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Nifty ended the day lower as financials and IT stocks dragged indices, even as thematic mutual funds saw December inflows surge significantly. Meanwhile, SEBI’s stringent new default rule has raised concerns about its implications for corporate India.
On the regulatory front, the Finance Ministry plans to seek the Supreme Court’s clarity on ₹1.12 lakh crore in tax notices issued to online gaming firms, a move that could shape future tax norms.
Adding to the day’s controversies, L&T’s chairman faced backlash over his advocacy of a 90-hour work week, with notable figures like Deepika Padukone calling attention to mental health concerns.
In Andhra Pradesh, the tragic Tirupati stampede resulted in six deaths, prompting the government to announce ₹25 lakh in ex-gratia for each victim’s family.
Stay tuned for these stories and more in today’s Top 10@10 for a comprehensive view of the day’s key developments.
TCS Q3 Results: US Dollar revenue declines more than estimates; deal wins back above $10 billion
Tata Group IT services provider Tata Consultancy Services Ltd.(TCS) reported its December quarter results that were in-line with street estimates on most fronts.
TCS reported revenue of ₹63,973 crore, which is a decline of 0.4% in comparison to the September quarter. A CNBC-TV18 poll had projected the revenue in rupee terms to grow by 0.2% to ₹64,333 crore.
In US Dollar terms, TCS reported revenue of $7,539 million, which is marginally below the CNBC-TV18 poll of $7,626 million. On a sequential basis, TCS’ US Dollar revenue fell 1.7%, while a CNBC-TV18 poll had projected a 0.6% drop.
Here are the result highlights
Nifty declines 0.7%; consumer sector shines amid IT, financial struggles
Nifty 50 declined by 0.7% on Thursday as worries about potentially weak Oct-Dec earnings, continued foreign portfolio investor (FPI) outflows and the weekly expiry of future and options contracts weighed on the benchmark.
The domestic bourse was weighed down by the declines in the financial sector, down nearly 1%. The Nifty IT index also remained under pressure as investors awaited the December quarter results for the industry giant Tata Consultancy Services (TCS) due later today.
The Sensex ended the session down 528 points at 77,620, while the Nifty lost 162 points to close at 23,526.5. The Nifty Bank index fell 332 points to 49,504, reflecting the weakness in banking stocks.
Equity mutual fund inflows rise over 14% in December; thematic schemes see double the investment
Equity mutual fund inflows in December surged by 14.3%, reaching ₹41,136 crore, up from ₹35,927.3 crore in November, according to Association of Mutual Fuds in India (AMFI) data.
Sectoral and thematic funds saw the most significant growth. The inflows doubled to ₹15,331.5 crore from ₹7,658 crore in November.
This surge was driven by new fund offers (NFOs) that raised ₹13,852 crore in the month.
Exclusive | Finance Ministry seeks Supreme Court’s clarity on online gaming tax notices
The Revenue Department is set to approach the Supreme Court for clarity on the prolonged legal validity of ₹1.12 lakh crore in GST show cause notices (SCNs) issued to online gaming companies. Sources told CNBC-TV18 that the department is concerned that further delay in action could lead to the notices becoming time-barred, which would void the tax demand.
The department believes that a stay order from the Supreme Court on the notices will not only prolong their validity but also help chart a clear path forward for both the government and the industry.
SEBI’s new default rule pinches cos, could affect stock prices
SEBI’s “1-Day, 1-Rupee, 1-Investor” default rule that eliminates leniency for technical defaults raises eyebrows, after Axis Finance’s downgrade to ‘D’ rating by India Ratings and Research for a day’s delay in payment. Ritu Singh decodes the new rule & its implications for corporate India.
We have been backstabbed by Swiggy and Zomato in a way, says NRAI president Daryani
National Restaurant Association of India (NRAI) has condemned Zomato and Swiggy foray into private labelling and manufacturing food and selling them via their Quick Commerce apps. NRAI, which represents the collective voice of the Indian restaurants industry, in a press note said that the recent foray of food delivery giants Zomato and Swiggy into quick delivery of private-labelled food. The move undermines the principles of fair competition and poses a significant threat to the viability of thousands of restaurants across India.
In conversation with CNBC-TV18, Sagar Daryani, President of NRAI said, “We have been backstabbed by Swiggy and Zomato in a way”. He added that this creates an uneven playing ground. By monetising data derived from restaurant partners, they are exploiting conflict of interest that could decimate the ecosystem they claim to support.
‘Extraordinary outcomes require extraordinary effort’: L&T backs chairman’s comments on 90-hour work week
Amid widespread criticism over Larsen & Toubro (L&T) Chairman SN Subrahmanyan’s remarks advocating a 90-hour work week, the conglomerate has defended its vision, emphasising its commitment to nation-building.
In an exclusive statement to CNBC-TV18, an L&T spokesperson said, “At L&T, nation-building is at the core of our mandate. For over eight decades, we have been shaping India’s infrastructure, industries, and technological capabilities.”
“We believe this is India’s decade, a time demanding collective dedication and effort to drive progress and realise our shared vision of becoming a developed nation. The chairman’s remarks reflect this larger ambition, emphasising that extraordinary outcomes require extraordinary effort.”
Deepika Padukone reacts to L&T chairman’s 90-hour workweek proposal
A storm of criticism erupted on social media after L&T Chairman SN Subrahmanyan’s controversial comments advocating a 90-hour workweek for employees. Among the first to speak out was Bollywood star Deepika Padukone, who voiced her strong disapproval of Subrahmanyan’s stance on employee work-life balance, particularly his suggestion that working on Sundays should be mandatory.
In an Instagram story, Padukone wrote, “Shocking to see people in such senior positions making such statements #mentalhealthmatters.” Her comment resonated widely on social media, drawing attention to the mental health consequences of demanding such long hours from workers.
Tirupati stampede: Andhra Pradesh announces ₹25 lakh ex-gratia for victims
The Andhra Pradesh government has announced an ex-gratia of ₹25 lakh each for the families of six devotees who lost their lives in a stampede in Tirupati. The tragic incident occurred on Wednesday, January 9, night at Bairagi Patteda near MGM School as devotees jostled for tickets for the Vaikunta Dwara Darshanam at the Tirumala temple.
“The state government has announced an ex-gratia of ₹25 lakh to the families of the deceased persons,” said an official release.
Chief Minister N Chandrababu Naidu visited the site of the tragedy, accompanied by ministers and Tirumala Tirupati Devasthanams (TTD) officials. He inspected the arrangements for managing the large influx of pilgrims and demanded accountability from TTD Joint Executive Officer (Health & Education) M Gowthami over the incident.
Hollywood in flames: Deadly Los Angeles wildfires destroy celebrity homes, force mass evacuations
Los Angeles is grappling with its most devastating wildfires in history, as flames engulf iconic neighborhoods, leaving destruction and despair in their wake. Over 100,000 residents have been forced to evacuate, including several high-profile celebrities, while hurricane-force Santa Ana winds continue to fuel the infernos.
At least five lives have been lost, more than 1,000 structures reduced to ash, and the city’s resilience is being tested like never before.
Actor Billy Crystal and his wife, Janice, lost their Pacific Palisades home, expressing their devastation in a statement. Paris Hilton shared her heartbreak on social media, recounting how her Malibu home burned “to the ground on live TV.” Jamie Lee Curtis described the scene as apocalyptic, pleading for prayers for her community. Mark Hamill, Mandy Moore, James Woods, and several other celebrities were forced to evacuate, with Woods describing the area as resembling a war zone. The flames have also impacted the homes of Leighton Meester, Adam Brody, Heidi Montag, and Cary Elwes.
You can check out the list of celebrities whose houses have been burned down here.
Most powerful passports of 2025
A Singaporean passport remains the most powerful in the world as it provides visa-free travel to 195 destinations. Japan ranks second in the annual Henley passport index. US drops to number 9 while Indian passport weakens by 5 places to number 85. Arundathi Ramanan joins us now with more.
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