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Sonata Software files bankruptcy petition against US retail client over $10.65 million dues
The IT services firm has sought damages from OBSA Operating Company in a Delaware court amid a client ramp-down in its retail segment, which contributes about 8% of Sonata’s revenue.
GCCs managed to ward off AI impact on hiring—not anymore
Novartis, Celanese, Eli Lilly and Hyundai have opened AI-dedicated centres to explore automation of internal processes and segments. New AI tools that can automate finance, legal, HR, and software development-related tasks threaten the workforce at GCCs.
Income-Tax Department probes restaurants for hidden sales
The Income-Tax Department is currently investigating restaurants across multiple cities. This action follows a Hyderabad probe that uncovered alleged sales under-reporting through manipulated billing software. Officials are surveying restaurant premises to understand their billing systems. The exercise aims to assess the extent of possible tax evasion, which could run into crores of rupees.
Nayara Energy lawsuit against SAP over software service halt in Delhi HC next week
Nayara Energy is taking SAP India to the Delhi High Court. SAP suspended critical software services for Nayara, citing European Union sanctions. Nayara argues its contract is with SAP India, an Indian company, and not subject to foreign sanctions. The court will hear the case next week. This dispute highlights foreign law impacting Indian operations and energy security.
AI rocks the tech boat, but an island of calm is in sight
ER&D firms that build complex hardware and the associated software may be less vulnerable to the AI apocalypse. The reason: Much of their work goes into creating physical products, with repetitive and software work contributing only a small part.
Tata Elxsi launches DevStudio.ai to speed up automotive software engineering
Tata Elxsi launched DevStudio.ai, an AI platform for automotive software. It aligns with ASPICE standards and integrates with OEM and tier-1 toolchains. It addresses the challenge of accelerating software development 'at China speed' while maintaining safety and regulatory standards. Shares of Tata Elxsi ended nearly 1% higher at ₹4,400 ahead of the announcement on Thursday, March 5.
Sahar Group selects Ramco's Aviation Software to drive its growth initiatives
Ramco Systems Corporation, USA (RSC), a subsidiary of Ramco Systems, announced that Sahar Group, a leading aerospace services provider specializing in the UH-60 Black Hawk platform, has selected Ramco's next generation Aviation Software to support its ongoing growth initiatives. This win further expands Ramco's presence within Miami's established aviation MRO industrial base.
Newgen Software Technologies' US subsidiary bags $1.495 million Caribbean contract
Shares of Newgen Software Technologies Ltd ended at ₹488.10, down by ₹21.05, or 4.13%, on the BSE.
Cognizant’s Ravi Kumar snaps up a deal he once won for Infosys
Cognizant won a multi-year deal of more than $300 million from Daimler Trucks. Kumar was instrumental in winning the Daimler contract for Infosys during his stint at India's second-largest software services provider.
Goldman Says It’s Unlike Private Credit Peers Hit by Redemptions
Goldman Sachs Group Inc.’s asset management arm has sought to reassure clients that redemption rates and software exposure are both relatively low in one of its biggest retail-oriented private credit funds.
A Sydney-based hedge fund calls a 'bottom' for software stocks, buys beaten down names
GCQ Funds Management's CIO Doug Tynan went on to term the recent software sell-off as "one of the most illogical market sell-offs I have ever seen."
Citrini Scare Marked the Bottom, Says Fund Betting on Bounce
Sydney-based hedge fund GCQ Funds Management said the bottom is in for the software selloff, snapping up about A$200 million ($143 million) worth of tech stocks caught in the downdraft.