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Cryptocurrency lending company Celsius Network, that recently laid off 150 employees, has now filed for bankruptcy in the US amid extreme market conditions. The platform said that it initiated voluntary Chapter 11 bankruptcy proceedings to provide it with the opportunity to stabilise its business and consummate a comprehensive restructuring transaction that maximises value for all stakeholders. Celsius said late on Wednesday that it has $167 million in cash on hand, which will provide ample liquidity to support certain operations during the restructuring process. The platform, which last month paused all withdrawals, was last valued at $3.25 billion. "Without a pause, the acceleration of withdrawals would have allowed certain customers -- those who were first to act -- to be paid in full while leaving others behind to wait for Celsius to harvest value from illiquid or longer-term asset deployment activities before they receive a recovery," said the company. Alex Mashinsky, Co-Founder and CEO, Celsius, said that this is the right decision for its community and company. "I am confident that when we look back at the history of Celsius, we will see this as a defining moment, where acting with resolve and confidence served the community and strengthened the future of the company," he said. Meanwhile, the founders of another bankrupt cryptocurrency hedge fund <keyword id="14202326" type="General" weightage="80" keywordseo="three-arrows-capital" source="Orion">Three Arrows Capital</keyword> (3AC) have vanished and the officials charged with liquidating the company were looking for their whereabouts. The mega fund, founded by Credit Suisse traders <keyword id="14355016" type="General" weightage="80" keywordseo="zhu-su" source="Orion">Zhu Su</keyword> and <keyword id="835976" type="General" weightage="80" keywordseo="kyle-davies" source="Orion">Kyle Davies</keyword>, once managed an estimated $10 billion in assets. The Singapore-based 3AC filed for bankruptcy in the US earlier this month to protect its assets from creditors. The bankruptcy came as popular <keyword id="2721952" type="General" weightage="20" keywordseo="crypto" source="Orion">crypto</keyword> tokens such as Bitcoin and Ethereum nosedived by nearly 70 per cent from their record highs amid the economic meltdown. 3AC defaulted on a more than $650 million loan provided by crypto broker <keyword id="14344592" type="General" weightage="80" keywordseo="voyager-digital" source="Orion">Voyager Digital</keyword>, which has also filed for bankruptcy. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/australias-health-minister-warned-that-millions-could-get-covid-19/articleshow/92866659.cms">Australia's Health Minister warned that "millions" could get COVID-19</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/mindtree-lampt-infotech-infosys-indusind-bank-and-other-hot-stocks-on-july-14/slidelist/92865161.cms">Mindtree, L&amp;T Infotech, Infosys, IndusInd Bank and other hot stocks on July 14</a>

After firing 150 employees, crypto lending platform Celsius Network files for bankruptcy

If you ever happen to visit Infosys’s Bengaluru office, you would find a computer outside CEO <keyword id="6369763" type="PERSON" weightage="100" keywordseo="Vishal-Sikka">Vishal Sikka</keyword>'s office that is never switched off. The live web link there is on 24x7, so that employees can talk to their counterparts in Palo Alto whenever they want to. 
 
"The whole idea is to get Infosys employees to chat with each other whenever they want. No need to block calendars, no need to send emails. Cuts out the bureaucracy," an employee told ET. 
 
Cutting down the layers has been a major push with Infosys ever since Sikka has come in. To ease this further, India's second-largest software exporter is also working on a pilot project with 10,000 people, in which the traditional, five-layer organisational structure has been broken down into a two-tiered one, a welcome step from the Indian IT industry's conventional pyramid model. 
 
"Traditionally, we've had several layers within the organisation. We've had project managers and then there is a senior project manager, a group project manager, etc., and so on. So we want to flatten the five layers down to two," Sikka told ET. 
 
The new structure would have a project manager at the centre, who along with his own team would get support from functional teams like human esources, legal, finance and purchasing. 
 
"Basically, this acts as a small startup. Instead of a traditional top-down pyramid, we create a more bottom-up thing where you have thousands of small entities like that and the management is enabling these people to go out there and be innovative. This is underneath what Zero Distance is," Sikka further stated. "The reason why it's called Zero Distance is because you have zero distance to the client, zero distance to the value. Otherwise in big organisations, layers form over time, far away from clients," he added. 
 
Sikka is of the belief that this restructuring would make Infosys more entrepreneurial and livelier.

Infosys’ Vishal Sikka wants to be at ‘Zero Distance’ from his clients

If you think <keyword id="10387" type="CITY" weightage="60" keywordseo="Microsoft">Microsoft</keyword>’s prolonged search for the next <keyword id="5645" type="POSITION" weightage="100" keywordseo="CEO">CEO</keyword> is getting a bit nutty, especially with a disgruntled <keyword id="62333" type="PERSON" weightage="60" keywordseo="Steve-Ballmer">Steve Ballmer</keyword> waiting on the sidelines to hand over the mantle, you are not far from the truth. But then, that is the actual state of the coveted C-Suite nowadays – volatile is the right word if you want to sum it up. There is no job security at the top and even the best performer for years can get redundant within the span of a few weeks. The issues could be many – right from <keyword id="646347" type="UNKNOWN" weightage="100" keywordseo="poor-performance">poor performance</keyword> to <keyword id="610960" type="UNKNOWN" weightage="100" keywordseo="business-restructuring">business restructuring</keyword> to alleged <keyword id="6375736" type="UNKNOWN" weightage="100" keywordseo="corruption-charges">corruption charges</keyword>. But the biggest factor is relevance, a perfect future-fit that can take companies ahead, according to <keyword id="67736" type="UNKNOWN" weightage="100" keywordseo="Industry-experts">industry experts</keyword>. In a difficult <keyword id="34412" type="ORGANIZATION" weightage="100" keywordseo="economy">economy</keyword>, companies are compelled to twist and turn to keep track of profitability and their requirements change accordingly. Hence, their leaders have to adapt, shape up or ship out, as the case might be. 
 India is no exception and business leaders across the country have been frequently ‘released’ by industry giants. Many of them leave with ‘immediate effect’ while others are on garden leave or worse still, waiting for their predecessors to turn up (just like Ballmer). Yet, most of the C-Suite executives are tight-lipped about their departures, at least here in India. We are yet to come across an announcement like the one made by <keyword id="384914" type="PERSON" weightage="60" keywordseo="Groupon">Groupon</keyword>’s founder and former CEO <keyword id="488139" type="PERSON" weightage="60" keywordseo="Andrew-Mason">Andrew Mason</keyword>. But exit happens all the same – be it discreet or blatant. Here’s a quick look at some of the top-notch C-Suite executives from India who parted ways with their respective companies in 2013, their official exit lines and what happened behind the scene.

Strife At The Top: These
11 C-Suite Execs From India
Were ‘Let Go’ In 2013

<ul><li>The 30-share BSE index Sensex surged 476.45 points, and the NSE Nifty gained over 1.15% at 10:01 am. </li><li>Here’s a list of the top losers and gainers in the Nifty pack. </li><li>These are the top stocks that are buzzing in trade today.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock market indices Sensex and Nifty opened in green led by gains in IT stocks and the positive global cues. The 30-share BSE index Sensex surged 476.45 points, and the NSE Nifty gained over 1.15% at 10:01 am. Here’s a list of the top losers and gainers in the Nifty pack. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Gainers </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Losers </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wipro </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">GAIL </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HCL Tech </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ONGC </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TCS </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Coal India </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ITC </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IndusInd Bank </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Titan </td></tr></tbody></table>*as of October 8, 9:55 am These are the top stocks in news today. <keyword id="969673" type="PERSON" weightage="20" keywordseo="Wipro-shares">Wipro shares</keyword> touch a new high The shares of IT giant Wipro were trading 5% higher— hitting a fresh over 20-year high on the BSE after the company <a href="https://www.businessinsider.in/business/corporates/news/following-tcs-lead-wipro-announces-plans-to-buyback-shares/articleshow/78537250.cms">announced</a> that its board would consider a buyback plan on October 13. <keyword id="904136" type="PERSON" weightage="20" keywordseo="TCS-shares">TCS shares</keyword> gain over 5% The shares of Tata Consultancy Services (TCS) were trading 5% higher after the company posted robust second quarterly results – with 7% QoQ growth in its consolidated net profit to ₹7,475 crore for the quarter ended September 30. TCS also announced a ₹16,000 crore <a href="https://www.businessinsider.in/business/corporates/news/tcs-announces-16000-crore-buyback-strong-show-in-q2-with-over-20-rise-in-profit/articleshow/78536532.cms">buyback</a> plan at ₹3,000 per equity share. <keyword id="139414" type="PERSON" weightage="20" keywordseo="Infosys-shares">Infosys shares</keyword> trade 4% higher The shares of IT major Infosys were trading 4% higher after its US subsidiary Infosys Public Services in collaboration with Amazon Web Services (AWS), Couchbase, and Knowi developed the Infosys Health Insights Platform (IHIP). The company said IHIP is an automated data science platform for public health agencies, that will help agencies scale their analytics capabilities and turn massive amounts of data into valuable insights. Bandhan Bank shares gains over 3% The shares of the private lender Bandhan Bank were trading 3% higher after it reported stellar growth for the June-September quarter. The bank said its deposits grew 3% YoY and 5% QoQ in the second quarter ended September 30. IRCTC and BHEL trade over 1% higher The shares of IRCTC and BHEL were trading over 1% higher<a href="https://www.business-standard.com/article/companies/bhel-l-t-welspun-irctc-among-15-firms-in-fray-for-running-private-trains-120100701411_1.html"> after reports surfaced </a>that IRCTC and BHEL are among the 15 private companies that have participated in the bidding process for operating passenger trains in 12 clusters. Future Retail, Future Enterprises and other Future Group stocks trade in red The shares of Future Retail, Future Enterprises were trading 5% lower after the e-commerce giant Amazon sent a legal notice to Kishore Biyani-led Future Group for allegedly breaching a non-compete agreement over striking a deal with Reliance Industries (RIL). SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/tcs-announces-16000-crore-buyback-strong-show-in-q2-with-over-20-rise-in-profit/articleshow/78536532.cms">TCS announces ₹16,000 crore buyback — strong show in Q2 with 7% rise in profit, margins near two-year high</a> <a href="https://www.businessinsider.in/business/corporates/news/following-tcs-lead-wipro-announces-plans-to-buyback-shares/articleshow/78537250.cms">Following TCS’ lead, Wipro announces plans to buyback shares</a> <a href="https://www.businessinsider.in/finance/banks/news/sbi-new-chief-dinesh-khara-shares-his-stance-on-restructuring-capital-raising-hiring-and-more/articleshow/78534234.cms">SBI’s new chief Dinesh Khara shares his stance on restructuring, capital raising, hiring, and more</a>

Top stock movers — Wipro, TCS, Infosys, HCL Tech, Future Retail, IRCTC, BHEL and more

<ul><li>In the Asian market, the SGX Nifty was trading 0.45% higher at 7:47 am, indicating a green start for Nifty50. </li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider. </a></li></ul>Amidst positive cues from the global markets, the Indian stock market is likely to open higher. In the Asian market, the SGX Nifty was trading 0.45% higher at 7:47 am, indicating a green start for Nifty50. The US stocks also ended higher on Wednesday on renewed hope of economic stimulus after <a href="https://www.businessinsider.in/stock-market/news/dow-spikes-531-points-for-best-day-in-12-weeks-on-renewed-hopes-of-economic-stimulus/articleshow/78544211.cms">President Donald Trump signalled </a>that he is open to piecemeal stimulus, rather than a single trillion-dollar-plus package. The Dow Jones Industrial Average gained over 530.70 points, whereas the S&amp;P 500 was up over 1.70%. These are the stocks to watch out for during the trading session on October 8: TCS India’s largest software services firm, Tata Consultancy Services (TCS), announced a ₹16,000 crore <a href="https://www.businessinsider.in/business/corporates/news/tcs-announces-16000-crore-buyback-strong-show-in-q2-with-over-20-rise-in-profit/articleshow/78536532.cms">buyback</a> plan at ₹3,000 per equity share. The company also reported a stellar performance in Q2, with 7% QoQ growth in its consolidated net profit to ₹7,475 crore for the quarter ended September 30. The shares of TCS ended 1.42% higher yesterday. Wipro Following the similar lead, TCS’ competitor<a href="https://www.businessinsider.in/business/corporates/news/following-tcs-lead-wipro-announces-plans-to-buyback-shares/articleshow/78537250.cms"> Wipro has also announced</a> that its board will consider a buyback plan on October 13. The shares of Wipro ended 1.80% higher yesterday. Future Retail and RIL The e-commerce giant Amazon has sent a legal notice to Kishore Biyani led Future Group for striking a deal with Reliance Industries (RIL). Amazon has <a href="https://www.business-standard.com/article/companies/amazon-takes-on-future-group-over-deal-with-reliance-sends-legal-notice-120100701732_1.html">accused </a>the latter of breaching its non-compete agreement between the parties. The shares of RIL ended 2.22% higher whereas Future Retail was down 1.83% yesterday. Infosys The tech giant Infosys US-based subsidiary Infosys Public Services developed the Infosys Health Insights Platform (IHIP) in collaboration with Amazon Web Services (AWS), Couchbase, and Knowi. The new platform is part of Infosys Cobalt’s growing portfolio of 14,000 cloud assets Infosys Health Insights Platform is an automated data science platform for public health agencies— that will help agencies scale their analytics capabilities and turn massive amounts of data into valuable insights. The shares of Infosys ended 1.36% higher yesterday. Jet Airways A London-based asset management company, Kalrock Capital, said it had been chosen as the new owners of the<a href="https://economictimes.indiatimes.com/industry/transportation/airlines-/-aviation/london-based-kalrock-capital-says-it-has-won-the-bid-for-jet-airways/articleshow/78541854.cms?from=mdr"> bankrupt airline Jet Airways</a>, along with a UAE investor Murari Lal Jalan. The shares of Jet Airways ended 1.04% lower yesterday. Asian Granito The board of the ceramic wall and floor tile manufacturing company, Asian Granito India will meet on October 23 to consider an increase in authorised share capital, sub-division of shares, and fundraising plans. The shares of Asian Granito ended 0.44% higher yesterday. RBL Bank In its second quarterly update to the stock-exchanges, the private sector bank RBL said its deposits for the quarter grew 3% YoY and 5% QoQ. However, the gross advances decline 1% compared to the same period last year. The shares of RBL Bank ended 2.07% lower yesterday. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/tcs-announces-16000-crore-buyback-strong-show-in-q2-with-over-20-rise-in-profit/articleshow/78536532.cms">TCS announces ₹16,000 crore buyback — strong show in Q2 with 7% rise in profit, margins near two-year high</a> <a href="https://www.businessinsider.in/business/corporates/news/following-tcs-lead-wipro-announces-plans-to-buyback-shares/articleshow/78537250.cms">Following TCS’ lead, Wipro announces plans to buyback shares</a> <a href="https://www.businessinsider.in/finance/banks/news/sbi-new-chief-dinesh-khara-shares-his-stance-on-restructuring-capital-raising-hiring-and-more/articleshow/78534234.cms">SBI’s new chief Dinesh Khara shares his stance on restructuring, capital raising, hiring, and more</a>

Top stocks to watch — TCS, Wipro, Infosys, Future Retail, RIL, Jet Airways and others

<ul><li>At 7:40 am, the SGX Nifty was trading 0.58% lower, indicating a cautious start for Nifty50. </li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider</a>. </li></ul>Indian stock market is likely to open on a muted note tracking cues from the global peers. At 7:40 am, the SGX Nifty was trading 0.58% lower, indicating a cautious start for Nifty50. However, the US stocks finished higher as Wall Street ahead of decision from the Federal Reserve meeting. The Dow Jones Industrial Average ended on a flat note, while the S&amp;P 500 rose 0.52%. Here’s a list of stocks to watch for in trade on September 16: Infosys One of the largest publicly traded water, wastewater and natural gas providers in the US, Essential Utilities has selected Infosys as its strategic partner to drive its digital transformation. The shares of Infosys closed 0.31% higher yesterday. Bharti Airtel and Sterlite Technologies Telecom giant Airtel has partnered with Sterlite Technologies to build an optical fibre network across 10 telecom circles. The densely fibered future-ready network will also form the foundation for many next-generation services such as 5G, Fibre to The Home (FTTH), Internet of Things (IoT) and enterprise networks, Sterlite said in a release. The shares of Bharti Airtel and Sterlite Technologies closed 2% higher yesterday. SpiceJet SpiceJet reported a net loss of ₹593.4 crore for the first quarter ended June 30. The company’s total revenue during the quarter declined 83% YoY to ₹4,83.24 crore compared to the same period last year. In its quarterly filing, SpiceJet also stated that it is restructuring aircraft lease and renegotiating some of its current contracts to for long term saving impact on the cost front. The shares of SpiceJet closed 0.47% lower yesterday. IndiGo Aviation regulator DGCA has asked IndiGo and GoAir to fly only those aircraft that have modified Pratt and Whitney (PW) engines on them, said the civil aviation minister Hardeep Singh Puri. The PW engine-powered A320 neo planes in IndiGo, and GoAir fleets have been facing glitches both mid-air and on-ground since their induction way back in 2016. Puri said on Twitter IndiGo has 134 A320neo, and A321neo aircraft and all of them have modified PW engines on them. The shares of IndiGo closed 1.55% higher on Tuesday. Indiabulls Housing Finance Indiabulls Housing Finance said Brickwork Ratings has assigned a short-term rating of A1 plus to the company, signifying the adequate degree of safety and low credit risk. The rating agency has reaffirmed the long-term rating at AA-plus, suggesting a high degree of safety and very low credit risk, the company said in its regulatory filing. The shares of Indiabulls Housing Finance closed 1.95% lower on September 16. Future Enterprises Kishore Biyani led Future Enterprises reported a consolidated net loss of ₹322.92 crore for the quarter ended on June 30. Its revenue from operations was down 87.31% to ₹179.39 crore during the quarter under review. The shares of Indiabulls Housing Finance closed 4% higher on September 16. IDBI Bank According to news reports, the state-owned Life Insurance Corporation of India (LIC) is planning to sell its 51% stake in IDBI Bank in tranches. LIC bought 44% stake in IDBI Bank in January 2019 for ₹21,624 crore for saving the bank from collapse. The shares of IDBI Bank closed flat on September 16. Mahindra and Mahindra According to <a href="https://economictimes.indiatimes.com/industry/auto/auto-news/mahindras-ssangyong-close-to-signing-binding-agreement-with-us-firm-korean-media-reports/articleshow/78120204.cms?from=mdr">Korean news reports</a>, Mahindra and Mahindra’s subsidiary SsangYong Motor was close to signing a binding investment agreement with a US-based HAAH Automotive Holdings. Mahindra had earlier said that it will not make any <a href="https://www.businessinsider.in/business/auto/news/mm-share-price-gains-as-ssangyong-dents-fourth-quarter-profit/articleshow/76338292.cms">further investments in the loss making SUV-maker </a>and wanted to give up its controlling stake. Hexaware Watch out for Hexaware in trade as the date for delisting has been extended by one more day. The delisting offer closes today. The shares of Hexaware closed 6.25% higher yesterday. SEE ALSO: <a href="https://www.businessinsider.in/science/news/bill-gates-says-the-pandemic-wiped-out-25-years-of-vaccine-progress-in-25-weeks/articleshow/78117898.cms" data-type="tilCustomLink">Bill Gates says the pandemic wiped out 25 years of vaccine progress in 25 weeks</a> <a href="https://www.businessinsider.in/tech/news/watch-live-apple-unveils-whataposs-next-for-the-apple-watch-ipad-and-more-at-its-big-september-event/slidelist/78133140.cms" data-type="tilCustomLink">Apple unveils what's next for the Apple Watch, iPad, and more at its big September event</a>

Top stocks to watch— Infosys, Future Enterprises, Bharti Airtel, Sterlite Technologies, SpiceJet, IndiGo, M&M and more

<ul><li>Indian stock market indices opened in green on Friday.</li><li>The BSE Sensex was trading 0.87% higher at 38,551.15; while NSE Nifty was up 98.05 points at 11,410.25. </li><li>These are the top stocks that are buzzing the D-street today.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock market indices, Sensex surged over 300 points in early trade on Friday led by gains in index-heavyweights HDFC Bank, Reliance Industries and Infosys amid strong cues from global markets. The BSE Sensex was trading 0.87% higher at 38,551.15; while NSE Nifty was up 98.05 points at 11,410.25. PowerGrid was the top gainer in the Sensex pack, rising around 3%, followed by SBI, HDFC Bank, IndusInd Bank, Axis Bank, Tata Steel, Reliance Industries and Infosys. On the other hand, Bharti Airtel was the sole laggard in early trade. These are the top stocks that are buzzing the D-street today. SBI gained nearly 3% <div type="image" title="SBI August 21" msid="77668593" hostid="261"></div> State Bank of India shares gained nearly 3% after <a href="https://www.bloombergquint.com/business/sbi-indias-largest-lender-readies-plan-for-restructuring-relief-to-retail-borrowers-or-exclusive">news reports surfaced </a>that the bank is finalising its plan to offer restructuring relief to retail borrowers. The banking regulator has already permitted lenders to do so. The restructuring plan will be designed strictly for retail or individual borrowers directly affected by COVID-19, the report added. Hindalco gained nearly 2% <div type="image" title="HIndalco August 21" msid="77668598" hostid="261"></div> Hindalco shares gained nearly 2% after the company signed an MoU with UltraTech Cement to deliver 1.2 million metric tonne of bauxite residue annually to the cement company’s 14 plants located across seven states. Wipro up over 1% <div type="image" title="Wipro August 21" msid="77668651" hostid="261"></div> Wipro shares were trading 1% higher on August 21 a day after the company set up a blockchain-based gas trading platform for Uniper Global Commodities SE. Future Enterprises gains 5% <div type="image" title="Future Enterprises August 20" msid="77668677" hostid="261"></div> Future Enterprises was trading 5% higher as<a href="https://www.business-standard.com/article/companies/future-enterprises-board-likely-to-discuss-merger-plan-on-saturday-120082100066_1.html"> reports suggest </a>that company is due to discuss the proposal to merge other listed group entities, such as Future Lifestyle, Future Retail, and Future Supply Chain Solutions, with itself on Saturday. SBI Life gains over 4% on Nifty inclusion <div type="image" title="SBI life August 20" msid="77668708" hostid="261"></div> Shares of SBI Life Insurance gained nearly 4% after the benchmark index Nifty50 said the company would be included from September 25 onwards. Jet Airways down over 1% after the company extends insolvency resolution <div type="image" title="Jet Airways August 21" msid="77668751" hostid="261"></div> Defunct airline Jet Airways’ shares fell over 1% after the deadline for completion of insolvency resolution process was extended for the fourth time due to the pandemic. “While the CoC (Committee of Creditors) and the RP are taking all necessary steps to expedite the insolvency process, it is difficult to exactly predict when it will be completed,” Resolution Professional for the airline, Ashish Chhawchharia, said in a letter to the employees. Rossari climbed over 4% <div type="image" title="Rossari August 21" msid="77668777" hostid="261"></div> Rossari shares climbed over 4% during the early trade hours on Friday. The company is slated to report its first-ever quarterly earnings since it listed on the Indian bourses last month. Reliance Industries shares gained nearly a percent during morning trade <div type="image" title="SBI" msid="77668832" hostid="261"></div> RIL opened 1% higher on August 20 after <a href="https://economictimes.indiatimes.com/tech/internet/saudi-arabias-public-investment-fund-looks-to-invest-up-to-1-billion-in-jios-fibre-assets/articleshow/77665968.cms">news reports surfaced</a> that the Saudi Arabia's Public Investment Fund (PIF) has initiated discussions with RIL on investing as much as $1 billion in Jio's fibre assets, adding to a stake purchase in Jio Platforms. SEE ALSO:<a href="https://www.businessinsider.in/tech/news/facebook-asked-to-appear-before-parliamentary-panel-in-india-to-discuss-safeguarding-citizens-rights/articleshow/77666642.cms" data-type="tilCustomLink"> Facebook asked to appear before Parliamentary Panel in India to discuss 'safeguarding citizens' rights'</a> <a href="https://www.businessinsider.in/tech/apps/news/google-eyes-indias-sharechat-as-microsoft-goes-after-tiktok-in-the-us-heres-why-it-makes-sense/articleshow/77667345.cms" data-type="tilCustomLink">Google eyes India’s ShareChat as Microsoft goes after TikTok in the US — here’s why it makes sense</a>

Top stock movers on Dalal Street today— RIL, SBI, Infosys, Wipro, Future Enterprises, Rossari, Jet Airways and more

In its recently held 36th annual general meeting in Bangalore, <keyword id="6354512" type="CITY" weightage="20" keywordseo="Infosys">Infosys</keyword> has made it clear that that more than 11,000 jobs have been released due to automation. Revenue per full-time employee (FTE) increased by 1.2 per cent as a result of automation, utilisation and productivity improvements, the company said. <keyword id="194518" type="PERSON" weightage="20" keywordseo="Having">Having</keyword> said that the company blamed the media for creating unnecessary hype over the matter. At the meeting, the talk of the compensation gap between the top management and employees was brought up. The company spokesperson admitted of his awareness about the gap and assured of restructured compensation to stock-based rewards. Acording to <keyword id="6474066" type="COMPANY" weightage="20" keywordseo="economic-times">Economic Times</keyword> report, the IT major said it was sitting on Rs 12,222 crore in cash and cash equivalent as of March 31, 2017. This was against Rs 24,276 crore of cash it was sitting on at the end fo FY16. Deposits with institutions stood at Rs 6,931 crore as of March 31, compared with Rs 4,900 crore in the year-ago period.

Infosys admits of releasing 11,000 jobs due to automation

With an aim to build in-house expert set, <a href="http://www.businessinsider.in/searchresult.cms?query=Indian+IT+firms">Indian IT firms</a> are now planning to bring back the <keyword id="6377812" type="PERSON" weightage="20" keywordseo="bench">bench</keyword>. Recent reports suggest that leading IT companies have been spending heavily on external consultants. 
 
Some of the most prominent companies had been cutting down on the bench, aiming to boost operational efficiency and a margin boost. With an amplifying need of trained experts, the companies are now bringing the bench back. 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=Wipro+">Wipro </a>CEO TK Kurein told the business daily that "We will need a little bit of a bench for digital.” The company plans to train around 10,000 individuals on digital technologies next month. 
 Not just <keyword id="10862" type="CITY" weightage="20" keywordseo="Wipro">Wipro</keyword>, but Tata Consultancy Services (<keyword id="6357150" type="CITY" weightage="20" keywordseo="TCS">TCS</keyword>) had also revealed that is was increasing its hiring target to 75,000 for the year, and hoped to exceed its goal of training 100,000 employees on digital technologies in FY16. 
 
Earlier, <a href="http://www.businessinsider.in/searchresult.cms?query=TCS+">TCS </a>chief executive N Chandrasekaran, in a statement had said, "The reason for raising the hiring target for the year is to be able to have a little bit of a bench." 
 
"If you look at the results for the last few quarters, you will see payments to third-party consultants have been increasing. Companies have acknowledged that they cannot control this cost until they have the talent in-house," an analyst with a Mumbai-based brokerage firm informed the business daily. 
 
The move has come after the companies saw an increase in third party payments for the training of employees. TCS observed a rise of 15% year-over-year in the fees paid to external consultants. Infosys too had noticed an amplification of 55% year-over-year in its payments to the technical sub-contractors. 
 <keyword id="30331" type="CITY" weightage="20" keywordseo="HCL-Technologies">HCL Technologies</keyword> CEO Anant Gupta told ET, "The shift we are trying to see is from services being consumed or being bought as competency-based capability (time and material) and maybe fast forward 3-5 years it will move to outcome. So, we (are looking to) move from capability to output and outcome." 
 
Image: thinkstock

Wipro, TCS to restructure bench. Prepping up for digital wave.

The Indian IT sector is facing rough weather and to add to the worries of job seekers, <keyword id="6372077" type="CITY" weightage="20" keywordseo="Nasscom">Nasscom</keyword> said the IT industry will create 20-38% fewer jobs this fiscal. While the IT sector added 1.8 lakh jobs in FY17, the FY18 will see less <keyword id="81847" type="UNKNOWN" weightage="20" keywordseo="Job-creation">job creation</keyword> and the industry would create 1.3-1.5 lakh new jobs. One of the reasons of the job loss is automation, Nasscom president R Chandrashekhar said automation was leading to job loss but new ones are also being created. Companies are now focussing on automation and restructuring its workforce to deal with automation and achieve cost savings. <keyword id="6357150" type="CITY" weightage="20" keywordseo="TCS">TCS</keyword> and <keyword id="6354512" type="CITY" weightage="20" keywordseo="Infosys">Infosys</keyword> cut down their staff to trim costs. "Tech is eliminating jobs in every sector, including IT. It is also creating jobs. Countries like the US and UK have been adopters of technology and have experienced the same cycle. Today , their unemployment levels are close to zero. While there is job loss and pain, ultimately , it is the only route to economic prosperity ," said Chandrasekhar. In India, IT sector is considered to be largest job market.

Here’s some bad news for job seekers in the IT sector

There is an opportunity for <a href="http://www.businessinsider.in/searchresult.cms?query=software+exporters+">software exporters</a> in India as about $250 billion worth of deals in the sector are set to be renewed over the course of next 36 months. 
 Several outsourcing contracts worth at least $1 billion each from companies such as US retailer Gap and <keyword id="120748" type="CITY" weightage="60" keywordseo="British-Telecom">British telecom</keyword> firm <a href="http://www.businessinsider.in/searchresult.cms?query=Vodafone+">Vodafone</a> are coming up for renewal in the next one year. 
 
Therefore, home-grown software exporters such as <a href="http://www.businessinsider.in/searchresult.cms?query=Tata+Consultancy+Services+%28TCS%29+">Tata Consultancy Services (TCS)</a> and <keyword id="6354512" type="CITY" weightage="80" keywordseo="Infosys">Infosys</keyword> are preparing themselves to grab the deals from incumbent multinational rivals such as IBM and <a href="http://www.businessinsider.in/searchresult.cms?query=Hewlett-Packard+">Hewlett-Packard</a> and increase market share over these companies. 
 
Data from outsourcing advisory ISG suggests that at least six such deals will expire in 2016 and another nine deals with a total contract value of at least $500 million each from customers such as <a href="http://www.businessinsider.in/searchresult.cms?query=Arcelor-Mittal+">Arcelor-Mittal</a> and <keyword id="195234" type="COMPANY" weightage="60" keywordseo="BAE-Systems">BAE Systems</keyword> will also come up for renewal during this period. 
 The increasing number of contract expirations each year directly results from specific market trends. “We've seen the number of outsourcing transactions increase dramatically over time. At the same time the average duration of contracts has declined. As a consequence, contract expirations are occurring at a faster rate," said <keyword id="267192" type="PERSON" weightage="80" keywordseo="Dinesh-Goel">Dinesh Goel</keyword>, partner and India head at ISG. 
 
Even as IBM and HP are expected to strive to renew these contracts, India's top outsourcing firms fancy their chances, having already grabbed significant market share from their multinational rivals over the past five years. 
 
According to another ISG report, Indian IT firms increased their share of the market to 27.1% during January-June, from 23.6% a year ago. This again came at the cost of European rivals such as <a href="http://www.businessinsider.in/searchresult.cms?query=Capgemini+">Capgemini</a> and <keyword id="327292" type="COMPANY" weightage="60" keywordseo="Atos">Atos</keyword>. 
 Executives from both Indian and multinational firms are focusing on <keyword id="15492" type="CITY" weightage="80" keywordseo="Vodafone">Vodafone</keyword>'s $1 billion contract with IBM which will expire early next year. It is being reported that preliminary discussions to renew the contract have already been started. 
 
"There is no question that incumbency isn't what it used to be - the non-incumbent win rate on competitive restructuring and renewal deals stands at over 60%," said Goel, adding India-heritage firms have been the significant beneficiaries of this trend as a winning provider. 
 
Indian IT firms have aggressively snatched large contracts by adopting tactics such as heavy upfront payments while bidding for large billion-dollar outsourcing deals and also using price to undercut rivals. 
 
At a time when investors are worried about the economic slowdown in China triggering a global meltdown and with technology spending set to drop at least 5.5% this year, India's top IT services firms will chase these upcoming deals even more aggressively, executives said. 
 
(Image: Indiatimes)

The time is ripe for contract renewal! Infosys and TCS are ready to grab billion dollar deals

At a time when <keyword id="46431" type="CITY" weightage="20" keywordseo="India-Inc">India Inc</keyword> is busy looking at the profit graph, <keyword id="6354512" type="CITY" weightage="20" keywordseo="Infosys">Infosys</keyword> has undertaken a gigantic step to save the environment. In sync with PM Modi’s dream to see one lakh MW of solar capacity in India, Infosys will spend Rs 400 crore over the next 4 years to achieve carbon-neutrality commuting and travel by its nearly 1.8 lakh employees and in doing so deepen its commitment to sustainability. 
 As per a news report in <keyword id="77091" type="COMPANY" weightage="20" keywordseo="The-Economic-Times">The Economic Times</keyword>, in the past three years, Infosys has spent about $50 million (Rs 320 crore) retrofitting its equipment such as lighting, air-conditioning, power, etc. 
 
Infosys will spend Rs 70 crore this year on green initiatives including installing solar projects for rural electrification, biogas plants and distribution of smokeless cook-stoves in villages, besides afforestation. 
 "These will benefit communities outside of the company. Our programmes are in sync with the guidelines issued by various international agencies, including the <keyword id="6355833" type="ORGANIZATION" weightage="20" keywordseo="united-nations">United Nations</keyword>. These projects will have the maximum social impact, and are subject to audit by international agencies," Infosys <keyword id="192405" type="POSITION" weightage="20" keywordseo="executive-vice-president">executive vice-president</keyword> <keyword id="350389" type="PERSON" weightage="20" keywordseo="Ramadas-Kamath">Ramadas Kamath</keyword> told the financial daily. 
 
"The buildings built after 2008 are all green structures complying with the highest sustainability standards. We are also implementing zero waste to landfill, and rainwater harvesting," Kamath added. 
 However, Infosys’ <keyword id="45171" type="POSITION" weightage="20" keywordseo="VP">VP</keyword> believes achieving 100% renewable energy in India is difficult because of regulations and red tapism in the states of India. 
 “Only in Karnataka do we have a stable, long-term policy with ease of wheeling and banking, open access and project implementation. The <keyword id="71" type="POSITION" weightage="20" keywordseo="Prime-Minister">prime minister</keyword> wants to see one lakh MW of solar capacity in India, but this will remain a pipedream if states don't come up with proactive policies," he added. 
 
Infosys restructuring top 200 customer accounts 
 The <keyword id="6354321" type="CITY" weightage="20" keywordseo="Bengaluru">Bengaluru</keyword> based software exporter is in its process of revamping the structure of its top 200 customer accounts. Aiming an ambitious $20-billion (Rs 1.27 lakh crore) revenue target in five years, Infosys would pair senior partners with sales leaders . 
 As per a news report by the Economic Times, the <keyword id="24211" type="POSITION" weightage="20" keywordseo="chief-executive">Chief executive</keyword> <keyword id="6369763" type="PERSON" weightage="20" keywordseo="Vishal-Sikka">Vishal Sikka</keyword> also said his office will directly oversee the top 15 accounts. 
 
The company is also in the process of overhauling its compensation structure for sales and delivery executives to ensure higher incremental revenue, or the additional revenue generated in a year. 
 
Under the new structure, India's second-largest software exporter will assign a 'client partner' to its top 200 customer accounts, who will have equal responsibility along with the account managers of those accounts. 
 Infosys' top 100 customers include Fortune-500 companies such as <keyword id="6374849" type="CITY" weightage="20" keywordseo="Bank-of-America">Bank of America</keyword> and <keyword id="6354427" type="CITY" weightage="20" keywordseo="Apple">Apple</keyword>.

Infosys to spend Rs 400 crore over next 4 years to go green

<ul><li>‘Challenge accepted,’ said Gurnani to <keyword id="15681942" type="General" weightage="20" keywordseo="chatgpt" source="Orion">ChatGPT</keyword> maker OpenAI CEO <keyword id="257641" type="General" weightage="20" keywordseo="sam-altman" source="Orion">Sam Altman</keyword> who had said it was totally hopeless to compete with his company on training foundational AI models.</li><li>Gurnani has taken a contrarian stance to that of the industry recently on the <keyword id="64527" type="General" weightage="20" keywordseo="moonlighting" source="Orion">moonlighting</keyword> issue.</li><li>He had created a unique approach to downsizing when his company took over troubled Satyam Computers. </li></ul>Come December, <keyword id="351287" type="General" weightage="20" keywordseo="c-p-gurnani" source="Orion">C P Gurnani</keyword> is all set to hang his boots as <keyword id="43217" type="General" weightage="20" keywordseo="tech-mahindra" source="Orion">Tech Mahindra</keyword>’s CEO, but that’s not making him take a back seat. Unlike most tech CEOs and other top leaders in general, he is unafraid to speak his mind. So much so that Gurnani made OpenAI CEO Sam Altman back down and clarify his comments that it’s hopeless for India to compete with his company on AI. The first to respond was Gurnani who ‘accepted a challenge’ on behalf of India — to create a ChatGPT-like product. “From one CEO to another, challenge accepted,” Gurnani said after Altman said, “The way this works is we're going to tell you, it’s totally hopeless to compete with us on training foundational models, you shouldn’t try and it’s your job to try anyways,” responding to a question on the capability of small team of Indians to try it. Altman’s comments, however, ended up reportedly offending the likes of minister of state for IT and electronics, Rajeev Chandrasekhar. Meanwhile, the 64-year-old Gurnani, never one to shy away from taking on challenges or voicing his opinions, however contrary — has taken the bull by the horn one more time. A votary of moonlighting Not too long ago, when moonlighting was a hot debate, almost every tech major including Tata Consultancy Services (TCS) and Infosys opposed it calling it an ‘ethical issue’. In fact, Wipro’s executive chairman Rishad Premji was a vocal opponent, claiming to have fired people for taking up side hustles while being employed with the company and ‘working’ from home. Amidst a sea of dissent, Gurnani was one of the first voices who supported moonlighting – only asking his employees to be open about it. He asked them not to cover up the extra work as it would aid their resumes. “If you go by my word, if someone is meeting the efficiency and productivity norms, and he wants to make some extra money as long as he is not committing fraud, he is not doing something against the values and ethics of his company, I have no problem. I would like to make it a policy. So, if you want to do it, cheers to that, but be open about it," Gurnani had said. ‘People were not toxic’ Such out-of-the-box thinking and policies are not new for Gurnani. After the shocking Satyam scam, where its founder admitted to falsifying accounts, Mahindra &amp; Mahindra bought the company and brought Gurnani to run it. Almost all the employees of the beleaguered company had turned persona non grata. However, he said, “The company’s accounting books were toxic, the people were not.” Amidst dealing with legal and regulatory issues, he did roadshows lasting many months to convince clients to stay with the company. However, as the immediate task was to improve profitability of the company, he had to do what he dreaded — fire around 18,000 people. The firing was not done at one go however. The company gave a small salary for six months, set up job fairs, trained them and even had psychiatrists to help tide over the crisis – until they found another job. As with moonlighting and the Satyam restructuring, Gurnani brings his unique perspective to artificial intelligence (AI) as well. The chemical engineer from NIT Rourkela isn’t worried about AI taking over human jobs – he believes it will give humans more leeway to create emotional connections and relationships, and of course bring in more creativity to work and life.

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