Troubles deepen at TCS; Honasa's beauty-tech plan
Want this newsletter delivered to your inbox?
Also in the letter:
CS to freeze senior hiring, pause annual salary hikes
Details:
Onboarding of senior hires has been delayed by over 65 days.
At the same time, the company has started phasing out hundreds of bench employees across multiple cities as part of a tighter utilisation push.
More to come:
Also Read:
Past tense:
Quote, unquote:
Also Read:
TCS layoffs draw government attention
What's next:
Union heat:
Also Read:
Honasa looks beyond beauty and skincare to new growth categories
Driving the news:
Growth channels:
The numbers:
Also Read:
Sponsor ETtech Top 5 & Morning Dispatch!
Why it matters:
The opportunity:
Reach a highly engaged audience of decision-makers.
Boost your brand's visibility among the tech-savvy community.
Custom sponsorship options to align with your brand's goals.
What's next:
Go Digit's first quarter profit climbs 37% to Rs 138 crore
Details:
Net profit of Rs 138.3 crore compared with Rs 101.3 crore a year earlier.
of Rs 138.3 crore compared with Rs 101.3 crore a year earlier. Total income rose 4% to Rs 2,179.4 crore.
rose 4% to Rs 2,179.4 crore. Expenses increased 3% to Rs 2,058.5 crore.
increased 3% to Rs 2,058.5 crore. Gross written premium , i.e. the total premium collected before accounting for expenses, up 12% year-on-year (YoY) to Rs 2,981.8 crore.
, i.e. the total premium collected before accounting for expenses, up 12% year-on-year (YoY) to Rs 2,981.8 crore.
Net premium earned at Rs 1,865 crore.
Agritech startup DeHaat posts profit in Q1, says founder
Revenue in FY25 was at Rs 3,000 crore, up 11% year-on-year
CEO Shashank Kumar said DeHaat's annual revenue run rate was at Rs 4,000 crore.
He did not provide the profit and revenue figures for the first quarter.
Keeping Count
Other Top Stories By Our Reporters
Wipro plans to open PCB unit facility:
Navi Technologies raises Rs 170 crore via debt round:
Mobile testing platform Drizz raises $2.7 million:
Global Picks We Are Reading
Happy Tuesday! After announcing over 12,000 layoffs, TCS now plans to pause senior hiring and annual appraisals. This and more in today's ETtech Morning Dispatch.■ Go Digit's Q1 report■ Wipro's PCB unit facility■ Navi debt raiseK Krithivasan, CEO, TCSDays after announcing plans to lay off 12,000 employees —roughly 2% of its global headcount—Tata Consultancy Services (TCS) is hitting pause on senior-level hiring and freezing annual salary hikes worldwide, according to people familiar with the matter.The slowdown is already visible.Analysts say TCS's move could trigger a broader industry reset , with other IT majors likely to mirror the cost-control playbook, as they grapple with soft demand and margin pressure.So far, no peer has announced layoffs at this scale, but the slowdown is real. TCS added just 5,000 employees in Q1 FY26, while rivals like Infosys have eased off hiring.In 2017, Infosys, Wipro, and Cognizant collectively laid off thousands of employees due to automation concerns and stricter US visas. Later, between 2020 and 2022, companies carried out silent layoffs by extending bench periods and reducing new hires.Brokerage firm Jefferies said this may be a 'canary in the coal mine' moment for IT services. 'TCS's move to cut 2% of its workforce may lead to execution slippages in the near term and higher attrition in the longer run for the firm and reflects a weak demand environment for the sector,' the report said.India's IT Ministry is closely monitoring TCS's decision to cut 12,261 jobs – roughly 2% of its global workforce – as alarm grows over job losses at India's largest tech firm. Government officials are in touch with TCS, seeking clarity on the rationale behind the move.The ministry may push for more aggressive skilling interventions and wants clearer insight into existing talent gaps. TCS, for its part, said it will offer severance packages, counselling support, and outplacement services to affected employees.Employee union Nascent IT Employees Senate (NITES) has urged labour minister Mansukh Mandaviya to halt TCS's plan to axe over 12,000 jobs , calling the move 'illegal' and demanding the reinstatement of affected employees.In its letter, NITES accused the IT giant of sidelining over 600 lateral hires and questioned the fairness of the layoffs, pointing to hefty executive pay packets. The union also called on the government to hold senior leadership accountable.Varun Alagh and Ghazal Alagh, founders, Honasa ConsumerHonasa Consumer, the parent company of Mamaearth, is looking to expand into new product lines as its once-flagship brand loses steam.The company is exploring a range of beauty tech products, including laser masks, LED light therapy devices, facial rollers, and face massagers, sources told us. These high-margin categories, often associated with Korean skincare and haircare routines, are drawing growing interest from both Indian and global brands.Honasa is also doubling down on its newer labels, notably The Derma Co. and Dr Sheth's, which are showing strong momentum. On its Q4 FY25 earnings call, CEO Varun Alagh said these younger grands grew over 30% year-on-year.Honasa posted operating revenue of Rs 2,067 crore in FY25, though net profit dipped to Rs 73 crore from Rs 111 crore the previous year. With Mamaearth plateauing, the company is not bettting on premiumisation and innovation to drive its next phase.ETtech Top 5 and Morning Dispatch are must-reads for India's tech and business leaders, including startup founders, investors, policy makers, industry insiders and employees.Interested? Reach out to us at spotlightpartner@timesinternet.in to explore sponsorship opportunities.Kamesh Goyal, founder, Go DigitGo Digit General Insurance on Monday reported a nearly 37% rise in net profit for the first quarter on the back of growth in gross written premiums.Temasek-backed agritech startup DeHaat posted a net profit for the first quarter of fiscal 2026 due to high-margin private label sales and exclusive agri-input distribution, along with increased focus on exports, storage and food processing.Wipro Infrastructure Engineering (WIN) announced a new business division , Wipro Electronic Materials, on Monday, focusing on the manufacturing of high-performance materials for Printed Circuit Boards (PCBs).Flipkart cofounder Sachin Bansal's fintech venture Navi Technologies has raised Rs 170 crore through a debt funding round led by PhillipCapital, with NDX Financial Services, Arpee Commercial Company, Ambit Finvest, and Grey Grass India, among others, taking part.Vision AI mobile app testing platform Drizz has secured $2.7 million in its maiden funding round , led by early-stage venture capital firm Stellaris Venture Partners. The funds will be used to advance the company's vision AI engine, expand its engineering team and strengthen research capabilities.■ From cheating exposés to dating background checks, TikTok detectives are thriving ( Wired ■ The truly worrying thing about the Coldplay concert scandal ( FT ■ BYD distracted the world while Chinese EV peers staged a coup ( Rest of World
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
India.com
21 minutes ago
- India.com
Meet T-14 Armata Tank, super powerful war weapon offered by Russia to India, its features are..., Trump to...
New Delhi: US President Donald Trump is not happy with India and Russia's friendship and is threatening both countries with tariffs. Amidst this, the two countries are discussing a crucial defence deal that might further enrage Trump. What has Russia offered to India? Russia has offered to sell the next-generation T-14 Armata tanks to India to replace its ageing T-72 tanks with new tanks. Russia's offer includes domestic manufacturing in India under the Make in India programme. Armata tanks are made by the Russian company Uralvagonzavod, and the T-14 Armata is its most advanced tank. Uralvagonzavod has offered to design and develop this tank according to India's needs for its Next Generation Battle Tank (NGMBT) programme. For this, the Russian company has shown interest in partnering with Indian defence companies. What is the crux of the proposal? The proposal includes possible collaboration with India's Combat Vehicle Research and Development Establishment (CVRDE) or other public sector defence units. The proposal is strategically prepared according to India's 'Make-I' procurement category, which aims to increase India's indigenous production. Under this plan, the Government of India provides up to 70% of the funding for developing prototypes, which emphasises domestic manufacturing and technology transfer. Will India buy the advanced T-14 Armata tank? Uralvagonzavod had signed a technology transfer agreement with India for T-90S tanks, which are now manufactured in India as T-90 Bhishma. India uses more than 83 per cent domestic technology in the T-90S tank, including complete localisation of the tank's engine. Russian officials have also expressed their intention to work with India for the local production of the T-14 Armata tank project. Company officials have suggested that the T-14 Armata would be an ideal successor to replace the Indian Army's huge but ageing fleet of T-72 tanks. Why is T-14 Armata considered one of the most advanced tanks in the world? The T-14 Armata is considered one of the most advanced tanks in the world. It has many remotely operated functions, an armoured capsule for the crew, a state-of-the-art digital control system and an active protection system (APS) called 'Afghanit'. This system is capable of destroying the enemy's anti-tank missiles on the way. Three operators can sit inside this tank and destroy the enemy's anti-tank missiles and RPGs in the air. It has a millimetre-wave radar, which provides 360-degree protection. Guided missiles can also be fired from this tank up to 8–10 kilometres. The maximum speed of this tank is 75 to 80 kilometres per hour, and its range is 500 kilometres. The weight of this tank is 55 tonnes, and its cost is around Rs 30 to 42 crore. If it is manufactured in India, its cost will be reduced by at least Rs 10 crore.
Economic Times
37 minutes ago
- Economic Times
Indian semiconductor market may grow over two-fold to Rs 9.6 lakh crore by 2030
ETtech India's semiconductor market is expected to more than double to grow in the range of $100-110 billion by 2030 according to industry estimates, an official statement said on Sunday. The Indian semiconductor market was about $45-50 billion in 2024-2025 against $38 billion in 2023, the statement said, citing industry estimates. "As per industry estimates, the size of the Indian semiconductor market was about $38 billion in 2023, $45-50 billion in 2024-2025 and is expected to reach $100-110 billion by 2030," the statement said. A detailed statement highlighting the need for semiconductors, efforts of the government and response from the industry cited the crisis faced by various technology segments especially by the automobile industry due to dependency on select geographies during the Covid pandemic and stressed on the need for developing India as trusted partner in the global supply chain. "Currently, countries like Taiwan, South Korea, Japan, China and US dominate the semiconductor industry. Taiwan produces more than 60% of the world's semiconductors, including nearly 90% of the most advanced ones. "Such dependence on a single region has exposed global supply chains to significant risks - from pandemics and natural disasters to geopolitical tensions. Recognizing this challenge, many countries are now building secure and diversified supply chains," the statement said. The United States, European Union, Japan, and South Korea have launched national strategies to support domestic chip manufacturing and reduce over-reliance on a single region. "India is emerging as an important and trusted partner in this global shift," the statement said. The global semiconductor market is expected to reach $1 trillion by 2030, with India's market occupying a substantial portion of it. India has the capacity to emerge as a key contributor to the three primary pillars of the semiconductor manufacturing supply chain - equipment, materials and services and R&D. It stated that India can leverage a strong base of MSMEs to produce components for semiconductor equipment and it has a rich source of chemicals, minerals and gases which can be utilised by semiconductor supply chain companies. Services R&D, logistics and supply chain, major talent in AI, big data, cloud computing and IoT are major strengths, the statement said. The government has already launched India Semiconductor Mission in December 2021 with an outlay of Rs 76,000 crore to provide financial support for investments in semiconductor fabrication, display manufacturing & chip design to strengthen India's integration into global electronics value chains. Industry players including US memory chip maker Micron, Tata Electronics (TEPL) in partnership with Powerchip Semiconductor Manufacturing Corp (PSMC) of Taiwan, CG Power & Industrial Pvt Ltd in partnership with Renesas & Stars, Tata Semiconductor Assembly and Test Pvt Ltd (TSAT), Kaynes Semicon, HCL-Foxconn JV have committed a total investment of over Rs 1.55 lakh crore to produce semiconductors in India. The government under the ISM has made a Rs 1000 crore provision for Design Linked Incentive for chip design out of which it has committed Rs 234 crore financial support for eligible start-ups. "The government had committed the support of Rs 234 crore for the chip design projects from 22 companies with a total project cost of Rs 690 crore. These chips will be used in CCTV cameras, mobile networks, satellites, cars, smart devices, etc. The government under its vision for semiconductor ecosystem development supports Semicon India which is a flagship event organised in partnership with SEMI (Semiconductor Equipment and Materials International). The platform brings together global industry leaders, policymakers, academia, and startups to foster investment, dialogue, and strategic partnerships. "The 4th edition is to be held in Delhi from September 2-4th, 2025. Semicon India 2025 co-hosted by India Semiconductor Mission (ISM) and SEMI will be held from September 2-4, 2025, at Yashobhoomi (IICC), New Delhi. It is set to display India's redefining role in the global semiconductor ecosystem," the statement said. Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. Zomato delivered, but did the other listed unicorns? US tariff hike to hit Indian exports, may push RBI towards rate cuts Will TCS layoffs open the floodgates of mass firing at Indian IT firms? Indian IT firms never reveal the truth hiding behind 'strong' deal wins Is Bajaj Finance facing its HDFC Bank moment? Tata Motors' INR38k crore Iveco buy: Factors that can make investors nervous Stock Radar: Strides Pharma stock hits fresh 52-week high in July; will the rally continue in August? F&O Radar| Deploy Short Strangle in Nifty to gain from Theta decay For investors who can think beyond Trump: 5 large-cap stocks with an upside potential of up to 36%
India.com
an hour ago
- India.com
Masterstroke by Mukesh Ambani as Reliance to invest Rs 4300000000 in Bengaluru-based startup, it deals in..., name is...
Mukesh Ambani (File) In a significant decision which could provide a major boost to India's growing spacetech industry, Mukesh Ambani-led Reliance Industries is mulling to invest $50 million (about Rs 430 crore) in Digantara Research & Technologies, a Bengaluru-based spacetech startup, which is developing technology that can track objects in the Earth's orbit. How much is Mukesh Ambani Reliance Industries investing? According to a report by The Economic Times, Reliance Industries, India's most valued domestic firm led by billionaire Mukesh Ambani, is in advanced discussions to lead a Rs 430 crore funding round in Digantara, along with existing investors like Peak XV Partners. 'Reliance has evaluated multiple startups in the spacetech segment. It is looking at companies building novel solutions in the sector. Its talks with Digantara are at an advanced stage,' the report quoted a source familiar with the matter as saying. What does Digintara do? Co-founded by Anirudh Sharma (CEO), Rahul Rawat (COO), and Tanveer Ahmed (CTO), Digintara is a spacetech startup based in Bengaluru, working on the development of technologies which can track bjects in Earth's orbit. Earlier, in March, Digintara launched a satellite capable of tracking debris as small as 5 cm, and is currently providing services to defence agencies in both India and the United States, as per the report. According to the report, Digintara plans to deploy a constellation of about a dozen surveillance satellites by the end of 2026. The company has launched three satellites so far, one of which is part of the proposed satellite constellation. A major chunk of the upcoming funding round will be dedicated in developing and launching these satellites. 'Given the volatility in global geopolitics, every country is focused on having its own indigenous sovereign solutions that can be controlled in times of crisis. That's where the opportunity lies for startups like Digantara,' the report quoted a source as saying. The company established a manufacturing and operations facility in the US in February 2024, and expects to earn a revenue of $25–30 million (Rs 220–260 crore) from its US operation in the next 2-3 years.
