Hiring activity has improved by 24 per cent in September compared to August, this year, according to the Naukri JobSpeak Index monthly report released on Monday.

The 24 per cent month-on-month growth is being propelled by industries, including pharma (+44 per cent), fast moving consumer goods (+43 per cent), education/teaching (+41 per cent), and Information Technology (+32 per cent).

As digital tills ring, fintech on hiring spree

The report noted that further opening up of the economy with unlocking measures and increased mobility have led to an improvement in hiring activities in industries. This includes real estate (+44 per cent), auto/ancillary (+29 per cent) and hospitality/travel (+48 per cent) versus August ’20. Key industries such as BPO/ITES (+29 per cent) and banking/financial services (+33 per cent) continue to post robust growth sequentially.

New trends on Jobs Street

Metros, which were reeling under various lockdown measures earlier, have posted strong double-digit

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Power producers’ total dues owed by distribution firms rose over 37 per cent year-on-year to ₹1.33 lakh crore in August 2020, reflecting stress in the sector.

Distribution companies (discoms) owed a total of ₹96,963 crore to power generation firms in August 2019, according to portal PRAAPTI (Payment Ratification And Analysis in Power procurement for bringing Transparency in Invoicing of generators). The portal was launched in May 2018 to bring in transparency in power purchase transactions between the generators and discoms.

In August 2020, the total overdue amount, which was not cleared even after 45 days of grace period offered by generators, stood at ₹1,20,439 crore, as against ₹78,646 crore in the year-ago period.

Outstanding dues

According to the latest data on the portal, total outstanding dues in August increased on month-on-month basis as well. In July 2020, total outstanding dues of discoms stood at ₹1,30,452 crore. The overdue amount in

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Rising for the third straight session, market benchmark Sensex finished 277 points higher on Monday, propelled by IT and banking counters.

Starting off on a high note, the 30-share BSE gauge zoomed to the day’s peak at 39,263.85, before ceding some ground to settle at 38,973.70, up 276.65 points or 0.71 per cent.

Likewise, the broader NSE Nifty rose 86.40 points or 0.76 per cent to close at 11,503.35.

On the Sensex chart, IT major TCS rose the most, gaining over 7 per cent.

In the process, the IT giant became the second Indian firm after Reliance Industries to cross the Rs 10 lakh crore market valuation mark.

Other prominent gainers included Tata Steel, Sun Pharma, Infosys, Tech Mahindra, IndusInd Bank, HCL Tech, ICICI Bank, HUL and HDFC Bank.

On the other hand, Bajaj Finserv, Bajaj Finance, Bharti Airtel, Bajaj Auto, PowerGrid and ITC were among the major laggards.

With

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Reliance Retail Ventures Ltd (RRVL), which has been on a fund-raising spree since September 9, has raised a total of Rs 32,197.50 crore from global investors in lieu of a 7.28 per cent stake. Mostly, the investments came in at a pre-money equity value of Rs 4.285-lakh crore.

 

The latest tranche came in late last night, with RRVL, a subsidiary of Asia’s richest man Mukesh Ambani-controlled Reliance Industries Ltd (RIL), raising Rs 7,350 crore in two back-to-back deals.

 

On Friday night, RRVL raised Rs 1,837.5 crore from TPG in lieu of a 0.41 per cent stake, which was immediately preceded by a Rs 5,512.5-crore funding from GIC in exchange for a 1.22 per cent stake.

Read the story: TPG will invest ₹ 1,837.5 crore into Reliance Retail

Read the story: Reliance Retail raises Rs 5,512.5 crore from GIC

Prior to this, RRVL, raised Rs 6,247.5 crore from Abu Dhabi-based Mubadala

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Fitch Solutions has revised downward its forecast for fuel demand contraction in India to 11.5 per cent in 2020 in line with further deterioration in the country’s economic outlook.

Its economists forecast India’s real GDP to contract by 8.6 per cent in the fiscal year 2020-21 (April 2020 to March 2021), down from -4.5 per cent previously.

“Demand weakness is spread across the board, with both consumer and industrial fuels set for the steep decline,” Fitch Solutions said in a note. “We have made a further downward revision to our India refined fuels demand forecast for 2020, from -9.4 per cent to -11.5 per cent, in line with further deterioration in the country’s economic outlook.”

It forecast a 5 per cent year-on-year (y-o-y) growth in 2021 and 2022, as the outbreak is brought under control and the economic activity normalises. In the first quarter of 2020-21, the GDP shrank by

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The Centre is giving the states Rs 107 against its earning of Rs 100 during the current fiscal, Finance Minister Nirmala Sitharaman said on Friday. She said the GST Council will take a final decision on bridging the compensation shortfall.

On her remarks about the pandemic being an Act of God, she said, it was a ‘simple expression that would be used by a housewife or neighborhood aunty’ and it was preferable to using an expression like ‘force majeure’.

Responding to over four hours of debate on the first Supplementary Demands for Grants in the Lok Sabha on Friday, she said the total transfer, tax devolution plus grants, during the current fiscal was 19 per cent higher than that in the last fiscal.

Read also: GST compensation: AP, Odisha join 11 other States to go for borrowing

“In-fact 107 per cent of Central Gross Tax Revenue has been given to

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Wealthy nations have already secured over 50 per cent of the promised doses of potential Covid-19 vaccine, according to a report by Oxfam.

“Wealthy nations representing just 13 per cent of the world’s population have already cornered more than half (51 per cent) of the promised doses of leading Covid-19 vaccine candidates,” the report said.

The report is based on the analysis of the deals that pharmaceutical corporations and vaccine producers have struck so far with nations around the world for the five leading vaccine candidates currently in phase 3 clinical trials. This includes Gamaleya/Sputnik, Pfizer, AstraZeneca, Moderna and Sinovac.

The analysis is based on data collected by Airfinity. According to Oxfam’s calculations, the combined production capacity of these five vaccine candidates stands at 5.94 billion doses. This is enough for 2.97 billion people, provided all of these vaccines require two doses.

“Supply deals have already been agreed for 5.303

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E-way bill, in value terms, has reached nearly 90 per cent of pre-Covid period.

According to latest data, total number of e-way bills reached over 4.87 crore at the end of August while it was over 5.63 crore in February, indicating that 86 per cent of pre-Covid level has been achieved. In terms of value, total assessable value of all such bill were ₹13.86 lakh crore, while this amount was over ₹15.39 lakh crore in February.

More numbers of e-way bill means higher movement of goods within the State and also between the States. This also shows increase in economic activities.

E-way bill is just like challan. It shows goods being taken from one place to other has been tax compliant. It is required to be generated by a registered GST taxpayer for the movement of goods if the value of the consignment is more than ₹50,000 for inter-State movement.

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A majority of companies in India are investing in emerging technologies, according to a KPMG-HFS report titled ‘Enterprise Reboot — Scale digital technologies to grow and thrive in the new reality’.

Over 90 per cent of companies in India are investing in emerging technologies, according to the report. The investment is driven by the realised value of these technologies.

Globally, over 80 per cent of companies are investing or are planning to invest in emerging technologies. Company executives are planning to increase spending across nearly all technology areas over the next 12 months, the report said.

This change has been accelerated by the Covid-19 pandemic as 56 per cent of executives believe that cloud migration has become “an absolute necessity”.

The report is based on a survey of 900 technology executives globally.

In India, enterprises’ priority in terms of spending is more in process automation and smarter analytics compared to

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Domestic airlines can now operate up to 60 per cent of their capacity, up from the current 45 per cent.

The Ministry of Civil Aviation, on Wednesday, said the capacity has been increased “after review of the current status of scheduled domestic operations vis-à-vis passenger demand for air travel.” The order comes into effect immediately.

The Ministry has requested the Directorate-General of Civil Aviation “to effect the schedule of airlines in accordance with the latest government order.”

The move comes 100 days after domestic flying resumed on May 25 after a complete lockdown that began on March 25. Domestic operations started with airlines being allowed to operate 33 per cent of their pre-Covid flights which was subsequently increased to 45 per cent.

State govts reluctant

What impact the latest government order will have on increase in domestic flights remains to be seen as many State governments are not keen to

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