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Since 2022, Meta has been reducing its workforce, beginning with 11,000 layoffs due to overestimated growth following the pandemic.

Meta has begun laying off employees across different divisions, including WhatsApp, Instagram, and Reality Labs, as reported by The Verge. Unlike a large-scale company-wide layoff, these cuts seem related to restructuring within specific teams.

Some employees, like Jane Manchun Wong—known for uncovering unannounced app features before joining Meta’s Threads team in 2023—have publicly shared news of their layoffs.

According to Meta spokesperson Dave Arnold, the company is reallocating resources to align with its long-term goals, including moving teams and shifting employees to different roles. In the report, he stated, “When a role is eliminated, we work hard to find other opportunities for impacted employees.”

These layoffs come after earlier cuts in Meta’s Reality Labs division this year. Since 2022, Meta has been reducing its workforce, beginning with 11,000 layoffs due to overestimated growth following the pandemic. In 2023, another 10,000 jobs were cut under CEO Mark Zuckerberg’s “year of efficiency” plan.

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Realty firm Godrej Properties Ltd has won bids to acquire 3 adjoining plots totalling 6.5 acres in Mumbai Metropolitan Region (MMR) to develop a housing project with a revenue potential of Rs 3,500 crore.

In a regulatory filing on Wednesday, the company informed that it has “emerged as the highest bidder to develop a group housing project at a premium location in Sector 5-A, Kharghar according to the e-auction portal of City and Industrial Development Corporation of Maharashtra (CIDCO).”
The plots, measuring 6.54 acres, will offer a development potential of around 2 million square feet, with an estimated combined revenue potential of around Rs 3,500 crore, it added.

The company did not disclose the deal value of these 3 adjoining land parcels.

Gaurav Pandey, MD & CEO, Godrej Properties, said, “Our entry into the Kharghar micro-market aligns well with our strategy of strengthening our portfolio across the key real estate markets in India.” Godrej Properties continues to acquire land to expand its business amid strong housing demand.

The company acquired six new land parcels during the July-September quarter to develop housing projects worth Rs 9,650 crore.

To expand the housing business, Godrej Properties acquires land through outright purchases as well as forming partnerships with landowners for joint development.

In its latest operational updates for the July-September quarter, Godrej Properties said it has added 8 new land parcels in the first six months of this fiscal with a total estimated saleable area of about 11 million square feet and total estimated booking value potential of around Rs 12,650 crore.

This included the addition of 6 new land parcels in the second quarter of this fiscal with an expected booking value of Rs 9,650 crore.

Godrej Properties said it has already achieved 63 per cent of its annual guidance for new business development (land acquisition).

Godrej Properties is one of the leading real estate developers in the country. It has a significant presence in Delhi-NCR, Mumbai Metropolitan Region (MMR), Pune and Bengaluru.

Godrej Properties’ sales bookings rose 3 per cent to nearly Rs 5,200 crore in the second quarter of this fiscal on better housing demand.

This is the highest ever Q2 (July-September) booking value achieved by Godrej Properties.

During April-September period of this fiscal year, Godrej Properties sales booking value grew 89 per cent annually to over Rs 13,800 crore.

This is the highest ever booking value achieved by Godrej Properties during the first half of a fiscal year.

Godrej Properties became the largest listed real estate firm last fiscal in terms of sales bookings.

During the last fiscal, Godrej Properties sales bookings jumped 84 per cent to a record Rs 22,527 crore from Rs 12,232 crore in the preceding year.

The company has given a target of achieving Rs 27,500 crore worth of sales bookings in the current 2024-25 financial year.

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State-owned BEML has been awarded a contract of Rs 867 crore for designing, manufacturing, and commissioning two high-speed train sets, marking the first time that such work will be done indigenously.

The contract was awarded by Integral Coach Factory (ICF), Chennai. On June 6 the Railway Ministry had asked ICF to build two train sets that can go up to a speed of 250 kilometre per hour. ICF floated a tender for the trains.

“The price of each car is Rs 27.86 crore and the total contract value is Rs 866.87 core which includes design cost, one-time development cost, non-recurring charges, one time cost towards jigs, fixtures, tooling and testing facilities, which will be utilised for all future high-speed projects in India,” BEML told exchanges in a disclosure.

“This project marks a significant milestone in India’s high-speed rail journey and will see the first indigenously designed and manufactured train sets with a test speed of 280 kmph,” it added.

The sets will be built at BEML’s Bengaluru rail coach complex and are scheduled for delivery by the end of 2026.

After negotiations to procure Japanese bullet trains failed, the Railways set out to build its own. It is not immediately clear if the trains BEML develops would be for the Mumbai-Ahmedabad High Speed Rail Corridor.

The fully air-conditioned trains will have reclining and rotatable seats, special provisions for passengers with restricted mobility, and onboard infotainment systems, according to BEML.

The Railways has over the past year developed a track for standard gauge trains in Rajasthan to test its abilities to develop high-speed trains. It aims to export Vande Bharat trains, which have to be converted from broad to standard gauge, the most accepted gauge globally.

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The merger of media assets of Reliance Industries and the India business of global media house Walt Disney is expected to be completed by the end of the third quarter of this fiscal, according to a regulatory filing by Mukesh Ambani-led group.

The fair trade regulator, the Competition Commission of India (CCI), has already approved the merger of Viacom18 and Star India. The National Company Law Tribunal (NCLT) has sanctioned the merger scheme.

“The companies are in the process of obtaining other requisite approvals for the completion of the transaction and transaction closer is expected in 3Q FY25,” informed Reliance Industries on Monday in its quarter earning statement.

The merger of Reliance Group-controlled media assets, TV18 Broadcast and E18, with Network18 Media & Investments, has already been sanctioned by the NCLT and became effective on October 3, according to the statement.

Earlier on September 27, the government approved the transfer of licenses for Non News & Current Affairs TV channels, previously held by media entities of Reliance Industries, to Star India.

The Ministry of Information and Broadcasting, Government of India, vide its order dated September 27, has granted its approval for transfer of Licenses relating to Non News & Current Affairs TV channels held by Viacom18 Media Private Limited in favour of Star India, it had said.  

Viacom18 is the holding company that owns the media and entertainment business of Mukesh Ambani-led Reliance Industries and Bodhi Tree Systems.

Both sides are in the final stages of the merger, making some adjustments in the business, as per the CCI directions.

On August 30, the NCLT had approved the scheme of merger of Viacom18 Media and Digital 18 Media, holding media and entertainment assets of Reliance Industries with Star India.

The scheme had proposed the transfer and vesting of Media Operations Undertaking from Viacom 18 and Jio Cinema into Digital18, a subsidiary of Viacom 18. This would be followed by “demerger, transfer and vesting of V18 Undertaking from Digital 18 into Star India”.

The merger of the media assets of Reliance Industries and The Walt Disney Co.’s India business will create the country’s largest media empire worth over Rs 70,000 crore.

Earlier, the CCI had said it had cleared the “proposed combination involving Reliance Industries Ltd, Viacom18 Media Pvt Ltd, Digital18 Media Ltd, Star India Pvt Ltd and Star Television Productions Ltd, subject to the compliance of voluntary modifications”.

Viacom18 is part of the Reliance Industries Limited (RIL) group, while Star India is wholly owned by The Walt Disney Company. Star Television Productions, incorporated in the British Virgin Islands, is indirectly owned by The Walt Disney Company.

The CCI, however, did not disclose voluntary modifications in the original deal made by the two parties.  

As per the deal, Mukesh Ambani-led RIL and its affiliates will hold 63.16 per cent of the combined entity that will house two streaming services and 120 television channels.

Walt Disney will hold the remaining 36.84 per cent stake in the combined entity, which will also be India’s largest media house.

Reliance Industries has also agreed to invest close to Rs 11,500 crore into the joint venture to give it the muscle to fight rivals like Japan’s Sony and Netflix.

Nita Ambani, wife of RIL Chairman Mukesh Ambani, will head the joint venture, while Uday Shankar will be the vice-chairperson.

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The Tata Group will create 500,000 manufacturing jobs over the next five years across sectors such as semiconductors, electric vehicles (EVs), batteries, and related industries, Chairman N Chandrasekaran said on Tuesday. Speaking at a symposium organised by the Indian Foundation for Quality Management, Chandrasekaran highlighted the crucial role of manufacturing in India’s goal of becoming a developed nation.

Chandrasekaran emphasised that without job creation in the manufacturing sector, India would not achieve its ambitions of a “Viksit Bharat” (Developed India). He noted that around one million people enter the workforce in India every month, making job creation in manufacturing essential for the country’s future growth.

“Between our (Tata Group’s) investments in semiconductors, precision manufacturing, assembly, electric vehicles, batteries, and related industries, I think we will create five lakh [500,000] manufacturing jobs in the next five years,” he said.

One of the key projects he mentioned was Tata Group’s upcoming semiconductor plant in Assam, as well as other manufacturing units for EVs and batteries. The Tata Group Chairman acknowledged that while the full details of these initiatives are still being worked out, preliminary calculations suggest that these investments will have a multiplier effect, creating more work opportunities. He added that the manufacturing ecosystem is likely to see the emergence of around 500,000 small and medium enterprises (SMEs).

Chandrasekaran also stressed the importance of job creation in India, particularly in sectors like semiconductor manufacturing, which have a “multiplier effect” and can create multiple indirect jobs.

“We need to create 100 million jobs,” he concluded.

India’s manufacturing sector growth in FY23

In the financial year that ended on March 31, 2024 (FY23), India’s manufacturing sector saw a 7.4 per cent rise in employment, with 1.3 million new jobs created, up from 1.1 million in FY22. According to data from the National Statistical Organisation (NSO), as reported by Business Standard, this growth has been driven by a strong performance in the sector’s gross value added (GVA), which grew by 7.3 per cent to Rs 21.97 trillion at current prices.

Total industrial output surged by 21.5 per cent, reaching Rs 144.86 trillion during FY23. Maharashtra led in GVA contributions from manufacturing, followed by Gujarat, Tamil Nadu, Karnataka, and Uttar Pradesh. Together, these five states accounted for 54.5 per cent of the country’s total manufacturing GVA.

The average emolument for workers in the manufacturing sector also saw a rise, increasing by 6.3 per cent to Rs 3.46 lakh per annum in FY23, compared to Rs 3.25 lakh in the previous year.

India’s manufacturing Purchasing Managers Index (PMI) reached a 16-year high of 59.1 in March this year. A PMI above 50 represents expansion in a sector, while anything less generally indicates a contraction. Although expansion has slowed, with August recording a PMI of 57.5, it remains well above the 50-mark.

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