Impact of GCC boom; Infosys staffers cling to WFH in FY24
Happy Thursday! The explosive growth in India's global capability centres (GCC) has benefited the real estate, staffing, and infra sectors. This and more in today’s ETtech Morning Dispatch.
Happy Thursday! The explosive growth in India's global capability centres (GCC) has benefited the real estate, staffing, and infra sectors. This and more in today’s ETtech Morning Dispatch.
Domestic markets closed nearly unchanged on Wednesday amidst mixed signals. Vedanta plans to cut carbon emissions by 25% by 2030. Best Agrolife receives approval for new insecticide Nemagen. Mas Financial launches Rs 400 crore QIP. Brigade Enterprises signs Rs 150 crore agreement for WTC tower at Infopark, Kochi. PNB Housing Finance stake sale expected on Thursday.
At least 25 people died and over 60 were hospitalized after consuming illicit liquor in Tamil Nadu's Kallakurichi district. Officials fear the death toll may rise. Kallakurichi District Collector MS Prasanth visited the hospitalized victims. Chief Minister MK Stalin expressed shock and announced action against negligent officials and arrests of those involved. TN Governor RN Ravi condoled the deaths, highlighting ongoing issues with spurious liquor in the state. Both leaders emphasized the need for stringent measures to prevent such tragedies.
Infosys, India's second largest IT company, has embraced a flexible approach to returning to office post-pandemic. Employees leveraged remote working options in FY24, as per the ESG report. In FY24, 84% of Infosys employees worked remotely, compared to 75% in FY23 and 97% in 2022 during the pandemic.
The ministry of electronics and information technology continued discussions on the digital competition bill with think tanks and industry bodies raising concerns about foreign regulation approaches. The impact on startups and overlap with existing laws were highlighted.
The Goods and Services Tax (GST) Council is set to discuss various measures at its upcoming meeting on June 22 to pave the way for broader tax reforms in the new government's first full budget. These measures include considering a conditional waiver of interest or penalty on tax notices issued between 2017 and 2020, with exceptions for wilful defaulters. The budget announcement is expected in July.
The Union cabinet, under Prime Minister Narendra Modi's leadership, approved significant decisions including a 5-11% increase in Minimum Support Price (MSP) for kharif crops, construction of a ₹76,220-crore port in Vadhavan, Maharashtra, and a revamp of Varanasi international airport. Viability Gap Funding (VGF) for offshore wind energy projects was also sanctioned, marking the beginning of the new government's 100-day agenda.
In the event of irregularities, manufacturers would have to return claimed subsidies with interest at a rate 3% higher than MCLR (marginal cost of funds-based lending rate) in penalties, the official said. This will be the first time EV makers are penalised for not meeting declared localisation criteria under the scheme since the government launched FAME in 2015.
Passenger car sales surged 8% to a record 4.22 million units in FY24 but have moderated since amid the heat wave, a long election season and a high base. Going by current vehicle registration trends on the government's Vahan portal, June growth is expected to be either flat or negative. ET reported June 17 that inventory levels at dealerships across the country were at 55-60 days against the norm of 30 days seen at this time of the year.
After rising over over 50% in the last 1 year, the hotel stock has underwent mild time-wise correction since April and is stuck in a range where 622 acted as a stiff resistance on the upside while 500 acted as a support. The recent momentum has lifted the stock to hit a fresh record high of Rs 626 on June 18, 2024, but it lost its steam on Wednesday, in line with the market trend. However, dips towards 605-610 can be used as a buying opportunity, and a close above 622 will take it towards 650 levels.
Netflix has released the trailer of a four-part documentary titled ‘Simone Biles Rising’. It traces the journey of US gymnast Simon Biles who dropped out of the Tokyo Olympics in 2020. She will participate in the upcoming Paris Olympics. The documentary emphasizes on the importance of mental health issues and the urgent need to address them.
As a first in the United States, Louisiana has passed a law that requires the Ten Commandments by religious figure Moses, to be displayed in all classrooms in public schools across the state, according to latest reports.
A social media user has shared his woe, claiming he has the 'world's most embarrassing name', and that his moniker is just like a walking dad joke. Netizens have shared a few laughs around this anecdote and found his story quite relatable.
Season 2 of Percy Jackson and the Olympians is shaping up to exceed the success of Season 1, with meticulous planning and dedication evident in every aspect of production.
The survey by YouGov has predicted that the Labour party will completely sweep the upcoming British elections. Further, many sitting Ministers are expected to lose from their own territorial constituencies.
Peacemaker Season 2 is in development with filming ongoing. The release date is not confirmed, but fans can expect the return of core cast members and new plot twists involving Peacemaker and Rick Flag Sr.