BharatPe Co-founder Ashneer Grover has been in the news lately for his new startup and also for not being a part of Shark Tank India Season 2. Grover has always been vocal about things he has been against. This time, it is layoffs that Grover does not support. In his latest LinkedIn post, Grover said that he never had to fire employees due to bad markets.   

Stating the reason Grover said that he has always hired in “considerately”. In his LinkedIn post, Grover wrote, “It’s sad to hear about firings every day. I am thankful that I’ve never had to fire people because of bad markets- because I’ve always hired considerately. As a founder, you’ve to think about the long game.” 

The market is expected to open in the green on January 23 as trends in the SGX Nifty indicate a positive opening for the broader index in India with a gain of 83 points.

In the previous session on Friday, the Sensex settled 237 points lower at 60,622, while the Nifty declined 80 points to end at 18,028. The Nifty formed a bearish candle on the daily chart. It has been moving in the range to 300-400 points for three weeks, which experts say will at least continue till February 1 when the Budget 2023 will be presented.

As per the pivot charts, the key support for the Nifty is at 18,014, followed by 17,983, and 17,934. If the index moves up, the key resistance levels to watch out for are 18,112 followed by 18,143 and 18,192.

Microsoft CEO Satya Nadella recently announced the company's decision to reduce its workforce by 5 per cent, thereby eliminating 10,000 roles. In an email to the employees, Nadella wrote that while the company is 'eliminating roles in some areas, they will continue to hire in key strategic areas'. The news of Microsoft layoffs came as a shock to people and LinkedIn soon started flooding with stories of the same.

An Indian woman working in the US also shared her experience and wrote that she has been impacted by the layoffs and that the company has 'sliced a major portion of the hardware teams'.

Indian market's big boy, Reliance Industries is scheduled to announce its third quarter results on January 20. The oil-to-retail conglomerate is expected to report operationally better results led by strength in GRMs, lower windfall tax impact, higher gas realization, steady telecom and retail performance.

Prabhudas Lilladher expects the company to report a profit after tax (PAT) of ₹94,282 crore - a growth of 12.8% year-on-year - on sales of ₹13,24,585 crore - an year-on-year growth of 7.3%.

The brokerage cut its fiscal year 2023 earnings estimate by 13% due to lower petrochemicals margins on the back of Chinese demand volatility. “We also increase finance charges for FY23-25E given continued exchange rate depreciation; FY25 EPS is cut 3.5%," it said.

Microsoft has officially confirmed layoffs. The tech company said it is cutting 10,000 jobs, which is almost around 5 per cent of its total workforce. The company is laying off thousands of employees as a result of "macroeconomic conditions and changing customer priorities."

Announcing the layoffs, CEO of Microsoft Satya Nadella wrote in an email to employees that "less than 5 percent of our total employee base, with some notifications happening today." In a regulatory filing on Wednesday, Microsoft informed that it has already notified employees about the layoffs. Before Microsoft, Big Tech companies like Amazon, Twitter, Meta and many others have laid off a large chunk of their workforce in the last few months.