A dividend bonanza from India's largest information technology company Tata Consultancy Services will come in handy for Tata Sons as it steps up investment in group companies. In the past three months, Tata Sons received nearly Rs 9,400 crore in dividends from TCS, almost twice its revenue in 2013-14.

The cash will help Tata Sons fund the acquisition of NTT Docomo's stake in Tata Teleservices, the upcoming rights issue of India Hotels and the investment in its venture with Singapore Airlines.

India's largest information technology services provider, Tata Consultancy Services (TCS), said it continued to rely on H1-B visa for its employees as the rejection rate in the L1 category remained high.

TCS had filed for 11,700 H1-B visas this year and has received approval for 5,700 so far. "We have not been yet told the rejection numbers, so I think we may get a few more approved. Last year, too, we had received approval for 5,800-6,000 visas. Rejection in the L1 category is still high," said Ajoy Mukherjee, global head of human resources at TCS. Last year, TCS had applied for 9,000 H1-B visas.

Despite being the largest information technology services player in India, Tata Consultancy Services (TCS) posted a strong set of numbers for the quarter ending June that were ahead of Street estimates. TCS also said FY15 will be a better year in terms of top line growth and the deal pipeline remains strong.

Broad-based growth across key geographies and verticals, strong volume growth and healthy deal kitty enabled TCS post another robust quarter.

Broad-based growth across divisions and markets, and the ability to manage its cost better, allowed India’s largest information technology services company, Tata Consultancy Services (TCS), to again deliver results which were better than expected.

We reiterate our ‘buy’ rating on Infosys and remain constructive on the stock given reasonable valuations of ~14x FY16f and a gradually improving revenue growth trajectory. We raise our target price to R3,790 (earlier R3,770) on roll-forward and it is based on 16x 1 year forward EPS (up to June-16) of R236.6. The 16x multiple (unchanged) is a 10% discount to its historical average valuations and 20% discount to our target multiple for TCS.

Shares of information technology (IT) companies are trading higher in the range of 1-4% on the National Stock Exchange (NSE) after Infosys reported a better-than-expected consolidated net profit for the first quarter ended June 30, 2014 (Q1).

All four large-cap IT stocks - Infosys, Tata Consultancy Services (TCS), HCL Technologies and Wipro are up in the range of 1-2%. Rolta, Tech Mahindra, KPIT Cummins, NIIT Technologies and Hexaware Technologies are up 2-4% on NSE.

Markets have started the trading session on a firm note with the Indices hitting lifetime high. The first Budget session of the 16th Lok Sabha begins today.

Indices continue to scale fresh highs on account of strong foreign inflows and budget optimism.

The Tata group's holding company, Tata Sons, is pledging shares of group companies, including the most valuable firm, Tata Consultancy Services (TCS), to buy out NTT Docomo in Tata Teleservices. This fund-raising exercise is aside from a series of non-convertible debentures the Tata firm has issued.

Tata Sons needs Rs 7,200 crore to buy Docomo's 26.5 per cent stake in loss-making Tata Teleservices. The deadline set by the Japanese company to sell its shares expired on Monday.

Shares of information technology (IT) companies rose on Friday after US-listed Accenture reported good results for the quarter ended May. Investors lapped domestic IT stocks, as Accenture’s results signalled a robust demand environment and higher order flows for Indian IT firms, brokers said. On Friday, the BSE IT index rose 2.5 per cent, the gains led by Tech Mahindra, Tata Consultancy Services HCL Technologies, each rising three-four per cent.

Tata Consultancy Services (TCS) Chairman Cyrus Mistry on Friday exuded optimism on growth prospects, assuring shareholders he would try to give them the “same love and affection” predecessor Ratan Tata had.

The chairman of India’s largest information technology services company also told shareholders growth momentum was expected to continue, with a thrust on investing in the expansion of strategic businesses. He added these investments, in areas such as digital business, would play an “impactful” role.

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