At a time when Apple delivered its flagship line of new products on schedule despite battling a year of supply-chain turmoil, India could account for at least 12 per cent of the free-on-board (FoB) value of Apple Inc's iPhones manufactured by its vendors globally by 2025-26 (FY26). The number represents a significant shift for the Cupertino-based company's over-dependence on China, where 95 per cent of its phones are still being made. India's growing importance can be seen from the fact that in 2021-22 (FY22) - the first year of the production-linked incentive (PLI) scheme (the scheme was extended by a year due to the pandemic) - the FoB value of iPhones made in the country was $1.75 billion, translating into less than 2 per cent of the global value.
Rishad Premji, chairman of IT services major Wipro, saw his compensation for FY23 decline by almost 50 per cent year-on-year, due to a fall in the firm's profit. According to the Form 20-F, filed with the US Securities and Exchange Commission by Wipro, Premji's compensation for FY23 was $951,353, down 50 per cent from $1,819,022 in FY22. "Rishad A Premji is entitled to a commission at the rate of 0.35 per cent on incremental consolidated net profits of Wipro Limited over the previous fiscal year. However, in light of the fact that the incremental consolidated net profits for fiscal year 2023 was negative, the Company determined that no commission was payable for fiscal year 2023 to Mr Rishad A. Premji," said the company in the filing.
CEOs are not happy with scorecard so far but are ready to invest more as they think one year is too short a time to revive the economy
In the technology (tech) world, especially storage, Sanjay Mehrotra is a well-known name. Co-founder of SanDisk, a flash memory storage company in 1988, it was eventually acquired by Western Digital in 2016 for a whopping $19 billion. For a boy from Kanpur, who went on to pursue higher studies in the US, becoming the chief executive officer of Micron Technology, Inc - one of America's largest memory chip makers - and now setting up the company's first plant in India, it has been quite a ride.
Sejal Gulati, CEO of Time Analytics Services, Bangalore talks about earning every penny by herself, making big mistakes and learning from them.
The manufacturing sector (excluding petroleum sector) would report a 24.3 per cent PAT growth mainly on account of low raw material prices and soft interest rates, CMIE said, adding PAT of the financial and non-financial services would rise by 32.2 per cent and 20.4 per cent, respectively.
M&As are back on the radar for Indian companies, but with two vital changes. First, the average size of the deals are much smaller compared to the earlier years; and second, overseas acquisitions have taken a backseat.
Companies have activated a comprehensive pandemic response plan with requisite risk mitigation protocols for keeping networks working as telecom is an essential service.
India Inc said the Foreign Trade Policy would give a significant push to manufactured goods and agriculture- and labour-intensive exports.
Three senior executives have resigned from Byju's at a time when the most valuable edtech company has been trying to address challenges such as due diligence issues, legal battles with lenders, challenges in raising fresh capital, and a markdown in its valuation by investors. Prathyusha Agarwal, the chief business officer of Byju's, has quit, according to sources. They said Himanshu Bajaj, business head of Byju's tuition centres, and Mukut Deepak, business head for Class 4 to 10, have also moved on.
With the management of most State-owned banks hardly having time to concentrate on big-ticket business, growing the business of loan disbursals has been pushed down the priority order.
Indian employers have robust hiring intentions for the next three months, with 49 per cent of companies planning to add more staff in the January-March quarter, as employers are positive about achieving sustained post-pandemic recovery, a survey said on Tuesday. According to the latest ManpowerGroup Employment Outlook Survey, hiring sentiment in India is the strongest reported in eight years, improving by five percentage points in comparison with the prior quarter and by 43 percentage points when compared with this time one year ago. The survey of 3,020 employers noted that 64 per cent expect to increase their staffing levels, 15 per cent anticipate a decrease and 20 per cent do not anticipate any change, resulting in a seasonally adjusted Net Employment Outlook of 49 per cent.
In fact, India's investment activity growth is also estimated to touch a 17-year low in FY20. With overall demand not showing signs of revival, investment activity may take longer to recover, economists said.
The Eternal Gandhi Museum is the only Gandhi-related museum in the United States, dedicated to Gandhi, to preserve and promote his ever-lasting legacy of nonviolent conflict resolution.
RBI has cut the rates thrice so far in 2015 by 25 bps each.
Service Tax Commissioner Gautam Bhattacharya asked India Inc to be more pro-active in sharing inputs with government officials.
Finance Minister Pranab Mukherjee on Tuesday admitted the Reserve Bank of India's move to hike short-term lending and borrowing rates will hurt growth in the near-term, but exuded confidence that economic expansion will gather pace later as a consequence.
Employees of some top Indian companies were in for a pleasant surprise when they received a mail from their HR team announcing a hike in salaries and bonuses. Led by IT firms and start-ups, HR managers say that while some have offered cash and stock options, others are in a wait-and-watch mode and add the trend will pick up in other sectors. For example, IT giant Cognizant - which had an attrition rate of 19 per cent in the December quarter - has established a $30-million employee retention fund in order to bring down the high attrition rate.
Assocham estimates offices are facing staff crunches of 15 to 25 per cent with the various strains of fever.
Apple is hoping to assemble in India 25 per cent of all iPhones produced globally to reduce its heavy dependence on China.
'Raghuram Rajan's contribution to the country's economy is "exemplary" and he would always be remembered for his outstanding work.'
As Covid-19 cases surge in India, companies have realised it's a tightrope walk between maintaining production and ensuring employee safety.
Corporate India has put together a whopping $20 billion (Rs 90,000 crore) so far this year to fund its merger and acquisition bills abroad, surpassing all previous full year totals.
Global sales of soccer gear were up more than 700% for the 2022 World Cup in Qatar versus the 2018 World Cup in Russia across the Fanatics network of online stores.
The first leg of Micron's semiconductor play in Sanand is crucial for the company to sprint towards India's goal of joining the chip race.
'As long as ASUS continues to introduce new products into the market, we still have a chance to grow our business in India.'
A total of Rs 52,759 crore has been raised by 61 companies through initial public offers till October this fiscal, higher than the funds mopped up through this route in the last financial year, the government told the Lok Sabha on Monday. Out of the 61 companies that hit the markets till October of the current fiscal, 34 entities were Small and Medium Enterprises (SMEs). Finance Minister Nirmala Sitharaman said that a large number of manufacturing and service sector companies are coming up for listing.
Analysts say that retail offers a big opportunity and acquisitions are a way to grow rapidly; there is also the need to deploy this money gainfully.
The government will investigate a claim that WhatsApp accessed the microphone of smartphone users while the phone was not in use, Minister of State for Electronics and Information Technology Rajeev Chandrasekhar said on Wednesday.
CII suggested the policy measures required to ease the tight liquidity situation by cutting CRR by at least 50 basis points.
The lockdown has taught companies a lesson or two on running business with fewer human resources. These lessons are unlikely to be forgotten, observes Mahesh Vyas.
'As the Indian economy continues to expand over the next three years, mid- and small-caps should do well as they have higher exposure to the domestic economy than large-caps.'
No business delegation has been cleared yet for Prime Minister Narendra Modi 's visit to America from Friday.
Yes Bank said it is set to unveil a branch to be operated exclusively by women.
Sales are expected to grow at an average of 14 per cent on the back of a strong show from automobiles, auto ancillaries, construction, capital goods, metals, refineries, metals and sugar.
Punjab's Deputy Chief Minister Sukhjinder Singh Randhawa has said a probe would be carried out to ascertain whether Aroosa Alam, a Pakistani journalist who has been visiting former chief minister Amarinder Singh for several years, has links with the ISI.
The Reserve Bank on Friday accepted most of the recommendations of its working group on corporate ownership of private sector banks, by allowing unrestrained promoter shareholding in the first five years of operations and hiking the same to 26 per cent after 15 years from the extant 15 per cent and also the new capital requirements. The move will benefit leading banks like Kotak Mahindra Bank and IndusInd Bank, among others, which have been seeking more time from the regulator to divest their stakes for many years now. Accepting 21 of the 33 recommendations of the internal working group, the central bank said the remaining suggestions are under its consideration.
A bench of justices S K Kaul, Dinesh Maheshwari and Hrishikesh Roy reserved its verdict after lawyers representing Facebook official, Delhi assembly and the Centre wrapped up submissions on the plea of Mohan challenging summons issued by the Peace and Harmony committee for failing to appear before it as witness in connection with the north-east Delhi riots matter.
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