CEO Salil Parekh to earn a fourth of what Vishal Sikka signed up at Infosys

Infosys gave a low key welcome to Parekh, unlike the aggressive marketing exercise it undertook to welcome Sikka

Salil Parekh

Salil Parekh will earn an annual salary of Rs 162. 5 million ($ 2.55 million) as the CEO of Infosys, which is a quarter of what Infosys had signed up with his high profile predecessor Vishal Sikka, who quit the firm after three years in turmoil.

The compensation also reflects the reality at Infosys and its chairman Nandan Nilekani who would like the low profile senior executive to execute a vision of focused delivery for customers than over promise and under delivery that would be in contrast with the company’s culture.

Parekh, the soft-spoken executive who was poached from global rival Capgemini, will get an annual fixed salary of Rs 65 million and variable pay of Rs 97.5 million that would be compensated based on achieving metrics set by the company. Infosys has also offered stock options worth Rs 97.5 million that would be vested over two years, the company said in its postal ballot that was disclosed in regulatory filings. Pravin Rao, interim MD and CEO has been redesignated as COO.

Sikka, who had a tumultuous three-year stint at Infosys, had signed up $ 11 million package including stock options. However, in fiscal 2017, the last of the three-year term, Sikka earned Rs 451 million ($ 7 million), after he struggled to grow business faster in a volatile business environment and the battle he was facing internally with the entrenched system at Infosys.

Infosys has also spelt out the severance pay terms – half his compensation of the previous 12 months and vesting of outstanding stock options till that period.

The severance pay to Rajiv Bansal, the former CFO, ten times his annual compensation, sparked a controversy over alleged failure in corporate governance norms, which eventually brought the downfall of Sikka and R Seshasayee, the former Chairman at Infosys.

Click Here To Read : Infosys CEO Salil Parekh


BookMyShow looks for Flipkart’s backing to combat Alibaba

A minority stake in BookMyShow to give Flipkart a play in the fast-growing online ticketing space and also an access to a high-spending loyal customer base


Amid competition from deep-pocketed global players like Alibaba, India’s leading online ticketing platform BookMyShow is looking for a backing in its space from Flipkart, the country’s largest internet company.

While Flipkart BookMyShow Deal has been one of the few profitable internet companies in India, with a profit of Rs 3.1 crore on a revenue of Rs 248 crore in the year that ended March 2016, competition from rivals like Paytm has caused sales growth to slow.

To shield itself from cash-burning rivals, BookMyShow will sell a minority stake to Flipkart, a behemoth with a cash reserve of $4 billion. For the e-commerce major, a stake in BookMyShow will give it a play in the fast-growing online ticketing space and also an access to a high-spending loyal customer base.

Also Read : Latest Current Affairs

According to Livemint, which reported the story first on Monday, Flipkart is interested in outright ownership of BookMyShow, but talks have largely steered towards purchase of a minority stake in the company. Both companies have a common investor in Accel Partners, one of the oldest and reputed early-stage VCs in the country.

Flipkart has been an active investor in other internet businesses and its acquisitions like Myntra, Jabong and PhonePe have borne fruit. Myntra says it will become profitable at an earnings before interest, tax, depreciation and amortisation (Ebitda) level by March 2018, while PhonePe says it is the largest digital payments player on UPI.

While Flipkart is looking at categories like groceries to get customers to buy from it more often, the model will take time and significant investments over the next few years. On the other hand, online ticketing, already an established market in India, will give Flipkart the desired repeated purchases on its platform. Read More

Asus Zenfone 4 Selfie: A mid-range smartphone with good dual front cameras

Priced at Rs 14,999, the phone is superb for selfie lovers, but its overall performance and battery disappoint


The concept of front camera in phones dates back to the time when mobile phone makers were toying with the idea of internet-enabled devices with video call features. But the front camera’s journey has come a long way since: What used to be a video camera with pixelated output is now much more advanced and packed with robust features to meet millennials’ growing demand for tools that help them stay updated on social media platforms.

Taiwanese electronics giant Asus is among the smartphone makers that have taken the front camera game very seriously and are innovating to make it even better. With the announcement of the Zenfone 4 Selfie series, the company has brought to the table two smartphones with dual selfie cameras – the Asus Zenfone 4 Selfie Pro and Asus Zenfone 4 Selfie (dual camera). Also announced recently was an entry-level smartphone with software-based enhancements for the front camera.

Business Standard reviewed the dual-front-camera variant of the Zenfone 4 Selfie to test its camera capabilities, besides the overall smartphone performance. Here are our observations:

Forbes India rich list: Ambani richest with $38 bn net worth, Premji 2nd

Mukesh Ambani remains India’s wealthiest with a net worth of $38 bn, Azim Premji distant second


Latest Current Affairs : Indeed, even as the nation is confronting financial hiccups and the administration confronting reactions from different quarters over its treatment of the economy, the wealthiest individuals in India don’t appear to be influenced. Despite organizations confronting troubles in the consequence of the administration’s demonetisation of high-esteem cash last November and its rollout of the products and enterprises assess (GST) administration in July this year, India’s 100 wealthiest big shots have seen their joined total assets zooming to an incredible $479 billion, up 26 for each penny from $374 billion out of 2016.

As per the Forbes‘ yearly rundown of India’s 100 wealthiest big shots, Reliance Industries Chairman Mukesh Ambani remains the nation’s wealthiest, with a total assets of $38 billion, Wipro Chairman Azim Premji is a far off second on the rundown with precisely a large portion of the riches. His total assets remains at $19 billion.

Here are the top 10 richest Indians by net worth on Forbes annual list of India’s 100 richest tycoons:

Electric sparks: M&M flags issues with Tata Motors e-car pricing

Pawan Goenka says not sure about selling cars in phase-II


M&M, which is competing with rival Tata Motors Electric Cars in the country’s largest electric car tender, said the company finds it “difficult” to comprehend the latter’s pricing in the tender. Tata Motors quoted a price of Rs 10.16 lakh for its electric Tigor sedan in the tender for 10,000 electric cars when M&M offered to sell its e-Verito at approximately Rs 12 lakh (both prices are exclusive of the goods and services tax).

“This pricing is difficult for us to comprehend given the fact that we have been in the business for more than five years and have good knowledge about the industry,” Pawan Goenka, managing director at M&M, said in a conference call on Thursday.

Also Read : Tata Motors Wins Bid To Sell 10,000 Electric Cars

Tata Motors emerged as the lowest bidder in the tender and is selling 250 of the order for 400 units in the first phase. EESL, which invited the bids, gave M&M an opportunity to match the price of the electric Tigor, following which the firm would supply 150 units in first phase that ends on November 30. Goenka, however, said they would not make any profit on the order.

Goenka said he was not aware if Tata Motors was able to offer the price based on a volume commitment to its vendors. He drew a distinction between the e-Verito and the electric Tigor. He said the e-Verito was a proper sedan with a bigger length (4.24 metre) against the sub-4 metre length of the Tigor. “Our vehicle has a range of 170-180 km upon full charge, which is more than the specified range of 130 km in the tender,” he said. Read More


SBI Life Insurance lists at 5% premium to IPO price of Rs 700

SBI Life Insurance lists at 5% premium to IPO price of Rs 700

The stock listed at Rs 735, a 5% premium against its initial public offer price of Rs 700 per share on the National Stock Exchange.


SBI Life Insurance Company made a quite debut by listing at Rs 735, a 5% premium against its initial public offer (IPO) price of Rs 700 per share on the National Stock Exchange (NSE).

At 10:02 AM; the stock was trading at Rs 734 on the NSE. It hit a high of Rs 740 and low of Rs 730 so far. A combined 11.5 million shares exchanged hands on the NSE and BSE.

The company’s Rs 8,400 crore IPO was subscribed 3.587 times. The portion meant for qualified institutional buyers (QIBs) was oversubscribed 12.56 times, while that of non-institutional investors received 70% subscriptions and retail investors 85%, data available with the NSE showed.

SBI Life is a joint venture between India’s largest lender State Bank of India and BNP Paribas Cardif, the insurance holding company of France.

SBI Life Insurance IPO is the largest private insurer in terms of new business premium (NBP) generated with 20.04% market share and has assets under management (AUM) of Rs 97,700 crore. The company is riding on ULIP business (71% APE mix) which has lower regulatory risk, lower capital requirement and long term opex benefit, but also has lower margins and is highly dependent on capital market performance.

“SBI Life is increasingly focusing to improve protection business share which is high margin and have moderate opex. Hence, we believe Operating RoEV to remain stable at 23% currently and improve post over‐run margins to around 18% by FY19 from currently 15%. At the upper band of Rs 700, the company would trade at 3.18x Sep‐19 EV which we believe is fully priced and hence we recommend to Subscribe for long term gains,” analysts at Prabhudas Lilladher said in IPO note. Read Full Article

Personal attacks continue: Full text of Vishal Sikka’s resignation letter

” The distractions that we have seen, the constant drumbeat of the same issues over and over again, while ignoring and undermining the good work that has been done, take the excitement and passion out


Vishal Sikka has resigned as managing director and chief executive of Infosys with immediate effect.

U B Pravin Rao has been appointed as interim-managing director and chief executive, India’s no. 2 software services exporter said in a statement.

Sikka has now been appointed as executive vice-chairman.

Here’s the full text of Vishal Sikka’s resignation letter.

Over the last few days, since our earlier call, I’ve met Sesh several times, talked to you individually at length, and spent time thinking things thru with Vandana. During this time, one of our employees, Sandeep Karamongikar, died in his sleep, likely of a massive heart attack. He was working on the chatbot frontend in Nia. Also over the weekend, in possibly the greatest demonstration of AI capability ever, a bot built by the researchers at OpenAI (yes, that OpenAI), defeated the world’s best players of DOTA2, a multiplayer online video game, a game where the bot learned to play entirely from scratch. Further demonstrating that the force to automate routine, even advanced, activities is an unstoppable and exponential one. And the Charlottesville incident here in the US demonstrated once again the power of words and silences to cause real damage, or to heal. Read More

Also Read:

Vishal Sikka quits as Infosys CEO, citing distractions and personal attacks

Vishal Sikka quits as Infosys CEO: Hits and misses of his 3-year journey

Vishal Sikka resigns as MD & CEO of Infosys with immediate effect