Usually, in the western view, corporate success is attributed to efficiency, organisational structure, and scale. R Gopalakrishnan and Harish Bhat argue that philosophy, culture, and the transmission of values are more important for sustaining growth and profitability of an enterprise over a period of time.
L&T will give Rs 6 per share special dividend to shareholders for the six decades that company patriarch A M Naik served with the engineering and construction major, S N Subrahmanyan, the CEO & MD of the infrastructure major said.
Benchmark indices Sensex and Nifty pared early gains to close marginally lower in highly volatile trade on Thursday due to losses in Larsen & Toubro and cautious trading ahead of the release of domestic inflation data. The 30-share BSE Sensex declined 35.68 points or 0.06 per cent to settle at 61,904.52 after hitting the crucial 62,000 mark in opening deals. During the day, it hit a low of 61,823.07 and a high of 62,168.22.
This includes distancing themselves from the new and emerging super-critical technology.
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.
After bumbling for years since 2014, the Modi government seems to believe that massive government expenditure will lead us to prosperity supported by 'seat-of-the-pants' decision-making, observes Debashis Basu.
After bumbling for years since 2014, the Modi government seems to believe that massive government expenditure will lead us to prosperity supported by 'seat-of-the-pants' decision-making, observes Debashis Basu.
Chairman A M Naik said H2 of 2020-21 will herald better economic and business activity in terms of tendering, good liquidity, as well as revival of labour and supply chains.
Larsen & Toubro (L&T), India's largest construction and engineering player, has lost as many as 14 large orders in the country because companies that don't possess adequate technical expertise and experience, of late, have won the projects by bidding lower, claimed A M Naik, non-executive chairman of L&T. But the company has made up for the losses by winning projects overseas, where it has acquired a sizeable market share amid tough competition from large global players, he said.
Software giant Wipro's Azim Premji donated Rs 9,713 crore or Rs 27 crore a day to retain his top rank among Indian philanthropists in FY21. Premji, the founder chairman of the company, increased his donation by nearly a fourth during the pandemic year, as per the Edelgive Hurun India Philanthropy List 2021, which had HCL's Shiv Nadar at second place with contributions of Rs 1,263 crore towards upliftment causes. Mukesh Ambani of Reliance Industries, India's richest man, came third on the list with a Rs 577 crore contribution and was succeeded by Kumar Mangalam Birla with Rs 377 crore.
83% of the CEOS plan to hire more in the new year.
HR Guru Mayank Rautela offers practical advice.
'Revival is happening slowly.' 'But that is, if the pandemic is controlled.'
As A M Naik stepped down as L&T CEO, there are some things he still needs to take care of. And given his love for his company that's not the last we are going to hear of him yet.
Some of them have ambitious plans to fight the slowdown, while some would seek to revive their image.
In an interview with PricewaterhouseCoopers, A M Naik, chairman of Larsen & Toubro Limited, talks about the company's strategies, opportunities and the challenges facing it.
The Bill will be tabled in the winter session of Parliament later this year.
In a long-awaited top management succession planning exercise, corporate giant Larsen and Toubro on Friday appointed K Venkataramanan as CEO and managing director, while its current chief A M Naik would remain executive chairman for the next five years.
Uppal, Kotwal, Venkataramanan shortlisted for managing director's post; outsider not ruled out.
If India, China and the United States are to prosper in a globalised economy, a joint, cooperative transformation of their higher education systems was imperative, believes B M Naik, former principal of the engineering school at the Guru Gobind Singh College in Nanded, Maharashtra."To bring about this transformation from one level to the high level and to the global level and quality standard education, what is most important is that these ideas must move fast," he said.
L&T is pursuing a controlling stake of 66 per cent in the mid-tier IT firm, for Rs 10,700 crore.
Chatterjee said the compNY is not aware of any major client concerns at this point.
Companies such as Larsen & Toubro and Bharat Heavy Electricals Ltd believe the undervalued renminbi (yuan) gives Chinese goods an unfair advantage in Indian markets.
Private sector engineering major Larsen & Toubro has said that China is systematically killing Indian manufacturing sector and sought 25 per cent anti-dumping duty on Chinese goods.
I am upset with the Chinese economic invasion and the way we are allowing that to happen, says Naik.
Close on the heels the Tatas and Infosys announcing plans of leadership change, L&T chief A M Naik has said his successor will be named by March 2012, a full six months before he hangs up his boots.
Engineering giant Larsen and Toubro, which acquired little over four per cent stake in Satyam in less than a month, is believed to have approached the government on Tuesday, evincing interest to buy the troubled IT company.
Engineering major Larsen & Toubro said on Tuesday it has not received any intimation from market regulator Securities and Exchange Board of India regarding its chairman and managing director, A M Naik's comment on the Satyam issue.
"The price quoted by L&T (Rs 45.90) in the financial bid is fairly decent, compared with the share price of Satyam in the last three months. The team of (L&T chairman) A M Naik never expected that anybody could quote 10 per cent above their price, as there was no clarity on Satyam's liabilities. Even if somebody had quoted less than 10 per cent of what L&T quoted, the company could have raised the bid in the open bidding round," said a source in L&T.
It's official now. Engineering giant Larsen & Toubro has sought management control of Satyam.
Larsen and Toubro (L&T) is one company which seems to be bucking the slowdown trend. The engineering and construction behemoth has projected an order book of Rs 66,000 crore (Rs 660 billion) by March 2009, a growth of 30 per cent over the previous year.
Chairman A M Naik told Business Standard the "verticalisation" effort is aimed at ensuring better corporate governance as well as attracting talent to the 70-year-old company.
Four L&T executives, 2 from RIL and 1 from Tech Mahindra own over Rs 100 crore (Rs 1 billion) each in stock options.
Do you think company head honchos who slog all the time are very difficult to handle? Do they put a lot of stress on their subordinates' minds?
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Shares of the company were trading at Rs 1240.10 apiece on the BSE at 1350 hours, down 1.23 per cent from the previous close.
L&T chairman AM Naik speaks about on his blueprint to simplify the 'complex' structure of the company.
A M Naik, chairman and managing director of L&T, said the details, such as the size of the funds required for each of these companies and proposed dilution of the equity, were yet to be worked out.
Engineering firm Larsen and Toubro (L&T) on Friday said it has floated a power generation arm called L&T Power Development and would invest Rs 20,000 crore (Rs 200 billion) in the new company.
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