Latest Business, Finance, and Share Market News as of 10:00 am on May 24, 2024

Infosys CEO Salil Parekh has confirmed that the company will not be implementing any job cuts, such as rightsizing or downsizing, due to the adoption of generative AI technology. This announcement comes in the wake of several global technology firms, including Twitter and Meta, announcing layoffs attributed to AI integration. Parekh emphasized that Infosys is utilizing GenAI to enhance operational efficiency and reduce costs without compromising on employee numbers.

In other business news, malls in India are revamping the shopping experience by leveraging the latest technologies to attract modern-day customers. DLF, the country’s largest developer, is reworking its loyalty app to provide shoppers with vouchers and guide them to the next store. This shift towards a more personalized and tech-savvy shopping experience reflects the evolving consumer behavior in the digital age.

The Draft Digital Competition Bill has also garnered attention, with the US-India Strategic Partnership Forum seeking a lengthier consultation period post the elections. The trade body has raised concerns about the impact of the Bill on companies operating in highly competitive sectors. Meanwhile, the government is unlikely to cancel auctions of central government securities despite receiving a record dividend from the Reserve Bank of India.

Additionally, Paytm parent One97 Communications is reportedly looking to reduce employee costs and may have to cut around 15-20% of its workforce this fiscal year. The telecom department has also directed operators to reverify nearly 680,000 mobile connections suspected of using invalid documents, in a bid to combat identity fraud. Stocks in focus today include LTTS, Infosys, HCLTech, Paytm, and Jio Financial Service.