Hiring tech companies

Synopsis India is walking the talk on becoming a global digital economy, enhancing competitive advantage with focus and investments across key intervention areas. Amid the growing fears of slowdown and global recession, the Union Budget is growth-oriented, boosting allocations across sectors, according to IT industry body Nasscom. The budget offers a playing ground for the startup community as well, and has highlighted that India is the third largest ecosystem for startups, Nasscom said in a statement. "Amidst the growing fear of slowdown and global recession, the Union Budget 2023 is growth-oriented and committed budget, that has boosted allocations across sectors," the IT industry association said. India is walking the talk on becoming a global digital economy, enhancing competitive advantage with focus and investments across key intervention areas. "Calling out the Indian economy as tech-driven, knowledge-based economy, the budget focuses on three key … [Read more...] about Budget growth-oriented, underscores role of digital, tech in development: Nasscom

Synopsis State-owned BPCL's reported consolidated net profit fell 36% to Rs 1,747 crore for the December quarter, compared with Rs 2,579 crore of last year quarter. Meanwhile, revenue from operations rose 13%. The February futures contract of Nifty 50 traded on the Singapore Exchange indicates positive start for domestic equities today. The contract was trading at 17,768, up 63 points or 0.36% from the previous close. These are some of the stocks that will be in focus for the following reasons Adani Enterprises Abu Dhabi-based diversified conglomerate International Holding Co (IHC) will invest $400 million into the follow-on public offer (FPO) of Adani Enterprises. The investment commitment from IHC comes at a time when the mega FPO of billionaire Gautam Adani’s flagship company is struggling to sail through after the massive sell-off in stocks last week. BPCL State-owned BPCL's reported consolidated net profit fell 36% to Rs 1,747 crore for the December … [Read more...] about L&T Stocks | Tech Mahindra Stocks: Stocks in news: Adani Enterprises, L&T, BPCL, Tech Mahindra, PNB, GAIL

Synopsis The layoffs were conducted over the last two weeks of January, one of the sources told ET, adding that many senior vice presidents with salaries ranging from Rs 1 crore and above were sacked. Edtech firm Byju’s has fired another 1,000 employees, with a significant portion of the latest job cuts being executed across senior roles in verticals like strategy, technology, product and others at the Bengaluru-based firm, people aware of the matter said. The layoffs were conducted over the last two weeks of January, one of the sources told ET, adding that many senior vice presidents with salaries ranging from Rs 1 crore and above were sacked. The massive cost cutting exercise which began last year is aimed at streamlining the company's operations at a time when digital K12 education businesses are finding it difficult to acquire new customers. Byju's had said in October 2022 that it was laying off 5% of its employees totalling around 2,500. Sources, however, … [Read more...] about Troubled edtech firm Byju’s continues to cut jobs, another 1,000 employees laid off

Synopsis Edtechs are expected to move away from the K-12 business model in the coming year. They are also expected to focus on priorities such as a bigger offline play, tapping international markets with higher disposable incomes, and digitising the existing school system. The pandemic-driven boom has ended and tech funding has dried up. And this has forced edtech ventures to cut costs further and seek sustainable offline models with profit-generating revenue streams, say entrepreneurs and investors. Edtechs are expected to move away from the K-12 business model in the coming year. They are also expected to focus on priorities such as a bigger offline play, tapping international markets with higher disposable incomes, and digitising the existing school system, multiple professionals engaged in the business told ET. Over the next two years, Byju ’s expects at least a third of its overall revenues to come from international markets, the company’s co-founder … [Read more...] about 2022 Year in Review | As the pandemic bubble bursts, edtechs back in class

Synopsis While the payrolls gain would be the smallest advance in just over two years, it illustrates resilient labor demand that favors a soft landing for the economy as long as inflation keeps slowing. US hiring likely continued to moderate at the start of the year, though still-solid wage growth, an unemployment rate near historical lows and high vacancies are seen stiffening the Federal Reserve 's resolve to keep rates elevated for some time. Friday's jobs report is expected to show payrolls rose by 190,000 in January. Economists also estimate that average hourly earnings rose 0.3% for a second month and the unemployment rate slightly ticked up from a five-decade low. While the payrolls gain would be the smallest advance in just over two years, it illustrates resilient labor demand that favors a soft landing for the economy as long as inflation keeps slowing. "You're trying to thread a needle," said Brett Ryan, senior US economist at Deutsche Bank AG. "If it's … [Read more...] about US labour market seen cooling, but not nearly enough for Fed

Synopsis India’s small businesses and industry groups have issued their response to Budget 2023-24. Here, we round up the opinions. India aims for around 6% growth next year while having to walk a tightrope to maintain fiscal discipline of around 6.4%. Budget 2023 showed the government’s commitment to growth with a significant capex outlay of Rs 10 lakh crore, the highest ever and translating to a 33% hike. For MSMEs the Budget aimed to provide support and enhance ease of doing business. The revamped credit guarantee scheme with enhanced outlay, use of PAN as a common identifier for businesses and enhancing presumptive taxation limits were some of the key takeaways. Here’s how the small business sector reacted to the Budget announcements. Harpreet Singh, Partner – Indirect Taxes, KPMG in India Input tax credit (ITC) restriction on CSR expenditure, restriction on filing of GST returns after 3 years from the due date, ITC reversal on in-bond transfer of goods, … [Read more...] about Budget 2023: From revamped credit push to infra development, industry stakeholders react