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TCS accused of firing US workers in favour of Indians on H-1B visa
Tata Consultancy Services, India’s leading IT company, is facing a new lawsuit in the US, reported The Times of India (ToI). The lawsuit alleges that TCS has targeted older American workers at its US operations for termination to make way for foreign workers on temporary visas.
TCS, a major user of H-1B visas popular in the tech industry, has faced previous litigation over alleged preferential treatment of South Asian workers who are not US citizens. Read more
Why are gold prices rising? Chris Wood of Jefferies explains
Gold prices have been on an uptrend in the last few months, rising nearly 28 per cent to $2387 per ounce now. This rise in gold price, according to Christopher Wood, global head of equity strategy at Jefferies, is attributed to the demand from China amid lack of investor euphoria as regards the yellow metal.
“Recent developments show a distinct lack of investor euphoria as regards gold, the question remains what is driving the current rally. The most plausible explanation remains demand from China. Still there is a lack of concrete data to confirm such an explanation. The PBOC has bought gold for 17 months in a row, according to the official foreign reserves data,” Wood wrote in his recent note to investors, GREED & fear. Read more
Bharti Hexacom makes strong debut; lists at 32% premium over issue price
Bharti Hexacom (BHL) made a strong stock market debut with shares of the telecom operator listed at Rs 755.20, a 32 per cent premium over its issue price of Rs 570 per share on the BSE on Friday.
The stock listed at Rs 755 on the National Stock Exchange (NSE). Post listing it moved higher to Rs 769 on the NSE. Read more
Indian tech earnings may indicate worst is over for showpiece sector
Banks spending more on technology to meet regulatory mandates, companies upgrading SAP systems and a broader increase in technology spending after US elections due in November are some of the factors that have raised demand recovery prospects for India’s $245 billion-plus IT services sector next year, according to BofA Securities, which raised its rating on Infosys Ltd. April 9. Read more
Sun Pharma slips 3% after OAI status from USFDA for Dadra facility
ALERT:: Varun Beverages down 2%; Company to buy 14% stake in two firms
Varun Beverages: To buy up to 14 per cent equity stake in Huoban Energy 11 and Aspirative Creative.
ALERT:: Maharashtra Seamless up 3% on winning order from ONGC
ALERT:: Voda Idea slips 3%; Company’s FPO to open on April 18
ALERT:: TCS trades flat ahead of Q4 results today
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