IT FIRM
Who is Joon H. Kim? Meet the former US Attorney leading the Nvidia-Jensen Huang investigation
Nvidia's CEO Jensen Huang confirmed his extramarital relationship, prompting the board to initiate an investigation. This inquiry is centered on his ties with Alice Huang, a Chinese national allegedly involved in intelligence operations. Joon H. Kim, a former acting U.S. attorney, will oversee the probe. In parallel, Nvidia faces a lawsuit alleging they misled investors about this relationship, while concerns about China's access to their technology amid U.S.
Western Union terminates Intermex deal after approval snag
Western Union has scrapped its agreement to acquire US-based money transfer firm Intermex for about $500 million after failing to secure regulatory approval from California. The company termed the state's final merger conditions unacceptable, saying they would have required material changes to its business model. Neither company will pay a termination fee.
Drugmakers tap China AI app boom to reach doctors as crackdown upends marketing
As scrutiny intensifies, Chinese pharmaceutical companies are shifting gears toward digital marketing initiatives. Traditional face-to-face communications are waning, prompting the industry to embrace AI-fueled applications for connecting with healthcare providers. These tools facilitate compliant relationships, sparking partnerships among health-tech firms to disseminate clinical information through digital channels. This marks a pivotal change in marketing dynamics within the pharmaceutical landscape.
Pakistan farmers in long fight to make German firms pay for flood damage
Farmers from Pakistan's Sindh province are pursuing legal action against German firms RWE and Heidelberg Materials. They claim these companies' emissions contributed to severe flooding that devastated their livelihoods in 2022. This case marks a significant attempt to hold major polluters accountable for climate change impacts.
Nicki Minaj’s legal bills pile up as former lawyers seek $295K over unpaid fees in ‘I Lied’ copyright case
Nicki Minaj's former legal representatives are back in court, demanding a default judgment for a hefty unpaid bill exceeding $295,000 linked to an unresolved copyright lawsuit. The bill has been outstanding since March, and despite receiving legal notification, Minaj hasn't replied. This comes on the heels of a past legal issue that she recently settled, and notably, her previous support for Donald Trump at a campaign event raised eyebrows.
Nvidia scandal rocks tech world Web Summit
Allegations of Chinese spying on Nvidia dominated a top world tech conference on Tuesday, with some executives seeing potential opportunities in the turmoil at the US artificial intelligence chip giant. Chinese technology executives attending the summit highlighted emerging alternatives to Nvidia.
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BDR Pharma to acquire Acme’s oral solid formulations business
BDR Pharma will acquire a controlling stake in Acme Formulation’s oral solid formulations business from existing shareholders, led by private equity firm PAG. The deal will strengthen BDR’s contract development and manufacturing (CDMO) platform by adding capabilities in thyroid, women’s healthcare and general medicines.
Resolven mobilises USD 900 million financing this year
Resolven has successfully mobilised USD 900 million in financing from 15 diverse lenders this year. The funds consist of USD 700 million in debt financing and USD 200 million in non-fund lines. Earlier this year, the company became an independent renewable energy entity focusing on growth projects. It aims to expand renewable capacity significantly, targeting more than 1.5 GW annually by 2030.
Wall St brokerages say AI selloff overdone, downplay Democrat regulation risks
Wall Street brokerages including Morgan Stanley and UBS called last week's rout in the AI trade overdone, arguing that the risks of extreme regulation of data center developments under a Democrat-controlled Congress are unlikely to play out.
IT firms with lower capital requirements may gain as investors shift focus to AI monetisation: Report
Information technology (IT) companies capable of monetising enterprise adoption of artificial intelligence (AI) without making substantial capital investments could gain an advantage as investors increasingly differentiate between businesses funding AI infrastructure and those generating returns from its adoption, according to a report by Anand Rathi.
Smaller deals become big revenue driver for India’s top IT firms
The number of customers generating $1-10 million in annual revenue increased at most of these companies in the first half of fiscal 2027 from a year earlier, even as that of their big clients remained largely flat or grew at a slower pace.
Gurgaon offices calling more than half of staff to office, violating 50% WFH rule, will be issued show-cause notices; employees can complain on 112
Gurgaon administration has opened two helplines, including 112, for residents to report companies violating the 50% work-from-home requirement. Anonymous complaints will trigger inspections. The move follows show-cause notices to law firms Trilegal and JSA after inspections found more than 60% of their employees working from office.
India's rich turn to concierge cards for things money alone can't buy
Luxury concierge firms like Sulit Lifestyle and Lunar Tales are catering to ultra-high-net-worth clients in India. These firms focus on sourcing rare luxury items that are often hard to find. Requests for such products have significantly increased in recent years, underscoring rising demand. Clients are willing to pay substantial premiums for speed and exclusivity when acquiring these items.
ED probes $1.5 million foreign funding trail across six countries over alleged meddling in India's domestic affairs
In a significant investigation, the Enforcement Directorate is examining the financial transactions of foreign companies that are tied to India's domestic issues. Investigators have followed $1 million in payments through various jurisdictions before pinpointing a firm in the UK. Of particular interest is the $500,000 that originated from a Canadian source.
India Inc lights up Diwali with longer weekends, flexible work and extra pay for festive shifts
Companies across India are making Diwali more employee-friendly through extended holidays, work-from-home options, practical gifts and workplace celebrations. Zepto advanced its holiday, while Hitachi India offered employees a choice of gifts. NoBroker.com organised celebrations involving support staff, and Trev Mobility announced additional payouts for driver-partners working during the festival.
US Treasury sanctions Canadian money services firms over Iran-related transactions
US Treasury imposed financial sanctions on eight Canadian money services firms involved with sanctioned Iranian entities. The sanctions block access to dollar-based financial systems and prohibit transactions with US persons. Secretary of the Treasury Scott Bessent stated that Canada cannot provide safe havens for illicit financial facilitators. Additionally, MEXC Global, a virtual currency exchanger, was cut off from the US financial system.
Mphasis posts 19.6% growth in Q2 profit at Rs 561.1 crore
The Bengaluru-headquartered company's revenue for the three months ended September 30 rose 17.4% from a year earlier and 4.5% sequentially to Rs 4,580.9 crore.
Nicki Minaj’s own lawyers want to quit her case, and a process server at her $10 million penthouse was told the couple tend not to answer their phones
Nicki Minaj is locked in a legal battle with 24/7 Productions over unpaid expenses. Her legal team, Kurzman Eisenberg Corbin & Lever, has sought to withdraw from representing her, citing serious communication hurdles and irreconcilable differences. Serving legal documents has proven difficult due to Minaj's limited responsiveness. A decision from the judge on the law firm’s withdrawal is still pending.
AI gains fail to cool rising staff costs at Indian IT services firms
Although artificial intelligence (AI) and automation are changing the traditional labour-intensive model of IT services, they have yet to bring down employee costs for the country’s top six IT services companies—Tata Consultancy Services (TCS), Infosys, HCLTech, Wipro, Tech Mahindra and LTM (formerly LTIMindtree).
Firm It Up, Don't Junk It: India needs a more predictable capital gains tax regime to deepen equity markets
India's capital markets have seen significant changes, with millions of households participating in equity investing. The current tax framework needs to evolve to encourage better investment behavior among participants. A predictable and neutral tax system can foster deeper domestic participation in capital markets. Implementing a graduated tax rate could motivate investors to hold their investments longer. Adjusting the capital gains tax structure could align taxation with economic returns for investors.
IT firms turn to acquisitions to boost revenue growth
The contribution rose to $147-148 million in the July-September period, reflecting a full quarter of consolidation. The acquisition has therefore become a significant part of the firm’s reported revenue base.
Kannada activists visit Bengaluru firms, seek data on local hiring in private sector
Kannada Rakshana Vedike activists have begun visiting IT companies and large retailers in Bengaluru, seeking details of Kannadigas in their workforce, recruitment trends and local hiring initiatives. The month-long campaign has drawn criticism from sections of the industry, with entrepreneur TG Ramesh warning that such visits could create uncertainty for businesses.
Kannada groups defy CM DK Shivakumar’s request, visit IT firms demanding hiring data
The visits are part of Kannada Rakshana Vedike's Agraha Abhiyana, a campaign focused on local employment in the private sector. The visits defy Chief Minister DK Shivakumar’s request that pro-Kannada outfits must not take the law into their hands and create problems at IT companies.
Kannada activists visit Bengaluru IT firms, seek data on local hiring
Kannada activists are actively engaging with IT firms in Bengaluru regarding local employment statistics and hiring practices. They are gathering information about the number of Kannadigas employed and recruitment trends in these companies. The activist group plans to protest if companies refuse to share this requested information. Chief Minister DK Shivakumar has stated the government will investigate complaints about local hiring discrimination.
Karnataka: CM Shivakumar asks pro-Kannada groups to stay away from IT firms, promises action on hiring bias
Chief Minister DK Shivakumar urged pro-Kannada organizations to avoid taking matters into their own hands amid recruitment concerns. Reports claimed that local candidates in Bengaluru are often overlooked by technology companies in hiring processes. The government will investigate allegations of discrimination against native Kannada speakers in the tech industry. Previous proposals for job quotas have sparked controversy, highlighting tensions between local employment and industry interests.
Zensar’s Q2 net profit rises 4%, revenue grows 11%
Sequentially, net profit rose 3.5%. Revenue grew 11.5% YoY to Rs 1,585.2 crore and 5.1% sequentially. In dollar terms, revenue stood at $166.2 million, growing 2% YoY and 4.1% quarter-on-quarter in constant currency terms.
Why big IT firms are buying stakes in AI startups
From HCLTech's $150 million investment in Indian AI startup Sarvam to Accenture's investment in Within, an enterprise AI company, IT firms are backing AI companies to access new technology and offer it to their clients.
Indian IT firms poised to benefit from enterprise AI adoption as infrastructure costs rise: Report
Indian information technology (IT) companies are well-positioned to benefit from the growing adoption of artificial intelligence (AI) by enterprises, as rising infrastructure investments and funding requirements increase financial risks for companies building and operating AI computing capacity, according to a research report by Anand Rathi.
IT firms navigate peak pessimism by prioritising growth in stable Q2
Analysts said that artificial intelligence (AI) is becoming a significant revenue driver for the majority of Indian IT companies. However, they cautioned that near-term prospects remain muted due to pricing pressure and AI-driven deflation in traditional services.
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