Infosys co-founder N R Narayana Murthy stirred a storm on X when he said young people should work 70 hours a week to level up the country’s productivity. In a conversation with former Infosys CFO Mohandas Pai in the inaugural episode of 3one4 Capital’s podcast ‘The Record,’ Murthy said that youngsters should put extra hours at work to compete with leading economies. “India’s work productivity is one of the lowest in the world. Unless we improve our work productivity…we will not be able to compete with those countries that have made tremendous progress,” he said, comparing India with China, Japan and Germany.
Posts tagged Rediff
Reliance Industries net profit jumps 27% in Q2 (27-10-2023)
Reliance Industries Ltd on Friday reported a 27 per cent jump in its September quarter net profit as earnings from the oil and gas business rebounded, and a pick-up in fashion and grocery helped boost retail revenues. The oil-to-retail-to-telecom conglomerate’s consolidated net profit of Rs 17,394 crore, or Rs 25.71 per share, in July-September – the second quarter of the current 2023-24 fiscal – was 27.3 per cent higher than Rs 13,656 crore, or Rs 19.92 a share, earning a year back, the company said in a statement. The net profit was also higher quarter-on-quarter compared to Rs 16,011 crore earnings in the preceding three months ended June 30.
Tatas to be India’s first homegrown iPhone maker (27-10-2023)
Tata Group is set to become India’s first homegrown iPhone maker after Taiwan’s Wistron Group agreed to sell a plant in Bengaluru to India’s largest conglomerate. Wistron’s board approved the sale of Wistron InfoComm Manufacturing (India) Private Ltd to Tata Electronics for $125 million, the Taiwanese electronics manufacturer said in a statement on Friday. The unit operates an iPhone assembly plant near Bengaluru.
Forex reserves decline by $2.36 bn to $583.53 bn (27-10-2023)
India’s forex reserves declined by $2.36 billion to $583.53 billion during the week ended October 20, according to the Reserve Bank of India data. In the previous reporting week, the overall reserves had increased by $1.15 billion to $585.89 billion. In October 2021, the country’s forex kitty reached an all-time high of $645 billion.
India will lead the world on 6G: Modi (27-10-2023)
Prime Minister Narendra Modi, speaking at the India Mobile Congress in New Delhi on Friday reeled out statistics to show how India has turned into an exporter of mobile phones from being an importer and how big tech companies — from Apple to Google — are lining up to become manufacturers in the country. He said after the fastest rollout of 5G mobile telephony services, India will lead the world on 6G. Recalling the launch of 5G technology in the country on October 1, 2022, he remarked that within a year there are about 5 lakh 5G base stations across the country.
Sensex ends up 635 pts on buying in auto, IT stocks (27-10-2023)
Equity benchmark indices Sensex and Nifty on Friday reversed their six-session losing streak and rebounded more than 1 per cent on value buying in auto, IT, financial and energy stocks. Better than expected quarterly financial results of corporates also boosted investor sentiments even as uncertainties persisted over the escalating tensions in the Middle East, according to analysts. In a largely range-bound trade, the 30-share BSE Sensex rose 634.65 points or 1.01 per cent to settle at 63,782.80 points.
Chemical stocks may underperform; brokerages cautious (27-10-2023)
Since their highs in September, chemical stocks have underperformed the benchmarks and broader indices over the past month with larger players witnessing a 9-22 per cent fall during this period. Expectations of weak September quarter results amid high inventory, demand woes and weak realisations have led to the underperformance.
E-com: Govt starts hackathon to fight dark patterns (27-10-2023)
The government is inviting hackers to craft solutions to protect consumers from the menace of dark patterns. The Department of Consumer Affairs (DoCA) on Thursday launched the Dark Patterns Buster Hackathon 2023 in collaboration with IIT-BHU to help develop a design and prototype innovative app or software-based solutions that can identify if an e-commerce website is using one or more dark patterns. Although there is no law governing the use of dark patterns, they contribute to unfair trade practices and can be classified as a violation of consumer rights, said Nidhi Khare, special secretary with DoCA.
Retail onion price up 57%; govt to sell buffer stock (27-10-2023)
As all-India average retail onion price shoots up by 57 per cent to Rs 47 per kg, the Centre on Friday decided to step up the sale of buffer onion at a subsidised rate of Rs 25 per kg in retail markets in order to provide relief to consumers. The all-India average retail price of onion rose to Rs 47 per kg on Friday, from Rs 30 per kg in the year-ago period, as per the data maintained by the consumer affairs ministry. In the national capital, retail price of onion was at Rs 40/kg on Friday as against Rs 30/kg in the year-ago period, the data showed.
Ambani scions get seats on Reliance board (27-10-2023)
Shareholders have given approval to the appointment of Ambani scions Akash, Isha and Anant on board of Reliance Industries, the company said in a stock exchange filing.