Wipro yet to decide on salary hikes, cites weak demand environment
Indian IT services companies have been cautious with salary revisions and payment of variable components due to uncertain business conditions, accentuated by the tariff war and geopolitical upheavals. Tata Consultancy Services (TCS) has yet to provide salary increments to its more than 600,000 employees and is uncertain about doing so this fiscal—a rare move for the company.
The company's total headcount dropped by 114 to 233,232 as of 30 June, as softness in hiring continued due to a weak macroeconomic environment, project uncertainties and slower ramp-up of engagements.
Voluntary attrition inched up sequentially to 15.1 per cent, rising 100 basis points from 14.1 per cent a year earlier. Utilisation, excluding trainees, stood at 85 per cent.
Govil added that attrition is expected to come down and still remains within a comfortable range. 'There are certain pockets of high attrition which include high and niche skills, GCCs and start-ups. We are doing everything we can to contain it.'
The company said it added about 10,000–12,000 engineers from colleges last fiscal. However, it declined to comment on hiring targets for the current fiscal, as most companies remain cautious. 'It will be based on demand and the macro environment,' Govil said.

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Mint
14 minutes ago
- Mint
Nayara Energy mulls legal recourse on EU sanctions, reiterates investment commitment
New Delhi: Caught in the crosshairs of Western sanctions, Rosneft-backed Nayara Energy has hit back at the European Union's (EU) move to blacklist its Vadinar refinery in Gujarat, calling the action baseless, unilateral and a breach of international law. In a statement on Monday, the company said it is actively exploring all legal options and that it will counter the EU's decision, which it claims undermines India's sovereignty and disregards global norms. Contesting the sanctions, Nayara reiterated its deep commitment to India's energy security and long-term growth, announcing plans to invest over ₹ 70,000 crore in the long term across petrochemicals, ethanol plants, marketing infrastructure expansion, among other projects. The company, which operates India's second-largest single-site refinery and contributes 8% of the country's refining capacity, emphazised that its operations fully comply with Indian laws. "We categorically state that this unilateral move by the European Union is founded on baseless assertions, representing an undue extension of authority that ignores both international law and the sovereignty of India," the company said. Nayara Energy, which operates the 20 million tonne refinery in Vadinar, said it remains committed to India's growth story and has invested over ₹ 14,000 crores since August 2017 in various projects in India, including upgrading existing refining facilities, investing in a new petrochemical plant, and other new infrastructure projects. 'Nayara Energy will continue to invest over ₹ 70,000 crore in the long term towards petrochemicals, ethanol plants, marketing infrastructure expansion and refinery reliability including ESG projects,' the statement said. 'We are equally committed to community development, with an annual CSR budget of ₹ 200 crore dedicated to meeting the diverse needs of the communities we serve.' Outlining its operations in India, Nayara said its operations are closely aligned with India's national priorities, as it contributes around 8% to the country's total refining capacity, 7% of India's retail petrol pump network and about 8% of polypropylene capacity. It also employs over 55,000 direct and indirect employees across the country. "Our ongoing investments in domestic infrastructure, job creation, with continued investments in petrochemicals and retail network expansion underscores our unwavering commitment to the growing Indian market and to advancing the country's ambition of achieving energy self-sufficiency," Nayara Energy said. The company said since August 2017, it has contributed over ₹ 2.5 lakh crore in cumulative direct and indirect taxes in India. In August 2017, Rosneft closed the strategic transaction for the acquisition of 49.13% of shares of Essar Oil Ltd from Essar Energy Holdings Ltd (EOL) and its affiliates, and in 2018 rebranded it as Nayara Energy. Moscow-headquartered Rosneft Oil Co. had on Sunday described the EU's sanction on Nayara Energy's refinery in Gujarat as 'unjustified and illegal'. Rosneft had said it is not a controlling shareholder of Nayara Energy, as the company's share in the authorized capital of the enterprise is less than 50%, and the Indian enterprise is managed by an independent board of directors. On Friday, in an attempt to target Russia's ability to raise revenues from its oil and energy sector as it wages a prolonged war with Ukraine, the EU unveiled sanctions on Nayara's Vadinar refinery and also lowered the price cap on Russian oil by 15% to $47.6 a barrel from $60. Among other steps, it also imposed sanctions on 'shadow fleet ships' that are largely used for moving crude oil from Russia. Nayara Energy flayed the EU for adopting double-standards. "While many European countries continue to import Russian energy through various sources, they take a high moral ground by chastising and sanctioning an Indian asset for processing Russian crude largely used by its domestic population of 1.4 billion Indians and businesses," the company said. Following the EU's move, Randhir Jaiswal, spokesperson of the ministry of external affairs (MEA), said in a statement late Friday that India does not subscribe to any unilateral sanction measures. 'We are a responsible actor and remain fully committed to our legal obligations,' the spokesperson said. The MEA spokesperson said the Indian government considers the provision of energy security a responsibility of paramount importance to meet the basic needs of its citizens. "We would stress that there should be no double standards, especially when it comes to energy trade," Jaiswal added.
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Business Standard
14 minutes ago
- Business Standard
Operation Sindoor to come up for discussion next week in Parliament
The government on Monday agreed to have a discussion on Operation Sindoor in the two Houses of Parliament, and it is likely to take place next week after Prime Minister (PM) Narendra Modi returns from his visits to the United Kingdom (UK) and Maldives. Modi is scheduled to be in the UK on July 23-24 and in Maldives on July 25-26. Indications that the government was prepared to have a discussion on Operation Sindoor came in the morning in the PM's customary remarks before the start of the session. He described Parliament's monsoon session as a 'Vijay Utsav' and expressed confidence that members of Parliament (MPs) would articulate this sentiment in one voice. 'This monsoon session is a very proud session for the country. It is like a 'Vijay Utsav' (celebration of victory) for the nation. The world witnessed the capability of armed forces. They achieved their targets 100 per cent,' the PM said in a reference to Operation Sindoor. Alluding to astronaut Shubhanshu Shukla becoming the first Indian to set foot on the facility, the PM said the Indian flag was recently unfurled at the International Space Station. He also spoke of the 'shrinking footprint of Naxalism' and that the red zone was turning into a green-growth zone, which, he said, was evidence that the Constitution was prevailing over bombs and guns. Modi spoke of the bountiful monsoon helping economic activities. He said water reservoir levels had trebled in the past 10 years, which would benefit the economy. The PM said prior to 2014, India grappled with double-digit inflation. 'Today, with inflation rates hovering around 2 per cent, citizens are experiencing relief and improved ease of living. Low inflation, coupled with high growth, reflects a strong and steady development journey,' he said. Parties in the INDIA bloc have demanded the PM address Parliament on Operation Sindoor and also clarify American President Donald Trump's claims that he got India and Pakistan to end hostilities. In his pre-session remarks Modi lauded the multiparty delegations, which comprised MPs from different parties, which visited various parts of the world to convey India's position post-Operation Sindoor. Later in the day, at a meeting of the Business Advisory Committee (BAC) of the Lok Sabha, government representatives noted the PM was going abroad this week, and a debate on Operation Sindoor would take place when he was present in the House next week. Some Opposition members also called for a debate on the Special Intensive Revision of electoral rolls in Bihar and the situation in Manipur. With the impasse continuing, the Lower House was adjourned for the day as protesting Opposition members disrupted proceedings. Congress MP Gaurav Gogoi criticised the government for not including the Opposition's demand for a discussion on the Pahalgam terror attack and Operation Sindoor in this week's agenda.


News18
18 minutes ago
- News18
Indias share in US imports increasing in electronics, agri, textiles: Official
Agency: PTI Last Updated: New Delhi, Jul 21 (PTI) The restructuring of tariffs by the US has led to a shift in the list of key product suppliers to the American market, with India emerging as one of the beneficiaries at the expense of China and Canada, an official said on Monday. As per an analysis, India's share in the USA's electronics exports has increased to 7.2 per cent to 3.5 per cent year-on-year in May, while China's share dipped to 11 per cent from 22 per cent during the same period. Within electronics the growth for India was led by smartphones and solar cells. Overall electronics exports in April-June were up 47 per cent to USD 12.41 billion. Similarly, China's share in textiles exports to the US fell from 27 per cent to 14 per cent, at a time when India's share in the US textiles' import market grew from 9 per cent to 12 per cent and Vietnam's share grew from 14 per cent to 18 per cent. In the agriculture and marine products sector, China's share to America has dipped from 3.5 per cent to 1.5 per cent, and despite no overlap in export commodities, India's share has grown from 1.7 per cent to 2.2 per cent. Indonesia and Vietnam ended up grabbing a portion of China's space in agriculture exports to the US. The official also said that in the first quarter of 2025-26, India, Mexico and the European Union (EU) have witnessed a positive growth in exports to the US, while China has seen the sharpest fall in exports to the US among G20 countries (around 5 per cent), followed by Canada and many other countries. China's exports to the US have suffered as it has faced the highest tariffs among major exporters to America. Even after the agreement between the US and China the tariffs on China stay at 55 per cent. On the other hand, Indian goods attract an additional 10 per cent duty in the US markets. Besides, there is 50 per cent duty on steel and aluminium, and 25 per cent on auto and auto parts. According to experts, these high sector duties may have implications for India. As steel and aluminum have 50 per cent additional duties, the domestic steel prices in the US are 40 per cent more than international prices. This high price and tariff uncertainty has resulted in fall in order inflow. Another sector that has suffered due to tariff uncertainty is chemicals. India's share of US import of chemicals has come down to 3.5 per cent from 4.4 per cent between May 2024 and May 2025. As pharma tariffs have been left untouched so far, India is maintaining its share in the US market. India maintains 40 per cent share of the US generic drugs imports. US President Donald Trump has threatened 200 per cent duties on pharma but India is expected to maintain its share as its products are 30 per cent to 80 per cent cheaper than the competition. PTI RR TRB view comments First Published: July 21, 2025, 21:45 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.