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Business Standard
an hour ago
- Business Standard
L&T Technology Services bags $60 million order from US telecom firm
IT company L&T Technology Services on Saturday said it has bagged a multi-year contract worth $60 million (about Rs 510 crore) from a prominent US-based wireless telecommunications services provider. Under the agreement, LTTS will deliver advanced network software development and application engineering solutions. "L&T Technology Services wins around $60 million software engineering engagement from US Tier-I Telecom Provider," LTTS said in a statement. LTTS will establish a delivery centre in the United States to further support and enhance project delivery. Under the terms of the agreement, LTTS will provide crucial engineering services, including research and development lab integration, new product development, and functionality testing for the customer's network software automation platforms. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Time of India
an hour ago
- Time of India
Sundar Pichai net worth: How rich is the Google CEO - is he a billionaire?
Sundar Pichai, the CEO of Alphabet Inc., which owns Google, has officially become a billionaire. As of now, Pichai's net worth is estimated at $1.1 billion, according to the Bloomberg Billionaires Index. This billionaire status comes mainly from: Explore courses from Top Institutes in Please select course: Select a Course Category Data Analytics Degree Management Others Digital Marketing Public Policy Artificial Intelligence Leadership Product Management others Cybersecurity PGDM MBA Data Science Healthcare Design Thinking Technology Data Science Finance CXO Operations Management Project Management healthcare MCA Skills you'll gain: Data Analysis & Visualization Predictive Analytics & Machine Learning Business Intelligence & Data-Driven Decision Making Analytics Strategy & Implementation Duration: 12 Weeks Indian School of Business Applied Business Analytics Starts on Jun 13, 2024 Get Details His 0.02% ownership stake in Alphabet. Large cash reserves he's built up. Alphabet, the parent company of Google, has a market value of over $2.3 trillion, which helped boost the value of Pichai's shares. In the past month alone, Alphabet's Class A stock jumped by 13%, which gave a fresh boost to Pichai's personal fortune, as per the report by Bloomberg. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Highlights from Bollywood 2025 that captured attention Learn More Undo Pichai didn't found google — but still became a billionaire Unlike other tech billionaires like, Mark Zuckerberg, Elon Musk and Jensen Huang. Pichai did not start Google himself. Because of that, Pichai never had a massive stockholding from the early days of the company — which is why his net worth is much lower than those founders. His billionaire status came only after years of compensation packages and steady stock gains at Alphabet, as per the report by Fortune. ALSO READ: SpaceX launches 28 Starlink satellites after rare network outage — Here what you need to know Live Events Pichai has sold a lot of stock over the years Over the last 10 years as CEO, Pichai has sold about $650 million worth of Alphabet shares. If he had kept those shares, they could be worth more than $1 billion today, and his total net worth would be around $2.5 billion instead of $1.1 billion. For example, in June 2025, Pichai sold about 33,000 Class C Alphabet shares at $169 each, earning about $5.5 million. But now those same shares are worth around $193 each, meaning they'd be worth over $6.4 million. Despite these sales, Pichai has stayed disciplined and transparent — and follows a legal rule called Rule 10b5-1, as stated by Fortune report. Why Pichai's share sales are legal and planned in advance Pichai's stock sales are made under Rule 10b5-1, a SEC-approved rule that lets executives plan their stock sales in advance. This rule: Prevents insider trading. Uses a pre-set formula to decide how many shares to sell, at what price, and on what date. Requires an independent third party to handle the sales. His recent sales on June 4 and July 16, 2025, were both made under this rule. Other top CEOs like Jensen Huang of Nvidia also use this same method. Fortune reported last summer that Huang was selling around $14 million in stock almost daily using Rule 10b5-1. James Reda, a compensation expert from Gallagher's HR consulting firm, explained this approach makes sense. He said, 'If you don't sell stock, you may end up like Elon Musk—borrowing big loans using stock as collateral.' Selling some shares regularly is a safer way to manage wealth, according to Reda. AI Boom Helps Push Pichai Into the Billionaire Club A big reason for Alphabet's recent stock growth is the AI boom. On Alphabet's Q2 earnings call, the word 'AI' was used around 90 times, showing how important it is to the company's strategy. The company reported 14% revenue growth year-over-year, reaching $96.4 billion in Q2, according to the report by Fortune. Google Search, YouTube ads, Google Cloud, and subscriptions all saw double-digit growth in the quarter. The stock rally—and Pichai's wealth jump—are part of a larger trend. In 2023, tech billionaires like Musk, Zuckerberg, and Larry Ellison added $585 billion combined to their fortunes, mostly thanks to AI. What Pichai said about keeping AI talent at Google Investors are concerned about whether big AI companies can hold on to their best people, especially after some staff left OpenAI to join Meta's AI team. But Pichai seemed confident on the earnings call. He said, 'We've always invested deeply in talent, including AI, for over a decade now.' ALSO READ: JD Vance torches Microsoft for axing US jobs while doubling down on H-1B visas He explained that top AI researchers care about: Working on cutting-edge technology Having access to top computing power Collaborating with the best people in the industry Pichai added that Google is competitive in all these areas and expects to keep attracting and retaining top AI talent. Sundar Pichai is now officially a billionaire. His wealth mostly comes from a small stake in Alphabet and steady compensation. He has sold a large number of shares over time—but in a legal, well-planned way. The AI boom has boosted Alphabet's value and helped grow his fortune. Pichai's path to billionaire status is different from that of the founders, but still impressive, according to the report by Fortune. FAQs Q1. Is Sundar Pichai a billionaire now? Yes, Sundar Pichai is officially a billionaire with a net worth of $1.1 billion, thanks to his Alphabet shares and long-term compensation. Q2. .How did Sundar Pichai become so rich if he didn't start Google? He became wealthy through years of stock awards, a 0.02% stake in Alphabet, and the company's AI-driven growth, despite regularly selling shares.
Time of India
an hour ago
- Time of India
Woman suffers injuries in ‘fuel' attack, both corneas affected
Ranchi: A 21-year-old woman sustained severe burn injuries in Kanke area on the outskirts of Ranchi on Saturday after she was allegedly poured with a flammable liquid, suspected to be petrol or kerosene, by an unidentified person. Immediately after the incident, chief minister Hemant Soren took to X and directed health minister Irfan Ansari, Ranchi police, and the Ranchi DC to investigate the matter and ensure the immediate arrest of the assailant and provide better medical facilities to the victim. The victim sustained severe injuries in both her eyes in the attack, and she was rushed to a medical facility in Ranchi, where she underwent treatment. Police said the victim was inside her home when the assailant barged in and attacked her with the flammable liquid. Talking to TOI, SP (rural) Praveen Pushkar said, "At first, it was assumed to be an acid attack, but doctors later confirmed it to be a fuel. The motive behind the attack is yet to be ascertained. We are waiting for the victim to be stable to record her statement. Only after that, the details of the case will be clear. Meanwhile, we are investigating the matter from all angles and are trying to nab the perpetrator." Ranchi-based eye specialist Dr Bharti Kashyap, who treated the victim, confirmed that it was a petrol attack. "She was attacked at about 1 pm on Saturday and was brought to my clinic around 3 pm. The upper layers of the cornea of both her eyes have suffered damage in the attack. The petrol has been washed off her eyes, and we expect that she will retain vision in the next two days. She will not need any surgery to get cured," the doctor told TOI. Expressing apprehension about the way the incident occurred, the doctor said, "The victim is about to get married soon and she was brought to the clinic by her to-be husband. They called the media and the police to the clinic, and the would-be husband claimed that she fell victim to a gang war related to some business dispute over the tendering of parking spaces," Kashyap added.
