TCS surprises the Street but trims workforce sharply
Tata Consultancy Services (TCS) beat market expectations in Q2 FY26 but grabbed attention for a net headcount reduction of 19,755 employees. Around 12,000 were laid off, leading to restructuring costs of ₹1,135 crore. Net revenues stood at ₹65,799 crore, up 3.7% sequentially. Although profits were below estimates, operating margins expanded 70 bps to 25.2%. Alongside a dividend of ₹11 per share, TCS also announced new AI-focused initiatives.
LG Electronics India IPO breaks all records
The LG Electronics India IPO, closing Thursday, created history with bids worth ₹4.39 trillion — the highest ever in Indian markets. The QIB segment alone was 166.5× subscribed (₹3.86 trillion interest), while overall demand crossed 54×. Investors expect strong listing gains given fair pricing. The HNI / NII category saw 22.45× subscription, surpassing Bajaj Housing Finance’s ₹1 trillion record.
₹7,300 crore push for rare-earth magnet manufacturing
The Finance Ministry cleared a ₹7,300 crore scheme to boost domestic production of rare-earth magnets after China curbed exports. The allocation — six times the earlier plan — aims to expand annual capacity from 1,500 MT to 6,000 MT, cutting import dependence and encouraging EV supply chain investments.
Fed minutes hint at more rate cuts in 2025
FOMC minutes released on 8 October revealed a split between members on whether to deliver one or two more rate cuts this year. The consensus view acknowledged that unemployment risks now outweigh inflation concerns, even as data quality is affected by the recent US shutdown.
India–UK ink $800 million defence and tech deals
India and the UK announced two defence deals worth $800 million along with co-operation on clean energy, AI, and critical minerals. The UK will supply Lightweight Multirole Missile (LMM) systems and Graphcore plans to invest $1 billion over the next decade in a Bengaluru research hub. India has also set up a ₹76,000 crore fund to attract global chipmakers.
Goldman Sachs sees gold hitting $4,900 per oz in 2026
Goldman Sachs has raised its forecast for gold to $4,900 per ounce by 2026 — a 22.5% upside from current levels. The bank expects central-bank buying and ETF inflows to remain strong. Gold has already gained 52% this year, with 24-carat gold in India trading above ₹1,22,000 per 10 grams.
Pharma stocks rise as US spares generics from tariffs
The Indian pharma index rose 1.05% after the US signalled that generic drugs may be excluded from new tariffs. Shares of Aurobindo, Lupin, Piramal Pharma, Sun Pharma, and Cipla were notable gainers. The move aims to control healthcare costs even as the US pursues greater self-reliance in essential generics.
Government rules out raising stake in Vodafone Idea
The Telecom Minister clarified that the government will not increase its stake in Vodafone Idea to avoid turning it into a PSU. The conversion of statutory dues into equity was a one-time measure. As of March 2025, VI owes ₹83,400 crore in AGR dues against cash reserves of ₹6,830 crore. Talks are on to rope in a strategic investor to infuse $1 billion while the government retains its 49% stake.
*This Midnight News Update is compiled for ProStocks clients to summarize key market and economic developments of the day. For informational purposes only.*