India's TCS to cut 12,000 jobs
The software services firm — India's largest by market cap — said the reductions would mainly affect employees in middle and senior roles and would be rolled out over the course of this year.
TCS employs 613,000 people worldwide, and the IT services sector is one of India's biggest employers and revenue earners.
The company said the move was part of efforts to become a 'future-ready' organisation as it enters new markets and scales up its use of artificial intelligence.
'As part of this journey, we will also be releasing associates from the organisation whose deployment may not be feasible,' TCS said in a statement.
It said the restructuring was being carried out with 'due care' to avoid disruption to client services.
After TCS's June-quarter revenue fell short of expectations, CEO K Krithivasan said this month that 'continued global macro-economic and geopolitical uncertainties caused a demand contraction'.
IT services are the most visible part of India's modern economy and historically one of its biggest white-collar job creators, driving the expansion of the middle class.
But a slowdown in the sector has seen hundreds of thousands of new graduates struggle to find work.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
an hour ago
- Business Recorder
Indian refiner Nayara trims crude runs in wake of EU sanctions, sources say
NEW DELHI: Russia-backed Indian refiner Nayara Energy has reduced operations at its 400,000-barrel-per-day refinery in the aftermath of new European Union sanctions that targeted the firm, five sources familiar with the matter said. Privately-held Nayara, which runs India's third-biggest refinery at the port of Vadinar in the western state of Gujarat, controls nearly 8% of the country's total refining capacity of about 5.2 million bpd. The sanctions package unveiled on July 18 against Russia and its energy sector has made it tougher for Nayara to export its refined products, resulting in storage constraints, two of the sources said. Since the EU curbs on Nayara, traders have grown cautious in dealing with its fuel, trade and industry sources say. Last week, Reuters reported that at least two tankers skipped planned loadings at Vadinar while a tanker carrying a cargo of Russian crude was diverted away from the refiner. One source said Nayara was operating the refinery at 70% of capacity, while another put the figure at 80%. EU-sanctioned Indian refiner Nayara takes Microsoft to court over outage Nayara ran at more than 100% of its nameplate capacity in each of the three months through June, the most recent government data shows. All the sources sought anonymity because they were not authorised to speak to the media. Nayara did not immediately respond to a request for comment. Nayara typically exports at least four million barrels of refined products each month, including diesel, jet fuel, gasoline and naphtha, through traders. India has become the biggest buyer of seaborne Russian crude in the aftermath of Moscow's Ukraine invasion. Nayara, majority-owned by Russian entities including Rosneft, is a key buyer of Russian oil. Nayara's chief executive resigned after the sanctions and was replaced by Sergey Denisov, who had been its chief development officer, Reuters reported on Friday. On Monday, Nayara said it filed legal proceedings against U.S. software giant Microsoft following its suspension of services to the refiner. Nayara, based in the commercial capital of Mumbai, operates more than 6,000 fuel stations.
Business Recorder
an hour ago
- Business Recorder
Indian rupee falls to four-month low on firmer greenback, state-run banks' dollar bids
MUMBAI: The Indian rupee declined to its weakest level since mid-March in early trade on Tuesday, as a slump in the euro sharply raised the dollar index, and demand for the greenback from state-run banks added to the pressure. The rupee hit a low of 86.9150 against the U.S. dollar before paring losses to 86.8725, down 0.2% on the day, as of 11:10 a.m. IST. In recent sessions, the Indian currency has also been troubled by persistent outflows from local equities, amid a tepid quarterly earnings season, alongside muted prospects of a U.S.-India trade deal ahead of the August 1 deadline. While India is still awaiting concrete developments in negotiations, sentiment surrounding a deal between the EuropeanUnion and the U.S. turned sour with leaders in France and Germany lamenting the outcome. The euro was last quoted a tad lower at 1.1584 after falling more than 1% against the dollar on Monday. Asian currencies, meanwhile, were moderately weaker between 0.2% and 0.4%. 'With net short dollar positions looking crowded and easing, the U.S. dollar could get some reprieve in the near term,' MUFG said in a note. Indian rupee slips but sidesteps firmer dollar as flows dominate price-action But the focus will also be on the Federal Reserve's policy decision due on Wednesday wherein a dovish tilt could lead to renewed U.S. dollar weakness, supporting the broader Asian FX outlook, the note added. On the day, traders also pointed to an uptick in very-near tenor dollar-rupee swap rates spurred by anticipation of IPO-related cash dollar inflows alongside maturity of the Reserve Bank of India's forward dollar positions at the end of the month. The spot-week USD/INR swap rate, for instance, was quoting at an implied rate of about 0.60 paisa per day, well above the prevailing overnight swap rate of about 0.30 paisa.
Business Recorder
an hour ago
- Business Recorder
India's April-June finished steel imports fall nearly 30% as China, Japan shipments slow
NEW DELHI: India's finished steel imports dropped nearly 30% in the first three months of the financial year that started in April, due to a persistent fall in shipments from China and Japan, according to provisional government data reviewed by Reuters on Tuesday. The world's second-biggest crude steel producer imported 1.4 million metric tons of finished steel during April-June, down 28.8% from a year earlier, the data showed. Shipments from China fell 45.8%, while those from Japan declined 65.2%. China shipped 0.3 million tons of finished steel into India during the period, while Japan exported 0.2 million tons, the data showed. In April, India imposed a 12% temporary tariff on some steel imports, locally known as a safeguard duty, to curb a surge in cheap shipments primarily from China. South Korea was the biggest exporter to India, with shipments reaching 0.5 million tons, down 6.5%. India remained a net importer during the period, with exports easing 5.1%. Belgium was the top destination for finished steel exports from India, with shipments rising 40.8%. India's JSW Steel beats first-quarter profit view as margins improve Shipments to the United States, Spain and Nepal climbed, while exports to Italy dropped. Volume-wise, galvanised plain or corrugated sheets or coils were India's biggest exports. Domestically, crude steel production was at 40.6 million tons, up 11.2%. Finished steel consumption was at 38.3 million tons, up 7.9%. Indian domestic rebar prices edged lower as underlying market sentiment remained weak amid sluggish demand and the onset of monsoon, the government said in its report.
