India has grand plans to become an electronics manufacturing hub. Given that level of ambition, we need to be prepared for setbacks — such as the news this week that Taiwan-based Foxconn would not, in the end, build a semiconductor factory in the western Indian state of Gujarat.

This was a huge disappointment. Getting some semiconductor fabrication to happen onshore was a crucial part of India’s plans to create a homegrown, end-to-end electronics manufacturing supply chain.

HDFC Bank – the country’s largest private sector lender –to implement interoperability between United Payment Interface and Central Bank Digital Currency, effective Thursday.

“HDFC Bank today announced the launch of UPI QR code interoperable with India's sovereign digital currency, Central Bank Digital Currency (CBDC). With this, HDFC Bank becomes one of the first banks in the country to complete the integration process,” the bank said in a statement.

IT major Wipro Ltd, on Thursday, reported a 11.9 per cent rise in its net profit to Rs 2,870.1 crore in the quarter that ended on June 30 as compared to Rs 2,563.6 crore in the same quarter in the previous year.

In a regulatory filing, the company said, “It registered a growth of 6 per cent year-on-year (YoY) in its gross revenue to Rs 22,830 crore for the first quarter of the current financial year (Q1FY24). The net income of the company for Q1FY24 came at Rs 2,870 crore, up 12 per cent YoY.

Non-banking financial company (NBFC) start-up Navi Technologies, founded by Sachin Bansal, has begun laying off employees across all departments, The Economic Times reported on Thursday. The layoffs are expected to affect at least 100-150 people, with the overall number of layoffs expected to exceed 200.

Navi's product and analytics functions are likely to be affected by the job cuts, a source was quoted as saying.

The Telugu Desam Party (TDP) has demanded that the YSR Congress Party (YSRCP) and Chief Minister Y.S. Jagan Mohan Reddy must spell out their stand on the three-capital issue as the Supreme Court has turned down the State government’s plea seeking an expeditious hearing of the Special Leave Petition (SLP) filed by it against the Andhra Pradesh High Court order.

Addressing the media at Mangalagiri near here on July 12 (Wednesday), TDP leader Alapati Rajendra Prasad said that the apex court bench had said that it was not possible to take up the case urgently as there were important cases to be heard.

India's retail inflation rose to 4.81 per cent in June from 4.31 per cent in May, data released by the Ministry of Statistics and Programme Implementation (MoSPI) on Wednesday showed. The food inflation saw a sharp rise to 4.49 per cent from 2.96 per cent in May.

The inflation is, however, lower than 7.01 per cent in June 2022.

HCLTech has signed a definitive agreement to acquire a 100 per cent equity stake in ASAP Group, a German automotive engineering services provider, for Euro 251.1 million (about $279 million). The acquisition is expected to close in September 2023.

The acquisition is expected to help HCLTech's engineering services by strengthening its advanced technology capabilities in the fast-growing automotive engineering services segment in Europe and other key global markets.

Ukrainian President Volodymyr Zelenskyy welcomed fresh pledges of weapons and ammunition to fight Russia's invasion along with longer-term security commitments from the West on Wednesday even as he expressed disappointment over the lack of a clear path for his country to join as the alliance wrapped up its annual summit.

"The Ukrainian delegation is bringing home a significant security victory for the Ukraine, for our country, for our people, for our children," he said while flanked by US President Joe Biden and other leaders from the Group of Seven most powerful democratic nations.

Following incessant rainfall in Uttarakhand's Chamoli district, the Badrinath National Highway (NH-7) is blocked due to falling of boulders and debris from the hill, on highway near Pipalkotim, officials said on Thursday morning.

The same highway got at other several other places including Pagalnala, Gulabkoti and Helang following the landslides taking place in the region as rains continues.

Tata Consultancy Services (TCS) recorded a 16.8 per cent jump in the net consolidated profit in the quarter that ended on June 30 to Rs 11,074 crore from Rs 9,478 crore in the same quarter last year.

The IT major's revenue from operations rose 12.5 per cent to Rs 59,381 crore from Rs 52,758 crore previously.

Inviting Real Estate Agents, Job Placements Agents, Educational Institutes, Software Service Providers, Real Estate Builders, Marriage Bureaus, Travel Agents, Restaurant Owners, Health & Fitness Centers and other Local Businesses to Post a FREE Classified Advertisement on Cootera.com Classifieds Website.