India's economic engine is revving up, but navigating the global headwinds requires sharp strategy. The rupee's recent volatility against the dollar underscores the complexities facing Indian businesses, impacting everything from import-export trade to domestic inflation. This week alone, we've seen significant shifts in the IT sector, with major players announcing restructuring and a renewed focus on AI-driven solutions. Meanwhile, the burgeoning startup ecosystem continues to attract substantial funding, despite a cautious global investor sentiment. The government's recent policy announcements on infrastructure development and digitalization are poised to further shape the business landscape, creating both opportunities and challenges for entrepreneurs and established corporations alike. Understanding these market dynamics is crucial for success in today's rapidly evolving Indian economy. Stay informed with Abtak.com for the latest insights and analysis on key sectors including finance, manufacturing, and technology – empowering your business decisions in a dynamic market. Explore the complete business news section now to stay ahead of the curve.
Mumbai, April 2: Oracle Corporation has commenced what analysts estimate to be the largest round of layoffs in its history, with reports suggesting up to 30,000 positions could be eliminated globally. The workforce reduction, which began early Tuesday morning, March 31, impacts approximately 18 per cent of the company's 162,000-strong staff. Affected employees in India and the United States reported receiving termination notices via email at 6:00 AM IST and 3:00 AM PT, respectively, citing "broader organizational changes". The move comes as the tech giant reallocates capital to fund a multi-billion-dollar expansion into artificial intelligence data centres. Oracle Layoffs: Employee Laid Off After 25 Years of Service Writes Emotional LinkedIn Post for Impacted Colleagues, Says 'Stay Strong!'. The layoffs were executed with immediate effect, leaving many employees locked out of internal systems shortly after reading their termination notices. According to internal communications, the "Oracle Leadership" emails informed staff that their final working day coincided with the receipt of the message. A notable condition of the severance package is the requirement for employees to sign termination documents via DocuSign to receive their payouts. Oracle has not issued a public statement regarding the scale of the cuts or the specific terms of the individual separations. For US-based staff, Oracle is offering a base of four weeks'salary for the first year of service, plus one additional week for every subsequent year, capped at a maximum of 26 weeks. In India, the company is expected to follow a standard "N+2" formula, where "N" represents years of service paid out in months. However, reports indicate that unvested Restricted Stock Units (RSUs) will be forfeited entirely. Industry analysts have noted that Oracle's package is less robust than those recently offered by other technology firms. For comparison, the fintech company Block recently provided 20 weeks of base pay plus tenure-based additions and healthcare stipends. Similarly, Meta's 2025 severance included 16 weeks of pay and six months of continued health insurance, a benefit reportedly absent from the Oracle offer. Oracle Layoffs: Employees Report Sudden Job Cuts Across India, 18% Workforce May Be Affected Globally. The layoffs are seen as a manoeuvre to shore up liquidity as Oracle pursues an aggressive push into AI infrastructure. Financial services firm TD Cowen estimates the staff reductions could free up between USD 8 billion and USD 10 billion in cash flow. This capital is critical as Oracle manages a significant debt load, having added USD 58 billion in new debt over the past two months. The company's stock has faced significant headwinds, losing more than half its value since September 2025. This financial strain is compounded by reports that several US banks have scaled back financing for Oracle's ambitious data centre projects.
However, the NCLT did not pass the approval order on Thursday and deferred the decision, scheduling the next hearing for 6 December. It is expected that the tribunal will pass the liquidation order and may approve the CoC's proposed liquidator at that time. Venkatasubramanian is a Chartered Accountant and is registered as an Insolvency Professional with the Insolvency & Bankruptcy Board of India. He is a partner at Ernst & Young Restructuring, specializing in crisis stabilization, liquidity management, and the restructuring and turnaround of distressed companies. He is an expert in sectors su ...Read More >
CHITTOOR (Andhra Pradesh): The Apollo University, Apollo Hospitals and University of Leicester, United Kingdom, have partnered to establish the Centre for Digital Health and Precision Medicine (CDHPM) at The Apollo University campus in Chittoor, Andhra Pradesh. The advanced research center will bring together the expertise and resources of both institutions to create a global hub for digital health and precision medicine. The CDHPM will be the hub in Chittoor, India. The hub at the University of Leicester will be based at the BHF Cardiovascular Research Centre at Glenfield Hospital, Leicester ...Read More >
Mumbai, Jun 5 (PTI) The rupee snapped its two-day losing streak and closed 8 paise higher at 85.79 against the US dollar on Thursday, supported by positive domestic equities and a rise in Asian currencies. Forex traders said overnight softening of crude oil prices favoured the rupee. However, a strong US dollar index capped sharp gains. Besides, market participants are now keenly awaiting the outcome of the Reserve Bank of India's (RBI's) monetary policy meeting for further cues, they said. At the interbank foreign exchange, the domestic unit witnessed a volatile trading session -- it opene ...Read More >
CCI has also approved a 25.18 per cent equity stake in Future Generali India Life Insurance Company Ltd (FGILICL) through a bid/resolution plan submitted by Central Bank of India | Image: Wikimedia Commons State-owned Central Bank of India on Thursday said it has acquired a 25.18 per cent stake in Future Generali India Life Insurance Company Limited (FGILICL) for a cash consideration of Rs 57 crore as part of the insolvency process. With the acquisition of 65,43,80,439 shares on Wednesday (June ...Read More >
In an exclusive interview with FinTech Magazine at Money20/20, Matthew Van Buskirk, Co-founder and CEO of Hummingbird Regtech, discusses how the company is enabling data to be labelled at ease through the use of artificial intelligence. Hummingbird positions itself as an AI enablement company, addressing a critical challenge in the financial sector: the lack of well-labelled, clean training data. "From the day we launched, we saw that deploying effective machine learning or AI capabilities in this industry is incredibly difficult because we don't have clean training data. Instead, we have th ...Read More >
Speaking at IIT Bombay's Techfest 2024, Mr Adani, the 27-year old younger son of infrastructure magnate Gautam Adani, said the future of technology is both scary and exciting. India cannot stay out of global technological race, said Jeet Adani. Mumbai: India cannot stay out of global technological race and should build capabilities that will keep it at the top while remaining vigilant against its misuse, said Jeet Adani, Director, Adani Airport Holdings Ltd. Speaking at IIT Bombay's Techfest ...Read More >
New Delhi, May 20 (SocialNews.XYZ) Fintech company MobiKwik has reported a wider consolidated loss of Rs 56.03 crore in the fourth quarter of the financial year 2024-25 (Q4 FY25), compared to a small loss of just Rs 67 lakh in the same quarter last fiscal (Q4 FY24). The company's loss also increased from Rs 55.2 crore in the previous quarter (Q3 FY25), according to its stock exchange filing. For the full financial year FY25, MobiKwik recorded a loss of Rs 121.5 crore. This is a major setback for the Gurugram-based firm, which had posted a profit of Rs 14 crore in the previous fiscal year (FY ...Read More >
New Delhi, Jun 5 (PTI) Fintech firm BimaPay Finsure on Thursday said it has entered into corporate insurance financing and aims for Rs 20 crore in premiums in 2025-26. Launching the pilot phase with insurance partners, BimaPay said the initiative will allow businesses to pay premiums in easy equated monthly instalments (EMIs) instead of bearing the burden of full upfront costs. Also Read | Who Is Pinaki Misra? From Age to Family Background and Net Worth, Here's All About BJD Leader With Whom Mahua Moitra Reportedly Married. The company aims to finance over Rs 20 crore worth of premiums by t ...Read More >
New Delhi [India], June 5 (ANI): External Affairs Minister S Jaishankar, in the presence of leaders of Central Asian countries, touched upon various business opportunities and complementarities between these respective economies on Thursday. Jaishankar suggested a few areas where India and Central Asian countries should collaborate to improve their economies. Jaishankar noted that India's trade and economic ties with Central Asia have actually shown a very strong positive trend over the last decade. However, he has also said that the trade figures do not reflect the full potential. Given th ...Read More >
ess than 24 hours after he asserted in Nigeria's Abuja that stepping out of the comfort zone, innovating and creating new paths has now become the very essence of today's India, Prime Minister Narendra Modi on Monday told the gathering of world's most influential leaders converged in Rio de Janeiro for the G20 Summit that the main reason for India's success lies in his government's 'back to basics' and 'march to the future' approach. Addressing the G20 session on 'Social Inclusion and the Fight Against Hunger and Poverty' at the bayside museum of modern art during the two-day 19th G20 Summit, ...Read More >
Exagen Inc. (NASDAQ:XGN) CEO John Aballi Signals Confidence with Stock Purchase Amid Strong Q3 Performance John Aballi, CEO of Exagen Inc., recently purchased 24,305 shares at $2.81 each, raising his ownership to 689,799 shares. This move follows the company's strong Q3 results, with $12.5M in revenue and an 8% year-to-date growth driven by a 45% surge in selling prices. Exagen unveiled advanced biomarkers for lupus and rheumatoid arthritis, enhancing its AVISE CTD test platform. With $22M in cash and a projected $55-$56M full-year revenue, Exagen aims for profitability by 2025. Boasting a ...Read More >
Trial conducted over a 118 km Boston metro route with 10 network hops and nine ROADMs. US wireless carrier Verizon has successfully tested the transportation of 1.6 terabits per second of data across a single wavelength on its live metro fiber network. Utilising Ciena's WaveLogic 6 Extreme (WL6e) coherent optical solution, the trial, conducted in Boston, demonstrated data travelling farther and faster across Verizon's fiber network. This upgrade enhances the network's ability to handle the workloads generated by artificial intelligence (AI) applications, particularly Generative AI, according ...Read More >
New Delhi: PwC India's report, titled Global Entertainment and Media Outlook 2024-28: India Perspective, brings promising insights into the country's showbiz industry. The report reveals that Indian entertainment and media industry is projected to surpass the global growth rate of 4.6 per cent by achieving a compound annual growth rate (CAGR) of 8.3 per cent. It is on its way to reaching a market size of Rs 365,000 crore (USD 44.2 billion) by 2028. So, where does India rank globally? The United States currently leads the market by revenue, followed by China. India, on the other hand, holds th ...Read More >
Chennai, Dec 10 (PTI) Standalone health insurance company Star Health Insurance has targeted doubling its business in Tamil Nadu over the next four years, a top official said. As part of its growth strategy, the company plans to add 12,000 new agents across Tamil Nadu and expand its footprint with 25 new offices in both rural and urban areas in FY2025. Also Read | 7th Pay Commission Latest News: Narendra Modi Government Likely To Hike DA for Employees by 3% in January 2025, Check Details. Star ...Read More >
Mumbai: The RBI is likely to reduce the key interest rate by 25 basis points this week after keeping it on hold for two years, complementing the Union Budget initiatives to push consumption-led demand, though the sliding rupee continues to be a concern. As the retail inflation has remained within the Reserve Bank's comfort zone (less than 6 per cent) for most of the year, the central bank can take rate action to boost growth hit by sluggish consumption, opined experts. The Reserve Bank of India (RBI) has kept the repo rate (short-term lending rate) unchanged at 6.5 per cent since February 20 ...Read More >
Haridwar: A woman politician has been arrested for allegedly letting her boyfriend and others repeatedly rape her 13-year-old daughter in Haridwar, Uttarakhand. The horrifying crime, which occurred between January and March, was exposed when the minor bravely confided in her father, prompting a police investigation that led to the arrest of the accused. The accused was arrested with her boyfriend and one more. According to police reports, the minor was gang-raped multiple times, often in the presence of her mother. The minor, who had been living with her father following her parents' separat ...Read More >
New Delhi: Three Indian citizens vanished mysteriously in Tehran. Darkness closed in as hope seemed lost. A ruthless Pakistani gang with potential links to ISI snatched them away, casting a shadow of fear. But relentless Indian diplomats refused to back down. Against all odds, a daring rescue mission ignited. Now, the captives are free, and a chilling game of espionage comes to light. The Punjab-based trio - Amritpal Singh from Hoshiarpur, Jaspal Singh from SBS Nagar and Hushnapreet Singh from Sangrur - had landed in Iran on May 1. Promised a clandestine route to Australia via Dubai and Tehra ...Read More >
Infosys has announced an average 85% performance bonus for eligible employees in Q2 FY25, reflecting its strong financial performance. The bonus, paid to mid- and junior-level staff, will be credited with the November salaries, with individual payouts varying based on performance. This follows Infosys' impressive 4.7% rise in Q2 net profit and a revenue increase of 5.1%, leading to an upward revision of its FY25 revenue guidance. The bonus payout surpasses the previous quarter's 80%, with Infosys outpacing rivals like TCS. Employees are also awaiting salary hikes, with revisions expected from ...Read More >
Gurugram (Haryana) [India], December 12: Navanc, a pioneering FinTech startup building India's first AI-powered property score and stack for secured lending and insurance practices, has successfully raised USD 1 million in a seed funding round. The round was led by Prarambh Ventures, with participation from Inflection Point Ventures (IPV), Brigade REAP FirstPort Capital, and marquee angel investors Also Read | US: Joe Biden Commutes Roughly 1,500 Sentences and Pardons 39 People in Biggest Single-Day Act of Clemency. The funds will be directed toward expanding operations across India, with a ...Read More >
PRNewswire Chennai (Tamil Nadu) [India], December 13: Star Health and Allied Insurance Company Limited, the first standalone health insurance company in India, today announced the launch of its revolutionary retail health insurance product, 'SUPER STAR'. This innovative policy offers a long-term policy for the retail health segment, combining advanced features and highly customisable covers to address the growing complexities of modern lifestyles, rising medical expenses, and unforeseen emergencies. * Offers a long-term policy and unparalleled, highly customisable solutions for evolving heal ...Read More >
New Delhi, June 5 (SocialNews.XYZ) Aadhaar number holders executed over 211 crore authentication transactions in May this year taking the cumulative number of such transactions to more than 15,223 crore since inception, according to a statement issued by the Ministry of Electronics & IT on Thursday. The May authentication transactions are more than the previous month, as well as of May 2024 when 201.76 Cr such transactions were carried out. The growing number shows, how Aadhaar-based authentication has been playing a facilitating role in effective welfare delivery, and voluntarily availing v ...Read More >
NEW DELHI: Backing embattled Adani Group, rating agency CRISIL Ratings on Friday said the conglomerate has sufficient liquidity and operational cash flows to meet debt obligations and committed capex and that there has been no negative actions so far by lenders and investors following the US indictment of group founder chairman. The Adani Group, which has the flexibility to reduce certain discretionary capital expenditure (capex) depending on developments in financial markets and future capital availability, has a healthy Ebitda and cash balance that reduces its dependence on external debt to ...Read More >
Anuj Kumar, Director & CEO of CAMS, highlights that despite recent market corrections, the company expects FY25 to be one of its strongest years. CAMS continues to dominate by winning 70-80% of new bids, focusing on execution and margin expansion, and anticipates significant revenue and profit growth driven by mutual funds and associated business lines.Anuj Kumar, Director & CEO, CAMS, says there has been some market correction and some flattening of the mood in the last two months. But as things come back, we should be holding our projections and FY25 should be one of the strongest years in t ...Read More >
The Andhra Pradesh government inked a Memorandum of Understanding (MoU) with Google. The tech giant will launch its operations from Visakhapatnam in the State. Making the announcement at the district collectors' conference on Wednesday, Chief Minister N. Chandrababu Naidu said HRD Minister Nara Lokesh's efforts have paved the way for this. The MoU was a significant development and would be a game changer. Visakhapatnam is poised for transformative growth, Mr. Naidu said. The chief minister, in ...Read More >
News 2 min read Indian IT industry to see 30-35 pc high demand for niche tech roles in 2025 The Indian IT industry is projected to see 30-35 per cent increased demand for highly-specialised tech roles in 2025, along with increased spending on upskilling in the coming years, according to a new report. New Delhi, The Indian IT industry is projected to see 30-35 per cent increased demand for highly-specialised tech roles in 2025, along with increased spending on upskilling in the coming years, acco ...Read More >
New Delhi, Dec 18 (PTI) Reliance Nippon Life Insurance, a subsidiary of debt-ridden Reliance Capital (RCAP), has initiated talks with IndusInd Bank for bancassurance partnership as the IIHL and RCAP deal has reached the final lap. Mauritius-based IndusInd International Holdings Ltd (IIHL), the parent entity of IndusInd Bank, won the bid to acquire RCAP and entities under it. Also Read | Cancer Vaccine Ready for Use, Announces Russia; What Is the Cost? How Effective Is It? When Will It Be Available?. "IIHL and Japan-based Nippon Life have struck a good understanding and they are absolutely c ...Read More >
Mumbai, Dec 18 (PTI) Private equity and venture capital (PE/VC) funds invested USD 4 billion in November, which was 156 per cent higher than the year-ago period but lower about 15 per cent compared with the preceding month, a report said on Wednesday. The month saw 87 deals -- 47 per cent higher than the 59 transactions in November 2023, as per the report by industry lobby grouping IVCA and consultancy firm EY. "While 2024 had started off on a strong note, geopolitical tensions, uncertainty over US elections outcome, and inflation weighed on the markets, as did the bid-ask spread between sel ...Read More >
NewsVoir Gurugram (Haryana) [India], December 12: Navanc, a pioneering FinTech startup building India's first AI-powered property score and stack for secured lending and insurance practices, has successfully raised USD 1 million in a seed funding round. The round was led by Prarambh Ventures, with participation from Inflection Point Ventures (IPV), Brigade REAP FirstPort Capital, and marquee angel investors The funds will be directed toward expanding operations across India, with a focus on strengthening Navanc's presence in urban and semi-urban areas. Additionally, the startup will bolster ...Read More >
Hyderabad: Databricks, the Data and AI company, announced its Series J funding. The company is raising $10 billion of expected non-dilutive financing and has completed $8.6 billion to date. This funding values Databricks at $62 billion and is led by Thrive Capital. Along with Thrive, the round is co-led by Andreessen Horowitz, DST Global, GIC, Insight Partners and WCM Investment Management. Other significant participants include existing investor Ontario Teachers' Pension Plan and new investors ICONIQ Growth, MGX, Sands Capital and Wellington Management. The company has seen increased momentu ...Read More >
New Delhi [India], February 3: SarkarSEO, a leading SEO agency, is introducing a new approach to digital rankings with its Search Everywhere Optimization strategy. As AI-powered search engines like ChatGPT, Perplexity, and Bing AI change how people find information, SarkarSEO is helping businesses rank across all platforms, not just Google. Also Read | US Shocker: Woman Allegedly Beats 14-Year-Old Son to Death With Extension Cord Over Unfinished Chores, Waits 5 Minutes Before Calling 911; Arrested. Search Everywhere Optimisation takes advantage of the fractured nature of the search, optimisi ...Read More >