One quick thing: NPCI plans global HQ and R&D hub in Mumbai 

In today’s newsletter:

• Technicolor India shutdown leaves 2,000 jobless
• Nasscom defends Infosys' performance-based layoffs  
• Zerodha faces first degrowth in 15 years

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Left in limbo, employees of one of the largest animation and visual effects (VFX) firms are seeking answers.

More than 2,000 Technicolor India employees are in the dark about their employment after the company sent them home this week.

• The India operations ceased shortly after Technicolor CEO Caroline Parot announced the closure of the US office

Employees in India were caught off guard on February 24 when they were asked to leave the office, as Parot's announcement did not mention their location.

Although employees have received relieving letters, their current employment status remains unclear. 

• Some employees have been asked to work from home; however, operations are stalled due to non-payment of power bills and rent at the non-functional Bengaluru and Mumbai offices 

The India team was working on projects such as the upcoming Tom Cruise film, Mission Impossible 8, among other movies.

Employees have launched a petition, signed by the majority of staff, and many plan to visit the Karnataka State IT/ITeS Employees Union (KITU) office. 

• They are demanding the disbursement of their February salaries

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In the world of tech jobs, it’s perform or perish—and Nasscom says that’s just business as usual. 

Infosys’ layoffs may have sparked concerns, but industry body Nasscom has stepped in to defend the sector.

• The industry body said that IT companies follow performance-driven hiring, adhere to local laws, and invest in rigorous training programs to equip employees with industry-relevant skills

Infosys recently faced scrutiny over the termination of trainees from its Mysuru campus who failed internal assessments.

While fired trainees and IT employee union NITES raised concerns about job security, Nasscom maintained that hiring and retention decisions in the industry are based on meritocracy and business needs.

• The industry body told us that the industry must meet high-tech skills to meet evolving customer demands

The development comes just a day after the Karnataka Labour department gave a clean chit to the Bengaluru-based company.

• The department said documentary evidence was collected, and it cannot be called a layoff as it applies only when there is regular employment.

For now, the issue seems to have stabilised unless the Pune-based IT union stages a protest, which it promised will be held outside the Mysuru campus if justice is not served.

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India’s stock market is facing an unusual slowdown, and Zerodha CEO Nithin Kamath says that trading volumes have dropped by over 30%, marking the first industry-wide decline in 15 years.

Kamath says that the reason behind the same could be due to new regulations, including SEBI’s true-to-market circular, which has impacted market activity. 

"I've no idea where the markets go from here, but I can tell you about the broking industry. We are seeing a massive drop in terms of both the number of traders and volumes," he wrote on X.

 This slump is not only affecting traders but also has significant implications for the government. If the trend persists, securities transaction tax (STT) collections could fall below Rs 40,000 crore, significantly short of the projected Rs 80,000 crore.

While Kamath raises concerns, his peers are making big moves. 

• Raise Financial Services, the company that runs investing and trading app Dhan, was in talks to raise around $100 million in a fresh round, which will catapult the company’s valuation to $1.2-1.5 billion

• And, stockbroker Groww is gearing up for an IPO, aiming to raise around $700 million at a valuation of $7-8 billion

Find out more

The proposed free trade agreement between India and the United Kingdom is important but not essential, since the bilateral trade is already robust, UK investment minister Poppy Gustafsson told us in an interview. 

• The trade volume between the UK and India was at 41 billion pounds for the 12-month period to September 2024, without an FTA

Gustafsson expects AI technology, security, and pharmaceuticals—including health technology—to be among the key sectors driving trade and collaboration between the two countries.

• The minister said she also hopes to see more young professionals traveling between the UK and India.

Dig deeper

• OpenAI has released GPT-4.5, its latest AI language model, as a research preview for ChatGPT Pro users and developers globally.
  
  
• China has abruptly replaced the nation’s tech czar who oversaw Beijing’s efforts to build a world-class, cutting-edge chip industry and rival the US as a high-tech superpower.

Craving a thriller with a side of unexpected chaos? Dive into Dabba Cartel.

• Forget your typical tiffin service; five middle-class Mumbai housewives are cooking up more than just lunch

Think Breaking Bad with a dash of masala. Watch it on Netflix

Want more? The much-awaited sequel to the 1988 classic, Beetlejuice Beetlejuice finally arrives on OTT. Check it out on JioHotstar

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