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<ul><li>Here are performances of 9 most common stocks that were recommended by broking firms in Diwali for <keyword id="459249" type="General" weightage="20" keywordseo="muhurat-trading" source="Orion">Muhurat trading</keyword>.</li><li>Click <a href="https://www.businessinsider.in/newsletters_signup.cms">here</a> for simple, fun and yet insightful explainers on the hottest news developments every week.</li></ul>Six weeks ago, ahead of Diwali, these nine stocks were among the <a href="https://www.businessinsider.in/stock-market/news/here-are-16-top-stocks-recommended-by-several-brokerage-firms-to-consider-investing-during-this-diwali/slidelist/87492257.cms">most-recommended stocks</a> across several broking firms. However, those hopes have come undone with the stocks melting along with the rest of the stock market. Benchmark indices, Sensex and Nifty, have seen a sell-off in four out of the last six weeks since Diwali. The seventh one has started out <a href="https://www.businessinsider.in/stock-market/news/how-do-rising-covid-19-cases-lead-to-a-fall-in-markets/articleshow/88385905.cms">with severe gashes across </a>the market. The Omicron variant of the COVID-19 virus has been the biggest source of fear for traders and investors. Not surprisingly, multiplex chain operator INOX, has been the biggest loser among these stocks given the fear of lockdowns and a resultant dent to the business. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Companies </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">% return since Muhurat trading </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">INOX Leisure </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-15% </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">ACC </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-12.50% </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">ICICI Bank </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-10% </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Action Construction Equipment </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-10% </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Mindtree </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-7% </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">SBI Life </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-7% </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">L&amp;T </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-6% </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">HCL Technologies </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-2.80% </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">5% </td></tr></tbody><tbody></tbody><tbody></tbody></table>Except <keyword id="6354512" type="General" weightage="20" keywordseo="infosys" source="Orion">Infosys</keyword>, all other top stocks disappointed investors' expectations and were trading lower since then. It is worth noting that at the same time, entire markets were influenced by negative cues from across the globe. Benchmark index Sensex slipped 8% since Diwali, on November 4. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/how-do-rising-covid-19-cases-lead-to-a-fall-in-markets/articleshow/88385905.cms">Why is the stock market falling so sharply today?</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/used-car-marketplace-cars24-has-raised-as-much-as-dream11-this-year-to-set-up-operation-overseas/articleshow/88386057.cms">Used car marketplace Cars24 has raised as much as Dream11 this year to set up operation overseas</a>

From ICICI Bank to INOX, these 9 stocks are down as much as 15% since being the top Diwali picks 6 weeks ago

<ul class="summary-list"><li><keyword id="12003323" type="UNKNOWN" weightage="60" keywordseo="mclaren" source="Orion">McLaren</keyword>'s LT cars are a callback to the company's exclusive F1 Longtail supercars from the 1990s.</li><li>The $388,000 <keyword id="14396009" type="UNKNOWN" weightage="60" keywordseo="mclaren-765lt" source="Orion">McLaren 765LT</keyword> has a monstrous 755 horsepower, and I drove it around <keyword id="11897569" type="UNKNOWN" weightage="60" keywordseo="london" source="Orion">London</keyword> recently.</li></ul>Throughout its history, McLaren Automotive has found a way to mix technology, comfort, and otherworldly speed with ease. It allows regular drivers to experience cutting-edge supercar tech and not worry that it'll spit them off the road, unless they opt to turn all the safety systems off and poke it with a stick. The $388,000 McLaren 765LT is a different animal. Even in its most inert setting, it's wild, unhinged, loud, and ridiculous. It belongs on a dry track somewhere hot, without any obstacles or inclement weather. Instead, I drove one in London — and I had things to do.<div type="image" title="McLaren 675LT" height="3294" width="4392" msid="92732022" hostid="261" sizebytes="4061896"></div>McLaren's LT cars are a hark back to its famous Longtail F1 cars from the 1990s. Modern LTs are lighter, more driver focused, less huggy machines than the cars they're based on. The 765LT Spider is a McLaren with the gloves off and barbed wire taped to its forehead.The 765LT has a 4.0-liter, twin-turbocharged V8 engine with 755 horsepower and 590 pound-feet of torque. With the car's seven-speed dual-clutch automatic transmission and rear-wheel drive, you can hit 62 mph from rest in 2.8 seconds. From there, you can hit 124 mph in 7.2 seconds and top out at 205 mph. <div type="image" title="McLaren 675LT" height="4000" width="5333" msid="92732025" hostid="261" sizebytes="1579782"></div>The 765LT's signature dihedral doors open upwards, and its roof takes 11 seconds to fold away with the push of a keyfob. McLaren gave me a quick demo and driving lesson before turning the keys over, because it knows the 765LT Spider is a bit of a handful. It was enough to let me know to treat it with caution.On the highway to London, roof down, the car's outrageous purple hue drew eyes. Kids' faces lit up, while parents pretended to be disinterested. Its V8 comes attached to a titanium exhaust system, which makes it sound wonderfully aggressive — find a tunnel and pin the gas pedal to the floor for pops and crackles — but it can be a bit of a drone on the highway.<div type="image" title="McLaren 675LT" height="3984" width="5312" msid="92732027" hostid="261" sizebytes="771208"></div>Riding through the city's lumpy roads, I had the drive mode set to "comfort." Its fixed carbon bucket seats can be a little jarring, since they leave little room for anything other than locking your body in place and keeping your hands on the wheel. The 765LT Spider isn't the most comfortable a McLaren's ever felt, but considering it's as hardcore as they get, it was pleasant. <div type="image" title="McLaren 675LT" height="4000" width="5333" msid="92732029" hostid="261" sizebytes="1121762"></div>What I didn't expect was to be able to hear quite so much of the car itself. In order to cut all the extra weight, things like carpets were taken out. The side effect is not only a quicker car, but mechanical noises. You can hear the car's innards do their thing. It's peculiar, but it offers a refreshing honesty.In the city, its 755 horsepower seems a little lost. You can get to the speed limit awfully quick, but the car begs you to take it further — even if pressing on its pedals would result in losing your license in seconds. The LT's automatic transmission is smooth when you ask it to be, both when it's shifting itself and when you're pulling its tactile shift paddles.<div type="image" title="McLaren 675LT" height="4000" width="5333" msid="92732031" hostid="261" sizebytes="351772"></div>You'd expect a car like this — one with a wide rear and not too much rear visibility — to be a nightmare to navigate around tight spaces, but it isn't at all. The wing mirrors do a good job, as does the backup camera.A car like the 765LT Spider will probably spend most of its life as it did with me: being paraded through built up areas having its picture taken. But to have it for a short time and not go exploring in the countryside is a crime, so I headed toward the coast. <div type="image" title="McLaren 675LT" height="4000" width="5333" msid="92732032" hostid="261" sizebytes="777796"></div>Drive mode set to "Sport" (because "Track" is too rough for the real world), the Spider felt incredible. Nailing the gas caused the car to pick up pace with gusto. The whole car feels light, gliding to ludicrous speeds without issue. However, if you don't treat it with the respect it deserves — like being gentle with its hair-trigger gas pedal — it can catch you unaware. When that happens, the rear wheels skate around.<div type="image" title="McLaren 675LT" height="4000" width="5333" msid="92732033" hostid="261" sizebytes="717852"></div>When the speeds get high, you have to handle it with care. If not, it feels like it'll bite rather hard.The brakes, a McLaren strong point, are incredible. That's partly thanks to pedal feel, but also the active. The spoiler slices through the air at high speeds, but when you need to stop in a hurry, it'll lift itself to an angry, almost vertical angle and essentially become a sail.With sport mode engaged, the gearbox and suspension are more ferocious. Lumps and bumps make themselves known. <div type="image" title="McLaren 675LT" height="4000" width="5333" msid="92732034" hostid="261" sizebytes="374434"></div>McLaren nailed the steering feel on the car as well. It's smooth, perfectly weighted, and better than most. You'll likely only find better steering in a Lotus <keyword id="14396011" type="UNKNOWN" weightage="60" keywordseo="race-car" source="Orion">race car</keyword> or track-prepped special. While driving the 765LT, it only tried to bite me once or twice with seemingly little provocation. That is, until I was taking it back to McLaren's headquarters in Woking, Surrey. As I left my house, gently accelerating to the speed limit, the rear decided it would rather be anywhere other than where it was. Had I been too harsh with it? I don't expect so. But a "lesser" McLaren probably wouldn't behave quite like that. <div type="image" title="McLaren 675LT" height="3067" width="4090" msid="92732035" hostid="261" sizebytes="1156724"></div>That brings us to the 765LT Spider's biggest failing, but also its greatest strength: It's meant for a track — or at least a big, wide, warm road with plenty of space. To try and wrangle it in town to show off is a foolish, if fun, endeavor, but less harsh McLarens will be far kinder to regular mortals. The 765LT's ability is beyond almost every road car. It's something truly skilled drivers will make the most out of with ease — and they probably won't do it running to the store for milk.

Review: I drove a McLaren 765LT through London. It isn't made for the city — but it is made for attention.

India Business Wire India Q4 <keyword id="45663" type="ORGANIZATION" weightage="20" keywordseo="Revenue">Revenue</keyword> of 197.5mn, up 4% QoQ Q4 Net profit of ₹195 crore, up 5% QoQ <keyword id="1380245" type="COMPANY" weightage="20" keywordseo="LT-Technology-Services">L&amp;T Technology Services</keyword> Limited (BSE: 540115, NSE: LTTS), India's leading pure-play engineering services company, announced its results for the fourth quarter and full year ended March 31, 2021. Highlights for Q4FY21 include: Revenue at ₹14,405 million; growth of 2.8% QoQ <keyword id="54123" type="COMPANY" weightage="20" keywordseo="USD">USD</keyword> Revenue at 197.5 million; growth of 3.9% QoQ EBIT margin at 16.6%; up 140 bps QoQ Net profit at ₹1,945 million; growth of 4.5% QoQ Highlights for FY21 include: Revenue at ₹54,497 million; decline of 3% USD Revenue at 737 million; decline of 6.3% EBIT margin at 14.5% Net profit at ₹6,633 million; decline of 19% Board has recommended a final dividend of ₹14.50 per share During the quarter, LTTS won 6 deals with TCV of USD10 million plus, which includes 2 USD25 million plus deals. Revenues from digital and leading-edge technologies stood at 52% during the quarter. We are exiting FY21 on an optimistic note post three consecutive quarters of strong deal wins and sequential revenue and operating margin improvement. The annual free cash flow generation at ₹1,252 crores was at a record high. I am happy to note that in Q4, our revenue is back on the positive year-over-year growth path. We are seeing healthy deal win closures and pipeline build up as customers look for innovation and digital led transformation to strengthen their market positioning. Across all our five segments, we are investing in disruptive technologies and design labs to further the growth. As we continue to execute in an environment made difficult by Covid uncertainties, I would like to thank our employees for their commitment, customer focus and resilience that has helped us deepen strategic relationships, said Amit Chadha, CEO &amp; Managing Director, L&amp;T Technology Services Limited. Industry Recognitions: LTTS has been recognized as a Leader' for Development and Verification &amp; Validation services in Industry 4.0 by Everest Group ISG Group rated LTTS as Leader' in Smart Manufacturing Services for Automotive and Hi-Tech LTTS won the 2021 Big Innovation Awards, USA for Chest rAI and i-BEMS . For its Solar Electrification tribal village project, LTTS was conferred with the Mahatma Award for CSR Excellence. Patents At the end of the fourth quarter, the patents portfolio of L&amp;T Technology Services stood at 650, out of which 485 are co-authored with its customers and the remaining 165 have been filed by LTTS. Human Resources At the end of Q4FY21, LTTS' employee strength stood at 16,452. About L&amp;T Technology <keyword id="266374" type="DOMAIN" weightage="20" keywordseo="Services-Ltd">Services Ltd</keyword> L&amp;T Technology Services Limited (LTTS) is a listed subsidiary of <keyword id="689816" type="COMPANY" weightage="20" keywordseo="Larsen-Toubro-Limited">Larsen &amp; Toubro Limited</keyword> focused on Engineering and R&amp;D (ER&amp;D) services. We offer consultancy, design, development and testing services across the product and process development life cycle. Our customer base includes 69 Fortune 500 companies and 53 of the world's top ER&amp;D companies, across industrial products, medical devices, transportation, telecom &amp; hi-tech, and the process industries. Headquartered in India, we have over 16,400 employees spread across 17 global design centers, 28 global sales offices and 69 innovation labs as of March 31, 2021. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/the-designer-for-bentley-aston-martin-and-jaguar-will-now-work-on-ola-electric-new-models/articleshow/82383151.cms">The designer for Bentley, Aston Martin and Jaguar will now work on Ola Electric's new models</a> <a href="https://www.businessinsider.in/tech/apps/news/pubg-mobile-india-download-release-date-everything-we-know-so-far/articleshow/82383038.cms">PUBG Mobile India to relaunch as Battlegrounds Mobile India – here’s what we know so far</a> <a href="https://www.businessinsider.in/tech/apps/news/coders-are-coming-up-with-new-ways-to-check-for-covid-19-vaccination-slots-on-cowin/articleshow/82383284.cms">Indian coders are working around the CoWIN app to help people bag the elusive vaccine slots</a> <a href="https://www.businessinsider.in/tech/news/apple-analyst-predicts-an-8-inch-foldable-iphone-to-launch-in-2023/articleshow/82383566.cms">Apple analyst predicts an 8-inch foldable iPhone to launch in 2023</a>

L&T Tech announces dividend of ₹14.50  even as revenue for the year dips by 3%

<ul><li>At 7:45 am, the SGX Nifty was up 0.15%, indicating a higher 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 indices are likely to start lower on Thursday, led by mixed cues from the global markets. At 7:45 am, the SGX Nifty was up 0.15%, indicating a higher start for Nifty50. The<a href="https://www.businessinsider.in/stock-market/news/us-stocks-climb-higher-in-first-trading-session-of-2021/articleshow/80100896.cms">US stocks declined in the first trading</a> session of 2021 on Monday as investors weighed another spike in virus cases. The Dow Jones Industrial Average closed 382 points lower, and the S&amp;P 500 was down 1.48%. These are the stocks to watch out for during the trading session today: HDFC Mortgage lender HDFC said its disbursements in the individual loan category have grown by 26% during the third quarter ended December 2020. Tech Mahindra Reports indicate that Tech Mahindra may partner Reliance Jio to provide 5G solutions to the world. Tech Mahindra <a href="https://www.business-standard.com/article/companies/tech-mahindra-may-partner-reliance-jio-to-provide-5g-solutions-to-world-121010401357_1.html">said it does not see </a>Jio as competition but rather as an ‘expansion of the industry’ through partnership. Larsen &amp; Toubro (L&amp;T) L&amp;T’s subsidiary has bagged an order worth over ₹7,000 crore from HPCL Rajasthan Refinery, a joint venture between Hindustan Petroleum Corporation (HPCL) and Government of Rajasthan, for setting up a dual feed cracker unit. Bajaj Finance In a stock exchange filing, Bajaj Finance informed its investors that the company added 6 million new loans in the third quarter-ended December 31 as compared to 7.7 million in the same period a year ago. The total deposits of the non-banking financial company (NBFC) rose by 17% to ₹23,800 crore in Q3 (year-on-year). Sun Pharma Sun Pharma has initiated phase two clinical trial for a product being developed to treat patients with moderate to severe plaque psoriasis. The study includes 240 subjects and results are expected in 2022. KNR Construction KNR Construction has bagged orders worth ₹603.63 crore from Project Director, Highways (FAC), Chennai Kanyakumari Industrial Corridor Project. The project will be completed within 39 months from the appointed date. Jindal Saw The board of directors of Jindal Saw will be meeting on January 11 to consider the proposal for issuance of non-convertible debentures (NCD) on private placement basis. IIFL Securities A wholly-owned subsidiary of IIFL Securities, IIFL Insurance Brokers has received insurance regulator’s permission for undertaking insurance e-commerce activities in India through Insurance Self Networking Platform. National Fertilizers National Fertilizers has achieved its highest ever production of 9.99 lakh MT urea in the third quarter ended December 31. The plants at Nangal and Panipat achieved their best production during October-December 2020. Edelweiss Financial Services Edelweiss Financial Services raised over ₹240 crore through the issuance of non-convertible debentures (NCDs). SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/reliance-says-it-has-absolutely-no-plan-to-enter-contract-farming-urges-government-to-stop-vandalism-amidst-ongoing-farmers-protests/articleshow/80091733.cms" data-type="tilCustomLink">Reliance says it has 'absolutely no plan' to enter contract farming — urges government to stop vandalism amidst ongoing farmers' protests</a> <a href="https://www.businessinsider.in/stock-market/news/big-money-chasing-bitcoin-takes-the-cryptocurrency-to-a-new-record-high-of-34000/articleshow/80090730.cms" data-type="tilCustomLink">Big money chasing Bitcoin takes the cryptocurrency to a new record high of $34,000</a>

Top stocks to watch — HDFC, Tech Mahindra, L&T, Bajaj Finance, IIFL Securities, Sun Pharma, and others

<ul><li>The 30-share BSE index Sensex was up 0.17%, and the NSE Nifty was trading 18.45 points higher at 9:55 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 opened higher on Tuesday, tracking gains in index majors Infosys, HDFC Bank and TCS, despite weak cues from global markets. The 30-share BSE index Sensex was up 0.17%, and the NSE Nifty was trading 18.45 points higher at 9:55 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;">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;">Britannia </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;">L&amp;T </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;">IOC </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;">Asian Paints </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;">M&amp;M </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;">SBI </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;">Tech M </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;">Tata Motors </td></tr></tbody></table>*as of October 20, 09:50 am These are the top stocks in news today. Britannia shares dip 5% The shares of biscuit major dipped 5% after it reported a sequentially lower profit growth compared to the last quarter. It is worthy to note that the profit was comparatively 23% higher than what it reported during the same quarter last year. However, the drop in volume growth has kept investors jittery. ACC opens 3% higher The shares of ACC opened 3% after the company posted a 20.25% increase in consolidated net profit to ₹363.85 crore for the third quarter ended September 30. The brokerages also reiterated their ratings to ‘Buy’, with Motilal Oswal raising their target price at ₹1805 and Nirmal Bang with a revised target of ₹1772. Larsen &amp; Toubro up over 3% The shares of construction and engineering company Larsen &amp; Toubro were trading over 3% higher after <a href="https://www.business-standard.com/article/companies/l-t-set-to-win-one-of-the-largest-civil-works-tender-for-bullet-train-120102000021_1.html">reports</a> emerged that it is set to win one of the largest infrastructure tenders for the alignment of the Mumbai-Ahmedabad High-Speed Rail corridor. Wipro gains over a percent The shares of IT major were up over 1% after it announced that it had won a five-year Application Management (AMS) and Services Integration &amp; Management (SIAM) <a href="https://www.businessinsider.in/business/corporates/news/wipro-wins-five-year-contract-with-europes-third-largest-producer-of-clean-electricity/articleshow/78761079.cms">contract </a>from one of the leading clean-energy companies, Fortum, which is headquartered in Espoo, Finland. HDFC Life up over 1% The shares of life insurance provider, HDFC Life were trading over 1% higher after the company reported a 6.1% increase in consolidated net profit to ₹327.83 crore for the quarter ended September 30. The total income of the company saw a stellar 90% rise to ₹16,426.03 crore. Amber Enterprises pares gains After two days of bull run, Amber Enterprises pared the early gains. The share price was trading 4% lower today at 10:00 am. Amber’s shares have surged nearly 25% in the past two days after the government banned import of AC’s to boost local manufacturing. SEE ALSO: <a href="https://www.businessinsider.in/policy/foreign-policy/news/trump-versus-biden-what-the-result-of-us-election-could-mean-for-india/articleshow/78750339.cms" data-type="tilCustomLink" style="">EXCLUSIVE: Trump versus Biden — Here’s what the result of the US election could mean for India</a> <a href="https://www.businessinsider.in/business/auto/news/exclusive-why-tata-motors-ceo-is-not-worried-about-musks-tesla-coming-to-india/articleshow/78749755.cms" data-type="tilCustomLink">EXCLUSIVE: Why Tata Motors CEO is not worried about Musk's Tesla coming to India</a> <a href="https://www.businessinsider.in/business/startups/news/byjus-renewal-rates-stand-at-86-the-founder-of-the-11-billion-edtech-startup-shares-how-they-cracked-the-code-for-repeat-subscriptions/articleshow/78749254.cms" data-type="tilCustomLink">EXCLUSIVE: BYJU’S renewal rates stand at 86% – the founder of the $11 billion edtech startup shares how they cracked the code for repeat subscriptions</a>

Top stock movers — ACC, Britannia, Amber Enterprises, HCL Tech, Wipro, L&T and others

Happiest Minds is a smaller company that does the same thing as MindTree and L&T Infotech — but clearly it is doing it a lot better

The collateral damage of America's battle with China for the future of techThe world runs on computer chips. From the phone in your hand and the fridge in your kitchen to car companies' manufacturing equipment and the military's missile systems, almost every part of today's digitally run society relies on the tiny, intricate devices known as semiconductors.Semiconductors are also incredibly difficult to make — especially the most advanced chips. They require massive, delicate machines, hard-to-find materials, and a staggering amount of technical know-how. Right now, production of these chips is made up of a complex web of companies and facilities around the globe — with a few key choke points. For instance, Taiwan's <a href="https://www.businessinsider.com/tsmc-us-china-tensions-may-dictate-fate-of-global-economy-2022-10">TSMC controls 90% of the physical production</a> of the highest-end chips.The critical importance of semiconductors and the delicate manufacturing process have combined to turn these chips into the main battleground in a new <a href="https://www.businessinsider.com/china-xi-jiinping-future-tech-global-economy-semiconductors-military-failing-2022-9">race between the US and China</a> for the future of technology. If the first Cold War was defined by the development of nuclear weapons, this Tech Cold War is defined by the computer chip."Strategists in Beijing and Washington now realize that all advanced tech — from machine learning to missile systems, from automated vehicles to armed drones — requires cutting-edge chips," Chris Miller, an associate professor of international history at Tufts University, wrote in his recent book, "Chip War."The <a href="https://www.businessinsider.com/us-china-tech-cold-war-everything-that-has-happened-2019-5">Tech Cold War</a> between the US and China, along with the recent surge in pandemic-induced chip shortages, has triggered a massive push by the federal government to bring semiconductor manufacturing to the US. But the reality of onshoring chip production has been far less glamorous than the patriotic aspirations of outpacing a geopolitical rival.The rush by states, counties, and cities to get in on the semiconductor gold mine has resurfaced old fights about how best to create jobs and exacerbated local battles over housing, public schools, and business development. While revitalizing parts of the country that are struggling economically is an admirable goal, the frenzied pace of the chip war is resulting in billions of dollars getting funneled to corporations, while locals are left with vague promises and underfunded public institutions. In the scramble to seize the future of technology, governments are ignoring the problems of today — and leaving many of their constituents out to dry. <h2>Building the 'Silicon Heartland'</h2>America's position as a semiconductor powerhouse has been eroding for decades. According to the <a href="https://www.semiconductors.org/study-finds-federal-incentives-for-domestic-semiconductor-manufacturing-would-strengthen-americas-chip-production-economy-national-security-supply-chains/?_hsmi=105004323&amp;_hsenc=p2ANqtz-_IIvWwMLkmK33Ctd68oZNTnP8q-bpwxBDmRDopOG4vl2oQTTRCncv6h_4qxCaYM72wxOOsJ9CWSuvew1Zvzlu7rk3lww">Semiconductor Industry Association</a>, a lobbying group, the share of chips made in the US fell from 37% in 1990 to just 12% in 2020. To reverse this decline, governments have been pulling out all the stops to attract chipmakers to bring their new factories to the US. On the federal level, Congress passed the CHIPS Act in August, which provides $280 billion in new funding to accelerate domestic research and manufacturing of semiconductors.This pool of cash, along with a wave of incentives from state and local governments, has already helped push companies to bring projects to the US. Intel, America's leading semiconductor maker, is spending $20 billion to build the world's largest chip factory, in a suburb of Columbus, Ohio, which the company says will employ at least 3,000 people after it's completed in 2025. "We helped to establish the Silicon Valley," Intel CEO Pat Gelsinger told <a href="https://time.com/6140476/intel-building-factory-ohio/">Time</a> when the facility was announced in January 2022. "Now we're going to do the Silicon Heartland." Intel considered 38 other sites across the country before choosing New Albany. In addition to the proximity to plenty of fresh water, which is needed to make computer chips, the suburb is prime for the new middle-class plant workforce. The affluent suburb is home to data centers for Amazon, Google, and Facebook, and the median household income is <a href="https://www.census.gov/quickfacts/fact/table/newalbanycityohio/INC110221#INC110221">over $200,000</a>. Early reports say the plant's average salary will be <a href="https://www.columbusceo.com/in-depth/business/2022/01/21/how-mike-dewine-jon-husted-got-intel-come-ohio/9183683002/">$135,000</a>, with 70% of the jobs consisting of <a href="https://www.columbusceo.com/story/business/briefs/2022/05/24/how-ohio-colleges-building-intel-ready-workforce/9613478002/">manufacturing technicians</a>, a position that requires at least a two-year STEM degree.<div type="image" title="President Biden walks in front of a patch of dirt that says &quot;Made in America.&quot; Behind him are construction vehicles and an American flag." height="4128" width="6192" msid="97130849" hostid="261" sizebytes="1940942"></div>Eager to shed the "Rust Belt" label, Ohio lawmakers didn't hesitate to lay out the welcome mat for Intel's plant, the biggest private-sector investment in the state's history. Even before the company's announcement, Ohio's state Legislature passed a fiscal budget in June 2021 with incentives to attract megaprojects. And last-minute <a href="https://www.pwc.com/us/en/services/tax/library/ohio-modifies-existing-and-enacts-new-tax-incentive-programs.html">additions</a> to the 2022-23 budget conveniently expanded tax credits and property-tax abatements — a reduction or complete omittance of property taxes — for projects that exceed $1 billion in investments. "We are in the game for these projects now," Lt. Gov. Jon Husted of Ohio said in a <a href="https://youtu.be/G_esFNWbrVY?t=2809">press conference</a> on the budget. "We have the opportunity with the reshoring that's occurring, and we are going to aggressively fight for these investments and these jobs in the state of Ohio." <a href="https://www.dispatch.com/story/business/2022/01/28/ohio-release-details-incentive-package-intel-chip-plants/9253570002/">A week after</a> the announcement of the Intel site, Ohio announced an additional <a href="https://www.dispatch.com/story/business/2022/01/28/ohio-release-details-incentive-package-intel-chip-plants/9253570002/">$2 billion incentive package,</a> the largest in the state's history. As a part of the package, the state will spend $700 million on expanding the nearby highway and other infrastructure improvements, $600 million on the plant itself, and an additional $650 million on income-tax incentives.On the local level, New Albany granted Intel the longest property-tax abatement in its history — <a href="https://www.bizjournals.com/columbus/news/2022/06/20/intel-30-year-real-property-improvement-tax-deal.html">30 years</a> with zero property taxes — and <a href="https://www.newarkadvocate.com/story/news/2022/07/30/licking-county-commissioners-approve-annexations-new-albany-heath/10172035002/">annexed its neighboring township</a> to have enough space to fit the 1,000-acre plant wholly within the city. "New Albany is a strategically-planned community, and this project fits within the parameters of our business park, where 19,000 people already work," New Albany's mayor, Sloan Spalding, said in a <a href="https://newalbanyohio.org/answers/new-albany-silicon-heartland/">statement</a> about the plant. In sum, the federal, state, and local subsidies granted to Intel are saving the company billions of dollars.<h2>What does the city get in return? </h2>But as with any funding decision, the effort to entice Intel comes with some trade-offs. Unlike the federal government, which has a vast ability to fund its initiatives and take on debt, state and local governments are more constrained in where they can put their resources. Giving companies cash or letting them forgo taxes means other initiatives or services miss out on those funds. In theory, the thousands of jobs created by these new businesses are <a href="https://www.cleveland.com/opinion/2022/03/intels-benefits-to-ohio-in-manufacturing-and-beyond-ryan-augsburger.html#:~:text=In%20addition%20to%207%2C000%20construction,by%20Intel%20and%20its%20employees.">supposed to bring more</a> small businesses and taxpayers to the area — for the Columbus plant, Intel estimates <a href="https://glenn.osu.edu/sites/default/files/2022-03/Intel-Supplement-Ohio-2022.pdf">10,000 jobs</a> in addition to the plant jobs — increasing the tax base and incentivizing growth. But as <a href="https://u.osu.edu/geographyblog/2020/11/23/subsidizing-luxury-neoliberalism-urban-redevelopment-and-the-geography-of-educational-inequity/">a 2020 analysis by researchers</a> at the Ohio State University on the benefits of development policies like tax abatements found, instead of growing the base for everyone, these sorts of programs "undermine traditional public institutions, such as schools, who rely heavily on property taxes for their financial needs."Even before the Intel plant, the Columbus area was well acquainted with these sorts of trade-offs. Over the past few years, the city has battled over tax abatements given to developers as an incentive to build housing. In 2021 alone, the city's schools lost out on <a href="https://www.dispatch.com/story/news/education/2022/04/20/columbus-educators-end-developer-tax-breaks-and-fully-fund-schools/7372598001/">$51 million</a> because of tax abatements given to developers as part of a push to incentivize new housing developments. The abatements were attempting to address a real problem: Central Ohio's population is projected to grow from 2 million in 2010 to over <a href="https://www.morpc.org/news/central-ohio-remains-on-track-to-reach-3-million-people-by-2050/">3 million by 2050</a>, so the city needs plenty of new homes. But, the Ohio State study found, Columbus' residential tax-abatement programs did little to meaningfully address the housing problem, while draining the city's funds.<div type="image" title="President Biden high-fives an Intel worker at the site of the new semiconductor plant in Ohio" height="3539" width="4718" msid="97130855" hostid="261" sizebytes="504304"></div>"While the abatement programs have helped spur an influx of high wealth households into abatement areas, they degrade the public resources available to the nearly 30,000 children (of which more than half live in households with income under the poverty line) in abatement areas," the report said.The budget shifting — and the deteriorating facilities at many local schools — eventually sparked <a href="https://www.nbcnews.com/think/opinion/teacher-strike-columbus-ohio-air-conditioning-students-rcna44849">protests</a> from the teachers union in 2022. "Developers get handouts; kids get sold out," teachers chanted as they marched on developers' headquarters <a href="https://www.dispatch.com/story/news/education/2022/04/20/columbus-educators-end-developer-tax-breaks-and-fully-fund-schools/7372598001/">in April</a>. The battle culminated in a three-day <a href="https://www.dispatch.com/story/news/2022/08/22/columbus-teachers-go-on-strike-form-picket-lines-monday/65413914007/">4,500-teacher strike</a> in August, the union's first since 1975, that ended only after the school board <a href="https://www.10tv.com/article/news/education/columbus-teachers-union-conceptual-agreement-ratify-vote/530-220ae6bc-33b6-4859-aea8-bcaa0bbea303">agreed to a three-year contract</a> that guaranteed some basic provisions, like air conditioning in all school buildings by 2025.This struggle will get worse since the city has handed out <a href="https://fortune.com/2022/11/19/intel-ohio-semiconductor-chipmaking-hub-affordable-housing-real-estate-problem/">even more property-tax abatements</a> to incentivize the construction of housing to absorb the 3,000 plant workers and 7,000 temporary construction workers needed for the Intel facility. According to the rental platform Zumper, the average rent for a one-bedroom apartment in Columbus has jumped from $600 in 2015 to almost <a href="https://www.zumper.com/rent-research/columbus-oh">$1,000 in 2023</a>. The development incentives that the city has implemented do require developers who receive tax abatements to set aside a portion of "affordable" units built in designated zones. But the <a href="https://www.matternews.org/voices/columbus-needs-to-rethink-its-approach-to-affordable-housing">trouble with the policy</a>, called the Community Reinvestment Area Program, is that the city determines "affordable" rent rates based on citywide data, which results in "affordable housing" that costs twice the average rent in lower-income neighborhoods. For example, the median income in Columbus is $57,800, but the median household income in the neighborhood<a href="https://www.point2homes.com/US/Neighborhood/OH/Columbus/South-Linden-Demographics.html"> of South Linden</a> is $28,610. A CRA housing development built in Linden would far exceed what the average resident of the neighborhood could afford. There is also a buyout option in the policy where developers can choose to pay a fee to avoid including any "affordable" units. Mitchell Toomey, an organizer with Affordable Housing Columbus, told me that while the CRA policy incentivized housing that might be affordable for a six-figure salary, the middle- and low-income workers who need affordable housing are left with no options. Essentially, the affordable-housing policy, he told me, is "making it easier for people coming in from the Intel plant, who have a medium to high income, to price out all of the local people."<h2>Little chips, big water</h2>Thanks in part to the CHIPS Act, central Ohio isn't the only region getting in the semiconductor game. Factories are also being built in <a href="https://www.cnbc.com/2022/10/04/micron-to-spend-up-to-100-billion-to-build-new-york-chip-plant.html">New York</a> and <a href="https://www.cnbc.com/2021/11/24/samsung-announces-17-billion-chip-plant-in-texas.html">Texas</a>, and two factories are getting major expansions outside Phoenix. But the chip factories in Phoenix raise an even more serious problem than the battles over housing and tax incentives in Columbus. To make semiconductors, chip factories use <a href="https://www.theregister.com/2022/07/13/intels_net_positive_water_use/">millions of gallons</a> of water every day. So it may seem odd that Arizona — famous for its desert and multidecade <a href="https://www.businessinsider.com/remote-workers-moving-to-zoomtowns-southwest-cities-drought-no-water-2022-10">water crisis</a> — would be the focal point of the burgeoning American chip industry. Advocates for the plants see the trade-off between new jobs and high water usage as a net positive. Intel already employs more than 10,000 people in Arizona and contributed <a href="https://download.intel.com/newsroom/2021/corporate/intel-impact-us-economy.pdf">$3.9 billion in GDP</a> to Arizona in 2019. And despite the fact that the plants will be the largest water users in the state, the chipmakers say much of that water can be recycled: <a href="https://csrreportbuilder.intel.com/pdfbuilder/pdfs/CSR-2020-21-Full-Report.pdf">Intel's data</a> shows that about 80% of the Arizona plant's water usage in 2020 was later recycled. "Given all the ways that we could allocate our water, semiconductor plants that recycle most of what they use are not a bad investment," Joanna Allhands, an editor, wrote in an op-ed in the <a href="https://www.azcentral.com/story/opinion/op-ed/joannaallhands/2022/03/04/arizona-semiconductor-intel-tsmc-water-use/6915685001/">Arizona Republic</a>. Sarah Porter, the director of Arizona State University's Kyl Center for Water Policy, <a href="https://kjzz.org/content/1683081/qaz-are-microchips-too-thirsty-drought-stricken-arizona-answer-complicated">told KJZZ</a> that with semiconductor plants, 1 million gallons of water can provide 200 high-paying semiconductor jobs, while a golf course would provide only 50 low-paying jobs.But that cost-benefit analysis does not address the long-term strain that the plants could place on the region's already taxed water resources. Intel's 16,000 acre-feet of water usage in 2020 converts to roughly 14 million gallons a day. Even if 80% of that was recycled, roughly 2.8 million gallons lost each day would still be a significant amount.Critics argue that the excessive water usage and housing issues are far from net positive. Rashad Shabazz, a professor of geography at Arizona State University and the author of "Spatializing Blackness," told me that the cultural desire to become the new Silicon Valley and the political drive to create jobs outweighed concerns over housing, schools, and water. "This is what happens when politicians and developers get together to create public policy," he told me. "Neither one of them has the foresight to see the bigger picture, to understand the impact that this is going to have on the environment, on schools, on infrastructure, on water."<h2>The discontents of onshoring </h2>Even if the massive investments in bringing chip production home help to grow America's domestic semiconductor industry, the US will still have to rely on other countries to complete the manufacturing process. Assembly and packaging will still be shipped abroad, and the technology being manufactured in these plants will be years behind the advanced chips that Taiwan can produce. In the meantime, companies like Intel and TSMC will enjoy billions of dollars in incentives as part of the chip war.It begs the question whether the onshoring of tech manufacturing can be done sustainably and equitably — without displacing, defunding, or diverting the funds that the most vulnerable and essential workers need. If there's a way to bring back jobs while securing funds for schools and not jeopardizing communities' water supply, it's still up for debate. What is clear is that, as Ashik Siddique, a research analyst for the Institute for Policy Studies, <a href="https://ips-dc.org/the-u-s-competes-with-china-at-what-cost/">wrote</a>, the bipartisan support for onshoring chip manufacturing "shows that getting an edge over China is apparently our government's most urgent priority."<a href="https://www.businessinsider.com/author/taylor-dorrell">Taylor Dorrell</a> is is a writer and photographer based in Columbus, Ohio.

The collateral damage of America's tech war with China

<div type="image" title="Fintech company Bolt CEO Ryan Breslow and colleagues smile in photo" height="853" width="1280" msid="89279688" hostid="261"></div><ul class="summary-list"><li>Bolt is adopting a permanent four-day workweek after a successful three-month trial.</li><li>Chief People Officer Jennifer Christie explained how the startup made the change.</li></ul>On a sunny morning in August, <keyword id="13038316" type="UNKNOWN" weightage="60" keywordseo="ryan-breslow" source="Orion">Ryan Breslow</keyword> was meditating in the backyard of his Miami home when it hit him. He wanted to implement a <a href="https://www.businessinsider.com/ecommerce-unicorn-bolt-adopts-4-day-week-after-productivity-improved-2022-1">permanent four-day workweek</a> at the company he founded, <keyword id="11898487" type="UNKNOWN" weightage="60" keywordseo="fintech" source="Orion">fintech</keyword> startup Bolt. Breslow, who <a href="https://techcrunch.com/2022/01/31/ryanbreslow-bolt/">resigned from his CEO position</a> on Monday and is now the executive chairman, had been reading articles on the burgeoning <a href="https://buildremote.co/four-day-week/4-day-work-week-companies/">workplace trend</a> for months, quietly contemplating it. That summer day, he decided to move on his gut feeling that it might just work. One month later, Bolt launched a three-month pilot program, giving employees and executives a chance to see if the compressed workweek was a fit for them.It was a <a href="https://www.bolt.com/blog/what-bolters-are-saying-about-the-four-day-work-week/">resounding success</a>, according to employee feedback. Breslow implemented it as a permanent policy <a href="https://www.businessinsider.com/ecommerce-unicorn-bolt-adopts-4-day-week-after-productivity-improved-2022-1">in January</a> for the company's 600 employees. Job applications at the <keyword id="11894549" type="UNKNOWN" weightage="60" keywordseo="e-commerce" source="Orion">e-commerce</keyword> company have jumped 30% month over month, according to a company spokesperson. "We're never going back," Breslow wrote in a <a href="https://twitter.com/theryanking/status/1478564004356317186?s=20">tweet</a> last month, citing heightened productivity and reported employee wellness. Bolt did not immediately respond to request for comment as to why Breslow stepped down from his CEO post. Bolt, a company that wants to make the checkout process quicker and easier for retailers, is on the cutting edge of what some say is the future of work. Employees are rethinking their work-life balance amid the pandemic and <a href="https://www.businessinsider.com/how-ceos-executives-plan-address-the-great-resignation-in-2022-2022-1">the "Great Resignation."</a> The compressed work schedule has been <a href="https://www.businessinsider.com/andrew-yang-pandemic-highlights-importance-implementing-4-day-workweek-2020-8">gaining momentum</a> over the <a href="https://www.fastcompany.com/90501241/my-companys-always-had-4-day-workweeks-heres-why-theyre-more-important-than-ever">past few years</a>, but interest in it seems to have spiked over the past <a href="https://www.gamesindustry.biz/articles/2022-01-31-hutch-begins-six-month-four-day-work-week-trial">few weeks</a>."People feel really proud to work at Bolt," Bolt Chief People Officer Jennifer Christie told Insider. She explained how Bolt executed the change, the challenges leaders faced, and what the team learned from the process.<h2>How Bolt made the switch </h2><div type="image" title="Bolt's chief people officer Jennifer Christie" height="2211" width="2949" msid="89279685" hostid="261"></div>Bolt's <keyword id="11893566" type="UNKNOWN" weightage="60" keywordseo="leadership" source="Orion">leadership</keyword> team jumped into the deep end of the pool without really knowing how to swim. "It was, 'Let's just learn as we go,'" the chief people officer said. "'Let's test it out.'"The first key decision was whether to let employees choose the day they wanted off or establish one collective day. Breslow and the team went with the latter choice. Christie said, "We thought it would be easier for everyone to really take a step back if everyone took the same day off." Then, employees were informed of the three-month pilot and asked to take stock of their schedules. Workers moved meetings to Monday through Thursday and teams worked to cancel meetings they didn't feel were necessary or turn them into "asynchronous formats" like emails or videos that could be viewed at any time. Employees were also encouraged to speak with their managers if they felt their time was being wasted or spent on things that didn't help them achieve their goals. "We said, 'With those other four days, let's really sprint, let's do focused work, and let's not spend time on things that don't matter,'" said Christie, who's been involved in company conversations about the four-day workweek since October and joined the team officially on January 3.<h2>Dealing with challenges </h2>The shift hasn't been without its struggles. Fifteen percent of employees, specifically workers in sales, said they encountered "external-facing challenges" like planning meetings with prospective clients. To deal with this, employees were encouraged to either reschedule meetings to be sometime between Monday and Thursday or take the meeting and adjust their schedule the next week to make up for it. For example, an employee who had to take a one-hour phone call on Friday would tell their manager they were taking one hour off the following Monday. Another challenge was figuring out what to do when federal or company holidays rolled around. At first, the company counted the holiday as the day off for that week. For example, Labor Day, which falls on a Monday, was the day off, with workers working Tuesday through Friday that week. Some workers found this frustrating and confusing, so management walked back their decision, which resulted in multiple three-day weeks. People were surprised they could get their work done on those three days, Christie said. "I think people realized when you really kind of forced yourself to focus on the things that are most important, people even went further," she said. The other challenge is stress. Nearly 40% of the team said they felt more stress Monday through Thursday compared with a five-day schedule, according to company data. Christie said the company was continuing to reduce meetings and unnecessary tasks for employees to combat this. Still, she said, the benefits outweigh the challenges. In a company survey, 94% of employees and 91% of managers said they supported Breslow's decision to permanently adopt the four-day workweek. <h2>Encouraging other companies to consider it</h2>Overwhelmingly, workers are happier with the change. Eighty-four percent of Bolt employees said their work-life balance had improved. The same percentage reported being more productive at work. Since the pilot's launch, at least "a few" Fortune 500 companies have reached out to Bolt's team to learn more about the process of compressing the workweek. It's a sign, she said, that the policy can work for small, medium, and large companies. Christie likened the shift to a four-day workweek to adopting remote work. People thought it was impossible for industries like TV news and finance to go remote, but the majority did. "Before the pandemic, you heard so many companies say, you know, 'I think remote work is great, but, you know, that's only for tech companies and that can't ever work at my company,'" she said. "But behold, the pandemic hit and everyone figured it out." The compressed workweek, Christie said, has been driving job applications higher. Breslow and the executive team have been getting positive feedback from "across generations, across people with families, people without families," she said. "People are saying they are more present at home with their families, being able to do things that are more for their own wellness," she said. "Their friends and contacts on LinkedIn are asking if we're hiring."

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