Mumbai: Ratan Tata once tried to sell Tata Consultancy Services Ltd (TCS), now the cash cow of the Tata group, to International Business Machines Corp. (IBM), a statement from the office of Cyrus Mistry claimed on Tuesday.

The statement, which came days after Tata Sons Ltd said its ousted chairman failed to “contribute materially” to TCS, denied the allegation and said Mistry had worked to future-proof the software maker’s strategy.

As the Tata-Mistry battle rages on, two key board meetings will be held on Thursday including one to seek removal of the ousted group chairman from the board of crown-jewel Tata Consultancy Services.

The board of Tata group's main holding company Tata Sons is scheduled to meet at its headquarters Bombay House in afternoon for a pre-scheduled meeting, sources said.

Even as ways and means of replacing Cyrus Mistry from the chairmanship of other Tata board companies have been a talking point for the past two weeks, parent company Tata Sons is learnt to have relied on the Memorandum of Association of Tata Consultancy Services (TCS) to get Ishaat Hussain as new chairman for the software firm. It is believed that Tata Power, too, will follow the same route to appoint a new chairman, replacing Mistry.

There is something about an election that excites and disturbs businesses. Businesses are jittery about formulating a forward looking plan and their clients are less than willing to loosen their purse strings. Restrained optimism is a camouflage for hidden pessimism. And when a candidate vows to roll back policies formulated by his opponents when in government, the fears of businesses get further amplified. Two of India’s top IT companies – TCS and Infosys - seem to have been caught in such electoral crosswinds blowing in the US.

Mumbai, Oct. 13: The results season began on a tepid note for the technology sector as revenue growth at Tata Consultancy Services (TCS) lagged analysts estimates because of multiple factors. However, there was some consolation when the country's largest IT services company reported better-than-expected net profit numbers.

TCS posted a net profit of Rs 6,586 crore for the second quarter ended September 30, a 8.76 per cent growth over Rs 6,055 crore in the corresponding period of last year. Analysts had expected the company to post a net profit of around Rs 6,300 crore.

Infosys was trading higher by 2.4% at Rs 1,054, while Tata Consultancy Services (TCS) was down 2.3% at Rs 2,326 on the BSE, ahead of their July- September (Q2F17) earnings. The S&P BSE Sensex was down 1.7% or 487 points at 27,594.

TCS is scheduled to announce its Q217 results on Thursday, October 13, 2016, after market hours. Infosys will announce the results for its second quarter ended September 30, 2016 on Friday, October 14, 2016 around 8.45 a.m.

IT stocks are in the news this month after Mindtree and Tata Consultancy Services (TCS) turned cautious on the sequential growth in Q2 earnings. Mindtree on September 2 informed bourses that it expects Q2 FY17 revenue to be lower than the previous quarter.

Tata Consultancy Services (TCS) and GE have developed technology that will revolutionise gas turbine manufacturing with smart LEDs and GE’s Predix operating system. TCS has developed a digital solution to connect intelligent LEDs to GE’s Predix operating system for the industrial Internet through Intel Atom-based gateways, providing critical analytics to save significant time and costs in the manufacturing process.

Shares of information technology (IT) companies are under pressure with Wipro, NIIT Technologies, Hexaware Technologies and Tata Elxsi, hitting their respective 52-week lows on the BSE.

At 12:36 pm, the S&P BSE IT index, the largest loser among sectoral indices, was down 1.1% or 123 points at 10,267, as compared to 0.02% decline in the benchmark S&P BSE Sensex. The IT index hit an intra-day low of 10,230, its lowest level since February 29, 2016.

IT major Tata Consultancy Services (TCS), India's largest IT services provider, said that it has settled an ongoing law suit with Orange County, California. The company has paid $26 million to settle the three-year long dispute.

The dispute was over a failed replacement to the county's automated property tax system that initially was to be completed by 2010 but was not delivered. "TCS and Orange County have agreed to settle an ongoing dispute regarding the joint development of a Property Tax Management System.

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