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90-hr work week advocate L&T chairman took home ₹51 cr in FY24, 530 times employees’ median salary
While the L&T chairman SN Subrahmanyan, who has become a talking point like Infosys founder Narayana Murthy earlier, said he also works on Sunday, it may be noted that there is a stark difference between his compensation and that of the firm’s employees.
In FY24, the chairman took home a pay of ₹51.05 crore, which includes ₹3.60 crore as his salary, ₹1.6 crore in perquisites, and ₹10.50 crore as retirement benefits, the company’s annual report for 2023-24 shows. He was appointed as chairman and managing director with effect from October 1, 2023.
On the other hand, the median remuneration of employees of the company during the financial year was ₹9.55 lakh. In the financial year, there was an increase of 1.32% in the median remuneration of employees. There were 59,018 permanent employees on the rolls as of March 31, 2024.
BJP manifesto panel proposes women’s allowance and free electricity
The Delhi Bharatiya Janata Party (BJP) manifesto committee has proposed several initiatives, including a ₹2,500 monthly allowance for women, free electricity of up to 300 units for individuals, and 500 units for places of worship. These proposals are aimed at competing with promises made by AAP and Congress.
The Election Commission (EC) on Thursday (January 9) asked its Delhi chief electoral officer to probe the Aam Aadmi Party’s (AAP) complaints against BJP leader Parvesh Verma and allegations of additions and deletions in the electoral roll of the New Delhi Assembly seat.Hours after Delhi Chief Minister and AAP leader Atishi led a delegation to the poll authority, the Commission directed the CEO to get the complaint inquired into, ascertain the actual facts, and take “immediate appropriate action” as per the provisions of the Model Code of Conduct and electoral laws.
Paytm shares were bought by mutual funds, FPIs in Q3, but retail trimmed their stake
Shares of One97 Communications, parent company of the payments aggregator Paytm, were purchased by India’s Mutual Funds and Foreign Portfolio Investors (FPIs) during the December quarter, according to the latest shareholding pattern shared by the company on the Bombay Stock Exchange.
India’s Mutual Funds, who owned a 7.86% stake at the end of the September quarter, now own a 11.2% stake Paytm. Motilal Oswal Mutual Funds’ name appears as a new addition in the December shareholding, with a 2.11% stake.Names of Nippon Mutual Funds and Mirae Asset Mutual Funds continues to appear in the shareholding with a 2.32% and 4.17% stake respectively at the end of the December quarter.
#PersonalFinance????
Maha Kumbh Mela 2025: PhonePe launches insurance plans starting at ₹59 for attendees
PhonePe has introduced a first-of-its-kind insurance plan for travelers attending the Maha Kumbh Mela in Prayagraj, Uttar Pradesh, from January 13 to February 26, 2025.
The plan provides comprehensive coverage against health emergencies, personal accidents, and travel disruptions, starting at just ₹59.The insurance is available in two variants:
₹59 per traveler for those traveling by train or bus.
₹99 per traveler for domestic flight passengers.
The policy, offered in partnership with ICICI Lombard General Insurance, ensures financial security for attendees at one of the world’s largest spiritual gatherings, PhonePe said.
Bank officers’ union likely to go on nationwide strike on Feb 24-25: Key demands explained
Public sector banks (PSBs) in India may witness a two-day strike or ‘bandh’ on February 24-25, 2025. The All India Bank Officers’ Confederation (AIBOC) has threatened the action to push for their long-standing demands.
Why the strike?
AIBOC has cited several issues that need urgent resolution, including:Five-day workweek: The union is pushing for a shorter workweek for bank employees.Adequate staffing: AIBOC has demanded immediate recruitment in all cadres to address workforce shortages.Withdrawal of DFS directives: The union opposes recent guidelines on performance review and productivity-linked incentives (PLI), calling them divisive and a threat to job security.
#StartupsWorld????
BluSmart to raise $50 million funding at $335 million valuation
The electric ride-hailing platform BluSmart is set to raise $50 million in a new funding round. The company’s pre-money valuation has been pegged at $335 million. The ongoing funding round has already seen BluSmart secure half the targeted $50 million.
The round will see participation from a mix of existing investors, promoters, high-net-worth individuals (HNIs), and a couple of venture capital funds. The company expects to close the round by next month.BluSmart reported a robust annual revenue rate of $95 million (₹815 crore) for the financial year 2025.
Kerala hopes NRI ‘mallus’ become angel investors, fund start-up activity
For three whole days in December, the length and breadth of Kerala’s start-up ecosystem descended on the coastal city of Thiruvananthapuram to pitch new ideas, explore new opportunities and secure more funding. However, it won’t be a walk in the park.While the Kerala Government led by Chief Minister Pinnarayi Vijayan says it is keen to promote its AI and deep-tech start-ups, funds haven’t been easy to come by. The government’s standard start-up grant of ₹15 lakh per start-up hardly accounts for much, either.However, the Kerala Start-up Mission (KSUM), a state-level agency that works under the government, thinks it might have an ace up its sleeve – a familiar, yet under-tapped source of venture capital funds: the “mallu” diaspora.
#TechTalks????
TCS plans to hire over 40,000 trainees next year, says US visa dependence is not significant
India’s largest IT services firm Tata Consultancy Services (TCS) on January 10 said it is on track to hire 40,000 trainees this year and that it will onboard even more freshers next year. “It is a very positive trend, and I am planning to do more than 40,000 next year,” Milind Lakkad, TCS Chief HR Officer told CNBC-TV18.
The exclusive interaction comes a day after the TCS reported its results for the October to December 2024 quarter in which it saw a net reduction of 5,370 employees taking its total workforce strength to 607,354 in Q3, down from 612,724 at the end of the preceding quarter.This is the first quarter of financial year 2024-25 in which TCS saw a net decline in headcount. In the first two quarters or the first half of the fiscal, its total headcount witnessed net addition of 11,178 employees.
India positioned to lead in AI governance amid global shifts, say experts
The year 2024 saw artificial intelligence (AI) take center stage, with every major company unveiling their own large language models (LLMs). However, this swift adoption has raised concerns about the need for regulation. To address both the opportunities and the risks associated with AI, a UN Secretary General-appointed advisory body has proposed the creation of a global AI authority. To discuss this CNBC-TV18 spoke to Ambassador Amandeep Gill, Tech Envoy for the UN Secretary General; Sharad Sharma, Co-Founder of the iSPIRT Foundation; and Astha Kapoor, Co-Founder of the Aapti Institute.
#podcasts????️
DLF’s KP Singh Talks About Going Clubbing At The Age Of 94
