ET NEWS

Deloitte LLP has told its staff in India to show up in office at least two days a week or risk negative performance reviews, as the Big-Four accounting giant starts tightening its pandemic-era flexible work policy.The new rule becomes effective starting Oct. 1 for employees at the firm’s seven offices that help clients or provide back-office support across the South Asian country, according to an internal memo seen by Bloomberg News. The missive also said that staff may have to attend office on schedule because of space considerations, and failure to comply with the mandate will be tracked and taken into account during performance reviews.A spokesperson for Deloitte said in a statement that the firm’s hybrid working model is “not one-size-fits-all.” Without commenting on the RTO plan, the statement added that the approach is “designed for clients, businesses, team leaders and professionals to co-locate when it matters most to the performance of our work and the development and well-being of our professionals.”The move by Deloitte US comes about a year after rival PricewaterhouseCoopers LLP clamped down on remote working in the UK by telling its staff and partners there to spend at least three days a week in office or with clients. Similarly, some of the global financial giants including JPMorgan Chase & Co. have ordered their employees to return to the office five days a week, while HSBC Holdings Plc told its UK retail banking staff to expect smaller bonuses if they don’t attend office frequently enough. Deloitte’s US tax practice earlier this year introduced rules that require staff to spend two to three days a week in the office, or face a potential bonus hit, the Financial Times has reported.

Japan's Sumitomo Mitsui Banking Corporation (SMBC) on Wednesday sold its entire 1.65% stake in Kotak Mahindra Bank for Rs 6,256 crore via block deals. SMBC's over 3.2 crore shares were sold to scores of buyers at a price of Rs 1,940.8 apiece which include domestic and foreign funds, asset management companies and sovereign funds. The buyers include 360 One Asset Management, Abu Dhabi Investment Authority, Blackrock Global Funds-India Fund, BNP Paribas Financial Markets, BofA Securities, Morgan Stanley Asia (Singapore) Pte - ODI, Nomura Funds Ireland Plc, Societe Generale, T Rowe Price Funds and Citigroup among others. Among domestic MFs, some of the prominent names included Aditya Birla Sun Life MF, Axis Mutual Fund, HDFC MF and several scheme of Mirae Asset. Shares of Kotak Mahindra Bank today ended at Rs 1,972.90 on the NSE, gaining Rs 12.50 or 0.64% per share.Kotak Mahindra shares have rallied 10% in 2025 so far while 1-year returns also hover around 10%.The stock is currently trading below its 50-day and 200-day simple moving averages (SMAs) of Rs 2,051.2 and Rs 1,998.6, respectively.Kotak Mahindra Bank had reported a 7% year-on-year decline in its standalone net profit for the June quarter at Rs 3,282 crore, compared to Rs 3,520 crore in the year ago period. The net interest income (NII) for Q1FY26 increased to Rs 7,259 crore, up 6% YoY from Rs 6,842 crore in Q1FY25. This decline was excluding gains on KGI divestment, the company filing said. On June 18, 2024, ZKGI ceased to be a wholly-owned subsidiary and became an associate of the Bank.However, the net profit numbers came in after adjusting for the one-time gain from the sale of its general insurance business. Including the gain, the unadjusted net profit was significantly higher at Rs 6,250 crore in the year ago period.Also Read: Oracle stock turns 2025's multibagger after 41% surge; chairman Larry Ellison beats Elon Musk to become world's richest man(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

Oracle Corporation shares surged 41% in early Wednesday trade on Nasdaq, hitting a day’s high of $339.68 after the company announced an AI Center of Excellence for healthcare to help organizations leverage rapid advances in artificial intelligence. The sharp rally also turned Oracle into a multibagger in 2025, with year-to-date returns crossing 100%. The surge was amid high volumes as nearly 43 million shares changed hands around 10:06 AM ET (7:40 India time). The stock's one-year returns now stand around 117% and may change on the closing price basis.The Oracle AI Center of Excellence for Healthcare offers a hub of resources and expertise that will help health systems and hospitals deploy and optimize AI across their organizations, a company filing to the exchanges said.The sharp surge in the IT stock dramatically shook up co-founder and chairman Larry Ellison's personal wealth surpassing Elon Musk to become the world's richest man.Ellison, who holds 41% stake in Oracle, was reported to have gotten a $101 billion boost to his net worth to over $400 billion due to the stock surge.The single-day surge highlights the immense influence of corporate performance on billionaire rankings and the volatility of tech fortunes.Oracle Corporation is a Texas, US-based multinational technology company. It was co-founded in 1977 in Santa Clara, California, by Larry Ellison.The company release said that soon, patients using the Oracle Health Patient Portal1 to view their comprehensive medical records will be able to engage with new AI capabilities to get secure, clear, plain-language explanations of diagnoses, test results, and treatment options. They will also be able to ask clarifying questions about their individual medical record directly within the portal. For instance, instead of struggling with jargon, users can simply ask, "What does this abbreviation mean?" Or "What was the result of my latest cholesterol test?" The AI will deliver context-aware answers instantly, helping patients better understand and manage their care.Wall Street traded mixed with DOW 30 declining by 93.41 points or 0.20% to 45,617.90. The S&P 500 was trading at 6,553.05, up 40.44 points or 0.62%while the Nasdaq Composite index gained 117.57 points or 0.54% and was hovering at 21,997.10 around this time.Also Read: Jane Street-backed Nebius Group surges 52% intraday after Microsoft pact; 1-year gains top 330%(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)