Thursday, March 12
Karnataka's Labour Minister, Santosh Lad, has requested clarification from TCS about its plan to lay off 12,000 employees. The department is consulting with TCS officials to understand the reasons behind this decision. KITU has filed a complaint against TCS, alleging violations of labor laws.
Bitcoin dipped below $115,200 due to fresh US tariffs and profit-taking, triggering significant liquidations across the crypto market. Altcoins mirrored Bitcoin's decline, with XRP and Solana falling over 6%. Despite the downturn, analysts remain optimistic, citing institutional demand and positive signals in the BTC options market, suggesting potential consolidation and a Q4 breakout.
Indian exporters are anxious as US President Trump imposes a 25% tariff on Indian goods starting August 1, coupled with an unspecified penalty related to India's dealings with Russia. This announcement has triggered order cancellations and uncertainty among businesses. Key sectors like textiles and garments, already facing competition from Vietnam and Indonesia, anticipate significant impact.
Stock market today: US President Donald Trump announced 25% tariffs on Indian exports to America, effective August 1. The biggest risk seen by market experts is the 'additional; penalty' announced by Trump for India's oil and arms purchases from Russia.
In response to US President Trump's tariffs and criticisms, Commerce Minister Piyush Goyal has asserted that national interests would not be compromised in any trade deal. He has highlighted India's rapid economic growth, its rise to a top-five economy, and its commitment to becoming self-sufficient.
Donald Trump has extended trade negotiations with Mexico for 90 days, aiming for a long-term agreement. Despite this extension, tariffs on key Mexican exports, including autos, steel, aluminum, copper, and a 'Fentanyl Tariff,' will remain. Claudia Sheinbaum confirmed the extension, averting an immediate tariff escalation. Both nations are committed to dialogue, addressing the US trade deficit and fentanyl trafficking concerns.
EY India warns that US tariffs, though not directly impacting Indian IT, could trigger spending cuts by US firms. This coincides with existing economic uncertainties and AI's rise. TCS plans a 2% workforce reduction, framing it as a future-readiness strategy. Single-digit revenue growth was recorded by major IT firms in Q1FY26.
Under President Trump's trade policy, the US has already surpassed its 2024 tariff revenue, collecting over $87 billion by June 2025. New tariffs, ranging from 11 to 50 percent, are set to impact numerous countries, including the EU, starting August 1.
Stock market today: The NSE Nifty 50 concluded with a reduction of 86.70 points or 0.35 per cent at 24,768.35. The BSE benchmark ended its positive streak of two days, falling by 296.28 points, or 0.36 per cent, closing at 81,185.58, despite some recovery in afternoon trading. Earlier in the day, the index had witnessed a significant drop of 786.71 points, or 0.96 per cent, reaching 80,695.15.
