Tag: tcs

TCS to give pay hikes in April, second in 6 months – Times of India

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BENGALURU: TCS will offer salary increments to its employees for the next fiscal year starting April 1, becoming the first IT services company to commit to do so. The news will likely come as a sentiment booster to employees at a time when the industry is still recovering from the pandemic downturn.
The company had given a 6-8% increment in October. So, in six months, the employees will get 12-14% average increments. Most IT companies announced hikes in October in

addition to also promoting employees. The increment signals a return to normal appraisal cycles and indicates that the havoc created by the pandemic this fiscal is perhaps well and truly behind the industry.
“We are extremely thankful to all our associates for demonstrating resilience, adaptability, and an innovative mindset to steer the company in these trying times. This step is a reflection of our steadfast commitment to our associates,” a TCS spokesperson said.

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Tata Consultancy Services Becomes First IT Company to Announce Salary Hike for FY 21-22

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Tata Consultancy Services

Tata Consultancy Services

According to the report, this would be the second salary hike which the TCS would carry out within a period of six months. The last year’s increment cycle got delayed due to the Covid-19 pandemic.

  • News18.com New Delhi
  • Last Updated:March 19, 2021, 17:58 IST
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India’s largest IT services company Tata Consultancy Services (TCS) on Friday announced a pay increment to all its associates for financial year 2021-22. It would come into effect from April 2021.

“This step is a reflection of our steadfast commitment to our associates,” Moneycontrol quoted a TCS spokesperson as saying.

In a statement, the company said, “We can confirm that we are on track to give increments to all associates across our geographies effective April 2021, in line with our benchmarks.”

According to the report, this would be the second salary hike which the TCS would carry out within a period of six months. The last year’s increment cycle got delayed due to the Covid-19 pandemic.

The company’s employees will get nearly 12-14 per cent average salary hike as per the company norms, Moneycontrol quoted sources as saying. As per the regular promotion cycle, TCS will also continue to offer promotions to its employees.

On March 18, IT and professional services company Accenture said it will give one week of base pay as one-time bonus to all employees for their contribution during the challenging year. The move will benefit around 2 lakh employees the company has in India.

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Sensex tumbles 585 points; Nifty drops below 14,600

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Extending its losing streak to the fifth consecutive session, equity benchmark Sensex tanked 585 points on Thursday, tracking losses in index majors Infosys, RIL and TCS.

After rallying nearly 500 points earlier in the day, the 30-share BSE index gave up all gains to end 585.10 points or 1.17% lower at 49,216.52. The broader NSE Nifty slumped 163.45 points or 1.11% at 14,557.85.

HCL Tech was the top loser in the Sensex pack, shedding around 4%, followed by Infosys, Dr Reddy’s, TCS, Reliance Industries, Tech Mahindra and NTPC.

On the other hand, ITC, Bajaj Auto, M&M, Maruti and Bharti Airtel were among the gainers.

“Having seen a brisk gap-up opening on positive global cues, domestic equities fell sharply for the fifth consecutive day as sharp rise in coronavirus cases in the country made investors jittery,” said Binod Modi, Head Strategy at Reliance Securities.

A sharp rise in daily COVID-19 cases in India has raised apprehensions about sustainability of ongoing rebound in corporate earnings, he noted, adding that the mounting concerns of possible fresh economic restrictions made enthusiasm of dovish commentary from Federal Reserve short lived for domestic markets.

After its two-day policy meeting, the U.S. Fed reassured investors that it expects to keep its key interest rate near zero through 2023.

Stock exchanges on Wall Street ended with gains in the overnight session.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Tokyo and Seoul ended on a positive note.

Bourses in Europe were also trading higher in mid-session deals.

Meanwhile, the global oil benchmark Brent crude was trading 0.40% lower at $67.73 per barrel.

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Tata Communication OFS: Tatas’ stake in Tata Communications will rise to 59% | India Business News – Times of India

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MUMBAI: The offer for sale (OFS) for the government’s 16.1% stake in Tata Communications closed on Wednesday with the total bid a little over 4.6 crore shares that are being divested.
With the average bidding price at Rs 1,171, the government will mop up nearly Rs 5,400 crore from this divestment offer. The retail portion in the Tata Comm OFS was subscribed 1.4 times on Wednesday, the last day of the bidding, data on BSE showed.
According to the contours of the deal, after selling 16.1% stake through the OFS, the government will sell the remaining 10% in Tata Comm to its current main promoter Tata Sons, which will see its stake rise to about 59% in the company.
After the completion of the deal in its present form, Tata Comm will be the second listed Tata operating company in which the promoter will have the highest stake. Currently TCS, India’s largest software services provider, holds this crown with Tata Sons holding 72%.
Tata observers said that Tata Sons chairman N Chandrasekaran could take over as chairman of Tata Comm following the changes in shareholding structure. The last time a Tata Sons chairman was also the chairman of Tata Comm was in the early 2000s. Ratan Tata held that position at Tata Comm till April 2005. Tata Sons acquired Tata Comm (earlier known as VSNL) from the government in February 2002, beating Reliance’s offer.
The divestment will clear the way for Tata Sons to manage Tata Comm’s affairs solely. In the past, the government was a stumbling block in Tata Comm’s equity fund-raising plans.
The government didn’t want to dilute its equity, and so Tata Comm had to raise expensive debt to finance its growth initiatives, including M&As. It also restricted Tata Comm from investing in other Tata entities, specifically in Tata Teleservices.
“With the government offloading its holding in Tata Communications, this may provide flexibility to the management on strategic decisions in future,” said RBSA Advisors MD Manish Kaneria.
Tata Comm has been deleveraging its balance sheet and has lowered its net debt to Rs 8,000 crore from Rs 9,200 crore in fiscal 2020. The company is also likely to unlock value from its 756-acre land holdings after the government’s share-sale. The OFS will increase the public float of Tata Comm in the market.

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