but was above analysts average estimate of 222.58 billion rupees, as per LSEG data.

($1 = 84.0340 Indian rupees)

(Reporting by Sai Ishwarbharath B; Editing by Savio D'Souza)

(([email protected];))

** HCLTech HCLT.NS hits record high on Q2 beat-and-raise report before paring gains to 0.1%; IT index .NIFTYIT flat

** Guidance hike and deal flow declines "do not enthuse on a sharp recovery"; growth should stay below pre-Covid levels, says Ashwin Mehta, head of equity research at Ambit Capital, who keeps "sell" on HCLT

** Still, India's No.3 IT firm's growth will outpace that of market leaders TCS TCS.NS and Infosys INFY.NS, Mehta expects

** Adds, while HCLT's EBIT margins will not rise, contrary to Street expectations, they'll be stable vs declines at TCS, INFY

** Mehta among top 3 rated analysts covering IT firms, per LSEG data

** Mehta's pecking order: Tech Mahindra TEML.NS ('buy') > Cognizant CTSH.O > HCLT > INFY > TCS > Wipro WIPR.NS ('sell's)

** Analysts, on avg, rate HCLT 'hold' - LSEG data

** HCLT has gained 27% YTD, fourth-most on 10-member IT index, which is up ~21% YTD

(Reporting by Savio Dsouza)

(([email protected];))

Repeats to widen distribution, with no changes to text

Oct 11 (Reuters) - Shares of Tata Consultancy Services TCS.NS fell 2% in pre-open trade on Friday, as a lower-than-expected second-quarter profit raised concerns about demand recovery in the IT services firm's key North American market.

The company on Thursday reported net profit of 119.09 billion rupees ($1.42 billion), missing analysts' estimates as revenue from the North American market, which accounts for nearly half of its overall sales fell for a fourth straight quarter.

Its revenue decline in North America was led by client specific issues in life sciences and healthcare, while weakness persisted in manufacturing as its clients battled supply chain issues, said analysts at Investec.

($1 = 83.9625 Indian rupees)

(Reporting by Ashna Teresa Britto in Bengaluru; Editing by Varun H K)

(([email protected];))