Wipro ex-joint CEOs get Rs 7-cr severance package
The country’s third largest IT services firm Wipro has sent letters to investors saying that ex-joint CEOs Girish Paranjpe and Suresh Vaswani have been offered a severance package of Rs 7 crore each along with other remuneration and stock-based compensation they are entitled to as directors. “Board of director of the company accepted the resignation of Girish Paranjpe and Suresh Vaswani, joint CEOs and directors as a board member with effect from January 31 and agreed to pay a severance pay of Rs7 crore, subject to application deductions, in addition to December remuneration and stock-based compensation that the director is entitled to till January 31,” the notice said. Wipro, on January 21, had announced a change of guard at the top with company veteran TK Kurien taking over as the new CEO of the firm’s IT business. The move came in the backdrop of Wipro underperforming relative to its competitors over the last few quarters — both TCS and Infosys have enjoyed far higher volume growth than Wipro while the No. 4 player, Cognizant, is fast catching up in top line numbers.
ABB net plummets 94% to Rs 6.8 crore
ABB, the Indian subsidiary of Swiss power and automation technology major, has posted a net profit of Rs 6.8 crore in the fourth quarter ended December 31, 2010, down 94% from Rs 109 crore reported in the same period a year ago. Its revenue increased to Rs 2,050 crore from Rs 1,885 crore, recording a growth of 9% year-on-year. The company received orders worth Rs 1,394 crore during the quarter compared to an order intake of Rs 2,376 crore in the same period a year back.
Bata India quarterly profit rises 35.39%
Footwear retailer Bata India on Wednesday posted 35.39% increase in net profit for the fourth quarter ended December 2010 at Rs 34.39 crore. For the same quarter last fiscal, the company’s net profit was Rs 25.40 crore. Bata's net sales increased 23.52% during the three month period under review at Rs 355.85 crore, compared to Rs 288.09 crore in last fiscal. For the full year 2010, the company's net profit grew 41.84% at Rs 95.35 crore, up from Rs 67.22 crore in 2009, it said in a statement.
FIPB allows PE cos to pick 45% in Hero Investment
The Foreign Investment Promotion Board (FIPB) has cleared Hero Investments (HIPL) proposal allowing foreign private equity