Business news updates: Loss-making Thyssenkrupp steel to slash 11,000 jobs by 2030

Germany's largest steelmaker, Thyssenkrupp Steel, plans to cut 11,000 jobs by 2030. This includes slashing 5,000 jobs directly and transferring an additional 6,000 jobs through the sale of business activities or external service providers. The company has faced significant pressure from cheaper Asian competitors, high power prices, and a cooling global economy, leading to operating losses in four of the past five years.

Global AI Conclave 2024: Indian SaaS Founders Discuss GenAI Strategy

At the Global AI Conclave held on November 22 in Bengaluru, Indian SaaS founders shared insights on how generative artificial intelligence (GenAI) has revolutionized their businesses. From customer support to workflow automation, GenAI has significantly transformed various functions within SaaS companies.

Wipro Appoints Omkar Nisal as Europe CEO

Wipro has announced the appointment of Omkar Nisal as the new Chief Executive Officer for Europe, succeeding Pierre Bruno. Nisal’s extensive experience is expected to drive Wipro's growth in the European market.

FIIs Turn Net Buyers after 38 Consecutive Sessions of Selling

Foreign Institutional Investors (FIIs) turned net buyers, purchasing shares worth Rs 9,948 crore on November 25, breaking a 38-session selling streak. Domestic Institutional Investors (DIIs) sold shares worth Rs 6,908 crore on the same day, reflecting a shift in market sentiment post-Maharashtra elections.

Niva Bupa Reports Rs 13 Crore Net Profit in Q2 FY25

Niva Bupa Health Insurance Company swung to a net profit of Rs 13 crore in the second quarter of FY2025, compared to a net loss of Rs 7.6 crore in the same period last year. The recently listed company's stock gained 3% following the announcement.

SEBI Approves IPO Papers of Kalpataru, Unimech Aerospace

The Securities and Exchange Board of India (SEBI) has approved IPO plans for Kalpataru and Unimech Aerospace. Meanwhile, the IPO plans for JSW Cement remain under review. Kalpataru aims to raise Rs 1,590 crore through its IPO.

Maharashtra's Poll Promises Could Cost Rs 35,000 Crore Extra

An analysis suggests that fulfilling election promises in Maharashtra could cost the new government over Rs 35,000 crore in the next fiscal year, posing a significant financial challenge.

HUL Approves Demerger of Ice Cream Business

Hindustan Unilever's board has approved the demerger of its ice cream business into a separate entity, which will be independently listed. This strategic move aims to unlock value for shareholders.

Kia India Plans to Double CKD Exports by 2030

Kia India announced its aim to double the export of completely knocked down (CKD) units by 2030, focusing on markets in the Middle East and Africa.

Tata Motors Expands EV Showrooms Amid Market Slowdown

Tata Motors is doubling down on its electric vehicle (EV) ambitions by launching Tata.ev showrooms in six locations, despite a slowdown in the EV market. These showrooms aim to enhance the customer experience for EV buyers.

Piyush Goyal Advocates for Environment-Friendly Construction Techniques

Union Minister Piyush Goyal emphasized the need for adopting environment-friendly construction techniques to reduce air quality index (AQI) levels and benefit the environment.

Wardwizard Innovations & Mobility Signs Pact with Ampvolts

Wardwizard Innovations & Mobility Ltd has signed an initial agreement with Ampvolts Ltd to develop advanced EV charging infrastructure, both domestically and internationally. This partnership aims to bolster the EV ecosystem with strategic locations for charging stations.

TotalEnergies Halts New Investments in Adani Group

TotalEnergies SE announced it would halt new financial contributions to Adani Group companies amid a US federal indictment against Chairman Gautam Adani and his nephew. The company awaits clarification of the accusations before proceeding with any further investments.

US Awards Subsidies to BAE Systems and Rocket Lab for Semiconductor Chips

The US Commerce Department is finalizing nearly $60 million in subsidies for BAE Systems and Rocket Lab to boost semiconductor chip production for military and commercial satellites, aiming to expedite modernization efforts.

These updates highlight significant business developments and strategic decisions affecting various industries globally.