India's leading software services provider, Infosys has reportedly once again put on back burner its recruitment plans for the proposed half of the 35,000 employees this fiscal because of a continued run of sluggish growth. Last month, the IT major deferred hiring of 17,000 new recruits by three months, but even this looks unlikely. The company now plans to defer recruitment of 17,000 to the first half of next fiscal (2013-14).
The IT major was expected to recruit about 35,000 employees, including 26,000 from campuses across various cities, this fiscal (2012-13). However, the FY13 gross hiring could fall short of the guidance given out in the first quarter this fiscal. Among fresh hires, the number will now be scaled down to 20,000. However, onsite hiring will continue to be maintained at about 2,000.
Further, the company is likely to slash its revenue forecast next month as US business clients defer spending and cringe at signing big deals. The company, which has missed its own revenue guidance in three of the past four quarters, has struggled as its big customers trimmed costs and has been criticized for sticking with a rigid pricing policy when competitors have offered more flexible plans.
The company is likely to update its outlook for the fiscal year ending in March when it reports quarterly results on January 11. A forecast cut would be the second this fiscal year. In July, Infosys divided its dollar revenue growth estimate from as much as 10% - forecast in April - to 5%.
| Company Name | CMP |
|---|---|
| TCS | 4077.25 |
| Infosys | 1834.20 |
| HCL Tech. | 1836.10 |
| Wipro | 557.20 |
| Tech Mahindra | 1701.30 |
| View more.. | |
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Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
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The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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