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."
Of the over 900,000 registered with the exchange for government jobs in 2008, only 26,752 got placed. The previous AIADMK government had put on hold new recruitments, except in departments like police, teachers and medicines. After the DMK government took over, it was decided to fill the vacancies across all departments through the exchange. Since then, 232,417 vacancies were filled, of which 46,931 candidates were appointed in various posts through the employment exchange.
The company is said to be cutting back on recruitment for its consulting and services divisions and postponing expansion as it struggles to cut costs in a worsening global economic climate. Accenture employs around 40,000 people in India.
Terminates services of over 600 contract workers in February.
A senior EPFO official said, "(Subhiksha) was given 15 days, starting February 20, to pay the PF dues. Since these were not paid, we will go ahead with the action and set a target to collect the dues before March 31, 2009, when the fiscal year comes to an end." The PF dues to be paid for the June-September period of 2008 were around Rs 1.46 crore. The status of Subhiksha's PF payments in other parts of the country will also be checked.
Baldev Raj, scientist and director, Indira Gandhi Centre for Atomic Research, Kalpakkam, said the current installed nuclear power generation capacity is likely to increase five-fold to 25,000 Mwe by 2050 from the current 3,900 Mwe. The proposed expansion would require over Rs 125,000 crore. Nuclear power accounts for 3 per cent of India's total electricity generation and is estimated to go up to 25 per cent in 2050.
HP employs around 60,000 people in India, including former employees of EDS, which it had acquired for $13.2 billion in May last year. However, a good number of EDS India employees who were transferred to HP India will not be so lucky, industry sources said. "HP CEO Mark Hurd's plan to effect pay cuts between 2.5 per cent and 5 per cent will affect all EDS employees who were moved to HP," an industry source added.
Rules out involvement of nominee and independent directors.
The town houses some 1,500 small and tiny units, of which 75 per cent are engaged in manufacturing components for the automotive industry. The town houses some 1,500 small and tiny units, of which 75 per cent are engaged in manufacturing components for the automotive industry.
The Employees' Provident Fund Office in Chennai said it intends to attach the properties of the promoters of struggling retail chain Subhiksha to meet provident fund dues for around 4,500 employees in and around the city.
According to the IRDA's data in 2007-08, the health insurance segment was estimated to be around Rs 5,152 crore, with only 2 per cent of the total population being covered. Realising the potential and advantages -- the segment has been growing at 37 per cent since 2002 -- both life and non-life insurers are offering health insurance products. Health insurance in 2007-08 accounted for 0.2 per cent of the individual regular premium for life insurance companies in India.
Anticipating weakening demand from the US market, coupled with pricing and margin pressures in the fourth quarter of the current financial year, Infosys Technologies will look at slashing variable pay-out to its employees.
Nirmal Kotecha, co-promoter of Pyramid Symira, a Chennai-based entertainment company, has sold his entire stake in the company. He was holding 24.89 per cent stake in the company as on September 2008.
A cross section of life insurers, while discussing their expansion and recruitment plans, said most jobs would be created in sales and services. With the industry expected to touch $52 billion in 2010 from $35 billion in 2007-08, insurers were bullish about the prospects. According to an industry analyst, the availability of manpower now is enormous and relatively cheaper since all major industries have stopped recruitment.
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.
The Indian Institute of Technology alumni is planning to create a new fund to support its various social projects. The projects are expected to create job opportunities for rural youth and transform India's Industrial Training Institutes.
Port administrations are planning to install IT gadgets like Radio Frequency Identification tags in trucks, scanners and also use speedboats for patrolling. The boats alone are likely to cost around Rs 40-50 crore (Rs 400-500 million). Union Minister of Shipping T R Baalu has also asked the directorate general of shipping to undertake a special audit on security in all the major ports to ensure compliance with all security measures.
The Union government's recent approval to the insurance Bill, which proposes, among other things, to raise the cap on foreign direct investment to 49 per cent from 26 per cent for private sector insurance companies, is expected to bring around Rs 7,000 crore (Rs 70 billion) into the industry, according to industry representatives. However, the Bill is yet to be introduced in Parliament.
A committee headed by Irda's member actuary R Kannan has suggested a grace period of 15 days for policyholders who pay premium on a monthly basis, while a 30 days grace period will be available to those who pay their premium annually, half-yearly or quarterly.
According to industry representatives, Chinese products, which used to be cheaper by around 10 per cent compared to Indian products, are no longer cheaper due to the increase in labour costs in China. The costs of labour have risen by around 40 per cent since January 2008 in China. Implementation of the European Union anti-dumping duty and Chinese currency Yuan appreciating against the US dollar are the other stated reasons.
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