SAN FRANCISCO — Uber Chief Executive Officer Dara Khosrowshahi said the roughly 3,300 corporate jobs the company eliminated earlier this month will ultimately benefit customers through lower ride prices, a promise that follows a familiar pattern among corporations defending mass layoffs, one that has not always held up in practice at other companies.

Uber announced September 2 that it was cutting 10% of its corporate staff, affecting approximately 3,300 positions out of a global workforce of roughly 34,000 employees, in an effort to flatten management layers across the company. The reduction marks Uber’s deepest round of job cuts since the early months of the COVID-19 pandemic in 2020.

Speaking at the Goldman Sachs Communacopia and Technology Conference on September 10, Khosrowshahi laid out how the company plans to use the savings generated by the cuts. “We are going to take the savings there and essentially reinvest it back in the business, lowering prices, improving selection, and continuing to invest in our growth program,” he told investors. He said separately that the layoffs would generate “savings that we intend to reinvest in growth, innovation, and the capabilities that will matter most over the coming years.”

Khosrowshahi indicated that reduced insurance costs would also contribute to the savings being funneled toward lower rider prices. Uber’s U.S. mobility insurance costs had increased by more than 50% per ride over the several years through the first quarter of 2025, according to the company, a trend Khosrowshahi said has now begun to reverse. Analysts estimate the layoffs alone could generate close to $2 billion in annual savings for the company, though Khosrowshahi has not offered specific fare targets or a timeline for when riders might actually see lower prices reflected in the app.

A portion of the freed-up capital is also being directed toward Uber’s autonomous vehicle ambitions. The company has said it plans to invest more than $1 billion in its self-driving taxi network as it works to compete with rivals including Alphabet-owned Waymo, with broader reporting indicating Uber has committed more than $10 billion over the coming years to autonomous vehicles, acting as both an investor in and a customer of nearly 30 different self-driving technology partners.

Khosrowshahi acknowledged that the layoffs came at a moment of relative financial strength for the company rather than distress, noting that Uber had recently posted quarterly earnings that exceeded analyst expectations. “Some companies wait,” he said. “We don’t believe in waiting.” Uber shares rose roughly 2% following disclosures suggesting the company had approached the restructuring from a position of strength rather than as a response to financial trouble.

Khosrowshahi also pointed to artificial intelligence as a factor behind the timing of the cuts, telling attendees at the same Goldman Sachs event that AI has contributed to “real tailwinds as it relates to productivity” within the company, a dynamic that has become increasingly common across the technology sector as companies credit AI-driven efficiency gains for enabling workforce reductions. Uber’s cuts followed a broader trend of tech layoffs framed around productivity improvements; fintech company Block, led by CEO Jack Dorsey, saw its stock jump roughly 24% earlier this year after announcing plans to cut 40% of its workforce as part of a push toward AI-driven efficiency.

Whether Uber’s promise of lower prices will actually materialize remains, for now, solely a matter of Khosrowshahi’s word, and similar corporate assurances tied to layoffs have not always played out as promised at other companies. When T-Mobile announced roughly 5,000 job cuts in August 2023, then-CEO Mike Sievert said the restructuring would help the company deliver better value and an improved customer experience. Less than a year later, T-Mobile announced price increases on some of its older plans, including an additional $2 to $5 per voice line each month, according to reporting at the time, illustrating how the definition of “better value” following a round of layoffs can shift considerably by the time changes actually reach customers.

Uber’s own recent regulatory record adds another layer of financial pressure competing for the same savings Khosrowshahi has pledged to redirect toward riders. The company was recently fined nearly $1 billion by European Union regulators after a Dutch data protection authority found that Uber had automatically suspended or deactivated drivers suspected of fraud or poor ratings between 2018 and 2022 without any human review of those decisions, a practice the regulator determined violated European data protection rules governing automated decisions with significant personal or financial consequences for those affected. Uber is appealing the fine, though the penalty still represents a competing claim on the same pool of savings the company has said will fund lower prices for customers.

Uber’s layoffs and the accompanying promises come as the broader ride-hailing and technology sectors continue navigating a period of workforce reductions justified, at least in part, by efficiency gains attributed to artificial intelligence tools, even as skepticism persists among analysts and consumers about whether such promised savings reliably translate into lower prices rather than simply improved corporate profit margins.

With no specific fare targets or implementation timeline yet disclosed by Uber, riders and industry observers are likely to spend the coming months watching for concrete evidence of price reductions in specific markets before drawing conclusions about whether Khosrowshahi’s promise proves more durable than similar assurances made by other companies following their own rounds of layoffs in recent years.

Shares of HDFC Bank rallied 3% to their day’s high of Rs 727 on the NSE on Tuesday after the private lender submitted two candidates’ names to the RBI for the role of CEO. This formally begins the succession process for Sashidhar Jagdishan, who is due to retire later this year, with brokerages maintaining their bullish calls for the stock.

While the lender has not named the two candidates yet, people familiar with the matter told The Economic Times that deputy managing director Kaizad Bharucha and one external candidate are on the list. ICICI Prudential Life CEO Anup Bagchi and Citi India CEO K Balasubramanian are among the prospective picks for the external candidate, sources said.

Also read | HDFC CEO race: One insider, one outsider in contention for the top job

This comes as concerns over the governance cloud that began in March this year after its former part-time Chairman Atanu Chakraborty resigned, stating that some practices within the bank did not match his personal values and ethics, continue to ease. The governance cloud led to a massive selloff in the shares of the company that recovered slightly after the bank made leadership changes.

Nomura on HDFC Bank share price

Nomura believes that the possible internal appointment of Kaizad Bharucha could provide initial relief by ensuring continuity and limiting disruption. Kaizad’s familiarity with the bank and its businesses would also allow for a smoother transition, it said. However, it added that a credible external candidate could offer a longer runway and a cleaner slate.

“In our view, this could be more significant for the stock over the medium term, as a new leader would have greater scope to reassess strategy, challenge existing practices and drive a strategic reset. With the stock having materially underperformed, a credible external appointment with a strong operating track record could therefore emerge as a catalyst for a re-rating, particularly if accompanied by a clear roadmap on growth, deposits, margins and returns,” Nomura said.
The international brokerage maintained its ‘Buy’ call on the stock with a target price of Rs 950 apiece, implying more than 34% upside potential from the stock’s previous closing price of Rs 708.25 apiece on NSE.

Bernstein on HDFC Bank share price

Bernstein maintained its ‘Outperform’ rating on the shares of HDFC Bank with a target price of Rs 1,150 apiece. This implies an upside potential of more than 62% over the stock’s previous closing price.

The international brokerage noted that the board of HDFC Bank has proposed elevating Jimmy Tata to the role of whole-time director, and bring the total number of seats to four, ET Now reported. It added that the leadership succession timeline remains on track ahead of the current CEO’s retirement.

Also read | HDFC Bank shares hit 52-week lows over consecutive sessions while analysts scream Buy. Has the stock hit its bottom?

Macquarie on HDFC Bank share price

Macquarie maintained its ‘Outperform’ rating on the shares of HDFC Bank with a target price of Rs 1,150 apiece. This implies an upside potential of more than 62% over the stock’s previous closing price.

The international brokerage said an external CEO appointment is viewed as the primary catalyst for a stock re-rating.

HDFC Bank share price

Shares of heavyweight HDFC Bank have been hitting fresh 52-week lows for several consecutive sessions now, even as analysts maintained their ‘Buy’ calls after the stock tumbled around 29% in 2026 so far. The stock of India’s largest private lender dropped to a fresh 52-week low of Rs 681.90 apiece on Friday. This marks more than a 33% fall in less than 11 months after hitting a record high of Rs 1,020.50 apiece in October last year.

HDFC Bank shares have been the weakest among all Nifty Bank constituents, declining 29% so far in 2026. Not only has the performance been disappointing this calendar year, but the stock has also delivered weak returns over the past three to five years, declining nearly 14% and 9%, respectively. “Despite the significant underperformance of this banking heavyweight, there are still no meaningful signs of a turnaround, with the technical setup remaining highly uninspiring and weak,” said Hitesh Rathi, Technical Analyst (Equity & Derivatives) at Angel One.

The stock is now displaying oversold readings across several technical parameters, while the significant disparity in its performance also leaves room for a short-term bounce, according to Rathi. “Hence, a near-term recovery cannot be ruled out. However, the broader technical setup and trend remain firmly bearish, with no meaningful signs of a trend reversal visible at this stage,” he added.

Also read | BofA turns bullish on Nifty, forecasts 12% upside by December

Disclaimer: This article has been written by Debaroti Adhikary, who is not a SEBI-registered Research Analyst or an Investment Adviser. Debaroti Adhikary and his/her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here.

Shares of infrastructure company PNC Infratech tanked as much as 20% to their day’s low of Rs 140 on the BSE on Tuesday after the National Highways Authority of India (NHAI) extended the debarment of Awadh Expressway Pvt Ltd to the company for three years.

The move will prevent PNC Infratech from participating in bids floated by the Ministry of Road Transport and Highways (MoRTH), NHAI and their executing agencies during the period.

PNC Infratech said it received a letter from NHAI on September 11 extending the debarment of Awadh Expressway, the concessionaire, to the company in its capacity as promoter. The company and the concessionaire are evaluating legal remedies in the matter, according to a stock exchange filing.

The company said the debarment will not affect its status as a going concern or the execution, operation and maintenance of its ongoing projects. It added that any financial implications will be disclosed in due course as clarity emerges. The extension relates to the action taken by NHAI against Awadh Expressway and its subsequent extension to PNC Infratech as the concessionaire’s promoter.

The development follows NHAI’s action concerning the Kanpur-Lucknow Expressway project, for which Awadh Expressway is the concessionaire. In a regulatory filing dated August 6, PNC Infratech had said it had not been debarred or declared a non-performer by NHAI at that point.

A Ministry of Road Transport and Highways press release issued on August 5 said NHAI had served a notice proposing to declare PNC Infratech a non-performer. Under the proposed action, the concessionaire would become ineligible to participate in future NHAI bidding.

PNC Infra Q1 results

In August, the company reported a 23% year-on-year decline in consolidated net profit for the June quarter in August. Consolidated net profit for the first quarter of fiscal 2027 stood at Rs 332 crore, compared with Rs 431 crore in the same quarter a year earlier.Revenue from operations, however, rose 18.6% year-on-year to Rs 1,688 crore from Rs 1,423 crore in the year-ago period. EBITDA increased 42.1% to Rs 523 crore from Rs 368 crore, while EBITDA margin expanded to 31% from 25.9% a year earlier.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times.)

Under the triple lock system, the state pension increases each April in line with whichever of three measures is the highest:

The rise in wages of 3.9% is likely to determine the April 2027 state pension increase.

The triple lock was introduced by the Conservative-Liberal Democrat coalition government in 2010.

It was designed to ensure the value of the state pension wasn’t overtaken by the increase in the cost of living or the incomes of working people.

The Labour government has previously said it would keep the triple lock until the end of the current Parliament.

But since that commitment, there has been intense debate over the cost of the triple lock and whether it is justified.

In July 2025, the government’s official forecaster said the cost of the triple lock guarantee was set to be three times higher by the end of the decade than was originally anticipated when it began.

The Office for Budget Responsibility (OBR) said the annual cost is set to reach £15.5bn by 2030.

It said the cost of the state pension has risen steadily over the past eight decades, and now equates to £138bn, or around half the total amount the government spent on benefits.

Earlier in July, the influential Institute for Fiscal Studies think-tank suggested that the triple lock should be scrapped as part of a wider pensions overhaul.

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South African group started sale process for Aldermore earlier this year and other banks look set to show interest

Investec and Nationwide are amongst the firms preparing to table bids for alternative lender Aldermore, as its South African parent company First Rand receives first-round offers for the business, City AM has revealed.

The two financial institutions are expected to submit offers for the UK bank ahead of an initial deadline on Tuesday, according to sources close to the matter.

First Rand launched a formal sale process earlier this year after Aldermore became embroiled in the motor finance misselling scandal through its motor lending arm, Motonovo.

In a research note published earlier this month, analysts at RBC placed Aldermore’s valuation at £1.45bn, inclusive of its motor finance operations.

An Investec spokesperson stated that the firm does not comment on market speculation. Nationwide declined to comment, while Aldermore has also been approached for a response, as reported by City AM.

Lloyds is similarly poised to lodge a bid for the business, with Natwest also counted among the prospective suitors, according to individuals with knowledge of the situation. Both banks declined to comment.

The interest from Aldermore’s competitors arrives amid a broader wave of consolidation sweeping Britain’s mid-market banking sector. Nationwide previously acquired Virgin Money for £2.9bn in 2024, while Santander snapped up TSB in 2025.

Metro Bank has also been named amongst the potential suitors, Sky News previously reported. Private equity giant Warburg Pincus is also expected to table a bid for the firm, according to sources speaking to City AM, while finance-focused private equity house JC Flowers and CVC are similarly poised to join forces on a combined offer, City AM understands.

CVC declined to comment, and JC Flowers did not respond to a request for comment when approached by Reuters, which first reported their interest. Warburg Pincus also declined to comment.

Raymond shares surged 8.32% to Rs 1,086 during Tuesday’s trading session after the company announced that its aerospace subsidiary had secured significant multi-programme orders from a leading Indian aerospace and defence major.

According to the company’s filing, the new business covers more than 300 part numbers across precision-machined, casting and structural components for multiple aircraft applications. Annual volumes are expected to exceed 37,000 components, translating into an estimated annual business potential of around Rs 33 crore at expected production rates.

Production under the new programmes is scheduled to commence progressively during 2026 and 2027.

The order win strengthens Raymond’s presence across several segments of the aerospace manufacturing value chain, including precision machining, aerospace castings, structural components and complex assemblies.

The company said the broader scope allows it to participate in multiple stages of aerospace manufacturing rather than being concentrated in a single area.

Commenting on the development, Rakesh Tiwary, Group Chief Financial Officer, Raymond Limited, said the order win is aligned with the company’s strategy of optimising its product mix and improving margins.
According to Tiwary, the latest award demonstrates Raymond’s manufacturing capabilities across machining, castings, structures and assemblies. The broader product portfolio is expected to increase the company’s value capture per programme while strengthening its multi-year order backlog.The development also marks an expansion of Raymond’s customer base within India’s growing domestic aerospace ecosystem, a segment where the company’s aerospace business has historically been predominantly export-led.

Raymond stock performance

Raymond shares gained around 25% over the past week and nearly 69% over the last month, according to exchange data.

Following Tuesday’s rally, Raymond’s market capitalisation stood at approximately Rs 6,677 crore, while the stock’s 52-week high is Rs 1,084.90.

With the latest gain, the stock is trading close to its 52-week peak, reflecting the strong momentum witnessed in the counter.

On the valuation front, Raymond currently trades at a price-to-earnings (P/E) ratio of 180.09, while its price-to-book (P/B) ratio stands at 2.14.

From a technical perspective, the stock continues to show strong momentum. Raymond is currently trading above all eight key simple moving averages (SMAs), ranging from the 5-day SMA to the 200-day SMA.

Also read: Tata Group stocks rocket up to 20% as RBI move revives Tata Sons IPO hopes

The combination of a fresh aerospace order win, strong recent price momentum and improving participation in India’s domestic aerospace manufacturing ecosystem has placed Raymond stock firmly in focus among investors.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

The food group, also behind the Napolina and Crisp ‘N’ Dry brands, reported a jump in profits for the first half of the year amid significant inflationary pressures

Tinned tuna giant Princes has reported robust sales growth despite facing “significant inflationary pressures”, buoyed by a series of recent acquisitions.

The food group, which is also behind the Napolina and Crisp ‘N’ Dry brands, posted a sharp rise in profits for the first half of the year.

Recently appointed interim chief executive Giuseppe Mastrolia said he was “pleased” with the performance.

The London-listed firm revealed revenues climbed 7% to £999.4 million for the six months to 30 June, compared with the same period a year earlier.

The company attributed the uplift to the benefit of recent deals, including the takeover of Italian baby food business Plasmon and Princes France.

Revenue growth was said to have gathered pace over the second quarter of the year.

Princes noted that its fish division recorded rising sales volumes, though this was offset by a decline in raw tuna prices.

The group added that the first half was also affected by the timing of inflation-linked price increases, which largely came into force at the start of July and are therefore expected to underpin further revenue growth going forward.

The company said it is “well positioned” for the remainder of the year and anticipates trading in line with management expectations for 2026 as a whole.

Pre-tax profits, meanwhile, surged 62% to £39.2 million compared with the prior year.

Princes also confirmed it is targeting a further £2 million of cost efficiencies.

Mr Mastrolia said: “Against a challenging macroeconomic backdrop and significant inflationary pressures across a number of our key input costs, we have demonstrated the resilience of our business model and, importantly, our ability to protect profitability through disciplined commercial management and continued focus on operational efficiency.

“We enter the second half with a clear plan and a strong sense of urgency.

“There is considerably more value to unlock across Princes and I am confident in our ability to deliver it.”