HCLTECH CEO SALARY
Crorepati club at Infosys, Wipro shrinks post Covid-19
Infosys and Wipro, major players in the IT industry, have witnessed a significant decrease in the number of employees with annual compensation exceeding Rs 1 crore over the past two fiscal years. India’s IT company exporter TCS and third-largest HCLTech do not disclose the number of employees who are paid upwards of a crore.
AI jobs command premium pay as companies fill specialised roles
Experts and staffing firms told ET that qualified AI professionals in India are raking in serious cash. Compared to traditional IT roles, AI specialists can command a salary premium of up to 40-80%. The demand for AI talent is exploding as companies race to fill these new and specialised positions.
Zepto’s mega financing; shareholder battle at Kenko Health
Happy Wednesday! Zepto is holding talks with investment fund DST Global and venture capital firm Lightspeed for funding. Details on this and more in today's ETtech Morning Dispatch.
IT sweats to eke out margins on pricing squeeze, staff costs
Indian outsourcing companies face a margin squeeze in FY24 due to a triple threat: aggressive deal pricing, rising employee costs, and the pressure to boost revenue despite tight global budgets. Notably, Tata Consultancy Services (TCS), the industry leader, seems to be the only exception.
Digit IPO coming soon; TCS’ Krithivasan earnings
Bengaluru-based insurtech startup Go Digit General Insurance has announced that its IPO will open on May 15 and close on May 17. This and more in today’s ETtech Top 5.
Binny Bansal raises bets on investments; 9% avg salary hike for IT industry
Happy Monday! Flipkart cofounder Binny Bansal is doubling down on his investments in new ventures, including his own startup OppDoor. This and more in today’s ETtech Morning Dispatch.
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New-age firms ride market surge in buoyant week; and other top tech, startup stories this week
On Friday, the 30-stock benchmark index BSE Sensex ended at a fresh all-time high of 72,568 points. In the broader buoyancy of the stock markets, shares of new-age companies Zomato, Nykaa, Honasa Consumer, Paytm, Delhivery and PB Fintech also rose through the week.
Top four IT firms report 50,000 fall in headcount over last year
Over the year, the headcount at India’s largest software services firm, TCS, dropped by 10,669. Infosys reported a 24,182 reduction, while Wipro posted a 18,510 fall. At HCLTech, the number increased by 2,486
Campus placements take a hit as IT majors cut back, posing challenges for engineering graduates
Tech majors, once hiring mainstays at engineering campuses, are skipping the exercise this year. ET finds out what this means for the scores of engineers graduating from Indian colleges this year.
IT slowdown to hit appraisals; Ghazal Alagh on Mamaearth’s growth strategy
Pay increases at top tier Indian IT firms could halve from a year ago as the $245-billion industry faces a major slowdown. This and more in today’s ETtech Morning Dispatch.
Tech majors may reduce pay hikes by half as slump hurts
Over the last three years, as per data by Xpheno, IT Service bellwethers have collectively increased compensation costs by 64%, while collective revenues grew by a little over 57%. This shows that the input cost is much higher than the output being generated.
HCLTech may not offer wage hikes to middle and senior-level staff in FY24
The classification of E0 – E2 employees range from freshers to technical leaders and E3 – E6 employee band are those with mid-level positions ranging starting from project managers up to vice presidents. E7 and above are the senior-level employees.
Infosys, HCLTech report Q2 profits; Groww becomes India’s largest stockbroker
Indian IT majors Infosys and HCLTech reported profits for the second quarter of FY24, despite numerous headwinds plaguing the sector. This and more in today’s ETtech Top 5.
Govt to seek info from YouTube, Telegram on curbing sleaze; InsuranceDekho raises $60M in funding
Social media companies may have to provide detailed information on the steps they’ve taken to curb pornographic and child sexual abuse material on their platforms. This and more in today’s ETtech Morning Dispatch.
Indian techies may be in for a long wait as IT firms defer hikes
Infosys and HCLTech have chosen not to implement raises, while Wipro has postponed its announcement to the third quarter. Tech Mahindra has granted increments to junior and mid-level employees but deferred them for senior roles. TCS, on the other hand, has given an average hike of 6% to 8%.
Nil to 1% hikes for LTIMindtree employees after months of delay
ET could not independently verify the share of the employee base that received such hikes but sources confirmed that a majority of junior to mid-level employees have received similar hikes.
PhonePe enters stockbroking; Swiggy tests bundling for ‘One’ subscriptions
PhonePe said in a statement that Share.Market will elevate discount broking through ‘WealthBaskets’, a market research-based technology platform that will provide stock market intelligence.
Praise for India’s new data law; Amazon challenges Google-Meta ad duopoly
If imitation is the sincerest form of flattery, India’s new data privacy law has already made a mark internationally. Not only are major economies applauding the newly-minted legislation, calling it a “landmark” regulation, some, such as Norway are looking to introduce clauses similar to those in the bill. This and then some in today’s ETtech Morning Dispatch
HCLTech CEO C Vijayakumar’s salary dips 80% in FY23
The sharp fall in his remuneration was due to the absence of the long-term incentive component, which will be paid next fiscal year, the company said in its annual report.
Dunzo’s downfall: from startup star to sinking ship? and other top tech stories this week
This week was Dunzo’s worst ever since it pivoted to quick commerce with Dunzo Daily in 2021. At ETtech, we have been closely tracking the Reliance Retail and Google-backed firm. What has come to pass has been in the making for a while.
Headcount at big 4 Indian IT companies dips in Q1
ET had previously reported that Q1 headcount growth for the IT majors is expected to be flat, in line with the numbers reported for the January March quarter.
Slow tech spends hit IT staff’s wallets
Deferred hikes, reduced variable pay as well as delays in onboarding hires at IT companies. India's third-largest IT firm HCLTech told ET that senior employees will not get annual increments for this fiscal year while hikes will be deferred by a quarter for other staff.
TCS, HCLTech Q1 results today: Here’s what you can expect
Analysts will be watching for commentary on demand in key markets like the UK and US apart from further signs of deal rampdowns or cancellations.
Subcontracting costs rise 60% in 2 years for top four IT firms
Subcontracting costs incurred by India's top four IT firms have risen nearly 60% in the last two years, fuelled by heightened attrition and digital upsurge that the sector witnessed after the pandemic.
Tech CEO pay packages reflect muted revenue growth outlook
IT giants, including TCS, Infosys and Tech Mahindra, spoke of demand uncertainty, delays in decision making and even project ramp-downs as they announced their latest quarter results.
IT deal pricing may remain muted on slow spends in FY24
Pricing power has shifted from the providers to the buyers, say experts
Flood of freshers at IT’s Big Four; Byju’s raises $250M, eyes $500M more
As of the second quarter, IT companies have not indicated any major change in their fresher intake plans for the year except TCS, which has upgraded its fresher hiring guidance from 40,000 to 47,000.
Elon Musk is definitely buying Twitter this time. Maybe
This week Elon Musk offered to buy Twitter for $44 billion or $54.20 a share – again. Don’t put the popcorn down just yet. Here’s the TL;DR of all the major developments since Musk began to get cold feet in mid-May, and one way he could still wriggle out of deal.
Pay check: CXO-fresher salary gap widening in IT sector
The average annual salaries of freshers remained at about $5,000 for over a decade till early 2020 before a couple of rounds of compensation increases by IT firms propelled that beyond the $5,000-mark
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