Business

[ad_1] Protean eServices participated in the competitive bidding process to become a Managed Service Provider (MSP) for the PAN 2.0 Project. (AI image) Protean share price crash: Protean eGov Technologies' stock plummeted 20% to reach its lower circuit of Rs 1,143 on NSE following the Income Tax Department's decision not to select the company for its PAN systems modernisation project. The scope of work encompassed designing, developing, implementing, operating and maintaining PAN systems under the PAN 2.0 project."We were informed by the Income Tax Department (ITD) that we have not been considered favourably for the next round of the RFP selection process," Protean said in a regulatory filing on Sunday.The organisation clarified that whilst the project involved upgrading PAN systems technology at the Income Tax Department, it stated, "It appears to have limited or minimal impact on our ongoing PAN […]

[ad_1] Gold could trade in a broad range of Rs 91,500 and Rs 95,500 this week. (AI image) Gold price prediction today: Gold is a safe haven investment but geopolitical tensions and developments in the US-China trade deal have left investors confused - should they buy, sell or hold gold? There is also the additional factor of Moody’s downgrading the US credit rating.Manav Modi, Senior Analyst, Commodity Research at Motilal Oswal Financial services Ltd shares his outlook ongold prices:Gold prices started last week steady but were on track for their steepest weekly decline in six months, primarily due to a stronger U.S. dollar and reduced concerns over the trade war. The U.S. and China agreed to a 90-day pause on tariffs, which eased tensions and lessened the risk premium that had been supporting gold. Economic data also showed weaker-than-expected inflation […]

[ad_1] Asian stock markets slid on Monday and the US dollar weakened after Moody’s downgraded the United States’ last remaining triple-A sovereign credit rating, triggering renewed investor concerns about Washington’s rising debt burden. Moody’s cut the rating from Aaa to Aa1, citing “the increase over more than a decade in government debt and interest payment ratios to levels that are significantly higher than similarly rated sovereigns.” It warned US deficits could swell to nearly 9% of GDP by 2035, up from 6.4% last year, driven by ballooning interest payments, entitlement spending, and relatively weak revenue. The downgrade follows similar moves by S&P in 2011 and Fitch in 2023. Analysts noted the cut could increase yields on US Treasuries, raising borrowing costs for the federal government. Despite the development, US Treasury Secretary Scott Bessent downplayed the move, calling it “a lagging […]

[ad_1] Top stocks to buy (AI image) Stock market recommendations: According to Motilal Oswal Financial Services Ltd, the top stock picks for the week (starting May 19, 2025) are Bharti Airtel and Varun Beverages. Let’s take a look:Stock NameCMP (Rs)Target (Rs)Upside (%)Bharti Airtel1814211016%VBL50266532%Bharti AirtelBharti's 4QFY25 performance was in-line. India wireless revenue/EBITDA grew ~1%/2% QoQ, offset by fewer days. Consol. net debt inched up by ~INR50b due to the redemption of USD1b perpetual bonds.We continue to favor BHARTI's superior execution on premiumization.Robust FCF of ~INR97b/ ~INR390b in Q4/FY25, along with moderating capex, should lead to significant FCF generation of ~INR1t in FY26-27E. We model a 14%/17% CAGR in Bharti's consolidated revenue/EBITDA (FY25-28E) driven by an expected ~15% India wireless tariff hike (Dec'25), faster home broadband growth, & continued strong double-digit growth in Africa.Varun BeveragesVarun Beverages delivered strong 1QCY24 performance with 29% […]

[ad_1] Byju Raveendran (File photo) BENGALURU: Byju’s founder, Byju Raveendran, outlined plans for what he described as a major reboot of the embattled edtech company, centred around AI-powered personalised learning and a renewed focus on mission-driven education. In a wide-ranging interview on ANI’s podcast with Smita Prakash, Raveendran addressed controversies around his leadership and financial mismanagement allegations, and said the company’s next phase, “Byju’s 3.0,” is already in development.“This is my life’s work. We are building again, this time with even more clarity,” he said, adding that core members of the original team were continuing product development “in the background,” despite ongoing insolvency proceedings in India and legal challenges abroad. The founder, who was ousted as CEO by shareholders in 2024, claimed that the company is now preparing to leverage generative AI to create “one personal tutor for every student,” […]

[ad_1] BENGALURU: India is experiencing an uptick in mid-market global capability centres (GCCs). The country witnessed over 140 greenfield GCCs come up during the past 30 months, according to data from HR consultancy firm Xpheno’s research. These GCCs initially planned for 70,000 positions, with individual centres targeting between 50 to 3,000 roles.A recent Nasscom-Zinnov report showed that India has over 480 mid-market GCCs, with 210,000 professionals employed. Mid-market GCCs are capability centres set up by mid-sized firms with annual revenue ranging from $100 million to $1 billion. They represent 27% of all GCCs and 22% of total GCC units in the country. In the last five years alone, more than 110 new facilities were established, representing approximately 35% of all new GCC units in India within this period.480+ centres, 2.1 lakh employedThis contrasts with the larger GCCs in terms of […]

[ad_1] Zoho founder Sridhar Vembu BENGALURU: Zoho founder and CEO Sridhar Vembu cautioned software professionals against assuming continued dominance in the job market, warning that emerging technologies like large language models (LLMs) and advanced development tooling could “destroy a lot of software jobs.” In a post on X, Vembu said, “The fact that software engineers get paid better than mechanical engineers or civil engineers or chemists or school teachers is not some birthright, and we cannot take that for granted, and we cannot assume it will last forever.”He reminded that even customer demand is contingent: “The fact that customers pay for our products also cannot be taken for granted.” Vembu underscored the risk of complacency, quoting Intel’s Andy Grove, “Only the paranoid survive.”Sridhar VembuThe remarks come amid a broader shift in the software industry, where rapid advancements in generative AI […]

[ad_1] NEW DELHI: Indian govt’s retaliatory move to restrict import of ready-made garments (RMG) from Bangladesh via the land route is expected to increase logistics costs and transit time for the products which account for around a third of shipments from India’s neighbour in the east.While it takes only two-three days for apparel produced in Bangladesh to move through land borders, now the transit time is going to be longer, depending on how long it takes for ships to sail to Kolkata and Nhava Sheva (Mumbai), the two designated ports, and clear customs before taking the land route to reach Indian warehouses.Bangladesh enjoys massive cost advantage“The decision can hit Bangladesh apparel exports to India in multiple ways, particularly when a substantial proportion of apparel import into India is through land ports, 76% from Petrapole land port alone,” said Mithileshwar Thakur, […]

[ad_1] NEW DELHI: India and the European Union have concluded the 11th round of negotiations on their proposed Free Trade Agreement (FTA), reportedly agreeing to pursue a two-stage approach to finalise the deal, an official source, quoted by news agency PTI confirmed on Sunday."The 11th round of talks concluded on May 16," the official said, quoted by news agency PTI. This comes amid rising global trade uncertainties, particularly in light of US tariff policies under President Donald Trump. In response, both sides have opted for a phased strategy, similar to India's previous trade pacts with Australia and ongoing discussions with the US.Negotiators focused on key areas such as market access for goods, services, and investment. Commerce Secretary Sunil Barthwal had earlier explained the rationale behind the phased approach, saying, "If some of the issues which may not be very core […]

[ad_1] NEW DELHI: Tata Steel aims to cut costs by Rs 11,500 crore across its global operations over the next 12–18 months, focusing on controllable expenses, Executive Director and CFO Koushik Chatterjee said during a post-earnings analyst call.Building on structural cost savings of Rs 6,600 crore achieved in FY25, the company is intensifying its cost transformation drive. The measures so far have included fixed cost rationalisation, manufacturing efficiency gains, raw material optimisation, procurement enhancements, and overhead reductions.“Looking ahead to FY2026, our focus continues to be on controllable factors, and we are targeting further cost takeouts of almost Rs 11,500 crore—roughly about $1.3 billion—across geographies,” Chatterjee said, as quoted by news agency PTI.The push for leaner operations comes as Tata Steel expands its Kalinganagar plant and advances its transition to greener steelmaking in the UK and the Netherlands, both of which […]