India's EV reality check, TCS layoffs heat up, and a $1.5 billion rejection
Life with an electric car is very different. No one's going to rush in with a giant battery to bail you out, at least not yet. There is HopCharge, a startup that'll come to your location (in five cities) and charge your car. But when things go wrong with an electric vehicle (EV), they can go really wrong.
In my 3,000-km experience, I've encountered vandalized chargers, roadside hawkers refusing to move from charging spots, cars wrongly parked at EV stations, so-called 'fast' chargers working at snail's pace, glitchy mobile apps, and non-existent customer support.
If you're buying an EV, a home charger isn't just useful, it's essential. And if you're thinking of long road trips, even the most enthusiastic EV owner should think twice about relying solely on public chargers for a 400-km journey.
This is the story of India's EV infrastructure, and the critical loopholes that need plugging before electric vehicles can truly go mainstream.
On 27 July, Tata Consultancy Services, India's largest mass tech recruiter, announced that it would lay off about 2% of its global workforce. But as Mint's Jas Bardia and Varun Sood report, insiders have flagged several inconsistencies in how the process has played out.
One big question: what exactly do these layoffs achieve? During a leadership meeting with CEO K Krithivasan, business heads were instructed to tell impacted employees that this isn't about profits, it's about 'restructuring' to enable future growth.
But someone ran the numbers. If the average salary of those laid off (mostly mid- and senior-level staff) is ₹ 25 lakh per year, letting go of 12,000 employees would save about ₹ 3,000 crore. That's just 6.7% of the ₹ 45,000 crore TCS paid out in dividends in FY24. So, was there another way to manage this?
Soon after Operation Sindoor, the Ministry of Defence allocated a $4.5 billion emergency fund to the Army, Navy, and Air Force for procuring critical defence technologies that India currently lacks.
One top contender: a compact, lightweight combat drone that can be launched from almost anywhere, functions without GPS, and operates even in network-jammed environments. The Indian Air Force is particularly keen on this drone, with the deal reportedly finalized in principle and awaiting official sign-off.
That's not all. India is also in the market for uninterrupted, high-resolution satellite surveillance data. While India's own SBS-3 programme aims to address this gap, existing surveillance satellites still fall short in both resolution and refresh rates.
To bridge the gap, the Centre is eyeing foreign partners for round-the-clock, ultra-high-resolution data that could dramatically improve India's real-time intelligence capabilities.
Read the full scoop on what's coming next for India's defence tech.
India's police satellite network, PolNet, first launched in 2002, is long overdue a revamp. And now, a mix of domestic giants and global players, including Adani and Tata group subsidiaries, Navratna PSU Bharat Electronics, and Cisco, are vying to modernize it.
PolNet currently relies on ageing satellite tech. The government's new plan involves bringing in modern, low-earth orbit (LEO) satellites—à la Starlink—for better last-mile connectivity.
But despite several extensions and interest from top vendors, the upgrade is stuck in limbo. At stake are contracts worth hundreds of crores. Who will win the race to modernize PolNet?
Mint's Jatin Grover investigates.
A JPMorgan note suggests that Apple could launch its first foldable iPhone next year, priced at around $2,000. The announcement can't come soon enough: after a strong quarter that beat analyst expectations, Apple's stock rose 3.5%—only to dip again by 6% in the days that followed. With AI seen as its Achilles' heel, can a sleek, foldable device revive Apple's innovation image?
And finally, meet Andrew Tulloch, the AI engineer who reportedly turned down a $1.5 billion (yes, billion) offer from Meta to rejoin the company. Tulloch, who spent nearly 12 years at Meta before joining OpenAI and later Mira Murati's new venture, Thinking Machines Lab, is now at the heart of Silicon Valley's most aggressive talent war. Zuckerberg, sources say, still hasn't given up.
Transformer by Mint is your weekly lens into the biggest shifts in India's technology landscape. From boardroom battles and AI breakthroughs to defence tech and electric cars, we track the innovations shaping your future.
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Economic Times
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They may also associate spending with a weaker psychological response to stress and depression, and prefer to pursue other dopamine-inducing activities over mindless spending or shopping to address boredom or do we know whether our relationship with spending is healthy and positive? We can examine how we make expenditure decisions and become aware of our attitude towards spending. Then it may be possible to align it with our income and wealth, and see if we are overdoing it or grossly underspending and living in uncalled-for misery. Change your perspective First, identify whether the absolute amount is the deterrent. Stopping ourselves every time we look at the price label; scrolling through discount deals, but emptying the cart after hours of careful selection because we dislike the total; making multiple trips to buy a simple object that we may finally not buy at all—such habits indicate we are, perhaps, too price-sensitive. We may be put off by spending because the money involved seems too much. Anchoring the spending to another number— income, wealth or savings—may offer perspective. If we allocate a small fraction of the value of our house to its annual upkeep and maintenance, spending on repairs, painting, and replacement might become check if the opportunity cost comparison is realistic and true. We may have the following rationales operating in our mind: Instead of spending on eating out, we can make the same thing at home. Why go on a foreign holiday when our own villages are so charming? Every expenditure has an alternative. Make a reality check whether you really went to a village or perfected a replicating recipe at home. If these alternatives are fictional, you are only making identify whether your forced frugality invokes shame and guilt. You may be making a lifestyle compromise by trying to be someone you are not happy being. 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Time of India
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Are you very frugal when it comes to spending? These signs could mean you're over-saving but under-living your life
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They won't eat out, travel, or spend time with friends and family in activities that involve spending. Some constantly check their bank accounts, statements and summaries, working themselves up over the smallest charge or withdrawal that they are unable to recollect or reconcile. Some just refuse to own debit or credit cards, fearing these may lead to excessive spending . They also almost never borrow any money and keep accounts with even their spouses, siblings and emotions related to money are more common than we believe. Many psychologists associate fear of spending with childhood trauma. Suffering from severe debt, hunger and poverty, seeing parents frequently quarrel over finances, witnessing or experiencing violence and abuse with respect to money, living through shocks and life events that diminish one's monetary status in a sudden turn of events can all stoke the fear of spending. 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They may also associate spending with a weaker psychological response to stress and depression, and prefer to pursue other dopamine-inducing activities over mindless spending or shopping to address boredom or do we know whether our relationship with spending is healthy and positive? We can examine how we make expenditure decisions and become aware of our attitude towards spending. Then it may be possible to align it with our income and wealth, and see if we are overdoing it or grossly underspending and living in uncalled-for identify whether the absolute amount is the deterrent. Stopping ourselves every time we look at the price label; scrolling through discount deals, but emptying the cart after hours of careful selection because we dislike the total; making multiple trips to buy a simple object that we may finally not buy at all—such habits indicate we are, perhaps, too price-sensitive. We may be put off by spending because the money involved seems too much. 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Do you hesitate to return dinner invitations to those who invited you? Do you jump in at any chance that doesn't require spending? You may be indulging in clever ploys to not spend, oblivious that others are noticing and have already figured out that you don't like to spend. It takes a close friend or relative to tell you this, if at all. Self-awareness is even wisdom requires awareness of your money personality. Run a check on your spending habits to know if you are in balance.
Mint
an hour ago
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Buckle up, the ride may get rough, says market survey
Souring US-India trade ties have turned up the scrutiny on Indian stocks already witnessing high valuations, weak earnings, and periodic selling by foreign investors. Investors are now scrambling for some crucial answers: Will there be some respite from volatility anytime soon? What is the market's expectation from a trade deal with the US? Will earnings downgrades continue? And finally, is there any glimmer of hope of a broader turnaround? To gauge the market's pulse, we surveyed 34 investment professionals—analysts, economists, research heads, and fund managers—between 25 and 30 July. Their verdict: Brace for more uncertainty, as a US-India trade deal might end up rattling the markets. This is the fourth in a new Mint series of quarterly market surveys, the first of which was held ahead of Diwali in October 2024, the second in February after the Union Budget and the last one in April. Also read: NSDL IPO: Reasonable valuation, strong moat, and room to reclaim growth Trade jitters Most experts (77%) agreed that while geopolitical risks have certainly reduced over the June quarter, key developments like the US-India trade deal might still negatively surprise markets. Around 9%, including Prashanth Tapse, senior vice-president at Mehta Equities, strongly believe that the market is heading into increasingly choppy waters. On a more concerning note, experts were unclear as to what extent the market has priced in such uncertainties - meaning chances of shocks remain high. The market's knee-jerk sell-off on 31 July after higher-than-expected US tariffs and a new penalty exemplifies such concerns. Narendra Solanki, head of fundamental research at Anand Rathi Shares and Stock Brokers' investment services vertical, noted that the risk of higher duties against India relative to its Asian peers, after a US-India trade deal, will keep markets on the edge for now. However, most experts (76%) were also optimistic that India would be able to strike a balanced trade deal with the US, with only 3% fearing a detrimental outcome. 'We expect the US-India trade deal to lead to a largely balanced outcome, with mutual gains across sectors," Ajit Mishra, senior vice-president of research at Religare Broking said. 'Given the strategic nature of the partnership, the deal is unlikely to be overly one-sided." But a latest Emkay Global Financial Services report suggests that India's Russian energy and defence purchases could further muddle trade talks. So far, negotiations have stalled over India's refusal to allow large-scale US agri and dairy imports to protect domestic jobs. However, the unfolding situation after the sixth round of India-US bilateral trade agreement talks, set for late August in India with US counterparts, will be crucial. Irrespective of the deal outcome, though, rising hostility between the two nations is raising doubts over India's status as a geopolitical safe haven, noted a recent CLSA report. 'At a time when India remains one the most expensive markets in the world, despite facing incessant earning cuts, this may make it more difficult to attract FPI inflow," the report said. Also read: Are Indian businesses headed for a David vs Goliath showdown? FPI exodus Experts in the survey noted that while India's structural story remains intact, elevated US treasury yields, global uncertainty and high domestic valuations are keeping foreign portfolio investors (FPI) at bay. They turned net sellers again in July, with equity outflows worth over ₹17,741 crore till July 30. Around 35% of respondents, including those from Axis Securities, Geojit Financial, Ventura, and Mira Money, think foreign capital will re-enter Indian markets by the third quarter of FY26, once global interest rate concerns ease and corporate earnings show broader recovery. 'While Q3 could mark an inflection point, it's possible that the positives, especially earnings recovery and (an) emerging markets risk-on mood, may take a bit longer to fully play out, pushing broader re-entry into late FY26," Saurabh Rungta, CIO at Avendus Wealth Management said. But half of the lot also seemed more optimistic. They think FPIs will continue to buy Indian equities cautiously and selectively, primarily in sectors benefiting from specific policy initiatives or global trends. Earnings divide Experts were similarly split on earnings cut expectations this earnings season. While 47% felt earnings downgrades will slightly outpace upgrades, based on Q1 results reported so far, an equal number of respondents said downgrades have bottomed out at current levels as earnings will likely pick up from the second half of FY26. 'Nifty 50 companies are expected to grow earnings by only 4–7% in Q1 vs full-year (FY26) estimates of 10–12%," Gaurav Garg, analyst at Lemonn Markets Desk said. 'We expect corporate revenue growth to remain muted in FY26 as nominal GDP growth is expected to cool to a six-year low of 9%." At this juncture, almost 79% of experts are betting that despite signs of an earnings slowdown across India Inc. some sectors will stand out in Q1. Siddhartha Khemka, head of research at Motilal Oswal Financial Services' wealth management division, expects oil and gas, telecom, lending-oriented non-banking financial companies (NBFC), public sector banks, pharmaceuticals and healthcare sectors to anchor earnings growth in an overall muted June quarter. There was also consensus around cement, select auto and auto-ancillaries, agriculture and chemicals sectors outperforming in the June quarter. But these trends are unlikely to trigger a broader rebound anytime soon. In Q1, market performance broadly met expectations, a sentiment shared by 68% respondents. Looking ahead, around half of those surveyed anticipate a range-bound movement in the upcoming quarter, while the others express either caution or moderate bullishness. IPO hope Amid this lull in the secondary market, a fraction of experts (6%) bets that the recent momentum in the IPO space, especially from quality issues, might gradually lift overall market sentiment. However, the majority (76%) believes that while IPOs might offer some hope, a sustained revival will require more consistent FPI inflows and clear signs of earnings recovery in the broader economy. 'A vibrant IPO market is a positive sign of capital formation and business confidence for the issuing companies. However, its ability to genuinely revive broader investor interest and confidence in the secondary markets is likely to be limited and indirect in the near term," Dhiraj Relli, MD and CEO of HDFC Securities said.
