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Tag: TCS

  • Nine Of Top 10 Valued Firms Add Rs 95,522 Cr To Market Valuation; Reliance, TCS Lead Gainers | Economy News

    New Delhi: The combined market valuation of nine of the top 10 most valued firms jumped by Rs 95,522.81 crore last week, with Reliance Industries, TCS and HUL emerging as the biggest gainers.

    Rising for the fourth straight session, the 30-share BSE Sensex ended 33.02 points or 0.04 per cent higher at 81,086.21 on Friday. Last week, the BSE benchmark jumped 649.37 points or 0.80 per cent.

    The market capitalisation (Mcap) of Reliance Industries surged by Rs 29,634.27 crore to Rs 20,29,710.68 crore. The valuation of TCS jumped Rs 17,167.83 crore to Rs 16,15,114.27 crore and that of Hindustan Unilever by Rs 15,225.36 crore to Rs 6,61,151.49 crore.

    The Mcap of Bharti Airtel rallied by Rs 12,268.39 crore to Rs 8,57,392.26 crore and that of ICICI Bank by Rs 11,524.92 crore to Rs 8,47,640.11 crore. ITC soared Rs 3,965.14 crore to Rs 6,32,364.24 crore, while State Bank of India added Rs 2,498.89 crore to Rs 7,27,578.99 crore.

    In addition, the valuation of Life Insurance Corporation of India jumped by Rs 1,992.37 crore to Rs 6,71,050.63 crore and that of Infosys by Rs 1,245.64 crore to Rs 7,73,269.13 crore.

    However, the mcap of HDFC Bank plunged by Rs 4,835.34 crore to Rs 12,38,606.19 crore. Reliance Industries retained the title of the most valued firm, followed by TCS, HDFC Bank, Bharti Airtel, ICICI Bank, Infosys, State Bank of India, LIC, Hindustan Unilever and ITC.

  • CBDT Eases TDS Rule In Cases Of Death Of Deductees Before Linkage Of Pan-Aadhaar | Personal Finance News

    New Delhi: The Central Board of Direct Taxes (CBDT) has relaxed the provisions of TDS/TCS in the event of the death of deductee/collectee, before the linkage of PAN and Aadhaar, according to an official statement issued on Wednesday.

    “To redress the grievances of the taxpayers wherein instances have been cited, of demise of the deductee/collectee on or before 31.05.2024 and before the option to link PAN and Aadhaar could have been exercised, the Circular provides that there shall be no liability on the deductor/collector to deduct/collect the tax under section 206AA/206CC of the Act, as the case may be pertaining to the transactions entered into up to March 31, 2024,” an official statement read.

    In view of the genuine difficulties being faced by the taxpayers, the CBDT issued the Circular dated 05.08.2024, and vide the same, the government has relaxed the provisions of TDS/TCS as per the Income-tax Act, 1961, in the event of death of deductee/collectee before linking of PAN and Aadhaar, it added.

    According to the statement, the Circular is in continuation of Circular No. 6 of 2024 issued earlier by the CBDT wherein the date for linking of PAN and Aadhaar was extended up to 31.05.2024 for the taxpayers (for the transactions entered into up to 31.03.2024) to avoid higher TDS/ TCS as per the Act.

    Meanwhile, industry experts have hailed the government’s decision to introduce an amendment to long-term capital gains (LTCG) tax on real estate transactions, saying the move will offer flexibility for sellers.

    Paying heed to the industry’s demand, the government on Tuesday moved an amendment to the Finance Bill 2024, to allow taxpayers to select either a 12.5 per cent long-term capital gains (LTCG) tax rate without indexation or a 20 per cent rate with indexation for property acquired before July 23 this year.

    Experts said this amendment is expected to stimulate investment and sales in the housing market by potentially reducing the tax burden on sellers.

  • Market Valuation of Top 8 Firms Rises by Rs 2.10 Lakh Crore; TCS And LIC AT Forefront | Markets News

    New Delhi: The combined market valuation of eight of the top-10 most valued firms jumped Rs 2,10,330.26 crore in a holiday-shorted last week, with Tata Consultancy Services (TCS) and Life Insurance Corporation of India emerging as the biggest gainers.

    Last week, the BSE benchmark climbed 85.31 points or 0.10 per cent. The 30-share BSE Sensex hit its new all-time high of 81,587.76 on Friday. Stock markets were closed on Wednesday on account of Muharram.

    From the top-10 group, the valuation of TCS zoomed Rs 42,639.16 crore to Rs 15,56,772.61 crore. The market capitalisation (mcap) of Life Insurance Corporation of India (LIC) surged Rs 36,748.23 crore to Rs 7,01,695.24 crore.

    Infosys added Rs 33,569.16 crore, taking its valuation to Rs 7,44,396.43 crore, while State Bank of India’s mcap climbed Rs 26,372.23 crore to Rs 7,93,576.49 crore. Hindustan Unilever’s mcap soared Rs 24,494.49 crore to Rs 6,40,651.30 crore, and that of ITC jumped Rs 19,420.52 crore to Rs 5,92,679.30 crore.

    The market valuation of Bharti Airtel went up by Rs 16,223.03 crore to Rs 8,31,928.39 crore, and that of ICICI Bank climbed Rs 10,863.44 crore to Rs 8,78,531.60 crore. However, the market valuation of Reliance Industries diminished by Rs 56,799.01 crore to Rs 21,03,829.74 crore.

    The mcap of HDFC Bank declined by Rs 13,124.01 crore to Rs 12,22,701.34 crore. In the top-10 table, Reliance Industries retained the title of the most valued firm, followed by TCS, HDFC Bank, ICICI Bank, Bharti Airtel, State Bank of India, Infosys, LIC, Hindustan Unilever and ITC.

  • Sensex, Nifty Extend Winning Streak In Special Trading Sessions, TCS And Nestle Lead | Markets News

    New Delhi: The special trading sessions on Saturday saw Indian equity markets extending their winning streak as the benchmark indices ended higher in both of the special sessions. While the BSE Sensex closed above 74,000, up 342 points (0.46 per cent) the NSE Nifty 50 advanced 35.9 points or 0.16 per cent, to end at 22,502.

    During the day, the Sensex rose as much as 0.33 per cent to 74,162.76. Ajit Mishra, senior vice president, research, Religare Broking Ltd, said the benchmark indices experienced a dull special trading session but managed to end with marginal gains.

    “Although the mixed performance among major stocks is limiting momentum in the index, the broader market’s strength and gains in select heavyweights are providing ample opportunities,” Mishra added. (Also Read: Google Pay App Will Stop Working In US After June 4 Due To THIS Reason; Indian Users To Remain Unaffected)

    The national bourses on Saturday conducted a special trading session for an easy switch over to a disaster recovery site. Power Grid, Nestle, Asian Paints, IndusInd Bank, and TCS were the top gainers. JSW Steel, Axis Bank, ICICI Bank and ITC were the top losers.

    As per market experts, Dow Jones closing in record territory above 40,000 will continue to provide global support for equity markets. Meanwhile, the FIIs selling declined and on Friday, FIIs turned buyers.

    As on May 17, FPI selling stood at Rs 28,241 crore as per NSDL data, according to market experts. In the cash market, FII selling stood at Rs 35,532 crore.  

  • Good News For TCS Employees! Company Announces Annual Salary Hikes |

    New Delhi: Amid the ongoing move to cost-cutting, there is good news for IT employees. As the new financial year kicks in, TCS, India’s largest IT services company, has declared annual salary increments for its employees. As per the reports, the top performers are set to receive significant raises.

    Official Confirmation

    Milind Lakkad, the Chief HR Officer, stated, “We are pleased to announce the annual increments for our workforce, with top performers receiving double-digit hikes.” (Also Read: Attention: HDFC Bank’s Special Fixed Deposit Scheme Ending On THIS Date)

    How Much Salary Hike Will Employees Get?

    Now, the question may arise in your mind is that how many hikes will employees get? TCS plans to roll out salary hikes ranging from 4.5 percent to 7 percent. (Also Read: Mobile Recharge Prices Expected To Rise After Lok Sabha Elections)

    What Will Be The Basis Of Salary Hike?

    The annual increment will be based on performance. The high-performers are slated to receive double-digit increases.

    Fresh Hiring

    The company intends to add around 40,000 freshers this year.

    TCS Workforce Reduction

    However, despite hiring plans, TCS reported a net reduction of 1,759 employees in the January-March 2024 quarter, bringing the total headcount to 6,01,546.

    Attrition Rate

    The attrition rate in the IT services sector continued its declining trend, standing at 12.5 percent during the March 2024 quarter. Milind Lakkad mentioned, “The reduced attrition rate, along with positive responses to our campus hiring and increased customer engagements, has fostered a vibrant atmosphere in our delivery centers.”

    Financial Performance

    Tata Consultancy Services reported a 9.1 percent growth in its net profit for the March quarter, reaching Rs 12,434 crore. The company’s net profit for the fiscal year 2023-24 increased by 9 percent to Rs 45,908 crore.

    Revenue for the March quarter grew by 3.5 percent to Rs 61,237 crore year on year, with an operating profit margin expansion of 1.5 percent to 26 percent.

  • TCS Achieves New Milestone; 3.5 lakh Employees Trained In Generative AI Skills

    It became the inaugural tech company to establish a specialized business division solely focused on AI and cloud services in 2023.

  • US Tech Workers Accuse IT Company Of Replacing Them With Indian H1-B Visa Holders: Report |

    New Delhi: A group of American professionals have accused TCS claiming that they were abruptly terminated from their positions. The employees who were fired were replaced by workers from India in H1-B visas, as per reports by Wall Street Journal. Allegations of illegal discrimination based on race and age have been raised, with the American workers contending that TCS favored lower-paid Indian immigrants for their roles.

    Minimum of 22 American workers have accused TCS of being engaged in unlawful discrimination based on race and age, as per complaints submitted to the Equal Employment Opportunity Commission (EEOC). These ex-employees from various ethnic backgrounds, ranging in age from their 40s to 60s, allege that TCS terminated their employment suddenly and replaced them with Indian immigrants on H-1B visas who were paid less. (Also Read: Elon Musk’s X Is Testing ‘Adult Content’ Communities Feature For Users)

    As per the WSJ report, numerous dismissed employees possess advanced degrees like MBAs. American professionals claim that the Indian IT company may have violated the law by singling them out based on age and race. Furthermore, they have also accused TCS of ‘preferential treatment’ favoring Indian workers in the US who hold coveted visas. (Also Read: Man Orders Rs 22,000 Phone, Gets Stones Instead; Flipkart Responded)

    TCS dismissed the allegations as baseless, stating that it has never participated in illegal discrimination. “TCS has a strong record of being an equal opportunity employer in the US, acting with integrity in its operations,” a spokesperson for the company informed the WSJ.

    What is H-1B visa program?

    The H-1B visa program is a type of work visa for nonimmigrants which enables American employers to recruit foreign workers possessing specialized skills for employment within the United States for a designated duration. Typically, H-1B visa holders are employed for three to six years, and they may have the opportunity to extend their stay if they pursue permanent residency through the Green Card application process.

    TCS is a leading recruiter in the US IT services industry, having recruited more than 21,000 individuals over the last three years. With a workforce of 45,000 employees throughout the US, the company assists clients in their journey toward transformation.