The buyback, at Rs 2,100 per equity share, entails up to 7.61 crore shares or 1.99 per cent of the total paid up equity share capital.
The candidates will be selected through a National Qualifier Test. The top 1,000 will be offered a much higher salary -- almost double of that being offered to peers.
While the current headcount reduction has more to do with slowing demand, the rise of artificial intelligence will impact jobs in the future.
The final rites of renowned industrialist and philanthropist Ratan Tata were performed with full state honours at a central Mumbai crematorium on Thursday evening. The Mumbai police paid tribute to Tata with a gun salute.
Equity benchmark indices Sensex and Nifty settled higher on Thursday, powered by a rally in banking and power stocks amid a largely firm trend in global markets. The stock markets mostly traded range-bound in the absence of any major trigger and persistent foreign capital outflows, traders said. The 30-share BSE Sensex rose 144.31 points, or 0.18 per cent, to settle at 81,611.41.
The new amendment, which came into force on April 21, has been introduced to detect discrepancies between the expenses and incomes of people who do not have to file tax returns.
TCS, which, plans to earn $1 bn in 3-7 years will explore segments such as cyber security, internet of things, analytics of IoT, and cloud application and infrastructure.
IndusInd Bank, L&T, ITC, HUL, Reliance Industries and Sun Pharma were among the gainers. On the other hand, HCL Tech, Axis Bank, Asian Paints, UltraTech Cement and Infosys were among the laggards.
There are a number of steps taken that will leave more money in the hands of the taxpayers.
These include the reduction in tax rates under the new tax regime, increase in standard deduction, allowing tax collected at source to be adjusted against tax deducted at source from salaries, notes Harsh Roongta.
While TCS will see demand in the US and Europe, its local business is likely to be hit on poor IT spending.
Move to keep pace with tech landscape; senior employees might be affected
Stock crashes 6.5%; top 5 firms lose Rs 33,883 crore in market cap
Late Ratan Tata always ensured employees are taken care of along with the well-being of their families across the Tata Group companies, which shaped a number of leaders across the conglomerate, and there really was no one like him, Tata Sons chairman N Chandrasekaran said on Monday. Recollecting his association with Tata (86) who passed away last week, in a post on networking platform LinkedIn, he wrote, "Anybody who met Mr Tata came away with a story about his humanity, warmth, and dreams for India. "There really was no one like him."
The buyback offer saw subscription of approximately 1.47 times the maximum number of equity shares proposed to be bought back
In the second quarter, attrition for the IT firm hit an all-time low of 8.9 per cent, a fall of 120 basis points on quarter-on-quarter basis.
Shares of RIL on Monday opened at Rs 1,206.50, then gained further ground and touched its 52-week high level of Rs 1,238.05, up 2.87 per cent over its previous closing price.
American chip behemoth Nvidia Corp and India's retail-to-refining giant Reliance Industries on Thursday unveiled their goal to build a formidable AI computing infrastructure in the country. Highlighting the tie-up, Jensen Huang, founder and CEO of Nvidia, made a broader appeal: India should focus on "manufacturing" AI, rather than racing to build semiconductor fabs. As part of this collaboration, Nvidia will reportedly supply its Blackwell AI processors to power Reliance's one-gigawatt data center in Jamnagar, Gujarat.
Among Sensex firms, HDFC Bank climbed more than 2 per cent. TCS, Maruti, Infosys, Reliance Industries and Bharti Airtel were among the major gainers. State Bank of India, JSW Steel, ITC, Tata Motors, UltraTech Cement and Nestle were among the laggards.
Despite lower growth scenario; companies say reworking strategy
Global trends, macroeconomic data announcements and the start of the earnings season would be the major drivers for the equity markets in a holiday-shortened week, analysts said. Equity markets will remain closed on Thursday for Eid-Ul-Fitr. Trading activity of foreign investors, rupee-dollar trends and crude oil prices would also guide trends in markets.
TCS was recognised as a leader in all the categories, namely overall, efficiency, consulting, transformation and digital focus
Sectorally, metal, auto and IT stocks were leading gainers amid sustained foreign fund inflow.
The June quarter is usually considered as a seasonally strong period for the IT sector.
Even after the recent developments at Infosys, both companies are expected to deliver similar revenue growth in FY17
The good news is that salary hikes are expected, though it is uncertain when they will be implemented.
This was a man who like Buddha transformed himself into achieving the impossible and being an inspiration for many generations to come, says business thinker Mudit Jain.
IT major nears $100 bn m-cap, accounts for 61% of the group's combined valuation.
Trading sentiment in the equity markets this week will be guided by global cues, Covid-19 trends and quarterly earnings by market heavyweight TCS, analysts said. Investors will also monitor movement of rupee and crude oil as well as progress of monsoon, they added.
In 2019-20, Gopinathan had received a total remuneration of Rs 13.3 crore. According to TCS' annual report for 2020-21, Gopinathan received Rs 1.27 crore in salary, Rs 2.09 crore in benefits, perquisites and allowances, and Rs 17 crore in commission. TCS chief operating officer N Ganapathy Subramaniam drew a pay package of about Rs 16.1 crore in the last financial year. This includes Rs 1.21 crore in salary, Rs 1.88 crore in benefits, perquisites and allowances, and Rs 13 crore in commission.
TCS is setting up a large BPO operation in Varanasi next year, some staff could be absorbed there
Largest software exporter TCS will be hiring more than 40,000 freshers from campuses in the country in the financial year 2021-22 , a top executive said on Friday. The company, the largest employer in the private sector with a base of over 5 lakh employees, had hired 40,000 graduates from campuses last year and will do better on that number, its chief of global human resources Milind Lakkad told reporters in Mumbai. He said the COVID pandemic-related restrictions do not pose any difficulties in hiring and added that last year, a total of 3.60 lakh freshers had appeared for an entrance test virtually.
Partnership will ensure that Intel's chips sell better in systems that are used by large enterprises
Gopinathan is aware of the challenges and opportunities that lie ahead.
A 150 basis points fall in realisations too weighed on the top-line.
Shares of RIL rose by over 1 per cent to a multi-year high of Rs 1,410 on BSE
The company hires postgraduate and PhD students from A+ grade institutes to be part of its research team.
Indian IT companies have been under pressure to return excess cash on their books to shareholders through generous dividends and buybacks
Keep track of your foreign remittances to avoid giving incorrect declarations as these could be held against you.
Trading in stock markets this week will be majorly influenced by the upcoming quarterly earnings from IT majors TCS and Infosys, along with global trends, analysts said. Besides, global oil benchmark Brent crude, rupee-dollar trend and trading activity of foreign investors would also dictate the movement, they said. "On the domestic front, all eyes will be on the beginning of corporate performance for the third quarter of the current fiscal year.
