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In the trading session on Monday, the Sensex and Nifty, the primary equity benchmark, concluded the day on an upward trajectory, mirroring a surge in global markets. The S&P BSE Sensex surged by 560 points to reach 73,649, while the NSE Nifty50 settled at 22,336, marking a gain of 189 points.
Furthermore, Tata Consultancy Services (TCS) has reportedly started a new policy tying employees’ quarterly variable pay to their presence in the office. This revision follows the company’s move to enforce a mandatory five-day work week in the office. According to a report from Moneycontrol, the updated policy specifies that employees with attendance below 60 per cent will not qualify for the quarterly bonus.
The policy adjustment was announced to employees via an internal HR portal. As per the report, TCS now mandates a minimum of 85 per cent in-office attendance for employees to qualify for their full quarterly variable pay. Those with attendance ranging between 75 per cent and 85 per cent will receive 75 per cent of their variable pay, while individuals maintaining between 60 per cent and 75 per cent attendance will receive only 50 per cent of their variable pay.
In addition, reports suggested on Monday that iPhone maker Apple is poised to undertake a significant venture in India’s workforce within three years. The tech giant plans to hire more than 500,000 individuals through its vendors, as per the news agency PTI report. Apple’s vendors and suppliers currently employ approximately 150,000 workers in India, with Tata Electronics emerging as the largest employer by operating two plants for Apple.
On Monday, RIL reported a 1.80 per cent year-on-year (YoY) decline in its consolidated net profit for the March quarter. However, its annual earnings reached an unprecedented peak, propelled by a resurgence in its core oil and petrochemicals segment alongside steady expansion across its consumer-oriented telecom and retail divisions. In the fourth quarter of the fiscal year 2023-24, Reliance’s consolidated net profit stood at Rs 18,951 crore. This figure slightly dipped from Rs 19,299 crore recorded in the corresponding quarter of the previous year. However, the profit surged sequentially compared to Rs 17,265 crore reported in the October-December period.
IndiGo announced on Tuesday that it will launch in-flight entertainment content via its app on a three-month trial basis on its flights on the Delhi-Goa route starting May 1, 2024. The release added, “To avoid interferences with aircraft electronics, this service will be enabled after the aircraft reaches cruising altitude.” The airline further said that passengers will need to carry their personal headphones to enjoy the services.
The injunction on the use of rights issue funds by Byju’s will continue as a company law court in Bengaluru adjourned the matter to June 6 after hearing investors as well as the management. In its order earlier this year, the National Company Law Tribunal (NCLT), Bengaluru Bench, said the funds received by the company with respect to the rights issue should be kept in a separate escrow account and not be withdrawn till the disposal of the matter.
While investors have alleged that Byju’s has misused the funds and levelled charges against it over non-compliance with the court’s past order, the embattled edtech firm on Tuesday stated it has completely followed the NCLT directions. The matter has now been listed for the next hearing on June 6.
WeWork India announced on Tuesday that the firm has taken 1.83 lakh sq ft area in Gurugram and Pune on lease. The co-working firm said that it will expand and open new centres, made up of 3,100 desks in the next few months.
The rupee appreciated 3 paise to settle at 83.33 (provisional) against the US dollar on Tuesday. The domestic currency reached a fresh intraday high of 83.28 and a low of 83.39 against the American dollar, before finally closing at 83.33. In the last trading session on Monday, the Indian currency settled at 83.36 against the greenback.
BharatPe launched BharatPe One, a payment product integrating POS, QR code, and speaker together, on Tuesday. The firm said it plans to launch the product first in 100 cities and then expand it to about 450 cities over the next six months.
Patel Engineering Ltd filed an exchange filing and announced that it has launched a qualified institutional placement (QIP) issue with a floor price of Rs 59.50 per share.
The stock market ended trading on Tuesday on a slightly higher note amidst volatility. The BSE Sensex closed the session at 73,738.45, gaining about 90 points, while the NSE Nifty50 settled above 22,350 at 22,361.65, inching up by 25 points.
Air India has established a codeshare alliance with Japan’s All Nippon Airways. Starting travel from May 23, passengers of both Air India and All Nippon Airways can seamlessly reach their destinations by combining flights between India and Japan with a single ticket. As part of this agreement, Air India will designate its ‘AI’ code on ANA’s flights connecting Tokyo Haneda with Delhi and Tokyo Narita with Mumbai.
According to a statement released on Tuesday, ANA will include its ‘NH’ code on Air India’s flights operating between Tokyo Narita and Delhi.
Stellantis India announced on Tuesday that it will increase prices across all models of the Citreon brand and its Compass and Meridian models under the Jeep brand. The hike will be of 0.5 per cent resulting in an increase of Rs 4,000 to Rs 17,000 across models and will be effective from April 30, 2024.
Business News Live: Stock Market In Green, Sensex Above 73,800, Nifty Tests 22,400 – ABP Live
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