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Welcome to The Morning Report, brought to you by Renil S Varghese—your quick dive into the top stories shaping the business world today. Fast, insightful, and to the point.

1. US launches major H-1B visa fraud investigation targeting IT companies

The Trump administration has launched a major investigation into alleged H-1B visa fraud, labour trafficking and misuse of foreign worker programmes. US Labour Department Inspector General Anthony D’Esposito said dozens of subpoenas have been issued, with Cognizant among companies mentioned following whistleblower inputs. US Vice President JD Vance said the government is acting to protect American jobs. The probe comes as H-1B approvals decline sharply, with 52,360 visas approved so far in fiscal year 2026, down from 113,485 in 2025. Indians remain key beneficiaries of the programme, widely used by IT firms such as Infosys, TCS, Cognizant, Amazon and Meta.

2. End of Iran sanctions reprieve unlikely to impact India’s crude oil imports

India’s crude oil imports are unlikely to face immediate disruption in August and September despite the US withdrawing its sanctions reprieve for Iran, as refiners can source supplies from Russia, the US, West Africa and South America. However, industry experts warn that LPG and LNG supplies remain vulnerable if tensions in West Asia persist and the Strait of Hormuz stays disrupted. LPG is a key cooking fuel for more than 33.5 crore Indian households. Analysts say India’s diversified crude import basket, including significant Russian supplies and alternative shipping routes from Saudi Arabia and the UAE, provides resilience, though higher freight, insurance and energy costs remain risks.

3. Dr Reddy’s delays Semaglutide supplies after API quality issue

Dr Reddy’s Laboratories has reported that certain batches of its Semaglutide product were found to be “out of specification” due to an issue linked to the active pharmaceutical ingredient, or API, used in the drug. The company said it is investigating the root cause and taking corrective measures to ensure product quality. As a result, commercial supplies of the metabolic therapy will be delayed for some time. However, Dr Reddy’s clarified that there is no impact on patient safety or on the product’s existing global regulatory filings. The company reaffirmed its commitment to maintaining reliable global supplies once the issue is resolved.

4. TCS Q1 results: Net profit rises 4.7% to ₹13,420 crore, AI revenue tops $2.6 billion

Tata Consultancy Services reported a 4.7 per cent year-on-year rise in first-quarter net profit to ₹13,420 crore, while revenue grew 14 per cent to ₹72,275 crore. Excluding exceptional legal settlement costs, profit stood at ₹13,849 crore. TCS secured deals worth $9.5 billion, including an AI-led transformation contract with SKF, and its annu-alised AI revenue run rate rose to $2.6 billion. The company declared an interim dividend of ₹12 per share and added 9,729 employees, its highest quarterly workforce addition in 15 quarters. Operating margin slipped to 24 per cent due to wage hikes, while most business verticals recorded annual growth despite global economic uncertainties.

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Published on July 10, 2026