Even since Covid-19 and economic slowdown continues to plunder the corporates sectors, the renowned IT firm Tata Consultancy Services has announced that it will be giving a hike in salary to all its employees.
According to a report, the TCS Human Resources has said that all employees across all company bands will be given a hike irrespective of any particular categorization.
The TCS HR official also commented that the hike would be given as the company’s practice earlier occurred.
IT companies had seen a freeze over the past months as the economy saw a slump in growth with raging and tragedic pandemic and the nationwide lockdown bleeding in the financial sector.
Several companies resort to layoff and salary cuts, while promotions and hikes were ruled out this year.
The salary hike by TCS arrived as good news for many in the IT sector.
According to the report, TCS has also undergone a hiring spree over the past months, with around 7,000 trainees being hired in India and 1,000 in the United States.
Tata Consultancy Services on Wednesday said that it would buy back shares worth up to 160 billion rupees. They reported a fall in quarterly profit as it set aside 12.18 billion rupees to cover legal fees related to a US lawsuit.
The company named Samir Seksaria as its chief financial officer, choosing over a two-decade veteran of India’s top software exporter to replace V. Ramakrishnan, who will retire in April next year.
TCS said it would buy back 53.3 million shares at 3,000 rupees per share, and a 9.7% premium to its stock’s closing price on Wednesday.
We continue to invest in our people and are doubling down on building newer capabilities to power the next leg of our growth and market share expansion,” said Chief Financial Officer V Ramakrishnan in the statement.
The IT firm concluded over 4.53 lakh employees as of September end.
Shares of TCS closed 1.42% higher before the buyback and earnings announcement. That compares with a 0.66% gain in the benchmark Nifty 50 Index.