IT

Indian equity markets closed lower on Wednesday, as selling pressure in heavyweight information technology and banking stocks offset earlier gains. After a strong start to the week, investor sentiment weakened amid concerns over global economic trends and cautious foreign institutional flows. The benchmark indices gave up early advances, reflecting heightened volatility as traders booked profits in key sectors. IT stocks bore the brunt of selling, while banking counters also registered notable declines, dragging the indices into the red.

Tata Consultancy Services (TCS), India’s largest IT services firm, is set to roll out annual salary increases for 80% of its workforce starting September 1. The move reflects the company's commitment to employee welfare and retention amid a globally evolving IT services landscape. With talent acquisition and attrition becoming focal points across the sector, TCS continues to reinforce its position as an employer of choice through timely compensation revisions.

Amid a global pivot toward artificial intelligence and automation, Infosys has announced plans to recruit 20,000 graduates in fiscal year 2025. The move reflects the IT giant’s intent to strengthen its talent pipeline and accelerate its AI-first transformation agenda. At a time when many global technology firms are treading cautiously on hiring, Infosys is signaling confidence in long-term digital demand.

The recent disclosure of a Rs. 26 crore annual compensation package for the CEO of Tata Consultancy Services (TCS) has sparked a wave of public debate, especially in light of the company’s decision to lay off 12,000 employees. The contrasting headlines—record executive pay versus large-scale job cuts—have intensified scrutiny around corporate governance, income disparity, and ethical leadership within India's IT sector.

Wipro, a global leader in IT consulting and services, has clinched a significant multi-year contract with Saudi Electricity Company (SEC), marking a major stride in its Middle East expansion strategy. The deal underscores Wipro’s growing influence in the energy sector and highlights the company's role in accelerating digital transformation for critical infrastructure providers. Through this strategic engagement, Wipro is set to deliver a suite of advanced technology services aimed at enhancing SEC’s operational efficiency, customer experience, and grid modernization.

Wipro Ltd., one of India's leading IT services companies, reported a 9.8% year-on-year increase in consolidated net profit for the first quarter of FY25, reaching Rs. 3,336.5 crore. This rise comes amid early signs of stabilization in client spending across key markets, particularly in North America. The company’s revenue remained steady, with marginal growth, while cost optimization and productivity improvements contributed to the margin uptick.

Tech Mahindra's shares came under pressure following the release of its first-quarter earnings, which fell short of market expectations. The IT services major reported subdued performance across key financial metrics, reflecting continued demand softness in the global technology outsourcing sector. Revenue and profit margins remained under strain, particularly in the communications vertical, as clients delayed discretionary spending. The muted earnings prompted a decline in investor sentiment, resulting in a drop in the company’s stock price.

In a striking departure from traditional views on work culture—especially those espoused by its co-founder N. R. Narayana Murthy—Infosys is actively promoting a healthier work-life balance for its employees. Through a new internal HR campaign, the IT giant is tracking working hours and discouraging excessive overtime, particularly in remote work setups. The move comes amid rising concerns over burnout in the tech sector and reflects a broader shift in corporate India’s evolving workplace ethos.