One Thing Today in Tech
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Reliance Jio selects Nokia for 5G gear; Cognizant taps senior execs from Infosys, Accenture; Flipkart launches a metaverse space
Reliance Jio Infocomm, the wireless business of Indian conglomerate Reliance Industries and the country's biggest mobile carrier, has chosen Nokia as a major 5G supplier, the Finnish telecom equipment maker said yesterday, Reuters reports. Biocon is looking to tap a $700 million market via a Japanese alliance for two of its biosimilar products. And Flipkart is launching a metaverse space called Flipverse in partnership with Polygon-incubated eDAO
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India opens 75 digital banking units to boost inclusion; Meta's Horizon falling short — report; Avataar, Alteria raise funds
India's Prime Minister Narendra Modi, yesterday, launched 75 Digital Banking Units (DBUs) in 75 different districts across the nation, as the government moves to bring banks to the doorsteps of citizens in far-flung areas. These units are brick-and-mortar outlets that will offer a variety of services to customers—all digitally. They will also inculcate digital financial literacy and awareness of cyber security in digital financial transactions. A self-service mode will be available round the clock at these outlets
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Infosys sees Q2 cloud revenues cross $1 bln, raises lower end of revenue projection, reduces margin band
Infosys, yesterday, raised the lower end of its revenue projection band for the current fiscal year, but lowered the upper bound of its operating margins — capturing an industry-wide trend amid a potential recession in the Indian IT services companies' biggest markets. Overall digital technologies related services continued to grow strongly, but the company also saw strong demand for its core IT outsourcing services, CEO Salil Parekh said yesterday
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HCL Tech raises guidance, Wipro posts strong Q2 revenues, but lower profits; Apple, Samsung to update 5G software
HCL Technologies, yesterday, beat fiscal second-quarter revenue expectations and increased its guidance for the full fiscal year, signalling demand remains strong for its services in cloud, engineering, and digital technologies amid a global economic slowdown. At Wipro, Q2 revenues matched street expectations, but profits for the September quarter fell nearly 10 percent versus the same period a year ago
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IMF says 'worst is yet to come'; Icertis names Deanna Lanier strategy boss; Micro VC firm Kettleborough raises $5 mln
The International Monetary Fund is downgrading its outlook for the world economy for 2023, citing multiple factors including Russia's war against Ukraine, chronic inflation pressures, punishing interest rates and the lingering consequences of the Covid pandemic. Indian American entrepreneur-led Icertis, a contract LCM SaaS specialist, has tapped Infor's Deanna Lanier as chief strategy officer. And early-stage investor Nisarg Shah is seeking tech-led startups at Kettleborough VC
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TCS Q2 FY23: $8.1 bln order book, sequential revenue growth of 1.43 percent, attrition at 21.5 percent
Tata Consultancy Services reported quarterly earnings yesterday that show India's biggest IT services company is still seeing strong demand for its services with an order book of more than $8 billion garnered during its fiscal second quarter. The rate of growth, however, seems to have moderated, with the more than 600,000-strong company growing at less than half the pace at which it grew last year from one quarter to the next. Shares were little changed in early Mumbai trading
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IT services: Q2 FY23 earnings results kick off today with TCS reporting after markets
Tata Consultancy Services, India's biggest IT services company, will be first off the block in reporting fiscal second-quarter earnings results when it reports its numbers after markets in Mumbai today. Analysts at brokerages in India expect growth to continue, and the high staff churn too in the sector. The rate of growth, however, definitely seems to be headed for a slowdown. Infosys, India's second-biggest IT company, will report its earnings on Oct. 13
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Apple to make AirPods in India too; After TCS, Wipro calls staff back to office; NetSPI raises $410 mln from KKR
Apple is asking suppliers to move some AirPods and Beats headphone production to India for the first time, as it attempts to step up the diversification of its global supply chain that is currently almost entirely dependent on China, Nikkei reports. Wipro has asked staff to turn up for work at the office at least three times a week, Business Standard reports. NetSPI, with $410 million from KKR, plans to set up a base in India
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Prosus terminates $4.7 bln BillDesk deal; Google names 20 women founders to India accelerator; Svante Pääbo wins Nobel for medicine
Prosus, the Dutch-listed global consumer and technology investor, has terminated its agreement to buy India's BillDesk, ending a deal worth $4.7 billion. Google yesterday announced a list of 20 startups with women founders or co-founders for the first batch of an accelerator programme in India, specifically aimed at encouraging women entrepreneurs. And Svante Pääbo, a Swedish geneticist is this year's winner of the Nobel Prize for medicine
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Reliance Jio to launch affordable laptop — report; Suzlon founder Tulsi Tanti, renewable energy champion, dies
Reliance Jio will launch a budget laptop, called JioBook, priced at Rs. 15,000 (about $184) with an embedded 4G sim card, Reuters reports. The Indian conglomerate has partnered with Qualcomm and Microsoft for this project. Tesla CEO Elon Musk showed off the latest version of the company's humanoid robot, named Optimus, last week. And Tulsi Tanti, an Indian entrepreneur best known for his wind energy company Suzlon Energy, passed away on Saturday, Business Standard reports
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Apple plans 25 pct iPhones from India — report; Wipro fires 300 for moonlighting; KPIT buys Technica Engineering
Apple is gearing up to make India and Vietnam global manufacturing hubs for its products, with India contributing 25 percent of all iPhones by 2025, according to analysts at JP Morgan, TechCrunch reports. Wipro terminated the services of 300 staff members who were found to be working for its competitors while still being on the company's payroll, Economic Times reports. And KPIT Technologies takes a big stride in software-defined vehicles with a German acquisition