Posts Tagged ‘HCL’

Niche players like IPsoft & LiquidHub eating into outsourcing pie of companies like HCL & Accenture

April 17th, 2014

About two years ago, Sears wanted to exhibit a mobility application at an Apple show. But the US retailer was queasy to outsource the contract to the large services-led technology firms, including those in India, as it wanted to get the project up and running in less than six weeks.outsourcing52

This proved to be the entry point for a Bangalore-based startup set up just two months earlier in November 2011 with an aim of making it big in the social, mobility, analytics and cloud, (SMAC), space. The startup, Happiest Minds, did not even have a client then.

The firm’s pitch to the retailer was simple: it’ll put together an A-class team to ensure the project is completed in a short period.

Happiest Minds went on to win what was then a small contract: the order was $100,000 (Rs 60 lakh).

“We were able to deliver an award-winning application in record time and this led to an ongoing relationship with the retailer even though there were multiple incumbents,” said Ashok Soota, executive chairman of Happiest Minds.

But more than the ticket size, the order helped Happiest Minds get recognition and bring the focus on other niche players, including IPsoft, and LiquidHub. These players had not just started winning contracts by competing against big technology service firms, including HCL and Accenture, but also forced many of them to forge partnerships.

“There is a change in the C-suite’s way of thinking. Not everything is about cost-reduction now, there is more thought on speed-to-market and innovation. And not everything requires the scale of a global player,” Sushma Rajagopalan, partner and MD of digital technology company US and India-based LiquidHub, told ET.

Firms operating in automation, mobility and analytics solutions as well as cloudbased deployment are competing in areas that are seeing the fastest growth for Indian IT players. Digital technologies contribute 5-10% of the industry’s revenue, according to the National Association for Software and Services Companies.

The total digital opportunity is pegged at $164.1 billion (Rs 10.2 lakh crore) in 2013, according to industry body Nasscom and is estimated to grow 75% to $287.3 billion (Rs 17.8 lakh crore) by 2016. The smaller players not only have innovative products but also deep existing experience in the IT industry. “They (startups) know that they are competing with the big vendors so they go the extra-mile and they are fast,” said Deepak Sharma, executive vice-president and head of digital initiatives at Kotak Mahindra BankBSE -0.13 %. “Sometimes you can’t wait months to do things; you need to turn offerings around quickly and startups are nimble.”

Happiest Minds, which claims to have 80 customers, believes that almost 90% of its wins came when it was bidding against some of India’s largest IT companies.

Not for nothing then are investors backing sector-focussed firms: LiquidHub, which has about $125 million (Rs 753 crore) in revenue, raised $54 million (Rs 325 crore) in funding from private equity firm ChrysCapital, Credit Suisse and PPM America Capital in March.

The growing startup ecosystem in India also presents a challenge to Indian IT firms. Earlier this month, the Indian Software Product Industry Round Table held an event to connect startups to the chief information officers of large corporates like the Aditya Birla Group, US insurer Accretive Health, payment processor Vantiv and others. To be sure, homegrown technology players are taking steps to mitigate the danger from smaller more nimble players — from incubating emerging technologies themselves to partnering with the most disruptive companies in the sector.

Uday Chinta, managing director at robotic automation provider IPsoft, said as the company bade for projects, about seven of 10 times, it competed with leading players. “Now, of course, most of the global IT firms have partnerships with us. We collaborate and work with them to deliver best solutions for the clients,” said Chinta whose company claims to have more than 500 clients, across financial services, telecoms, and retail verticals.

Pravin Rao, president and board member at Infosy, said: “There is enough opportunity for everyone in the ecosystem as long as you are able to build the capabilities and thinking in that direction.”

Source:http://economictimes.indiatimes.com/tech/ites/niche-players-like-ipsoft-liquidhub-eating-into-outsourcing-pie-of-companies-like-hcl-accenture/articleshow/33793259.cms

HCL sharpens focus on mobility solutions

April 14th, 2014

HCL Technologies Ltd , India’s fourth largest information technology (IT) firm, plans to sharpen its focus on mobility solutions to drive its next phase of growth in a bid to earn more revenue from the so-called SMAC (social, mobility, cloud and analytics) technologies.outsourcing50

“These mobile applications will put control in the hands of the consumer,” said Steve Cardell, president of enterprise services and diversified industries at HCL Tech, in a phone interview from the UK.

He said mobility is “one of the key drivers for HCL”, adding that the company expects its global mobile business to grow 40-50% yearly for the next couple of years.
“We can do great work at the back end, but if we can’t develop highly intuitive mobile interfaces, the whole thing falls down. Mobile is…an enabler for the rest of the work we do,” said Cardell.

According to software lobby body Nasscom, companies worldwide are expected to spend about $140 billion on mobility by 2020.

HCL’s mobility innovation lab in London, where the company creates and hosts global mobile solutions, has been particularly focusing on areas such as financial services, retail and telecom.

“We are most focused on financial services, because this is where we see the big demand—mobile apps to get an account, for payments, and for banks to push offerings. Financial services providers roughly account for 40% of the UK economy,” said Cardell.

Cardell said next-generation mobile apps range from utilities that will allow users to control the central heating system in their homes—change and set the temperature and turn lights off or on if the devices are linked with the app when they are out on the road—to telecom solutions such as apps that can link phone bills of users to their contact lists and tell them how much they are spending on each of the contacts.

Retail is another focus area. “A lot of big shops are going online. We have got to make the connect between online stores and actual shops to make it work in our clients’ mind,” said Cardell, adding that HCL Tech’s mobile solution can “help clients buy online and pick up at stores, get vouchers for stores on buying online, or if they go to stores, they can get credit for online account”.

HCL is also partnering companies that develop apps in the heathcare sector. “We have a twofold contract with one of the very large science companies. One is to build a global platform for mobility that will enable mobile apps to be deployed worldwide, and the other is mobile (or app) factory—to build hundred apps a year to go into company specific app store,” said Cardell.

The mobility market, in particular, “is definitely increasing with the advent of cloud, cheaper devices like tabs and the phone itself becoming a powerful device”, said Shree Parthasarathy, senior director, enterprise risk services, at Deloitte in India.

“Most of the IT companies as well as consultancy services are aggressively getting into the mobility space. It can be a game-changer if targeted at the right segment,” he said citing the example of many insurance companies that give their agents mobile devices to provide them with real-time information and increase productivity.
India is the third fastest growing application market in the world, according to a 2013 research report by Edelweiss Securities Ltd. The report added that mobile banking has emerged “as one of the most innovative products in the financial services industry”.

“Therefore, Indian players are expected to build significant scale, in-house or by acquisition, to capture market share. Clients not only need support for growing requirement on mobility-enabled solutions, but also require productivity improvement, transparency in data security, new avenues for revenue streams and expected return on their investments,” the report said.

According to a survey by research firm Offshore Insights, released in February, the top 2,000 firms in the world will spend 15-16% of their IT services/outsourcing budgets on SMAC and India will export $15 billion worth of SMAC software and services in fiscal year 2017.

Source:http://www.livemint.com/Companies/fGEuAjD7npwOPErkIMUjNP/HCL-sharpens-focus-on-mobility-solutions.html

HCL Tech hits record high

January 8th, 2014

Key benchmark indices retained positive zone after witnessing a bout of initial volatility. The barometer index, the S&P BSE Sensex, was up 54.13 points or 0.26%, up 59.19 points from the day’s low and off 32.17 points from the day’s high. The market breadth, indicating the overall health of the market, was strong. In the foreign exchange market, the rupee edged higher against the dollar on global risk on sentiment.outsourcing38

IT stocks edged higher, with HCL Technologies hitting record high. JSW Steel rose after the company during market hours unveiled production data for December 2013.

Key benchmark indices edged higher amid initial volatility on firm Asian stocks. The Sensex retained positive zone in morning trade.

Foreign institutional investors (FIIs) sold shares worth a net Rs 567.02 crore on Tuesday, 7 January 2014, as per provisional data from the stock exchanges.

Asian stocks edged higher on Wednesday, 8 January 2014, as the International Monetary Fund said it will raise its global economic growth forecast and as the US trade deficit narrowed.

At 10:15 IST, the S&P BSE Sensex was up 54.13 points or 0.26% to 20,747.37. The index gained 86.30 points at the day’s high of 20,779.54 in early trade. The index fell 5.06 points at the day’s low of 20,688.18 in early trade.

The CNX Nifty was up 19.05 points or 0.31% to 6,181.30. The index hit a high of 6,189.35 in intraday trade. The index hit a low of 6,160.35 in intraday trade.

The market breadth, indicating the overall health of the market, was strong. On BSE, 1,207 shares gained and 568 shares fell. A total of 98 shares were unchanged.

The total turnover on BSE amounted to Rs 488 crore by 10:15 IST, compared with Rs 186 crore by 09:25 IST.

Among the 30-share Sensex pack, 16 stocks gained and rest of them declined.

AXIS Bank (down 1.59%), Bharat Heavy Electricals (Bhel) (down 1.06%) and Sesa Sterlite (down 1%) edged lower from the Sensex pack.

IT stocks edged after strong trade data boosted expectations for US economic growth. US is the biggest outsourcing market for the Indian IT firms.

HCL Technologies rose 1.5% to Rs 1,275 after hitting a record high of Rs 1,277 in intraday trade.

Infosys rose 0.08%. Infosys unveils Q3 December 2013 results on Friday, 10 January 2014. At the time of announcement of Q2 September 2013 results in October 2013, Infosys had raised its revenue guidance in both dollar and rupee terms. The increase in revenue growth guidance in rupee terms was driven by weakness in rupee against the dollar. At that time, the company had issued a forecast of 21% to 22% growth in revenue in rupee terms based on the assumption of rupee dollar conversion rate of 62.61 for the rest of the fiscal year. The company had at that time forecast 9% to 10% growth in revenue in dollar terms for the year ending 31 March 2014 (FY 2014).

Tata Consultancy Services (TCS) gained 1.45%.

Tech Mahindra advanced 2.56%.

Wipro declined 0.18%.

JSW Steel rose 0.13% after the company during market hours unveiled production data for December 2013. JSW Steel’s crude steel production rose 11% to 1.05 million tonnes in December 2013 over December 2012. Production of flat rolled products rose 6% to 0.87 million tonnes in December 2013 over December 2012. Production of long rolled products declined 1% to 0.15 million tonnes in December 2013 over December 2012. JSW Steel said that the figures are after giving effect to the merger of JSW ISPAT Steel with the company.

In the foreign exchange market, the rupee edged higher against the dollar on global risk on sentiment. The partially convertible rupee was hovering at 62.225, compared with its close of 62.30/31 on Tuesday, 7 January 2014.

The next major trigger for the stock market is Q3 December 2013 corporate earnings. Investors and analysts will closely watch the management commentary that would accompany the result to see if there is any revision in their future earnings forecast of the company for the current year and/or the next year. The Q3 earnings season begins later this week when IT major Infosys and private sector bank IndusInd Bank unveil their earnings on Friday, 10 January 2014.

The Reserve Bank of India’s Third Quarter Review of Monetary Policy for 2013-14 is scheduled on 28 January 2014.

Asian stocks edged higher on Wednesday, 8 January 2014, as the International Monetary Fund said it will raise its global economic growth forecast and as the US trade deficit narrowed. Key benchmark indices in Taiwan, Hong Kong, Singapore and Japan rose by 0.63% to 1.17%. Key benchmark indices in China, South Korea and Indonesia fell by 0.1% to 0.39%.

China is due to publish December trade data today, 8 January 2014. China will release December inflation figures tomorrow, 9 January 2014.

US stocks rallied on Tuesday, 7 January 2014, helped by data showing a smaller-than-expected trade gap and gains by health-care stocks following an upgrade for UnitedHealth Group Inc. The US trade deficit fell almost 13% to $34.3 billion in November from a revised $39.4 billion in the prior month, the Commerce Department said Tuesday.

Boston Fed President Eric Rosengren on Tuesday said the central bank should only wind down its bond-buying program gradually. San Francisco Fed President John Williams said the Fed likely will end its bond buys this year, adding that he sees “newfound momentum” in the economy.

The US Federal Reserve will release minutes of its December Federal Open Market Committee policy meeting later in the global day today, 8 January 2014.

The Federal Open Market Committee (FOMC) holds a two-day monetary policy meeting on 28 and 29 January 2014. The Federal Reserve said after a two-day monetary policy review on 18 December 2013 that it will cut its monthly bond purchases to $75 billion from $85 billion starting in January 2014 amid an improved outlook for the job market in the world’s largest economy. The US central bank is poised to continue winding down its stimulus measures gradually this year.

The ADP Research Institute reports the change in US company payrolls later in the global day today, 8 January 2014.

The US government will unveil the influential non-farm payroll report for December 2013 on Friday, 10 January 2014.

The European Central Bank holds a monetary policy meeting tomorrow, 9 January 2014. UK’s central bank — Bank of England — also undertakes monthly monetary policy review tomorrow, 9 January 2014.

The IMF expects to upgrade its outlook for global economic growth, IMF Managing Director Christine Lagarde told reporters in Kenyan capital of Nairobi. The organization plans to announce new forecast “in about three weeks from now,” she said.

Source:http://www.business-standard.com/article/news-cm/hcl-tech-hits-record-high-114010800231_1.html

IT companies TCS, Infosys, HCL and Wipro in good spirits over buzz of discretionary boost

January 8th, 2014

Early indications are that 2014 will see an acceleration in spending on information technology outsourcing, which should be visible in the deal wins and commentary as Infosys kicks off the fiscal third-quarter earnings season on Friday. Most industry executives are gearing up for a pickup in discretionary projects as well, in the quarters to come, which are good-to-have but not vital to day-to-day operations.outsourcing35

“The demand environment will be solid, and discretionary spending particularly in the area of digital transformation,” said Ganesh Natarajan, CEO of Punebased Zensar Technologies. “I expect investments in cloud, mobility, analytics and big data to substantially accelerate in 2014 and beyond,” he said.

Spending on discretionary projects is a good indicator of demand.

“We are bullish on the IT services sector, demand remains good in the US and broadly speaking, it is looking better in 2014 compared with 2013,” said Apurva Shah, senior portfolio manager at BNP Paribas Mutual Fund.

While there will be specific challenges, such as the ongoing US immigration overhaul, which could potentially make it more difficult and costly for the Indian IT companies to get visas and outplace consultants, the strongest correlation is with IT spending, Shah said. The fund has an ‘overweight’ view on the sector.

“I think the discussions are encouraging, but we will have to see for them to be able to transfer into budget and the spend for next year, but yes, definitely the early signs are very, very encouraging,”

“In the US, there’s a lot of positive mood,” N Chandrasekaran, chief executive at India’s largest software services provider, Tata Consultancy Services, told reporters last month. “We expect discretionary spending next year to see an uptick based on the conversations we have had.” Even Infosys, which is attempting to regain its growth momentum after lagging the industry in recent times, is more confident of a pickup in spending, and analysts are expecting the company to raise its full-year forecast.

Many analysts expect Infosys to raise its dollar-terms sales forecast for the year ending March 2014 to as much as 12% from the current 9-10%. That matches the lower end of the 12-14% growth forecast by industry lobby Nasscom for the $108 billion sector’s exports. “The discretionary spend, which has kind of disappeared from the market in the last two to three years seems to be coming back,” Rajiv Bansal, Infosys’s CFO told investors at a conference organised by US bank Wells Fargo, about half way through the quarter that ended December 31.

“I think the discussions are encouraging, but we will have to see for them to be able to transfer into budget and the spend for next year, but yes, definitely the early signs are very, very encouraging,” Infosys chief financial officer said.

Typically, the three months ended December 31, are seen as a seasonally weaker period for earnings. Workers go on furloughs, especially among manufacturing clients, and projects see little action during the period from Thanksgiving to until after new year’s day in the export-driven sector’s largest markets, the United States and Europe, including Britain.

Revenue for the top five Indian IT firms will grow between 1.1% and 3.7% in the December quarter compared with the previous three months, Pratik Gandhi, an analyst with IDBI Capital Markets wrote in a note to clients.

Gandhi expects fourth-ranked HCL Technologies to report the highest growth at 3.9%, driven by strong demand for its services remotely managing large data centres while he expects Infosys to post the lowest growth at 1.1%.

Source:http://articles.economictimes.indiatimes.com/2014-01-07/news/45955327_1_rajiv-bansal-infosys-chief-financial-officer-largest-software-services-provider

Weak demand may take a toll on IT stocks in near term

January 1st, 2014

Amid the slow growth in the broader economy and slump in capital investment, information technology (IT) was among the few sectors that kept investors’ spirits high in 2013. But 2014 does not appear to be as smooth to begin with. Outsourcing10

While the medium-term scenario continues to look bright for the sector, the second half of the fiscal is historically of weak demand. This may put some pressure on IT stocks in the near-term, considering their higher current valuations.

Each of the five top-tier IT players — including TCS, Infosys, Wipro, HCL Technologies and Tech Mahindra — along with some oWeak demand may take a toll on IT stocks in near termf their mid-tier counterparts such as Hexaware Technologies, Infotech Enterprises, KPIT Technologies, Mindtree and Persistent Systems that are listed on Indian bourses, earned robust double-digit returns in 2013.

Led by these stocks, the 20-member ET Infotech index gained 56% compared with meager 5-8% returns of the benchmark indices such as the S&P BSE Sensex, CNX Nifty, and ET 100. A gradual revival in the outsourcing demand in the US and the European market helped Indian IT players to resume on the growth path.

A sharp fall in the rupee against the major currencies during the first half of the fiscal further boosted the top line growth and operating margins.

Majority of the companies mentioned above have garnered 58-62% of their FY13 revenue in just the first six months of the current fiscal.

This strong momentum in the business is reflected in their valuations, which have soared sharply compared with their year-ago levels as shown in the table.

It may, however, not be an easy task to retain and further grow these stock valuations on account of two factors that may not turn in the favour of IT players in the near term.

First, the December and the March quarters are traditionally weak for IT companies due to the festive holidays and the annual exercise carried by client firms to ascertain IT budgets for the next year. IT players typically report a sequential volume growth of 1.5-3% during this period, compared with more than 3% increase in the first two quarters.

The second factor is the currency movement. As seen in the December quarter, the rupee has more or less stabilised on an average. Some of the currency market observers have predicted this trend to continue in the remainder of the fiscal.

If that happens, India IT players will not be able to enjoy higher top lines, unless a major depreciation in the rupee takes place. Both these factors are likely to curb the pace of growth in the remainder of FY14, which may impact valuations in the nearterm considering the facts that valuations have soared at a faster pace in recent months.

Source:http://economictimes.indiatimes.com/markets/analysis/weak-demand-may-take-a-toll-on-it-stocks-in-near-term/articleshow/28156757.cms

Higher growth returns to Indian IT industry

December 26th, 2013

The resilient USD 270-billion plus Indian IT industry returned to the higher growth trajectory in 2013 and is hoping to gain momentum in the ensuing year for a greater share of the global multi-billion dollar outsourcing market.Outsourcing7

Putting behind a turbulent 2012, the industry consolidated its presence in the software services sector, with its top four IT bellwethers – TCS, Infosys, Wipro and HCL – posting better results to register a healthy 12-14 percent growth thus far as against 10 percent last fiscal (2012-13).

“We have seen a significant increase in global technology spending this year, creating opportunities for the Indian software services sector to post double digit growth again in export as well as in the domestic markets,” a top industry representative said.

The National Association of Software and Services Companies (Nasscom) is expecting the industry to clock export revenues of USD 84-87 billion this fiscal (FY 2014) as against USD 76 billion last fiscal (FY2013).

In the Indian market, the industry is, expected to grow marginally year-on-year at 14 percent to post Rs.1.2 trillion (USD 185 billion) this fiscal from Rs.1.05 trillion (USD 160 billion last fiscal.

“We have decided not to revise our estimates and stick to the 12-14 percent growth forecast for this fiscal though the sector has faced headwinds due to slow recovery in its major export markets – the US and Europe,” Nasscom’s outgoing president Som Mittal told IANS.

The Indian IT industry comprises domestic firms, captive centres of multinationals, global industry classification standards (GICs) and industry sectors providing software and hardware services, business process outsourcing (back office operations), engineering and research and development (ER&D) and products.

The highlight of the year is the return of the industry’s icon and Infosys co-founder N.R. Narayana Murthy as executive chairman in June to put the global software major back into reckoning after it was found faring behind its peers due to combination of factors.

Though Murthy, 67, came back from retirement to revive the company’s fortunes, bringing his son Rohan Murthy as his executive assistant, the USD 7-billion Infosys also saw eight of its top executives, including two board directors quitting the company in search of greener pastures.

The year also saw Infosys competitor, Wipro Ltd hiving off its non-IT business in April into a separate enterprise by de-merging its consumer care & lighting, infrastructure engineering and medical diagnostic product & services business from its global software services and products business.

Keeping pace with disruptive technologies and new delivery platforms, the industry has diversified its service offerings to analytics, mobility, cloud, social media and emerging verticals such as healthcare and medical devices.

“India is the only country to offer such a wide range of offerings spanning IT services, BPM (business process management), engineering, R&D, internet and mobility and software products. The internet and mobile platforms are enabling the development of low-cost products not only for enterprises, but also consumers and citizens,” Mittal asserted.

The industry is also investing in technology and talent to explore opportunities like smart computing, anything-as-a service and the small and medium businesses.

“The domestic market is also maturing and is one of the fastest in the developing countries, thanks increasing role technology is playing in transforming delivery of diverse services in the government and private sector,” Mittal noted.

Though attrition remained higher than last year, especially among the bellwethers, campus hiring and fresh offers declined during the year, as companies consolidated operations than invest in human capital to make more techies sit on the bench waiting for new projects.

The industry added 188,000 jobs last fiscal, taking the total number of direct jobs to three million.

“The industry has once again demonstrated resilience and agility. As technology has become an integral enabler for growth across sectors, we are evolving and innovating to become a strategic partner to our customers. The thrust is to offer IP-led solutions over multiple platforms, which are transformative in nature,” Nasscom chairman and TCS chief executive N. Chandrasekaran said.

Highlights of 2013:

-Software exports to grow 12-14 percent to clock USD 84-87 billion

-Domestic market to also grow 14 percent to USD 185 billion

-N.R. Narayana Murthy returns to Infosys as chairman

-Eight top executives quit Infosys in six months

-Wipro hives off non-IT business as separate enterprise

-Industry diversifies into offering new services & products

-Campus hiring and fresh offers dip despite higher attrition

-Thrust on providing IP-led solutions on multiple platforms

Source:http://www.smetimes.in/smetimes/news/top-stories/2013/Dec/26/yearender-higher-growth-returns-to-indian-it-industry.html

How will be 2014 for Indian IT industry

December 26th, 2013

The resilient $270-billion plus Indian IT industry returned to the higher growth trajectory in 2013 and is hoping to gain momentum in the ensuing year for a greater share of the global multi-billion dollar outsourcing market.Outsourcing29

Putting behind a turbulent 2012, the industry consolidated its presence in the software services sector, with its top four IT bellwethers – TCS, Infosys, Wipro and HCL – posting better results to register a healthy 12-14 percent growth thus far as against 10 percent last fiscal (2012-13).

“We have seen a significant increase in global technology spending this year, creating opportunities for the Indian software services sector to post double digit growth again in export as well as in the domestic markets,” a top industry representative said.

The National Association of Software and Services Companies (Nasscom) is expecting the industry to clock export revenues of $84-87 billion this fiscal (FY 2014) as against $76 billion last fiscal (FY2013).

In the Indian market, the industry is, expected to grow marginally year-on-year at 14 percent to post Rs.1.2 trillion ($185 billion) this fiscal from Rs.1.05 trillion ($160 billion last fiscal.

“We have decided not to revise our estimates and stick to the 12-14 percent growth forecast for this fiscal though the sector has faced headwinds due to slow recovery in its major export markets – the US and Europe,” Nasscom’s outgoing president Som Mittal told IANS.

The Indian IT industry comprises domestic firms, captive centres of multinationals, global industry classification standards (GICs) and industry sectors providing software and hardware services, business process outsourcing (back office operations), engineering and research and development (ER&D) and products.

The highlight of the year is the return of the industry’s icon and Infosys co-founder N.R. Narayana Murthy as executive chairman in June to put the global software major back into reckoning after it was found faring behind its peers due to combination of factors.

Though Murthy, 67, came back from retirement to revive the company’s fortunes, bringing his son Rohan Murthy as his executive assistant, the $7-billion Infosys also saw eight of its top executives, including two board directors quitting the company in search of greener pastures.

The year also saw Infosys competitor, Wipro Ltd hiving off its non-IT business in April into a separate enterprise by de-merging its consumer care & lighting, infrastructure engineering and medical diagnostic product & services business from its global software services and products business.

Keeping pace with disruptive technologies and new delivery platforms, the industry has diversified its service offerings to analytics, mobility, cloud, social media and emerging verticals such as healthcare and medical devices.

“India is the only country to offer such a wide range of offerings spanning IT services, BPM (business process management), engineering, R&D, internet and mobility and software products. The internet and mobile platforms are enabling the development of low-cost products not only for enterprises, but also consumers and citizens,” Mittal asserted.

The industry is also investing in technology and talent to explore opportunities like smart computing, anything-as-a service and the small and medium businesses.

“The domestic market is also maturing and is one of the fastest in the developing countries, thanks increasing role technology is playing in transforming delivery of diverse services in the government and private sector,” Mittal noted.

Though attrition remained higher than last year, especially among the bellwethers, campus hiring and fresh offers declined during the year, as companies consolidated operations than invest in human capital to make more techies sit on the bench waiting for new projects.

The industry added 188,000 jobs last fiscal, taking the total number of direct jobs to three million.

“The industry has once again demonstrated resilience and agility. As technology has become an integral enabler for growth across sectors, we are evolving and innovating to become a strategic partner to our customers. The thrust is to offer IP-led solutions over multiple platforms, which are transformative in nature,” Nasscom chairman and TCS chief executive N. Chandrasekaran said.

Highlights of 2013

-Software exports to grow 12-14 percent to clock $84-87 billion

-Domestic market to also grow 14 percent to $185 billion

-N.R. Narayana Murthy returns to Infosys as chairman

-Eight top executives quit Infosys in six months

-Wipro hives off non-IT business as separate enterprise

-Industry diversifies into offering new services & products

-Campus hiring and fresh offers dip despite higher attrition

-Thrust on providing IP-led solutions on multiple platforms

Source:http://indiatoday.intoday.in/story/how-will-be-2014-for-indian-it-industry/1/332837.html

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