Naukariadda

By Suresh SadagopanEarly in July, the Securities and Exchange Board of India (Sebi) notified changes to the Investment Advisers Regulations, 2013. The amendment to the IA Regulations has been long in the making - over seven years to be precise. The various proposals that came in the form of consultation papers in the past, have gone in different directions, adding to the confusion. Now finally, the amendments have come in. There are good points for sure; but there are niggles as well.The positivesOne of the positive amendments is client-level segregation. This is a brilliant way of avoiding conflicts of interest at the client level and at the same time allowing the advisor to do distribution for some clients and advisory for others. This way, the existing businesses are not disrupted, while at the same time avoiding conflicts of interest at the client level.This kind of client segregation is to be there at the family level for individual investment advisers, where say the wife can be a...

NEW DELHI: US lawmakers' six-hour grilling of the CEOs of Facebook, Google, Amazon and Apple on Wednesday renews the question about fairness and transparency of practices followed by these companies in India. If the tech giants are suspected of crushing competition and lax about privacy and data protection in the US, they could be doing so in India too. India is the fastest growing market for several of their businesses.Investors and entrepreneurs agree that while India needs to attract more foreign investment, it also has to build a clearer regulatory system to safeguard national interest - a system that strikes a balance between the needs of nurturing local businesses and making India attractive to investors from abroad."India needs to build capabilities to identify businesses that violate customer privacy, are not registered to do business in India and do not pay taxes. We need clear regulations and must take action where appropriate," said Krish Gopalakrishnan, co-fou...

BENGALURU: The National Education Policy (NEP) approved by the Union cabinet two days ago does not mention ‘Chinese’ among the foreign languages it cites as examples students can learn at the secondary level. The ‘Chinese’ language (rather than Mandarin or Cantonese) was mentioned in the draft released in 2019. It had named French, German, Spanish, Chinese and Japanese as foreign languages which could be offered as electives, and not in place of the three-language formula.The approved policy released by the Centre on Wednesday omits Chinese.‘Chinese out of NEP, reason is obvious’The ones cited are Korean, Japanese, Thai, French, German, Spanish, Portuguese and Russian “for students to learn about the cultures of the world and enrich their global knowledge and mobility according to their own interests and aspirations”.An official associated with the formulation of the final NEP said he was unaware of the change, but “the reasons are obvious”. India has banned over 100 Chinese apps follo...

The burden of borrowing from markets to make up for the deficit in goods and services (GST) compensation due from the Centre cannot be solely on states, Punjab finance minister Manpreet Badal said in a letter to Union finance minister Nirmala Sitharaman.“States should not be made to bear the burden of borrowing, which in any case is likely to be higher than the rate at which the central government will be able to borrow,” Badal said in the letter dated July 3, a copy of which was seen by ET.Badal suggested a combination of borrowing and bringing more products such as tobacco and cigarettes, and other goods used predominantly by the rich, under the ambit of compensation cess to overcome the deficit.“In federal polity there shall always be some dispute on legal interpretations… Constitution allows their healthy resolution through a mechanism that is yet to be operationalised,” said Badal.The Punjab finance minister’s comments came close on the heels of the attorney general’s opinion that...

New Delhi: Prime Minister Narendra Modi is expected to be joined on the stage and on the spot of the bhoomi pujan (ground-breaking ceremony) for the Ram temple in Ayodhya on August 5 by a few select invitees, including RSS chief Mohan Bhagwat, Uttar Pradesh chief minister Yogi Adityanath and Ram Temple Trust head Nritya Gopal Das.Some of these VIPs will speak on the occasion, with the general secretary of the trust, Champat Rai, coordinating the proceedings, said people aware of the matter. Home minister Amit Shah is also likely to attend the function, they said.The bhoomi pujan will be done by the PM between 12:30 pm and 12:40 pm in the auspicious ‘abhijeet muhurat’. “There will be limited number of VIPs on stage and at bhoomi pujan spot given social distancing norms and Covid-19 protocols,” a member of the trust told ET on condition of anonymity, as Ayodhya district saw its biggest single-day increase of 142 Covid-19 cases in 24 hours, taking total cases to 1,194 and active cases to ...

New Delhi: TV manufacturers like China's Xiaomi said the Indian government's decision to impose restrictions on the import of colour television (TV) sets will encourage and give a boost to local manufacturing."Currently, over 85% of our Mi TVs sold in India are manufactured in India. We believe that this decision will encourage and give a boost to local manufacturing," a Xiaomi India spokesperson said. Indian Cellular and Electronics Association (ICEA), which represents the likes of Xiaomi, Realme and OnePlus, welcomed the decision to restrict imports of colour TVs, saying India has enough manufacturing capacity and the much-needed move will boost local production. ICEA chairman Pankaj Mohindroo said India was losing jobs as imports continued unabated. “The industry was surprised by the government’s decision to restrict the import of colour TVs clocking up to Rs 600-700 crore per month, a substantial portion of which was coming from the zero-duty FTA Asean countries,”...

NEW DELHI: The navy is not in favour of an offer by Hindustan Aeronautics Ltd (HAL) for an upcoming Rs 21,000 crore Make in India contract as its chopper does not meet requirements and there is a dire need to establish alternative capability in the private sector to manufacture modern aircraft.Sources said that the naval version of the Advanced Light Helicopter (ALH) that is being offered does not meet basic qualitative requirements and is unsuitable for the role required, including urgent Search and Rescue (SAR) missions at sea. As reported by ET, the naval utility helicopter (NUH) plan - originally planned for the private sector under the strategic partnership model - is going through a tussle after HAL entered the fray and has requested the government to be included."The ALH has a rigid rotor head and has been designed for high altitude operations, where it is very good at. The problem is that the design limits it in terms of the blade folding capability. In missions such as SA...

KOLKATA: TV makers Samsung, Xiaomi and TCL don’t immediately plan to set up new production lines for large-screen premium models and will instead seek licences to import them as the limited demand for these products does not justify local manufacturing, said people familiar with the matter. LG and Sony, too, are evaluating the licence route for the 75-inch-plus premium models which are at present imported.Industry executives are, however, aware that these licences may not be issued easily, especially for imports from China. They fear that this development will impact availability of highend TV sets just ahead of the crucial festive season.The government on Tuesday re-introduced import curbs on TV sets and put them on the restricted list for the first time in 20 years with the objective of boosting local manufacturing. Companies will now have to apply for a licence to import TV sets.TCL India general manager Mike Chen said the company is already in touch with the Directorate General of ...

New Delhi: The Reserve Bank of India has told the Supreme Court that it hadn’t permitted WhatsApp to go live with full-scale payment services on the Unified Payments Interface (UPI) system. The banking regulator said it was concerned that WhatsApp was storing some payment data elements outside India beyond the timelines permitted in its June 26, 2019 circular. The central bank said it had advised the National Payment Corporation of India (NPCI), which manages the UPI system, to not permit WhatsApp to launch full-scale payment services till the time it fully complied with the rules.The RBI made the comments in its response to a court notice, seeking its stand on a petition by an NGO which wanted to stop WhatsApp from carrying out trials of its payment service in India before it complied with local regulations.The RBI said in a letter dated November 1, it had advised the NCPI to ensure that the payment data were not stored by WhatsApp outside India beyond the permitted time or in an encr...

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I do not know how August will be, but over the next 2-3 months, the market should be lower than what they are today, says the analyst. The intriguing stock for me today is Bharti. There is nothing wrong with the numbers but ever since the promoter stake sale has happened, the stock is down. Today also the stock should have been 3% higher, but it is 4% lower.Yes exactly. When management sells to institutional investors, most stocks tend to find a bottom near that price. However, for Bharti, it has acted more like a stop for the stock like it has found it very tough to cross that and the stock remained below that level. This could be partly because so much investment has gone into Jio and they have continued to gain new subscribers, while Bharti and Vodafone have lost subscribers. The problem with many of the over-owned stocks, especially where stake sales happen is that as and when these euphoric ETF flows reverse, we will see selling in them in a similar manner as we saw buying. So, th...

New Delhi: The National Education Policy (NEP) 2020 in no way says that private and public schools or school boards and states will have to switch their medium of instruction from English to mother tongue/regional languages, top HRD officials told ET on Thursday after the brewing controversy on the issue.It’s advisory in nature and a continuation of the education policy of 1986 as well as the recent one of the Right to Education Act, 2009, they said, adding all of these advocated mother tongue as the ideal medium of instruction without making it compulsory.Section 29(1)(f) of the RTE Act, 2009, says that the “medium of instruction shall, as far as practicable, be in child’s mother tongue”, just like NEP 2020. 77275143Both have made it desirable without making it mandatory, as was the case with the policy of 1966 and 1993, officials pointed out.K Kasturirangan, chairman of the committee that recommended NEP, told ET: “There is no question of any imposition. This is a free country, educa...

New York: US President Donald Trump is likely to travel to New York to attend the annual UN General Assembly session in September, the only world leader to address this year's virtual high-level week in person, the US envoy to the UN said.“We're hoping that President Trump will actually be speaking in person in the General Assembly. He will be the only world leader to be speaking in person,” US Ambassador Kelly Craft said Thursday at a virtual briefing.Craft added that with the UN commemorating its 75th anniversary this year, “that makes it even more special that we really take the virtual and amplify it to be able to celebrate the 75th and obviously we're going to be focused on human rights issues, on transparency, accountability because anytime during COVID where the American taxpayers have really stepped up on a personal level, it's now.”For the first time in the UN's 75-year history, the annual General Assembly session will be held virtually and Heads of State a...

By Alexander BurnsFor several years, it has been the stuff of his opponents’ nightmares: that President Donald Trump, facing the prospect of defeat in the 2020 election, would declare by presidential edict that the vote had been delayed or canceled.Never mind that no president has that power, that the timing of federal elections has been fixed since the 19th century and that the Constitution sets an immovable expiration date on the president’s term. Given Trump’s contempt for the legal limits on his office and his oft-expressed admiration for foreign dictators, it hardly seemed far-fetched to imagine he would at least attempt the gambit.But when the moment came Thursday, with Trump suggesting for the first time that the election could be delayed, his proposal appeared as impotent as it was predictable — less a stunning assertion of his authority than yet another lament that his political prospects have dimmed amid a global public health crisis. Indeed, his comments on Twitter came shor...

July 30: Shares of Apple, Amazon and Facebook surged in extended trading on Thursday, with Alphabet also climbing, as quarterly reports from the Big Tech quartet added fuel to Wall Street's four-month rally.With the four companies reporting on the same day for the first time ever, Apple, Amazon and Facebook each jumped 5% or more. Alphabet traded up about 0.5%.Together, the four account for nearly a fifth of the S&P 500's stock market value. Index funds tracking the S&P 500 and tech-heavy Nasdaq rose 0.8% and 1.6%, respectively, suggesting traders expect Wall Street to open sharply higher on Friday.Deemed "stay-at-home" winners as millions of Americans were ordered indoors to contain the COVID-19 pandemic, shares of the largest U.S. technology companies have hit record highs in recent months at a time when the benchmark S&P 500 is up less than 1% on the year and the coronavirus pandemic has thrown the economy into its steepest contraction since the Great D...

WASHINGTON: The Trump administration has taken a series of steps to prevent abuse and fraud in the employment-based visa programs, including H-1B, a top official from the US Citizenship and Immigration Services (USCIS) told lawmakers on Thursday.H-1B is the most coveted foreign work visa for technology professionals from India.The USCIS has implemented rules, policy memoranda, and operational changes that protect the economic interests of US workers and businesses and prevent abuse and fraud in employment-based visa programs, Joseph Edlow, Deputy Director of Policy, USCIS told lawmakers during a Congressional hearing.Prominent among these include ensuring the fees that certain H-1B petitioners must now pay ultimately help to train US workers, clarifying calculation guidelines for the one-year foreign employment requirement for L-1 petitions in order to "ensure consistent adjudication.Among other steps are changing the H-1B cap selection process in order to increase the chances of ...

BENGALURU: Facebook founder and CEO Mark Zuckerberg said that the social network will expand the partnership with Jio platforms on WhatsApp to other commerce customers in India and will take the solution outside of India to other countries."A big part of the partnership that we have with Jio will be to wire up and get thousands of small businesses across India on-boarded onto WhatsApp, to do commerce there. And we’re really excited about the opportunity there. And once we prove that out with Jio in India, we’re planning on expanding it to more folks in India and to other countries as well," Zuckerberg told analysts."It’s very connected to what I was just talking about around messaging commerce. A lot of people use WhatsApp, especially in India, there’s a huge opportunity to enable small businesses and individuals in India to buy and sell things through WhatsApp. We want to enable that. That starts with enabling payments," he said.In April, Facebook announced investm...

New Delhi: Myanmar has decided to involve international partners in the Chinese funded mega Yangon City Project, a key pillar of the Belt and Road Initiative (BRI) in the Southeast Asian country, marking another pushback against China. The Myanmar government has decided to open up the project for other foreign firms besides China Communications Construction Company (CCCC), as it is not keen that one single company dominates the mega project, according to people aware of the matter.The project has been a source of controversy due to its flood-prone location as well as the CCCC’s involvement, said the people. The Hong Kong-listed, Chinese state-owned company has been accused of corruption relating to development deals in at least 10 countries in Africa and Asia, they said. The CCCC has been accused of being party to a major corruption scandal in Malaysia involving a former PM.During Chinese President Xi Jinping’s visit to Myanmar early this year, the two sides had inked a letter of inten...

We are arguing that you should build a portfolio towards stuff that is a little bit more defensive, says Aditya Narain, Head of Research. There is liquidity, a surge in gold and a strong view in the market that the worst is behind us. But there is also a strong view that markets are not factoring in FY22, they are factoring in FY23 and FY24. What are you telling your clients to do in this market?Our fundamental advice to clients is to be a little cautious. Our market target for June next year is actually a couple of percentage points lower than where we are at this point in time. We are arguing that you should build a portfolio towards stuff that is a little bit more defensive. The key stance that we are taking is that FY22 is going to be a normal year. If you want a benchmark earnings or multiples we have to look there but let us not look at supply. There is a lot of excitement in the market because supply has gone up, capacity utilisations have gone up and this is just a reversal fro...

Mumbai: Reliance Industries on Thursday raised Rs 2,550 crore by selling five sets of commercial papers, coming back to the market with a significant offering after a few weeks and, according to market insiders, gaining in terms of funding costs.The retail-to-oil conglomerate, for example, mopped up Rs 1,250 crore for three months at 3.4 per cent. The rate is 45 basis points lower than its previous CP sale in May last week. One basis point is 0.01 percentage point.“Rates have crashed by 40-45 basis points in the past two months for a top-rated company like Reliance Industries,” said Ajay Manglunia, managing director and head of debt capital market at JM Financial.During this time, the three-month Treasury Bill, the short-term sovereign paper, yielded five basis points higher, data from Financial Benchmarks India show.“RIL now enjoys net debt free status, which in turn has added to positive investor sentiment,” Manglunia said.The mopup will help the company meet its working capital need...

By Mark GurmanApple Inc. announced a 4-for-1 stock split after shares of the iPhone maker surged more than 80% in the past year.Shareholders at the close of trading on Aug. 24 will receive three additional shares for each one they currently own. Post-split trading will begin Aug. 31, Apple said in a statement on Thursday.The company said the move will “make the stock more accessible to a broader base of investors.” Apple shares have surged to almost $400 in the past year.This is the fifth stock split since Apple went public in 1980. The last split was in 2014. The company previously did splits in 1987, 2000 and 2005.The 2014 move paved the way for Apple to be added to the Dow Jones Industrial Average, which due to its configuration tends to eschew high-priced shares.The move bucks a trend among big U.S. tech companies that have mostly refused to split their shares, resulting in sky-high prices. Alphabet Inc. stock costs more than $1,500, and Amazon.com Inc. trades above $3,000, effecti...

BENGALURU: Facebook founder and CEO Mark Zuckerberg said that the social network will expand the partnership with Jio platforms on WhatsApp to other commerce customers in India and will take the solution outside of India to other countries."A big part of the partnership that we have with Jio will be to wire up and get thousands of small businesses across India on-boarded onto WhatsApp, to do commerce there. And we’re really excited about the opportunity there. And once we prove that out with Jio in India, we’re planning on expanding it to more folks in India and to other countries as well," Zuckerberg told analysts."It’s very connected to what I was just talking about around messaging commerce. A lot of people use WhatsApp, especially in India, there’s a huge opportunity to enable small businesses and individuals in India to buy and sell things through WhatsApp. We want to enable that. That starts with enabling payments," he said.In April, Facebook announced investm...

New Delhi: While religious, cultural or social functions continue to be banned as per the Unlock 3 guidelines, the ‘bhoomi poojan’ in Ayodhya will be held on August 5 as the Centre is citing Standard Operating Procedures (SOPs) issued during Unlock 2 for opening religious places.Those SOPs issued on June 4 had laid down social distancing measures for opening religious places from June 8. These norms included that individuals must maintain a minimum distance of six feet, use of face covers or masks are mandatory and large gatherings are prohibited. Both officer on special duty in health ministry Rajesh Bhushan and joint secretary (health) Lav Agarwal referred to the same when asked on Thursday about the upcoming event at Ram Janmabhoomi. Citing the same SOPs, a senior Uttar Pradesh government official, on condition of anonymity, said all required social distancing measures will be followed and the gathering will “not be a large one as it is being limited to 200 people”.“The health minis...

MUMBAI: The Tata Group companies, under Tata Sons chairman N Chandrasekaran, have seen annual incremental revenue growth of around Rs 70,000 crore between 2017 and 2019. Further, return on equity on funds infused by shareholders has risen to 46%, excluding impairment, during this period. This was stated by Tata Sons in an affidavit filed in the Supreme Court on Thursday in response to earlier submissions by Cyrus Investments and other Shapoorji Pallonji Group companies."The current management has been taking decisive actions to strengthen and solidify the core businesses and foray into new businesses, correcting the capital structure of both listed and unlisted companies to eliminate risk on Tata Sons," the affidavit said.Cyrus Mistry, who was removed as the chairman of Tata Sons in 2016, had claimed in his submissions to the apex court that the Tata Group had an adjusted net loss of Rs 13,000 crore in 2019 - the worst in three decades.However, the Tata Sons affidavit - which...

MUMBAI: Covid-19 has sparked political battle in Pune as the cases in the city soar to almost three times that of Mumbai.Amid the BJP and NCP-Shiv Sena clashes, Maharashtra chief minister Uddhav Thackeray on Thursday held a review meeting with district officials in Pune. The visit has been overshadowed by political wrangling as the BJP-run Pune Municipal Corporation (PMC) expressed its inability to pay its share for building three mega covid health centres in the city. The Maharashtra government had said that the PMC, Pune Pimpri Chinchwad Municipal Corporation (PCMC), Pune Metropolitan Region Development Authority (PMRDA) and the state government would pay up Rs 300 crores that is going to be used to build three jumbo covid hospitals in Pune. The PMC that has the BJP in power has, however, said that it does not have the funds to pay for it, claiming that it is running short of case has it has already spent Rs 250 crores during the pandemic. The refusal of the PMC to pay it share is be...

By Vrishti BeniwalInfrastructure projects in India are infamous for cost overruns and delays, and they are set for even more pain as the coronavirus sweeps through Asia’s third-largest economy.Construction of everything from roads to ports were behind schedule by an average three-and-a-half years, according to an analysis by the Statistics Ministry. Costs of 1,682 projects have shot up by a combined Rs 4 lakh crore over their life cycle, the ministry’s latest update as of April shows.A nationwide lockdown for more than two months since March 25 and continuing restrictions to contain the Covid-19 pandemic are the newest threat. The casualties are expected to be flagship projects such as the 3,300-kilometer freight rail network to connect India’s eastern and western regions.Conceived in 2006, the state-run Dedicated Freight Corridor Corp. of India Ltd. was originally scheduled to complete the work by 2016, but has missed several deadlines. The rail link is now expected to be ready by Dec...

Mumbai: The National Payments Corporation of India (NPCI) is thinking of ways to limit the Unified Payment Interface’s (UPI) dependence on any single third-party application. It proposes to do this by restricting the share of transactions of any single payment company, people familiar with the matter said. NPCI owns and operates UPI in the capacity of a not-for-profit “umbrella body”.The burgeoning UPI ecosystem is currently dominated by Google Pay, Paytm, Walmart-owned PhonePe and Amazon Pay, who together control over 90% market share. ET reported in September last year that NPCI could cap the share of transactions at 33% of the overall market share, to insulate the broader UPI ecosystem against any systemic collapse.The discussions have gathered steam over the last couple of months, the people said, and NPCI has held closed-door meetings with payment service provider (PSP) banks, members of UPI’s steering committee and select third-party players to discuss the implementation scope an...

Mumbai: The National Payments Corporation of India (NPCI) is thinking of ways to limit the Unified Payment Interface’s (UPI) dependence on any single third-party application. It proposes to do this by restricting the share of transactions of any single payment company, people familiar with the matter said. NPCI owns and operates UPI in the capacity of a not-for-profit “umbrella body”.The burgeoning UPI ecosystem is currently dominated by Google Pay, Paytm, Walmart-owned PhonePe and Amazon Pay, who together control over 90% market share. ET reported in September last year that NPCI could cap the share of transactions at 33% of the overall market share, to insulate the broader UPI ecosystem against any systemic collapse.The discussions have gathered steam over the last couple of months, the people said, and NPCI has held closed-door meetings with payment service provider (PSP) banks, members of UPI’s steering committee and select third-party players to discuss the implementation scope an...

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The S&P 500 and Dow closed lower on Thursday after data painted a worrying economic picture on a crucial day for corporate earnings reports, while President Donald Trump exacerbated investor nervousness by floating the possibility of delaying the U.S. presidential election.The main earnings focus on Thursday was on reports from high-flyers including Apple Inc, Google parent Alphabet Inc and Facebook Inc and Amazon.com Inc .After the bell, shares in Facebook rose 8% and Amazon climbed 6% following their reports while Alphabet climbed 2%.Investors also worried about the expiration of enhanced employment benefits on Friday as U.S. Congress was no closer to a deal on Thursday to extend or replace the extra $600-per-week in payments to tens of millions thrown out of work by the coronavirus.Early in the day second-quarter Gross Domestic Product (GDP) data showed the U.S. economy suffered its steepest contraction since the Great Depression, as business activity came to a halt due to lockd...

PUNE | NEW DELHI: After a blistering start in June, the southwest monsoon has stuttered, falling far short of normal in the fertile planes of northern and central India as well as parts of Maharashtra, sparking concerns about output of key crops if rainfall does not strengthen in a week.Bountiful rainfall in June prompted farmers to speed up crop planting, which remains much higher than this time last year, but farmers who sowed oilseeds, pulses, cotton and coarse grain in areas with erratic rainfall are beginning to worry."Some districts in Rajasthan, Madhya Pradesh and Uttar Pradesh have not received sufficient rainfall, which may affect the crop growth," said Suresh Agarwal, president, All India Dal Millers Association.Rainfall across India in July, a crucial month for farming, is 9% below normal, with a deficit of 20-27% in parts of northern, central and western India. But there is no need to ring the alarm bell yet as crops will revive if the monsoon revives quickly in t...

BENGALURU: Third-party sellers have demanded transparency from ecommerce company Amazon on its data practices as well as alleged preferential treatment for in-house brands.Five small sellers — across categories like fashion, toys, packaged foods and general merchandise — have highlighted these concerns to Amazon India, they told ET, without getting a clear-cut response or legal assurance. The All India Online Vendors Association (AIOVA) has also raised similar concerns with the Competition Commission of India. The development comes at a time when small sellers are becoming increasingly dependent on online channels for sales in light of the economic disruption due to the Covid-19 outbreak. It also comes in the backdrop of Amazon founder Jeff Bezos’s admission to the US Congress on Wednesday that he could not guarantee it was not accessing third-party seller data to develop its own competing products. The ecommerce behemoth has in the past denied such allegations. Amazon has more than 50...

New Delhi: US-based InterDigital has filed two patent infringement complaints against China’s Xiaomi Corp before the Delhi High Court, it said on Thursday.The mobile and video technology R&D firm is seeking compensatory and punitive damages for alleged infringement of its Indian patents by the largest handset maker in the country currently. The company has sought injunctive relief from the court to prevent further infringement of the patents in India, unless Xiaomi decides to take a licence on fair, reasonable and non-discriminatory terms set by the court, it said.One complaint involves infringement of five of InterDigital’s cellular 3G and 4G Indian patents, while another alleges infringement of three of its video codec technology (H.265/HEVC) patents in the country, it said in a statement.“Wireless and video standards play the important role of eliminating barriers to entry, enabling new companies – like Xiaomi – to enter the market and have success despite having made no investm...

An employer sentiment survey conducted by tech-powered HR platform OLX People reveals green shoots of recovery in the job market in Bengaluru, Mumbai and Delhi NCR. “In the Employer Sentiment Survey, we have noticed some fascinating trends in the job market across Indian metro cities. What is interesting to note is that HR managers across the key metros have expressed the intent to increase hiring in this quarter despite the on-going uncertainty due to the pandemic,” said Tarun Sinha, head of OLX People.In Bengaluru, 90% of companies surveyed confirmed their intent to increase the hiring of blue-collar and entry-level workers in the third quarter of 2020 as compared to 86% of companies in Mumbai. Delhi featured third with 76% of the companies saying they expect a surge in hiring of blue-collar workers in the quarter ending September.While ITeS is expected to emerge as the biggest employer of blue-collar workers in Bangalore, logistics will lead the growth in hiring in Delhi NCR. In Mum...

NEW DELHI: Amid speculation that the 44 Vande Bharat trains scheduled to hit the tracks by 2022 will be delayed, the Railways on Tuesday said the train sets will now be manufactured by not one but three railway units and will be on the rail network within the next three years.Railway Board Chairman VK Yadav on Tuesday said the trains will be simultaneously manufactured in three rail units -- the Railway Coach Factory, Kapurthala, Modern Coach Factory, Rae Bareilly and the Integral Coach Factory, Chennai."A decision was taken some months back that the three manufacturing units of the Railways will manufacture these trains thereby reducing the time taken to roll them out by one-third. The 44 trains will start running in the next two to three years. Once the tender is finalised a definite timeline will be made available,Yadav said.In a letter dated July 14, the Integral Coach Factory (ICF) which manufactured the first two Vande Bharat trains informed the Railway Board that it would t...

Mumbai: New Jersey-headquartered technology provider Cognizant reported a 29 per cent decline in net profit to $361 million for the second quarter ended June, against $509 million for the same period last year.It reported a revenue of $4 billion, down 3.4 per cent including a negative 210 basis points impact due to the exit of content services business and due to a ransomware attack earlier this year. In the first quarter the company had said that it would face a $50-70 million impact in the second quarter due to the attack.The company provided a guidance in this quarter. For the full year 2020, it expects revenue to be in the range of $16.4-16.7 billion, or a decline on a constant currency basis of 2.0-0.5 per cent. This assumes an estimate of a negative 20 basis points (bps) foreign exchange impact and a negative 110 bps impact from the exit of certain content services business, according to the company.Cognizant also announced that current CFO Karen McLoughlin has decided to retire ...

For Robinhood investors, V. Srivatsa - Executive VP & Fund Manager – Equity at UTI AMC, has two pieces of advice: invest with a long term perspective and show a lot of patience. What difference do you see in the way market participants have reacted to the coronavirus crisis and other past events?Over the last two decades, markets have been hit by different types of crisis on a regular basis and markets have responded well to them, whether it was the global financial crisis in 2008-09, collapse of the weaker European economies in 2012, taper tantrum in 2013, Brexit and finally the current pandemic. The current pandemic driven crisis is different from other crises in the sense that it has its origins in non-financial sources and that has massive implications for the overall world economy.There is no playbook for us to take a view as to when the recovery will happen and how the recovery will happen. The biggest difference that we see is that the government and regulators have been far...