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PTI Tata Consultancy Services Ltd (TCS) today announced Rs 16,000 crore share buyback -- biggest in the Indian capital market, as it looks to return surplus cash to shareholders.The decision comes at a time when India's largest software services provider is under pressure of losing revenue from its clients in the US, which accounts for 65 per cent of of the USD 155 billion industry, under President Donald Trump's protectionist measures.TCS said in a stock exchange filing that its board approved buyback of up to 5.61 crore shares, or 2.85 per cent of its share capital, at Rs 2,850 apiece.The share buyback, if successful, will be India's biggest, surpassing Reliance Industries' 2012 share repurchase of Rs 10,400 crore.TCS shares rallied 4.08 ...

The Dollar Business Bureau World’s leading software company, Infosys Ltd, announced on Wednesday that it is investing $4 million (about Rs.27 crore) in an Israeli company - Cloudyn, which offers solutions for software as a service (Saas) for businesses and optimisation of hybrid, multi-cloud deployments. "Cloudn enables enterprises to manage and optimise their hybrid, multi-cloud deployments. The solution provides visibility into usage, performance and cost, coupled with actionable recommendations for confident cloud growth," Infosys said in a regulatory filing with Bombay Stock Exchange. The Mumbai-based IT company did not reveal the minority shareholding in percentage terms equal to the cash invested in the Israeli company, which also has its presence in the US. “The investment is likely to be finished on the ...

The Dollar Business Bureau Hero group's electronics arm, Hero Electronix, acquired TES DST Holding Europe's Indian venture. This marks Hero’s entry in designing and manufacturing of avionic and automotive products. The company revealed that they acquired the German-based TES DST’s Indian business through Tessolve Semiconductor, an Indian company in which Hero Electonix owns strategic stake. With the partnership with TES DST, Hero Electronix has the expertise to offer advanced and sophisticated technological products comprising hardware and software development for avionics, automotive, industrial, transportation and home automation domains, said Ujjwal Munjal, Founder-Director of Hero Electronix. Munjal did not give out the details of the transaction involved in the acquisition. However, he said that the acquisition was part of the planned investment of 1,000 ...

Source: PTI A US grand jury has slapped two companies of India's Tata group - Tata Consultancy Services and Tata America International Corp - with a $940 million fine in a trade secret lawsuit filed against them. After days of hearing, the federal grand jury in the US State of Wisconsin ruled that Tata Consultancy Services Ltd and Tata America International Corp must pay $240 million to Epic Systems for ripping off its software. Tatas have also been asked to pay another $700 million in punitive damages. Epic Systems had accused TCS and Tata America International Corp, in a lawsuit filed in October, 2014 in US District Court in Madison which was amended in January and December 2015, of "brazenly stealing the trade ...

Source: PTI An Australian infrastructure consulting firm on Tuesday finalised a deal with an Indian data services provider in Singapore to deliver superior energy efficiency solutions to their Asia Pacific customers. Australia-based Green Global Solutions which has its Asia Pacific office in Singapore, said it will be entitled to deploy 'GFS Crane DCIM' software during its consulting engagements with Data Centre customers. The real-time measurements and analytic reports of power and environmental conditions from 'GFS Crane DCIM' would enable the Green Global team to deliver accelerated and superior outcomes of energy efficiency, risk, cooling and sustainability recommendations to data centre owners and operators, it said. This partnership will for the first time extend the reach of the company's products across Asia ...

Source: PTI Global electronic manufacturing giant Foxconn on Saturday announced it will invest $5 billion over the next five years in Maharashtra, which has given the Taiwan-based company 1,500 acres of land for its plant. Foxconn Chairman Terry Gou said the facility in Maharashtra will focus on research and development as well as manufacturing, and the company has chosen the state for being a financial centre, availability of quality talent and software-hardware integration facilities. Foxconn will look for tie-ups with local partners for its presence in this state, Gou said, while adding that this MoU with the Maharashtra government was different from the already announced JV with the Adani group. At an event organised to announce the investment and a Memorandum ...

The Dollar Business Bureau The government has cancelled 22 projects for the setting up of special economic zones (SEZs) related to IT and engineering sectors. The projects, including 11 SEZs proposed in the national capital region (NCR), that were cancelled because their developers failed to make “satisfactory” progress. The decision to cancel these SEZs was taken after Commerce Secretary Rajiv Kher held a review meeting with the Board of Approval (BoA) on May 19. “The Board noted that the progress made by the developer is not satisfactory. The Board, after deliberations, decided to cancel the formal approval/notification, as the case may be, in these 22 cases,” said a statement released by Commerce Ministry. The board has also asked the developers to ...