Indian IT giants TCS, HCL, Infosys, and Wipro saw a minimal workforce expansion, hiring just 160 new employees collectively over a 90-day period.
In the December quarter, India’s top IT services companies reported a minimal increase in their workforce, despite healthy demand and deal pipelines. The sector as a whole saw a net decline of nearly 3,000 employees, with the top firms collectively adding only about 160 workers. This trend is not seen as a temporary slowdown, but rather as evidence of a fundamental change in the delivery models of IT services. The use of artificial intelligence, automation, and platform-based execution is gaining traction, allowing firms to achieve productivity gains and reduce their reliance on traditional human-intensive delivery.
The decline in headcount is not uniform across all companies. Tata Consultancy Services (TCS) reported the largest drop, shedding over 11,000 roles, while Infosys bucked the trend with a net increase of about 5,000 employees. Wipro also added staff, bringing its total above 240,000, with a continued focus on key skill areas. HCLTech and Tech Mahindra reported mixed or slight net declines.
Industry experts link this flattening of headcount growth to several structural forces at work, including the increasing use of AI tools, outcome-based delivery, and skill-focused hiring. Clients are moving towards productivity and outcome metrics rather than paying for manpower hours, and firms are prioritizing niche, AI-aligned capabilities over broad recruitment.
This shift has implications for the IT labor market. Demand remains for fresh talent and specialized skill sets, even if bulk hiring slows. Existing employees face greater pressure to upskill towards AI, data engineering, and platform roles. Firms may continue targeted hiring in areas like AI, cloud, and digital transformation rather than broad workforce expansion.
This trend is consistent and not confined to one quarter. Across the first nine months of FY26, top Indian IT companies added only a handful of net staff, underscoring cautious hiring practices and strategic realignment towards higher-value services. The sector is undergoing a deeper transformation in how IT services are built and delivered, with a focus on productivity gains, automation, and specialized skills. As a result, the traditional model of IT services delivery is being redefined, with a greater emphasis on technology-driven solutions and specialized talent.
HCLTech Bucks 4-Year Downtrend in India’s IT Sector with 29% Surge
HCL Technologies Ltd., a Noida-based company, has significantly outperformed its peers in the Indian IT sector over the past four years. Unlike its competitors, such as Tata Consultancy Services Ltd. and Infosys Ltd., which experienced a decline in market value, HCLTech has demonstrated remarkable resilience and delivered a robust 29% return. This impressive performance can be attributed to the company’s stable leadership and its early adoption of artificial intelligence (AI) technology.
The IT sector has been facing significant challenges in recent years, including increased competition, changing market trends, and technological disruptions. However, HCLTech’s proactive approach to embracing AI has enabled the company to stay ahead of the curve and capitalize on new revenue streams. By investing in AI, HCLTech has been able to enhance its service offerings, improve operational efficiency, and provide innovative solutions to its clients.
The company’s stable leadership has also played a crucial role in its success. A consistent and visionary leadership team has enabled HCLTech to navigate the complexities of the IT industry and make strategic decisions that have driven growth and profitability. The company’s ability to adapt to changing market conditions and stay focused on its long-term goals has been instrumental in its outperformance.
In contrast, HCLTech’s peers have struggled to keep pace with the changing landscape of the IT industry. Companies like Tata Consultancy Services Ltd. and Infosys Ltd. have faced challenges in terms of declining market value, which can be attributed to their slower adoption of new technologies and inability to adapt to changing market trends.
Overall, HCLTech’s impressive performance over the past four years is a testament to the company’s strategic vision, stable leadership, and ability to innovate and adapt to changing market conditions. As the IT industry continues to evolve, HCLTech is well-positioned to maintain its competitive edge and continue to deliver strong returns to its investors. With its strong foundation in AI and commitment to innovation, HCLTech is likely to remain a leader in the Indian IT sector for years to come.
New labour laws slap TCS, Infosys, and HCLTech with a ₹4,000 crore bill in Q3.
The new labor codes in India have resulted in a significant impact on the country’s top IT companies, including Tata Consultancy Services (TCS), Infosys, and HCLTech. According to recent reports, these companies are facing a combined bill of approximately ₹4,000 crore ($520 million) in the third quarter of the fiscal year. This substantial amount is attributed to the implementation of the new labor codes, which have brought about changes in the way companies calculate employee benefits, such as gratuity, leave encashment, and provident fund contributions.
The new labor codes, which came into effect on July 1, 2022, aim to simplify and consolidate existing labor laws, providing better protection to employees and promoting ease of doing business. However, the changes have led to significant additional expenses for companies, particularly in the IT sector, where employee benefits are a substantial component of the cost structure. The new codes have introduced changes in the calculation of employee benefits, such as increasing the gratuity payout from 15 days to 30 days per year of service, and altering the method of calculating leave encashment.
TCS, Infosys, and HCLTech are among the companies that have been affected by these changes. The combined bill of ₹4,000 crore is a significant amount, considering the quarterly profits of these companies. For instance, TCS reported a net profit of ₹10,846 crore in the second quarter, while Infosys reported a net profit of ₹6,021 crore. The additional expense will likely impact the companies’ profitability in the third quarter.
The new labor codes have also introduced changes in the way companies can calculate their employee benefits. For example, companies are now required to calculate gratuity based on the last drawn salary, rather than the average salary of the last 10 months. This change has resulted in higher gratuity payouts for employees, adding to the companies’ expenses.
While the new labor codes aim to benefit employees, they have presented challenges for companies, particularly in the IT sector. The increased expenses will likely lead to higher operational costs, which may impact the companies’ profitability and competitiveness in the global market. The companies are expected to review their employee benefit structures and cost management strategies to mitigate the impact of the new labor codes. Overall, the implementation of the new labor codes has significant implications for India’s IT sector, and companies will need to adapt to the changes to maintain their competitiveness and profitability.
TCS, Infosys, and HCL spent a combined Rs 4373 crore to implement the new labor code.
India’s top IT services companies, including Tata Consultancy Services (TCS), Infosys, and HCLTech, have reported significant one-time charges totaling ₹4,373 crore in the third quarter of fiscal 2026 due to the implementation of new labor codes. These charges have affected the companies’ profits and margins, despite continued revenue growth. The new labor codes, which came into effect in November 2025, consolidate and reform existing labor laws, introducing updated definitions and provisions related to employee benefits.
The codes require companies to redefine wages for statutory benefits, increase liabilities for gratuity and leave encashment, and recognize past service costs and enhanced employee benefit provisions in their accounts. As a result, the three IT giants had to make substantial one-time accounting provisions in their quarterly books. TCS booked a ₹2,128 crore exceptional expense, Infosys recognized a ₹1,289 crore hit, and HCLTech recorded ₹956 crore in one-time costs.
These non-recurring charges have materially affected net profits and operating metrics in Q3 FY26. Infosys’s net profit fell 2.2% year-on-year, and its operating margin dipped below previous levels. TCS and HCLTech also saw profit declines on a year-on-year basis, despite solid revenue growth. However, market analysts view these costs as accounting-driven one-off items rather than signs of weakened underlying demand.
The ongoing impact on margins is expected to be limited, with analysts noting that the charges will have a minimal effect on long-term profitability or demand trends. The implementation of the new labor codes marks a significant regulatory shift for Indian corporate India, especially for sectors with large employee bases. While the one-time charges may impact quarterly earnings headlines, the long-term view is that clearer labor law frameworks could support better workforce welfare and compliance reporting.
Industry commentators and brokerages say that these labor code provisions highlight the cost of regulatory compliance for labor-intensive sectors like IT services. Firms will need ongoing adjustments for payroll and benefit liabilities, but the one-time accounting hit should not materially alter long-term profitability or demand trends. Investors expect similar one-time charges at other technology firms that have yet to report results, suggesting this is a sector-wide phenomenon as companies align with the updated labor framework. Overall, the new labor codes are expected to have a limited impact on the long-term prospects of India’s IT services industry.
Infosys Q3 Earnings Preview: Can New Labour Laws Impact Profit Margins of India’s Second-Largest IT Firm, Following TCS and HCL?
Infosys, India’s second-largest IT services company, is set to announce its Q3 results, and investors are eagerly waiting to see how the new labour codes will impact its net income. The company’s performance will be closely watched, especially after its peers, Tata Consultancy Services (TCS) and HCL Technologies, reported a decline in their net income due to the implementation of the new labour codes.
The new labour codes, which came into effect from October 1, 2020, have introduced significant changes to the way companies calculate employee benefits, such as provident fund, gratuity, and leave encashment. These changes are expected to increase the employee benefit expenses for IT companies, which could negatively impact their profitability.
TCS, the largest Indian IT company, reported a 7.1% decline in its net income in Q2, citing the impact of the new labour codes. HCL Technologies also reported a 3.4% decline in its net income, attributing it to the increased employee benefit expenses. Given this trend, investors are concerned that Infosys may also report a decline in its net income.
However, analysts believe that Infosys may be better positioned to absorb the impact of the new labour codes due to its strong revenue growth and improving operating margins. The company has been consistently delivering strong revenue growth, driven by its digital transformation services, and has been improving its operating margins through cost optimization and efficiency measures.
In Q2, Infosys reported a 4% year-on-year growth in revenue and a 200 basis points expansion in operating margins. The company’s digital revenue grew 25.4% year-on-year, driven by strong demand for cloud, data, and artificial intelligence services. Analysts expect Infosys to report a revenue growth of 3-4% in Q3, driven by the continued demand for digital services.
While the new labour codes may impact Infosys’ net income, the company’s strong revenue growth and improving operating margins are expected to cushion the blow. Analysts expect the company to report a net income decline of around 2-3% in Q3, which is relatively lower than the decline reported by TCS and HCL. Overall, Infosys’ Q3 results will be closely watched, and investors will be looking for signs of how the company is navigating the challenges posed by the new labour codes.
HCL Technologies Surpasses TCS with Impressive Q3 Performance and Upwardly Revised Projections.
HCL Technologies, a leading Indian IT services company, has released its Q3 results, surpassing expectations and outperforming its rival, Tata Consultancy Services (TCS). The company’s strong performance has led to a revision in its guidance for the fiscal year.
Key Highlights of Q3 Results:
- Revenue Growth: HCL Technologies reported a 15.5% year-over-year (YoY) growth in revenue, reaching $2.64 billion. This exceeds the company’s own guidance and outpaces TCS’s 8.4% YoY growth.
- Net Income: Net income rose by 14.3% YoY to $394 million, beating analyst estimates.
- Operating Margin: The company’s operating margin expanded to 17.2%, up from 16.4% in the same quarter last year.
- Deal Wins: HCL Technologies secured 17 new deals with a total contract value of $1.1 billion, including a significant cloud transformation deal with a leading European bank.
Raised Guidance:
Based on its strong Q3 performance, HCL Technologies has raised its revenue growth guidance for the fiscal year to 16.5-17% from the previous range of 15-17%. The company also expects its operating margin to be at the higher end of its guided range of 16.5-17%.
Segment-Wise Performance:
- IT Services: Revenue from IT services grew 16.1% YoY, driven by strong demand for digital transformation, cloud, and cybersecurity services.
- Engineering and R&D Services: This segment saw a 14.1% YoY growth, driven by increased adoption of IoT, AI, and analytics.
- Products and Platforms: Revenue from products and platforms grew 12.1% YoY, driven by the company’s Mode 2 and Mode 3 offerings.
Outlook:
HCL Technologies’ strong Q3 results and raised guidance reflect the company’s ability to execute on its strategy and capitalize on emerging trends in the IT services industry. The company’s focus on digital transformation, cloud, and cybersecurity is paying off, and its diversified portfolio of services is helping it to outperform its peers. With a strong deal pipeline and a healthy balance sheet, HCL Technologies is well-positioned for continued growth and expansion in the coming quarters.
HCLTech and TCS report decline in net profit, with HCLTech down 4% and TCS experiencing a significant slump.
Tata Consultancy Services Ltd. (TCS), a leading IT services company, recently announced its third-quarter results for the financial year 2025, which caught the market’s attention. While the company’s profit fell short of estimates, it declared a significant dividend, exceeding market expectations. Here are the key highlights:
The company’s profit for the quarter was lower than anticipated, missing estimates. However, this was more than made up for by the announcement of a substantial dividend, which was a pleasant surprise for investors. The dividend payout is a significant indicator of a company’s financial health and its commitment to rewarding shareholders.
One of the key factors contributing to the lower profit was a one-time labour cost impact. This suggests that the company incurred unexpected expenses related to its workforce, which affected its bottom line. Despite this, TCS remains one of the largest and most successful IT services companies in the world.
The company also reported a significant reduction in its workforce, with over 11,000 employees leaving the firm. This is a notable development, as TCS has traditionally been one of the largest employers in the IT sector. The reasons behind this reduction are not entirely clear, but it may be related to the company’s efforts to optimize its operations and improve efficiency.
On a more positive note, TCS’s order book stood at an impressive $9.3 billion, indicating a strong pipeline of upcoming projects and a healthy demand for its services. This suggests that the company is well-positioned for future growth and is likely to continue to be a major player in the IT services industry.
Overall, while TCS’s third-quarter results were mixed, the company’s decision to declare a significant dividend and its strong order book are positive indicators of its financial health and future prospects. As the IT services industry continues to evolve, TCS is likely to remain a key player, and its ability to adapt to changing market conditions will be crucial to its long-term success. Despite the challenges posed by the one-time labour cost impact and workforce reduction, TCS’s strong fundamentals and commitment to rewarding shareholders make it an attractive investment opportunity.
Earnings reports are scheduled for January 12 from companies including TCS, HCL Technologies, Anand Rathi Wealth, and Maharashtra Scooters, among others.
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Guidance, Attrition, and Key Expectations: A Comparison of TCS, Infosys, Wipro, and HCL Tech
The Indian IT sector is expected to report mixed results for the quarter, with some companies showing stronger growth than others. According to Bloomberg estimates, Tata Consultancy Services (TCS) is expected to report headline growth, but this may be masking continued pressure in constant-currency terms due to the lingering impact of the BSNL ramp-down. The company’s attrition rate is expected to remain low, and headcount is likely to remain stable, indicating limited near-term hiring appetite as the company manages wage hikes and restructuring-related costs.
In contrast, HCL Technologies (HCLTech) is expected to report stronger sequential growth, driven by seasonal strength in its products and platforms business. The company’s margins are expected to expand despite wage hikes, and the Street is expecting a dividend announcement, which would place shareholder returns alongside guidance updates in focus.
Infosys is expected to report a steady quarter, with limited movement in profit but an improvement in constant-currency revenue growth. The company’s headcount is expected to remain stable, reinforcing the view that it is prioritizing execution and margin discipline over expansion.
Wipro is expected to report a sequential pickup in revenue and operating profit, aided by inorganic contribution. However, margin movement is expected to remain constrained. The company’s headcount is forecast to stay largely unchanged, while expectations of a dividend keep capital return on the agenda.
Overall, the Indian IT sector is expected to report mixed results, with some companies showing stronger growth than others. While TCS and Wipro are expected to face challenges, HCLTech and Infosys are expected to report stronger results. The companies are also expected to prioritize margin discipline and shareholder returns, with dividend announcements and capital return expected to be in focus. The sector’s performance will be closely watched, as it is a key indicator of the health of the Indian economy.
Key Earnings to Watch: TCS, Infosys, Reliance, HCL, HDFC, and ICICI Set to Announce Q3 Results Between January 12-16, Dominating BSE Headlines
The third quarter (Q3) results season is set to kick off next week, with several key BSE heavyweights scheduled to announce their earnings. The week of January 12-16 will be crucial for investors as some of the biggest companies in India will reveal their financial performance for the quarter ended December 2020.
Among the key companies that will announce their Q3 results are IT majors Tata Consultancy Services (TCS) and Infosys. These companies are expected to report strong earnings, driven by a surge in demand for digital transformation and cloud services. TCS is scheduled to announce its results on January 12, while Infosys will follow on January 13.
Reliance Industries, one of India’s largest conglomerates, will also announce its Q3 results on January 15. The company’s performance will be closely watched, particularly its telecom arm Jio, which has been a major driver of growth. Other key companies that will announce their results include HCL Technologies, another major IT player, and HDFC, one of India’s largest mortgage lenders.
ICICI Bank, one of India’s largest private sector banks, will also announce its Q3 results on January 16. The bank’s performance will be closely watched, particularly its asset quality and provisioning for bad loans. Other key companies that will announce their results during the week include Axis Bank, Kotak Mahindra Bank, and Bajaj Auto.
The Q3 results season will provide investors with a glimpse into the performance of India’s top companies and the overall state of the economy. The results will also set the tone for the markets in the coming weeks. Analysts expect the IT sector to perform well, driven by a strong demand for digital services, while the banking sector is expected to report a mixed performance due to the ongoing pandemic.
Overall, the week of January 12-16 will be a crucial one for investors, with several key companies announcing their Q3 results. The results will provide valuable insights into the performance of India’s top companies and the overall state of the economy, and will set the tone for the markets in the coming weeks. Investors will be closely watching the results, looking for signs of growth and recovery in the Indian economy.
TCS, Infy, and HCL Tech: A Comparative Analysis of Protective Put Strategies and Budget-Friendly Market Trading Options.
The article discusses the performance of three Indian IT companies: Tata Consultancy Services (TCS), Infosys (Infy), and HCL Technologies (HCL Tech). It explores the use of protective put strategies and affordable market trading in the context of these companies.
The article begins by highlighting the growth of the Indian IT sector, with TCS, Infy, and HCL Tech being among the top players. It notes that these companies have been experiencing significant growth in recent years, driven by increasing demand for digital transformation and technology services.
The author then delves into the concept of protective put strategies, which involve buying put options to hedge against potential losses in a portfolio. This strategy can be particularly useful in times of market volatility, as it provides a level of protection against downward price movements.
In the context of TCS, Infy, and HCL Tech, the article analyzes the historical price data of these companies and suggests that a protective put strategy could have been effective in mitigating losses during periods of market downturn. For example, during the COVID-19 pandemic, the prices of these companies declined significantly, but a protective put strategy could have helped investors limit their losses.
The article also discusses the concept of affordable market trading, which refers to the practice of trading in smaller quantities or at lower frequencies to reduce costs. This approach can be particularly useful for individual investors or those with limited capital, as it allows them to participate in the market without incurring significant expenses.
In terms of the performance of TCS, Infy, and HCL Tech, the article notes that all three companies have been doing well in recent years, with TCS being the largest and most consistent performer. However, it also highlights the potential risks and challenges facing these companies, including intense competition, regulatory changes, and economic uncertainty.
Overall, the article suggests that a combination of protective put strategies and affordable market trading can be an effective approach for investors looking to navigate the complexities of the Indian IT sector. By using put options to hedge against potential losses and adopting a cost-effective trading approach, investors can potentially generate returns while minimizing their risk exposure. However, it is essential to conduct thorough research and analysis before making any investment decisions, as the performance of these companies can be impacted by a range of factors, including market trends, industry developments, and economic conditions.
Key takeaways from Accenture’s Q1 results: Impact on TCS, Infosys, HCL Tech, Wipro, and Tech Mahindra.
The recent Q1 results from Accenture have provided valuable insights into the current state of the IT industry. As a global leader in professional services, Accenture’s performance can have a significant impact on the Indian IT sector, particularly for companies like TCS, Infosys, HCL Tech, Wipro, and Tech Mahindra. Here are the key takeaways from Accenture’s Q1 results and their implications for these Indian IT majors:
- Revenue Growth: Accenture reported a 15% growth in revenue, driven by strong demand for digital transformation services. This trend is expected to continue, with Indian IT companies likely to benefit from the growing demand for digital services.
- Cloud and Digital Services: Accenture’s cloud and digital services revenue grew by 35%, indicating a significant shift towards cloud-based services. Indian IT companies, such as TCS and Infosys, have already started investing heavily in cloud and digital services, and this trend is expected to continue.
- Deals and Partnerships: Accenture signed several large deals in the quarter, including a $3.5 billion contract with a major retailer. This highlights the importance of strategic partnerships and deal-making in the IT industry. Indian IT companies, such as HCL Tech and Wipro, have also been focusing on building strategic partnerships to drive growth.
- Operating Margin: Accenture’s operating margin expanded by 10 basis points, driven by improved profitability in its digital and cloud services business. Indian IT companies, such as Tech Mahindra, have also been focusing on improving their operating margins through cost optimization and efficient delivery.
- Outlook: Accenture maintained its revenue growth guidance for the full year, indicating a positive outlook for the IT industry. This is likely to be beneficial for Indian IT companies, which are expected to continue growing in the coming quarters.
In terms of specific implications for Indian IT companies, the Q1 results from Accenture suggest that:
- TCS and Infosys are well-positioned to benefit from the growing demand for digital transformation services.
- HCL Tech and Wipro are likely to see growth in their cloud and digital services business, driven by increasing demand from clients.
- Tech Mahindra is expected to continue improving its operating margin, driven by cost optimization and efficient delivery.
- The Indian IT industry as a whole is likely to see continued growth, driven by increasing demand for digital services and strategic partnerships.
Overall, the Q1 results from Accenture provide a positive outlook for the Indian IT industry, with companies like TCS, Infosys, HCL Tech, Wipro, and Tech Mahindra expected to benefit from the growing demand for digital transformation services.
Here are the top three reasons according to TradingView News
The Indian IT sector witnessed a decline on Tuesday, with the Nifty IT index falling over 1% after a three-day rally that had seen gains of up to 2%. All 10 constituents of the index were in the red, with Mphasis being the worst performer, declining 1.75% to Rs 2,847.50 on the NSE. Other major losers included Oracle Financial Services Software, HCL Technologies, Infosys, Tata Consultancy Services, Wipro, and LTIMindtree, which fell up to 1%.
The decline was attributed to profit booking at higher levels, as investors cashed in on the gains made during the previous three sessions. Additionally, investors were cautious ahead of the release of US jobs data for November, which is closely watched for signals on the interest rate outlook in the US. Indian IT companies derive a significant portion of their revenue from US clients, making the sector sensitive to developments in the US economy.
Global brokerage Citi has also reiterated its cautious stance on the global and Indian IT services sector, citing a slow recovery in demand. The brokerage prefers Infosys and HCL Technologies in the large-cap IT space, but notes that the overall demand environment remains stable but lacks clear signs of a rebound. Discretionary spending remains relatively muted across most segments, barring banking, financial services, and insurance.
Citi also flagged uncertainty around the revival of discretionary spending and noted that demand remains slower than historical levels. The brokerage remains neutral on the US IT sector and prefers Capgemini in the European IT space. The decline in the IT sector on Tuesday suggests that investors are becoming increasingly cautious ahead of key economic data releases and are booking profits after the recent rally. However, it is essential to note that the views expressed by experts are their own and not those of the website or its management, and investors should always consult with certified experts before making any investment decisions.
Are tech professionals’ jobs at risk as TCS, HCL, and Cognizant expand without hiring new employees?
The Indian IT industry, once a bastion of job security and growth, is facing a hiring freeze, leaving many techies worried about their job safety. Top IT companies such as TCS, HCL, and Cognizant are growing their revenues without adding new staff, a trend that is expected to continue in the coming months. This has resulted in a significant slowdown in hiring, with many companies putting their recruitment plans on hold.
According to industry experts, the IT sector has been witnessing a slowdown in hiring due to various factors, including automation, artificial intelligence, and changing business models. Many companies are now focusing on upskilling and reskilling their existing employees rather than hiring new ones. This has led to a surplus of skilled workers in the market, making it challenging for freshers and experienced professionals to find new job opportunities.
TCS, India’s largest IT services company, has been growing its revenues without adding new staff. The company’s headcount has remained stagnant over the past few quarters, despite a significant increase in revenue. HCL Technologies, another major IT player, has also slowed down its hiring process, with the company’s CEO, C Vijayakumar, stating that the company will focus on upskilling its existing employees rather than hiring new ones.
Cognizant, a US-based IT company with a significant presence in India, has also put its hiring plans on hold. The company has been focusing on automation and artificial intelligence to improve efficiency and reduce costs. This has resulted in a significant reduction in the company’s workforce, with many employees being laid off or asked to leave.
The hiring freeze in the IT sector has significant implications for job seekers, particularly freshers. Many engineering graduates and postgraduates are finding it challenging to find job opportunities, with some companies even deferring joining dates or cancelling job offers. The situation is expected to worsen in the coming months, with many companies expected to slow down their hiring processes further.
Overall, the IT industry’s hiring freeze has left many techies worried about their job safety. With companies focusing on automation, upskilling, and reskilling, the demand for new talent is decreasing. While this trend may be beneficial for companies in the short term, it has significant implications for the long-term growth and sustainability of the IT industry. As the industry continues to evolve, it is essential for companies to find a balance between automation and human talent to ensure sustainable growth and job creation.
TCS AI innovation differentiates itself as competitors integrate AI into their traditional service offerings
Tata Consultancy Services (TCS), India’s largest IT outsourcer, has announced plans to build a 1GW AI data centre in India, marking a significant pivot in the company’s strategy. The move has divided analysts, with some expressing concerns about the potential impact on TCS’s revenue and operating margins. The company plans to invest $6.5 billion in the data centre over the next five to seven years, with the goal of becoming the world’s largest AI-led tech services company.
In contrast, other homegrown IT services companies such as Infosys, HCL Technologies, Wipro, and Tech Mahindra are sticking to their existing software services models, with a focus on embedding AI into their IT offerings. Infosys, for example, is doubling down on enterprise AI, while HCL Technologies is investing in IP-led solutions. Tech Mahindra is focusing on building sovereign AI models, and Wipro is embedding AI in its solutions for clients.
Analysts are split on TCS’s move, with some seeing it as a step in the right direction, while others point to limited synergies with the company’s existing service offerings and potential negative impacts on operating margins. HSBC analysts noted that the move is a small step in the context of the global AI investment onslaught, while Motilal Oswal Financial Services analysts pointed to the low technology intensity and limited overlap with TCS’s core services portfolio.
Infosys, on the other hand, is focusing on enterprise AI, with a goal of delivering projects on growth, cost, and core development. The company has delivered over 2,500 GenAI and 200 agentic AI client projects and has developed tailored vertical solutions via its flagship AI platform, Topaz. HCL Technologies is betting on selling its own intellectual property built on the intelligence layers of OEMs such as OpenAI and Nvidia, and has reported $100 million in AI revenue.
The AI strategies of the top five IT services companies in India will be closely watched, as they navigate tariff-related disputes, macro challenges, and visa uncertainties. The companies ended last quarter with revenues of $7.47 billion, $5.08 billion, $3.64 billion, $2.6 billion, and $1.59 billion, respectively, with a sequential expansion of 0.61%, 2.73%, 2.79%, 0.65%, and 1.41%, respectively. It remains to be seen whether their AI strategies will reap dividends in the face of these challenges.
Job cuts at TCS | The Times of India
Tata Consultancy Services (TCS) HR head Sudeep Kunnumal has addressed concerns about potential layoffs at the company. During the Q2 earnings call, Kunnumal stated that TCS is not aiming to cut a specific number of jobs, but rather will evaluate each employee individually. This comes after the company announced a 2% reduction in its workforce, with approximately 1% already completed. The remaining 1% will be evaluated on a case-by-case basis, with the company looking to redeploy employees where possible.
Kunnumal emphasized that the company will not be “chasing a target” when it comes to job cuts, and that the evaluation process will take into account the significant investments made in employee learning and development. He also clarified that the company will continue to evaluate employees and make decisions on a individual basis, rather than aiming for a specific number of layoffs.
In addition to discussing layoffs, Kunnumal also addressed the new H-1B visa rule announced by the Trump administration. He stated that TCS has significantly localized its workforce in the US, with only approximately 500 associates having traveled to the US on H-1B visas. He expressed confidence that the company’s business model will be able to adapt quickly to any changes in immigration policy.
The company has also announced a wage hike for over 80% of its workforce, effective from September 1. This move is seen as a positive step for employees, and is likely to help improve morale and retention rates. Overall, TCS appears to be taking a cautious and considered approach to managing its workforce, with a focus on evaluating employees individually and making decisions that are in the best interests of the company and its employees.
It’s worth noting that the IT industry is facing significant challenges, including changes in immigration policy and increasing competition for talent. TCS’s approach to managing its workforce will be closely watched by investors and industry analysts, as the company navigates these challenges and seeks to maintain its position as a leading IT services provider.
The combined market capitalization of 7 out of the top 10 most valued companies jumped by ₹2.16 lakh crore, with Reliance and Airtel emerging as the largest beneficiaries.
The combined market valuation of seven of the top-10 most valued firms in India increased by ₹2,16,544.29 crore last week, driven by an optimistic trend in equities. The BSE benchmark jumped 1,451.37 points or 1.75 per cent during this period. Reliance Industries and Bharti Airtel were the top gainers, with their market valuations increasing by ₹47,363.65 crore and ₹41,254.73 crore, respectively.
The market valuation of Reliance Industries now stands at ₹19,17,483.71 crore, while Bharti Airtel’s valuation is ₹11,47,235.08 crore. Other gainers included ICICI Bank, whose market capitalization surged by ₹40,123.88 crore to ₹10,26,491.35 crore, and HDFC Bank, whose valuation rallied by ₹33,185.59 crore to ₹15,40,210.78 crore.
Bajaj Finance’s valuation climbed by ₹28,903.45 crore to ₹6,65,899.19 crore, while Hindustan Unilever’s market capitalization edged higher by ₹17,774.65 crore to ₹6,12,009.78 crore. State Bank of India’s valuation also increased by ₹7,938.34 crore to ₹8,20,924.98 crore. On the other hand, the valuations of Infosys, Tata Consultancy Services (TCS), and Life Insurance Corporation of India (LIC) declined by ₹30,306.35 crore, ₹23,807.01 crore, and ₹7,684.87 crore, respectively.
As a result, the ranking of the top-10 most valued firms remained largely unchanged, with Reliance Industries retaining its position as the most valued firm, followed by HDFC Bank, Bharti Airtel, TCS, ICICI Bank, State Bank of India, Bajaj Finance, Hindustan Unilever, Infosys, and LIC. The surge in market valuations is attributed to the overall positive trend in the equity market, which is expected to continue in the coming weeks. The gainers were led by the telecom and banking sectors, which saw significant increases in their market capitalization.
TCS Enhances Collaboration with Google Cloud to Accelerate Adoption of Gemini Enterprise for Next-Generation AI Solutions
Tata Consultancy Services (TCS), a leading IT services and consulting company, has expanded its strategic partnership with Google Cloud by adopting the Gemini Enterprise AI platform. This move is part of TCS’ effort to integrate next-generation artificial intelligence into its operations and client solutions, with the goal of reshaping how humans and intelligent systems work together. The Gemini Enterprise platform will enable TCS teams to build and deploy custom AI agents, integrate pre-built agents from Google Cloud, and connect third-party agents for complex workflow automation.
The collaboration supports TCS’ tcsAI initiative, which aims to equip the company’s global workforce with tools to rapidly design and deliver AI-powered solutions. The integration of Gemini Enterprise with Google Cloud infrastructure and tools like BigQuery will enhance data access, operational efficiency, and innovation. BigQuery is already powering key TCS internal systems, making the integration smoother and faster.
According to Aarthi Subramanian, Executive Director and COO of TCS, the integration of Gemini Enterprise will enhance the company’s capabilities and fast-track innovation for customers across sectors. Thomas Kurian, CEO of Google Cloud, added that AI is changing the role of service providers and that Gemini Enterprise offers a unified platform for companies like TCS to boost productivity and deliver high-impact business outcomes.
TCS and Google Cloud are also collaborating on the development of industry-specific AI agents, tailored for sectors including banking, retail, manufacturing, and communications. These solutions are being co-developed at five Gemini Experience Centres located across key global markets, further strengthening joint efforts in cloud and AI innovation. The partnership is expected to help global clients build AI-powered industry solutions faster and at scale. Overall, the collaboration between TCS and Google Cloud is aimed at empowering employees and clients through intelligent technology and driving innovation in the AI space.
State government partners with TCS to implement a transparent medical examination system.
The state of West Bengal has partnered with Tata Consultancy Service (TCS) to introduce digital examinations for recruiting staff in the health department. This move comes after the health department received complaints about recruitment irregularities. Previously, the recruitment process was done through interviews, which were believed to be prone to irregularities. To address this issue and make the process more transparent, the state has decided to switch to an online examination mode.
The digital examination will be used to fill around 6,545 vacant posts, including general duty medical officers (GDMOs), nurses, pharmacists, and technologists. Out of 60,000 applicants, candidates will be shortlisted and invited to take the online exam. The state health recruitment board has confirmed that TCS will conduct the examination procedure.
According to Sudipto Roy, chairman of the state health recruitment board, this is the first time a digital system will be used for recruitment examinations in the health department. The examination dates will be finalized, and the process is expected to be completed by December. Following the examination, shortlisted candidates will be called for interviews.
The recruitment board has received a large number of applications, with 8,500 applicants vying for 1,227 GDMO posts and 50,000 candidates applying for 5,018 nursing staff positions. Additionally, 300 candidates will be recruited for pharmacist and technologist posts. The online examination is expected to bring transparency to the recruitment process, addressing concerns raised by organizations such as the Progressive Health Association.
The association’s secretary, Karabi Boral, welcomes the change, stating that the previous interview-based system was prone to irregularities. The introduction of digital examinations is seen as a positive step towards ensuring a fair and transparent recruitment process. With the help of TCS, the state aims to fill the vacant posts efficiently and effectively, bringing much-needed staff to the health department.
Noel Tata meets with government officials amid Tata Trusts turmoil; TCS cancels Q2 press conference
A high-level meeting was held at the residence of Home Minister Amit Shah in New Delhi, attended by prominent figures including Noel Tata, Chairman of Tata Sons N Chandrasekaran, Vice Chairman of Tata Trusts Venu Srinivasan, and trustee Darius Khambata. The meeting, which also included Finance Minister Nirmala Sitharaman, was reportedly convened to address the escalating power struggle within Tata Trusts. The Indian government has taken note of the situation, recognizing its potential to disrupt operations at Tata Sons, the holding company of the $180 billion Tata Group.
The crisis revolves around four trustees – Khambata, Jehangir HC Jehangir, Pramit Jhaveri, and Mehli Mistry – who are seeking greater control over key appointments and board oversight at Tata Sons. This includes approval rights for independent directors and access to sensitive board meeting minutes, a move that some insiders believe undermines the autonomy of the holding company. The rift has intensified since Noel Tata succeeded Ratan Tata as chairman of Tata Trusts in October 2024.
The issue is expected to be a major point of discussion at the upcoming Tata Trusts board meeting scheduled for October 10. Meanwhile, Tata Consultancy Services (TCS), the crown jewel of the group, has reportedly decided to skip its usual press conference after releasing its second-quarter earnings. Although the reason for this decision is unclear, it marks an unusual break from tradition.
The government’s involvement in the matter underscores its concern about the potential implications of the power struggle on the operations of Tata Sons and the broader Indian economy. As the situation continues to unfold, it remains to be seen how the conflict will be resolved and what impact it will have on the Tata Group’s future. The meeting with the government ministers suggests that the authorities are closely monitoring the situation and may intervene if necessary to ensure stability and continuity at the conglomerate.
Markets this week to be influenced by macroeconomic data, global trends, TCS earnings, says analysts, The Week.
The Indian equity market is poised for a pivotal week, with trading sentiment expected to be guided by macroeconomic data announcements, global trends, and quarterly earnings from IT major TCS. The Q2 FY26 earnings season is set to begin, with TCS scheduled to announce its results on October 9. The release of HSBC services and composite PMI, along with banking sector data on loan and deposit growth, will be closely monitored. Additionally, primary market activity is expected to remain strong, with large IPOs from Tata Capital and LG Electronics lined up.
Foreign portfolio investors (FPIs) remained net sellers of Indian equities in September, withdrawing Rs 23,885 crore and taking the year-to-date outflow to Rs 1.58 lakh crore. The movement of the rupee against the US dollar will also be tracked by investors, following the local currency’s fall to a record low level.
The IT sector will be in focus as TCS kicks off the earnings calendar for the quarter ended September 2025. The company’s management commentary on the impact of tariffs and visa costs, hiring outlook, deal wins, discretionary tech spending, and progress on AI initiatives will be closely watched. The tone of these updates could set the course for sector sentiment in the weeks ahead.
Globally, key US macroeconomic updates, including the FOMC minutes, jobless claims, and consumer sentiment data, will be in focus, especially against the backdrop of the ongoing government shutdown. The BSE benchmark climbed 780.71 points or 0.97 percent, and the Nifty went up by 239.55 points or 0.97 percent last week, as investors’ confidence was reinforced with the recent RBI’s growth stance.
Analysts believe that the market will be keenly watching the earnings season, particularly from the IT sector, as it will provide cues about the sector’s performance and the overall economy. The primary market activity is also expected to remain strong, with several large IPOs lined up. Overall, the Indian equity market is expected to be driven by a combination of macroeconomic data, global trends, and quarterly earnings, making it a crucial week for investors.
TCS is allegedly using intimidating measures, including strong-arming and threatening its staff, a tactic unions nationwide strongly condemn.
Unions and affected employees in India’s tech industry are awaiting Tata Consultancy Services’ (TCS) second-quarter results on October 9 to gauge the extent of job reductions over the past three months. This comes after reports of TCS using pressure tactics to force employee resignations, which has been strongly opposed by tech workers’ unions across the country. The Union of IT and ITES Employees (UNITE) has accused TCS of employing “shock tactics” that pressure employees into taking adverse actions against themselves or the company’s human resources staff.
According to Alagunambi Welkin, General Secretary of UNITE, TCS’s claim of providing financial benefits for forced resignations is a tactic to hide the accusation of forcefully coercing employees in unprecedented numbers. The Karnataka State IT/ITeS Employees Union (KITU) has also stated that conciliation proceedings between TCS management and KITU are still in progress, with evidence of forced resignations, including audio recordings of management pressuring employees to resign, being submitted.
Another union, the Nascent Information Technology Employees Senate (NITES), has accused TCS of forcing over 2,500 employees to resign in Pune alone. NITES has complained to the Chief Minister of Maharashtra and the Labour Ministry, asking them to step in immediately. According to Adv. Harpreet Singh Saluja, president of NITES, employees are being forced to resign after being threatened with termination, non-payment of full and final settlement, and blacklisting in the industry.
TCS has denied the allegations, stating that only a limited number of employees have been affected by their recent initiative to realign skills in the organization and that those affected have been provided due care and severance. However, the unions and affected employees remain unconvinced and are planning further protest actions after the release of TCS’s second-quarter results. The Karnataka Labour Ministry is expected to hold another round of conciliation meeting on October 15 to address the issue. The situation has left many employees in a state of fear and uncertainty, with some having given 10-15 years of service to the company and now being left with nothing.
US legislators grill Tata Consultancy Services on H-1B visa hiring practices amidst widespread job cuts.
US Senators Chuck Grassley and Dick Durbin are taking a strong stance against the H-1B visa program, targeting top US corporations, including Amazon, Apple, and Google, among others. The Senate Judiciary Committee Chairman and Ranking Member have written letters to 10 major US employers, expressing concern over the practice of filing thousands of H-1B skilled visa petitions after significant layoffs of American workers. The lawmakers argue that US companies are replacing American workers with low-skilled foreign workers at lower wages, which is at the center of the controversy surrounding the H-1B visa program.
The letters, addressed to the CEOs of these companies, highlight rising unemployment among tech workers and recent STEM graduates, citing large-scale layoffs directed by company leaders in recent years. The lawmakers have asked the companies to respond by October 10, providing answers to specific questions related to their hiring practices and use of H-1B visas. Tata Consultancy Services (TCS), an Indian company, is among the recipients of the letter, and the lawmakers have expressed particular concern over TCS’s practice of laying off American employees while filing H-1B visa petitions for thousands of foreign workers.
The letter to TCS reads, in part, “With all of the homegrown American talent relegated to the sidelines, we find it hard to believe that TCS cannot find qualified American tech workers to fill these positions.” The lawmakers have asked TCS to explain its hiring practices, including why it is hiring foreign tech workers when hundreds of thousands of American tech workers have been laid off over the past few years. They have also asked TCS to provide data on its H-1B hires, including salary and benefits information, and to disclose whether the company outsources any hiring to contractors or staffing firms that place H-1B workers within the organization.
The questions asked by the lawmakers include:
* Why is TCS hiring foreign tech workers when hundreds of thousands of American tech workers have been laid off over the past few years?
* Does TCS make a good faith effort to fill open positions with Americans before filing H-1B petitions?
* Does TCS hide H-1B recruitment ads by listing them separately from general hiring ads?
* Has TCS displaced any American employees with H-1B employees?
* Are H-1B hires provided the same salary and benefits as American workers with the same qualifications?
The lawmakers are seeking detailed answers to these questions, along with accompanying data, by October 10, 2025. The investigation is part of a broader effort to scrutinize the use of H-1B visas by US companies and to ensure that American workers are not being replaced by foreign workers at lower wages.
TCS, Infosys, and HCL are impacted by the GCC and AI, and a notable tech investing book to read is.
The Indian IT services industry, comprised of top companies such as Tata Consultancy Services (TCS), Infosys, and HCL Technologies, is facing a slowdown that can no longer be attributed solely to macroeconomic factors. According to Nirav Sheth, CEO of Institutional Equities at Emkay Global, two significant structural shifts are responsible for this decline: the rise of Global Capability Centers (GCCs) and the rapid adoption of Artificial Intelligence (AI).
GCCs, which are in-house IT facilities established by global companies, are increasingly competing with Indian IT vendors for high-value projects, such as research and development, digital transformation, and AI-driven initiatives. As a result, GCC revenues grew by nearly 40% in 2024, while Indian IT services revenues experienced a sharp slowdown. This trend is expected to continue, with approximately 65% of enterprises shifting at least 10% of their vendor work to GCCs.
The adoption of AI is also disrupting the IT industry, with generative AI demonstrating 10-50% productivity improvements in coding and potentially leading to commoditized pricing and revenue stagnation for IT vendors. Sheth believes that AI’s non-linear nature, which can suddenly render entire workflows obsolete, makes it a significant threat to the industry. He predicts that AI disruption could lead to a sudden 20% drop in prices for sectors or companies being disrupted.
Sheth’s analysis of the top three IT firms’ financial performance reveals a significant decline in growth rates. Pre-pandemic, these companies experienced around 10% constant currency revenue growth, while post-pandemic, growth increased to 10.5%. However, in the current fiscal year, growth has stalled, with constant currency revenues rising only 3-4% and operating profit growing in mid-single digits. Sheth argues that attributing this slowdown to macro uncertainty is misleading and that GCC insourcing and AI-driven disruption are the primary causes.
In conclusion, the Indian IT services industry is facing significant challenges due to the rise of GCCs and the adoption of AI. As these trends continue to evolve, it is essential for investors to be aware of the potential risks and opportunities in the industry. Sheth recommends reading “Engines that move the market: Technology Investing from Railroads to the Internet and beyond” to gain a deeper understanding of technology investing and the potential impact of AI on the industry.
Indian Tech Giants TCS, Infosys, HCL, and Wipro Face Uncertainty as H-1B Visa Fee Potentially Surges to $10,000 – Goodreturns
The recent hike in H-1B visa fees to $10,000 has sparked concerns among Indian tech giants, including TCS, Infosys, HCL, and Wipro. The H-1B visa is a non-immigrant visa that allows US employers to temporarily employ foreign workers in specialty occupations. Indian IT companies heavily rely on this visa to send employees to the US for project work. The fee hike is expected to increase the operational costs of these companies, potentially affecting their profitability.
TCS, Infosys, HCL, and Wipro are among the top Indian IT companies that use H-1B visas to deploy employees to the US. These companies have a significant presence in the US and provide IT services to various clients. The H-1B visa fee hike will increase their expenses, as they will have to pay more for each visa application. This could lead to a rise in operational costs, which might impact their profit margins.
However, it’s essential to note that the H-1B visa fee hike is not the only challenge faced by Indian IT companies. The US has been tightening its visa norms, making it more difficult for Indian companies to obtain H-1B visas. The Trump administration’s “Buy American, Hire American” policy has also led to increased scrutiny of H-1B visa applications. Additionally, the COVID-19 pandemic has disrupted the global economy, affecting the IT industry as a whole.
Despite these challenges, Indian IT companies have been working to mitigate the impact of the H-1B visa fee hike. They have been exploring alternative visa options, such as the L-1 visa, and have also been increasing their local hiring in the US. Moreover, these companies have been investing in digital transformation and new technologies, such as artificial intelligence and cloud computing, to stay competitive.
In conclusion, while the H-1B visa fee hike to $10,000 may increase the operational costs of Indian tech giants, it’s unlikely to have a significant impact on their overall business. These companies have been adapting to the changing visa landscape and have been diversifying their operations to reduce dependence on H-1B visas. The key to their success lies in their ability to innovate, invest in new technologies, and expand their local presence in the US. As the IT industry continues to evolve, Indian tech giants will need to stay agile and responsive to changing market conditions to remain competitive.
The Indian government has also been in talks with the US government to ease the visa norms and reduce the fees. The outcome of these talks is still uncertain, but it’s clear that the Indian government is working to support the IT industry. The future of Indian IT companies in the US will depend on their ability to navigate the changing visa landscape and adapt to the evolving needs of their clients.
The H-1B visa fee hike is just one of the many challenges faced by Indian IT companies. The companies will need to be proactive in addressing these challenges and finding new opportunities for growth. With their strong track record of innovation and adaptability, it’s likely that TCS, Infosys, HCL, and Wipro will continue to thrive in the US market, despite the H-1B visa fee hike.
Tata Motors, the Automotive Powerhouse, or TCS, the Software Giant!
The Tata Group is one of India’s oldest and largest companies, with a brand value of $31.6 billion in 2025, making it India’s most valuable brand. Founded in 1868 by Jamsetji Tata, the group has expanded into various industries, including cotton, steel, hotels, education, and more. Today, the Tata Group operates in over 100 countries across six continents, with a workforce of more than 1.15 million employees.
Two of the group’s most notable companies are Tata Consultancy Services (TCS) and Tata Motors. TCS is a leading IT services company, known for its software and technology services, while Tata Motors is a major player in the automotive industry, designing and manufacturing a wide range of vehicles. Both companies are significant contributors to the Tata Group’s revenue, but which one brings in more revenue?
According to the financials, Tata Motors generated the highest revenue of ₹439,695 crore in March 2025, surpassing TCS, which reported a revenue of ₹255,324 crore in the same period. Tata Motors’ revenue growth can be attributed to its large-scale vehicle sales across global markets. On the other hand, TCS leads in profits, with a net profit of ₹48,797 crore in March 2025, compared to Tata Motors’ net profit of ₹28,149 crore.
Other key players in the group include Tata Steel, Tata Power, and Titan Company Ltd. Tata Steel reported a revenue of ₹218,543 crore, while Tata Power earned ₹65,478 crore. Titan Company Ltd reported a revenue of ₹60,456 crore in March 2025.
In terms of profitability, TCS leads the race with the highest profit generator, benefiting from its high-margin software services and steady demand for IT solutions. While Tata Motors brings in more money through product sales, TCS is the most profitable player in the group.
In conclusion, Tata Motors is the biggest driver of revenue for the Tata Group, followed by TCS. However, TCS takes the lead in profits, due to its high-margin software services and steady demand for IT solutions. The Tata Group’s diverse portfolio of companies has enabled it to maintain its position as one of India’s most valuable brands, with a strong presence in various industries across the globe.
Market capitalization of seven out of the top 10 most valued companies surges by ₹1.18 lakh crore, with SBI and Airtel emerging as the largest gainers.
The combined market valuation of seven of the top-10 most valued firms in India increased by ₹1,18,328.29 crore last week. This surge was largely driven by an optimistic trend in equities, with the BSE benchmark rising 721.53 points or 0.88 per cent. The biggest gainers were State Bank of India and Bharti Airtel, with their market valuations jumping ₹35,953.25 crore and ₹33,214.77 crore respectively.
The market capitalization of other top firms also saw significant increases. Reliance Industries’ valuation rose by ₹17,389.23 crore to ₹19,04,898.51 crore, while Tata Consultancy Services (TCS) saw a surge of ₹12,952.75 crore to ₹11,46,879.47 crore. Life Insurance Corporation of India (LIC) and Infosys also saw their valuations increase by ₹12,460.25 crore and ₹6,127.73 crore respectively.
However, not all top firms saw an increase in their market valuation. ICICI Bank’s valuation declined by ₹10,707.87 crore to ₹10,01,654.46 crore, while Bajaj Finance and Hindustan Unilever saw their valuations erode by ₹6,346.93 crore and ₹5,039.87 crore respectively.
The top-10 most valued firms in India, in order of their market valuation, are Reliance Industries, HDFC Bank, TCS, Bharti Airtel, ICICI Bank, State Bank of India, Infosys, Bajaj Finance, Hindustan Unilever, and LIC. The market valuation of HDFC Bank increased by ₹230.31 crore to ₹14,84,816.26 crore, solidifying its position as the second-most valued firm in India.
Overall, the increase in market valuation of these top firms reflects the positive sentiment in the Indian equity market, driven by a combination of factors including strong economic growth, favorable monetary policies, and improving corporate earnings. As the market continues to trend upwards, it will be interesting to see how these firms perform in the coming weeks and months.