Corporate India is indicating cautious hiring in the March quarter of 2023 as concerns rise over possible recession and steady inflation, a survey said on Thursday. According to the ManpowerGroup Employment Outlook Survey, based on interviews with nearly 3,030 public and private employers, hiring intentions will decrease in the quarter both on year-on-year and quarter-on-quarter basis. During the quarter, 48 per cent employers expect to increase their staffing levels, 16 per cent anticipate a decrease in hiring intent and 34 per cent do not anticipate any change in hiring, resulting in a net employment outlook of 32 per cent.
S&P Global Ratings on Thursday said about half of the Indian companies that it rates are getting a boost in their core profitability from rupee depreciation. "Much of our rated India corporate portfolio has sizable US-dollar linked revenue and, therefore, is not exposed to rupee depreciation. "This encompasses entities in the IT, metals, and chemicals sectors. About half of the firms we rate are getting an EBITDA boost from currency weakening," the US-based rating agency said in a report.
Benchmark indices ended nearly 1 per cent lower on Wednesday, tracking a weak trend in global markets and continuous foreign fund outflows. The 30-share BSE Sensex fell 509.24 points or 0.89 per cent to settle at 56,598.28. During the day, it tanked 621.85 points or 1.08 per cent to 56,485.67. Similarly, the broader NSE Nifty declined 148.80 points or 0.87 per cent to end at 16,858.60.
Unsustainable growth, population, urbanisation & consumption increase impact region's environment
Moody's Investors Service has warned that India, along with the Philippines, Thailand, and Vietnam are highly vulnerable to volatile food and energy prices in the Asia-Pacific region as the Russia-Ukraine conflict continues to disrupt supplies and raise the cost of agricultural products, especially cereals and vegetable oils, as well as fertilizers and other agricultural inputs. This is so because these countries have a higher weighting of energy and food prices in their consumer price index (CPI) baskets, Moody's said in its report released on Tuesday. The weighting of energy and food in overall Indian CPI stands at over 55 per cent.
India went through some anxious dying moments before eking out a close 5-4 win over hosts Malaysia and registered their second consecutive win of the eighth junior men's Asia Cup hockey tournament, in Kuantan, on Sunday.
Dozens of farmers have already committed suicide in India after damage from unseasonal rains this year.
Jaishankar, who arrived in Santo Domingo on his first official visit to the Dominican Republic, also said that India has seen a dramatic expansion in connectivity, contacts, and cooperation across the region.
Modi assured Trump that India will try to 'live up to the expectations' of the US and the world and also thanked the US President for speaking 'highly' about India during his trips.
The Indian Women's Hockey Team midfielder Salima Tete was honoured with the AHF Emerging Player of the Year Award.
Among Sensex shares, Bajaj Finserv fell the most by 4.08 per cent. Bajaj Finance declined by 3.01 per cent, Tata Steel by 2.2 per cent, Wipro by 2.09 per cent, Tata Motors by 1.96 per cent, IndusInd Bank by 1.9 per cent, SBI by 1.75 per cent, Tech Mahindra by 1.66 per cent and HCL Tech by 1.2 per cent. TCS, Infosys, Power Grid, Maruti, Reliance, HDFC twins, L&T, M&M, NTPC and Ultratech Cement were also among the losers.
AirAsia founder Tony Fernandes began talks with bankers to take Asia's number one budget airline private after a plunge in its stock price put $200 million worth of loans borrowed against AirAsia's shares at risk.
Server revenues from India recorded a 31.3 per cent rise to $9.83 million during the second quarter ended June 2004, while that from Asia-Pacific rim registered a 12.4 per cent rise totalling $1.37 billion
Here's what some states are doing to get a grip on the situation. Ruchika Chitravanshi & Aneesh Phadnis report
The government on Wednesday night issued a notification confirming the appointment of the management committee while removing Ramiz Raja, but the sitting chief selector Muhammad Wasim announced the squad for the NZ series.
Brent crude oil prices may rise to $110 a barrel in 2023, up nearly 33 per cent from the current levels, said analysts at Morgan Stanley, in a recent note. This is, however, lower than the peak level of nearly $127 touched earlier in 2022 as geopolitical concerns took centre stage amidrising demand. "Looking ahead, Brent oil price growth will decelerate even more in the coming quarters. "This comes even as our global oil strategist expects a rise in oil prices back to $110 a barrel by the second half of 2023.
According to a report by Hong Kong-based human resources consultancy major ECA International released on Wednesday, Mumbai has recorded second highest annual growth of 21 per cent in residential rental after 33 per cent for Singapore in 2007. Mumbai has now become Asia's third and the world's sixth most expensive location to rent a three-bedroom apartment. This makes it costlier than places like Seoul, Singapore, Paris, Shanghai, Dubai, Beijing, St Petersburg and Amsterdam.
Maruti was the top gainer in the Sensex pack, rising around 7 per cent, followed by Axis Bank, SBI, IndusInd Bank, Bharti Airtel and NTPC.
The 30-share BSE gauge climbed 465.14 points or 0.80 per cent to finish at 58,853.07. During the day, it jumped 546.97 points or 0.93 per cent to 58,934.90.
Kamla Bhasin, the coordinator of One Billion Rising in South Asia, tells Rediff.com's Priyanka that their movement has become a tsunami today and also explains why they are against death penalty even for rapists.
Clock 11% growth in the first 11 months of 2022.
ITC, Sun Pharma, Maruti, M&M, Tata Motors, HCL Tech, Wipro, Infosys, HUL, Bharti Airtel and Reliance were among the major losers. Kotak Bank rose the most by 1.59 per cent, followed by IndusInd Bank, Bajaj Finance and Bajaj Finserv. L&T, SBI, TCS and HDFC Bank also closed higher.
Benchmark stock indices rebounded around 1 per cent on Thursday following value buying in banking, IT and auto stocks after two days of losses and a largely positive trend in global markets. The 30-share BSE Sensex climbed 659.31 points or 1.12 per cent to settle at 59,688.22. During the day, it jumped 683.05 points or 1.15 per cent to 59,711.96. The broader NSE Nifty rose by 174.35 points or 0.99 per cent to close at 17,798.75.
Maruti was the top gainer in the Sensex pack, rising over 4 per cent, followed by IndusInd Bank, HDFC Bank, Bajaj Finserv, Titan, Wipro, and Bharti Airtel. NSE Nifty jumped 197.05 points to end at 17,463.80.
Former India chief selector and current Punjab Kings spin bowling coach Sunil Joshi rates Jitesh Sharma among the best wicketkeeper-batters in the country and feels it is only a matter of time before he plays for the national team.
The sources said 39 international passengers were found positive for COVID-19 out of the 6,000 tested on arrival in the last two days.
According to ECA International, a provider of knowledge, information and technology for the management and assignment of employees around the world, factoring in inflation, employees in Asia are likely to receive the biggest average increases in real terms.
India's economy grew 6.1 per cent in the fourth quarter of 2022-23, pushing up the annual growth rate to 7.2 per cent, official data showed on Wednesday.
Top gainers include Yes Bank, HUL, Vedanta, NTPC, Bharti Airtel, Adani Ports, PowerGrid and Tata Motors, rising up to 5 per cent.
The wide gap in national income held by the ultra-rich and the poor is striking.
Vijender Singh broke into the World Boxing Organisation's (WBO) rankings at No 10 after being crowned its Asia Pacific super middleweight champion in Delhi last month.
'For the common man, the economic conditions are not going to get better.'
Among the many exits from the billionaire's club in 2022 are D Uday Kumar Reddy of Tanla Solutions (net worth down 66 per cent), Sushil Kanubhai Shah of Metropolis Healthcare (down 65.7 per cent), Vijay Shekhar Sharma of One97 Communications (down 66 per cent), and C K Birla (down 43.4 per cent).
India was the world's biggest importer of Russian oil in February, exceeding China by 20 million barrels.
The government has asked Indian ships sailing in the Malacca Strait and South East Asia to be 'extra cautious' and take necessary security steps in view of rising incidents of hijacking and robbery
China on Tuesday angrily denounced the nuclear-powered submarine deal announced by the US, UK and Australia, saying the pact violates the Non-Proliferation Treaty (NPT) and the three countries are travelling "further down the dangerous and wrong path."
"No other relationship of India has as many layers as our relations with China. We are the world's two most populous countries and among the fastest growing major economies. Our cooperation is expanding," he said.
'Indian equity valuations, although not very expensive, are not cheap either.'
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