The latest financial performance of the big three of Indian IT industry—Tata Consultancy Services (TCS) , Infosys and Wipro—underscores the fact that the macro-economic challenges still persist with business momentum not picking up and net profits dropping. In short, the prospects of a double digit growth rate is still far away. The first quarter of FY18 for this top three companies has been consistent on one point —declining net profits. If TCS’s net profit dropped on a quarter-on-quarter (QoQ) basis by 10%, it was 3.3% for Infosys and 8% in the case of Wipro. The twin factors which affected their bottomline performance were wages hikes and the appreciating rupee against the US dollar.

Tata Group, the Indian conglomerate that manages more than 100 operating companies, is weighing a plan to streamline its information technology and infrastructure businesses, people with knowledge of the matter said.

The conglomerate is considering a restructuring that would see several of its IT businesses moved under publicly traded Tata Consultancy Services (TCS), according to the people. Tata group, which wants to reduce the number of companies it oversees, may sell some smaller units that don’t fit with its strategy, the people said, asking not to be identified because the information is private.

Reliance Industries, the most valuable firm on the bourses, added another feather in its cap by crossing the Rs 5 lakh crore market-capitalisation for the first time in its trading history.

It has become the second only firm to do so after Tata Consultancy Service (TCS), which is now the second most valuable company in terms of market-capitalisation.

Shares of Wipro rose over 3% in the early trade on Monday after the third largest IT services firm Wipro on Friday said its board will consider a proposal for buyback of equity shares on July 20.

Reacting to the development, the stock of the company gained as much as 3.2% to Rs 268 on the BSE. The stock was the top gainer on Sensex and Nifty.

The heavyweight IT companies TCS and Infosys have capped the previous two-day gains and are dragging the Nifty IT index down ahead of the first quarter earnings. Stocks of IT companies mostly trade up except TCS which was down 0.89% at Rs 2,453.8 while Infosys shares were mostly flat, down 0.11% at Rs 974.25. NSE’s Nifty IT index trade slightly under pressure, down 0.14% at 10,415.1 points.

The $150 billion Indian IT industry is expected to have a sedate start this fiscal, with the first quarter results of top tier companies like TCS, Infosys and Wipro commencing this week. Analysts believe that revenue growth will be subdued and operating profit margins will be under stress in the April-June period, with the demand environment yet to pick up pace. EBIT margins in the first quarter may compress by up to 260bps for large-caps, primarily due to rupee appreciation, wage increases, and visa costs.

Tata Consultancy Services on Wednesday surpassed Reliance Industries to reclaim the status of the country's most valued firm by market valuation.

At close of trade today, the market capitalisation (m- cap) of TCS stood at Rs 4,63,287.02 crore, which was Rs 8,555.55 crore more than RIL's Rs 4,54,731.47 crore valuation.

After a gap of 2-months, Reliance Industries Ltd (RIL) regained the status of the country's most valued firm on Friday, overtaking Tata Group's TCS in terms of market valuation.

At close of trade, RIL commanded a market capitalisation (m-cap) of Rs 4,66,599.69 crore, which was Rs 1,450.62 crore more than TCS' Rs 4,65,149.07 crore valuation.

Clothing Manufacturers Association of India (CMAI), the premier apparel body, in association with Tata Consultancy Services (TCS) has developed a software for garment manufacturers to alert them about GST (Goods and Services Tax) compliance.

Priced at Rs 18,000 for the initial six months, the software has a unique feature for highlighting the stage of compliance. The software automatically sends reminders to a vendor or a supplier who has not paid a tax at any stage in the textile value chain.

India's largest IT services company Tata Consultancy Services (TCS) will collaborate with chipmaker Intel to design a reference architecture that could be used for rolling out Internet of things (IoT), cloud, 5G and AI by its customers.

The partnership will also see both companies jointly investing in Centres of Excellences (CoEs) across India and the US to provide industry specific solutions for optimising cost and improving productivity.

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