To complete this transaction, Mittal has partnered with private equity firm Warburg Pincus. After this acquisition, Mittal’s will enter into the consumer electronics market.

Haier Plans To Sell Up To 49% Stake

Earlier reports in October revealed Haier’s plan to sell between 25% and 49% of its Indian unit. Other companies like Singapore’s Temasek Holdings, GIC, and Abu Dhabi’s sovereign wealth fund Mubadala Investment are also interested in the deal. Haier India makes products like refrigerators, washing machines, televisions, and air conditioners, with sales of Rs 8,900 crore in 2024.

The company saw over 30% growth in revenue in South Asia during the first quarter of this year as compared to the previous year. Haier holds a 21% share in India’s refrigerator market which is the third-largest consumer electronics company in the country, after LG and Samsung.

Mukesh Ambani Joins Race

Mukesh Ambani’s Reliance Industries has also entered the race to acquire a stake in Haier India. Reliance already deals in the consumer electronics sector through brands like BPL and Kelvinator.

Haier has appointed Citibank to manage this stake sale process. As Ambani and Mittal both are competing for this acquisition, the deal will bring major changes for India’s consumer electronics sector.

If Mittal finalizes this acquisition, it will add another sector in his business portfolio. His current net worth, shared with his family, is around $28 billion, according to Bloomberg Billionaires Index.

TCS and Wipro Issue Advisory Emails

The Tata Consultancy Services (TCS) and Wipro sent advisory emails to their employees, urging them to follow local administrative directives. Tata Consultancy Services (TCS) advised employees to follow local government directives and NDMA (National Disaster Management Authority) guidelines.

Wipro also urged employees to adhere to government guidelines, remain calm, and avoid unverified information.

HR Departments Allow Remote Work Policies, Implement Travel Advisories

• Ernst & Young (EY) India requested its employees to work from home on May 9 amid escalating hostilities between India and Pakistan.
• Following government guidelines, Panasonic India recommended that employees in border states work remotely and issued travel advisories.
• AXA Global Business Services implemented remote working protocols.
• HDFC Life advised employees to be extra vigilant, especially in border regions, and cancelled planned off-site events.
• To prioritise employee safety, Cars24’s Delhi-NCR offices initiated an early dismissal for their staff.

Gurgaon Offices Opt for Work-from-Home

Due to scheduled security exercises and heightened India-Pakistan tensions, numerous Gurgaon businesses implemented work-from-home policies. Several companies permitted early departures, and at least one company requested a foreign client to curtail their visit. Local blackout drills further contributed to employee concerns, leading many to opt for remote work.

In a statement, Reliance said it has no intention of “trademarking Operation Sindoor, a phrase which is now a part of the national consciousness as an evocative symbol of Indian bravery”.

“Jio Studios, a unit of Reliance Industries, has withdrawn its trademark application, which was filed inadvertently by a junior person without authorisation,” it said.

Other Applicants For ‘Operation Sindoor’ Trademark

Apart from Reliance Industries, several individuals sought to register the trademark for “Operation Sindoor,” primarily for entertainment purposes. Here’s a list of applicants:

1. Mukesh Chetram Agrawal: Filed on May 7, Agrawal applied for the wordmark and along with image under Class 41, which is for entertainment, training, and cultural activities.
2. Retired Group Captain Kamal Singh Oberh: The retired Air Force officer applied for the trademark ‘Operation Sindoor’ as a whole word. His application is also to use it for entertainment, film production, cultural activities, and web series creation.
3. Alok Kumar Kothari: He is from Delhi, an advocate sought the wordmark for educational purposes and activities like training, entertainment, and cultural events.
4. Prabhleen Sandhu: A producer, Prabhleen Sandhu of Almighty Motion Pictures, applied on May 7 to use the trademark for entertainment purposes.
5. Jayaraj T: On May 8, a day after the operation, Jayaraj T filed an application for the wordmark “Operation Sindoor – Sinddora Yuddham.” He is going to use it for education, training, entertainment, and cultural activities.
6. Uttam Jaju: An ad filmmaker from Surat, Jaju also applied on May 8 under Class 41, to use the trademark for entertainment purposes. His application is to use it for award ceremonies and gala events to charity by major corporations and individuals.

What Is Class 41 Trademark?

 All trademark applications, including Reliance Industries’ initial filing, were registered under Class 41. This category gives the holder exclusive rights to use the trademark for entertainment purposes like the production and distribution of audio-visual content, shows, competitions, games, concerts, exhibitions, and related events. It also covers publishing services like electronic publishing and event presentations.

The company further urged customers to remain calm and avoid rushing to fuel stations unnecessarily. It said that such actions could disturb the supply chain and lead to avoidable chaos.

In a social media post, Indian Oil stated, “#IndianOil has ample fuel stocks across the country and our supply lines are operating smoothly. There is no need for panic buying–fuel and LPG is readily available at all our outlets.”

Indian Oil added, “Help us serve you better by staying calm and avoiding unnecessary rush. This will keep our supply lines running seamlessly and ensure uninterrupted fuel access for all.”

#IndianOil has ample fuel stocks across the country and our supply lines are operating smoothly.

There is no need for panic buying—fuel and LPG is readily available at all our outlets.

Help us serve you better by staying calm and avoiding unnecessary rush. This will keep our…

— Indian Oil Corp Ltd (@IndianOilcl) May 9, 2025

India and Pakistan have been actively at loggerheads after terrorist camps were destroyed by India at nine locations in Pakistan and Pakistan Occupied Kashmir under Operation Sindoor, which was launched in response to the ghastly Pahalgam terrorist attack.

Pakistan too resorted to firing on Thursday night across the Line of Control (LoC) on civilians and Indian Army installations in Uri, Kupwara, Tangdhar, and Karnah sectors of Jammu and Kashmir, violating the ceasefire.

Indian army has successfully neutralised the attacks. Explosions were heard as Indian air defence intercepted Pakistani drones in Udhampur, Jammu and Kashmir. 

(With Inputs From ANI)

The Pakistan Stock Exchange (PSX) suffered major downfall, after the KSE-100 index recorded its worst-ever intraday swing. The index went down over 6,400 points at its lowest with a Rs 820 billion loss in market capitalization within a single session, according to Dawn. 

Over the past three trading days, the PSX’s total market value has eroded by an extraordinary Rs 1.3 trillion due to investor panic over India’s air strikes. Thursday’s trading session was also volatile, with the index fluctuating by more than 10,000 points from an intraday high of 1,872 points to a major low of 8,410 points.

Taking to X on Friday, the Additional Directorate General of Public Information (ADG PI) stated that the drone attacks were “effectively neutralised” and the ceasefire violations were appropriately responded to.

The ADG PI also noted that the successful retaliation by the Indian Armed Forces was also under Operation Sindoor, which was launched in the early hours of Wednesday, during which the Armed Forces neutralised nine terror camps in Pakistan and the Pakistan-occupied Kashmir.

“Pakistan Armed Forces launched multiple attacks using drones and other munitions along entire Western Border on the intervening night of 08 and 09 May 2025. Pak troops also resorted to numerous cease fire violations (CFVs) along the Line of Control in Jammu and Kashmir. The drone attacks were effectively repulsed and befitting reply was given to the CFVs. Indian Army remains committed to safeguarding the sovereignity and territorial integrity of the Nation. All nefarious designs will be responded with force,” the Army stated.

(With Inputs From ANI)

This announcement was made after Reliance Industries decided to withdraw its trademark application for the term ‘Operation Sindoor’ which was the codename for India’s military strikes in Pakistan. The company clarified that the application had been mistakenly filed by a junior employee without proper authorization.

“The Reliance family is ready to support any measure in protecting our nation’s unity and integrity. We like our fellow Indians believe – India seeks peace, but not at the cost of its pride, security or sovereignty,” Ambani, the Chairman and Managing Director of Reliance Industries, said.

India stands united, fierce in resolve and unshakable in purpose, against the scourge of all forms of terrorism, the industrialist said.

Under the bold and decisive leadership of Prime Minister Narendra Modi, the Indian Armed Forces have responded with precision and power to every provocation from across the border, he said.

Ambani said Prime Minister Modi’s leadership has demonstrated that India will never remain silent in the face of terror and that we will not tolerate a single attack on our soil, on our civilians, or on the brave men and women who defend our nation.

“The last few days have shown that every threat to our peace will be met with firm and decisive action,” he said, adding “Together, we will stand. We will fight. And we will prevail”.

Reliance, in a statement earlier in the day, stated that it has no intention of “trademarking Operation Sindoor, a phrase which is now a part of the national consciousness as an evocative symbol of Indian bravery”.

“Jio Studios, a unit of Reliance Industries, has withdrawn its trademark application, which was filed inadvertently by a junior person without authorisation,” it said.

Earlier, four applications, including one by Reliance, were filed with the Office of the Controller General of Patents, Designs & Trade Marks on Wednesday, seeking to use the phrase for entertainment-related services like audio and video content.

All four applicants filed between 10.42 am and 6.27 pm on May 7 for registration under Class 41 of the Nice Classification, which includes education and training services, film and media production, live performances and events, digital content delivery and publishing, and cultural and sporting activities.

In a statement, Reliance stated that it has no intention of trademarking ‘Operation Sindoor,’ a phrase which is a powerful symbol of Indian bravery and a part of the national consciousness.

“Jio Studios, a unit of Reliance Industries, has withdrawn its trademark application, which was filed inadvertently by a junior person without authorisation,” it said.

Earlier, four applications, including one by Reliance, were filed with the Office of the Controller General of Patents, Designs & Trade Marks on Wednesday, seeking to use the phrase for entertainment-related services like audio and video content.

All four applicants filed between 10.42 am and 6.27 pm on May 7 for registration under Class 41 of the Nice Classification, which includes education and training services, film and media production, live performances and events, digital content delivery and publishing, and cultural and sporting activities.

This category is often used by OTT platforms, production houses, broadcasters, and event companies, suggesting that ‘Operation Sindoor’ could have become a film title, web series or documentary brand.

Reliance filed the application for entertainment, publishing, and language training, according to the scope of application claimed by the applicants shown on the Controller General of Patents, Designs and Trade Marks.

The Mukesh Ambani-run firm was the first to apply for a patent on Wednesday and was followed by three more – a Mumbai resident, a retired Indian Air Force officer and a Delhi-based lawyer.

“Reliance Industries and all its stakeholders are incredibly proud of Operation Sindoor, which came about in response to a Pakistan-sponsored terrorist attack in Pahalgam,” the statement said.

“Operation Sindoor is the proud achievement of our brave Armed Forces in India’s uncompromising fight against the evil of terrorism.”

Reliance, it said, stands fully in support of the government and Armed Forces in this fight against terrorism. “Our commitment to the motto of ‘India First’ remains unwavering.”

(With Inputs From PTI)

The stock under discussion is Standard Capital, and it has gained as the board has authorised the allocation of 7900 unrated, unlisted, secured NCDS with face values of Rs 1 lakh each at an issue price of Rs 1 lakh, the company previously told the exchanges.

“In furtherance to our intimation letter dated April 30, 2025 & May 02, 2025 & 05th May 2025 relating to raising funds by the issue of Non-Convertible Debentures (“NCDs”) on Private Placement basis and by Regulation 30 of SEBI LODR Regulations, we wish to inform you that the Board of Directors of the Company by circulation held today, i.e. Tuesday, May 06, 2025, has inter- alia, considered and approved the allotment of 7900 unrated, unlisted, secured NCDs, of face value of Rs. 1,00,000/- each at an issue price of Rs. 1,00,000/- each aggregating to INR 79,00,00,000 (Indian Rupees Seventy Nine Crores Only) on Private Placement basis in terms of Private placement cum application letter,” the company said in a exchnage filing.

Meanwhile, benchmark indices Sensex and Nifty began the day on an optimistic note on Thursday, but later turned volatile.

The 30-share BSE benchmark gauge climbed 181.21 points to 80,927.99 in early trade. The NSE Nifty went up by 32.85 points to 24,447.25.

Investors stayed on the sidelines amid rising geopolitical tensions.

In a strong retaliation to the Pahalgam massacre, India’s armed forces early on Wednesday destroyed nine terror sites, including those of Jaish-e-Mohammad and Lashkar-e-Taiba in Pakistan and Pakistan-occupied Kashmir (PoK) using deep strike missiles in a 25-minute-long “measured and non-escalatory” mission.

Siva’ was was born into a simple household. In the 1980s, he started his business named Sterling Computers Limited (STC). It became a leading name in India’s IT sector by the 1990s. However, he received recognition in the corporate world after forming Aircel in 1999. It became a big player in the mobile services industry. 

The company grew quickly and gained millions of subscribers. In 2006, Siva sold a 74% stake in Aircel to Malaysia-based Maxis Communications. However this move would later engage him in corruption scandals.

2G Spectrum Scandal 

The Maxis-Aircel deal was linked to the infamous 2G spectrum scandal. Siva was also drawn into legal battles. In 2018, Aircel filed for bankruptcy, and Siva claimed personal losses of Rs 7,000 crore.

His $4 billion empire collapsed and also impacted many of his businesses. While talking about his downfall, Siva said, “I had everything – wealth, properties, recognition – and then I watched it all vanish.”

Speaking on The Ranveer Show, he shared how a book by Donald Trump inspired him to face his financial challenges. On the same day he decided to declare bankruptcy.

India on Friday said it will be asking global multilateral agencies, including the IMF, to have a relook at funds and loans provided to Pakistan, as New Delhi seeks to corner the neighbouring state diplomatically following the dastardly April 22 terror attack in Pahalgam which killed 26 tourists.

According to media reports, India has raised concerns with the International Monetary Fund (IMF) regarding its loans to Pakistan, stating that these funds helps the country to redirect domestic resources towards its military-intelligence network, including the ISI and terror groups like Lashkar-e-Taiba (LeT) and Jaish-e-Mohammed (JeM). 

Why Is IMF Reviewing Pakistan’s Funding?

Amid its ongoing fiscal crisis, Pakistan is reliant on IMF loans under its economic stabilisation programme. The IMF’s upcoming review, scheduled for May 9, will assess whether Pakistan has met the reform benchmarks required to secure the next tranche of funding.

Last year, Pakistan received a $7 billion bailout package from the IMF, then again got an additional $1.3 billion loan in March to address climate resilience challenges. These funds are huge for a country like Pakistan which is very small $350 billion economy

Rising India-Pakistan Tensions

Tensions between India and Pakistan grew after the April 22 Pahalgam Terror Attack, where 26 people lost their lives. After which India took several diplomatic measures against Islamabad.

On May 7, India launched Operation Sindoor, targeting nine sites linked to terrorism across the border. This action by India has further strained the relations between the two nations.

The 10.55 crore fully paid-up equity shares have been issued at a price of Rs 33 per share (including a premium of Rs 23 per share) aggregating to Rs 348.15 crore, it said.

The capital infusion will strengthen company’s growth trajectory in the renewable energy sector. The company made a preferential issue of 46.20 crore warrants aggregating Rs 1,525 crore in October 2024.A minimum upfront amount of 25 per cent was paid on the warrants and the balance 75 per cent was payable in 18 months. Fully paid warrants are convertible into equivalent number of equity shares.

Reliance Power said it “maintains a zero-bank debt position, ensuring a strong, unleveraged balance sheet. This enhances financial flexibility and supports sustainable growth, positioning the company to capitalize on future opportunities and drive long-term value creation.”

Part of Reliance Group, Reliance Power is a leading private sector power generation company with an operating portfolio of 5,305 megawatts, which includes 3,960 megawatts Sasan Power. 

It was founded by Dhirubhai H. Ambani. Reliance Power is currently led by Anil Ambani, who is the Chairman and shareholder of the company. Anil Ambani also heads the broader Reliance Group and as a leader handles the company’s operations and strategic direction.

(With Inputs From PTI)

Mercedes-Benz G580 EQ

The G580 EQ is the first electric version of Mercedes-Benz’s iconic G-Wagen SUV. It was launched at the Bharat Mobility Expo earlier this year. The vehicle has G-Wagen’s design with electric mobility. The G580 EQ is similar to the G63 AMG, and a line-up of these SUVs is finished in the same shade of blue. However, the registration numbers show that only one is a G63 AMG, while the others are G580 EQs.

Features Of G580 EQ:

• Dual 12.3-inch displays for the instrument cluster and infotainment system.

• Electrically adjustable, heated, and ventilated seats.

• Multi-zone climate control and adaptive cruise control.

• A powerful 116 kWh battery pack delivering 587 PS and 1,164 Nm of peak torque.

• Independent front suspension and a stiff rear axle for superior off-roading capability.

The SUV has a certified range of 473 km and supports fast charging, capable of reaching 80% in just 32 minutes. It can run from 0–100 km/h in under 5 seconds, with a top speed of 180 km/h. Its price is around Rs 3 crore (ex-showroom), Dholakia’s three G580 EQs come at a combined cost of over Rs 10 crore.

Rolls-Royce Cullinan Series II

He also bought Rolls-Royce Cullinan Series II with white shade. This is the updated version of the Cullinan SUV with better performance.

It is powered by a 6.75-litre twin-turbo V12 engine with an automatic transmission and the Cullinan Series II generates 571 PS and 850 Nm of torque. According to media reports, the ex-showroom price of the Cullinan Series II is Rs 10.50 crore but customisations can raise the cost.

Combined Value Price Of Cars

The Rolls-Royce Cullinan Series II and three G580 EQs of Savji Dholakia’s might have crossed over Rs 20 crore. Images and videos of his new fleet have been shared widely on social media by the Supercars Club Surat.

Despite being part of one of India’s famous business families, he is not involved in these corporate affairs. He prefers to stay away from the stress of running businesses. He doesn’t use a mobile phone nor he is on social media, and rarely steps out of his apartment.

Jimmy Tata’s Property

He owns stakes in Tata Sons and several other companies of the Tata Group like Tata Motors, Tata Steel, TCS, Tata Power, Indian Hotels, and Tata Chemicals. He is also a trustee of the Sir Ratan Tata Trust since 1989 after the death of their father, Naval Tata.

At 83 years old, Jimmy Tata is very calm. He could have held any big position within the Tata Group. But he chose to be away from the limelight. He likes reading books and newspapers over using mobile phone.

Bond With Ratan Tata

Jimmy Tata shared a close bond with his elder brother, Ratan Tata. Last year, Ratan Tata shared a black-and-white photo with his brother and wrote, “Those were happy days. Nothing came between us.” 

Even RPG Enterprises Chairman Harsh Goenka had shared one memory on social media which highlighted Jimmy’s lifestyle wherein he also mentioned that Jimmy is an excellent squash player.

Who was affected?

The employees were informed earlier this week, with notices sent out on Monday and Tuesday. Many received urgent calendar invites through Microsoft Teams titled “time sensitive.” Some of those let go had only recently joined the company. One new hire who started in September said they were left heartbroken and shocked by the sudden decision.

“None of us saw this coming,” they told FT. Another employee shared that they were expecting a promotion but instead found themselves out of a job.

PwC is also pulling back on hiring from college campuses due to reduced employee turnover. However, it confirmed that job offers already extended to last year’s interns will still be honored, and those hires will join later this year as planned.

PwC’s response

In a statement, the company said the decision to lay off employees was not made lightly. “It was a tough call, and we approached it with compassion and serious thought,” PwC said. “The unusually low employee turnover we’ve had over the past few years meant we had to take this step.”

Other layoffs

Other major accounting firms in the Big Four group have also announced staff reductions in recent months. Earlier this year, Deloitte told its workforce that it would be cutting jobs within its advisory division. Despite saying that demand for its services is still strong overall, the firm explained that the layoffs were a response to slower growth in certain parts of the business, changing priorities from government clients, and fewer employees choosing to leave on their own.

KPMG, too, made similar moves. Back in November, it let go of about 330 employees in the U.S. At the time, the firm said the layoffs were necessary due to persistently low levels of employee attrition.

Europe, which has long struggled with resource dependency, will now hopefully be self-sufficient as described by Norge Mining, the company behind the discovery which further said that the vast deposits were discovered earlier this year.

According to EuroNews, the phosphate deposit, located in the southwestern region of Norway, is not just large, it is potentially transformative. Norge Mining, which uncovered the deposit in 2018, reported in May that the site contains 70 billion tonnes of phosphate. This find could ensure a steady supply of this critical material for at least the next 50 years, providing a much-needed boost to the production of green technologies.

Phosphate is a vital part in many devices, from battery production for electric vehicles to solar panels and fertilizer. It has gained a lot of significance as the world continues to prioritize sustainable energy solutions.

Founder and deputy CEO of Norge Mining Michael Wurmser says that this discovery is notable because it is larger than all known phosphate sources in Europe, making it a significant player in the global market.

With these deposits, Norway can become a serious competitor and rival to countries like China, Morocco, and Russia which will in turn provide an impetus to Europe which has been for a very long time been facing challenges in securing this vital resource.

The continent has long relied on China, Morocco, and Russia to meet its phosphate needs, often dealing with unstable supply chains and geopolitical tensions. For example, the war in Ukraine disrupted the phosphate supply, pushing Europe to look for alternative sources.

But this discovery is being viewed as an opportunity to reduce Europe’s dependency on external suppliers. Given the location of the phosphate within Europe, the logistical challenges of obtaining and transferring this element would be negligible.

According to the agreement, Reliance New Suntech will supply 930 megawatts of solar energy integrated with a 465 megawatt/1,860 megawatt hour Battery Energy Storage System (BESS) at a competitive fixed rate of Rs 3.53 per kilowatt hour.

A capital investment of up to Rs 10,000 crore is involved. Reliance Power’s subsidiary company Reliance New Suntech is set to develop and launch the largest integrated solar and BESS project in Asia at a single location within the next 24 months. This project includes a capital investment of up to Rs 10,000 crore, indicating a significant strategic commitment to operational capacity and long-term value creation.

Clean energy is a major achievement in the direction of change. A solar production capacity of over 1,700 MW (megawatt peak) will be established under the project to achieve a contracted capacity of 930 MW. The statement said that this strategic agreement is one of the most significant long-term power purchase arrangements in India to date, marking a major achievement in the country’s clean energy transition.

How the stock has performed: In the past 5 days, Reliance Power’s stock has fallen by about 8.5%. In one month, it has declined by 7%. Over 6 months, the stock has decreased by 4.6%. So far in 2025, the stock has dropped by 10%.

Cricket fans can get access of JioHotstar’s content for an extended period. This offer is designed for those who want to watch IPL matches without interruptions or spending extra money. The promotional offer also gives free access to JioHotstar, but users need to recharge an eligible plan to avail the benefits.

This promotional offer is available for both prepaid and postpaid plans. To qualify, users need to recharge with a plan of Rs 299 or higher. These plans include a minimum of 1.5GB of data per day, along with other benefits.

Apart from mobile benefits, the promotional offer is extended to home internet services. New users of JioFiber and Jio AirFiber will receive a complimentary connection for 50 days. Once this free period ends, users will need to switch to a postpaid plan starting at Rs 599 to continue with this plan.

This scheme is not available to all users. Models like JioBharat, JioPhone, and voice-only plans are excluded from this offer. Therefore kindly check eligibility before opting for this scheme.

For the entire FY25, total revenue increased by 91 per cent to Rs 676.80 crore from Rs 355.26 crore in FY24.

Raman Bhatia, Managing Director, Servotech Renewable Power System said, “We have recorded robust growth, underpinned by our efforts to strengthen India’s EV charging infrastructure and expand access to clean solar energy. These results reinforce our position as a frontrunner in the green energy transition and reflect the growing trust in our vision and capabilities.
”
The company aims to ramp up domestic manufacturing, scaling up innovations and taking the Made in India solutions to international markets, he said.

Servotech Renewable Power Systems on Monday announced the appointment of entrepreneur and global business strategist Errol Musk–father of billionaire Elon Musk, who owns Tesla, SpaceX, and the microblogging platform X — to its Global Advisory Board.

As part of his engagement, Musk will participate in a tour of Servotech’s manufacturing facilities in India. He will engage with key government and investor groups through curated roundtable sessions.

Servotech Renewable Power System Ltd is an NSE-listed company that develops tech-enabled EV charging solutions.

(With PTI Inputs)

The Sensex hit the day’s high of 80,844.63 and an intra-day low of 79,937.48. The NSE Nifty hit a high of 24,449.60 and a low of 24,220.

Both the benchmark indices depicted range-bound trading during the morning trade. The BSE benchmark gauge traded 87.81 points lower at 80,553.26, and the Nifty quoted 16.55 points down at 24,365.05.

Retaliating for the Pahalgam terror attack, Indian armed forces on early Wednesday carried out missile strikes on nine terror targets in Pakistan and Pakistan-Occupied Kashmir, including the Jaish-e-Mohammad stronghold of Bahawalpur and Lashkar-e-Taiba’s base in Muridke.

The military strikes were conducted under ‘Operation Sindoor’ two weeks after the Pahalgam attack that killed 26 civilians. From the Sensex firms, Asian Paints, IndusInd Bank, Sun Pharma, Nestle, Tata Consultancy Services, and ITC were among the laggards.

Tata Motors, Power Grid, Titan, Bajaj Finance, Kotak Mahindra Bank, and State Bank of India were among the gainers. Foreign Institutional Investors (FIIs) bought equities worth Rs 3,794.52 crore on Tuesday, according to exchange data.

In the Asian market, South Korea’s Kospi, Japan’s Nikkei 225, Shanghai’s SSE Composite index and Hong Kong’s Hang Seng were quoting in the positive territory.

India and the UK on Tuesday sealed a landmark free trade agreement that will lower tariffs on 99 per cent Indian exports and will make it easier for British firms to export whisky, cars, and other products to India besides boosting the overall trade basket.

In the sectoral indices on the NSE, Nifty FMCG, IT, Media and Pharma all declined more than at the time of filing this report while the Nifty Auto gained 0.47 per cent Nifty PSU Bank also up by 0.81 per cent.

On the global front, cues are positive as experts say there are reports of a US-China summit on trade negotiations in Switzerland. India announced the signing of a trade agreement with the UK. US futures are up on the US-China talks news. China has announced further policy easing; it will cut key rates by 10 points and bank reserve requirements by 50 points in a bid to boost the economy.

The reaction in other Asian markets was mixed. The Hang Seng index in Hong Kong gained 0.33 per cent, while Taiwan’s weighted index was flat but in red. South Korea’s KOSPI index rose by 0.25 per cent. However, Japan’s Nikkei 225 index was slightly down by 0.09 per cent at the time of filing this report.

 (With Input From Agencies)

Tata Group companies are known for providing excellent employee benefits. Tata Consultancy Services (TCS) is the largest private-sector employer after Indian Railways, announced that it has paid 100% QVA to over 70% of its employees for the January-March quarter.

In a statement, TCS said, “We have paid 100% Quarterly Variable Allowance (QVA) to more than 70% of our employees. For employees in other grades, QVA is dependent on the business performance of their respective units. This is in line with our standard practice across all quarters.”

The company clarified that for employees in other grades, the QVA payout is determined by the performance of their respective business units, which is consistent with TCS’s established policy across quarters.

“We have paid out 100 per cent QVA to over 70 per cent of the company. For all other grades, the QVA depends on their unit’s business performance. This is in line with our standard practice across quarters,” TCS said in a statement.

TCS (Tata Consultancy Services) reported a 1.7 per cent decline in the March quarter net profit to Rs 12,224 crore, driven largely by a margin contraction.

It logged a total revenue of Rs 64,479 crore in Q4 FY25, up 5.3 per cent over the year-ago period. While announcing its Q4 and FY25 earnings last month, TCS had said that it would be deferring annual wage hikes to its 6.07 lakh employees due to the business uncertainties triggered by the tariff issues.

The company’s chief human resources officer Milind Lakkad cited business uncertainties for the delay in annual wage hikes, which generally set in from April. He, however, did not give a timeline for when the company will announce the hikes. 

(With inputs from PTI)