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Asia
The Hindu BusinessLine

Shriram Properties turns to robots as labour shortage bites

Shriram Properties is turning to robots developed by Indian start-ups to tackle an acute shortage of construction labour, with the company saying availability was “practically zero” in some parts of Tamil Nadu and north India. The Chennai-based Shriram Properties is using robots for painting and is exploring robotic solutions for tiling as it looks to increase construction and sales volumes. The move is aimed at reducing dependence on manual labour while improving construction speed and finish quality. “While we are using robots in a small way, there are a lot of start-ups coming with great technologies to help in reducing dependence on skilled labour while improving construction timelines and finish quality,” said Murali Malayappan, Chairman and Managing Director, Shriram Properties. The company has a pipeline of 41 projects with an aggregate development potential of around 34 million sq ft (msf), including 16 msf of ongoing projects. Malayappan said automation could become increasingly important as the company scales up. Although robots require higher upfront capital expenditure, the economics become more viable when the equipment is deployed across multiple projects and the investment is recovered over a longer period. This could give larger developers an advantage over smaller players, who may find it difficult to absorb the initial cost of robotic equipment. The push towards automation comes against the backdrop of rising construction costs. Shriram Properties has estimated an 8–10 per cent increase in construction costs, particularly following the Iran and West Asia conflict. While steel and cement prices have remained relatively controlled, costs of lifts, CP fittings, sanitary fittings and tiles have increased, Malayappan said. The labour shortage is prompting other developers to look at technology-led alternatives as well. Officials at large and small real estate companies said they were yet to deploy construction robots, but acknowledged that worsening labour availability could force developers to consider greater automation. Start-ups are increasingly trying to fill this gap. Dhinesh Babu, Founder and CEO, Vividobots Private Limited, a Chennai-based construction robotics start-up, said demand was particularly emerging for robots used in plastering, both for interiors and exteriors. “Some of the large real estate developers are ready to deploy the robots,” he said. The company estimates that its technology could reduce labour requirements by 60–70 per cent compared with traditional methods, while the cost could be around 30–50 per cent, depending on the project. Its robot is currently in the pilot phase, he added. Industry bodies are also beginning to explore the technology. The CREDAI Chennai Youth Wing is planning a visit to China later this year to study construction robotisation and identify technologies that could be deployed in the Indian construction industry. “There have been requests from members for something like this as they feel the labour shortage is getting worse by the day,” a CREDAI Chennai spokesperson said.

Shriram Properties turns to robots as labour shortage bites
Asia
The Hindu BusinessLine

Center consistently working to ensure better incomes for all farmers: Nirmala Sitaraman

Union Finance Minsiter Nirmala Sitaraman, AP Chief Minister N Chandrababu Naidu, Deputy Chief Minsiter K Pavan Kalyan, Reliance Industries Exectuive Director Anant Ambani and AP Minister Nara Lokesh along with others at the foundation-stone laying cerremonay of Rayalaseema Horticulture Hub and Indian School of Agriculture in Mandanapalli in Andhra Pradesh on Friday. The Center is consistently working with the objective of ensuring better incomes for all farmers, Finance Minister Nirmala Sitaraman said. Speaking after the launch of the horticulture hub and the foundation stone ceremony for the Indian School of Agriculture in Madanapalli in Andhra Pradesh on Friday, Sitharaman said the initiative was significant as it coincides with the birth anniversaries of Mahatma Gandhi and former Prime Minister Lal Bahadur Shastri. Their messages of Swadeshi-Swaraj and Jai Jawan-Jai Kisan placed farmers at the centre of the country’s development, she added. “Great leaders such as Gandhi and Shastri thought about the welfare of farmers, while leaders such as Atal Bihari Vajpayee laid the foundations for several initiatives,” she said. Prime Minister Narendra Modi had continued this focus through schemes such as the PM-KISAN and measures to ensure adequate availability of fertilisers, the Union Minister said. Despite global conflicts and supply disruptions, efforts were being made to ensure that farmers do not face shortages, she added. While the international cost of a bag of urea was around ₹3,000, while farmers in India were getting it for about ₹300. “The Centre bears a subsidy of ₹2,700 on every bag,” she said. The Government has also introduced climate-resilient crop varieties and schemes such as GOBARdhan for biogas production and PM-KUSUM for providing solar-powered agricultural pumps, she said. Various schemes were being implemented based on the needs of farmers, including support for aquaculture and livestock farming through joint efforts of the Centre and the State Government. “The Prime Minister is constantly working with the objective of ensuring better incomes for all farmers engaged in cultivation,” she said. The Centre and Andhra Pradesh Government were working together to develop all 10 districts of the State as a global horticulture centre, the Union Minister said.

Center consistently working to ensure better incomes for all farmers: Nirmala Sitaraman
Asia
The Hindu BusinessLine

Development works worth ₹52,000 cr in progress in Hyderabad: Deputy CM Bhatti

Infrastructure development works worth ₹52,000 crore are in progress in Hyderabad under the Congress-led State Government in Telangana, Deputy Chief Minister Mallu Bhatti Vikramarka said. Speaking at the launch of the TSRTC–Metro Rail Common Pass here on Friday, he said major works were being taken up in roads, flyovers, bridges, underpasses, drinking water and other sectors as the government was moving forward with a comprehensive plan to develop Hyderabad further, keeping future requirements in mind. The State capital was expanding rapidly and it was the responsibility of the Government to strengthen civic infrastructure and facilities well in advance to meet the needs of the growing population, he added. Referring to the role played by earlier Congress governments in Hyderabad’s development, Bhatti said that Krishna, Godavari and Manjeera waters were brought to the city to meet its drinking water requirements during Congress governments. The water from Gandipet was brought to Hyderabad during the Nizam’s rule and subsequent Congress governments made Krishna, Manjeera and Godavari waters available to meet the city’s drinking water needs, Bhatti added. The Metro Rail network in Hyderabad would be expanded by 122 kilometres to improve public transportation. The government proposed to take up Phase-II of the Metro project at an estimated cost of around ₹38,000 crore, providing connectivity to the Old City, airport, Patancheru and Hayathnagar areas. Electric buses were being introduced in Hyderabad in place of diesel RTC buses to reduce air pollution. In this direction, 550 electric buses were already introduced, while another 2,200 buses would be pressed into service soon, he said. About ₹200 crore had been sanctioned for retrofitting to enable auto-rickshaw drivers to convert their diesel autos into electric vehicles, he added. The launch of the TSRTC–Metro Common Pass was a welcome initiative aimed at reducing the difficulties faced by commuters in the city, the Deputy Chief Minister said. The facility allows commuters to use the same pass across both transport systems, ranging from a One-Day Pass to a One-Month Pass. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments. We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.

Development works worth ₹52,000 cr in progress in Hyderabad: Deputy CM Bhatti
Asia
The Hindu BusinessLine

Rosetta Hospitality lines up ₹650 cr for Sakleshpur, Goa, Kallepura expansion

Rosetta Hospitality is committing nearly ₹650 crore to its next phase of expansion, as the leisure company seeks to build premium resorts within driving distance of India’s major metros and unlock capital through a resort-plus-residences model. Rosetta’s Sakleshpur property generated around ₹55 crore in revenue with a 50 per cent gross operating profit (GOP) margin, while its Goa property, Elements by Rosetta, generated ₹24 crore with a 42 per cent GOP margin, Joint MD, and CEO Jai Sreedhar said. The company, which currently operates properties in Sakleshpur and Goa, plans to deploy the committed capital across expansions at its existing resorts and its upcoming Kallepura property in Chikkballapura. Of the ₹650-crore commitment, around ₹500 crore will come through promoter contribution and internal approvals, while about ₹150 crore will be funded through debt, Sreedhar said. At Sakleshpur, Rosetta is adding 30 villas, translating into about 90 rooms, alongside a 20,000 sq ft convention centre. The company has a 120-acre land parcel at the property, of which around 40 acres has been developed. In Goa, Phase II will add 65 suites and a convention centre. Meanwhile, the scope of the upcoming Kallepura resort has expanded sharply, from an initial 80 rooms to around 138-139 rooms. Additionally, Sreedhar said the company is looking at large land parcels of 80-100 acres in locations within driving distance of metros, including opportunities around Mahabalipuram, Hyderabad and the Nilgiris. Corporate conferencing has emerged as Rosetta’s biggest segment after leisure, accounting for nearly 100 days of the year, while destination weddings are its second-largest contributor. The company is also betting on premiumisation in domestic travel, with consumers increasingly choosing premium domestic experiences. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments. We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.

Rosetta Hospitality lines up ₹650 cr for Sakleshpur, Goa, Kallepura expansion
North America
CNBC Finance

Nike shares drop as retailer posts disappointing sales, announces layoffs as part of restructuring

Nike on Thursday posted a mixed fiscal first quarter and announced a restructuring plan that will lead to layoffs starting next year. The company also offered a full-year outlook, saying it expects revenues to decline by a high-single digit percentage in fiscal 2027. Nike also said it expects adjusted earnings per share to be in a range of $1.15 to $1.35. Nike reported net income of $712 million, down 2% from $727 million the year prior. Revenue fell 4% to $11.21 billion. The retailer said Nike brand revenues took a hit largely due to sustained declines in the China business. Revenue in the market dropped 26%. CEO Elliott Hill said on a call with analysts that the company is "moving with urgency" to improve its business in the region. Its North America revenue came in at $5.13 billion, just above estimates of $5.11 billion, according to StreetAccount. Nike also reported gross margin of 42.8% compared to estimates of 42.4%. "Despite that progress, our Nike performance business is not yet large enough to offset the pressure we're seeing in Nike Sportswear, Jordan Brand, and Greater China," Hill told analysts. "We're taking deliberate actions to strengthen those businesses, but realizing the full benefit of those efforts will take time." Nike's sportswear segment, which Hill said accounted for just under half of the quarter's revenue, fell by a low-double digit percentage. "Overall, there's a lack of energy in the lifestyle space right now, which is impacting traffic," he said on the call. "Yes, the consumer is cautious, but as the leader in the industry, it's on us to bring more creativity to sportswear." The sneaker giant also announced a restructuring plan to "position Nike for long-term growth." The strategy is expected to result in layoffs beginning in 2027, though the company did not provide any further details on how many jobs it would cut. "This work will result in fewer roles across Nike, and I want to acknowledge that news like this creates uncertainty. I don't take that lightly," Hill wrote in a letter to the company. The company said it plans to focus on its supply chain modernization, organizing into three geographies, building a new campus in India and changing its work and workforce. Those geographic regions will be the Americas; the Asia Pacific and Greater China; and Europe, the Middle East and Africa. The strategy, which Nike has dubbed Pace, is expected to deliver approximately $2.5 billion in savings through fiscal 2031. It'll also result in a 15-cent restructuring expense to fiscal 2027 earnings per share, the company added.

Nike shares drop as retailer posts disappointing sales, announces layoffs as part of restructuring
North America
CNBC Finance

General Motor Q3 sales drop 5.5%, while Toyota buoyed by EVs, hybrids

General Motors on Thursday reported a year-over-year sales decline of 5.5%, with 670,974 new vehicles sold during the third quarter. GM's sales of all-electric vehicles are down across the board, as enthusiasm for EVs wanes. EV demand spiked last year ahead of the Trump administration ending up to $7,500 in federal incentives for consumers to purchase an electric vehicle. During the same period last year, GM reported record sales of its electric vehicles. Against those comparisons, EVs this year saw dramatic drops, with the Equinox EV down 92.4% during the most recent quarter, at 1,905 vehicles sold. The Blazer EV was down 84.4% and Hummer EV sales fell 72.9%. The report comes after Cox Automotive said last week that new vehicle sales have been stronger than expected this year and raised its 2026 forecast by roughly 2%, to 16.1 million units. Hybrid vehicle sales are expected to capture a growing market share of car sales, as inflated gas prices pressure consumers. Despite offering a broad EV lineup, the Detroit automaker only offers one hybrid vehicle, a Corvette. Experts expect GM's weakness in the sector to impact its overall sales. Toyota Motor reported that its EV and hybrid vehicles made up over 57% of the Japanese automaker's sales this quarter. Toyota said sales were up 0.6% for the most recent quarter, with 633,223 vehicles sold. Sales of its electrified vehicles, which include hybrids, were up 28.5%, with 363,367 units sold. That helped Toyota continue to narrow its gap with U.S. sales leader GM, which is now less than 136,000 units. That compares to a full-year gap of roughly 335,000 units last year. Cox Automotive earlier this year said if such sales trends continue, Toyota could once again overtake GM to become the U.S. sales leader in the coming years. Honda Motor, which also offers several hybrids and leads major automakers in fuel economy in the U.S., reported a 9.3% increase in U.S. third-quarter sales. Its hybrid sales were a record of more than 106,000 units during the quarter. "We've got really high demand for hybrids," Lance Woelfer, head of American Honda Motor's U.S. sales, told CNBC. "We're finding more and more consumers are figuring out hybrids meet their needs."

General Motor Q3 sales drop 5.5%, while Toyota buoyed by EVs, hybrids
North America
CNBC Finance

How AI is redefining Wall Street jobs — and boosting demand for this new 'hottest skill' by 1,721%

Before artificial intelligence can take Wall Street jobs, it is first creating them. Posts for AI-related roles at banks including JPMorgan Chase, Citigroup and Capital One surged 49% this year compared with 2025 to 139,819 listings, according to an analysis by enterprise hiring data firm Draup that was provided exclusively to CNBC. The fastest-growing area is a cluster of skills involving AI agents, according to Draup, which culls data from public job posts and platforms including LinkedIn. For instance, references to agent orchestration, or the ability to design agents that work in concert on a task, jumped 1,721% this year. "This is arguably the hottest skill on Wall Street," Draup CEO Vijay Swaminathan said in an interview. "It's a massive opportunity. They need people who understand data and people who understand AI and where to put it." The job listings show that Wall Street banks are moving beyond chatbots to the next phase of their AI strategy, one that has implications for executives, employees and shareholders. To make good on AI's promise to boost productivity and automate repetitive tasks, banks are pressing forward into a future filled with armies of agents handling an increasing share of labor. While an earlier wave of AI hiring was dominated by engineers and data scientists building models or adapting them to corporate data, the boom has expanded to include people who are responsible for embedding AI directly into business lines. Deploying AI inside a financial institution often requires stringing together multiple specialized agents: one to inspect raw data, another to analyze a document and a third to check regulatory compliance, for example. The workers involved in this process, often called forward-deployed engineers, need a combination of technical abilities and domain knowledge of a specific business or function, from trading desks to back-office operations and human resources, according to Swaminathan. For instance, creating a team of agents to automate approval of employee vacation requests creates a web of edge cases and specific exemptions, he said. "There is a lot of complexity in an enterprise," Swaminathan said. "Sometimes these complexities are visible, but many times they are hidden. It takes a long time even to automate a simple process." The agent orchestration skill is especially relevant to forward-deployed engineers, because their job is to figure out which agents are needed, what each one does and which technology to use, said the Draup CEO. It also involves deciding when human overseers need to be involved, he said. Other in-demand skills related to the AI build-out involve understanding tools and techniques that give agents the ability to get things done.

How AI is redefining Wall Street jobs — and boosting demand for this new 'hottest skill' by 1,721%
North America
CNBC Economy

The September jobs report will be released Friday. Here's what to expect

Lingering questions over the state of the U.S. labor market could be answered Friday when the Bureau of Labor Statistics presents its nonfarm payrolls count for September. Wall Street is looking for job growth of 84,000 to close out the summer, with the unemployment rate holding at 4.1%, according to the Dow Jones consensus. While the top-line payrolls number represents a downshift from the pre-2025 trend, the jobless rate, which Federal Reserve officials watch more closely, is around a level indicating full employment. The September release follows a surprisingly strong gain of 162,000 in August, which also saw upward revisions to prior months. Fed officials likely will be looking to the number to confirm labor market strength while they simultaneously turn the balance of their attention to the more nettlesome inflation picture. "In the labor market, a broad range of data indicates that conditions have stabilized," Fed Vice Chairman Philip Jefferson said in a speech Thursday. "While job creation has been somewhat volatile, payroll gains have broadened to many sectors in recent months, which is encouraging. Layoffs have remained low, and job openings have moved a bit higher on net." Even with a solid jobs picture, Fed commentary this week has shifted market expectations for a rate hike near the end of October. New York Fed President John Williams remarked earlier in the week that "there is no need for urgency" when policymakers weigh whether to follow up on September's quarter percentage point rate hike with another increase. "On the employment side of [the Fed's twin goals of full employment and stable prices], the data show that the labor market continues to be solid — and has even strengthened a bit on the margin," Williams said. Markets subsequently sharply reduced the odds for a hike at the Oct. 27-28 meeting and see a move much more likely in December. Central to the argument that the Fed needs to focus on inflation but doesn't need to be in a hurry for another hike is the stable if unspectacular labor picture. Payroll growth has averaged 80,000 a month in 2026 but has been erratic, from the loss of 156,000 jobs in February to growth of 214,000 the following month, with hits and misses in between.

The September jobs report will be released Friday. Here's what to expect
North America
CNBC Finance

Walmart is using light-up digital shelf labels to help shoppers and employees find items

Walmart is aiming to make it as easy as possible for its customers to find exactly what they want. The retailer is leveraging three new tools tied to its digital shelf labels for both customers and store associates to better find products. It's the latest part of the company's push to modernize its technology and incorporate artificial intelligence into its business. "We are people-led, tech-powered," said Greg Cathey, Walmart's senior vice president of digital transformation. "But the way we look at it is AI as a way to help associates do their job and free up time to allow them to invest in what they love to do most, which is spend more time with customers and their fellow associates." The new feature for shoppers, called Shop to Light, allows customers to find specific products on the Walmart app, navigate to the correct aisle in the store and then flash the digital shelf label of the product to locate it. The retailer is now incorporating it widely following a pilot program. That tool is also paired with Pick to Light and Stock to Light, which use the same capabilities to help store associates pick items for digital orders and stock products. All three features will be rolled out to stores companywide by the holiday season, Cathey said. "This is a use case that customers have asked us for, associates have asked us for," Cathey said. "It gives them time back, and I think if you look at a lot of what we're trying to do, it's all around convenience and being able to help associates and customers free up that time to invest it where they want." The rollout comes as convenience and speed — particularly in the delivery and pickup segments — have become critical pieces of Walmart's efforts to increase sales. While Walmart's business has grown steadily, and its e-commerce sales continue to soar, investor concerns about its comparable sales and revenue outlook weighed on its stock after its most recent earnings report in August. Walmart stores carry roughly 120,000 items. Cathey said it's a priority for the company to provide that large range of products while making it easier for customers to locate precise items. While the company does not publicly share any financial aspects of the program, Cathey said the new features at pilot stores allow associates and customers to have more time while shopping and stocking. The Shop to Light feature has already seen 5 million flashes from customers since it began rolling out to limited locations this summer. He said these new features will be especially important as the retailer heads into the busy holiday season, and the company views them as "a big win" for time savings. Walmart began using digital shelf labels, as opposed to paper labels, to allow automatic and systemwide price changes to be rolled out at once. The company currently has more than 4,300 stores with digital shelf labels, and expects them to be installed across the chain by the end of the year, according to Walmart. He added that the label prices are changed overnight, when customers aren't in the store, and the system has human oversight as well to ensure it has "robust governance" and doesn't make mistakes. Currently, roughly 90% of the sections within the store have digital shelf labels, he said.

Walmart is using light-up digital shelf labels to help shoppers and employees find items