Indices tumble nearly 1% on selling in IT, auto stocks
The 30-share BSE Sensex tanked 689.81 points or 0.83 per cent to settle at 82,500.47. During the day, it fell 748.03 points or 0.89 per cent to 82,442.25. As many as 2,450 stocks declined while 1,557 advanced and 158 remained unchanged on the BSE. Similarly, the 50-share NSE Nifty dropped 205.40 points or 0.81 per cent to 25,149.85. On the weekly front, the BSE benchmark dropped 932.42 points or 1.11 per cent, and the Nifty tanked 311.15 points or 1.22 per cent.
'While weak European market cues and negative US Dow Futures weighed on sentiment, the disappointing start to earnings season by software major TCS cautioned investors about the sluggish global demand scenario that led to heavy selling in IT, telecom, auto, realty and oil & gas stocks,' Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.
From the Sensex firms, Tata Consultancy Services declined 3.46 per cent after reporting its June quarter earnings. The country's largest IT services company on Thursday reported a 6 per cent growth in June quarter net profit at Rs 12,760 crore, helped by a jump in non-core income even as revenues grew at a tepid pace. The rupee revenue grew 1.3 per cent to Rs 63,437 crore during the quarter.
Still, it was down by over 3 per cent on a constant currency basis, as the company faced headwinds in its major markets amid a winding down of the BSNL deal, which helped it in recent quarters. Mahindra & Mahindra, Bharti Airtel, Tata Motors, Titan, HCL Tech, Bajaj Finance, Reliance Industries, Trent, Infosys and HDFC Bank were among the other major laggards from the pack.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
15 minutes ago
- Economic Times
In 2019, Rs 50K was gold and now it can't pay rent: CA explains why most are struggling, not 'surviving' in urban cities
Synopsis Chartered Accountant Nitin Kaushik has warned that in 2025, earning less than Rs 50,000 a month in metros like Bengaluru, Mumbai, or Pune means barely covering basic expenses. He says rent alone swallows 40-60% of income, with essentials and lifestyle costs doubling in three years. Bengaluru's prime-area rents have surged up to 100% since 2022. Kaushik estimates singles need Rs 20-30 lakh annually for comfort, families Rs 40-50 lakh. Even Rs 1 lakh earners struggle, prompting his call for upskilling, smart budgeting, and early investment. TIL Creatives Representative AI Image Living in India's largest cities has become a battle to stay afloat. Chartered Accountant Nitin Kaushik says that in 2025, a monthly income below Rs 50,000 in Bengaluru, Mumbai, or Pune means 'barely breaking even' rather than on X, he warned that rents alone consume 40-60% of many urban salaries. Add transport, food, and utilities, and there is little left over. 'Living in a metro today without a strong salary equals financial pressure 24x7,' Kaushik wrote. — Finance_Bareek (@Finance_Bareek) Bengaluru, long considered India's tech capital, has seen one of the sharpest rent hikes. Kaushik pointed out that in prime neighbourhoods, one-bedroom flats that cost around Rs 18,000 a month in early 2022 now exceed Rs 30,000. That is an increase of 70-100%.He linked the rise to several factors — the return to office after COVID, a wave of job relocations, and growing real estate demand from NRIs and investors. Kaushik also highlighted that the price of essentials such as food, energy, and transport has stayed high. Combined with lifestyle spending, this has made metro living nearly twice as expensive as it was just three years ago. For those hoping to live comfortably, Kaushik estimates that in 2025, a single person in Bengaluru would need a CTC of Rs 20-30 lakh a year. For a family with one child, that figure rises to Rs 40-50 lakh, which he says would cover good housing, schooling, leisure, and savings. Kaushik warned that even households earning Rs 1 lakh a month are often stuck living paycheck to paycheck due to lifestyle expenses. His advice is direct: upskill to increase income, manage rent and commuting costs, start investing early, and look beyond headline salaries to focus on take-home pay after adjusting for living summed up the shift bluntly: 'Your Rs 50K/month in 2019 was gold. In 2025, it barely pays rent.'
Economic Times
15 minutes ago
- Economic Times
Supreme Court reserves verdict on JSW Steel's Rs 19,700 crore resolution plan for Bhushan Power
Synopsis The Supreme Court has reserved its verdict on JSW Steel's resolution plan for Bhushan Power and Steel. Key issues include the allocation of earnings generated during the resolution period and JSW's compliance with the plan. Former promoters challenged JSW's actions, while the creditors seek additional funds. The Solicitor General criticized the former promoters, alleging significant financial misconduct. iStock The Supreme Court on Monday reserved its verdict on a batch of pleas related to JSW Steel's Rs 19,700-crore resolution plan for debt-ridden Bhushan Power and Steel Limited (BPSL). A special bench comprising Chief Justice B R Gavai and Justices Satish Chandra Sharma and K Vinod Chandran heard arguments from Solicitor General Tushar Mehta for the committee of creditors (CoC), senior advocate Neeraj Kishan Kaul for JSW Steel, and senior advocate Dhruv Mehta for the former promoters before reserving the verdict. As many as five pleas were heard afresh after the CJI-led bench, on July 31, recalled its May 2 verdict that had directed liquidation of BPSL and set aside JSW's resolution plan, criticising the conduct of the CoC, the resolution professional, and the National Company Law Tribunal (NCLT) for what it termed a "flagrant violation" of the Insolvency and Bankruptcy Code (IBC). One of the key issues was whether earnings before interest, tax, depreciation, and amortisation (EBITDA) generated during the resolution period should go to the creditors or remain with the company. The CoC is seeking Rs 3,569 crore in EBITDA and Rs 2,500 crore in delay-related interest. Kaul, representing JSW, the successful resolution applicant, said neither the request for resolution plan (RFRP) nor the resolution plan itself mandated sharing EBITDA with creditors. He said JSW bid for BPSL on an "as is, where is" basis, accepting both its losses and profits, and that the delay in plan implementation was due to the ED's asset attachment, which was lifted only in December 2024. Dhruv Mehta, appearing for the former promoters, challenged JSW's compliance with the resolution plan and defended their right to participate in the proceedings, citing their role as personal guarantors. He alleged that JSW failed to inject the promised working capital and accused the company of benefitting from rising steel prices before implementing the plan. He also contended that the CoC's powers do not extend beyond plan approval by the NCLT and that disputes over non-compliance should be taken back to the tribunal. The solicitor general Mehta described the former promoters as having "brought the company to dust" and called this "one of the worst cases of siphoning" he had seen. He maintained that the CoC's claims over EBITDA and delay interest were justified and that the body remained a legal entity until the Supreme Court's final decision under Section 62 of the IBC. Earlier on August 8, the COC had opposed the plea by former promoters by questioning the maintainability. A bench headed by former top court judge Bela M Trivedi on May 2 ordered liquidation of BPSL while setting aside a resolution plan of JSW Steel Limited for the ailing firm. PTI
India Today
27 minutes ago
- India Today
India's R&D deficit: Just where are the scientists?
(NOTE: This article was originally published in the India Today issue dated August 18, 2025)Nobel laureates and physicists Duncan Haldane and David Gross have just pointed out a huge mismatch: India has the talent, but is not benefitting because there's not enough funds for scientific research. Speaking at the Quantum India Summit in Bengaluru on July 31, Gross, who chairs an advisory board at the International Centre for Theoretical Sciences here, says India's lack of investment in R&D doesn't bode GDP is up, but its contribution to 'investments to the future', which will drive new technologies and industries, is low. In 2009, India's R&D spend was 0.84 per cent of GDP; it fell to 0.64 per cent by 2021 and is estimated to be 0.7 per cent in 2025. This is much less than what the US (3.5 per cent) and China (2.4 per cent) Rs 1 lakh crore Research Development and Innovation (RDI) fund, announced in this year's budget, should help. It will be operationalised this year, with Rs 20,000 crore already allocated. The Anusandhan National Research Foundation, launched last year, also has a fund, but will primarily invest in academic research and research labs. The RDI fund is meant for private sector R&D, with its Deep Tech Fund 1.0 focusing on strategic autonomy in critical sectors like clean energy and advanced materials. Last year, India was ranked 39th in the Global Innovation Index of 133 countries, up one spot from 2023. The number of full-time equivalent (FTE) researchers per million people in India is 255, abysmal when compared to the USA (4,452), China (1,307), Korea (7,980), and far below the global average of 1,198. The trend of fewer FTE researchers and minimal spends points to an underlying crisis in the R&D sector. As one researcher at the summit put it: 'Cutting-edge research is so fast; if we lose the first few years [due to cost-cutting], we are behind our colleagues abroad already.'Subscribe to India Today Magazine- EndsMust Watch
