Life Insurance Corp of India (LIC), which is aiming to launch its initial public offering (IPO) next month, is set to alter the pecking order of top listed companies in the country. Depending upon where the government prices the IPO, the stock could end up becoming India's most valuable company on the first day and even get fast-tracked into global benchmark indices given its sheer size. According to market sources, LIC's IPO is targeting to mop up Rs 63,000 crore and Rs 75,000 crore.
Information technology giant Tata Consultancy Services and financial services major HDFC have been named as India's two best managed companies in an annual poll conducted by Finance Asia magazine.
In the domestic m-cap ranking, TCS was at number one position followed by RIL, HDFC Bank (Rs 666,533.49 crore), HUL (Rs 400,325.83 crore) and HDFC (Rs 378,236.52 crore).
India's largest IT services firm Tata Consultancy Services (TCS) on Wednesday said its shareholders have approved its up to Rs 16,000 crore share buyback plan. Last month, TCS' board of directors had approved a proposal to buy back up to 5,33,33,333 equity shares of the company at Rs 3,000 per scrip for an aggregate amount not exceeding Rs 16,000 crore. "....the members of the company have duly passed the special resolution approving the Buyback," TCS said in a regulatory filing on Wednesday. The voting, which started on October 20 and ended on November 18, saw 99.57 per cent of the votes being cast in favour of the buyback offer.
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.
We have created centres of excellence in areas like user interface design, user experience, cyber security - all the things required to bring the solutions to the market, says N Chandrasekaran.
Together with its share buyback worth Rs 16,000 crore completed in January this year, TCS shareholders will receive a record Rs 30,250 crore from their company in FY21.
N Chandrasekaran saw his annual compensation rise to Rs 25.6 crore.
Employee costs for Indian IT services players have touched an all-time high as salaries soar in their effort to retain talent. Engineer salaries are going through the roof. According to a news report, Infosys, which reported a 27.7 per cent attrition rate for the fourth quarter of FY22, plans to have an average salary hike of 12-13 per cent. High potential employees will get increases of 22-23 per cent.
The roll-out of the auto enrollment began in October 2012.
The Netherlands has emerged as India's fifth-largest export destination in 2021-22 (FY22), jumping from its 10th position a year ago. Exports to the fifth-largest economy in the European Union (EU) bolted 94 per cent to $12.5 billion in the financial year ended March 31. In FY22, the Netherlands surpassed Hong Kong, Singapore, the UK, Germany, and Nepal to become India's largest export destination in the EU. Germany, which was earlier India's top European export destination (eighth position), has now dropped two ranks to 10th place.
Post Q1 results, the stock rallied 8% compared to 2% rise in S&P BSE Sensex and 4% gain in S&P BSE IT index.
Infosys Technologies, will announce its Q4 and FY15 results on April 24
At the same time, seven companies from the coveted list witnessed a decline in their market valuation last week, but their cumulative loss of Rs 37,701.1 crore was less than the total gain made by three firms.
TCS is setting up a large BPO operation in Varanasi next year, some staff could be absorbed there
