AGGREGATE REVENUE PER EMPLOYEE
Revenues of top 18 states to grow 8 to 10 per cent this fiscal: CRISIL
Revenues of India's top 18 states, accounting for 90% of the gross state domestic product, are projected to grow by 8-10% to ₹38 lakh crore this fiscal year, driven by robust GST collections and central fund devolution, according to a CRISIL Ratings report. This follows a 7% growth in revenues last year.
Automakers take lead in FY24 salary hikes with double-digit raises
Most organisations that follow the April to March fiscal cycle hand out salary increments during April to July. About 84% of the companies surveyed by Deloitte have already doled out this year’s increment.
Zerodha to end zero-brokerage model; Unacademy lays off 250 employees
Online stock broker Zerodha will likely discontinue its zero-brokerage structure due to new Sebi rules. More on this in today’s ETtech Top 5.
Zomato gets shareholder approval for Esop plan, gives up pursuit of NBFC licence
Food delivery company Zomato had proposed an Esop pool of 183 million shares. The new plan would mean a 2% stake dilution for existing shareholders, founder and CEO Deepinder Goyal had told shareholders in May, adding that the new pool would be sufficient for the next five years.
Broking stocks fall up to 10% after SEBI calls for uniform charges
SEBI instructed MIIs to ensure uniform charges benefiting end clients, with changes effective from October 1, 2024. The circular aims to rectify incorrect disclosures, especially regarding charges collected from end clients by MIIs. MIIs are directed to redesign charge structures and communicate with SEBI for compliance.
Indian defence firms need to invest more in innovations and R&D to keep pace with global standards: Report
According to India Infoline Finance Limited (IIFL) report, these firms allocate only 1.2 per cent of their revenue to R&D, markedly lower than the global average of 3.4 per cent. This gap highlights a need for increased investment in innovation to keep pace with global standards.
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Vraj Iron and Steel IPO picks up pace on Day 2. Check subscription, GMP and other details
The initial public offer (IPO) of Vraj Iron and Steel picked up pace on the second day of the bidding process. The issue was subscribed over 8 times so far, driven by strong interest from retail and non-institutional investors.
How GenAI is opening up new revenue streams for IT firms and GCCs
The rise of generative AI (GenAI) presents an opportunity for IT firms to unlock new revenue streams. Companies like Accenture, Infosys, and Tech Mahindra, alongside global capabilities centers (GCCs), are seeing a surge in data standardisation work. This is driven by the vast amount of "uncleaned/unstructured" data held by their clients and parent companies.
8th Pay Commission: 'New proposal to set up 8th Pay Commission immediately to increase basic, DA of central govt employees'; what is the due date of 8th CPC?
8th Pay Commission Latest Update: The National Council (staff side, Joint Consultive Machinery for central government employees) urge formation of 8th Pay Commission citing rising inflation and increased revenue of the Centre. In a letter to the Cabinet Secretariat, Shiv Gopal Mishra, Secretary, National Council (staff side, JCM) claimed a gap exists between Dearness Allowance (DA) and actual price rise. He pointed to a doubling of government revenue since 2015 and decreased workforce as reasons to justify higher pay, allowances, and pensions of the central government employees.
Electricity in Punjab to cost more as PSERC hikes power tariff by 10-15 paise per unit
The Punjab State Electricity Regulatory Commission (PSERC) on Friday announced a new tariff order which will be effective from June 16 till March 31, 2025.
After cutting onsite jobs IT companies start rebuilding headcount through acquisitions
Indian IT companies are expanding revenue streams and payrolls through acquisitions of smaller firms and engineering services, despite on-year shrinkage in headcount after quarterly earnings.
Unpacking K Krithivasan's first year as TCS CEO
TCS CEO K Krithivasan completed a year in office this month. His term was marked by an unprecedented slowdown in tech demand. The veteran, however, has brought growth and stability for the bellwether. Under his leadership, TCS reached $29.1 billion in annual revenues in the year ending this March, growing at 4.1%.
Rising employee productivity to boost IT cos in hard times
Top tier IT exporters see rising employee productivity amidst challenges like revenue deceleration, shrinking margins, and lower headcount in FY24.
Top IT companies focus on employee productivity amid demand uncertainties
Amid revenue deceleration, shrinking margins and lower headcount, a silver lining for the top tier IT exporters is the rising employee productivity aided by streamlining of human resources through meticulous bench management.
PB Fintech shares climb over 5% amid block deal
PB Fintech, an online insurance aggregator, saw its shares surge by 5.2% to Rs 1,360 in Thursday's trading on the BSE following a block deal. This transaction, valued at around Rs 428 crore, represented a 0.73% stake in the company.
Online travel aggregator Ixigo sets Rs 88-93 price band for IPO to raise Rs 740 crore
The company filed its draft red herring prospectus (DRHP) with the markets regulator in February and received approval in May. Ixigo IPO is scheduled to launch on June 10 and close on June 12. The company aims to raise a total of Rs 740 crore through the public issue.
Dish TV's Q4 net loss widens 16% to Rs 1989 crore
The direct-to-home (DTH) company's operating revenue declined by 19% to Rs 407 crore, while subscription revenue was down 18% to Rs 320 crore.
Here are the key mistakes that founders make at different stages of building startups
When you a building a startup you must know what are the things that could go wrong while launching your dream project. To make it easier for you, we have made a list of mistakes that founders are likely to make at different stages of growth and funding of a startup.
Visa fee hike hits IT cos; Airport cab fares set to rise
Happy Friday! The hike in H-1B visa fee will hurt IT service companies severely, experts have warned. This and more in today’s ETtech Morning Dispatch.
Airlines dole out hikes and bonus after a good year
IndiGo and Air India announce salary hikes and bonuses for employees. IndiGo offers a 5% bonus to mark profitability in FY24, while Air India hikes salaries and bonuses up to Rs 1.8 lakh from April 1.
Cube Highways announces Rs 3.94 per unit dividend for Q4
Cube Highways Trust declared an annual distribution per unit (DPU) of Rs 10.09 for FY24, with plans to acquire seven road assets, including six based on NHAI's Hybrid Annuity Model for revenue stability.
Gland Pharma Q4 Results: Firm misses profit view on higher employee costs
Indian generic injectables maker Gland Pharma reported fourth-quarter profit below estimates on Wednesday, as soaring employee expenses outweighed strong demand in its core markets.
Vedanta to raise upto Rs 8,500 crore; announces first FY25 interim dividend of Rs 11 per share
This will amount to a total payout of Rs 4,089 crore. May 25 has been fixed as the record date for payment of dividend. The announcements were made after market hours and the stock had ended at Rs 433.60 on the NSE — down by Rs 3.80 or 0.87% over Wednesday’s closing price. The company board has also approved setting up of a continuous cast copper rod plant in Saudi Arabia.
FirstCry refiles IPO papers; Groww secures payment aggregator licence
FirstCry has refiled its draft IPO papers with market regulator Sebi with updated financials. More on this in today’s ETtech Top 5.
Here's how much an average Meta employee earned in 2023; Mark Zuckerberg's compensation revealed too
Meta's median employee earned a staggering $379,000 in 2023, with CEO Mark Zuckerberg noting a total compensation of $24.4 million. Despite receiving a nominal salary of $1 since 2013, Zuckerberg's wealth has soared by over $47 billion this year alone. The tech giant's net profit rose to $12.4 billion in the first quarter of 2024, with total revenue up by 27 percent at $36.5 billion.
NPST delivers stellar performance in FY 2024, posts 216% growth in YoY revenue
NPST excelled in FY 2024 with a 216% surge in annual revenue and a 310% net profit increase. The company secured orders for innovative solutions and plans to focus on AI/ML technologies for future growth in digital payments.
Citi Q1 Results: Profit drops as costs rise for employee severance, deposit insurance
Citigroup's profit fell in the first quarter as it spent more on severance payments for laid-off employees and set aside money to refill a government deposit insurance fund.
Juspay, others secure payment aggregator nod; Paytm shares rebound
Zoho is the first enterprise Saas player to get the payment aggregator nod from the RBI, joining the likes of Razorpay, Cashfree, Zomato and others.
IT staff forced to work 50 hours/week to meet deadlines: data
IT employees in the country work on an average work for around 45-50 hours per week, translating around 10 hours a day in the 5-day week while the standard is 40 hours a week as a large part of them is often compelled to work longer hours to meet project deadlines, as per data from staffing firms.
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