TCS employees likely to receive higher salary hikes this year

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April 12, 2022

Tata Consultancy Services (TCS), India’s largest IT firm, announced a 7% increase in net profit to $9,926 crore, with revenue surpassing the ₹50,000-crore mark for the first time. The March quarter’s revenue increased by approximately 16% year over year to ₹50,591 crores.

The March quarter’s dollar revenue increased 14.3% in constant currency to $6.7 billion, owing to the company’s highest-ever order book for a total contract value (TCV) of $11.3 billion. For FY22, TCS reported $3.5 billion in incremental revenue and $34.6 billion in total revenue.

TCS’s chief executive officer (CEO) and managing director (MD), Rajesh Gopinathan, stated that the IT firm gave a 6-8% salary increment in FY22 and that similar hikes with an upward bias will be considered in FY23.

TCS had its best quarter ever in terms of employee additions. In the January-March 2022 quarter, out of the net addition of 1,03,546, as many as 35,209 were hired. However, TCS’ IT services attrition has remained at 17.4% despite the enormous personnel additions. On the other hand, Gradual attrition has ‘moderated’, according to the company.

In the meantime, Gopinathan hinted that the company would aim for double-digit growth in FY23, citing the strong demand environment and solid market acceptability for the services it offers.

He stated that the company’s overall business momentum is positive. The company is hopeful, particularly in terms of setting itself up for the future, which includes beginning an ambitious reorganization on April 1.

Wipro acquires US-based communications services firm for $80 million

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April 12, 2022

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Wipro has acquired Convergence Acceleration Solutions (CAS Group), a US-based consultancy and programme management firm specialising in business and technology transformation for large communications service providers.

It will pay $50 million upfront and $30 million over three years as contingent consideration. Client services will range from strategy development and planning to execution and implementation through the joint entity.

“CAS Group brings to Wipro a uniquely complementary set of capabilities,” said Philippe Dintrans, SVP & global head of domain & consulting in Wipro. “Their long-standing strategic partnerships with some of the largest communications service providers, combined with deep expertise in large scale transformation projects, will allow us to achieve a significant competitive advantage in this high-growth sector.”

CAS Group, founded in 2007, provides clients with transformation programmes across 17 service centres, including mobile/wireless, business and fibre-optic services, and cable, data, and telecom retail solutions. The company employs 145 employees and is privately owned. In 2021, it made $28 million in revenue, up from $21 million the year before.

‘Baalti Bhar Ke’, the 11-minute quick service, micro-culinary brand by Kebabs and Curries Company opens its first outlet in C-Scheme, Jaipur

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April 11, 2022

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March 31 2022, Jaipur: Baalti Bhar Ke, as the name suggests means abundance, and as such, the brand delivers happiness and good food in excess to its guests and patrons. Baalti Bhar Ke brings together five elements of Kebabs and Curries Company (KCCO) under one brand experience to give Jaipurites a new way of dining.

Guests can visit the bold, vibrant yellow dining space at Neelkanth Towers, near MGF Mall, C Scheme and be treated to the following,

20 bestselling items of Kebabs and Curries Company
New delicious recipes like Keema Pao, Keema Baati, Makhanwala Tandoori chicken, Chicken Changezi, Desi Ghee Mutton Curry, Desi Ghee Chicken Curry, Khamiri Roti etc.
All items are available in half kilo, 1 kilo and 1.5 kilo smart packs, in user-friendly, jumbo packaging
Kebabs are available in party packs of 6, 12, 18 pieces
A super-quick 11-minute food out time from the KCCO kitchen.

This is the newest brand to be launched by Kebabs and Curries Company and is a combination of the Kebabs and Curries’ best business practices, customer insights and new smart brand design.

Tarun Behl, founder and Managing Director, KCCO India Pvt Ltd,said, “The pandemic has changed the eating habits of people. Baalti Bhar Ke gives our guests the best of KCCO menu and new recipes as well.”

Varun Behl, co-founder and Managing Director, KCCO India Pvt Ltd, said, “Baalti Bhar Ke is a completely new concept that we have launched. Baalti Bhar Ke is focused on group eating and family events. In short, happiness, Baalti Bhar Ke, delivered by Kebabs and Curries Company.”

A homegrown brand, Kebabs & Curries Company (KCCO) has been creating unforgettable dining experiences for 18 years. This Jaipur based culinary brand has a chain of restaurants and QSR (Quick Service Restaurants) in prime locations (Raja Park, Chitrakoot (Vaishali Nagar), Jagatpura, Sitapura, World Trade Park Mall, Banipark, Hawa Mahal (Pink City), So Hi B2 Bypass, Elements Mall (DCM Ajmer Road) and VT Road Mansarovar, Kota (Rajiv Gandhi Nagar), Udaipur and few other select cities of Rajasthan.

KCCO India Pvt. Ltd currently has seven culinary brands under its ambit, and its focus is on quality, consistency, hygiene and service across all its outlets. Apart from its restaurants, KCCO India Pvt. Ltd also operates in the space of upscale catering for groups and events. KCCO India Pvt Ltd currently has its presence in Jaipur, Ajmer, Kota, Udaipur with a total 16 number of restaurants and culinary outlets.

Isprava Group receives ₹1000-cr from Nadir Godrej, Burman family offices

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April 11, 2022

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The Isprava Group, a luxury holiday home developer, backed by Nadir Godrej, Anand Piramal, and the Burman family of Dabur India, has raised nearly Rs 1,000 crore in its third round of fundraising, which was led by key investors comprising these existing marquee stakeholders.

The Nadir Godrej Family Office, the Burman Family Office, and others contributed significantly to the latest fundraising effort. Previously, the company raised funding in early 2017 and again in 2019.

The capital was raised through a combination of corporate and project level equity investments by the Isprava Group, including luxury house developer Isprava and luxury homestay company Lohono Stays.

“Isprava and Lohono are redefining luxury second homes and hospitality in India. They have managed to execute flawlessly and that too at scale. They are well positioned to capture market share across India and continue to grow exponentially. We, as a family, are thrilled to have been a part of this journey as investors,” said Aditya Burman, director at Dabur India.

Both Isprava and Lohono Stays will continue to build their business verticals with this round of growth capital.

“We have witnessed exponential growth for both Isprava and Lohono Stays in the last few years. These funds raised will help us further delight our customers, scale both businesses and build out our tech stack. We are excited to continue to grow both companies and ensure that they continue to be loved by their customers,” said Nibhrant Shah, CEO of Isprava Group.

“The demand for luxury real estate and unique experiences among high networth individuals (HNIs) has grown exponentially over the last several years. Both Isprava and Lohono Stays have firmly established themselves as the category leaders in their respective industries. We believe the market for both these businesses is going to expand rapidly and we have built a solid foundation on which both the companies are ready to grow even more exponentially over the next several years,” said Dhimaan Shah, COO at Isprava Group.

Office vacancies remain stable as companies start bringing employees back

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April 11, 2022

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Vacancies in Grade A office space markets across the top six cities remained stable for the first time after two years of a constant increase in the first quarter ended March at 18.5%, with companies reviving expansion plans and employees returning to work.

According to Colliers, a real estate services and investment management company, office vacancy has been rising by roughly 2% per quarter since the second quarter of 2020 due to occupier exits and decreased demand amid the Covid-19 outbreak.

Commercial developers such as Embassy REIT, Prestige Office Venture, DLF, Brookfield, and RMZ, on the other hand, have reported reduced or constant vacancy in their office portfolios in the last quarter, according to industry insiders.

“This quarter has seen occupier confidence swinging back with considerable large-sized deals that accounted for a whopping 55% of the leasing during the quarter,” said Ramesh Nair, CEO, India, and managing director, market development, Asia, at Colliers. “This clearly shows that occupiers are consolidating offices as they prepare for workplace-led innovation and collaboration.”

He said the second quarter of 2022 “will be a crucial period as we expect more companies to open up workplaces”. “If the overall leasing momentum continues, then the year 2022 is likely to be a promising year,” Nair said.

According to Colliers, gross absorption in the first quarter of the calendar year jumped nearly three times year on year (YoY) to 13.0 million sq ft, the highest level in two years. This indicates that the first quarter was a turning point for the commercial office sector, with the industry overcoming the comparatively low demand experienced over the previous two years.

The Leela Goa to be rebranded as St Regis hotel by Marriott

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April 9, 2022

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Marriott International, Inc. announced that it had inked an agreement with Ceres Hotels Pvt. Ltd. to introduce its St. Regis brand to Goa earlier this week.

Following a planned conversion, The Leela Goa will be transformed into The St. Regis Goa Resort, which will open in October 2022. The shift will take place in stages, according to the company. Ceres Hotels is a subsidiary of Metrod Holdings Berhad, which is publicly traded in Kuala Lumpur.

“We are delighted to work with Ceres Hotels Private Limited to introduce the St. Regis brand to Goa, bringing bespoke experiences curated for the most discerning travellers to one of the most beautiful and fascinating coastal destinations in India,” said Rajeev Menon, President of Asia Pacific, excluding Greater China, Marriott International.

“The resort will usher in a new benchmark of luxury hospitality in this city and underscores the tremendous trust and confidence our owners have in us and in the power of our luxury brands.”

The hotel is located on the Mobor beach in South Goa, and it spans 49 acres. The beach is known for dolphin spotting, bird viewing, and cruises because it is surrounded on three sides by water.

There are 206 rooms, suites, villas, and five speciality restaurants.

Choice Hotels India launches Comfort Inn Vilasa in Burhar, MP

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April 8, 2022

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Comfort Inn Vilasa will be the first international branded hotel in Burhar, Madhya Pradesh’s Shadol district, where guests will experience warm, efficient service at an affordable price.

Comfort Inn Vilasa, a contemporary hotel featuring modern facilities, high-quality operations, and access through multiple distribution platforms, joins Choice Hotels’ fast-growing portfolio in Burhar.

Comfort Inn Vilasa is a full-service hotel near the railway station that offers a comprehensive range of guest services. The hotel draws both business and leisure travellers due to its location near notable pilgrimage sites such as Teerthraj – The King of Pilgrimages, and significant mining centres.

Speaking on occasion, Vilas Pawar, CEO of Choice Hotels India, commented, “We are delighted to expand our reach in Madhya Pradesh with Comfort Inn Vilasa, Burhar. With growing opportunities in this region, this hotel will cater to fast-emerging commercial requirements with the brand promise of a comfortable stay”.

Rajesh Chamariya, Managing Director of Comfort Inn Vilasa, Burhar, commented, “We are extremely proud to partner with Choice Hotels, and we are set to offer exemplary services to our guests. The location of the hotel and magnificent interiors set us apart from other players in the region. In addition, the hotel is a preferred choice for social gatherings amongst the locals”.

The hotel is conveniently located in Burhar’s city centre, in Madhya Pradesh’s Shadol district, and offers stylish and elegant guest rooms with contemporary interiors for a refreshing environment. The multi-cuisine restaurants Senses and Farmaish Café are open 24 hours a day for a quick bite. In addition, the hotel provides an on-site fitness facility and laundry for guests’ convenience.

This IT firm gets 600,000 employee referrals for jobs: Report

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April 8, 2022

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Throughout the last few quarters, attrition rates in IT companies have been high as demand for technical professionals with digital capabilities has continued to exceed supply. On the other hand, Accenture has stated that it is not talent constrained.

According to brokerage and research firm Kotak, the IT giant can recruit roughly 4.6 million talented candidates per year, including 600,000 employee referrals.

Accenture finds talent by combining high touch with high-tech recruiting and artificial intelligence. Despite labour market concerns, Accenture has access to a large talent pool. According to a survey by Kotak, Apprenticeship programmes allow companies to tap into fresh talent pools.

According to the report, the information technology company has done an excellent job of forecasting prospects and investing heavily through organic and inorganic channels to grab new spending avenues and gain market leadership.

“Accenture despite being the largest IT services firm will grow at the fastest pace among all global Tier 1 players, a remarkable feat. Cloud business was US$1 bn in revenue in FY2012 and has grown to US$26 bn in a decade and is still clocking 30% growth,” as per Kotak.

According to the report, the use of compressed transformation is expanding and accelerating across organisations in India, giving a structural tailwind to demand over the next several years.

“Higher focus on costs is an outcome but not necessarily a bad one for Indian IT, cost focus can bring back mega deals for the industry and will benefit Tier 1 players enabling them to close gap with mid-tier peers,” said Kotak.

Indiabulls Real Estate introduces QIP, sets a floor price

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April 8, 2022

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Indiabulls Real Estate’s board of directors approved the launch of a Qualified institutional placement (QIP) issue on April 7, 2022, with a floor price of ₹106.38 per equity share, based on the pricing formula stipulated by the SEBI ICDR Regulations.

“The issue price will be determined by the company in consultation with the book running lead managers appointed for the Issue. Further, the company may at its discretion offer a discount of not more than 5% on the floor price for the issue,” Indiabulls Real Estate informed in an exchange filing.

The real estate firm further stated that a committee meeting would be conducted on or after April 12, 2022, to examine and approve the issue price, including any applicable discount.

The property developer’s board of directors approved a strategy to collect money of up to Rs 1,500 crore through one or more QIPs in December of last year.

According to the company, the fundraiser is intended to supplement the company’s long-term resources and retain sufficient liquidity for meeting financial requirements for business activities, existing and new projects, and future business growth.

Indiabulls Real Estate’s stock has risen more than 32% in a year, but the real estate stock has fallen nearly 31% in 2022 (year-to-date or YTD).

Indiabulls Real Estate, a subsidiary of the Indiabulls Group, is one of India’s major real estate companies with a diverse commercial and residential properties portfolio.

Meta plans virtual currency, creator coins for its apps: Report

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April 7, 2022

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Meta Platforms Inc is preparing plans to introduce virtual tokens and cryptocurrencies to its family of apps to use such virtual tokens for rewarding creators, lending, and other financial services, the Financial Times reported on Wednesday.

The move, which is said to be in the early stages, comes as Meta expands its focus on services centered on the metaverse, a virtual world where people interact, work, and play.

It could also provide Meta with a new revenue stream and more control over transactions across its suite of apps and services, which includes Facebook, Instagram, WhatsApp, and the Meta Quest virtual reality platform if it is implemented.

According to the FT report, which cited persons familiar with the matter, Meta’s currency, internally dubbed “Zuck Bucks,” is meant for the metaverse and may not be based on blockchain.

According to the report, meta might offer in-app tokens that would be centralized by the company and could be used to pay favorite Instagram creators or reward those who make remarkable contributions to Facebook groups.

Last month, Mark Zuckerberg, the CEO of Meta, stated that Instagram will introduce non-fungible tokens (NFTs) in the “near-term.”

Meta joined the Crypto Open Patent Alliance (COPA) earlier this year, a group of firms led by Block Inc’s Jack Dorsey pledged to promote open access to cryptocurrency technologies.

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