On Wednesday, the employees of Satyam lost close to Rs 221 crore (Rs 2.21 billion) after investors dumped the stock. At the end of the September quarter, Satyam employees were holding 5.9 million employee stock options. The unfortunate drubbing of the Satyam stock has raised serious questions about the attractiveness of the stocks held by the employees, which may be affected by any 'uncalled for' action by the company.
The industry, which is also passing through one of its lows in the wake of the ongoing global financial downturn, expects that clients will now be more cautious, despite Satyam's case being an isolated one.
Even while Indian IT firms are taking steps to reduce costs wherever possible, they are also making their delivery mechanisms stronger with less focus on employee addition.
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.
Company sources explain that if an employee is a billable resource for 15 days a month, he will be paid in full for that period while for the rest of the period, he is paid a "nominal" amount. Replying to an email query, a company spokesperson in India said: "Oracle does not comment on speculation or rumours."
The IT job market, which saw one of the tough phases, especially in the second half of 2008, is likely to witness the worst in the coming year.
Come January, employees of IT services company MphasiS could be in for an off-schedule New Year surprise -- a 20-40 per cent salary cut across the board.
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.
Companies dissatisfied with 'intent and focus' of tech major.
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.
Wipro Technologies, the country's third largest software services exporter, today said the company might go slow on its campus-hiring plans till demand picks up.
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.
India Health Card works similar to a debit card. The NRIs are required to load funds onto the card through the Internet and then use it to receive healthcare services from healthcare providers in India. If a patient's health care provider is not a part of the IHC network, IHC will contact the concerned provider and explain the no-fee registration process. The beneficiaries will also receive service at a discounted rate by using the card.
The Indian arm of the Union for Information & Technology Enabled Services is planning to file a public interest litigation against the alleged 'arbitrary policy' of many Indian and multinational IT/ITeS firms in India who have, for the past two months, reportedly been enforcing longer working hours that violate the daily eight-hour working mandate of the Indian Factories Act, 1948.
After going through a series of mergers and acquisitions, Mindteck, a Bangalore-headquartered IT services company, is looking to consolidate its various businesses which will see more work being moved offshore, to locations in India.
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