Business News Highlights: Stock Market Closes Higher, Sensex About 100 Points Up, Nifty Over 22,350
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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 To Launch In-Flight Entertainment Via App On Trial Basis
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.
NCLT Adjourns Hearing In Byju’s Rights Issue Case To June 6
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.
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