In what could be a firm indicator of turnaround times for the IT industry, the CEO of India's largest IT services company TCS said fiscal 2010-11 is likely to see his company step up the pace of hiring, give wage hikes, as well as increase capital expenditure.
Next year's capex for the $6-billion company is likely to be higher than the Rs 1,300 crore earmarked for the current year, a figure disclosed by the group chairman, Mr Ratan Tata, at the company's annual general meeting last year.
However, Mr Chandrasekaran, CEO & MD of TCS did not provide concrete numbers as the company is still in the process of firming up its plans for the next fiscal, ahead of its third quarterly results that are to be announced on January 15. This revival in IT spend is propelling TCS to firm up hiring plans for next year and it is being led by companies in the banking, financial services space across geographies.
Though companies in sectors such as manufacturing, hi-tech, telecom and manufacturing are still ‘not out of the woods', there are enough indications of things revving up next year. TCS CEO believes that during the course of the next year these sectors will turn positive and deliver growth. The good news is the decline (in these sectors) has stopped.
crackcrackCompany Name | CMP |
---|---|
TCS | 4168.05 |
Infosys | 1922.05 |
HCL Tech. | 1911.20 |
Wipro | 305.15 |
Tech Mahindra | 1685.20 |
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