Tech
Contractual workers protest at Meta HQ against layoffs

As Meta (formerly Facebook) begins to steadily reduce headcount growth, hundreds of contractual workers organised a protest at the company’s headquarters in the US, asking for responsible, fair contracts from the Mark Zuckerberg-led company.
Over 100 service workers from various unions marched on the Meta campus amid layoffs of contractual employees, reports Almanac News.
“The demonstration brought together cafeteria workers, janitors, shuttle drivers and more to fight for the rights of workers deemed essential in a post-pandemic environment,” the report mentioned.
In the march on the campus last week that went largely unnoticed, workers demanded fair contracts from Meta and its subcontractor, Canon Business. The alleged Canon Business had pushed back against workers unionising.
“Over the last several years, and let’s be true about this, forever, tech has been thriving on the backs of all of us,” Maria Noel Fernandez, campaign director of Silicon Valley Rising, was quoted as saying.
As Big Tech companies lay off employees and freeze new hirings, Meta Founder and CEO Zuckerberg has said that the company’s plan is to steadily reduce headcount growth over the next year.
Admitting that the social network has entered an economic downturn that will have a broad impact on the digital advertising business, Zuckerberg said that many “teams are going to shrink so we can shift energy to other areas inside the company”.
“I want to give our leaders the ability to decide within their teams where to double down, where to backfill attrition and where to restructure teams while minimising thrash to the long-term initiatives,” he during the company’s latest quarterly earnings call.
South Bay Labor Council Executive Officer Jean Cohen said that what Facebook can do the least is to “make sure that they come to the table to bargain fairly, to make sure that everybody is treated with respect and dignity and has a voice on the job”.
A Meta spokesperson said that it fully recognises the right of employees to organise and encourage vendors to continue to work collaboratively.
“Many of our vendors’ employees are represented by organised labour. We’re proud that we’ve partnered with vendors to create and maintain thousands of good-paying, union jobs with industry-leading compensation packages and will continue to do so,” the company spokesperson added.
Facebook reported a 1 per cent drop in revenue to $28.8 billion in the June quarter (Q2). Overall, Meta’s profit fell 36 per cent to $6.7 billion in the quarter.
Several Big Tech firms like Microsoft, Google, Snap, Twitter, Spotify and others have either shrunk their workforce or reduced/frozen hiring for the rest of the year.
Business
SIP inflows hit all-time high of Rs 26,632 crore in April: AMFI data

Mumbai, May 9: India’s mutual fund industry saw a historic surge in systematic investment plan (SIP) contributions in April, with investors pouring in a record Rs 26,632 crore last month, according to data by the Association of Mutual Funds in India (AMFI) released on Friday.
This marks the highest-ever SIP inflow for any month, the report said.
In April, 1.36 crore SIP accounts were either closed or matured as part of this process. However, investor interest remained strong. The number of active SIP accounts grew to 8.38 crore in April, up from 8.11 crore in March, showing that people are still keen on building long-term wealth through mutual funds.
April also saw the creation of 46 lakh new SIP accounts, higher than the 40.19 lakh new accounts opened in March.
AMFI said the spike in account closures was due to a planned clean-up and is likely to reduce sharply from May onwards.
“The sustained inflows underscore improving investor sentiment, supported by strong corporate earnings, resilient macroeconomic fundamentals, and a continued tilt towards equities as the preferred asset class,” said Himanshu Srivastava, Associate Director, Manager Research, Morningstar Investment Research India.
Notably, the absence of any major new fund launches during the month indicates that investors largely allocated capital to existing schemes — a testament to their confidence in the long-term growth prospects of Indian equity markets, he added.
The record-breaking investment came even as the industry undertook a large clean-up of inactive accounts.
Despite a slight dip in inflows into equity mutual funds, the overall mutual fund industry continued to grow rapidly.
Total assets under management (AUM) reached an all-time high of Rs 70 lakh crore in April.
This is a big jump from Rs 65.74 lakh crore recorded in March — showing strong investor confidence in the market.
Large-cap mutual funds, which had faced outflows in recent months, bounced back with net inflows of Rs 2,671.46 crore in April.
This was a slight increase from Rs 2,479.31 crore in March. According to the report, this suggest that investors are regaining interest in these relatively stable funds.
Mid-cap funds attracted Rs 3,313 crore during the month, a minor drop from Rs 3,438.87 crore in March.
Meanwhile, small-cap funds continued to perform steadily, drawing Rs 3,999.95 crore in April, only slightly lower than the Rs 4,092 crore they received the month before.
Tech
India Used Indigenous ‘Suicide Drones’ In Retaliatory Strikes On Terror Camps In Pakistan, PoK: Report

In retaliation to the deadly Pahalgam attack that claimed lives of 26 civilians, the Indian Army launched precision strikes on terror hideouts in Pakistan and Pakistan occupied Kashmir (PoK).
The operation, officially dubbed as Operation Sindoor, marked a significant shift in India’s tactical capabilities and showcased a new class of weaponry. The country reportedly used indigenously-built “suicide drones” in carrying out the mission.
The drones used in the strikes are officially known as Low-Cost Miniature Swarm Drones or Loitering Munition Systems (LMS). Developed jointly by Bengaluru-based Alpha Design and Israel’s Elbit Systems, the ‘SkyStriker’ is the variant believed to have been deployed. Unlike traditional UAVs, loitering munitions can hover over a target area before locking onto a target and striking with high precision.
Each SkyStriker drone can carry a 5 kg or 10 kg warhead and has an operational range of approximately 100 kilometers. It uses electric propulsion, making it nearly silent and ideal for low-altitude, covert operations. Designed to locate, track, and destroy operator-designated targets, the SkyStriker combines the flight characteristics of a drone with the destructive force of a missile.
According to defence sources cited by The Times of India, the Army had placed an emergency procurement order for around 100 of these drones in 2021. They are produced in an industrial facility in western Bengaluru and are considered cost-effective tools for precise strikes, especially against non-conventional threats.
The SkyStriker provides troops, including special forces, with the ability to conduct real-time reconnaissance and direct strikes without exposing personnel to risk.
However, India has not officially confirmed the deployment of these drones.
Business
Time for careful planning, not panic buying on defence stocks: Experts

Mumbai, May 7: In the midst of rising market volatility sparked by geopolitical tensions, experts on Wednesday urged investors to remain calm and take a calculated approach, especially while buying defence stocks.
Indian defence stocks traded flat amid heightened tensions with Pakistan after India successfully carried out ‘Operation Sindoor’.
Analysts suggested investors to adopt a wait-and-watch approach due to geopolitical risks.
“This is a time for careful planning rather than rushed decisions or panic buying,” said Dr Vikas Gupta, CEO and Chief Investment Strategist at OmniScience Capital.
Long-term investment opportunities continue to exist, especially in the defence sector.
He advised investors to avoid falling into fear or FOMO (fear of missing out) and, instead, maintain a watchlist of sectors and stocks that show strong long-term promise.
The key, according to Gupta, is to allocate capital gradually and rationally, rather than reacting emotionally to market noise.
However, Gupta emphasised that the defence sector stands out as a key area of focus.
“Defence companies, already holding strong order books, are likely to see further growth in orders due to Operation Sindoor,” he added.
“The attention now shifts to the pace of project execution, which could become more aggressive,” he stated.
According to market experts, defence stocks have already witnessed a significant run-up in recent sessions, particularly following the Pahalgam terror attack.
Gupta suggests that the results of this push may start reflecting in financials over the next few quarters to a couple of years, potentially driving revenue and profit growth.
Beyond conventional arms and ammunition, other critical defence-related areas are poised for growth, including cyber security, strategic minerals, rare earths, oil and gas, military EPC and defence logistics.
Meanwhile, shares of Bharat Dynamics, Hindustan Aeronautics, Bharat Electronics, and BEML remained largely unchanged.
Shipbuilding stocks such as Mazagon Dock Shipbuilders, Garden Reach Shipbuilders, and Cochin Shipyard also reflected a similar flat trend.
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