Anandi Chandrashekhar: The Economic Times Reporter

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Anandi Chandrashekhar

Senior Correspondent, ET

I cover technology in its various forms - the kind provided by large IT service providers and big technology giants to the kind built by up and coming companies. Innovative technologies that solve uniquely Indian problems particularly excite me.

- Cognizant to retain digital talent in slowdown, anticipating recoveryThe Teaneck, New Jersey-based IT services provider earns around 38% of its $16.8 bn revenue from digital businesses.
- TCS revenue growth from Tata Group slows in FY 20Revenue from Tata Sons as well as subsidiaries and associates grew to nearly Rs 2,656 crore compared to a more than 13% growth to Rs 2,566 crore in financial year 2019, when the software services exporter capitalised on the group's new technology initiatives.
- Cisco to acquire networking monitoring startup ThousandEyes led by Indian founderCisco has been growing its software services portfolio in a pivot away from its traditional hardware business. It had earlier acquired application performance and monitoring company, AppDynamics, in 2017 for $.3.7 billion.
- Cognizant offers voluntary separation package for US staff as Covid hits bizNew Jersey headquartered Cognizant has announced a voluntary separation package (VSP) for its US employees. Due to the slowdown in demand and fewer contracts, the company is shedding the number of employees without active projects.
- Crypto exchange CoinDCX raises $2.5 million in fresh fundingFunds will be deployed towards a blockchain and cryptocurrency learning programme aimed at first-time cryptocurrency traders.
- RBI says no curbs in providing bank accounts to crypto tradersIn March, the Supreme Court had struck down restrictions imposed by the RBI in a circular in April 2018 which directed all entities regulated by it not to deal in virtual currencies or provide services to facilitate any person or entity from dealing or settling in the same.
- India crucial to providing competitive services to cos: Capgemini CEO"I am deeply convinced that in terms of access to the talent pool and capability, engineering in India is at the centre of success of the group and definitely key, in terms of our ability to provide competitive services to clients. India is also important in terms of developing all our sectoral knowledge and innovation," Aiman Ezzat said.
- Cognizant COO Srinivasan Veeraraghavachary to step downVeeraraghavachary, a two decade veteran at Cognizant, held several roles including Corporate Security, Global IT & sales and operations would remain in the organisation till August.
- Indian IT sees big wins as clients consolidate techWhile large outsourcers like Infosys and TCS are confident that clients will consolidate their technology engagements under one roof to streamline costs, midcap firms such as Hexaware and NIIT Tech say they will win bigger deals amid consolidation opportunities, despite the widespread impact on several key verticals such as travel and hospitality.
- TCS management takes home smaller pay packets due to COVID-19 impactAccording to TCS' annual report for 2019-20, Gopinathan received Rs 1.35 crore in salary, Rs 1.29 crore in perquisites, Rs 10 crore in commission (at 0.02 per cent of profit) and Rs 72.82 lakh in allowances.
- IT brings new-age tools to the class to train freshersDue to the ongoing lockdown, companies have not been able to train freshers at their sprawling techcampuses using traditional methods. Instead, they have scheduled non-traditional training programs remotely, adding new elements to their skilling initiatives.
- Time to 'HODL’ on bitcoin, experts sayIn bitcoin history, the first halving happened in 2012, while the second took place in 2016.
- Facebook to pay moderators $52 mn for work traumaFacebook has agreed to pay $52 million to settle a class-action lawsuit in the United States which alleged that content moderators contracted to work for the social media giant had suffered mental health problems and trauma while filtering harmful content.
- Only cyber security jobs at IT firms are Covid-19 virus-proofIT vendors catering to the banking, financial services and insurance (BFSI) sector are hiring more cyber security professionals even as there is freeze on all other technology positions, according to staffing firms.
- Cybersecurity hiring turning into top priority for cos: Staffing firmsAs companies continue the remote-work model and look to improve the security of their networks, demand for cybersecurity roles is on the up despite uncertainty over onboarding employees amid a lockdown to combat the outbreak. Cybersecurity incidents involving video conferencing app Zoom and at IT services provider Cognizant have also forced companies to improve safeguards.
- Restructuring laid the path for M&As, cloud offerings: Cognizant CEOCognizant CEO Brian Humphries says the restructuring done last year has helped the company lay the path for M&As and a better standing in the cloud technology market, despite a difficult business climate this year due to Covid-19.
- Cognizant Q1 results: Profit falls 17% YoY to $367 million, firm expects sluggish Q2 due to Covid, ransomwareCompany will see a ransomware impact of $50-70M in the second quarter
- Unacademy information on sale on the darkwebAccording to Cyble, the database including usernames, emails and passwords was up for sale on May 3 for $2,000.
- Unacademy database of 22 million users hacked, information put up for saleThe firm recommended that registered Unacademy learners and educators immediately change their passwords on the site.
- Legal experts point out liability concerns with the Aarogya Setu AppThe user "agrees that the Government will not be liable for…any unauthorized access to information.”
- IT firms to see WFH clauses in more contractsIn the wake of the Covid-19 pandemic however, more work-from-home clauses are likely to disrupt the current service delivery model.
- Zoho's large client wins may offset decline in SME business due to COVID-19“Up to 45% of our revenues come from the US – you can see immediately what it can account for us,” Sridhar Vembu, the founder and CEO of the Chennai-based firm said. “Having said that, some of the larger organisations seeking savings at this time are switching over from other player... On balance, we are definitely seeing declines, but not as hard as we expected,” Vembu added.
- Subcontractors face the axe as IT rejigs costsTCS, Infosys, Wipro and Mindtree said subcontracting costs are expected to fall in the coming months. On average, subcontracting forms about 10-15% of total employee cost. In the last few years, subcontracting costs had spiked as IT firms looked beyond in-house talent for new-age technical skills.
- IT firms TCS, Infosys, Wipro to reduce subcontractors to control costs“We will be reducing dependency on contractors to some extent to optimize it (cost). Lateral hiring will be done for specific skills in a limited manner and we also continue to build talent within the organisation,” Milind Lakkad, Global Head, Human Resources at TCS, told ET.
- Indian IT can count on US banks’ tech spend plansJP Morgan, BoA & Citigroup to increase tech spends in 2020, despite a short-term blip
- Indian IT firms to benefit from large US banks bet on technology spend in 2020JP Morgan’s annual report for 2019, released on April 6, disclosed that it would increase its technology spend by 4% over last year despite the pandemic.
- Astronauts, Y2K veterans roped in to ease work-from-home pains Tata Consultancy Services conducted a video seminar for its nearly 4.5 lakh staffers with the American astronaut Ronald Garan, who shared his tips and tricks to survive in isolation.
- TCS, Infosys and Wipro first in line for spoils of a Covid wipeoutThe firms have reserves of more than $13 billion to buy rivals in niche segments.
- Caught in a maze with Covid-19, Cognizant rejigs top brass payCEO Brian Humphries and other top leaders receive fixed components like basic pay as well as non-fixed ones like performance-based pay. Humphries earned a total annual compensation of about $16.5 million in 2019.
- IT campuses will never be the same: How India’s 4 million IT workers shifted to working from home overnightIT companies had to move desktops that employees were using at their workplaces to their homes as they could not procure laptops in multiple thousands at such short notice. Alongside, there was the critical aspect of ensuring compliance and security. Despite all this, all of India's IT majors successfully executed this humongous shift.
- IT companies lean on utilities & communication armsRajesh Gopinathan, CEO of TCS, said, “Communications is an even more mixed bag. While there are strong demand drivers with this whole shift to a digital operating model...on the media side, there is significant impact...”
- IT firms expect utilities, communication help offset as biz from key sectors drop“(In segments such as) travel and hospitality, auto, oil and gas, industrial manufacturing we see higher impact. Communication, insurance, utilities will see lower impact. Consumer goods sector sees a change in demand, and they will continue to work well,” said Bhanumurthy B, chief operating officer of Wipro.
- Maze Ransomware attack to hit Cognizant revenueWhen contacted, a company spokesperson did not say whether the breach had been contained.
- There’s only a pause in demand, recovery will be fairly fast too: TCS Rajesh Gopinathan believes India's recovery from the Covid hit will be fairly fast.
- Cognizant hit by 'Maze' ransomware attackRansomware is a type of malicious program used by hackers to take control of files in an infected system and then demand hefty payments to recover them. The Maze ransomware was discovered in 2019 and has since gained notoriety.
- IT's clicking: TCS seeks to be work from home bellwetherIndia's top IT firm aims to have only 25% of its workforce in office by 2025.
- TCS sees coronavirus hit in Q1, expects recovery in Q3Top IT services provider to honour 40,000 campus offers. Assures employees of no retrenchment.
- Crowdfunding platforms to the rescue for vulnerable populace during Covid-19To be sure, online funding campaigns have been helping stranded migrants and daily wage labourers get access to essentials and community kitchens, but now the crowdfunding platforms are coming to the aid of transgender communities, circus artistes, Uber drivers, Swiggy delivery personnel, rural artisans, dancers and freelance workers.
- Delta Air cuts tech projects, slashes 1,300 vendor jobsDelta outsources contracts to Tata Consultancy Services, Cognizant and IBM. It is as yet unclear to what extent each company has been impacted. “We have made a tough, but necessary decision to reduce contractor positions as Delta manages the impact of the Covid-19 pandemic to its business,” a Delta spokesperson told.
- Motown wants agile manufacturing post Covid-19 pandemicIn fast-moving mass production industries like automobiles, production schedules are rigid and optimised for efficiency. Similarly, supply chains work on schedules decided months in advance on the basis of demand projections.
- IT companies face demands for discounts, payment delays from clientsThis means, the software services firms will have to effectively take a hit on margins to protect long-term customer relationships. IT companies, which are already facing the prospect of billings reducing sharply as clients stop non-essential work, will now have to begin managing their cash flows.
- Cognizant withdraws FY20 guidance, draws on credit line to boost financial flexibilityRevenue in the first quarter is now expected to be $4.22-$4.23 billion.
- Covid-19 impact: Automakers want flexible manufacturing for business after the pandemicIn fast-moving mass production industries like automobiles, production schedules are rigid and optimised for efficiency. Similarly, supply chains work on schedules decided months in advance on the basis of demand projections. However, carmakers are now looking to redesign these systems to cater to an unpredictable demand environment.
- Tata Consultancy Services, Cognizant Technology Solutions, Persistent Systems bring tech tools to Covid-19 battleThe IT services providers are helping governments as well as drug developers identify new molecules to combat the pandemic, create simulations on how the virus spreads and build digital tools for clinical trials.
- Covid-19 pandemic: IT reworks operations as clients cut discretionary spendsClients turn to IT projects that make shop floors and operations more cost efficient and flexible. Services that are expected to reduce cost of ownership include cognitive analytics to predict raw material prices and 3D printing to produce small parts. This could benefit large IT services firms, say analysts.
- Coronavirus attack to slow down IT growthTCS, Infosys and HCL will be hit by the reduced technology spending by clients in the US and Europe.
- Stalled projects leave many IT staff in the lurchEmployees are being released from stalled contracts in the transportation vertical, which has been hit due to the global spread of the pandemic, as airline and travel companies are at a near standstill.
- How Indian IT service providers fought a two-pronged battle in MarchThey had to ensure that most employees worked from home and simultaneously achieve deliverables on projects for clients across geographies. As the new financial year starts however, they will be faced with a third and more uphill task.
- Technology adoption gets new life in Covid-19 timesWith the young discovering old ways to connect, Covid-19 outbreak has turned some assumptions about tech and the demographics of the Internet on its head.
- Cognizant to give two-thirds of employees 25% more in base pay for working in coronavirus pandemicThe Teaneck, New Jersey-headquartered company said the additional payout for employees in India and the Philippines will be up to the Associate designation level. The company said the payout would be made in the April salary, and would be reviewed each month as the situation required.
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