Apple App Store ecosystem thriving in India, facilitated Rs 44,447 crore in billings and sales in 2024
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Economic Times
5 minutes ago
- Economic Times
TCS shares slip nearly 2% after company announces over 12,000 job cuts
Shares of Tata Consultancy Services (TCS), India's largest IT exporter, slipped 1.7% to an intraday low of Rs 3,081.20 on BSE on Monday, after the company announced plans to lay off around 2% of its global workforce — roughly over 12,000 employees — over the year. ADVERTISEMENT The move comes amid growing macroeconomic uncertainty and increasing AI-led disruptions impacting technology demand. As of the end of June 2025, TCS employed 613,069 people globally. In a statement, the company said the layoffs would primarily impact middle and senior grades and are part of TCS's larger journey to become a 'future-ready organisation.' The company added that the deployment of some associates may no longer be feasible under current market company emphasized that the transition is being managed carefully to ensure continuity in client service. Affected employees will receive their full notice period compensation along with additional severance benefits. TCS also plans to provide insurance extensions, outplacement support, counseling, and transition decision follows closely on the heels of legal complaints filed by several employees against TCS's recently modified 'bench policy.' The updated policy reportedly allows just 35 annual days for employees to remain unassigned before being subject to performance-related action, and it requires a minimum of 225 billable days annually. ADVERTISEMENT The broader IT industry has also shown signs of a slowdown. According to a previous report by ET, job additions across the top six Indian IT majors fell sharply by over 72% in the April–June quarter, with only 3,847 new hires compared to 13,935 in the preceding the layoffs, TCS reaffirmed its commitment to long-term strategic initiatives, including investments in new-age technologies, entry into new markets, deployment of AI at scale, deeper partnerships, and the development of next-generation infrastructure. ADVERTISEMENT On Friday, TCS shares closed flat at Rs 3,134.35 on the BSE. Also read: NSDL IPO: Issue opens on July 30, here's what you need to know about GMP, issue details (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times) (You can now subscribe to our ETMarkets WhatsApp channel)
Economic Times
5 minutes ago
- Economic Times
Sensex falls over 200 pts, Nifty below 24,750 as IT stocks drag on tariff worries
Indian equity benchmark indices opened lower on Monday, as uncertainty over trade talks with the U.S. and weaker-than-expected earnings from Kotak Mahindra Bank dampened investor sentiment. ADVERTISEMENT The BSE Sensex was down 326 points, or 0.4%, at 81,136, while the Nifty50 slipped 95 points, or 0.38%, to 24,736 around 9:18 am. However, the market recovered sharply, shedding the early losses. At 9:40, Sensex was down From the Sensex pack, Kotak Mahindra Bank, Infosys, TCS, Bharti Airtel, HCL Tech, and Bajaj Finance were among the top laggards, falling up to 5.5%. In contrast, Tata Motors, Bajaj Finserv, UltraTech Cement, ICICI Bank, and Tata Steel opened with gains. Kotak Mahindra Bank dropped 5.5% after the private lender reported a decline in first-quarter profit on Saturday, as higher provisions for potential bad loans and a contraction in lending margins weighed on heavyweight TCS fell nearly 1.5% in early trade after the company announced plans to reduce its workforce by 2%, roughly 12,200 employees, in FY26. The move comes as TCS adopts AI technologies, expands into new markets, and navigates an uncertain demand environment. On the sectoral front, Nifty Realty dropped 2.3%, weighed down by losses in Lodha, Prestige, and Oberoi Realty. The Nifty Private Bank index also declined 1.1%, led by a sharp fall in Kotak Mahindra Bank. In the broader market, the Nifty Midcap 100 edged up 0.2%, while the Nifty Smallcap 100 slipped 0.1%. ADVERTISEMENT "Negative news and triggers have pushed the Nifty to a one-month low, and market sentiments continue to be unfavourable. While trade deals with Japan and EU, thought to be difficult initially, have happened, the much expected India-US trade deal is even now hanging fire. This has impacted market sentiments," said Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments. "FII selling of Rs 13552 crores in the cash market last week has added to the weakness in the market. Yet another concern is the Q1 results, which are not yet indicating any major positive surprises. Investors have to be cautious and stock-specific in this weak phase of the market," Vijayakumar added. ADVERTISEMENT Mandar Bhojane, Senior Technical & Derivative Analyst at Choice Broking, said, "For any meaningful upside to resume, the index needs to decisively close above the 25,150 mark. A breakout above this level could open the door for higher targets around 25,500 and 25,700 in the upcoming sessions. Until then, the broader outlook remains sideways to bearish." Global stocks rose and the euro firmed on Monday after a trade agreement between the United States and the EU lifted sentiment and provided some clarity in a week of key policy meetings by the Federal Reserve and the Bank of Japan. ADVERTISEMENT S&P 500 futures rose 0.4% and the Nasdaq futures gained 0.5% while the euro firmed across the board, rising against the dollar, sterling and yen. European futures surged nearly 1%.MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.27%, just shy of the almost four-year high it touched last week. Japan's Nikkei fell 0.8% after hitting a one-year high last week. ADVERTISEMENT Foreign Institutional Investors (FIIs) extended their selling streak for the 5th consecutive session, offloading equities worth Rs 1,979 crore on July 25. In contrast, Domestic Institutional Investors (DIIs) remained net buyers, investing Rs 2,138 crore into equities on the same day. While the baseline 15% tariff will still be seen by many in Europe as too high, compared with Europe's initial hopes to secure a zero-for-zero tariff deal, it is better than the threatened 30% rate.
India.com
5 minutes ago
- India.com
Days after ED raid, Anil Ambani's BIG move, hundreds of senior leaders of Reliance Infra, Reliance Power hold meetings, plan next phase of…, focus on…
Anil Ambani (File) Anil Ambani's Reliance Group announced on Sunday that it will focus on the defence, power, and clean energy sectors to drive its next phase of growth, with focus on innovation and value creation. The announcement came on the same day the Enforcement Directorate concluded searches at locations linked to the group as part of a probe into alleged money laundering and misappropriation of public funds. After this backdrop, over 100 senior leaders from its two listed entities Reliance Infrastructure and Reliance Power gathered in Mumbai to reaffirm their commitment to the group's ambitious growth strategy. Anil Ambani Group Responds On ED Raids 'After the unanimous approval by the Board of Directors of Reliance Infrastructure and Reliance Power, just a week ago by both boards to raise Rs 18,000 crore by way of equity and debt to fund growth across defence and aerospace and renewable energy sectors, the meeting reflected unity of purpose, renewed vigour and a shared resolve to deliver long-term value for stakeholders,' the group said in a press statement. The two listed firms in separate statements earlier in the day stated that the action by ED has concluded and that the company and its officials have fully cooperated with the authority. 'Action by ED has no impact on business operations, financial performance, shareholders, employees, or any other stakeholders of the company,' they said. In the statement on the leadership meeting, the group said its two listed companies — Reliance Infrastructure and Reliance Power — are 'nearly debt-free, have net worths of Rs 14,883 crore and Rs 16,431 crore, respectively, and have 50 lakh public shareholders, one of India's largest shareholder family.' The leadership meeting, it said, spotlighted high-growth verticals driving the group's future strategy. Reliance Infrastructure & Reliance Power Future Plans Reliance Infrastructure's focus will be on defence and aerospace, which includes plans to manufacture Falcon 2000 business executive jets in India for global markets in partnership with Dassault Aviation of France, strategic partnership with US-based Coastal Mechanics to establish MRO and overhaul hub in Maharashtra, partnership with defence manufacturer Rheinmetall AG of Germany, and strengthening strategic partnership with Diehl Defence of Germany for guided munition/terminally guided munition (TGM). The 'aim (is) to rank among India's top three defence exporters — strong commitment to the Indian defence markets and 'Make in India' and 'Atmanirbhar' initiative of the Government of India,' it said. In the power business, its electricity distribution utility BSES that services more than 53 lakh households, covering two-thirds population in Delhi, will focus on continued excellence in smart, sustainable power delivery and sourcing clean green energy for Delhi in the next five years. Reliance Power is focused on an operating portfolio of 5.3 GW. It has secured renewable energy projects of 3.3 GWh of solar and battery energy storage system (BESS) projects, Asia's largest solar-plus-storage project. 'Pursue your goals even in the face of difficulties, and convert adversities into opportunities — the spirit of the group's legendary and visionary founder, Padma Vibhushan late Shri Dhirubhai H Ambani, resonated throughout the discussion,' the statement added. While Reliance Infrastructure also has interests in defence manufacturing and plays a key role in infrastructure development through special purpose vehicles (SPVs), including projects like the Mumbai Metro, Reliance Power has a total installed capacity of 5,305 MW, including the 4,000 MW ultra mega power project in Sasan, Madhya Pradesh. (With Inputs From PTI)
