Moneycontrol Selects: Top stories this morning

A round-up of the big stories

Here is a collection of our most important stories this morning:

TCS plans to double salary, reduce disparity: HR head reveals the blueprint

Tata Consultancy Services (TCS), which employs over 600,000 people globally, is up-skilling in-house talent and evaluating them at a high bar to double their salaries. The company finds this a better strategy than shelling out very high increments to new hires as the industry has started to come out of a pandemic-induced rally of high employee attrition and massive hikes of over 80-120 percent. Read more

Nestle India stuns the Street but valuations may keep investors at bay

Nestle India surprised analysts with its first quarter results for CY2023 with its net profit at Rs 736 crore, beating estimates of Rs 674 crore. Revenue from operations jumped 21.3 percent on-year to Rs 4,830 crore in the March quarter. In fact, the revenue growth was highest in the last 10 years. The company follows a January to December financial year. More here

Transport services have picked up, mining still volatile, says Morgan Stanley Chief India Economist

The Reserve Bank of India will start cutting rates from Q1 CY24 — that’s Morgan Stanley’s base case. But the faster pace at which inflation is moderating, oil prices cooling off and the pick-up in private projects, are factors indicating there may be an earlier start to the rate-cut cycle. More information here

MC selects

Analysts caution on Yes Bank’s continuing high reliance on bulk deposits

Analysts have said private lender Yes Bank’s high reliance on bulk deposits continues to be a risk despite its efforts to ramp up retail deposits. At around 40 percent of bulk deposits, the cost of funds remains high, analysts said.  Know more

Bollywood actor framed in drugs case, jailed in UAE. The motive: revenge

Mumbai Police's crime branch has arrested two people for framing a Bollywood actor in a drugs case. According to news agency ANI, a bakery owner named Anthony Paul and an assistant bank manager, Rajesh Damodar, hatched a plan to exact revenge on actor Chrisann Pereira by giving her a memento with drugs in it and asking her to deliver it to someone in Sharjah. Find out more

Jeff Bezos spotted wearing $12 shirt from Amazon at Coachella

Amazon founder Jeff Bezos ditched designer labels in favour of a much more accessible $12 shirt for his Coachella appearance. The billionaire was filmed attending rapper Bad Bunny’s Coachella set on April 21 night. A short clip of Bezos, 59, dancing at the music festival alongside girlfriend Lauren Sanchez has taken the internet by storm. The couple was also spotted hanging out with Kris Jenner and Corey Gamble. Read on