Job losses in telecom: Riddled with crippling debt and a tough operating environment, telecom companies have been laying off employees over the last six months. While bigger players like Bharti Airtel and Vodafone India are managing to cut losses through consolidation, it is the smaller companies that are suffering the most.
According to CNBC-TV18 sources, nearly 3400 job losses have been reported in the last six months by telcos to cut down on costs and support falling margins. Read the full report here.
Market Check: Benchmark indices held on to its morning gains, while the Nifty held on to 9200-mark.
The Sensex was up 176.42 points at 29752.16, while the Nifty was up 42.10 points at 9223.55. The market breadth was positive, but narrow, as 1,637 shares advanced against a decline of 1,133 shares, while 111 shares were unchanged.
ITC, ICICI Bank and Power Grid were top gainers on both the indices, while Adani Ports, Tata Steel and Tata Power were top losers.
Spending on H1-B visa: Indian IT companies over the past one year have been facing tough time because of factors such as tightened H1B visa norms in the US, Brexit and the rise of artificial intelligence (AI) and automation.
In a bid to safeguard the interests of companies, industry body National Association of Software and Services Companies (NASSCOM) spent USD 440,000 (approx Rs 2.8 crore) in 2016 to lobby with the US Congress. The amount is the highest ever spent by the body since 2003, the time it began pushing for more liberal regulations for Indian IT engineers, according to opensecrets.org.