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IT companies may shed 30,000-40,000 mid-level staff: T V Mohandas Pai

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NEW DELHI: India’s information technology services companies may shed 30,000 to 40,000 middle-level employees this year as growth slows down, IT industry veteran T.V. Mohandas Pai said Monday.

The former Chief Financial Officer of IT major Infosys Ltd termed these job losses as once-in-five-years normal phenomenon with maturing of the industry.

“As in all sectors in the West, in India too when a sector matures so many people will be there in the middle level who will not be adding value to the salary they get,” Pai told PTI.

Promotions are okay when companies are growing fast but when it slows down, people getting fat salaries will aggregate at the higher level, prompting companies to periodically reset their pyramids, and shedding people, he said.

“It’s going to happen again and again and again every five years,” said Pai, Chairman of Aarin Capital and Manipal Global Education Services.
“Nobody is entitled to a fat salary and high-paying job unless you perform, right? You have to deliver value”.

“All across industry, may be 30,000 to 40,000 in a year…,” he said when asked about the number of middle-level staff who would lose their jobs.

But Pai said about 80% of those who lose jobs would have employment opportunities in industries in general if they are specialists.

Source: Press Trust of India

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63 moons to provide next-gen tech to Italian firm; eyes pan-European markets

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NEW DELHI: 63 moons technologies, formerly known as Financial Technologies, on Tuesday said it will provide next-generation technology solutions to Italy-based Spuma SRL as it targets pan-European markets.

In addition, 63 moons said it will evaluate global giants in cloud computing services like Amazon’s AWS, Microsoft’s Azure and Google cloud for deploying the technology, the provider of technology solutions to financial markets said in a regulatory filing to the BSE.

63 moons provides next-generation technology ventures and solutions for creating digital markets and marketplaces that enable price discovery and transaction efficiencies across industry segments.

The announcement comes a day after 63 moons said that it will not provide technology support to Multi Commodity Exchange (MCX) after September 30.

As per the filing, Spuma SRL will leverage 63 moons’ expertise on real-time mission critical solutions, using the latest technology suite.

The company will be offering a SaaS (Software-as-a-Service) model with earnings by way of share in revenue by transaction charges and services earned by the digital ecosystem, which is its innovative model for high-growth IP monetization similar to Indian exchanges.

The company said it “would back and boost Italy-based Spuma SRL, with its next generation technology capabilities and solutions to create a digital market ecosystem for revitalised goods in the pan-Europe multi-million euro project and offering efficient and high value procurement and exchange proficiencies of revitalised goods”.

Spuma SRL will be offering these services initially from Italy, followed by extending to all the European Union countries and users of the platform.

63 moons would be offering technology support for the production, installation, and maintenance of the software application for the entire project, while the remaining operational functions will be carried out by Spuma SRL.

Source: Press Trust of India

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Realme DIZO partners OEL to make smartwatches, audio wearables in India

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NEW DELHI: Smart devices maker Realme DIZO has partnered with electronic manufacturing services company Optiemus Electronics Limited to manufacture smartwatches and audio wearables in India.

DIZO is a global technology brand and already has its presence in several other countries. However, India is the most important market for the brand, the company said in a statement.

“We have been talking about local manufacturing since the beginning and today, this dream is realised too and we are very excited about the future. Our alliance with Optiemus Electronics Limited (OEL) only supports our commitment towards India and Indian consumers.

“We are positive that through this partnership, we will be able to bridge the gap of making more futuristic AIoT (Artificial intelligence of things) and lifestyle products for the growing consumer needs,” DIZO India CEO Abhilash Panda said.

The brand has already started manufacturing some of its products, including DIZO Watch D, here in India and will eventually move to production of the other DIZO products – existing and upcoming ones in phases.

“From selling out products within minutes of the first sale to touching 1 million consumer base in just 5 months of inception to being rated as one of the top five smartwatch brands and fastest growing brands in audio wearables, our journey has been nothing less than a dream come true,” Panda said.

Since its inception, DIZO has launched over 30 products, including smartwatches, earbuds, neckbands, beard trimmers, hair dryers, feature phones and smartphone accessories.

In terms of product categories, DIZO will focus on entering into smart entertainment, smart home, smart care, and accessories for its consumers, the statement said.

Source: Press Trust of India

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Singtel arm sells 1.59% stake in Bharti Airtel for Rs 7,261 crore

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NEW DELHI: Pastel Ltd, an entity of Singtel, on Thursday divested 1.59 per cent stake in Bharti Airtel for Rs 7,261 crore through an open market transaction.

The stake has been picked by Bharti Airtel’s promoter Bharti Telecom Ltd, as per block deal data with the National Stock Exchange (NSE).

According to the data, Pastel offloaded 9,40,00,000 shares, amounting to 1.59 per cent stake in the company.

The shares were disposed of at an average price of Rs 772.5 apiece, taking the transaction value to Rs 7,261.50 crore.

Pastel Ltd is a unit of Singapore Telecommunications Ltd (Singtel).

Post this transaction, Pastel’s shareholding in Bharti Airtel will decrease to 10.62 per cent from 12.21 per cent.

At the end of the June quarter, Pastel held 13.84 per cent stake in the firm, shareholding data with the bourse showed.

Bharti Group Chairman Sunil Bharti Mittal’s family and Singtel are co-investors in Bharti Telecom Ltd (BTL).

In early September, Singtel entities had jointly sold a 1.76 per cent stake in Bharti Airtel for about Rs 7,128 crore, while its co-promoter Bharti Telecom Ltd bought 1.63 per cent stake from Pastel for Rs 6,602 crore.

Last month, Singtel announced that its affiliates have entered into an agreement to transfer approximately 3.33 per cent stake to BTL for an aggregate amount of approximately 2.25 billion Singapore dollars (SGD), leaving direct shareholding of Singtel and Bharti in Airtel at around 10 per cent and 6 per cent, respectively.

Bharti Telecom at present holds 35.85 per cent stake in the country’s second-largest telecom service provider Bharti Airtel.

Source: Press Trust of India

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