In the current fiscal (2009-10), the company expects that this may further go down to about 50 per cent. "In fiscal 2010, we expect the variable pay for the senior management to be less than 58 per cent," said Infosys head of HR, education and research T V Mohandas Pai. He is also a member on the Infosys' board. Variable component is as high as 50 per cent in the total pay packet of the senior executives whereas the fixed component constitutes the other half.
UNITES, the union that represents workers in the IT and ITeS sector in India, has requested the CEC to invoke the model code of conduct to stall the whole process citing the scandal-hit company's legal liabilities and other ambiguities as deterrents for any potential bidder to carry an effective due diligence process. Over 2,000 Satyam employees, claims UNITES, have registered with the union since the scandal was reported on January 7 this year.
The bank, which had announced a similar cut in January, will see its mortgage prime rate fall to 13.75 per cent from April 1. In a statement, the bank said that the benefit will be available to all its existing customers on floating rate loans. A bank spokesperson said that, depending on loan tenure and amount as well as the customer's relationship with the bank, he could get a loan at up to 50 basis points lower than the benchmark rate.
iGate had in a statement on Friday evening said that it had dropped its bid for Satyam on 'further analysis'. Clarfying his stand last week that iGate would be keen to bid for Satyam at an offer price of below 90 cents a share, Murthy said, "Had we decided to pursue the bid, the share price would have had no bearing on our offer price as we would have bid at a price we thought was a fair valuation."
The last couple of years of frenzied activity in the MRO space made many believe that time is not far when umpteen number of MROs will start servicing narrow and wide-bodied aircraft on the Indian soil like motor garages. While many of the projects announced over the last couple of years have not seen the light of the day, Aviation firm AirWorks which launched India's first MRO in airline segment at Hosur (Tamil Nadu) is yet to land their first anchor customer.
R N Rao, special director, sales and marketing, Ashok Leyland said the company is going ahead with its expansion of capacity despite a drop in sales during the current financial year owing to the economic slowdown in the country. The company is likely to close the current financial year ending March 2009 with a 30 per cent drop in its sales to around 60,000 units including exports compared to the last fiscal, he said.
Former India cricket captain, Kapil Dev Nikanj,on Monday entered into a marketing agreement with South Africa-based Enviro-Light Technologies, promoted by former South African captain Clive Rice to launch eco-friendly street lights in India.
A research report by accounting and consulting firm Deloitte has stated that the research & development investment regime in India could be made more robust and attractive by providing more incentives.
Ahead of an RFP to be issued by the IAF before awarding the Jaguar re-engining contract sometime next year, Honeywell officials took pains to reiterate that the F125N was a clear winner against competitor Rolls Royce's Adour engine.
Total order book set to cross Rs 5,000 crore or Rs 50 billion with new orders from BMRC and DMRC.
The board meeting, which was expected to be held on February 5, was brought forward by a day. "Announcements relating to critical leadership appointments are expected to be made at the board meeting," the company's internal newsletter stated.
UB Group's other businesses are being aggressively being ramped up. The group recently entered apparel exports to add to its leather exports business. These are in addition to a sturdy fertiliser arm, an engineering construction firm and a property development business which is getting into building high-end apartments.
Chandamama, the comic that has enthralled three generations of Indians, is now trying to keep up with the times. But, supply side is a problem that they are having to deal with. The lack of new titles may be slowing down their expansion plans.
The Bangalore Chamber of Industry and Commerce (BCIC), which represents the medium and large industries in the state, has urged the Karnataka government to come out with a state-specific relief package for the industrial sector including announcement of a one-year interest free loan scheme to industries.
IITians need to play a larger role in nation building and contribute to society. This could vary from mentorship, creation of jobs and broader wealth creation, said Nandan Nilekani, co-chairman and co-founder of Infosys Technologies Ltd, during the weekend.
Independent research firm Forrester Research has in its latest tech market report titled 'US IT Market Outlook: Q4 2008' revised its 2009 US IT spending forecast.
The study, the details of which the company executives highlighted here on Thursday said, an average employee fritters away 5.3 hours in a week in doing internet surfing, not related to business. The employee productivity loss in manufacturing was 4.2 hours/week, said the report.
The infrastructure sector, however, felt the package was insufficient and wanted additional measures. "The government's package is inadequate. We expected at least $20 billion relief package, giving emphasis to the infrastructure sector.
Spencer's Retail, the retail arm of RPG Group, says it has seen a 30-40 per cent decline in the rentals in Tier-II and -III cities. In Tier-I and metropolitan cities, the correction is in the range of 15-20 per cent, and a further correction and its impact is likely to come in the next few months.
The Mumbai terror attacks have once again put Indian IT and business process outsourcing firms on high alert. Over the next four to five weeks, many of these firms plan to meet or video-conference with their clients to update them of the country's security scenario.
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