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Back home, the Nifty IT index - a gauge of the performance of the IT stocks on the National Stock Exchange (NSE) that has closely mirrored the performance of NASDAQ over the past few years - has lost nearly 2 per cent in CY23.
Shares of Indian information technology (IT) companies were off to a firm start in Friday s trade, drawing strength from an excellent set of numbers reported by the global behemoth in the consulting and IT services Accenture. While the Nifty IT index was trading over half a per cent higher in early deals, most stocks, barring Wipro, gained up to 2 per cent. Shares of TCS, Infosys, Tech Mahindra, Mindtree and Coforge even logged fresh 52-week highs.
Accenture on Thursday report better-than-expected third-quarter numbers with 16 per cent year-on-year (YoY) growth in revenue. The company also raised its fiscal 2021 (company follows January to December financial calendar) growth guidance to 10-11 per cent. This is up from the 6.5 per cent and 8.5 per cent it had guided in the last quarter.
BENGALURU/CHENNAI: Even as Cognizant has made offers to 28,000 campus hires for onboarding this year, the company’s attrition rate continues to stay very high, compared to those of its Indian peers. Some of the latter are seeing these rates decline, but Cognizant s has risen in the past two quarters and has hovered in the range of 18%-24% for the past nine quarters.
In the latest quarter, the company s attrition rose to 21%, translating to about 15,600 employees leaving the firm. It was 19% in the preceding quarter and was 24% in Q2 of last year. In contrast, in the latest quarter, TCS s attrition was just 7.2%, HCL s was 9.9%, Wipro s 12.1%, and Infosys s 15%.