Shares of Tata Consultancy Services (TCS), the country's largest IT services provider, continue to remain under pressure, hitting a new eight-month low of Rs 3,624.90 intraday on Tuesday before closing at Rs 3,631, down 1.19 per cent. In the past two trading sessions, the stock price has declined 4 per cent on fears of a slowing US economy.
India, the world's third largest oil consuming and importing nation, bought crude oil worth 49 billion euros from Russia in the third year of Moscow's invasion of Ukraine, a global think tank said. India, which has traditionally sourced its oil from the Middle East, began importing a large volume of oil from Russia soon after the invasion of Ukraine in February 2022.
'Geopolitical stability could remove the crude oil risk premium.'
Fair trade regulator CCI on Thursday ordered a probe against Google and its affiliates for alleged unfair business practices with respect to listing of real money gaming apps on Play Store. While passing the order, CCI said the "the Commission directs the Director General ('DG') to cause an investigation to be made into the matter under the provisions of Section 26(1) of the Act".
Some of India's largest conglomerates are gearing up to either commission or commercially start the first phase of their new energy projects this year, according to company executives and analysts.
Surpassing the all-time high level achieved the previous week, India's forex reserves jumped by another $4 billion to $670.86 billion for the seven days ended July 19, the Reserve Bank said on Friday. The overall reserves had jumped by $9.7 billion to an all-time high of $666.85 billion in the week ended July 12.
India and the US will sit together in the next couple of weeks to decide on the nature of the proposed trade agreement and finalise its broad contours, a senior official said on Monday. During the recent visit of Prime Minister Narendra Modi to Washington, India and the US announced to more than double the two-way commerce to $500 billion by 2030 and negotiate the first tranche of a mutually beneficial, multi-sector bilateral trade agreement (BTA) by fall of 2025.
India's foreign exchange reserves fell for the fourth consecutive week after reaching an all-time high last month. In the week ending October 25, the forex reserves declined by $3.46 billion to $684.80 billion, according to data released by the Reserve Bank of India (RBI) on Friday. In the three preceding weeks, reserves dropped by $3.7 billion, $10.7 billion, and $2.16 billion, respectively, the data showed.
Andhra Pradesh's IT and Electronics Minister Nara Lokesh has pitched port city of Vizag in his state for setting up a data centre to Google Cloud CEO, saying the new government in the state has taken various initiatives for supporting industry that will help it transform into a cloud infrastructure hub. The state is focused on setting up data centres in Visakhapatnam and the minister invited Google Cloud to establish its data centre in the port city.
India's forex reserves jumped by $9.7 billion to an all-time high of $666.85 billion for the week ended July 12, the RBI said on Friday. In the previous reporting week, the kitty had increased by $5.16 billion to $657.16 billion, surpassing the previous high of $655.82 billion for the week ended June 7.
Artificial Intelligence, innovation and next-generation technologies figured prominently during the high-stakes discussion between Prime Minister Narendra Modi and US President Donald Trump at the White House, as the two sides announced transformative measures, including the US-India TRUST initiative, roadmap on accelerating AI infrastructure and INDUS Innovation, to boost tech ties.
US President Donald Trump on Thursday addressed the World Economic Forum where he offered business leaders low taxes if they manufacture their products in the US, while threatening them with tariffs if they don't. Addressing the forum's Annual Meeting in Davos through video conferencing, Trump also said he is going to ask Saudi Arabia and OPEC to bring down oil prices and asserted that if prices come down Russia-Ukraine war will end immediately.
The Kerala health department on Friday said another Mpox case was reported in the state and urged those who have symptoms to seek treatment.
IT major Cognizant's subsidiary TriZetto has slapped a lawsuit on Infosys in a US federal court, accusing the Bengaluru-headquartered company of stealing trade secrets and information related to healthcare insurance software. Infosys, in a statement, denied all allegations. The company asserted it is aware of the lawsuit and will defend its position in the court.
India's forex reserves dropped by $2.922 billion to $652.9 billion for the week ended June 14, the Reserve Bank said on Friday. In the previous reporting week, the kitty had jumped by $4.307 billion to $655.817 billion, a new all-time high after consecutive weeks of increase in the reserves.
India's forex reserves dropped by $2.03 billion to $646.67 billion for the week ended May 24, the Reserve Bank said on Friday. In the previous reporting week, the kitty had reached an all-time high of $648.7 billion after a jump of $4.55 billion.
The majority of crypto investors in the country have invested in mainstream virtual digital assets (VDAs) such as Bitcoins, altcoins like Dogecoin, Shiba Inu, and Ethereum, followed by non-fungible tokens (NFTs) and stablecoins, a compilation of year-end reports of crypto majors CoinDCX and CoinSwitch revealed. The crypto exchange platform CoinDCX reported that 14.6 per cent of total investments on its platform were allocated to Bitcoin, while CoinSwitch saw the share of the VDA at 7 per cent.
'The cooperation in technology is one of the most important aspects of the visit.' 'It will have a long-lasting impact because it will shift the entire paradigm in the context of artificial intelligence and emerging technologies.'
Chinese smart devices firm Xiaomi's India head Muralikrishnan B has resigned from the company to pursue his interest in academic research, the company said on Monday. He will continue to support Xiaomi India as an independent Strategic Advisor, the company said. "Muralikrishnan B, the current President of Xiaomi India, will be transitioning out of his role at the end of the year.
The recent Bitcoin rally, which saw the cryptocurrency surge past the $100,000 mark on Thursday, is drawing Indian investors in droves. Cryptocurrency platforms in India are experiencing a significant uptick in activity and user sign-ups, driven by the optimism surrounding "crypto-friendly" Donald Trump's US presidential election victory.
The wide-ranging sanctions imposed by the US on the Russian oil sector have started to dent near-term oil flows to India with state-owned Bharat Petroleum Corporation Ltd (BPCL) saying not enough cargoes are available for March.
Russian shipments averaged 1.67 million barrels per day in January compared to 1.48 million bpd in December and 1.53 million bpd a year earlier.
The country's current account deficit widened marginally to $9.7 billion or 1.1 per cent of GDP in April-June 2024, as against $8.9 billion or 1 per cent in the year-ago period, Reserve Bank of India said on Monday. The crucial number representing the country's external sector strength has come on the heels of a surplus of $4.6 billion or 0.5 per cent of GDP recorded in the preceding January-March quarter. The Reserve Bank attributed the year-on-year widening in current account deficit to a rise in merchandise trade gap which was recorded at $65.1 billion in Q1 FY25 as compared to $56.7 billion in the year-ago period.
After the Competition Commission imposed a Rs 213-crore penalty on Meta in relation to WhatsApp privacy policy, the company said it disagrees with the watchdog's decision and plans to appeal. The Competition Commission of India (CCI) on Monday asked WhatsApp to refrain from sharing user data with other applications, owned by Meta, for advertising purposes for a period of five years.
India's forex reserves jumped $4.307 billion to a new all-time high of $655.82 billion for the week ended June 7, the Reserve Bank of India (RBI) on Friday. The kitty had jumped $4.84 billion to $651.51 billion in the previous reporting week.
India and the United States will finalize the contours, schedule of negotiations, and terms of reference for a proposed bilateral trade agreement (BTA) during a three-day meeting beginning Tuesday. The agreement is expected to be finalized in two tranches, with the first phase focusing on goods trade. The US team, led by Assistant US Trade Representative for South and Central Asia Brendan Lynch, will be in India from March 25-29 to discuss the agreement. Both countries are aiming to conclude the first phase of the agreement by fall 2025.
India's foreign exchange reserves have jumped to an all-time high of $651.5 billion as of May 31, Reserve Bank Governor Shaktikanta Das said on Friday. This means the overall kitty has increased by $4.83 billion since the last reported number of $646.673 billion on May 24 this year.
User protection and a proposal for a licensing framework for companies seeking to operate in the cryptocurrency area will be part of an upcoming consultation paper on the sector, said a senior industry executive. Even as specific regulations around crypto are yet to take shape, companies are setting up baseline user protection processes, including a redressal mechanism, fraud detection, regular filing of suspicious transaction reports (STRs), among others.
Industry insiders in India warn that any such move in the pharmaceutical sector could be counterproductive for the US as it may face increased drug shortages if tariffs are imposed on such imports.
The government on Monday scrapped 30-month old windfall profit tax on domestically-produced crude oil and on export of jet fuel (ATF), diesel and petrol following a decline in international oil prices. Minister of State for Finance Pankaj Chaudhary tabled a notification in Rajya Sabha scrapping the levy on crude oil produced by firms like state-owned Oil and Natural Gas Corporation (ONGC) and exports of fuels done by companies like Reliance Industries Ltd.
'Many were caught in a burnout race, chasing unsustainable growth without innovating.'
With just four trading sessions to go for the ITC-ITC Hotels demerger record date shares of ITC continue to consolidate in a thin range of Rs 460 - Rs 480 in an otherwise volatile equity market. On Tuesday thus far despite a near 1 per cent fall in the Sensex and Nifty; ITC traded on a flat note. ITC had set the demerger ratio at 1:10 - meaning 1 share of ITC Hotels for every 10 shares of ITC as of the record date January 6, 2025.
India's forex reserves dropped $2.412 billion to $637.922 billion as on April 26, in the third consecutive weekly decline in the reserves, the Reserve Bank of India (RBI) said on Friday. In the previous reporting week, the overall reserves had declined $2.28 billion to $640.33 billion. For the week ended April 5, the reserves had hit an all-time high of $648.562 billion following multiple weeks of increases.
India's largest IT services company Tata Consultancy Services (TCS) on Thursday posted an 8.7 per cent year-on-year rise in its consolidated net profit at Rs 12,040 crore in the first quarter ended June 2024. The net profit for the year-ago period stood at Rs 11,074 crore.
Nasdaq-listed IT services major Cognizant on Tuesday said the firm's Chief Financial Officer (CFO) Jatin Dalal (pictured) had reached a settlement in the "non-compete" lawsuit filed by Wipro. The terms of the settlement, which was reached without any admission of liability by either party, are confidential. The settlement resolves all pending disputes between Dalal and Wipro, said the company in a statement. Cognizant has paid $505,087 (around Rs 4.1 crore) in connection with Dalal's settlement.
Byju's Founder Byju Raveendran's plea against the Insolvency of Think & Learn before the NCLAT was adjourned on Monday as one of the members of the bench recused from the hearing. The matter will be placed before a bench headed by National Company Law Appellate Tribunal (NCLAT) Chairman Justice Ashok Bhushan, who will assign a different bench to hear the matter. Raveendran had filed a petition challenging the initiation of insolvency proceedings against Think & Learn, which runs edtech company Byju's.
Crypto currency platform WazirX, a cyber-attack on July 19 this year in which nearly 40 lakh Indians have suffered a loss of to a tune of $230 million or Rs 19.12 billion, has moved the Singapore high court seeking a moratorium in any legal action against it and for legal protection.
Information technology major Tata Consultancy Services (TCS) on Friday termed the tax demand notices received by several of its employees a "discrepancy," and the tax department will be reprocessing the returns. "We understand that the tax authorities will be reprocessing the returns, post which TDS shall be in sync with Form 26AS issued by the Income Tax Department, and Form 16 Part A issued by TCS. Associates that received the notice will receive a rectification intimation in due course and are not required to pay any demand amount.
Trump's sweeping tariffs and penalties on China-built ships have turned global shipping into the front line of economic war, observes Shyam G Menon.
Russia's state-owned oil firm Rosneft has agreed to supply up to 500,000 barrels per day (bpd) of crude oil to Indian upstream oil and gas major Reliance Industries (RIL) in the largest-ever energy deal between the two countries, Reuters reported on Thursday. The 10-year agreement amounts to 0.5 per cent of global oil supply and is valued at roughly $13 billion per year at current prices, it said.
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