Blame it on hometown migration, elevated attrition levels or a scenario where 30-40 percent of the employees in an organization are less that two years old, the IT industry is in a perfect storm, believes Wipro Chairman Rishad Premji.

Speaking at an event organized by the Bangalore Chamber of Industry and Commerce, Premji said that those living in cities such as Bengaluru, Hyderabad, Chennai, Mumbai or Pune have gone back to their hometowns, with no active interest in necessarily returning to big cities.

Realty firm Brigade Group has acquired a land parcel in Chennai from TVS group and partnered with landowners in Bengaluru to develop two real estate projects with an estimated sales potential of Rs 4,000 crore.

“Brigade Group has signed definitive agreements for prime land parcels in Chennai and Bengaluru, which have a total revenue potential of Rs 4000 crore in the next 4-5 years,” the company said in a statement.

The agreement to purchase the Mount Road property in Chennai from the TVS Group company has a potential 1 million square feet of a mixed-use development comprising office, retail and residential.

The country's largest private sector lender HDFC Bank on Monday announced hike in its marginal cost of funding-based lending rate (MCLR) across all tenors by upto 10 basis points. The new MCLR rates will be applicable from today, August 8.

Tata Passenger Electric Mobility (TPEML), a subsidiary of Tata Motors and Ford India Tata Motors have signed a Unit Transfer Agreement (UTA) for the acquisition of Ford India’s (FIPL) manufacturing plant situated at Sanand, Gujarat, which inter-alia includes entire land & buildings, vehicle manufacturing plant along with machinery and equipment situated therein; and transfer of all eligible employees of FIPL’s vehicle manufacturing operations at Sanand, for a total consideration, exclusive of taxes of Rs 725.7 crore.

FIPL will continue to operate its powertrain manufacturing facility by leasing back the land and buildings of the powertrain manufacturing plant from TPEML on mutually agreed terms. TPEML has agreed to offer employment to the eligible employees of FIPL’s powertrain manufacturing plant in the event of FIPL’s cessation of such operations.

Airtel will roll out 5G services in India by the end of August. In a press note, Airtel announced to partner with Ericsson, Samsung, and Nokia to roll out its 5G services in a calibrated manner.

Airtel has bought the spectrum worth 19867.8 MHZ in the recently conducted spectrum auction by the DOT (Departement of Technology). It has acquired the spectrum in 900 MHz, 1800 MHz, 2100 MHz, 3300 MHz, and 26 GHz frequency. 5G services will provide Ultra high speeds, low latency, and high data handlings for a superior user experience and new, innovative use with enterprises and customers.