Indian markets open lower amid IT, banking drag
Leading the losses were Kotak Mahindra Bank, which dropped over 6%, followed by IT majors TCS, Infosys, and HCL Tech. Other laggards on the Sensex included Bharti Airtel, Titan, and Bajaj Finance. On the positive side, Tata Motors, Bajaj Finserv, Ultratech Cement, Maruti Suzuki, Tata Steel, and Power Grid posted gains, lending some support to the benchmarks.
The broader markets also saw weakness, with the Nifty MidCap index down 0.28% and the Nifty SmallCap index slipping 0.58%. Sectorally, the Nifty IT index was the worst performer, falling 1.4%, while the Nifty Private Bank and Realty indices also lost over 1% each.
In the IPO space, the listing of SME issues Swastika Castal and Savy Infra is in focus. Meanwhile, new SME IPOs from Repono and Umiya Mobile opened for subscription. PropShare Titania's mainboard IPO enters its final day, while ongoing issues from Shanti Gold International, Sellowrap Industries, Shree Refrigerations, and Patel Chem Specialities continue into their second day. Brigade Hotel Ventures' IPO enters Day 3, and allotment status is expected today for Indiqube Space, TSC India, and GNG Electronics.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
Business Standard
24 minutes ago
- Business Standard
US smartphone market sees slow growth as India-made phones surge: Canalys
In response to tariffs, Apple earlier this year sought to make most of its iPhones sold in the United States at factories in India Reuters The United States smartphone market grew just 1 per cent in the second quarter as vendors front-loaded device inventories amid tariff concerns, while supply chain negotiations between China and the United States boosted shipments of Indian-made phones, research firm Canalys said on Monday. The imposition of US tariffs has prompted smartphone makers to reorganize their supply chains to avoid higher import costs and protect their margins. China, a major hub for electronics manufacturing, has been targeted by significant tariffs, pushing hardware makers to explore other Asian countries to maintain low production costs. In response to tariffs, Apple earlier this year sought to make most of its iPhones sold in the United States at factories in India. However, the move drew criticism from US President Donald Trump, who threatened additional tariffs on the Cupertino-based company if it did not produce domestically. "India became the leading manufacturing hub for smartphones sold in the US for the very first time in Q2 2025, largely driven by Apple's accelerated supply chain shift to India amid an uncertain trade landscape between the US and China," said Sanyam Chaurasia, Principal Analyst at Canalys. "The market only grew 1 per cent despite vendors front-loading inventory, indicating tepid demand in an increasingly pressured economic environment and a widening gap between sell-in and sell-through," said Runar Bjorhovde, Senior Analyst at Canalys. The share of US smartphone shipments assembled in China fell from 61 per cent in the second quarter of 2024 to 25 per cent in the second quarter of 2025. India picked up most of the decline, with Indian-made smartphone volume growing 240 per cent year-on-year. iPhone shipments declined by 11 per cent while Samsung shipments grew 38 per cent in the second quarter. (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.)
&w=3840&q=100)
Business Standard
24 minutes ago
- Business Standard
Renault Group gets CCI nod to acquire remaining 51% stake in Indian JV
Fair trade regulator CCI on Monday approved French auto major Renault group's proposal to buy out its Japanese partner Nissan's remaining 51 per cent stake in their Indian manufacturing joint venture -- Renault Nissan Automotive India Pvt Ltd. Renault Group B V and its nominee Renault SAS are acquiring the entire shareholding of the Nissan entities in Renault Nissan Automotive India Pvt Ltd (RNAIPL). "The proposed combination involves the acquisition of equity shares and fully paid-up zero coupon non-convertible redeemable preference shares held by Nissan Motor Company Ltd," the Competition Commission of India (CCI) said in a release. Japan (Nissan) and Nissan Overseas Investments B V (Nissan Overseas) are collectively divesting their stakes in the joint venture. Renault Group B V is engaged in the designing and manufacturing of passenger cars and light commercial vehicles worldwide and Renault SAS is engaged in the construction, maintenance and manufacturing of parts and equipment. "CCI approves the proposed acquisition of certain shareholding of Renault Nissan Automotive India Pvt Ltd by Renault Group BV and Renault SAS," CCI said in a post on X. In March this year, Renault Group said it will buy out Nissan's 51 per cent stake in their Indian joint venture RNAIPL for an undisclosed amount. The JV firm operates the alliance's Chennai-based production facility, which rolls out models for both Renault and Nissan brands. As part of a global framework agreement signed between Renault Group and Nissan, Renault Group would own 100 per cent of Renault Nissan Automotive India, by acquiring the 51 per cent shareholding currently held by Nissan. The company, however, did not disclose the financial details of the transaction. Nissan will continue to use RNAIPL for sourcing vehicles for India and for exports in the coming years, Renault Group said. Meanwhile, Renault Group and Nissan will continue to operate jointly, Renault Nissan Technology & Business Center India (RNTBCI) in which Nissan will retain its 49 per cent stake and Renault Group will hold its 51 per cent stake. In a separate release, the CCI cleared the proposed combination involving Anantam Highways Trust, Alpha Alternatives Fund Advisors LLP and others (Sponsor and Sponsor Group) and Dilip Buildcon Ltd (DBL) and DBL Infraventures (DIPL). Anantam Highways is a Sebi-registered infrastructure investment trust (InvIT). DBL is engaged construction of road and highways. DIPL is a wholly owned subsidiary of DBL, and belong to the DBL Group. Deals beyond a certain threshold require approval from the regulator, which keep a tab on unfair business practices as well as promotes fair competition in the marketplace. (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.)
New Indian Express
34 minutes ago
- New Indian Express
TCS layoffs flag AI-induced pain, need for safety net
TCS isn't the only one letting go of its employees. Start-ups have retrenched 3,600 personnel early this year. Other tech companies, including Infosys, Wipro, and HCL Tech have slowed fresher recruitment and let go of small batches of older staff. At the international level, it's a stampede. Tech giant Microsoft terminated over 6,000 employees this May. The announcement followed the confirmation by CEO Satya Nadella that AI currently writes 30 percent of the company's code. One employment tracker has claimed that over 80,000 employees across 169 tech companies have been laid off in 2025. The TCS disclosure reminds us of the consequences of AI—the programming of machines to simulate human intelligence, enabling them to 'think' and 'learn' to solve problems, make predictions and take decisions. Management consultancy Goldman Sachs reminds us we could lose as many as 300 million full-time jobs worldwide. McKinsey projects that by 2030, nearly 30 percent of working hours in the US could be automated. However, all technological change—AI is a significant one—creates turbulence in the present, but yields rewards in the future. Many have forgotten that computerisation arrived decades ago, accompanied by some job losses, but it ultimately expanded the employment base manifold in the long run. The World Economic Forum's recent 'Future of Jobs' report, for instance, forecasts that 83 million jobs globally will be eliminated by 2027, but 69 million new roles will emerge. What is necessary, though, is an immediate safety net that will retrain and redeploy those who have been rendered redundant. That is one way to lessen the pain.
