IGI Logo

Key News

Indian IT industry's revenues to grow 2.3% to ₹194 billion this fiscal:

Nasscom Despite a dip in global technology spending amid the coronavirus pandemic, the country's information technology sector is set to post a 2.3% rise in revenues to $194 billion in the current fiscal, Nasscom said on Monday. The industry added 1.38 lakh people to its workforce on a net basis during the year, taking the total number of employees to 44.7 lakh.

Exports for the fiscal year ending March 2021 are set to grow 1.9% to $150 billion while domestic revenues are projected to rise at a faster clip of 3.4% to $45 billion, the industry lobby group said. IT services segment will grow 2.7% to $99 billion while Business Process Management (BPM) will see a growth of 2.3% at $38 billion. Software products segment will witness a growth of 2.7% at $9 billion and hardware grow 4.1% to $16 billion.

The only segment which de-grew during the fiscal year is engineering and research and development where revenues were down 0.2% to $31 billion. The e-commerce segment will see a 4.8% growth in revenues at $57 billion on the back of a 82% jump in e-tail even as there will be a 75% de-growth in e-travel sub-segments, as per Nasscom. Nasscom said there was a 3.2% decline in global tech spend on the back of a 3.5% contraction in the global GDP.

In terms of outlook, Nasscom pointed to some of the listed companies mentioning about a pipeline of over $15 billion while a survey of 100 chief executives also painted a positive picture. As per the survey findings, 71% of the respondents are expecting a significantly higher tech spend in 2021 and 95% of the CEOs said their hiring will be higher than the 2020 levels during the new year. There has also been a 10% shift to outcome-based pricing models as against the earlier practice of fixed pricing of contracts based on man hours. Rao said this reflects a confidence within the industry to effectively demonstrate its capabilities and added that this is because pilot projects are moving to full-fledged implementation.

Freight corridor capex up 21% at Rs 8,201 crore this year

Capital expenditure on the dedicated freight corridor in the first 10 months of current financial year (FY21) was up 21 per cent at Rs 8,201 crore as compared to Rs 6,783 crore in the corresponding period of the previous financial year. The information was shared by senior officials from the Dedicated Freight Corridor Corporation Limited (DFCCIL) during a review conducted by railway minister Piyush Goyal on Monday. The ministry plans to complete the entire stretch of 2,800 km on the Eastern as well as the Western freight corridor by June next year. During the review, Goyal directed DFCCIL and the contractors to take all possible steps to speed up the pace of works on all the sections of the Western dedicated freight corridor (DFC) (1,504 Route km) and the Eastern DFC (1,856 route km).

SIS Limited board approves buyback of shares at Rs. 550 per share

The Equity Shares to be bought back at the Buyback Offer Price are 18,18,181 Equity Shares, representing 1.24% of the total number of Equity Shares in the total paid-up equity capital of the Company as on March 31, 2020.

To Read Complete Report & Disclaimer Click Here

Above views are of the author and not of the website kindly read disclaimer