The Prime Minister’s Office (PMO) has received over 100 complaints from former Infosys employees seeking reinstatement and measures to prevent future mass dismissals. In response, the Union ministry of labour and employment has sent a second letter to Karnataka’s labour commissioner, urging intervention in the layoffs at Infosys’ Mysuru campus. The ministry has also directed
Salary growth in the IT and IT-enabled services sectors is slowing due to automation, cost optimisation and reduced hiring, according to the EY Future of Pay 2025 report. IT sector salary increments are anticipated to decline from 9.8% in 2024 to 9.6% in 2025, while IT-enabled services are expected to moderate from 9.2% to 9%.
Swedish furniture retailer Ikea is set to deepen its presence in India with a strategic expansion plan that includes online sales in 10 cities and new physical stores in key metro markets. The company, which is currently focusing on six major metropolitan areas, is also seeking its next round of investments to drive future growth
The National Company Law Appellate Tribunal (NCLAT), Chennai, on Thursday set aside the insolvency proceedings against Coffee Day Enterprises Ltd (CDEL), the parent company of Cafe Coffee Day. With this, the NCLAT dismissed a bankruptcy plea filed by IDBI Trusteeship over an alleged Rs 228 crore default. In a regulatory filing, the company said, “…today
A new report has revealed that India’s pharmaceutical sector that has risen in prominence as the largest supplier of generic medicines. According to McKinsey & Company’s latest report, this growth is driven by pharma exports growing faster than the global average, is at a tipping point: emerging trends in Indian and global landscapes could disrupt
With UltraTech Cement announcing its foray into the Cables and Wires (C&W) industry with a planned capex outlay of Rs 18 billion over the next 2 years, brokerage firms and analysts maintained that the move will have only a modest impact on the segment and on sector players. An analysis report by Nuvama stated, “Given
Godrej Properties Ltd on Thursday announced that it has sold inventory worth over Rs 1,000 crore in its project, Godrej Evergreen Square, located in Hinjewadi, Pune. The project was launched in November 2024 and within four months of acquiring the land, it has become the company’s most successful launch ever in Pune in terms of
Spanish retail major Inditex on Wednesday launched its youth-centric retail brand Bershka, its second-largest globally after Zara, in India, setting the stage for competition with Reliance’s youth-focused retail chain Yousta. The Bershka launch at the Phoenix Palladium Mall in Lower Parel, Mumbai, comes as Inditex, among the world’s largest fashion retailers with over $37 billion
Advance tax collections from the corporate sector, other firms and individuals in the current fiscal stood at Rs 10.45 lakh crore as on Sunday, up 14.6% on year. In the corresponding period of last fiscal, these collections — a proxy of corporate profitability and the state of the economy — stood at Rs 9.11 lakh
The four new companies formed after the restructuring of Vedanta have the potential to be $100 billion firms each, chairperson Anil Agarwal has said in a letter to shareholders. He has also highlighted the potential of the natural resources sector, both in India and global economies.“While Vedanta currently contributes close to 1.4% to India’s GDP, there
Fast-moving consumer goods (FMCG) companies are asking for a separate law to govern beauty and personal care (BPC) products, saying current regulations under the Drugs and Cosmetics Act 1940 impede growth. At present, the making of soaps, skin care, hair care, oral care and cosmetic products, much like drugs, is regulated under a system of
E-commerce major, Amazon, is exploring the possibility of spinning off its India operations and listing it, according to industry sources. The company, which is the second largest player in the e-commerce sector, behind Flipkart, has initiated preliminary talks with investment banks to assess the feasibility of such a move, sources added. According to a report
Budget carrier SpiceJet on Monday announced that its founder and promoter, Ajay Singh, through Spice Healthcare, a promoter group entity, will infuse `294.09 crore into the airline. This would be done through the conversion of 131.4 million warrants into an equal number of equity shares. This strategic move will increase the consolidated shareholding of the
