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<div type="image" title="Companies are embracing the unbossing trend" msid="113256383" hostid="261" sizebytes="1440779"></div> If there’s one thing both a productive team member and an underperformer hates in the corporate world, it’s being micromanaged. Now, imagine a workplace where the boss isn’t calling all the shots. Instead, everyone has a voice, and innovation flows freely. The recent corporate trend of "Unbossing" promises to do just that, empowering employees by eliminating the heavy hands of hierarchy. Sounds too good to be true? Well, globally, not just the new-age start-ups, but dozens of major corporations have embraced this trend and trimmed their middle management. <h2>Managers managing managers — no more!</h2>In January last year, <keyword id="399907" type="General" weightage="20" keywordseo="META" source="Orion">Meta</keyword> CEO Mark Zuckerberg made headlines for declaring 2023 as the “year of efficiency” and saying that he doesn’t want a management structure that's just “managers managing managers”. <div type="image" title="Meta CEO Mark Zuckerberg" agency="ANI" msid="113256403" hostid="261"></div> The same month, it was also reported by Command Line that Meta's chief product officer Chris Cox, had shared a post on the company's communication platform, Workplace, highlighting the necessity to "flatten" the organisation's structure. What followed was reports of Meta slashing middle management roles. Gradually, other companies like Shopify, Bayer, and Cisco began making headlines for showing the exit door to some of their middle managers. Loosely, unbossing is essentially cutting down the middle management roles. It cuts significant costs for the company and the new-age workforce also endorses the trend as efficient in enabling faster decision-making and innovation. However, critics argue this trend also limits the extent of mentorship that the younger generation receives while entering the workforce, which often remains an intangible value if your boss turns out to be a good mentor. Therefore, for some, it’s not about firing the middle management, but just another leadership philosophy on how leaders (and ‘bosses’) should conduct themselves. This approach advocates bosses working along with the team as a part rather than shouting instructions from the top. Whatever one’s understanding, this trend of “Unbossing” appears to be taking corporate America by storm in 2023, as evidenced by hundreds of media reports highlighting the same. Overall, most agree that the trend is restructuring organisational hierarchy to enable direct communication between employees and leaders. Cut to 2024, this trend is still prevalent and making headlines. A Bloomberg report recently said that Georges Elhedery, the incoming CEO of HSBC Holdings, might also consider plans to streamline the company's operations by reducing layers of middle management. But what’s the scenario in India? Are Indian companies ready to ditch the old-school approach and adopt this new way of working? Let’s dive in and see what the experts have to say! <h2>Layoffs to impact senior professionals: Naukri.com survey</h2>A survey by job portal Naukri.com early last year had suggested that recruiters in India expect a decline in layoffs during the first half of 2023. The survey, which included responses from 1,400 recruiters and consultants across ten industries, revealed that only 4 percent of participants anticipated layoffs to be the main focus of hiring activities within their organisations. However, the survey also highlighted that information technology roles and senior professionals were likely to be the most affected by hiring adjustments. About 20 percent of recruiters predicted that layoffs would predominantly impact senior professionals, while freshers are expected to face the least disruption from these hiring corrections. Interestingly the survey came around the same time when the Unbossing trend had begun picking up pace abroad. <h2>Layoffs at Wipro, <keyword id="18635" type="General" weightage="20" keywordseo="amazon" source="Orion">Amazon</keyword> and Collegedunia</h2>In January this year, Wipro India was in the limelight for laying off hundreds of its mid-level executives. The company reportedly culled many jobs as part of its strategy to improve margins. An ET report citing two sources familiar with the situation had said that the leading Indian IT firm reduced mid-level roles at its onsite locations. "Notices began being issued earlier this month, and hundreds of mid-level executives onsite are being let go," one source revealed. Another source added, "They have costly resources onsite in Capco, and although growth is returning, it's not sufficient. Aparna Iyer, Wipro's chief financial officer, has been tasked with delivering better margins this quarter." <div type="image" title="Amazon decided to lay-off middle managers in May" msid="113256170" hostid="261"></div>Then in May, Amazon also decided to reduce layers of middle management within its customer service divisions as part of an organisational restructuring, a Fortune report had said. The cuts impacted over 100 customer service managers in Level 5 and Level 6 middle management roles, both in call centres and virtual positions, primarily based in the U.S. and India. Not just large tech companies, startups too seem to be adapting the <keyword id="23125775" type="General" weightage="100" keywordseo="unbossing-trend-in-India" source="Orion">unbossing trend in India</keyword>. Last month, educational portal Collegedunia confirmed that around 100 employees from its Study Abroad department had been given the pink slip. A report in CNBC-TV18 had said that additional job cuts were happening across other departments as part of a broader reorganisation. The restructuring, as per the report, was aimed at automating many tasks to reduce costs. Interestingly, despite the layoffs, Collegedunia had posted 13 job openings on LinkedIn for various roles in different locations, primarily entry-level positions requiring up to two years of experience. "While Collegedunia is laying off several employees, it is also hiring fresh talent, allowing them to keep staffing levels up but at a lower cost," one employee told CNBC-TV18 at the time. Another source confirmed that while Collegedunia had been actively recruiting for some months, it has also been letting go of employees, including senior staff members with 7-8 years of experience at the company. <h2>What do experts say?</h2> <div type="image" title="Experts&amp;#39; opinion on unbossing trend" msid="113256250" hostid="261"></div>Mr. Sumit Kumar, Chief Strategy Officer at TeamLease Degree Apprenticeship, told Business Insider India, “From the perspective of HR leaders and CEOs, the strategic culling of middle management is viewed as a means to streamline operations, reduce overhead, and foster a culture of autonomy and innovation.” He also noted that even though employees can “exercise greater ownership and agility in decision-making” through this approach, there are also significant downsides. “The erosion of middle management creates a vacuum in leadership development, mentorship, and the retention of institutional knowledge, potentially leading to disengagement, a weakened talent pipeline, and misalignment with organisational objectives,” Kumar noted. Talking specifically about the Indian scenario, he said, “Implementing this trend in India would be a strategic move, positioning organisations to remain competitive in a rapidly evolving business environment. However, to fully capitalise on this approach, developing a more robust talent pipeline that integrates the ability to multitask at all levels is imperative. In today's landscape, leadership demands thinkers, strategic visionaries, and individuals who can execute with precision. We need to cultivate a new breed of leaders who are both thinkers and doers, capable of navigating complex challenges while driving innovation and growth. By building versatile, agile leaders through targeted talent development programs, Indian organisations can ensure they are well-prepared to thrive in a decentralised, high-performance environment.” RP Yadav, Chairman and Managing Director of Genius Consultants Limited, told ET recently that the Unbossing approach simplifies hierarchies and encourages open communication between frontline employees and senior management. He had added that the concept of “the oldest in the room is always the wisest of all” is no longer applicable. Meanwhile, Aditya Narayan Mishra, MD and CEO of CIEL HR Services told ET that the unbossing trend is predominantly seen in tech companies, creative roles, and startups, where swift decision-making and the unrestricted exchange of ideas are crucial. For example, the tech sector often thrives with flattened hierarchies that support rapid innovation and agility, while creative industries such as advertising and media use unbossing to cultivate a more collaborative and idea-focused environment. Thus, the unbossing trend is gaining traction beyond global companies and is finding its way into Indian organisations as well. While this approach can streamline operations, reduce costs, and enhance agility, experts caution that it also brings challenges, such as gaps in leadership development and the loss of institutional knowledge. To fully harness the benefits of unbossing, Indian companies must focus on cultivating agile leaders who can navigate complex challenges and drive growth. By building a strong talent pipeline and fostering a culture of innovation and collaboration, Indian organisations can position themselves to thrive in a more decentralised and dynamic business environment. Do you have insights or personal experience to s hare on layoffs, <keyword id="34447" type="General" weightage="20" keywordseo="workplace-trends" source="Orion">workplace trends</keyword>, or career changes? Contact us at businessinsider@timesinternet.in.

SIMPLY PUT: What’s with all “Unbossing” talks? Are Indian companies also embracing this global trend?

New Delhi, <keyword id="198245" type="General" weightage="20" keywordseo="wipro-consumer" source="Orion">Wipro Consumer</keyword> Care and Lighting on Tuesday announced the acquisition of three soap brands, Jo, Doy, and Bacter Shield, from VVF (India) Ltd for an undisclosed amount, a move that will help the company expand in the personal wash segment. This is the third acquisition by <keyword id="10862" type="General" weightage="20" keywordseo="wipro" source="Orion">Wipro</keyword> Consumer Care and Lighting, part of Azim Premji-led Wipro Enterprises, within the last 12 months and the 15th acquisition so far, as it is aggressively expanding its portfolio. "The acquisition will be a strategic expansion for Wipro in the personal wash segment," said a statement from Wipro Consumer, which is among the leading players in the segment with sandalwood soap brand Santoor and female toiletries brand Enchanteur. Jo toilet soap has a presence in North, East and West markets, Doy operates in the premium segment with differentiated positioning, and Bacter Shield has an antibacterial range of soaps and handwash. "These brands together recorded a revenue of over Rs 210 crore during FY23," it said. In FY23, Wipro's Santoor had become the second largest player in the segment in India with sales of over Rs 2,650 crore while Enchanteur has also crossed the 1,000 crore mark. Earlier, Wipro Consumer Care, which has ambitions to become a formidable player in the fast-growing Indian food market, had acquired Nirapara and Brahmins. Vineet Agrawal, CEO of Wipro Consumer Care and Lighting, said these brands complement the existing portfolio and will give a stronger foothold in the key markets. "With a diverse array of brands and Wipro's robust distribution network, we are positioned to fortify our market presence and propel growth," said Agrawal, who is also Managing Director of Wipro Enterprises. "The divestment of Jo, Doy, and Bacter Shield to Wipro aligns with our focus on optimising our portfolio and underscores our confidence in Wipro's ability to nurture and elevate these brands," VVF (India) (Earlier known as Vegetable Vitamins Foods Co) Chairman and Managing Director Rustom Godrej Joshi said. Wipro Consumer Care and Lighting has crossed the milestone of Rs 10,000 crore in overall sales in FY23.

Wipro Consumer acquires 3 soap brands Jo, Doy and Bacter Shield from VVF

<ul><li><keyword id="6358815" type="General" weightage="80" keywordseo="tech" source="Orion">Tech</keyword> majors like <keyword id="12873900" type="General" weightage="20" keywordseo="wipro-tech-mahindra" source="Orion">Wipro, Tech Mahindra</keyword> and other MNCs have either put off recruitment of freshers or asked them to wait. </li><li>Experts, allaying fears of recession in US and Europe affecting IT industry in <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>, state that the trend is not new.</li><li>The present trend could be the result of workability of pipeline projects. </li></ul> There is uneasiness among a major section of students whose onboarding process has been delayed by major tech companies. Tech majors like <keyword id="10862" type="General" weightage="80" keywordseo="wipro" source="Orion">Wipro</keyword>, Tech Mahindra and other MNCs have either put off recruitment of freshers or asked them to wait until they are intimated. The freshers awaiting onboarding in Wipro have launched a full fledged campaign on social media, questioning Wipro Chairman Rishad Premji's integrity and commitment as he spoke strongly about ethics in connection with moonlighting. "The career of thousands of students like me is at stake. We cleared the Wipro exam in 2021. We rejected offers from other companies. But, it's been one year and we are still not onboarded. Wipro is either delaying or rejecting without any clarification," fresher Nithin said. Another fresher <keyword id="15167860" type="General" weightage="50" keywordseo="rushikesh-rupnar" source="Orion">Rushikesh Rupnar</keyword> stated that "it's been 9 months since I received my offer letter. There is no update regarding onboarding since then. Are we a joke to them? So many students out there are waiting to join". The <keyword id="15167857" type="General" weightage="50" keywordseo="nascent-information-technology-employees" source="Orion">Nascent Information Technology Employees</keyword> Senate (<keyword id="12917180" type="General" weightage="50" keywordseo="nites" source="Orion">NITES</keyword>), an NGO working for the welfare of IT employees, stated that the trend is not confined to Wipro. "After Wipro, we have received complaints from employees of various IT companies regarding delay in onboarding. Unfortunately the CEOs bragging about work ethics and transparency are left with no humanity." "If the workers are organised, all they have to do is to put their hands in their pockets and they have got the capitalist class whipped," NITES asserted. IT firms should be held accountable for endangering the professional futures of the employees and trainees. Companies play a good game about their beliefs and ethics on the surface, but in reality, It's just crony capitalism, one of the IT job aspirants alleged. The students who have formed a group online with the "Wipro onboard us" title, stated "please update on our career, group respected <keyword id="15167858" type="General" weightage="50" keywordseo="rishadpremji" source="Orion">RishadPremji</keyword> sir please update about the onboarding of freshers, why this ego system on freshers." "I hope u r reading this reply and you got to help us soon. Wishing good health and happiness to the people who re supporting us in struggle of Wipro on-board." "Please update on our career group submitted respected RishadPremji sir we don't know how the moonlighting effected your company, but your hiring process and holding freshers on-boarding effecting the lives of 20k+ freshers. Is our lives not valuable?" NITES had also filed a complaint with <keyword id="9286293" type="General" weightage="50" keywordseo="union-ministry-of-labor-and-employment" source="Orion">Union Ministry of Labor and Employment</keyword> urging to initiate action against the Wipro for delaying onboarding of more than 2,000 students. Wipro has stated that it will honour all offer letters. However, experts, allaying fears of recession in US and Europe affecting IT industry in India, state that the trend is not new. They say since China is being hit post Corona period, India could be more resilient. The present trend could be the result of workability of pipeline projects. If pipeline projects are getting affected for various reasons, the companies will strategise their moves by holding new recruitments or withdrawing offers. "This trend is an old one and the situation is projected like it is the end of IT industry which is wrong. The focus is on adopting to new technology, which is being focussed by all major tech companies. They are doing best prepare work force for new challenges," an expert said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/musk-again-offers-to-buy-twitter-for-54-20-a-share-report/articleshow/94655083.cms">Musk again offers to buy Twitter for $54.20 a share: Report</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/competition-commission-gives-conditional-approval-to-sony-zee-merger-deal/articleshow/94654411.cms">Competition Commission gives conditional approval to Sony-Zee merger deal</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/upi-is-indias-favourite-payment-mode-with-transactions-worth-30-4-trillion-in-april-june-says-report/articleshow/94642629.cms">UPI is India’s favourite payment mode with transactions worth ₹30.4 trillion in April-June, says report</a>

Freshers feel the heat as IT majors put onboarding on indefinite hold

Software giant <keyword id="6354512" type="General" weightage="100" keywordseo="infosys" source="Orion">Infosys</keyword> softening its stand on <keyword id="64527" type="General" weightage="20" keywordseo="moonlighting" source="Orion">moonlighting</keyword> has allowed its staffers to take up external work with prior permission, sources stated on Friday. The company has intimated to the employees its new policy through email. The email from the company states that any employee, who wishes to take up gig work, may do so, with the prior consent of their manager and <keyword id="15318360" type="General" weightage="20" keywordseo="bp-hr" source="Orion">BP-HR</keyword>, and in their personal time, for establishments that don't compete with Infosys or Infosys' clients. The corporate world has been discussing moonlighting for quite some time. Techies working for other companies has become a trend and concern in the industry with startups readily offering very attractive offers to utilize the skills of the talent working for other companies. <keyword id="197349" type="General" weightage="50" keywordseo="rishad-premji" source="Orion">Rishad Premji</keyword>, the Chairman of <keyword id="10862" type="General" weightage="50" keywordseo="wipro" source="Orion">Wipro</keyword> repeatedly issued statements against moonlighting and had also asked the startups not to only focus on immediate fortune. The company had earlier announced the firing of hundreds of employees for integrity issues. Rishad Premji also shared how an employee in an important position was shown the doors for lack of integrity and later the company did not give him a clean relieving letter. He also shared that it did not take more than 10 minutes to fire 20 staffers of higher positions who showed a lack of integrity. The insiders in Infosys stated that the step would help the company to find solutions for many challenges that are being faced presently. The decision would help the employee to carry out the work of his or her choice. The step by Infosys will draw sharp criticism and set a new trend in the corporate world, experts say. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/tata-consumer-products-profit-grows-36-to-355-crore-in-q2-fy23/articleshow/94992535.cms">Tata Consumer Products profit grows 36% to ₹355 crore in Q2 FY23</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/personalities/news/zerodhas-co-founders-nithin-and-nikhil-kamath-donate-100-crore-in-fy22/slidelist/94991823.cms">Zerodha’s co-founders Nithin and Nikhil Kamath donate ₹100 crore in FY22</a>

Infosys to now allow moonlighting with prior permission, say sources

<ul><li>Fears of a global economic slowdown – worse yet, a recession – have caused a meltdown in IT companies around the world.</li><li>This has eroded the nearly $20 billion wealth of some of India’s top billionaires, wiping away the huge gains they made post-pandemic.</li><li>Even analysts remain divided about the prospects of growth in the Indian IT industry, so it might be the time to be cautious.</li></ul>Inflation has taken the wind out of most of the countries in the world, and the pinch is being felt across all sectors. Food and commodity prices have seen a rapid rise; startups and established giants alike have started feeling the pinch. Some companies have frozen hiring, while others are considering layoffs. The IT industry – which was seeing unprecedented growth as businesses around the world revamped their tech infrastructure – is not as lucrative a bet as it was last year. The Nasdaq Technology Sector Index which tracks some of the world’s largest IT companies, is down 24% since the beginning of the year. Back home, the Nifty IT index is down 22%, too. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Index </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Current </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">YTD </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">NDXT </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">7281 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">-24% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Nifty IT </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">29904 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">-22% </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>The IT meltdown has impacted Indian billionaires, too. While Mukesh Ambani and Gautam Adani who are in the business of energy — added over $30 billion together this year alone, IT billionaires have seen their fortunes tumble. <div type="Article" hostid="261" msid="91981767" title="Indian billionaires held on to 99% of their wealth while rest of the world lost over $1 trillion" mstype="2" mssubtype="0"></div> <keyword id="6419840" type="General" weightage="20" keywordseo="Azim-Premji" source="Orion">Azim Premji</keyword>, also known as the Czar of the Indian IT industry, has seen his wealth decline by over $12 billion since the beginning of this year. In the same period, <keyword id="10862" type="General" weightage="20" keywordseo="wipro" source="Orion">Wipro</keyword>’s shares have nosedived by over a third. <keyword id="44903" type="General" weightage="100" keywordseo="shiv-nadar" source="Orion">Shiv Nadar</keyword>, the founder and chairman of HCL Technologies, lost nearly $7 billion in this period, while his company’s market capitalisation eroded by over 21%. <div type="image" title="Azim Premji Wipro Shiv Nadar HCL Tech 2022." msid="91988770" hostid="261" caption="&amp;lt;p&amp;gt;Azim Premji and Shiv Nadar&amp;#39;s wealth have mirrored the performance of their companies, Wipro and HCL Tech&amp;lt;/p&amp;gt;"></div> Other Indian IT giants, TCS and Infosys, too haven’t fared too well. While TCS has been able to weather the storm so far, losing only 10% of its value, Infosys lost nearly twice, with a decline of 20% in the same time period. Tech Mahindra, too, has seen an erosion of 36% in its market cap. <div type="image" title="TCS Infy Wipro HCL Tech Tech Mahindra 01_01_2022 to 03_06_2022." msid="91988781" hostid="261" caption="&amp;lt;p&amp;gt;TCS has been the most resilient company in the Indian IT sector&amp;lt;/p&amp;gt;"></div> <cmsannotation type="cmsannotation" annotationid="What are the analysts saying?" comment="subhead" text="What are the analysts saying?">What are the analysts saying?</cmsannotation> Analysts at Macquarie are positive about the Indian IT sector, saying that the companies are now in a “very attractive” territory after the massive correction this year. The research firm has given an ‘outperform’ rating across the sector, in this order of priority – <keyword id="141968" type="General" weightage="20" keywordseo="hcl-tech" source="Orion">HCL Tech</keyword>, TCS, Infosys, Wipro, and Tech Mahindra. However, analysts at JP Morgan are speaking a different tune, saying that the growth outlook looks worse due to rising margin headwinds amid a macro slowdown. “Indian IT growth was accelerating till 3Q22 and has begun to slow down from 4Q22, which is likely to worsen into FY23 amid a worsening macro. With peak sector growth behind, growth deceleration should continue to weigh on sector multiples,” the firm said in a recent note. Kotak Institutional Equities, on the other hand, pins the blame in the IT sector meltdown on the economic recession, instead of rising risk to margins. While we’ve seen a near unstoppable bull run in the Indian IT sector since the pandemic broke out, probably now is the time to be cautious. SEE ALSO: <a href="https://www.businessinsider.in/business/news/indian-billionaires-held-on-to-99-of-their-wealth-while-rest-of-the-world-lost-over-1-trillion-in-2022/articleshow/91981767.cms">Indian billionaires held on to 99% of their wealth while rest of the world lost over $1 trillion</a> <a href="https://www.businessinsider.in/thelife/personalities/news/mukesh-ambani-gets-his-richest-indian-crown-back-with-a-wealth-of-104-4-billion/articleshow/91977090.cms">Mukesh Ambani gets his ‘richest Indian’ crown back with a wealth of $104.4 billion</a> <a href="https://www.businessinsider.in/business/corporates/news/the-curious-case-of-diverse-brokerage-views-on-delhivery-explained/articleshow/91987679.cms">The curious case of diverse brokerage views on Delhivery — explained</a>

Azim Premji and Shiv Nadar lose $20 billion of their personal wealth – thanks to the Great Indian IT meltdown

<keyword id="6354512" type="General" weightage="100" keywordseo="infosys" source="Orion">Infosys</keyword> is the latest entry to the list of IT firms clamping down on moonlighting employees. However, the IT behemoth is mulling a system that will allow employees to work on external projects too. Without elaborating on the numbers, <keyword id="15256520" type="General" weightage="50" keywordseo="infosys-ceo-salil-parikh" source="Orion">Infosys CEO Salil Parikh</keyword> said that over the last year, the company has let go of its employees found working with other companies. "Where there are confidentiality issues, we have let them go," Parikh said on Thursday at the press conference announcing the Q2 results. Parikh however said that Infosys is mulling a policy that allows employees to work on other projects within and outside of Infosys. Earlier <keyword id="10862" type="General" weightage="50" keywordseo="wipro" source="Orion">Wipro</keyword> Chairman <keyword id="197349" type="General" weightage="50" keywordseo="rishad-premji" source="Orion">Rishad Premji</keyword> had expressed concerns over the issue of moonlighting employees. A few weeks ago, Premji stated that Wipro had fired 300 employees on this count. Amid reports of IT companies delaying or putting fresh recruitments on hold, <keyword id="10389637" type="General" weightage="50" keywordseo="infosys-cfo-nilanjan-roy" source="Orion">Infosys CFO Nilanjan Roy</keyword> said that there was no delay in onboarding freshers. He said that Infosys hired 40,000 freshers in the first half of the financial year. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/soon-you-wont-be-able-to-fake-your-age-on-instagram/articleshow/94853597.cms">Soon, you won't be able to fake your age on Instagram </a><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/twitter-will-soon-allow-you-to-control-who-can-mention-you-in-their-tweets/articleshow/94852135.cms">Twitter will soon allow you to control who can mention you in their tweets</a>

Infosys too cracks whip but mulling policy to allow moonlighting

Equity benchmark <keyword id="6484188" type="General" weightage="100" keywordseo="sensex" source="Orion">Sensex</keyword> climbed over 500 points in early trade on Friday, tracking gains in index-heavyweights Titan, <keyword id="10862" type="General" weightage="50" keywordseo="wipro" source="Orion">Wipro</keyword> and <keyword id="6354512" type="General" weightage="80" keywordseo="infosys" source="Orion">Infosys</keyword> amid a firm trend in global markets. Foreign fund inflows into capital markets also added to the momentum, traders said. The <keyword id="35140" type="General" weightage="50" keywordseo="bse" source="Orion">BSE</keyword> Sensex climbed 520.85 points to 59,295.57 in early trade. Likewise, the broader NSE <keyword id="6354813" type="General" weightage="80" keywordseo="nifty" source="Orion">Nifty</keyword> advanced 163.4 points to 17,685.85. From the Sensex pack, Titan, Tech Mahindra, Mahindra &amp; Mahindra, Tata Steel, Kotak Mahindra Bank, Wipro, Infosys and Axis Bank were among the major winners. On the other, Bharti Airtel and Nestle were the laggards. In Asia, markets in Seoul, Tokyo, Shanghai and Hong Kong were trading in the green in mid-session deals. Wall Street had ended with gains on Thursday. "Intra-day markets could remain volatile as investors are likely to maintain caution ahead of the Federal Reserve Chairman Jerome Powell's speech at the Jackson Hole symposium," said Prashanth Tapse - Research Analyst, Senior VP (Research), Mehta Equities Ltd. The BSE benchmark declined 310.71 points or 0.53 per cent to settle at 58,774.72 on Thursday. The Nifty dropped 82.50 points or 0.47 per cent to end at 17,522.45. Meanwhile, the international oil benchmark Brent crude climbed 0.78 per cent to USD 100.11 per barrel. Foreign institutional investors (FIIs) bought shares worth Rs 369.06 crore on Thursday, according to exchange data. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/syrma-sgs-technology-lists-at-19-premium-slightly-below-grey-market-expectations/articleshow/93790852.cms">Syrma SGS Technology lists at 19% premium slightly below grey market expectations</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/chhattisgarh-govt-to-set-up-1320-mw-thermal-power-plant-in-korba-district/articleshow/93789990.cms">Chhattisgarh govt to set up 1,320 MW thermal power plant in Korba district</a>

Sensex gains over 500 pts; Nifty trades above 17,650 on firm global markets, FII inflows

<ul><li>Premji has earmarked all economic benefits for philanthropy, setting aside 34% of <keyword id="10862" type="CITY" weightage="20" keywordseo="Wipro">Wipro</keyword> shares worth $7.5 billion. </li><li>This takes his total contribution to charity to a total of $21 billion, including 67% of economic ownership of Wipro. </li><li>Earlier this month, the <keyword id="6419840" type="UNKNOWN" weightage="20" keywordseo="Azim-Premji">Azim Premji</keyword> Trust had sold over ₹26 million Wipro shares. </li></ul><keyword id="10946" type="POSITION" weightage="20" keywordseo="Wipro-Chairman">Wipro Chairman</keyword> Azim Premji has announced an increased contribution to his charity – <keyword id="120063" type="ORGANIZATION" weightage="20" keywordseo="Azim-Premji-Foundation">Azim Premji foundation</keyword>. Premji has earmarked all economic benefits for philanthropy, setting aside 34% of Wipro shares worth $7.5 billion. His total contribution to philanthropy now stands at a whopping $21 billion, including 67% of economic ownership of Wipro Limited. According to an official statement from the company, the aim is to now scale up the efforts of the Azim Premji foundation. “The team driving the field work in education is expected to grow significantly from the current 1600 people, while the University will expand to have 5000 students with 400 faculty members across multiple programs. Thereafter, another University in the northern part of India may be set up by the Foundation,” said the statement. Earlier this month, the Azim Premji Trust had sold over ₹26 million Wipro <a href="https://economictimes.indiatimes.com/markets/stocks/news/azim-premji-trust-sells-over-2-66-crore-wipro-shares/articleshow/68321580.cms">shares</a> in a block deal. In its <a href="https://economictimes.indiatimes.com/markets/stocks/earnings/wipro-reports-32-yoy-jump-in-q3-profit-at-rs-2545-crore-announces-bonus-issue-dividend/articleshow/67588095.cms">Q3</a> earnings report, the IT major had reported a 32% year-on-year rise with ₹25.44 billion recorded profit for the quarter that ended on December 31. See Also: <a href="https://www.businessinsider.in/the-top-10-richest-person-in-india/articleshow/68352802.cms">Meet the top 10 richest people in India</a> <a href="https://www.businessinsider.in/wipro-formally-lists-trump-as-a-potential-threat/articleshow/59066533.cms">Wipro formally lists Trump as a potential threat</a> <a href="https://www.businessinsider.in/wipro-invests-24-5-million-in-9-start-ups-2-years/articleshow/58996522.cms">Wipro invests almost a quarter of corporate venture fund in nine start-ups over two years</a>

Azim Premji has now set aside $21 billion to charity, 67% of economic ownership of Wipro

<ul><li>Wipro reported that it added 7,000 employees to the company over the last three months during its first-quarter earnings call. </li><li>Saurabh Govil, Wipro’s Chief Human Resources Officer (CHRO), said the company will continue hiring in Q2. </li><li>Even though Wipro doubled its hiring in 2019-20, its net addition of employees was in the red suggesting low attrition. </li></ul>Wipro has hired new 7,000 employees in the last three months, their first quarter, between April to June. And, they plan to keep on hiring, according to Wipro’s Chief Human Resources Officer (CHRO) Saurabh Govil. This comes in the backdrop Wipro reporting the largest decline in employees during the last quarter in comparison to its peers Tata Consultancy Services (TCS), Infosys and other Indian IT services companies.“Lateral hiring never stopped,” said Govil during the first-quarter earnings call. “We will continue to hire in Q2 based on demand,” he added. <div type="Article" hostid="261" msid="76960126" title="Wipro management pins hope on wider margin and new clients while revenue takes a dip" mstype="2" mssubtype="0"></div> Govil added that the company has started on-boarding freshers as per earlier offers. “It would be staggered and delayed based on business requirements,” he said. Even last quarter, Govil asserted that hiring would not be suspended at Wipro in lieu of the coronavirus pandemic. However, the company did not rule out furloughs and leaves at the time. <div type="Article" hostid="261" msid="75173292" title="Wipro's hiring will be slower in the coming months and current employees may be asked to go on leave without pay" mstype="2" mssubtype="0"></div> Wipro in comparison to top Indian IT companies Indian IT services companies have been pushing on fresh hiring as the industry’s attrition rate continues to remain flat. Despite new hires being on the rise, companies across the board reported a dip in total employees. Even Wipro doubled its hiring in 2019-20, however, its total employee count was lower than the year before. Even its net addition of new employees has been the lowest in comparison to TCS and Infosys. While TCS’ numbers were in the ten-thousands, Wipro was still in single digits if not bleeding employees. <div type="Article" hostid="261" msid="75669358" title="Hiring at Infosys and Tech Mahindra is down at least 40% in line with the trend in top five IT firms⁠— and it's not just because of COVID-19" mstype="2" mssubtype="0"></div> Last quarter, while Infosys also reported a dip in employees, Wipro’s drop in net addition was four times higher. <div type="image" title="Hiring IT" msid="76972636" hostid="261" caption="&amp;lt;p&amp;gt;Hiring across top 3 Indian IT services companies&amp;lt;/p&amp;gt;"></div> Even though Wipro plans to keep hiring in the coming quarter, Govil pointed out that all hiring will happen depending on demand. Its utilisation levels this quarter also stood at 75% — 1.6% higher than the previous quarter. According to Wipro Chief Financial Officer (CFO), Jatin Dalal, higher utilisation was one of the factors behind Wipro’s margin expansion this quarter. “We also kept a tight watch on incremental spend… Third is foreign exchange,” he said. Wipro Chairman Rishad Premji disclosed that the company hasn’t laid off a single employee during the coronavirus pandemic during the Annual General Meeting (AGM) on Monday. The National Information Technology Senate (NITES) has alleged in May that Wipro was benching many employees, mainly those at its Pune office, who were subsequently laid off. A claim that Wipro denies. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/hiring-at-infosys-and-tech-mahindra-is-down-40-in-line-with-the-trend-in-top-five-it-firms-and-its-not-just-because-of-covid-19/articleshow/75669358.cms">Hiring at Infosys and Tech Mahindra is down at least 40% in line with the trend in top five IT firms⁠— and it's not just because of COVID-19</a> <a href="https://www.businessinsider.in/careers/news/tcs-hiring-again-with-5-employees-to-return-to-offices/articleshow/76887172.cms">TCS to kickstart lateral hiring and bring back 5% of its employees to offices</a>

After last quarter’s massive dip, Wipro adds 7,000 employees with plans to continue hiring in Q2

<a href="http://www.businessinsider.in/searchresult.cms?query=T+K+Kurien&amp;sortorder=effectivedate">T K Kurien</a>, the Vice Chairman of <a href="http://www.businessinsider.in/searchresult.cms?query=Wipro&amp;sortorder=effectivedate">Wipro</a>, has decided to quit after nearly two decades of handling different roles in the company. Kurien will be leaving ahead of the end of his current tenure, which ends in March and the announcement is expected to be made at the company's third-quarter results. 
 
Kurien was to continue also as member of the board until March 31. It is still not clear what his plans are, after he leaves the company. He has invested in a few startups in the <a href="http://www.businessinsider.in/searchresult.cms?query=artificial+intelligence&amp;sortorder=effectivedate">artificial intelligence</a> (AI) space and in mobile payments startup ToneTag. 
 Everyone around him called him a hardworker but despite the hard work and despite being the hard taskmaster that everybody in <keyword id="10862" type="CITY" weightage="100" keywordseo="Wipro">Wipro</keyword> said he was, Kurien struggled to make the company grow. Revenue growth was way short of those of its peers. He could never achieve his desire to demonstrate at least four successive quarters of 4%-4.5% sequential growth. 
 
"Previous Wipro CEOs had come up through the system, whereas TK had come up in other companies and was viewed as an outsider. One of the big challenges which TK inherited was that the other industry leaders had already made the changes to focus on industry, and TK was constantly playing catch up, having lost the first mover advantage that <a href="http://www.businessinsider.in/searchresult.cms?query=TCS&amp;sortorder=effectivedate">TCS</a> and <a href="http://www.businessinsider.in/searchresult.cms?query=Cognizant&amp;sortorder=effectivedate">Cognizant</a> gained. His focus on moving quickly, and impatience to catch up created a backlash in the Wipro culture which he had to constantly deal with," Peter-Bendor Samuel, CEO of outsourcing research firm <a href="http://www.businessinsider.in/searchresult.cms?query=Everest+Group&amp;sortorder=effectivedate">Everest Group</a>, told ET. 
 A chartered account by training, Kurien's penchant for numbers, cleaning up balance sheets, and bringing the GE-approach to operational efficiency was evident during his time with Wipro. This and his aggressiveness would have been what made chairman <keyword id="6419840" type="PERSON" weightage="20" keywordseo="Azim-Premji">Azim Premji</keyword> pick Kurien for the CEO's job but for all that, Wipro under Kurien failed to catch up with its peers. Even its closest rival, <keyword id="6354512" type="CITY" weightage="20" keywordseo="Infosys">Infosys</keyword>, surged ahead under CEO Vishal Sikka

Wipro Vice Chairman T K Kurien to quit

New Delhi, May 5 () IT major Wipro on Tuesday said it has inked a pact with the Maharashtra government to repurpose one of its campuses in Hinjewadi, Pune, to a 450-bed COVID-19 intermediary care hospital in four weeks. The facility will be handed over to the state government by May 30, and the hospital will be converted back to an IT facility after a year, according to a statement. The 450-bed hospital, to be equipped to treat moderate cases, will include 12 beds to stabilise critical patients before shifting them to a tertiary care facility. "This is an independent, isolated COVID-19 dedicated complex that also includes 24 well-appointed rooms to accommodate doctors and medical staff," the company said. Maharashtra is among the worst-affected states by the pandemic. As on Tuesday morning, the highest number of confirmed coronavirus infections was from Maharashtra with 14,541 cases. Wipro Ltd, Wipro Enterprises Ltd and Azim Premji Foundation have already committed Rs 1,125 crore towards tackling the COVID-19 crisis in the country. In its statement, Wipro said it will provide the physical infrastructure, medical furniture and equipment besides appointing an administrator and skeletal support staff to help operationalise the hospital quickly with the required medical professionals. "This humanitarian contribution by Wipro will further strengthen our medical infrastructure and benefit the medical fraternity who are at the forefront of our fight against the pandemic," Maharashtra Chief Minister Uddhav Thackeray was quoted as saying. Wipro Chairman Rishad Premji said the company is committed to supporting the country's response to the pandemic and believes that everyone must work together to deal with this crisis and minimise its human impact. Wipro and Azim Premji Foundation are carrying out COVID-19 related relief work in Maharashtra across Mumbai, Pune, Aurangabad-Waluj, Amalner, Ahmednagar, Akola, Beed, Chandrapur and Gadchiroli. The relief work has so far touched over 34 lakh beneficiaries across India, the company said.

Wipro is converting its Pune office into a COVID-19 hospital

<ul><li>At 7:50 am, the SGX Nifty was trading flat, indicating a slow start for Nifty50.</li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock-market indices are likely to start on a tepid note on Wednesday, led by mixed cues from the global markets. At 7:50 am, the SGX Nifty was trading flat, indicating a slow start for Nifty50. However, on Wednesday, after an initial morning decline, <a href="https://www.businessinsider.in/stock-market/news/us-stocks-erase-losses-finish-higher-amid-renewed-stimulus-optimism/articleshow/79538793.cms">US stocks finished mostly higher as investors </a>latched onto hope that another round of fiscal stimulus to hasten the economic recovery is just around the corner. The Dow Jones Industrial Average closed 60 points higher, and the S&amp;P 500 was up 0.18%. These are the stocks to watch out for during the trading session today: RIL and Future Retail The Indian market regulator <a href="https://www.livemint.com/news/india/sebi-asks-bse-to-clarify-on-noc-to-ril-future-deal-11606901705869.html">SEBI has asked the BSE</a> to clarify on the no-objection-certificate (NOC) given by the exchange to the Future Group for amalgamation of some of its business as part of the ₹24,713 crore deal by Reliance Industries’ retail arm. The shares of RIL ended 0.21% higher on Wednesday, whereas Future Retail ended in red. Bharti Infratel and Bharti Airtel Bharti Airtel said its subsidiary Nettle Infrastructure Investments had acquired an additional 4.94% stake in Bharti Infratel for ₹2,882.32 crore. With this transaction, Bharti Airtel’s total stake in its mobile tower arm Infratel has increased to 41.66%. The shares of Bharti Infratel ended 4.40% higher on Wednesday, whereas Bharti Airtel ended in 1% higher. Wipro Wipro wins a multi-year contract from Verifone, a global leader in payments and commerce solutions, to drive agility across its cloud services offerings. The company said it would develop new features, capabilities and interfaces for Verifone’s Cloud Services offerings, enabling seamless and flexible transaction processing for the company. The shares of Wipro ended 1.8% higher on Wednesday. Dabur The company has responded to a study by the Delhi-based NGO Centre for Science and Environment (CSE) and said that its honey had passed the Nuclear Magnetic Resonance (NMR) test in Germany and it is complying with 22 parameters mandated by FSSAI for testing honey. The CSE study shows that 10 of the 13 brands of honey sold in India, including Dabur had failed the NMR test. The shares of Dabur ended 0.61% lower on Wednesday. DHFL The Committee of Creditors for cash-strapped DHFL has voted in favour of inviting revised bids. And, December 14 has been set as the new deadline to submit bids. The shares of DHFL ended 5% higher on Wednesday. Raymond Raymond’s subsidiary Silver Spark Apparel has entered into a share transfer agreement to divest its entire stake in its subsidiary Dress Master Apparel for ₹19.07 crore. The shares of Raymond ended 0.36% lower on Wednesday. Tata Chemicals Tata Sons bought shares worth ₹76 crore in Tata Chemicals. The shares of Tata Chemicals ended 6% higher on Wednesday. SpiceJet SpiceJet intends to expand its cargo business considerably over the next two years, after great success during the pandemic, the company’s Chairman and Managing Director, Ajay Singh said in their annual report. The shares of SpiceJet ended 4% higher on Wednesday. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/burger-king-grey-market-premium-and-heres-what-brokerages-say-about-the-ipo-opening-tomorrow/articleshow/79508730.cms" data-type="tilCustomLink">Burger King India IPO opens today — brokerages recommend ‘subscribe’ on attractive valuations</a> <a href="https://www.businessinsider.in/india/news/delhi-chalo-no-breakthrough-in-talks-government-seeks-farmers-objections-suggestions-on-farm-laws/articleshow/79521894.cms" data-type="tilCustomLink">Delhi Chalo: No breakthrough in talks, government seeks farmers' objections, suggestions on farm laws</a> <a href="https://www.businessinsider.in/science/news/china-just-landed-its-change-5-spacecraft-on-the-moon-the-mission-could-bring-moon-rocks-to-earth-for-the-first-time-in-40-plus-years-/articleshow/79520221.cms" data-type="tilCustomLink">China just landed its Chang'e-5 spacecraft on the moon. The mission could bring moon rocks to Earth for the first time in 40-plus years.</a>

Top stocks to watch — Future Retail, RIL, Bharti Infratel, Airtel, Wipro, Dabur, DHFL, SpiceJet, and others

<ul><li><keyword id="10299751" type="UNKNOWN" weightage="20" keywordseo="Former-Chairman-of-LT-Finance">Former Chairman of L&amp;T Finance</keyword>, <keyword id="46899" type="PERSON" weightage="20" keywordseo="YM-Deosthalee">YM Deosthalee</keyword> passed away at the age of 74.</li><li>A Chartered Accountant and law graduate, he joined L&amp;T in 1974 and rose through the ranks to become the Chief Financial Officer of the engineering conglomerate. </li><li>Deosthalee was a musician at heart, though he never did finish his classical music training. He was one of the few corporate leaders to have cut a music album.</li></ul> There is a thin line between managing risk and 'comfortable inaction.' Yeshwant Moreshwar Deosthalee, who passed away at 74, is one of a rare few CFOs who struck the right chord between these two impossible poles of corporate activity. Despite being known as a conservatively financed company with a focus on maintaining profit margins, he played a crucial role in its foray into international territories, new acquisitions, and exit from certain businesses - all the while managing the many complexities that come with a group like L&amp;T, which had around a 100 subsidiaries. While the chairman AM Naik is known for his bold decisions, Deosthalee was the balancing force who ensured that every decision was weighed well and added to the bottom line. It probably helped that Deosthalee was also a musician at heart, though he could not finish his classical music training. Deosthalee hailed from a middle-class family in Girgaum, Mumbai, and completed his graduation in commerce at Sydenham College. Later, he did his chartered accountancy and attained a Law degree. He joined L&amp;T in 1974. He rose through the ranks and headed many departments like personnel and finance before becoming the engineering conglomerate's Chief Financial Officer (CFO). The man behind L&amp;T Finance Deosthalee is best known for establishing the finance business as a wholly-owned subsidiary of L&amp;T, which was still an engineering and construction company, back in 1994. It was later spun off into a company of its own in 2011, where he became the chairman. The business runs a gamut of verticals, including insurance, mutual funds, and a debt fund. However, Deosthalee retired in 2017 before receiving a banking licence - a hope many in the market still hold. Even during his stint as the CFO of L&amp;T, arguably one of the country's biggest companies, he faced a myriad of risks associated with the very nature of its construction vertical - like the pricing of commodities, forex, and much more. However, Deosthalee never wavered even during the crises right through his illustrious career, including Lehman — and that is evident in the many 'best CFO of the year' awards that adorn his wall. Slow yet steady Even as newer infrastructure companies booked too many orders during the early 2000s, L&amp;T, despite being a leader, would only take on those that provided value. Deosthalee also fostered a culture where the treasury department would be a part of the team that would prepare a bid for the project - a habit that ensured they could finish the jobs they take on. Deosthalee learned the advantages of taking the long, challenging route instead of an easier one as a young student. Though he was a bright child, he was intimidated by his elder siblings, who were academic achievers. That led him to tinker with his Sanskrit test paper score once. His elder brother, who was his guardian after their father’s death, had caught it immediately. “In the long run, cheating never leads you anywhere,” Deosthalee <a href="https://www.youtube.com/watch?v=tffSQrpeoSc">told a Marathi channel </a>in an interview, and that is the lesson that guided him through the rest of his life. The music to his ears Unlike Naik, a self-confessed workaholic, Deosthalee maintained a surprising discipline of leaving his office at 6 pm and never worked on Sundays. His passion for music and the arts never waned. As a child, he was used to waking up with a radio show called 'Binaca Geet Mala.' He also spent most of his time attending plays at an open-air theater and believed that his childhood spent in Girgaum in Mumbai, where he was born and raised, had given him the best cultural education he could get. "It's a wonderful way to grow up," he would often reminisce. The chartered accountant also became one of the few corporate leaders to cut a music album and regularly sang classical old Bollywood songs at events. He also produced a Marathi film Rajwade and Sons, which addresses the trials and tribulations of living in a joint family under a strong patriarch. The message of the film is close to his heart and reflects in his philanthropic activities. He and his wife built and ran a home for senior citizens in an acre-long estate in Khopoli, situated in Mumbai's suburbs. SEE ALSO: <a href="https://www.businessinsider.in/finance/banks/news/loan-moratorium-case-indias-power-sector-players-want-the-supreme-court-to-plug-the-loopholes-in-rbis-restructuring-scheme/articleshow/79301830.cms">Loan moratorium case: India’s power sector players want the Supreme Court to ‘plug’ the loopholes in RBI’s restructuring scheme</a> <a href="https://www.businessinsider.in/business/corporates/news/wipro-ceo-delaportes-new-plan-could-allow-company-to-catch-up-to-to-tcs-infosys-hcl-tech-and-others/articleshow/79299467.cms">Wipro CEO Delaporte’s new plan could give the Indian IT services giant the edge it needs to catch up to its peers, according to analysts</a> <a href="https://www.businessinsider.in/finance/banks/news/lakshmi-vilas-bank-is-the-fifth-financial-firm-after-ilfs-dhfl-yes-bank-and-pmc-bank-to-collapse-in-india/slidelist/79286096.cms">Lakshmi Vilas Bank is the fifth financial firm to collapse in India within the last 30 months</a>

Remembering YM Deosthalee, the man who struck the right chord between music and math

<ul><li>As Wipro founder <keyword id="6419840" type="UNKNOWN" weightage="20" keywordseo="Azim-Premji">Azim Premji</keyword> turned 75 on July 24, publisher HarperCollins announced that a new biography about his life is in the works. </li><li>Written by Sundeep Khanna and Varun Sood, the book will be called The Man Beyond the Billions. </li><li>There is little known about the book so far and no final release date has been disclosed yet. </li></ul>As the czar of the Indian IT Industry, Wipro chairman Azim Premji, turned 75 on July 24, publisher HarperCollins announced that it’s currently in the process of pushing out a new biography based on him. <div type="twitter" handle="companyoutsider" handlename="sundeepkhanna" image="http://pbs.twimg.com/profile_images/1225408746295160834/Bou_jSWY_normal.jpg" favoritecount="32" retweetcount="4" status="A big salute to Azim Premji on his 75th birthday. Extraordinary businessman, magnificent philanthropist and a great role model for us all." createdat="1595563168000" id="1286511290333057024"></div> “There are some people whose achievements go beyond the normal parameters of success—wealth, power, influence, size of their empires. Premji is one such,” said the CEO of HarperCollions Ananth Padmanabhan. The biography called The Man Beyond the Billions is going to be written by Sundeep Khanna and Varun Sood soon. <div type="twitter" handle="varunstweets" handlename="Varun Sood" image="http://pbs.twimg.com/profile_images/1267420202880266240/UKGcpGSu_normal.jpg" favoritecount="103" retweetcount="10" status="This just got announced. I'll write more in the coming days. Please do read, folks, once its available to read. tha… https://t.co/aN6G1J3ryr" createdat="1595595464000" id="1286646748459360259"></div> Unlike conventional billionaires in India , Azim Premji has donated nearly 75% of his wealth to charitable initiatives. Had he not done so, Azim Premji could have very well been the second richest man in the country following Mukesh Ambani. He was one of the first Indians to sign up for The Giving Pledge led by Warren Buffer and Microsoft founder Bill Gates. According to him, simply being rich ‘did not thrill’ him. For his work, he has also been honored with the Padma Vibhushan, which is one of the highest honours in India, for his contribution to the IT industry.

You Searched For "Wipro Chairman" and got 14 results

SIMPLY PUT: What’s with all “Unbossing” talks? Are Indian companies also embracing this global trend?

Divyanshi Sharma

Wipro Consumer acquires 3 soap brands Jo, Doy and Bacter Shield from VVF

PTI

Freshers feel the heat as IT majors put onboarding on indefinite hold

IANS

Infosys to now allow moonlighting with prior permission, say sources

IANS

Azim Premji and Shiv Nadar lose $20 billion of their personal wealth – thanks to the Great Indian IT meltdown

Rounak Jain

Infosys too cracks whip but mulling policy to allow moonlighting

IANS

Sensex gains over 500 pts; Nifty trades above 17,650 on firm global markets, FII inflows

PTI

Azim Premji has now set aside $21 billion to charity, 67% of economic ownership of Wipro

Sanchita Dash

After last quarter’s massive dip, Wipro adds 7,000 employees with plans to continue hiring in Q2

Prabhjote Gill

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