Tech Mahindra: Satyam has excess staff
Tech Mahindra has admitted that Satyam in its current form is overstaffed by around 10,000 workers.
The company is the new parent of the fraud hit Satyam Compute Services.
Mahindra said that they would definitely need to lower the headcount in the company to make it profitable again.
Vineet Nayyar CEO [...]
Tech Mahindra claims Satyam is already gaining new business
Tech Mahindra has announced that their new subsidiary Satyam has already started gaining new business.
The company has reportedly won some new projects as it looks like it might soon come back on its feet.
Anand Mahindra spoke about Satyam: “As far as I am concerned, since [...]
Tech Mahindra could be the new owner of Satyam
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Market sources say that Tech Mahindra has emerged as the winner of the bidding process for Satyam.
The company offered Rs 58 per share for the company. [...]
Infosys let go 2,100 employees
Indian IT Company Infosys has announced that they are firing around 2100 workers from their operations in the Indian market.
The company said that these workers are being fired due to poor performance history.
Infosys said that the decision was taken after the annual performance appraisal exercise that was concluded last month. [...]
HCL Technologies signs a deal with Xerox
Xerox has announced an outsourcing deal with Indian IT company HCL Technologies.
The deal is said to be worth around USD 100 million and it would last for a period of six years.
HCL would now be managing disaster-recovery preparation along with consolidating Xerox’s data centres in North America [...]
Satyam might announce their new owner on April 13
Satyam is looking for a new parent and they might make an announcement this coming April 13.
The company board has extended the deadline to submit technical and financial bids to April 13 from April 9.
The bidders had sought more time to go through the company’s financial [...]
IBM might be interested in Satyam
Economic Times has reported that IBM is one of the eight bidders for the Indian IT giant Satyam.
Private equity firm Apax Partners is said to be another party involved in the bidding process.
Larsen & Toubro, Tech Mahindra and Spice Group are other parties mentioned in the report.
IBM has [...]
Tata Consultancy Services starts firing under-performing employees
India’s leading IT company TCS has announced that they are laying off under-performing employees.
The company said that less than a percent of its global workforce is being fired for failing to meet the performance standards.
Inside sources say that the company has already started firing people based on the [...]
Satyam Computer Services cuts variable pay of employees
Satyam Computer Services has announced that they are cutting the variable pay of its staff.
This step is part of the company’s ongoing ‘cost rationalization’ exercise.
Satyam is currently recovering from a major fraud by its former CEO that was discovered just a couple of weeks ago.
It is under a [...]
TCS to review variable pay to employees to cut costs
Indian IT giant TCS has announced that they are going to review the variable pay of their employees in an attempt to cut costs.
The company said that they are not planning to cut employee salaries.
TCS CEO and MD S Ramadorai said in a statement: “We [...]
