SALIL PAREKH
Infosys CEO Parekh settles insider trading charges
Salil Parekh, CEO of IT major Infosys, has settled a matter related to alleged insider trading violation by agreeing to pay Rs 25 lakh, said the Securities and Exchange Board of India (Sebi).
Infosys settles insider trading charges with Sebi, agrees to pay Rs 25 lakh fine
Parekh agreed to pay Rs 25 lakh (around $30,000) for failing to have adequate controls to prevent insider trading, the Securities and Exchange Board of India said.
Infosys to ring opening bell at NYSE to mark 25th anniversary
Salil Parekh and Jayesh Sanghrajka, along with other key leaders from Infosys, will ring The Opening Bell at the NYSE on June 21, 2024, marking 25 years of successful US listing and growth.
Infosys CEO Salil Parekh's annual compensation grew to Rs 66 crore in FY24
Infosys CEO Salil Parekh's annual compensation grew 17.3% in FY24 and reached nearly Rs 66 crore, as per the annual report of the company. In FY23, Parekh's salary was Rs 56.4 crore.
Infosys recruits 76% lesser college graduates in FY24
IT major Infosys hired 11,900 college graduates in FY24. This is against over 50,000 graduates hired a year ago, as per data from its annual reports.
As macro climate changes, GenAI will also scale up: Infosys CEO Salil Parekh
In a wide-ranging interview with Sameer Ranjan Bakshi, Beena Parmar and Surabhi Agarwal, Salil Parekh, chief executive and managing director of Infosys, spoke of his plans to prepare the $18.6 billion software services giant — through its Topaz platform — for the GenAI-led transformation that will take root as global macro-economic concerns ease.
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TCS and Infosys log muted sales growth
At the post-results briefings, senior executives at Infosys and TCS said there were few signs of recovery in global demand for technology services, which has been buffeted by macroeconomic and geopolitical uncertainty for nearly two years now.
IT companies take pole position on CEO pay front in India
C Vijayakumar, managing director and CEO of HCL Technologies, India’s third-largest IT services company by market cap, was the eleventh-highest paid, taking home $3.46 million, or about Rs 28 crore, (he is based out of the US) in FY23.
How much the top 5 highest-paid IT CEOs in India earn
For financial year 2023, Wipro's French CEO Thierry Delaporte was paid Rs 82.4 crore in annual salary.
To AI or not no longer a question: IT majors already using GenAI for several tasks
Indian IT firms are focusing on the integration of generative AI (GenAI) to expedite code generation, optimize labor-intensive tasks and facilitate system integration. TCS is working on more than 50 proofs of concept and over 100 GenAI opportunities for enterprise GenAI capabilities. Meanwhile, Infosys is engaged in 80 GenAI projects with a focus on large language models.
India Inc flagships are giving older chiefs more time at the helm
Senior executives in their late 50s and 60s are receiving longer tenures in India's business sector after the COVID-19 pandemic. Older CEOs of companies having mature and complex business streams and balance sheets are being appointed or having their appointment terms extended by risk-averse India Inc boards who increasingly value perseverance over panache.
What does FY24 hold for the Indian IT industry?
Analysts called out a “tepid” first quarter in their previews, but also hinted at a recovery by end-2023 or early 2024.
Future imperfect: how will FY24 pan out for the Indian IT industry
Extended deal closure periods, insourcing, large contract cancellations, vendor consolidation and project ramp-downs are now co-existing with large deal announcements and elevated outsourcing demands. Midway into the year, indecisive technology investment sentiments have not improved any further from where they stood at the beginning of the year. What does the rest of the year look like?
Some clients insist for work from office: Infosys CEO Salil Parekh
While responding to a shareholder's query on the 42nd Annual General Meeting of the company, Infosys chief executive officer and managing director Salil Parekh said that in future, there will be a need for more social capital where people will need to connect with each other to do new things, training, etc.
Tech Mahindra CEO CP Gurnani earns 50% less in FY23: annual report
Gurnani, who is set to retire in December, earned Rs 25.6 crore from employee stock option plans (ESOP) during the last fiscal year compared with Rs 58.8 crore in FY22.
In charts: IT firms face uncertain times
As an indicator of the weakening market, Infosys chief executive Salil Parekh took a pay cut of 21% in FY23 whereas outgoing TCS chief executive Rajesh Gopinathan saw a pay hike of 13%.
Number-nuggets from the filings of IT companies
As the financial year-end results and guidance season draws to a close, ET brings you a few number-nuggets from the filings of the IT firms.
Fat checks! IT CEOs earn up to 427 times higher than median salary of employees in FY23
IT companies are facing headwinds in the face of macro uncertainty and a worsening demand outlook in the current financial year. However, the days seem to be sunny for the corner office executives if we go by the trends in FY23. Here is a list of the highest-paid CEOs in the IT industry. Source: Annual reports
Infosys CEO Salil Parekh’s pay falls 21% to Rs 56.4 crore in FY23
Parekh’s compensation included Rs 30.6 crore in stock options as he exercised 1,24,783 stock units under the 2015 stock option plan and 73,962 units under the 2019 plan during the last fiscal.
Infosys launches generative AI solutions
Infosys Topaz leverages Infosys applied AI framework and the Infosys Cobalt cloud.
Tech demand hits a low as clients tighten purse strings amid economic uncertainties
India’s top four IT firms–Tata Consultancy Services (TCS), Infosys, HCLTech and Wipro–clocked double-digit revenue growth in FY23. Compared with last year, these companies have reduced their revenue growth outlook for FY24 by at least 50%.
Indian IT, startups bullish on AI tech, but tread with caution
As artificial general intelligence (AGI) continues to carry out specific tasks such as language translation and data analysis for companies, Indian enterprises and startups are also bullish on the AI technology but are weighing its pros and cons before they implement it in their products for customers.
IT firms may prioritise delivery over margin boost on cost focus
A note by Kotak Securities said that the margin growth of these companies for the 2024 fiscal had been overestimated under the assumption that supply side challenges will ease and utilisation will improve.
See very good opportunities in M&A environment; will evaluate entities offering good fit: Infosys CEO
While Infosys is on "look out at all times" for good acquisitions, "this is a good environment for finding it", Parekh said.
Infosys expands partnership with Microsoft to drive cloud transformation
The extended collaboration between Infosys and Microsoft will greatly benefit enterprises by bringing them Infosys Cobalt cloud offerings and Microsoft’s cloud computing technologies, led by Azure, across the business value-chain.
Infosys posts 13.4% rise in Q3 net profit, ups FY23 revenue growth guidance
But the Bengaluru-headquartered company's managing director, Salil Parekh, warned that there were signs of a "slowing global economy" that was delaying decision making in a few verticals.
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