While the tech job market is marred by recession fears with many companies going for layoffs, the first day of placement drives on Thursday across Indian Institute of Technology (IIT) campuses hasn't disappointed students awaiting pre-placement packages.
Three students bag Rs 4 crore offers
According to reports, at least three students from IITs of Delhi, Bombay and Kanpur have received pre-placement offers of Rs 4 crore for an international posting by global proprietary trading firm Jane Street on the first day of the final placement season.
Placement representatives at the IITs including Kanpur, Delhi and Bombay told ET that the PPOs offered by Jane Street are the highest so far.
25 offers over Rs 1 crore at IIT Madras
At IIT Madras, students recorded a total number of 445 offers, including pre-placement offers (PPOs), at the end of Session 1.1 in the first phase of placements for the 2022-23 academic year. The institute said this is the highest ever recorded in IIT Madras placements history at the end of the first session. It is around 10 percent higher than last year's figure of 407.
A total of 25 offers with pay packages more than of Rs 1 crore per annum were received on Day 1, the institute said, adding that a total of 15 International offers were received from four companies.
The main recruiters of this year include Microsoft, Graviton, Flipkart, Texas Instruments, Bajaj Auto, Bain and Company, Goldman Sachs, Qualcomm, Boston Consulting Group, JP Morgan Chase & Co, P&G, Optiver, Morgan Stanley, and McKinsey.
The top recruiters at IIT Madras on the first day were Texas Instruments (14 offers), Bajaj Auto and Chetak Tech (10 offers), Qualcomm (8 offers), JPMorgan Chase and Co (9 offers), Proctor & Gamble (7 offers), Morgan Stanley (6 offers), Graviton (6 offers), McKinsey and Company (5 offers) and Cohesity (5 offers).
The public sector firms that are recruiting during Phase I include ONGC and the Centre for Development of Telematics (CDT). Phase I of placements is expected to continue till December 7, 2022.
IIT Roorkee
One student at the Roorkee campus received an international offer of Rs 1.06 crore while another received a domestic offer of Rs 1.30 crore. A total of 10 Students got more than 80 lakh salary package offers. Also, six international offers were made on the first day till 2 pm.
The recruiters at IIT Roorkee include AppDynamics, BCG, Cairn Oil and Gas, Da Vinci Derivatives, Hilabs, Infurnia, Intel Technologies, JP Morgan Quant, Maverick Derivatives, Microsoft, NHA, NK Securities, Nvidia, ONGC, Oracle, Plutus Research Pvt Ltd, QuantBox, SAP Labs, Schlumberger, Sprinklr, Squarepoint, STMicroelectronics, Tata Steel, Texas Instrument, Trilogy, and Uber.
IIT Guwahati
On the first day of placements, students at the northeastern campus of the premier engineering institute received 168 offers. The highest international offer made was Rs 2.4 crore and the domestic offer of Rs. 1.1 crore.
The top recruiters include Google, JP Morgan Chase, American Express, Uber, C-DOT, Enphase Energy, and Oracle, among others.
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