HCLTech CEO C Vijayakumar highlights that while the demand for skilled IT professionals and higher billing rates will continue, revenue growth might outpace headcount additions. The company reduced its fresher recruitment target, stressing the importance of embracing generative AI for incremental value.
Related news
Commerce and industry minister Piyush Goyal states that India's free trade agreements are now finalized after extensive consultations with all stakeholders, offering equitable terms. Highlighting the EFTA pact with a $100 billion FDI commitment, he contrasts current deals with past practices, emphasizing national interests and growth in exports.
Indian tax authorities have demanded Samsung and its executives to pay $601 million in back taxes and penalties for misclassifying telecom equipment imports. The company was accused of evading tariffs, with seven executives facing fines. Samsung claims compliance with the law and is exploring legal options.
Finance Minister Nirmala Sitharaman announced unprecedented tax relief in the Budget to support domestic production and enhance export competitiveness. The new Income Tax Bill, addressing digital record examinations, is set for discussion during the monsoon session of Parliament, aiming to update the 63-year-old law.
The rupee fell by 8 paise, closing at 86.95 against the US dollar on Tuesday due to demand for dollars linked to maturing non-deliverable forward (NDF) contracts and regional currency weakness. Outflows of $12 billion from local stocks by foreign investors in 2025 further pressured the rupee.
US stocks witnessed a sharp decline. The Federal Reserve cut interest rates for the third time this year. The Fed hinted at fewer rate cuts in 2025 than previously expected. Investors reacted negatively to this news. Bond yields increased, adding pressure on stocks. Smaller companies were hit particularly hard. Global markets showed mixed reactions to the Fed's decision.
In the December MPC meeting, four members opposed policy easing, making a February rate cut uncertain. Outgoing Governor Das and Deputy Governor Patra prioritized controlling inflation over growth, citing concerns about core inflation and second-order effects. Two external members favored rate cuts to address the GDP growth decline, arguing monetary policy's limitations on supply-side inflation.
Digvijay Laxmansinh Gaekwad, a Florida-based investor, is required to appoint a merchant banker to comply with Sebi's takeover rules before making an acquisition offer for Religare Enterprises. Gaekwad has offered Rs 275 per share, a 17% premium over the Burmans' Rs 235 offer. Approval from RBI is required for him to open an escrow account.
President Trump’s new tariff plan includes a 10% universal tariff on imports, followed by country-specific tariffs. China faces the highest tariffs, up to 54%. India’s textile, electronics, and machinery sectors may benefit from competitive advantages. However, to capitalize on these opportunities, India must address structural issues and enhance manufacturing capabilities.
NCLT has ordered the liquidation of GoAir after lenders' request as the airline, grounded since May 2023, failed to revive under insolvency laws. GoAir owes over Rs 6,521 crore to creditors like Central Bank of India and Deutsche Bank. Starting operations in 2005, it joins the list of defunct Indian airlines including Air Deccan and Kingfisher.
RBI's decision to infuse ₹1.5 lakh crore liquidity boosted banking stocks, leading to a sensex rise of 530 points. Despite a late sell-off, major banks led gains, while foreign funds continued selling. Mid- and small-cap sectors saw declines. Upcoming events, such as the US FOMC meeting and Union Budget, are expected to contribute to market volatility.