Wipro (down 1.98%), Infosys (down 1.62%), HCL Technologies (down 1.47%), Mahindra Satyam (down 0.83%), Tech Mahindra (down 0.74%), MphasiS (down 0.61%), TCS (down 0.46%) and Hexaware Technologies (down 0.09%), edged lower.
The BSE IT index was down 1.13% at 5,784.48. It underperformed the Sensex, which was up 0.26% at 19,397.92.
The BSE IT index had underperformed the market over the past one month till 4 December 2012, falling 0.89% compared with the Sensex's 3.16% rise. The index had also underperformed the market in past one quarter, sliding 2.08% as against Sensex's 10.94% rise.
Cognizant Technology Solutions Corporation shared compensation details of its top executives in a regulatory filing on Tuesday, 4 December 2012, indicating a revenue growth of around 16% for 2013, lower than the 20% revenue growth it expects to achieve this year.
In a regulatory filing with the US Securities and Exchange Commission on Tuesday, Cognizant said its top executives�CEO Francisco D'Souza, president Gordon J. Coburn, group chief executive for industries and markets Rajeev Mehta, group chief executive of technology and operations Ramakrishnan Chandrasekaran, chief financial officer Karen McLoughlin and senior vice-president Steven Schwartz will receive 100% of their performance-based stock options only if the company achieves 16% revenue growth during 2013. They will not receive any performance-linked stock incentives if the company does not grow its revenue by at least 12% during calendar year 2013.
For these top executives to earn 100% of their stock-linked incentives next year, Cognizant will have to grow its revenue to $8.515 billion, a rise of 16% over 2012. The rise would be lower than the 20% growth, equivalent to revenue of $7.34 billion, projected by the company in 2012.
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