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Economic Times
15 hours ago
- Economic Times
TCS to cut 2% of workforce, affecting around 12,000 jobs
Reuters India's largest IT exporter, Tata Consultancy Services (TCS), has decided to lay off around 2% of its workforce, or roughly over 12,000 employees, over the year as macro uncertainties and AI-led technology disruptions continue to hit business of June end, the Mumbai-headquartered Tata subsidiary employed a workforce of 613,069. 'TCS is on a journey to become a future-ready organisation… As part of this journey, we will also be releasing associates from the organisation whose deployment may not be feasible. This will impact about 2% of our global workforce, primarily in the middle and the senior grades, over the course of the year,' the IT giant said in a statement to ET. 'This transition is being planned with due care to ensure there is no impact on service delivery to our clients… We understand that this is a challenging time for our colleagues likely to be affected. We thank them for their service and we will be making all efforts to provide appropriate benefits, outplacement, counselling, and support as they transition to new opportunities,' the company affected employees will receive payments for their notice periods along with an additional severance package. TCS will also look to extend insurance benefits and offer outplacement opportunities for the impacted layoff decision comes days after several TCS employees filed legal complaints against the company's recently tweaked employee bench policy, which allows employees only 35 annual days without being deployed on a project and to maintain at least 225 billable days software services companies, with a cumulative revenue of over $283 billion, are among the largest private sector employers, with TCS being the Friday, ET reported that job additions at the top six IT majors saw a decline of over 72% with a mere 3,847 employee additions in the April-June quarter, a drop from 13,935 people who were hired by the six firms in the March also stated it is making strategic initiatives on multiple fronts, including investing in new-tech areas, entering new markets, deploying AI at scale for our clients and ourselves, deepening our partnerships, creating next-gen infrastructure and realigning our workforce this, a number of reskilling and redeployment initiatives have been underway. Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. From near bankruptcy to blockbuster drug: How Khorakiwala turned around Wockhardt Can Chyawanprash save Dabur in the age of Shark-Tank startups? Why Air India could loom large on its biggest rival IndiGo's Q1 results Apple has a new Indian-American COO. What it needs might be a new CEO. How India's oil arbitrage has hit the European sanctions wall Central banks' existential crisis — between alchemy and algorithm Short-term valuation headwinds? Yes. Long-term growth potential intact? Yes. Which 'Yes' is more relevant? Stock Radar: This smallcap stock breaks out from Flag pattern to hit fresh record high in July 2025; time to buy or book profits? For long-term investors: A moat of a different kind; 5 large-cap stocks with an upside potential of up to 38%
Hindustan Times
20 hours ago
- Hindustan Times
Jaguar Land Rover announces UK job cuts as global sales and tariffs bite
Jaguar Land Rover (JLR) will cut as many as 500 United Kingdom jobs under a voluntary redundancy scheme, the company has recently confirmed during a press conference. The action follows as the British luxury vehicle manufacturer rides out a storm that includes declining world-wide sales and the effect of new tariffs in its major export markets. JLR's restructuring follows a challenging period in the United States, its largest global market. Earlier this year, the automaker was compelled to halt shipments to North America for a month in response to a sudden imposition of a 25% tariff on British-made vehicles by the U.S. administration. The job cuts, which are expected to affect around 1.5 per cent of JLR's British workforce, will primarily target management-level positions. A spokesperson for JLR stated that the company 'regularly offers eligible employees voluntary redundancy" and emphasized that the current initiative is aligned with 'the business's current and future needs." Also check these Cars Find more Cars UPCOMING Jaguar Epace 1999 cc 1999 cc Diesel Diesel ₹ 50 - 60 Lakhs Alert Me When Launched Jaguar F-Pace 1998 cc 1998 cc Multiple Multiple ₹ 72.90 Lakhs Compare View Offers Land Rover Range Rover Evoque 1998 cc 1998 cc Multiple Multiple ₹ 67.90 Lakhs Compare View Offers Land Rover Discovery 2997 cc 2997 cc Diesel Diesel ₹ 1.34 Cr Compare View Offers Land Rover Defender 4999 cc 4999 cc Multiple Multiple ₹ 1.04 Cr Compare View Offers Land Rover Range Rover 4395 cc 4395 cc Multiple Multiple ₹ 2.40 Cr Compare View Offers At this stage, there is no indication that markets outside the UK — such as Australia or other regions — will be affected by the job reduction scheme. Also Read : JLR to begin local assembly at Tamil Nadu plant from 2026 Tariff pressures disrupt US operations JLR's restructuring follows a challenging period in the United States, its largest global market. Earlier this year, the automaker was compelled to halt shipments to North America for a month in response to a sudden imposition of a 25 per cent tariff on British-made vehicles by the U.S. administration. Though President Donald Trump subsequently lowered the tariff to 10% for the first 100,000 units, the disruption temporarily halted deliveries and almost certainly added to wider financial pressure. Sales decline across key global markets The company is also struggling with declining sales in several regions. During the first half of 2025, JLR's worldwide deliveries decreased by 4.4 per cent to 198,699 units. The UK market, JLR's home base, witnessed a more severe slump, with sales down 11.2 per cent compared to the same period last year. China — the fourth-largest market for the company by volume — saw a sharper 15.1 per cent year-on-year drop. Although the US market held steady in terms of sales volumes, the tariff-induced disruption has added uncertainty to JLR's outlook in the region. Also Read : JLR Suspends U.S. shipments after 25 per cent import tariff hits global auto industry Brand transitions amid market headwinds The layoffs come as part of wider structural transformation in the company. Jaguar, one of JLR's two core brands, has started to move to an all-electric lineup, while Range Rover unveiled a new brand identity in recent times. These changes are all part of JLR's medium- to longer-term plan to reposition itself in the changing global car market. But, with macroeconomic pressures and intra-regional trade tensions pinching its performance, JLR now has to contend with the additional challenge of recalibrating internal operations to ensure financial stability while keeping in tune with its future transformation objectives. Get insights into Upcoming Cars In India, Electric Vehicles, Upcoming Bikes in India and cutting-edge technology transforming the automotive landscape. First Published Date:
Time of India
2 days ago
- Time of India
India-UK FTA opens fast lane for British-made luxury cars in India
The recently signed India–UK Free Trade Agreement (FTA), concluded during Prime Minister Narendra Modi's official visit to the United Kingdom, is set to make high-end cars more accessible to Indians. Under the agreement, officially known as Comprehensive Economic and Trade Agreement, Tariff Rate Quota (TRQ) mechanism has been introduced under which there is progressive customs duty reductions on a quota-based system over a span of 15 years. The move can give a shot in the arm to imports of high-end British-made luxury cars such as Aston Martin, Jaguar Land Rover, Rolls-Royce, Bentley, and McLaren. Agreeing with the possibility, Saket Mehra, Partner at Grant Thornton Bharat, said the phased reduction of import duties on UK-built passenger vehicles—from over 100 per cent to 10 per cent under a quota system—will make British luxury cars more accessible in India. 'In FY24, India imported passenger vehicles worth approximately $78.3 million from the UK, a figure expected to rise significantly under the new tariff regime,' he noted. The agreement also includes a dedicated quota for electric and hybrid vehicles, reflecting the shift in UK manufacturing. On the components side, India exported auto parts worth $191.6 million to the UK and imported around $138.6 million in FY24. Tariff reductions are expected to enhance these trade flows. UK exports of auto parts and engines to India are projected to increase by about £190 million ($240 million), indicating a reciprocal benefit. However, Mehra cautioned that the treatment of the UK's Carbon Border Adjustment Mechanism (CBAM) would be critical. 'If Indian exports continue to face CBAM levies while UK goods enter India duty-free, it could impact the benefits India expects to reap from the FTA,' he added. Fillip to CBUs According to reports, about 40 per cent of cars that Jaguar and Land Rover (JLR) sells in India are imported as completely built units (CBU) either from the UK or its other production units in Europe. The import of these CMB units can significantly benefit from the FTA. In the last financial year (FY25), JL) sold 6,183 units in India, achieving a record-breaking 40 per cent year-on-year growth. On the other hand, Aston Martin, with a starting range of ₹3.29 crore in India, reportedly sold around 22 units in 2024, while Rolls Royce sold 60 cars in 2023. Meanwhile, Tata-owned JLR is also planning to increase localisation of its vehicle manufacturing in India, with the production from its Tamil Nadu plant expected to start from early 2026. With significant volumes sold in India, JLR is expected to be the biggest beneficiary of the trade agreement in the automotive category. Shailesh Chandra, President, SIAM and Managing Director of Tata Passenger Vehicles Ltd & Tata Passenger Electric Mobility Ltd., said the FTA marks a significant step forward in strengthening India's economic engagement with developed economies. 'The commitments made by the Government of India on automobile sector tariffs strike a thoughtful balance—addressing consumer interests while supporting the broader goals of Indian industry,' he said. While the blueprint of the deal is still being decoded, it remains to be seen how the demand for luxury cars from the UK pans out.
