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School Software To Metals Consultancy: Probe Questions Rs 2.78 Crore Paid To Veena Vijayan's Firm

Investigators questioned how the company came to be engaged as an IT and marketing consultant for a mineral sands manufacturer.

'It's called 'idli', not 'id-slice': Tharoor dishes out another culinary lesson

Congress leader Shashi Tharoor amused netizens with his witty responses to culinary debates on social media. He humorously critiqued an 'idli pizza' cutting style, attributing it to software engineering logic. Previously, Tharoor also defended the South Indian idli against a comparison to rasgulla, highlighting its unique preparation and culinary significance.

Water purifiers fuel a Rs 9,000 crore economy

You do the research, read lists of reviews, compare the filtration stages, and shell out a significant sum for the most promising, tech-savvy water purifier in the market. Then, just two months into installation, the machine starts throwing a series of confusing, flashing signals. The premium buying experience instantly evaporates, replaced by the sheer frustration of tracking down customer care and waiting at home for a technician to show up.In India’s competitive consumer durables sector, this exact friction point has transformed the landscape of water purifiers. The ultimate battle is no longer just about who can build and sell the best machine; it is increasingly about who can maintain trust after the hole has been drilled in the customer's kitchen wall.While the water purifier market is traditionally viewed through the lens of one-time appliance sales, companies like Eureka Forbes, the legacy player behind AquaGuard, are increasingly betting on a far larger opportunity hidden beneath the surface: the recurring service economy built around filters, annual maintenance contracts (AMCs) and nationwide technician networks.According to internal projections by Anurag Kumar, Chief Growth Officer at Eureka Forbes, the water purifier service market alone is on track to cross Rs 9,000 crore by FY30, nearly matching the projected Rs 10,000 crore size of the product market itself.131582773Also read: Beyond the room: Why India Inc's luxury hospitality bet is becoming an experience businessBreaking down the mathFor decades, the consumer durable playbook was simple: manufacture, distribute, sell, repeat. But water purification is far different from selling a television or a refrigerator; it is an active, evolving health product bound to the fluctuating quality of local municipal and groundwater supplies."The market for product categories for water purifiers is about Rs 3,800 crore today," Kumar says in an exclusive interview with ET Online. "I think you would add another, roughly about Rs 3,500 crore of service category as well to it."Citing independent industry reports, Kumar highlighted that by FY30, this parallel economy is set to explode. The product market will expand to over Rs 10,000 crore, while the service and aftermarket ecosystem will chase it tightly at more than Rs 9,000 crore, growing at a combined double-digit compound annual growth rate (CAGR) of 11% to 12%.This shifting weight from hardware to service fundamentally changes corporate strategies. For an industry dealing with an urban penetration rate of just 14% (and a mere 7% nationally), the recurring revenue from existing households forms a highly resilient cash-flow cushion that protects margins even during macro-economic slowdowns.131582808Service scale becomes the biggest moatThe Rs 9,000 crore service opportunity explains why tech-first aggregators and rental startups are rushing into the service category. However, scaling an on-demand service infrastructure across India’s complex geography is entirely different from coding an app.For legacy companies like Eureka Forbes, this operational network has become a major competitive advantage."After sales service can make or break a brand," says Kumar. "I think a lot of the trust that AquaGuard has today is really thanks to the fact that people have trust in our service... It's a very, very important integral part of our business and a very, very crucial moat that we continue to nurture."To defend this moat against new-age tech startups, Eureka Forbes operates at a scale that resembles a logistics company more than an appliance manufacturer. The company has deployed more than 8,000 technicians mapping out an operational footprint across 19,500 PIN codes.Also read: Apple expected to unveil new AI features at last developers conference with CEO Tim CookThe push to reduce maintenance costs"Once you sell a product, then you have it for life and there's some revenue which comes with it," Kumar says, referring to filter replacements, AMCs and servicing requirements.Interestingly, the biggest threat to this recurring service revenue is not new-age competitors, it has been consumer fatigue over high maintenance costs. Historically, the dread of paying steep annual fees to replace purifier filters has acted as a primary barrier keeping the remaining 86% of urban Indian households from adopting organised water purifiers.To beat this, Eureka Forbes pulled off a counter-intuitive strategic gear: they disrupted their own short-term revenue model to secure long-term market share.Last year, the company introduced a range of purifiers featuring "long-life" filters extending the replacement cycle from the traditional 12 months to a full two years."We did that because we fundamentally heard from consumers that there was also a barrier to the category around maintenance cost being high," Kumar reveals. "What two-year filters actually did was they actually lowered the maintenance cost because now you don't have to change filters every year. You have to change once every two years."Digitising a 1980s direct-sales DNAEureka Forbes, a company historically known for its door-to-door service, and making Aquaguard synonymous with water purifiers in India, faced a new piece of necessary upgrade with building digitisation. The multi-billion dollar service landscape required a complete digital overhaul of consumer interactions. The brand that built its empire in the 1980s on the soles of direct-sales agents knocking on suburban doors has had to pivot entirely to an on-demand, algorithmic infrastructure.An army of thousands of field technicians is only as efficient as the software directing them. For modern consumers who manage their entire lives via smartphone screens, a bland "technician will visit tomorrow" promise no longer cuts it."We've digitised that service," notes Kumar.The long-term playAs water contamination concerns spike across rapidly expanding urban clusters, the structural demand for pure drinking water will continue to climb, and so for water purifiers.However, as the hardware itself faces gradual commoditisation and intense price competition from newer market entrants, the center of gravity has largely shifted. Where the growth moves nextCapturing a dominant share of the service market is only half the blueprint. As Kumar maps out the strategic trajectory for Eureka Forbes over the next three to five years, the company's growth engine eyes two distinct tracks: aggressive geographic widening and targeted product diversification. Geographically, Kumar notes, the company is bypassing deep rural pockets for the time being to focus heavily on India’s rapidly urbanising Tier-2 and Tier-3 towns. Instead, the company is doubling down on smaller towns where they can immediately deploy their signature localised service infrastructure without stretching their logistics network too thin.Simultaneously, the brand is attempting to de-risk its reliance on the kitchen wall by expanding into adjacent consumer durables. Kumar outlined a product pipeline anchored in high-growth, premium categories, including robotic vacuum cleaners, air purifiers, and household water softeners. The underlying playbook here is pure cross-selling. By utilising the same 8,000-strong technician network to service these newer household appliances, Eureka Forbes is betting that its aftermarket footprint can drastically lower its customer acquisition costs; positioning the legacy firm to evolve from a single-product manufacturer into a broader home-health ecosystem player.

TCS slips 2%, down 12% in 4 days. What’s behind the drop?

Shares of TCS, India's largest IT services company, plunged 2% to an intraday low of Rs 2,144 on the BSE on Monday as a surge in U.S. bond yields reignited concerns that the Federal Reserve may be forced to raise interest rates later this year. With today's decline, the stock has lost 12% over the last four trading sessions.Higher U.S. bond yields and expectations of tighter monetary policy are generally seen as negative for Indian IT stocks. They tend to compress valuations of growth-oriented companies, raise concerns about slower technology spending by U.S. clients, encourage businesses to focus on cost optimization rather than expansionary IT investments, and can trigger foreign investor outflows from emerging markets.The weakness in TCS also follows a sharp relief rally in IT stocks last week. The sector has remained under pressure through much of 2026 amid growing concerns that rapid advances in artificial intelligence could disrupt the traditional software services business model.Should you buy TCS shares?“We recommend avoiding TCS for now as the major trend is bearish,” Sudeep Shah, Vice President and Head of Technical & Derivatives Research at SBI Securities told ETMarkets. According to Shah, momentum indicators have weakened considerably, with the RSI turning lower after nearing the 60 level, suggesting fading bullish strength. He also pointed out that the stock has slipped below the Bollinger Band midline, an important support level often tracked by technical analysts. With the latest decline, TCS has fallen below several key short- and long-term moving averages, indicating a weakening trend.Harshal Dasani, Business Head at INVasset PMS, said the stock's technical setup has shifted from weakness to a test of a potential breakdown. According to him, the 9% decline following a 6.53% rebound in the last week suggests the earlier recovery was merely a dead-cat bounce rather than evidence of fresh buying interest. "When a large-cap stock gives up a relief rally this quickly, the market is not reacting to a single negative headline. It is repricing the entire low-growth IT model," Dasani said.On the upside, he sees the Rs 2,400-2,450 range as a significant supply zone, since the recent recovery attempt stalled in that region. Dasani added that until TCS manages to reclaim this band with strong participation, any rallies are likely to face selling pressure.TCS share price performanceTCS shares have fallen over 32% since the start of the year and about 37% in the last 1 year.TCS reported a 12% year-on-year rise in consolidated net profit at Rs 13,718 crore for the fourth quarter, while revenue from operations increased 10% YoY to Rs 70,698 crore. The company also announced a final dividend of Rs 31 per share.During the quarter, TCS secured three large deals, taking the total contract value to $12 billion for the period. On a quarter-on-quarter basis, revenue grew 5.4%, while constant currency growth came in at 1.2%, broadly in line with expectations. Operating margin for the January to March quarter stood at 25.3%, up 10 basis points from the previous quarter. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

The next AI winners may not be software companies

WWDC 2026: Apple bets big on a new Siri

Apple is expected to use its Worldwide Developers Conference (WWDC) on June 8 to make a fresh push into artificial intelligence (AI), with a Siri overhaul that has been long pending, new AI-powered tools and iOS 27 likely to take centre stage.The event comes at a crucial moment for the iPhone maker. Nearly two years after unveiling Apple Intelligence, Apple is still facing criticism for delayed features and a Siri revamp that never fully materialised. Now, according to Bloomberg's Mark Gurman, the company is preparing its biggest Siri upgrade in years as it looks to catch up with rivals such as Google Gemini, ChatGPT and Samsung's Galaxy AI.Also Read: ET at Apple’s Bengaluru developer showcase: The apps headed to WWDC 2026New Siri expected to be the biggest WWDC 2026 announcementAt the heart of Apple's plans is a redesigned Siri that is expected to move beyond simple voice commands and become a more capable AI assistant.The new Siri could gain the ability to understand what's on a user's screen, pull information from emails, notes, calendars and contacts, and perform actions across apps. Users may also be able to issue multiple commands in a single prompt. For instance, asking Siri to check the weather, schedule a meeting and send a message at the same time. Many of these features were originally previewed in 2024 before being repeatedly delayed.Apple is also reportedly working on a dedicated Siri app that would function more like ChatGPT or Gemini. The app could allow users to hold ongoing conversations, upload files and photos for analysis, access chat history and sync conversations across devices through iCloud. Apple is even said to be testing support for third-party AI models including Claude and Gemini alongside ChatGPT.iOS 27 may focus on performance, battery life and reliabilityWhile AI is expected to dominate the keynote, iOS 27 itself may be less about flashy redesigns and more about fixing pain points.Unlike last year's major visual overhaul with "Liquid Glass" design, Apple is reportedly focusing on performance improvements, better battery life, fewer bugs and faster response times. The company is also believed to be laying the groundwork for a foldable iPhone expected later this year through under-the-hood changes in the operating system.Apple is also expected to introduce a new AI-focused "Search or Ask" experience, making it easier for users to search their device, launch apps and interact with Siri from a single interface.Also Read: Will your iPhone get iOS 27? These four models may miss out on Apple’s next major software updateAI writing tools and photo editing upgrades could arrive with iOS 27The update could bring a range of new AI features across the iPhone, iPad and Mac.These include a Grammarly-like grammar checker built into iOS, AI-powered writing assistance through a new "Write with Siri" feature, smarter shortcuts that can be created using natural language, AI-generated wallpapers and upgraded photo editing tools capable of expanding images, improving quality and removing unwanted objects more effectively.Apple is also expected to enhance Visual Intelligence, its answer to Google's Lens. The feature could gain the ability to recognise nutrition labels, extract contact information and provide more contextual information about objects seen through the camera.Wallet, Safari and AirPods could get useful upgradesBeyond AI, Apple is reportedly working on a handful of practical upgrades aimed at everyday users.These include a built-in bill-splitting feature in Wallet and Messages, custom digital pass creation in Wallet, a redesigned Safari start page, improved AirPods controls and updates to fitness and heart-rate tracking on the Apple Watch.The company is also said to be improving notification management, adding more customisation options to the Camera app and making several changes aimed at improving the overall experience across its devices.Also Read: Apple to let users choose rival AI models across iOS 27 features: ReportWhy WWDC 2026 could be Apple's most important AI event yetFor Apple, however, the real focus will be Siri.The assistant has largely remained unchanged while competitors have transformed their products into conversational AI platforms capable of reasoning, planning and completing complex tasks. WWDC 2026 could be Apple's attempt to show that it is finally ready to compete in that race — and deliver some of the AI features it first promised users nearly two years ago.Whether Apple can close the gap with ChatGPT, Gemini and other AI rivals remains to be seen, but June 8 could offer the clearest look yet at the company's long-term AI strategy.

Room for less: Next big thing in hospitality?

Can the search for a hotel room lead to a business idea? It did, for Alok Mishra.In 2014, during a trip with his wife, Mishra needed a hotel room for six hours as he did not want to drive late at night. But he was asked to pay for a full day and subjected to a series of intrusive questions despite being married—and was finally refused a room. “That got me thinking that there might be travellers like me who need rooms only for a few hours but have to pay for an entire day. Later, while working in the US, I came across pay-for-use concepts and felt that India needed a more flexible, customer-friendly model,” he says.That experience led to the launch of Bag2Bag in 2019, an online platform for booking hotels, service apartments, homestays and other accommodations, with a focus on hourly stays.The business started gaining momentum around 2021. Bag2Bag’s hourly-stay revenue has risen from roughly Rs 50 lakh in 2021 to Rs 5-6 crore today. The company has served more than 1 lakh customers, lists over 10,000 properties across India and offers hourly stays at 6,000-7,000 of them. The service is available in more than 50 cities, though Bengaluru and Mumbai remain its strongest markets.Also read | The safe keepers: Inside India's booming locker economy“People now understand that this is a practical solution rather than a niche service. One of our biggest achievements has been to help normalise the category. Earlier, hourly stays were often associated with couples seeking privacy,” he says. “We deliberately broadened the use case by allowing family bookings, including travellers with children. We wanted people to see hourly stays for what they really are— a convenient accommodation option.”HOUR OF NEED That convenience is growing as online hotel booking platforms that allow short stays are on the rise. Alongside Bag2Bag, there is Noida-based Brevistay, Bengaluruheadquartered MiStay, Mumbai’s Hourly Rooms and Qwiksta, all specialising in micro stays. Larger travel platforms like MakeMyTrip, Agoda and Goibibo have also introduced hourly booking options.Like Bag2Bag, Brevistay was born out of a travel inconvenience. In 2016, cofounders Prateek Singh, Aditya Naithani, Shubham Agarwal, Avnish Kumar and Nikhil Pathak arrived in Manali at 5 am only to find that hotels would not allow early check-ins without charging for an extra night. The friends went on to cofound the travel tech startup Brevistay, which raised Rs 3 crore in 2023 and today reports revenue of about Rs 18 crore. It has 15 lakh registered users, 4 lakh monthly active users and around 11,000 listed hotels, including brands such as Ginger, Ramada and Blue Motel.LONG JOURNEY Getting there, however, was not easy.Pathak, cofounder and chief technology officer of Brevistay, says, “The challenge in this segment is not customers but hotels. In 2016, many hoteliers would simply bang the phone on us. Some agreed in principle but didn’t want their properties listed publicly and preferred bookings to come through offline calls. It took us nearly two years before we started seeing meaningful traction and recurring bookings,” says Pathak.The same resistance greeted MiStay when it launched in 2016. Starting with a pilot in Delhi, MiStay has since expanded to more than 100 cities. Shwetha Sameernath, general manager, business and growth, MiStay, says, “When we launched, scepticism was high. Most hotels were uncomfortable with the model, concerned about guest quality and operational challenges. Over time, that changed as hotels began seeing it as a revenue opportunity.”MiStay tackled resistance through education and curation. The company worked to show hoteliers that short stays served a broad and legitimate market of business travellers, transit passengers and day-use guests. It also selectively onboarded premium hotel brands, helping build credibility for the category. “When hotels see actual customer segments across varied, legitimate use cases, it builds their confidence that the model won’t compromise their brand,” says Sameernath, adding that the concept is now largely normalised.Also read | Major change in buyer behaviour as e-scooters race deeper into BharatPathak says the customer has evolved as well. Brevistay continues to market actively to couples, but he argues that the category should no longer be viewed through that lens. “There’s nothing illegal happening. In fact, there’s no law that prevents consenting adults from booking a hotel room. The issue was perception, not legality. What eventually changed minds was revenue,” he says. “Once hotels realised they could sell the same room multiple times in a day and generate seven or eight bookings instead of one, the business case became impossible to ignore.”The use cases have expanded too. Back in 2017, couples accounted for nearly 90% of Brevistay’s bookings. Today, that figure is down to 50-60%. Business travellers, transit passengers, tourists looking to freshen up between journeys, students travelling for exams and people attending interviews or meetings have all emerged as important customer segments.Hotels, meanwhile, have had to adapt operationally. Mishra says the biggest challenge is that traditional hotel system was never designed for flexible check-ins and check-outs. Bag2Bag addressed this by developing its own software platform for partner hotels. “Once they realised they could monetise idle inventory and generate additional revenue from rooms that would otherwise remain empty, adoption became much easier,” he says.REVENUE CHECKS IN For Sameernath, the turning point was the entry of premium hotel brands. “Today, acceptance has grown across the ecosystem. Channel managers and property management systems are evolving to support slot-based bookings, and customers increasingly treat hourly booking as the natural way to reserve a room for less than a day,” she says.Also read | Indian tourists go viral for all wrong reasons. Here's how not to become the next horror storyMishra has observed another interesting shift. Reliability and brand trust are becoming increasingly important. “Whether it’s a three-star or a five-star property, even if a branded hotel costs 20-25% more, customers prefer it because they know what they’re getting,” he says. The economics are compelling for hotels too. Sameernath points out that average hotel occupancy in India is under 65%, while daytime occupancy can fall to as low as 30% as guests check out in the morning and new arrivals come in much later. Platforms like MiStay help hotels monetise those idle hours by attracting guests who would never have booked a full-day room. “For hotels near airports or railway stations, the upside is even greater. A room priced at Rs 8,000 for a full night could earn Rs 3,500-4,000 for a daytime slot and another Rs 6,000 for the night—generating `10,000-plus from the same room in a single day,” she says.CHANGING PERCEPTION MiStay today works with brands like IHG, Pride, Ramada, The Park, Radisson and Novotel IHG, while Brevistay is in discussions with Hyatt. Sameernath says that on the demand side, once customers experience flexible booking, they don’t go back. Their repeat rate reflects this, as 48% of MiStay’s monthly business comes from repeat guests “The pay-per-use model in hospitality is the same transformation that happened in transport. You no longer book a cab for a full day; you pay for the distance. Hotels are heading the same way,” she says.Pathak believes the next wave of growth will be driven by younger travellers. “They’re vocal about spending time with their partners and don’t carry the hesitation earlier generations did. In metros, the industry has largely moved beyond the old perceptions, and hourly stays are increasingly viewed as a convenience product rather than something unusual.”The customer, it seems, has reached the destination. The hospitality industry needs to arrive.ChallengesPersistent social stigmaTrust and safety concernsBranded hotels worried about perceptionComplexities in managing multiple check-ins and check-outsLack of awareness among travellersOpportunitiesRise in domestic travel and frequent short tripsGrowth of bleisure (business + leisure) travelYounger consumers demanding flexibilityTech platforms making discovery and booking seamlessHotels looking to monetise vacant rooms

Anthropic’s Boris Cherny, Claude Code creator, on future of software engineering

Anthropic's Boris Cherny, the creator of Claude Code, says software engineering isn't dying, it's multiplying. Speaking on Casey Newton's Platformer podcast, the Claude Code creator predicted 100x more people writing code or directing AI agents to do it, just under a different title. He urged 22-year-old CS grads to skip entry-level jobs and start companies, calling it "the golden age" for founders building with AI coding agents.

$5 billion-plus company GitLab cuts hundreds of jobs, exits 22 countries; CEO blames it on AI

GitLab is laying off 14% of its workforce and exiting 22 countries as part of a restructuring to focus on the "agentic era" of software development. CEO Bill Staples stated that savings will be reinvested into AI products, particularly the Duo Agent Platform, to position GitLab as the enterprise platform for AI-driven software creation.

Microsoft AI CEO: My team is 'more concerned' about Anthropic, than Google, Meta and OpenAI

Microsoft's AI chief, Mustafa Suleyman, revealed a strategic shift, prioritizing competition with Anthropic over rivals like Google and Meta. This focus stems from Anthropic's aggressive entry into enterprise software and coding tools, posing a direct threat to Microsoft's core business. Microsoft is now developing its own advanced AI models to counter this challenge and reduce reliance on OpenAI.

US stocks today: Dow Jones drops over 500 points as Middle East tensions escalate

Wall Street stocks pulled back from ​record highs on Wednesday as flaring tensions in the Middle East and rising crude prices stoked inflation jitters and convinced investors to take some profits.All three major U.S. stock indexes closed in negative territory, dragged lower by financials and tech , with the small-cap Russell 2000 underperforming its larger-cap counterparts.Chips advanced, indicating the artificial intelligence ‌fervor is alive ⁠and well. ⁠Still, most of the Magnificent Seven group of AI-related megacaps were lower."The AI names are trading on their own completely separate world, largely oblivious to macro and geopolitical ​risk, at least within reason," said Ross Mayfield, investment strategy analyst at Baird in Louisville, Kentucky. "And so there's going to be a bid for those ​names, especially on days where everything else looks a little bit less attractive."The S&P Software & Services index declined. It has been battered in recent months by fears of AI disruption.Middle East hostilities intensified as the U.S. and Iran traded a new round of air strikes, ​the latest test of a shaky ceasefire.Oil prices rose, adding to worries that upward ⁠pressure on energy prices ‌could metastasize into broader, systemic inflation."This market continues to demonstrate a tug of war between fundamentals in the ​U.S. economy, which ​are incredibly positive, and concerns that the duration of the conflict in the Middle East will lead to ⁠downside risks," said Bill Northey, senior investment director at U.S. Bank Wealth Management, Billings, Montana. "Our ​framework is centered around the duration of the closure of the Strait of Hormuz as ​the primary input to inflation expectations.""The longer the duration of that closure, the less likely the Federal Reserve will be able to ease in 2026," Northey added.In fact, financial markets are pricing more than a 40% likelihood of a rate hike at the conclusion of the U.S. Federal Reserve's December meeting, up from 9.1% one month ago, according to CME's FedWatch tool.New York Fed President John Williams reiterated his position that the central bank does not need to change interest rates despite upside inflation risks, stating monetary policy is "in the right place."Economic ‌data suggested the labor market was stable, and the services sector continued to expand, but input prices remained elevated and corporate spending plans appeared soft amid rising energy costs and geopolitical uncertainties.The Beige Book, the Fed's ​regional economic survey, showed economic ​activity gathered steam in recent ⁠weeks, employment was little changed, but the fallout from higher energy prices due to the war was pervasive.According to preliminary data, the S&P 500 lost 54.11 points, or 0.74%, to end at 7,555.67 points, while the Nasdaq Composite lost 230.97 points, or 0.85%, to 26,862.93. The Dow ​Jones Industrial Average fell 581.84 points, or 1.13%, to 50,725.95.Among chipmakers, Marvell, Intel, Qualcomm , and Sandisk outperformed.Asset managers dropped after Switzerland's Partners Group capped withdrawals from an $8.6 billion private equity fund. KKR, Blackstone, Blue Owl and Ares Management all lost ground.GameStop advanced after the original meme-stock posted a rise in quarterly revenue and unveiled a $2 billion share buyback program.Elon Musk's SpaceX plans to price its IPO at $135 a share to raise a record $75 billion, a source familiar with the matter told Reuters on Tuesday.Broadcom results were expected shortly.

Dad opposed Jio-to-Airtel port request: Why Bengaluru techie killed parents

A software engineer, Rohan Chandra, is accused of fatally stabbing his parents in Bengaluru. While initial reports suggested schizophrenia, doctors at Nimhans found him fit, citing financial disputes and a disagreement over a mobile number switch as the motive. Forensic evidence confirms Rohan's blood-stained clothes matched his parents'.

Nifty IT logs best run in a year at 4%; TCS, Infosys lead way

Mumbai: Domestic IT stocks extended rally for the third straight session on Tuesday, driving the Nifty IT index to its biggest single-day gain in a year. Analysts said the index's chart structure remains constructive, signalling continued positive momentum in the near term.The Nifty IT index ended 4.2% higher at 31,116.6 on Tuesday, its highest gains since May 2025. The index is up 7.6% in the past three sessions, against Nifty 50's fall of 1.8%. TCS was the top gainer on Tuesday, up 6.7%, followed by Infosys, HCL Technologies and LTM, which were up 4-6% each."Indian IT stocks continue to extend gains, supported by improving global software sentiment and growing evidence that enterprise AI adoption is expanding technology spending opportunities rather than disrupting incumbent service providers," said Kunal Bajaj, research analyst at Choice Institutional Equities.Bajaj said other factors like rupee depreciation, strong orderbook and improving outlook for discretionary tech spending, are supporting the current rally in IT stocks.131473558IT stocks look strong on technical charts too. "The Nifty IT index has formed a bullish hammer pattern on the monthly chart, signalling a trend reversal," said Ruchit Jain, vice-president, Motilal Oswal Financial Services. "Within the sector, recent moves suggest a mix of short covering in stocks such as TCS and HCL Tech, along with fresh long build-up in Infosys and Coforge over the past three sessions." Despite the recent rebound, domestic IT stocks have underperformed the broader market in 2026, with the Nifty IT index declining 17.9% so far this year against a 10.1% fall in Nifty 50.Jain expects the IT benchmark's up move to extend towards 32,000-32,100, near its April highs. According to Bajaj, tier-2 IT firms have historically gained market share during tech transitions due to their agility. "With valuation premiums cooling, we see better relative risk-reward in Coforge, Persistent Systems and Happiest Minds. Among the tier-one companies, we like Infosys and Tech Mahindra," he said.

US stocks today: US stocks end modestly higher as AI zeal overcomes Middle East jitters

The S&P 500 and the Dow closed modestly higher ​on Tuesday as risk appetite driven by AI fervor was counterbalanced by tensions arising from U.S.-Iran talks to reopen the Strait of Hormuz and end the months-long war.Gains in most of the 11 major S&P sectors kept the S&P 500 and the Dow in the green, with the small-cap Russell 2000 outperforming its larger-cap peers. The Nasdaq ‌ended the session essentially unchanged.Small-cap ⁠stocks have ⁠been some of the biggest beneficiaries of the ongoing enthusiasm surrounding artificial intelligence stocks, which provided some upside muscle. The Philadelphia SE Semiconductor Index advanced on the day.The Software & Services Index, ​battered in recent months over worries of AI disruption, closed in negative territory.Strong results from Hewlett Packard Enterprise and a funding commitment from Alphabet reinforced confidence in the ​AI buildout."The market is kind of muted at the surface level, but there is a lot going on under the hood, and that describes much of this year," said Mike Dickson, head of portfolio management at Horizon Investments in Charlotte, North Carolina. "There's some massive dispersion in the whole AI infrastructure ​ecosystem.""Markets could be in for one of these heated, melt-up rallies where the momentum keeps ⁠winning," Dickson ‌added. "I would not be surprised at all to be sitting here at the end of the summer a good bit ​higher."Tehran is studying a ​U.S. proposal to bring the war to a halt, but has not been in contact with Washington ⁠for days, according to Iranian media, which also said Iran is taking a "stern" approach, given ​what it views as a history of U.S. noncompliance and mutual distrust. Simultaneously, Israel is continuing its ​strikes on Lebanon, despite Tehran's warnings that the attacks are threatening to derail the fragile truce.The war has sent crude prices soaring, reviving worries over inflation and giving rise to an increasing likelihood that the U.S. Federal Reserve could hike interest rates by year-end. Cleveland Fed President Beth Hammack said on Tuesday that such a hike could become necessary if already-elevated inflation pressures continue to mount. On the economic front, a report from the Labor Department showed an unexpected spike in job openings, driven by the volatile professional and business services sector. Otherwise, hiring, firing and quits all decreased, suggesting a slowdown ‌in labor market churn in the face of uncertainties related to strife in the Middle East and inflationary effects.Analysts look to the May employment report due on Friday, which is expected to show the U.S. economy added 85,000 jobs last ​month, a monthly deceleration ​of 26.1%. The unemployment rate is forecast ⁠to stand pat at 4.3%.According to preliminary data, the S&P 500 gained 10.07 points, or 0.13%, to end at 7,610.03 points, while the Nasdaq Composite gained 8.78 points, or 0.03%, to 27,095.59. The Dow Jones Industrial Average rose 237.13 points, or 0.46%, to 51,316.01.Hewlett Packard Enterprise jumped after ​the AI server maker pulled forward its long-term financial targets by two years. In further evidence of AI buildout, Alphabet said it was looking to raise $80 billion in equity offerings, including an investment from Berkshire Hathaway, to fund a costly expansion of its AI infrastructure. Its shares lost ground on the day. Marvell Technology's shares surged after Nvidia Chief Executive Officer Jensen Huang called the chipmaker the next "trillion-dollar company" at the Computex conference in Taipei. Nvidia invested $2 billion in Marvell in March.A drop in bitcoin hit cryptocurrency firms Coinbase and Strategy Inc.Broadcom is expected to report quarterly results on Wednesday.

Meta layoffs: What WARN filing reveals about state where employees are impacted

Meta has laid off thousands of California employees, primarily software engineers, as it restructures to prioritize artificial intelligence. This move, impacting locations like Menlo Park and Sunnyvale, reflects a broader tech industry shift towards AI-driven operations. The company aims to reallocate resources to critical AI initiatives, with affected employees receiving severance packages.

IT rally rages on! Infosys, TCS, other stocks jump up to 4% despite overall market weakness

The shares of Indian IT companies including Infosys, TCS and others continued to record sharp gains on Tuesday, pushing the Nifty IT over 3% higher even as the broader Nifty index slipped into the deep red.The Nifty IT index extended gains for the third consecutive session, jumping around 7% during the period to hit a high of 30,785 on Tuesday. Nifty crashed 3% during the same time to trade below 23,250.Infosys shares gained more than 4% to trade at Rs 1,257.90 apiece in the morning trading hours of Tuesday. The heavyweight IT stock has now gained nearly 9% in just three sessions. The shares of Tata Consultancy Services (TCS) meanwhile jumped around 3.5%.Mphasis and LTI Mindtree shares jumped nearly 3% each, while HCL Technologies, Coforge, Tech Mahindra and Persistent Systems shares jumped around 2% each. Wipro shares were trading in the green with marginal gains.What’s driving the rally in IT stocks?The sharp surge in IT stocks comes after a significant decline earlier this year, following the launch of plug-ins for AI startup Anthropic's Claude Cowork agent, which could automate tasks across legal, sales, marketing, and data analysis. "We call it the ‘SaaSpocalypse,’ an apocalypse for software-as-a-service stocks," Bloomberg quoted Jeffrey Favuzza from the equity trading desk at Jefferies.While analysts continue to debate the future of IT companies following fresh AI advancements, investors were quick to analyse the cheap valuations, leading to some pockets of buying. Nuvama, in its note, had highlighted that the IT sector is setting up for a powerful comeback, not a collapse after the brutal AI-driven selloff.“We see no existential threat from Gen-AI,” the brokerage writes, arguing that enterprises will still need a “system integrator” to customise plug-and-play AI and software tools for their highly complex, brownfield technology stacks and to take ownership when “the system fails at 2 am.”The latest round of buying also comes ahead of the Federal Reserve’s policy meeting next month, which would be the first under Chair Kevin Warsh. US President Donald Trump had selected Warsh partly on expectations that he would support lower borrowing costs to stimulate economic growth. However, rising inflation raised questions over the possibility of lowering rates."Indian IT firms are following suit of American companies like Anthropic and OpenAI by taking up contracts and tie-ups which are perceived as promising by investors," said Gaurav Sharma, head of Research, Globe Capital.Arbind Maheswari from BofA Securities told ET Now that the market globally is attracting flow towards only one story, at the front and centre of it is tech and AI. It is hard to pull away from that fact with a near-term vision. “There are people who believe that the whole business model of Indian IT services is put to question by the AI trade. The other side is that IT services companies will evolve and adapt and they have enough cash flow, they have the resilience, and they have shown this in the past where there were threats that seemed existential for the IT services space. This time obviously it is much bigger and it could last longer but I am sure there is enough that these companies have in them both in terms of depth of management and business models that they can evolve to adapt to the new AI world,” he added.Wipro to acquire additional stake in Aggne Global for $28.5 millionWipro announced that it will acquire an additional 20% stake in US-based insurtech company Aggne Global Inc through an all-cash transaction worth $28.5 million. The company said the transaction is expected to be completed by June 5.Earlier this year, the company acquired Mindsprint for $375 million as part of a broader $1 billion transaction with its parent, Olam Group. It also purchased select customer contracts from US-based Alpha Net Consulting LLC and its subsidiaries for $71 million.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Nvidia CEO agrees with TCS, Salesforce, SAP CEOs: It's an incredible time to be a software company

Nvidia CEO Jensen Huang dismisses fears of a "SaaSpocalypse," asserting that agentic AI presents immense opportunities for software firms. He argues that AI agents will boost, not replace, software, provided companies adapt their products. Huang also criticizes CEOs blaming AI for layoffs, calling such justifications "lazy" and illogical given AI's recent widespread adoption.

Kerala HC reserves order on CMRL’s plea in ED case

Kerala High Court reserves verdict on CMRL's appeal against ED's money-laundering probe, related to payments linked to a defunct software firm.

IT stocks rally as AI deals, valuations draw investors

Mumbai: Information technology stocks surged on Monday, dodging a weak broader market, with the Nifty IT index closing at its highest level since April 23, as attractive valuations and recent AI-led partnerships drew investor interest and prompted traders to build some fresh long positions.The Nifty IT index advanced 2.7%, its strongest single-day gain in nearly two weeks (since May 19), even as the benchmark Nifty declined 0.7%. Tech Mahindra, Infosys and LTM rose 3.7% each, while Persistent Systems gained 3.6%. Coforge and Oracle Financial Services Software advanced 2.6% and 2.1%, respectively."Indian IT firms are following suit of American companies like Anthropic and OpenAI by taking up contracts and tie-ups which are perceived as promising by investors," said Gaurav Sharma, head of Research, Globe Capital.Wipro's expanded Agentic AI partnership with ServiceNow and Coforge's acquisition of Encora have helped ease concerns that had weighed on the sector earlier due to AI-linked disruption fears.The rebound comes after a sharp underperformance this year. The Nifty IT index has fallen over 21% so far in 2026, compared with a 10.5% decline in the benchmark Nifty. The recent momentum has turned positive, with the IT index gaining about 3% over the past week, while the Nifty has fallen 2.7%.131452365"The open interest has doubled in the past couple of months in large-cap IT stocks, indicating a huge build-up of short positions," said Jay Vora, Technical Analyst, Mirae Asset Sharekhan. "On Monday, while short positions remained as is, traders built fresh long positions in the space."Vora said that a more meaningful short covering rally would require stocks to move above key technical levels, with most large-cap names currently 2-3% below their 40-day exponential moving averages."There are short positions in the midcap IT companies as well, but it is not as significant as the large caps," he said.The rebound in IT shares is also on account of valuations falling below 10-year averages following the recent sell-off."Large-cap names like TCS and Infosys are trading at mouthwatering levels, close to 16-17 times Price to Earnings, while midcap companies like Coforge, Oracle and Mphasis are around 20-30 times PE, which are attractive," Sharma said.While near-term volatility may persist, valuations remain compelling over a two-to-three-year horizon, he said. Sharma's top picks are OFSS, Tech Mahindra, Coforge and Mphasis, and recommends IT Exchange Traded Funds for retail investors.The momentum favours IT stocks now, though the index is nearing key hurdles."Technically, the Nifty IT index has immediate support established at the 29,300-28,900 zone, while initial resistance is positioned at 30,500, with a broader multi-week position of 31,200," said Nischal Jain, Quant Researcher, Share.Market by PhonePe.Sharma said the Nifty IT index is on the verge of a breakout from an inverse head and shoulder pattern, which could extend the rally towards 31,500.

US stocks today: US stocks end higher, boosted by tech gains, US-Iran peace hopes

Wall Street stocks posted modest gains on ​Monday as investors watched developments in U.S.-Iran peace negotiations and cheered the unveiling of a new computer chip that promises to bring artificial intelligence to personal computing.Tech shares boosted the Nasdaq and the S&P 500 to their latest in a series of record closing highs.U.S. President Donald ‌Trump said talks ⁠with Iran ⁠continue. Earlier, Iran's news agency announced Tehran is halting indirect negotiations with Washington after a new round of strikes threatened to derail diplomatic efforts to ​end the war, now in its fourth month.The intensification of hostilities sent crude prices jumping, along with worries over the extent to which ​a protracted war could result in heightened, intransitory inflation."We don't really know where things stand," said Thomas Martin, senior portfolio manager at GLOBALT in Atlanta. "The market seems to think that something's going to get done at some point, but we don't have ​very good information to go on, like what the Iranians really want and ⁠what Trump ‌is willing to settle for."Stocks added to their gains after Trump said no Israeli troops would ​go into Beirut, ​citing a call with Israeli Prime Minister Benjamin Netanyahu.Nvidia jumped after the company unveiled a ⁠new chip that puts AI capabilities directly into personal computers.The chip is the ​result of a three-year partnership with Microsoft to "reinvent the PC" for the AI era, ​Nvidia CEO Jensen Huang said. Microsoft shares rose.The reaction among semiconductor stocks was mixed. Qualcomm tumbled and while Intel also fell. Micron shares rose sharply, breaching the $1,000 mark for the first time.The Philadelphia SE Semiconductor Index advanced.In economic news, U.S. factory activity expanded in May for the fifth consecutive month as goods-makers navigate tariff and geopolitical crosswinds.Investors will turn to Friday's jobs report ahead of Kevin Warsh's debut policy meeting as chairman of the U.S. Federal Reserve this month, amid fears ‌of rising inflation linked to the Iran war that could upend the stock market rally.According to preliminary data, the S&P 500 gained 20.19 points, or 0.27%, to end at 7,600.03 points, while the ​Nasdaq Composite gained ​114.75 points, or 0.43%, to 27,087.37. ⁠The Dow Jones Industrial Average rose 44.70 points, or 0.09%, to 51,076.85.Software stocks rebounded from heavy selling earlier this year on AI disruption fears. ServiceNow and IBM rose sharply. The software services index advanced."On the software side, companies that hadn't ​been doing very well, but now are doing well today," Martin added. "Some of that has been attributed to Nvidia comments that software is part of the solution, so the market's coming back to" software stocks.Cadence Design Systems jumped after launching an Nvidia-powered AI agent for chip design.Broadcom's earnings, due on Wednesday, will be closely parsed in the wake of solid results from Dell last week, which signaled strong AI server demand.