Technology majors Tata Consultancy Services (TCS) and IBM today announced partnership to further develop India’s quantum industry. Both the technology firms are part of the Government of Andhra Pradesh’s new, first-of-a-kind, Quantum Valley Tech Park, currently being built in the capital city of Amaravati.

The tech park will be anchored by an IBM Quantum System Two installation, with a 156-qubit Heron quantum processor, the largest quantum computer in India.

An uncertain macro environment and slow discretionary spending on the part of its clients in major markets, coupled with seasonality weaknesses owing to furloughs, affected the third-quarter (October-December 2024) FY25 performance of India’s largest information-technology services player, Tata Consultancy Services (TCS).

TCS’ net profit for the third quarter, at Rs 12,380 crore, was up 11.9 per cent over Rs 11,058 crore in the same quarter of FY24.

Tata Consultancy Services (TCS), India's largest IT services company, said on Wednesday it has signed a two-year partnership with McDonald Philippines to upgrade technology used by the fast-food chain.

The deal size was not disclosed. TCS signed the agreement with George Yang-led Golden Arches Development Corporation (GADC), the master franchise holder of McDonald's in the Philippines.

Global IT services firm and India’s largest IT services company, Tata Consultancy Services (TCS), announced a net headcount addition of 5,452 employees. This follows three quarters of negative headcount decline.

At the end of the first quarter of FY25, TCS reported a total headcount of 606,998.

TCS becomes the second firm to announce a net addition, after Accenture.

IT major Tata Consultancy Services (TCS) on Friday posted a consolidated net profit of Rs 12,434 crore in the January-March quarter, a rise of over 9 per cent from Rs 11,392 crore a year ago.

Sequentially, the net profit was up 12.44 per cent. In Q3FY24, the net profit of the company was Rs 11,058 crore.

Shares of Tata Consultancy Services (TCS) hit a 52-week high of Rs 3,634.70, up 1 per cent on the BSE in Monday's intraday trade, in an otherwise weak market after the company announced that it will consider a proposal to buyback equity shares at the meeting to be held on October 11, 2023. The company made the announcement on Friday after market hours.

In comparison, the S&P BSE Sensex was down 0.64 per cent at 65,571 at 09:30 AM.

IT services firm Tata Consultancy Services announced on Friday that it will consider a share buyback when the company's board meets next week to approve its second-quarter financial results.

In a regulatory filing, the company stated, "Pursuant to Regulation 29(1)(b) of the Sebi (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform you that the Board of Directors will consider a proposal for buyback of equity shares of the Company, at its meeting to be held on October 11, 2023."

TCS has suspended four employees for violating its code of conduct, following a whistleblower complaint received earlier this month, sources said on Friday.

The Tata Group company, the largest IT services exporter in the country, has also barred an unspecified number of vendors who provided talent on a contractual basis, they added.

Tata Consultancy Services (TCS), India’s largest IT services player, in a statement said that the media report suggesting the involvement of senior executives in bribes for jobs from recruitment firms relates to a breach of the company’s Code of Conduct by certain employees and vendors. It also said that there was no financial impact and does not involve any fraud.

TCS made these clarification to the exchanges in a filing, as a media report said that senior executives involved in hiring thousands of personnel took bribes from staffing firms. The story also stated that TCS’s Resource Management Group (RMG) head has been accepting commissions from staffing firms.

Tata Consultancy Services (TCS), one of the biggest IT firms in India, has been rocked by a bribes-for-jobs scandal. According to a report by Mint, a few senior personnel at the company were accepting bribes from staffing firms for giving jobs to their candidates, for years.

This has led to the company sacking four officials from its resource management group (RMG) and banning three staffing firms.

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