India's information technology (IT) sector will witness subdued hiring in 2023-24 as macro uncertainties impact demand environment, with clients either taking a pause on spend or stopping discretionary spend, say human resource experts. To begin with, unlike earlier years, the three large IT players TCS, HCLTech, and Wipro have not provided any new hiring targets for the financial year. And Wipro has said that its hiring target will depend on the demand environment.
Byju Raveendran, CEO and founder of the eponymous edtech giant, has told shareholders that the company will set up a board advisory committee (BAC). This was part of a discussion on July 4 with shareholders at an emergency general meeting (EGM). Raveendran also said that in the next EGM in three weeks will give details about BAC's members and composition.
Google, in its latest appeal to the Supreme Court, has said the Competition Commission of India (CCI) is protecting Amazon's interests after having complained that India's anti-competition body (CCI) had copied part of a European Commission ruling against it for allegedly abusing the market dominance of Android. The latest twist to the Google-CCI case comes as Google filed an appeal in the Supreme Court on June 26, against the National Company Law Appellate Tribunal's (NCLAT's) March 29 order. The tech giant's contention is that the NCLAT failed to apply the "effect analysis" part in the CCI order.
'This may open up doors for private players in India to collaborate with global players in commercial missions.'
After the income tax department indicated that the Tamilnad Mercantile Bank (TMB) did not provide the complete details of transactions worth up to Rs 3,610 crore, sources told Business Standard that this was due to a technical glitch. The bank has now submitted all the required documents in the past few days. According to the Income Tax (I-T) department, TMB had not submitted a statement of financial transactions (SFT) pertaining to cash deposits of around Rs 2,700 crore involving more than 10,000 accounts.
The EV industry is at an inflection point and batteries will play a critical role ahead -- batteries and related components typically constitute 35-45 per cent of an EV's costs.
'We will test the waters, ferret out information through our business correspondents, and only then open a branch'
'Instead of ACs, the government should do something to increase our salary.'
After assuring shareholders that Byju's is on a strong footing, Chief Executive Officer Byju Raveendran, after much delay, spoke to employees in a townhall session. In his first-ever address to employees since problems began at Byju's, Raveendran spoke about the resignation of auditors and board members, the Term Loan B dispute, and the future of educational technology (edtech). Raveendran also asked his team to 'rise above the noise' and work with resilience and determination.
Tata Communications on Wednesday announced that it would acquire NYSE-listed Kaleyra, a global omnichannel integrated communication services provider with a set of proprietary platforms offering targeted personalisation through messaging, video, push notification, e-mails and voice-based services, and chatbots. The acquisition is an all cash deal. Tata Communications has agreed to acquire Kaleyra at a price per share of $7.25, for a total consideration to Kaleyra shareholders of approximately $100 million, besides the assumption of all outstanding debt.
With the number of start-ups reaching the unicorn level falling drastically in 2023, the Hurun Unicorn Index said it has demoted eight gazelles - start-ups that were founded in 2000 and have the potential to go to unicorn in three years - to cheetahs.
India's largest IT services player Tata Consultancy Services (TCS) saw its $2 billion, 10-year deal with Transamerica Life Insurance Company come to an end even before the period was over. Transamerica is the subsidiary of American arm of Dutch insurer Aegon NV. This is not the first time such a long-term deal has been called off. Earlier this year, UK's National Employment Savings Trust (NEST), ended a $1.8-billion deal with French IT services player Atos.
Anil Agarwal-led Vedanta's Sterlite Copper has come out with a fresh notification inviting expressions of interest (EoIs) to supply raw materials like copper concentrate, imported thermal coal, rock phosphate and petroleum products, among others, as part of its preparatory measures to restart production at its Thoothukudi unit in Tamil Nadu. This plant is likely to restart operations if a Supreme Court verdict goes in favour of the company. On June 12, the company had invited EoIs for carrying out plant 'restart activities'.
India's largest edtech firm Byju's will fire 1,000 employees in a fresh round of layoffs across departments. With the latest round, total job cuts at the company have mounted to around 3,500. According to sources, fresh job cuts are an attempt by the company to improve its finances and work towards a path to profitability.
Jiomart B2B is the latest among organised supply-chain companies to bite the bullet, shutting down its warehouses, and asking its employees to leave. Why are companies finding it difficult to sustain the supply-chain business? Experts point out that gross margins in supplying fast-moving consumer goods (FMCGs) are very low.
'As long as Amul was coming in with products it was not a problem because it was something value added and with a shelf life.' 'When it gets into the local market by procuring locally, it cuts into the market-share of local cooperatives.'
Anil Agarwal-led Vedanta's Sterlite Copper on Monday came out with an advertisement inviting expression of interest (EoI) for carrying out plant "restart activities" at its Thoothukudi unit in Tamil Nadu, that got closed more than five years ago following an order issued by the Tamil Nadu Pollution Control Board (TNPCB). The EoI for restart comes when the company is still awaiting the final judgement on the issue, and the court has only allowed it to do maintenance work. "We have initiated the upkeep and maintenance activities at the plant as allowed by the Supreme Court vide its order dated May 4, 2023, in coordination with the district authorities.
With debt woes and a legal case in the US courts, educational technology (edtech) giant Byju's is expected to be laying off more employees, according to media reports. According to The Morning Context report, Byju's intends to lay off 1,000 employees. This number, however, could not be confirmed by Business Standard independently. A spokesperson for the company declined to comment on the reports.
Spear-phishing e-mails typically try to steal sensitive information, such as login credentials or financial information, which is then used to commit fraud, identity theft, and other crimes.
The maintenance work will include operations such as removal of remaining gypsum and leachate handling operations among others. Based on this, the district administration has now allowed the firm to maintain the plant after five years.
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