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.
The IT and BPO services provider's CEO says there are no salary cuts yet, but can't say what will happen three months ahead. According to MphasiS' (interim) Chief Financial Officer, Susanto Banerjee, the company has already been working to so convert its fixed costs, "progressively over the quarters." It is also looking at fixed costs involving infrastructure. "We are thinking of having our future infrastructure on pay-per-use basis," he said.
The global financial slowdown, perhaps for the first time in recent years, has forced premier B-school IIM-B to extend the placement process for the second week, which otherwise would have been completed in the first week itself. Industry sources say this is the problem with most other IIMs as there is not much of demand for the elite management graduates this year.
The Bangalore-headquartered company is believed to be evaluating two-three companies, which are in the revenue bracket of $100-200 million to eliminate some gaps that exist in its services offerings and increase focus on certain verticals, which have been least affected in the midst of the economic slowdown. It's reliably learnt that the company is looking at healthcare and energy and utilities as the two major areas for possible acquisitions.
The Bangalore-headquartered company will henceforth focus on tactical advertisements, which will generate immediate sales. Titan's advertising budget this year is estimated to be about Rs 180 crore. In the current financial year, the company has already spent Rs 160 crore on advertising. Though the company has not made any cut on the ad budget yet, it expects that the adspend will drop.
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.
In an effort to slash hiring and increase efficiency, Wipro Technologies, one of the leading IT companies in the country, is training its employees to turn into a multi-skilled workforce.
For the first time in the history of Indian space research, a satellite developed by a university in India will be launched by the Indian Space Research Institute (Isro) during the next flight of the Polar Satellite Launch Vehicle (PSLV). Tentatively scheduled for launch in March-April this year, the vehicle will carry a small remote-sensing satellite completely developed and fabricated by Chennai-based Anna University, sources in Isro said.
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.
Wipro, the Bangalore-based business conglomerate with interests in IT and FMCG, said it has succeeded in "convincing" one of its recently-won international clients, Australia's Origin Energy, about the circumstances under which the World Bank had imposed a ban on the company
India's second-largest IT services provider Infosys Technologies has hired recruitment services provider MaFoi to help its employees who fail to pass the final test to gain employment elsewhere.
Other than the involuntary attrition, the company has reported voluntary attrition of 11.9 per cent in the third quarter. This has resulted in a drop in the number of employees in the third quarter for the second time in the current financial year. The company started seriously looking at issues such as poor performance and fudged employment details in the second quarter of FY09 when the rate of voluntary attrition suddenly went up from just 0.5 per cent to 2.5 per cent.
Even as the buzz around Vivel Paul's candidature as CEO is still doing the rounds at Satyam Computer Services, insiders say the government is considering a person who was an integral part of the company till three months ago.
The JV TACO Sasken Automotive Electronics has been called off and over 100 people working for the JV have been asked to quit. In January 2007, Sasken and Tata AutoComp Systems had formed the JV with a focus on automotive electronics products in the areas of telematics, infotainment and occupant convenience. However sources say that even two years after its formation, the JV could hardly make any progress.
With industry buckling under the impact of global meltdown, Indian IT outsourcing firms are adopting a 'zero tolerance' policy on fraudsters who have managed to get IT jobs using fake resumes.
In yet another example by an Indian corporate to become cost-sensitive, IT bellweather Infosys Technologies is asking all its employees to go in for a one-time cost savings of $10 each. This initiative is expected to help the company, which has over 100,000 people on its rolls, to incur a cost saving of $1 million (around Rs 5 crore), which is a 'substantial amount' according to the company.
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