The net leasing of Grade-A commercial office space in India will stagnate this financial year at 32-34 million square feet, with global uncertainties brewing caution among key tenant categories, according to the latest Crisil Ratings report. Major seven cities in India - Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai Metropolitan Region (MMR), National Capital Region (NCR) and Pune - had Grade-A office space with an operational stock of around 705 million square feet as of March 2023. India's commercial office space is dominated by technology companies, with information technology (IT) and IT-enabled services (ITeS) companies occupying 42-45 per cent of the operational stock.
Investors shunned shares of Bajaj Finance on Friday, a day after the non-banking financial company (NBFC) reported a sharp contraction in its net interest margin (NIM) for the March quarter of the financial year 2023-24 (Q4FY24). The losses accounted for a fifth of the benchmark S&P BSE Sensex's 609-point loss. Most brokerages have tamed their earnings expectations for the next couple of quarters, after the management said it expected the pressure on NIMs to continue in the near term.
The missile hit a plantation in Margaliot, a moshav (collective agricultural community), in the Galilee region in the north of Israel around 11 am on Monday, Zaki Heller, spokesperson for rescue services Magen David Adom (MDA), told PTI.
The writing has been on the wall for some time. Exodus of senior leadership and growth behind its peers are reasons that have prompted Thierry Delaporte, the chief executive officer (CEO) of Wipro to resign, analysts said. Delaporte, Wipro's seventh CEO, also resigned without completing his five-year term, like his predecessor Abidali Neemuchwala decided to end his tenure prematurely in 2020. Phil Fersht, HFS Research CEO and chief analyst believes the change in leadership was at least six months overdue.
'You have to have commitment to both, but it has to be done at the individual level.'
Pirojsha Godrej, 43, patriarch Adi Godrej's son, is set to take over as chairman of the Godrej Industries Group from 2026 whol Nyrika Holkar, Smita Godrej Crishna's 42-year-old daughter, has emerged as the face of the Godrej Enterprises Group.
How Mumbaikars and Delhi-ites are responding to the Omicron threat.
'The end of WFH has made achieving work-life integration more challenging for women.'
Job postings declined on an annual basis in September but witnessed a marginal uptick compared to August this year, a report said on Tuesday. There was a fall in job postings in various sectors, including media and entertainment, home appliances, shipping and marine, IT and BPO/ITES compared to September 2021. For September 2022, the Monster Employment Index (MEI) showed that there was a 4 per cent decline in hiring activities on an annual basis but a 1 per cent rise on a month-on-month basis.
Iran and Saudi Arabia have agreed to re-establish diplomatic relations and reopen embassies after talks in Beijing between officials from the two rival Middle East powers, Iranian state media reported on Friday.
In recent times, more and more audit firms have challenged company managements, some going to the extent of resigning on the ground of incompatibility with what the management wanted or was doing. This, said Ajay Bhushan Pandey, chairman of the National Financial Regulatory Authority (NFRA), in a media interview, was a good sign. Now, the national accounting watchdog has turned the spotlight on audit firms themselves.
IT services firms would no longer focus on large volume hiring from campuses like they did at least two to three years ago, as demands of clients are changing.
The deepening funding winter that the startups face and the near dry-up of IPOs singed the deal street as the total value of deals plunged by 60 per cent to $1.8 billion in February, shows an analysis. According to Grant Thornton, the industry saw just 89 deals worth $1.8 billion in February, which is 60 per cent lower than the year ago period in value terms and down by 54 per cent year-on-year in volume as investors continued to tread cautiously amid macroeconomic uncertainties. This is the second-lowest deal volume and the lowest value since 2014.
The Indian office real estate market, which had recovered significantly in early 2022, began to slow down in the latter half due to macroeconomic problems in the developed world. Rental yields are likely to be stable at best in FY24.
With the fate of the Development Enterprise and Services Hub (DESH) Bill in limbo, the commerce department is working towards tweaking some rules under the existing special economic zone (SEZ) law to allow use of unutilised spaces in IT/ITES for non-SEZ purposes. The move, when implemented, will free-up the land area that is not in demand through partial de-notification of certain floors or buildings, thereby allowing easier exit. "The department of commerce is discussing the matter with the revenue department before making changes in the Special Economic Zone Act, 2005," a person aware of the matter
The total leasing of office space, which comprises demand for all grades of buildings, rose 93 per cent year-on-year in January to 3.2 million square feet across seven major cities, according to property consultant JLL India. However, the leasing fell 56 per cent, compared to December 2022, which had seen 7.4 million square feet office space absorption. In January 2022, the aggregate leasing activities stood at 1.7 million square feet.
'Unless she joins one of the coalitions, she has a bleak future.' 'The NDA option is suicidal, but INDIA could help her.'
Housing sales have jumped over two-fold during July-September period at 62,800 units across seven major cities on better demand driven by low mortgage rates and hiring in IT/ITeS sector, according to property consultant Anarock. Sales of residential properties stood at 29,520 units in the year-ago period and 24,560 units in the previous quarter. The seven cities tracked by Anarock are Delhi-NCR, Mumbai Metropolitan Region (MMR), Chennai, Kolkata, Bengaluru, Hyderabad and Pune.
India's traditional PC market, inclusive of desktops, notebooks, and workstations declined by 11.7 per cent year-on-year (YoY) in Q3CY22 (Jul-Sep) after 8 consecutive quarters of growth despite strong shipments of 3.9 million units, according to new data from the International Data Corporation (IDC) Worldwide Quarterly Personal Computing Device Tracker. All segments declined except the government, which grew by 91.5 per cent YoY on the back of government orders, leading to strong growth in the third consecutive quarter. While the desktop and workstation categories grew by 23.4 per cent and 17.6 per cent YoY respectively, the notebook category declined by 19.5 per cent YoY.
The service tax on customised software is a negative for technology companies but it will be passed on to the clients.
Tandoori is always a winner, especially if it's simple and speedy.
The budget proposes to reduce surcharge on domestic companies to 7.5% from 10%.
Corporate India's hiring activity saw a decline in April, with the business process outsourcing and IT enabled services industry registering the sharpest drop of 22 per cent, a report by job portal said.
'A microcosm of India, inclusive and welcoming'. For years, Pragati Maidan was the centre of Delhi's social life.
A majority of the companies said the law, aimed at jobs with a monthly salary cap of Rs 50,000, will result in them leaving Haryana or growing their operations in other states and abroad.
Of the 1,145 offers made this year, consulting firms made up 34 per cent, followed by banking, financial services and insurance, pharma/healthcare, IT/ITeS and FMCG/retail.
Private equity investments in Indian companies grew 38 per cent to $62.2 billion last year, with inflows into Reliance Industries' telecom and retail ventures contributing nearly 40 per cent of the total value of the deals, a report said on Wednesday. Barring investments into Jio Platforms and Reliance Retail, the total deal value was down by 20 per cent over 2019 as the volume of large deals of more than $100 million dipped by a fourth, as per the report by Bain & Company and India Venture Capital Association. Overall investment activity remained muted from March to May last year due to COVID-led uncertainties and investor confidence recovered strongly in the second half to pre-COVID levels with late-stage and buyout deals witnessing increased traction, it said.
IT and ITeS companies accounted for $28.1 billion of the total investment pie during the first nine months of 2021.
The IT-ITES industry is going to difficult times with the slowdown in the global economies. The volume growth is now a worry. The Companies have stopped recruiting and are sitting on a bench strength.
In an effort to meet the demand of projected 2.1 million people in the software and services sector by 2008, National Association of Software and Service Companies
Amidst difficult times with the slowdown in the global economies, the IT-ITES sector seek some respite in terms of extension of STP scheme and some relief on the FBT regulations.
Infertility clinic advertisements offering generous payments for donations of eggs and sperm are attracting many men and women in their twenties, the Asian Age newspaper said.
The Business Process Industry Association of India, an affiliated association of the Confederation of Indian Industry, in its pre-budget memorandum, has also demanded the extension for tax sops from the Software Technology Parks of India for at least 20 years.
'As long as businesses do not consider cyber recovery an integral part of their enterprise IT, they remain greatly vulnerable.'
Priya Rajan is Chennai's third woman mayor, and at 28, its youngest.
Imam-ul-Haq hit a memorable first Test century on Friday and led Pakistan to a commanding 245-1 in its first home Test against Aus in 24 years
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As the country slowly paces back to normalcy with the declining rate in COVID-19 cases, rapid vaccine drive, and growing economic and employment rate, a survey has revealed that 73 per cent of employees are in favour of the hybrid model of work across industries. Over 73 per cent of the employees interviewed respondents said they are in favour of this new emerging hybrid model across industries, according to a survey by HR solutions provider Genius Consultants. As most organisations across various industries were forced to shift staff operation remotely owing to the pandemic restrictions, most employees opined that this provision should continue even after the situation normalise, it added.
