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More Satyam staffs may be axed

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More Satyam staffs may be axed

Last updated: June 17 2009
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  • Re : More Satyam staffs may be axed

    The satyam accounting fraud news broke out in first week on Jan 09.
    If that news had to create any impact on real estate it should have done so already.

    There was ample time of uncertainity around satyam for many months and only in May 09 a clear new owner emerged which was Tech Mahindra. Still real estate prices never got effected in Chennai or Hyderabad, during the interim period.

    Still arguing that satyam will impact real estate prices in Chennai or Hyderabad can be just termed as time pass and has no substance.

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    • Re : More Satyam staffs may be axed

      The RE at hyderabad is in doldrums. Satyam saga must be a greater part of that story.

      Staff cuts is a truth, no incentive,no salary hike is a truth , lay off is truth. dimension of this is not known. However, agree that what ever is known must have been factored in the prices to some extent.

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      • Re : More Satyam staffs may be axed

        Originally posted by Sansei View Post
        The RE at hyderabad is in doldrums.
        could you provide quantified data of hyderabad prices instead of generic comments.

        comparison between 2006-2007-2009 at these places ameerpet, banjara hills, jubilee hills, gachibowli will be interesting. hyderabadis are telling me prices in hyderabad are rising.

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        • Re : More Satyam staffs may be axed

          Originally posted by Sansei View Post
          The RE at hyderabad is in doldrums. Satyam saga must be a greater part of that story.

          Staff cuts is a truth, no incentive,no salary hike is a truth , lay off is truth. dimension of this is not known. However, agree that what ever is known must have been factored in the prices to some extent.
          U mean to say that only Satyam staff buy or rather bought RE in Hyderabad ever? Comeon wake up from your bear slumber or you will miss the late bus of 2009 as well and you will be a neandrathal in 2010!

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          • Re : More Satyam staffs may be axed

            Bus

            Originally posted by Natarajg007 View Post
            U mean to say that only Satyam staff buy or rather bought RE in Hyderabad ever? Comeon wake up from your bear slumber or you will miss the late bus of 2009 as well and you will be a neandrathal in 2010!

            Agree, I prefer to be in downhill bus than an uphill bus.

            These bdlrs will start quoting and doing business in RE akin to stock shares. The genuine buyers will be true sufferers. An unofficial 'Reit'. Before u hear and mull over the quoted price, it would have shot up.

            Have got reports on speaking with broker abt renewed interest in RE. But, still actual deals would surely be far and betwn.

            Abt satyam: IT at some places like Pune has caused massive spike in RE. These front runners r missing now, causing downward sentiments and depressed prices. Typically, One high buy in a locality cause the RE prices to set a new bench mark at that place. So these bench marks r not being set now due to these Mad IT guys. Doctors r another favourite fall guys ( suckers ) for these bldrs and their brokers.

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            • Re : More Satyam staffs may be axed

              True. Satyam staff alone do not buy RE. But they did contribute in the past.

              Moreover chain reactions in other IT companies, psychological effects on fence sitters, all make an impact in RE.

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              • Re : More Satyam staffs may be axed

                Originally posted by Sansei View Post
                Agree, I prefer to be in downhill bus than an uphill bus.

                These bdlrs will start quoting and doing business in RE akin to stock shares. The genuine buyers will be true sufferers. An unofficial 'Reit'. Before u hear and mull over the quoted price, it would have shot up.

                Have got reports on speaking with broker abt renewed interest in RE. But, still actual deals would surely be far and betwn.

                Abt satyam: IT at some places like Pune has caused massive spike in RE. These front runners r missing now, causing downward sentiments and depressed prices. Typically, One high buy in a locality cause the RE prices to set a new bench mark at that place. So these bench marks r not being set now due to these Mad IT guys. Doctors r another favourite fall guys ( suckers ) for these bldrs and their brokers.
                There are many well paid professions. There are many with money in their pockets. And you stating "But, still actual deals would surely be far and betwn." shows your WANT not the FACT. WOULD in your statement tells that you are one of those who missed the bus and want the bus to travel backwards for 4 years+ just to please you. I think you are missing the new bus as well! Bad for u!!

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                • Re : More Satyam staffs may be axed

                  Originally posted by Natarajg007 View Post
                  There are many well paid professions. There are many with money in their pockets. And you stating "But, still actual deals would surely be far and betwn." shows your WANT not the FACT. WOULD in your statement tells that you are one of those who missed the bus and want the bus to travel backwards for 4 years+ just to please you. I think you are missing the new bus as well! Bad for u!!
                  Wahtever you say, no fool will buy your saligram land. sorry

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                  • Re : More Satyam staffs may be axed

                    It's end of the road for 10,000 Satyam staff

                    13 Jun 2009, 1214 hrs IST, Trushna Udgirkar & Sai Deepika Amirapu, ET Bureau


                    HYDERABAD: It was a pink Friday at Satyam ="http://economictimes.indiatimes.com/Infotech//Its-end-of-the-road-for-10000-Satyam-staff/articleshow/4651231.cms"]Computer Services[/url], as over 10,000 employees of the beleaguered IT firm were preparing for an unhappy

                    holiday. Over one fourth of Satyam’s workforce was a part of the virtual pool, an exercise implemented by its new owner Tech Mahindra to downsize the excess staff.

                    The Pune-based IT firm had announced a plan to send the excess staff on a sabbatical to address higher staff costs, which account for more than half of the company’s expenses currently. The pool constitutes of about 14,000 associates, who were on bench for the last three months.

                    The usual din at the Satyam headquarters was replaced by an unusual silence as anxious employees paced in and out of the campus.

                    ET spoke to associates from various bands categorised under the virtual pool. In a mail to the employees, the Satyam management asked to them to pursue other interests for the stipulated timeframe. These employees will now have to come to the company with a prior appointment even on a day-to-day basis.

                    All the associates are classified under bands with the ascending levels being S, T, B and I. “The management is not clear on the criteria for the classification. I was on the bench for the first time since I joined the company three years ago. We are left with no choice, as the job markets continue to remain cold. Not only this, we will not be able to bargain better salaries despite our experience,” said an employee from the T band.


                    Most of the virtual pool employees are under the S and T band. “It’s just a sugar-coated way of asking us to leave the company. We are now worried about our personal financial obligations. With the reduced salary, we will not be able to meet any of them,” said another employee, who was with the company for six years.

                    However, when contacted the company spokesperson said the virtual pool programme gives employees an opportunity to come back depending on the business demand. They will continue to be a part of Satyam and have to resource for their skill enhancement programmes from home, he said. Under the virtual pool, an associate can draw about 40% of his current salary, including medical insurance and provident fund for a period of four to six months.

                    “In spite of drawing a merit rating in the performance assessment, the virtual pool initiative was imposed on me. It comes as a shock,” said a Satyam employee.

                    Not just them, but associates, who have not yet been given the lighter shade of pink slip, are jittery about their future. “Many employees are currently dismayed as the future is uncertain. I can also be on the hit list in the next couple of months,” said a senior executive.

                    Few employees also retaliated that a much stronger move in line with the public sector units would have saved the employees. “A public sector unit will never pass on the losses to the staff. Though it’s hard to expect the IT sector to work in these lines, a staff union in place would have helped us,” said an agitated employee.

                    For most Satyamites, the virtual pool programme means the end of an ambitious and illustrious career at the firm that was India’s fourth largest IT exporter.


                    ================================================== =

                    In such a situation who will buy new flats on loans? RE which was depending on IT is going in deep trpuble
                    Last edited by lovebird; June 16 2009, 01:15 PM.

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                    • Re : More Satyam staffs may be axed

                      Originally posted by lovebird View Post
                      Wahtever you say, no fool will buy your saligram land. sorry
                      Certainly a pitchakaran like you cant! LOL!

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