TCS

A major boardroom dispute has emerged at the Tata Group between Tata Sons Chairman N. Chandrasekaran and Tata Trusts Chairman Noel Tata over leadership and control. On September 17, the Tata Sons board approved a five-year extension for Chandrasekaran and initiated steps toward a potential public listing, both of which Noel Tata opposed. Tata Trusts, holding a 66 percent stake in Tata Sons, argues that under the Articles of Association, board resolutions require the affirmative vote of a majority of trust-nominated directors. While nominee Venu Srinivasan voted in favour, Noel Tata dissented, leading the Trusts to assert the reappointment is invalid without both nominees agreeing. Conversely, Tata Sons maintains the decision was validly carried by a 4-1 board majority with the chairman's casting vote. The rift is further compounded by listing pressures following the RBI's rejection of Tata Sons' application to surrender its core investment company status, setting off a wider conflict over conglomerate governance.

Indian equity markets opened lower with the Nifty breaching the crucial 23,500 support mark amid rising crude oil prices nearing 100 dollars a barrel. The domestic currency opened at 94.87 against the US dollar, registering a five paise downtick. Major IT stocks including Infosys, HCL Tech, Tech Mahindra, Wipro, and TCS emerged as top laggards, pulling the IT index down significantly. Meanwhile, Adani Airport Holdings announced plans to raise 9,825 crore rupees by selling a 5.5 per cent stake to global investors including BlackRock, Temasek, and Premji Invest, valuing the airport business at 1.78 lakh crore rupees. In the auto sector, JSW Group signed a non-binding pact with Skoda Auto Volkswagen Group for a proposed 51-49 joint venture. Additionally, the primary market witnessed a historic rush with six initial public offerings opening on a single day to raise around 4,300 crore rupees.

The United States Department of Labor has suspended Indian IT giant Cognizant from filing new applications for foreign worker green cards for 180 days amid a federal investigation. The probe is examining allegations of visa filing irregularities, wage violations, and potential worker exploitation involving H-1B and employment-based immigration programs. The development places increased scrutiny on visa practices across major Indian IT firms operating in the US, including TCS, Infosys, Wipro, and HCL Technologies.

Indian equity benchmark indices opened significantly lower as a broad-based market sell-off pushed the Sensex down over 700 points, while the Nifty fell below the 23,800 mark and Nifty Bank slipped under 57,000. Key sectors including banking, IT, metals, financial services, and automobiles faced severe downward pressure, impacting major stocks such as Infosys, TCS, Wipro, Shriram Finance, and Mahindra & Mahindra. Brent crude oil prices surged toward 97 dollars per barrel, triggering selling pressure in crude-sensitive counters like InterGlobe Aviation, while Coal India and ONGC traded higher. Rising US bond yields, global debt market declines, and heightened West Asia geopolitical tensions fueled investor anxiety. Additionally, automobile exports for Maruti Suzuki and Hyundai Motor India encountered severe disruptions due to international shipping container shortages and cargo vessel scarcities. Meanwhile, multi-year high bond yields and rate hike expectations pressed precious metals lower, with MCX gold declining to 1.5 lakh rupees per 10 grams and MCX silver dropping to 2.26 lakh rupees per kilogram.

Indian benchmark indices traded lower as crude oil volatility, global macroeconomic factors, and US Federal Reserve interest rate concerns weighed on market sentiment, pulling the Nifty 50 below the 24,100 level. Broad-based selling erased 49 lakh crore rupees in market capitalisation from peak levels across 47 Nifty 50 stocks, with major drags including Tata Consultancy Services, Reliance Industries, Infosys, and HDFC Bank. HDFC Bank shares dropped after Managing Director and CEO Sashidhar Jagdishan announced he will step down in October without seeking reappointment. Commodity markets saw gold and silver exchange-traded funds decline up to 4% due to profit-taking and US rate trajectories. In policy developments, the central government notified the Semicon 2.0 scheme with a 1.27 lakh crore rupee capital outlay to bolster semiconductor design and manufacturing. Additionally, the GST Council is set to review a proposal to reduce the Goods and Services Tax on mobile phones from 18% to 5% at its September 12 meeting following a drop in quarterly smartphone shipments.

The Trump administration has proposed a new permanent H-1B visa fee of $103,265, applying to both new applications and renewals. Following a federal court striking down an earlier $100,000 levy signed via presidential proclamation as unlawful, the Department of Homeland Security submitted the new proposal through a formal regulatory process, opening it for a 30-day public comment period. The rule aims to encourage companies to hire more local Americans, while potentially raising around $8.8 billion annually for immigration processing. The increased cost poses a significant burden on the tech and finance sectors, especially affecting Indian IT professionals and foreign students on OPT status. Additionally, the administration is preparing a potential mass visa revocation targeting up to 200,000 temporary visitors on B-1 and B-2 visas who subsequently applied for asylum.

Bitcoin crossed eighty thousand dollars for the first time since May, driven by lower Treasury yields and strong exchange-traded fund inflows. In major corporate developments, Tata Consultancy Services announced the acquisition of Porsche AG's IT consulting arm, MHP Management, for an enterprise value of three hundred and twenty million euros. The deal includes a five-year strategic agreement valued at one point two five billion euros aimed at scaling artificial intelligence across manufacturing operations, engineering, and customer experience, onboarding thousands of employees and establishing a dedicated mobility center. Meanwhile, Indian equity markets opened with consolidation near key levels as financial stocks faced pressure amid global market uncertainties and tariff concerns. Reliance Industries is preparing to enter the aluminum business by participating in bauxite block auctions to complement coal gasification ventures. Additionally, the government launched an offer for sale in Hindustan Copper at a floor price discount to raise funds. Analysts noted sector rotations toward specialty chemicals and precious metals while cautioning against near-term momentum in auto stocks.

N Chandrasekaran has announced he will step down as chairman of Tata Sons when his tenure ends in February 2027, prompting the Tata Trust to initiate a selection process for his successor.

DMK Chief MK Stalin, who is currently not a member of the assembly after his defeat in Kolathur, could contest upcoming by-polls from Tiruchirappalli East, according to sources.

The Central Board of Secondary Education (CBSE) faces scrutiny over its Class 12 on-screen marking system following reports of significant evaluation discrepancies.

The United States Navy intercepted and disabled the Iranian-flagged merchant vessel M/V Touska in the North Arabian Sea after it violated a naval blockade.

A massive political showdown erupted in Parliament on Thursday over women's reservation and its linkage to the upcoming census and delimitation exercise.

The United States has threatened to resume bombing campaigns against Iranian targets if peace negotiations fail, escalating its strategy from a maritime blockade at the Strait of Hormuz to a broader military offensive.

A case concerning alleged religious conversions and sexual harassment at a Tata Consultancy Services facility on Nashik has reached the Supreme Court.

The stage is set for a special three-day parliament session from tomorrow on women's reservation and delimitation of constituencies.

A major controversy has erupted at the Tata Consultancy Services campus in Nashik following severe allegations of sexual harassment and forced religious conversion. The police uncovered the racket by deploying women constables undercover to gather digital and on-ground evidence. Currently, nine police cases have been registered based on complaints from twelve individuals, with charges including rape and outraging religious feelings.

The big talking point of this episode of News Today is escalating West Asia tensions and the naval blockade in the Strait of Hormuz.

Prime Minister Narendra Modi and US President Donald Trump held a forty-minute phone conversation regarding the West Asia crisis and the necessity of a ceasefire.

Nine FIRs have been filed in the TCS Nashik case after employees alleged prolonged harassment.