India’s largest IT services company Tata Consultancy Services (TCS) marginally beat Bloomberg estimates for its first-quarter (Q1) of 2024-25 performance, but macroeconomic uncertainties continued to weigh on the management’s demand outlook.

For Q1, TCS net profit grew 8.7 per cent year-on-year (Y-o-Y) to Rs 12,040 crore, but fell 3.1 per cent sequentially.

Goods and services tax (GST) will be applied to 1 per cent of corporate guarantee fees on an annual basis and become applicable from October 23, 2023, the government has said.

This will give relief to companies.

The Central Board of Indirect Taxes and Customs (CBIC) has notified the rules following the decision on corporate guarantees in the GST Council meeting on June 22.

Consumer electronics startup Indkal Technologies on Thursday announced it has entered a trademark licensing agreement with Acer Incorporated to design, manufacture, and distribute smartphones under the Acer brand in India.

The deal marks the introduction of Acer-branded smartphones into the Indian market.

Global IT services firm and India’s largest IT services company, Tata Consultancy Services (TCS), announced a net headcount addition of 5,452 employees. This follows three quarters of negative headcount decline.

At the end of the first quarter of FY25, TCS reported a total headcount of 606,998.

TCS becomes the second firm to announce a net addition, after Accenture.

The Delhi High Court on Thursday listed for hearing on September 9 Chief Minister Arvind Kejriwal's petition challenging the summonses issued to him by the Enforcement Directorate in connection with its probe into an excise policy-linked money laundering case.

A bench headed by Justice Prathiba M Singh granted four more weeks to the AAP leader to file a rejoinder to the reply submitted by the ED.

The much-anticipated wedding of Anant Ambani and Radhika Merchant promises to be an event of grand proportions. According to reports from Hindustan Times, the Ambani family has chartered three Falcon-2000 jets to transport their distinguished guests to Mumbai for the festivities this Friday. Billionaire Mukesh Ambani’s youngest son is set to wed his long-time girlfriend in what is being hailed as one of the most extravagant Indian weddings in recent memory.

Rajan Mehra, CEO of air charter company Club One Air, confirmed that the Ambanis have hired three of his company’s Falcon-2000 jets for the occasion.

Rail Vikas Nigam Limited (RVNL) has surpassed public sector undertaking (PSU) oil marketing company, Bharat Petroleum Corporation (BPCL) and lender, Punjab National Bank (PNB), in market capitalisation (market cap) ranking as the stock of the state-owned civil construction company continued its upward movement on strong order inflows from railways.

Shares of RVNL hit a new high of Rs 643.95 as they rallied 5.5 per cent on the BSE in Thursday’s intra-day trade after the company said it has received Letter of Acceptance (LoA) from Central Railway for “OHE modification work for Up-gradation of existing 1 x 25 kV Electric Traction System to 2 x 25 kV AT Feeding System in Amla-Nagpur Section in Nagpur division of Central Railway to meet 3000 MT loading target."

Former Reserve Bank of India (RBI) Governor Raghuram Rajan has called on India to prioritise the enhancement of its services sector over the expansion of manufacturing to achieve sustainable economic growth and create jobs. Speaking at the Annual World Bank Conference on Wednesday, Rajan argued that manufacturing is not the "holy grail" for India’s economic success.

Rajan highlighted that the manufacturing sector faced challenges due to limited export absorption and was no longer competing against high-cost labour in the US.

Eighteen people lost their lives and more than 30 were injured when a double-decker sleeper bus rammed into a milk container on the Lucknow-Agra Expressway in Unnao district, Uttar Pradesh, on Wednesday.

The incident occurred at 5:15 am.

Uttar Pradesh Chief Minister Yogi Adityanath expressed his condolences to the families of the deceased and instructed the district administration to ensure the injured receive proper treatment. He also wished for their speedy recovery.

After Prime Minister Narendra Modi met his Russian counterpart, Vladimir Putin, the White House Press Secretary Karine Jean-Pierre reiterated the US’s stance over the ongoing war in Ukraine and urged New Delhi to support international efforts for a peaceful resolution in the war-torn country, leveraging its longstanding relationship with Moscow to encourage President Putin to end the war.

Further speaking about the war, she emphasized that it is crucial for all allies, including India, to support efforts towards a peaceful resolution in Ukraine.

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