Wednesday, 3 December 2014

At Rs 1.8 crore a year, Oracle may be highest payer..........

MUMBAI: If Oracle's current stock value is taken into account, the software giant is probably the highest payer at the IITs this placement season.

Going by Wednesday's stock rates, the package Oracle has offered for overseas positions would come to Rs 1.83 crore a year, higher than that of Facebook which is around Rs 1.42 crore a year. Oracle has offered around 10 overseas positions to students in the IITs this placement session, which entered the third day on Wednesday.

Two students from IIT-Bombay, S S Kausik and Tarun Kathuria, have received offers for the overseas position with the company, a source said. But there is no details if it made any pre-placement offer.

According to sources in IIT-Roorkee, where one student bagged an overseas position with Oracle, the multinational firm has made an offer of close to Rs 80 lakh, along with 4,000 company stocks. On Wednesday night, the rate of each stock of Oracle was Rs 2,590 ($41.9). If 4,000 stocks are to be valued, the amount in Indian currency would add up to Rs 1.03 crore, which will push up the annual package to Rs 1.83 crore, probably the highest at the IITs till date. The official claimed that students might not have valued the stock options, and that is why the package was under-reported. But Facebook included the value of stock options in the package (Rs 62 lakh). But officials maintained the base pay offered by leading firms was almost on a par, it was the variables that made the difference.

Till the end of the third day of placements at IIT-B, around 500 students, who registered for the campus exercise, bagged jobs. Tower Research Capital India has reportedly made the highest offer for a domestic position, to Sagar Jha, whom they would pay Rs 34 lakh plus performance incentive of Rs 8 lakh a year. Jha was the only one to be chosen by the firm.

At the end of the first slot of the third day, 261 students at IIT-Roorkee got jobs. E-commerce companies, which started pouring in on Day 3, made the highest numbers of offers. Flipkart picked around 16 students from IIT-B and 19 from IIT-Madras. The highest package promised by an e-tailer was Rs 23 lakh a year and that by a start-up Rs 18 lakh. Start-ups such, as Ola Cabs, also hired in bulk, 29 being from IIT-Madras.