22 March 2024 – Tata Consultancy Services (TCS) has clinched a substantial multimillion-dollar deal spanning seven years with Denmark-based corporation Ramboll. Meanwhile, the broader IT industry experienced a downturn in stock prices following Accenture’s revised revenue forecast for FY24.
Body: TCS’s agreement with Ramboll represents a significant milestone in its strategic endeavors, aiming to overhaul Ramboll’s IT infrastructure comprehensively. This includes cloud management, application development, cybersecurity, and digital workplace optimization services. Thomas Angelius, Senior Group Director and Chief Information Officer at Ramboll, expressed optimism about the partnership, foreseeing advancements in technological capabilities and a continued commitment to environmental sustainability.
Despite TCS’s success, the IT sector witnessed a collective decline in stock prices for major players like Infosys, HCL Tech, Wipro, and TCS itself. This downturn was triggered by Accenture’s revised revenue forecast for FY24, projecting modest year-on-year growth of 1-3%. Accenture cited prolonged decision-making cycles and subdued discretionary spending as contributing factors to the subdued outlook.
