Elon Musk is firing thousands of more Tesla employees, notices reveal over 6,000 job cuts
Tesla, led by CEO Elon Musk, is planning for extensive job cuts, affecting over 6,000 employees. According to official notices filed under the Worker Adjustment and Retraining Notification (WARN) Act, 3,332 jobs will be eliminated in California, while 2,688 positions will be impacted in Texas.
2024-04-24T08:15:28Z
Gainers and Losers: 10 stocks that moved the most on April 24
On April 24, the Sensex was up 114.49 points or 0.16 percent at 73,852.94, and the Nifty was up 34.40 points or 0.15 percent at 22,402.40. About 2,168 shares advanced, while 1,509 shares declined and 99 shares were unchanged. Zydus Lifesciences | CMP Rs 933 | Shares of Zydus Lifesciences declined 2 percent after the US Food and Drug Administration (FDA) issued 10 observations for the drugmaker's injectables manufacturing unit in Gujarat's Vadodara. The company will not be able to file new drugs from the facility until it resolves issues flagged by the FDA and it also faces delay in the timeline of drug launches. Crafts Automation | CMP Rs 4,639.80 | Crafts Automation stock surged 7 percent after the company announced that its board would consider the proposal for a fund-raise in its upcoming meeting on April 27. The board will also approve the Q4 FY24 earnings of Craftsman Automation in the same meeting. Kernex Microsystems | CMP Rs 548 | Shares of Kernex Microsystems jumped nearly 2 percent after the company won a Rs 8.26 crore order for supply, installation and commissioning of Train Collision Avoidance System (TCAS) (KAVACH) from Integral Coach Factory, Chennai. MCX | CMP Rs 3,835.95 | MCX stock fell over 4 percent after the company’s Q4 earnings fell below street estimates. After reporting losses in the last two quarters, the company earned a net profit of Rs 87.8 crore in Q4 and reported a 35 percent on-year rise in its revenue to Rs 181.1 crore. Morgan Stanley maintained its 'underweight' rating on the stock with a target price of Rs 2,085, implying a downside of around 48 percent. It is of the view that the company missed Q4 net profit (PAT) estimates and consensus sharply. Cyient DLM | CMP Rs 722.50 | Shares of Cyient DLM zoomed 5 percent after the company reported robust results in Q4. Its net profit (PAT) surged 80 percent on-year to Rs 22.7 crore and revenue jumped 30 percent YoY to Rs 361.84 crore, backed by significant traction from the defence, med-tech and aerospace verticals. Sterling and Wilson | CMP Rs 643.50 | Sterling and Wilson Renewable Energy stock gained over 1 percent as Nuvama Research maintained a 'buy' rating on the company and increased its target price to Rs 850 a share, up 37 percent from current market price. The firm's March-quarter revenue doubled compared to last year to Rs 1,178 crore, while the company reported a positive EBITDA of Rs 29.4 crore QoQ, led by rising execution of current high-margin order book. Thomas Cook (India) | CMP Rs 215.60 | Shares of Thomas Cook (India) jumped over 3 percent as Brokerage B&K Securities initiated a 'buy' rating on the company and increased the target price to Rs 250 a share, up 20 percent from the current market price. B&K Securities said efficiencies and leverage to boost EBIT margins to 6.5 percent by FY26. Operating on low margins with negative working capital is a key strength. Tata Elxsi | CMP Rs 7,051 | Tata Elxsi stock fell over 4 percent after the company’s results for the March quarter disappointed the street. Net profit fell 4.6 percent on-quarter to Rs 196.93 crore while revenue from operations was down 1 percent QoQ to Rs 905.9 crore. GSPL | CMP Rs 296.30 | Shares of Gujarat State Petronet fell over 1 percent after UBS downgraded the stock to ‘sell’ and cut the target price saying tariff cut by regulator was a negative surprise. The stock fell 25 percent in the last 5 sessions after the regulator slashed the tariff for its high pressure network. Purvankara | CMP Rs 377 | Purvankara stock rose 5 percent and got locked in upper circuit after the company emerged as the preferred developer for the redevelopment of a residential housing society in Mumbai's Pali Hill locality. According to the company, the project will have a potential gross development value (GDV) of more than Rs 2,000 crore.
2024-04-24T10:57:53Z