oppn parties All IT Majors Report Excellent Q3 Results

News Snippets

  • In a first, the Supreme Court recognizes marital rape, although for the limited purpose of allowing married women the right of abortion up to 24 weeks if they conceived as a result of forced sex by their husbands
  • Air India cuts discounts on base fare to students and senior citizens from 50% to 25%
  • Mallikarjun Kharge and Digvijay Singh are being touted as frontrunners to take on Shashi Tharoor in the elections for the post of Congress president
  • Sonia Gandhi will decide who will be Rajasthan CM if she feels there is a need to change guard after the near-rebellion by MLAs in the state
  • Ashok Gehlot bowed out of the race for being Congress president after meeting Sonia Gandhi
  • India has moved to the 40th spot in the innovation index, up 6 spots from last year
  • DGGI has alleged that top insurance companies, banks and NBFCs has committed a fraud of Rs 800cr by claiming input tax credit without underlying supplies
  • The Centre will borrow Rs 10000cr less than planned earlier due to good revenue collections
  • At $23.9bn, India's current account deficit widened to 2.8% in Q1, the worst in four years
  • Stocks continue to flounder on Thursday: Sensex sheds 188 points to 56409 and Nifty 40 points to 16818
  • The 36th National Games were declared open on Thusrday by PM Modi in front of a record crowd in Motera near Ahmedabad
  • Jasprit Bumrah most likely to miss T20 World Cup due to recurrence of back injury
  • PFI's political wing, the SDPI is on EC radar and action will follow soon if discrepancies are detected
  • Ashok Gehlot to meet Sonia Gandhi today, says all issues will be sorted out soon
  • Referring to the PFI ban, most Muslim organizations ask the government to take similar action against right wings organizations like the RSS, Bajrang Dal, VHP and the like
In a landmark order, Supreme Court rules that all women, married or unmarried, are entitled to safe and legal abortion up to 24 weeks of pregnancy as per the MTP Act
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All IT Majors Report Excellent Q3 Results

By Ashwini Agarwal
First publised on 2022-01-13 06:03:59

Wednesday was a red letter day for Indian IT sector. The big shots of IT industry - Infosys, TCS and Wipro - all declared their Q3 results on that day. And all came out with sterling numbers that gladdened the hearts of investors during these troubled times. The share market gave its thumbs up by rallying strongly. To add icing to the cake, TCS announced a whopping Rs 18000cr share buyback offer at Rs 4500 per share which was at 17 percent premium to the closing price on Wednesday.

While Infosys was the star of the pack as it reported sequential growth of 7 percent and year-on-year growth of 21.5 percent, TCS and Wipro lagged at 4 and 15.4 percent and 3 and 28.5 percent respectively. TCS earned the highest revenue of $6.5bn while Infosys earned $4.3bn. Wipro was far behind at $2.6bn.

All the companies reported high attrition rate but higher hiring. Hence, while TCS added 28238 people to the workforce, Infosys and Wipro followed at 12450 and 10306 respectively.

With the pandemic forcing people to adopt the digital route for almost everything from work to play to entertainment, the demand for the services of IT companies is only going to increase in future. As the world seeks solutions to problems generated by the pandemic, these IT giants will also have to come up with newer, betters solutions.

Infosys CEO Salil Parekh was very upbeat. He said that "our pipeline is very strong. The overall demand environment looks very strong beyond March as well." This is happy news for the sector and will confirm the IT sector's eminence as the driver of growth.