The BJP has claimed the details about the luxurious amenities at the Delhi Chief Minister's residence, including expensive renovations and high-end items like Bose speakers, jacuzzis, and advanced appliances. The residence, once occupied by Arvind Kejriwal, reportedly cost crores to furnish, sparking controversy after Kejriwal's resignation.
Tata Consultancy Services (TCS) has cut variable pay for many employees for the July-September quarter, with some getting as little as 20-40% or no payout at all. The company says this is due to weak demand and business performance. The adjusted pay is based on attendance and business unit results, reflecting the ongoing uncertainty in the tech industry. TCS expects a recovery in the fourth quarter, despite the tough second quarter.
upGrad is adding new courses in financial services, creative arts, gaming, and VFX, while also strengthening its AI offerings. The company is teaming up with universities worldwide to grow its international reach, especially in the gaming and VFX areas. AI programs remain a top focus, with a sharp rise in demand for both technical and non-technical skills. upGrad aims to expand its offline presence and reach profitability by FY25.
Life Insurance Corporation of India (LIC) reported a 4% drop in its standalone net profit for Q2FY25, totaling ₹7,621 crore. Despite the profit decline, LIC saw a 12% increase in net premium income and a 16% rise in investment income. The insurer's market share grew to 61.07%, and it plans to launch a health insurance business by the end of this financial year.
Zoho founder Sridhar Vembu criticized Freshworks for laying off 660 employees despite reporting a 22% revenue growth. Vembu condemned the "corporate greed" behind such decisions, calling it a trend imported from the U.S. He also criticized Freshworks' stock buyback and emphasized Zoho's commitment to employees, prioritizing them over shareholders. Vembu argued companies with ample cash should avoid layoffs and instead invest in new ventures.
India Cements reported a larger net loss of ₹240 crore for Q2 FY2024, up from ₹81 crore last year, due to falling cement prices and low demand. For the first half of the year, the company posted a loss of ₹203 crore. Despite a 17% increase in volumes from Q1, lower prices and weak market conditions caused significant pressure on margins, resulting in a negative EBITDA of ₹154 crore.
State Bank of India (SBI) reported a 28% increase in net profit to Rs 18,331 crore for Q2 FY25, compared to Rs 14,330 crore in the same period last year. Interest income grew by 12.32%, and net interest income rose by 5.37%. The bank's asset quality improved, with a reduction in both gross and net non-performing assets. SBI also saw strong growth in total deposits and advances.
India's food services market is smaller than the U.S. and China's, but it's growing fast. In 2023, it was worth about $70 billion, and online food delivery is expected to grow from $8 billion to $17-21 billion by 2028. While the U.S. and China have established markets, India's sector is expanding quickly, especially the organised part.
During the opening of the National Judicial Museum, Chief Justice DY Chandrachud asked an AI lawyer whether the death penalty is constitutional in India. The AI confirmed it, saying the death penalty is allowed but only for the most serious crimes. This marks an important moment in the growing use of AI in India’s legal system.
Sharan Hegde, co-founder of The 1% Club, announced a 15% workforce reduction, citing mistakes made during rapid expansion and the role of AI in improving efficiency. The layoffs mainly affected content, research, and marketing jobs. Even with these cuts, the company is still profitable, making $8 million in annual revenue. AI tools like Perplexity AI have helped improve workflows and cut down on unnecessary tasks. Hegde assured the employees impacted by the layoffs that they received severance and support in finding new jobs.