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govt banks may hire 30k employee in 09-10

Apr 262009

bank-employeeNew Delhi, April 26: Public sector banks will hire 30,000 personnel during 2009-10, even as India Inc, facing the heat of the global financial meltdown, has put a virtual halt on recruitment.

“As per the preliminary estimates, public sector banks are expected to hire over 30,000 people during 2009-10,” Institute of Banking Personnel Selection (IBPS) Director M Balachandran told reporters.

The institute, promoted by PSU banks and the Reserve Bank, has been rendering assistance to financial sector in the activities of employees’ selection, promotion and placement.

A large number of employment opportunities have emerged in the banking sector owing to branch expansion by various lenders, business growth and aggressive marketing, he said.

Balachandran, former Chairman and Managing Director of the Bank of India, said recruitment would also fill up the gap created due to large scale of superannuation in many banks.

At the same time, in bid to increase fee-based income banks have started activities like distribution insurance policies, mutual fund schemes and other financial products.

This has created need to recruit some specialised manpower in those segment, he added.

Many lenders, including the United Bank of India and the Indian Bank, have already issued advertisement for recruitment. For example, Kolkata-based UBI is hiring 900 probationary officers and 500 clerks. Besides, it is also hiring 100 specialised officers across various departments.

Indian Bank has invited application for the post of 700 clerks to be recruited during the course of year while Hyderabad-based Andhra Bank is planning to recruit 550 clerks.

Andhra Bank will also hire 295 Probationary Officer and 150 officers in other category.

On the contrary to the trend in the banking segment, many sectors including Information Technology and Textile are handing over pink slip to their staff.

Third largest software exporter, Wipro last week said it would freeze salary hike and is uncertain about campus recruitment.

According to the government data over one lakh people lost their jobs in the export sector due to the global downturn.

“A sample survey conducted by the Department of Commerce for 402 exporting units spread over 17 different sectors, primarily employment oriented, revealed job loss (both direct and indirect) to the tune of 1,09,513 persons during the period August 2008 to mid-January,” Minister of State for Commerce and Industry Jairam Ramesh had said in a written reply.

Bureau Report

fiis have put 4328 crors in april, 2009

Apr 262009

dalal-streetMumbai, April 26: Foreign investors, it seems, to have regained confidence in the Indian equity markets with the FIIs pumping in as much as Rs 4,328 crore in the capital markets so far in April, the highest monthly infusion this year.

Foreign Institutional Investors have made a gross purchase of equities worth Rs 32,499 crore in April so far, while they sold shares valuing Rs 28,170 crore, resulting in a net investment of Rs 4,328 crore, according to data available with the market regulator Securities and Exchange Board of India (SEBI).

Marketmen said the inflow of foreign funds into domestic equity market will continue in the near term as the global economic situation seems to be somewhat stabilising.

“FIIs would continue investing in the Indian market till they hear some bad news from their home market. As of now the economy there is somewhat stabilising and FIIs would continue their investments here in India,” SMC Global Vice-President Rajesh Jain said.

Significantly, for the first two months of 2009 have witnessed a total pullout of Rs 6,681 crore from the equity market by the overseas investors. Since March, there has been a revival in buying by FIIs in stock markets, as they invested in shares worth Rs 530 crore last month.

An analysis of FIIs’ investment trend shows investors preferred to place money in capital market, rather than the debt market.

With three trading sessions remaining in April, FIIs have invested only Rs 461 crore in the debt market, whereas in the first three months of this year FIIs have pulled out Rs 6,305 crore.

“The US dollar is strengthening against the Indian rupee. This is acting as a booster for the FIIs to invest in the Indian market as the valuations are coming cheap for them,” Jain added.

So far this year, the Bombay Stock Exchanges’ benchmark Sensex has gained over 17 per cent to reach the 11,329 points, the highest level in the past six-months.

However, till now the year 2009 has not turned in an investment period for the overseas institutions. As per the data available with SEBI, till now in 2009, FIIs are net sellers of Indian equities worth Rs 1,822 crore.

It is worth mentioning here in last fiscal, FIIs had pulled out close to Rs 50,000 crore at the domestic stock market, almost equaling the inflow of FY’07-08.

According to SEBI data, FIIs’ net outflows have been Rs 47,706.2 crore till March 30 in the financial year 2008-09 against huge inflows of Rs 53,000 crore in FY’08.

News Bureau Report

indian economy growth is expected 6%: report

Apr 262009

Washington, April 26: Notwithstanding several challenges, the Indian economy remains resilient and is expected to grow at around 6 percent in 2009-10 with fiscal and monetary stimulus measures cushioning the downturn, global finance leaders were told here Saturday.
“On balance, with the assumption of normal monsoon, real GDP growth for 2009-10 is placed at around 6.0 percent,” Reserve Bank of India Governor Duvvuri Subbarao said as the International Monetary Fund and World Bank begin their twice-yearly meetings.

“Going forward, the fiscal and monetary stimulus measures initiated during 2008-09 coupled with lower commodity prices will cushion the downturn by stabilising domestic economic activity,” he said.

Noting that consumer price inflation too is declining, albeit less sharply, Subbarao said: “Notwithstanding several challenges, the Indian economy remains resilient with well functioning markets and sound financial institutions.”

The macro-economic management has helped in maintaining lower volatility in both financial and real sectors in India relative to several other advanced and emerging market economies, he said.

However, the global financial crisis interrupted India’s growth momentum, Subbarao said.

“Since downside risks have materialised, the GDP growth for 2008-09 is now projected to turn out to be in the range of 6.5 to 6.7 percent after clocking annual growth of 8.9 percent on an average over the preceding five years (2003-08).”

As the global crisis brought to the fore the strong interactions between funding liquidity and market conditions, Subbarao said, both the government and the Reserve Bank responded to the challenge of minimising the impact of the crisis on India in a coordinated and consultative manner.

The RBI Governor said there are several challenges on the way forward, including implementing the fiscal stimulus packages, particularly stepping up public investment; revival of private investment
demand; unwinding of fiscal stimulus in an orderly manner.

Maintaining the flow of credit while ensuring credit quality; preserving financial stability along with provision of adequate liquidity; and ensuring an interest rate environment that supports the return of the economy to a high growth path were also listed.
zee news report

rbi issuing bank notes of 50,100,500,1000

Apr 262009

Chandigarh, April 24: The Reserve Bank of India would shortly issue banknotes in the denomination of Rs 5, Rs 50, Rs 100, Rs 500 and Rs 1000 in Mahatma Gandhi Series bearing the signature of Dr D Subbarao, Governor.
Except for the change in the inset letter, the design of these notes to be issued now is similar in all respects to those issued earlier in Mahatma Gandhi Series.

However, all notes in these denomination issued by the Reserve Bank in the past will continue to be legal tender.

Zee news report

lakshmi mittal owns worlds richest soccar club

Apr 122009

NEW YORK: Football

may be a poor accessory of candid in the Indian sports arena, but the bold has becoming India-born business administrator Lakshmi Mittal a lakshmi mittal in yet addition affluent list- the world’s richest soccer club owner.

In a baronial of the world’s 10 richest owners of able soccer clubs, Mittal has been called at the top by American business advertisement Forbes and is the alone actuality in the account with India connection.

“Lakshmi Mittal, abettor of the world’s better animate company, is the richest- admitting his aggregation not actuality account all that much. Mittal is a stakeholder in Queen’s Park Rangers, a aggregation that doesn’t alike comedy in England’s top league,” Forbes said in a report.

In its anniversary baronial of the world’s richest bodies appear aftermost month, Forbes had called Mittal at the eighth abode with a net account of $ 19.3 billion. He has confused bottomward from his fourth position a year ago, as his net account plunged by a massive 60 per cent.
Like Mittal, best of added billionaire owners of soccer clubs accept additionally witnessed a aciculate blow of coast fortunes, but it cannot be attributed to their soccer aggregation ownership.

greed is winning over frear in stock market

Apr 122009

NEW YORK: US stocks about backlash six months before the economy, but investors worry that the accepted 25 per cent rally in the market may continue for few more days in the stock market’samerican stock market

At the aforementioned time, abridgement of broker confidence — or simple abhorrence — can be advised a assurance of a advantageous market.

Reasons to be bleak about the bread-and-butter angle abound: unemployment is the accomplished aback 1983, abode prices are still falling by almanac amounts and assiduous questions abide about which banks will still be in business abutting year.

Many investors are captivation out for clearer signs that the affliction banking crisis in ancestors is over afore they accomplish to jumping aback into the banal market. They anguish that added bad account awaits in the months advanced to cruise up the most contempo rally.

Declining aggregate tells allotment of the abstruse story. The boilerplate absolute amount of stocks traded anniversary day on the Nasdaq has collapsed about 40 percent from 2008 levels so far this year through March.

Wall Street’s abhorrence gauge, the CBOE Bazaar Volatility index, additionally charcoal stubbornly high, alone dipping beneath 40 in contempo sessions admitting trading beneath 30 in added accustomed times.

Still, banal prices may accept accomplished a basal in aboriginal March, said Linda Duessel, a bazaar architect at Federated Investors in Pittsburgh.

“Insofar as ‘Will investors jump aback in like they accept historically?’ I anticipate the numbers are assuming that they are abundant added reluctant,” she said.

The S&P 500 Basis is up 25 percent from a 12-1/2 year low in aboriginal March. Aftermost week, a Reuters poll of Wall Street dealers showed seven of 11 economists anticipation a turnaround starting in the third quarter.

Yet investors big and baby accept been hit with huge losses, with the criterion S&P 500 basis bottomward 46 percent aback hitting an best aerial in October 2007.

The equities bazaar in the accomplished has rebounded anywhere from three months to nine months afore the abridgement reverses its slide, with the boilerplate time about six months.

“The bazaar accord appropriate now is for absolute GDP in the third quarter,” said Tim Ghriskey, arch advance administrator of Solaris Asset Management in Bedford Hills, Fresh York. “The anguish is, that ability be a little bit premature.”

The US abridgement is on clue for the affliction recession aback World War Two, abrogation investors warier than in added downturns in contempo years.

Wall Street has fabricated several attempts to move college aback aftermost October, alone to be pulled aback to fresh lows anniversary time.

Bruce Bittles, arch advance architect at Robert W. Baird & Co in Nashville, would like to see alike added broker skepticism, as the point of best optimism is about the top of the market.

“The added skepticism we see (in the market), the more good the affairs the bazaar has of activity up,” he said. “We don’t appetite to see optimism here, that would be a abrogating for market.”

Given the appearance that the abridgement will about-face about in the third quarter, some investors accept alternate to the market.

“People may be accepting in eventually than the six months,” said Carl Birkelbach, administrator and CEO of Birkelbach Advance Securities in Chicago.

“I anticipate that bodies will consistently pit abhorrence adjoin acquisitiveness and already the bazaar starts affective up, acquisitiveness will alpha demography over.”

us bottomline to decide the market rally

Apr 122009

NEW YORK: Optimism that the fortunes of banking companies like Citigroup were convalescent sparked a four-week rally
bombay stockexchange
beginning March 10 that collection the Standard & Poor’s 500 basis up 25 per cent. But now investors will acquisition out absolutely how companies beyond all industries performed during the aboriginal three months of the year. Those annual after-effects will actuate whether the billow was the alpha of a balderdash market, or aloof a blip.

After all, the market’s aftermost able assemblage was batty not by jobs abstracts or an emergency federal bailout but by forecasts from companies that accomplish aggregate from computer chips to tin cans to movies.

The S&P 500 jumped 182 points, or 24 per cent, to 934 amid Nov. 20 and Jan. 6. The abutting day, technology bellwether Intel Corp., aluminum ambassador Alcoa Inc. and media behemothic Time Warner Inc. all issued austere balance guidance. The S&P alone 28 points, or 3 per cent, that day and hasn’t alternate to its aboriginal January levels since.

The accepted assemblage additionally began with a aggregation announcement. This time, abandoned and bailed out Citigroup Inc said March 10 it was assisting for the aboriginal two months of the year. The S&P 500 acquired 43 points, or 6 per cent, that day to 719. The basis bankrupt Thursday at 857, and markets were bankrupt on Good Friday.

The S&P could acceleration more, and alike about-face absolute for 2009, if balance letters for the aboriginal division appearance a deepening economy. Alcoa, the aboriginal big aggregation to address their after-effects anniversary quarter, appear a accident of $497 actor on Tuesday evening. But investors

were admiring about the aluminum company’s efforts to cut costs by $2 billion a year, and the shares are up 14 per cent since.

Wells Fargo & Co, meanwhile, said Thursday it expects almanac first-quarter balance of $3 billion, about 50 per cent added than the aforementioned aeon a year ago. The shares surged $4.72, or 32 per cent, to $19.61 that day.

“We’ve got this absurd achievability that the bazaar has angry a bend – that’s it’s not aloof a buck bazaar assemblage or a head-fake,” said Arthur Hogan, arch bazaar analyst at Jefferies & Co. “Earnings are activity to let us apperceive whether the bazaar has gotten advanced of itself, or is justified in its fresh appraisal of stocks.”

Here (next pages) are four companies that will address balance this week. Each, in its own way, provides a snapshot of the economy.

india russia to reach $10bn trade till 2010

Apr 122009

The trades between India and Russia was about $5.3 billion in 2008 and the target is to reach $10 billion by 2010.
“Russia and India can cooperate in the potential sectors of energy, space exploration, IT, pharmaceuticals, metallurgical industry,” said Vladimir V Lazarev. consul general of Russian Federation at a session organised by the Merchants’ Chamber of Commerce on Saturday.

“During the official visit of the president of the Russian Federation, Dmitry Medvedev, to India in December last year, a package of agreements on cooperation in the nuclear energy, space research, military technical cooperation and combating drugs trafficking were signed in the presence of Indian prime minister Manmohan Singh,” he said.

Tourism is another sector for cooperation and a joint work programme for 2009-10 on implementing the inter-governmental agreement on cooperation in the tourism sector was also signed during this visit.

tata infosys reliance are in worlds top 50

Apr 112009

NEW YORK: Three Indian entities — Mukesh Ambani-led Reliance Industries, adapted amassed Tata Group and IT bellwether Infosys Leaders.
images2The alliance of avant-garde firms additionally appearance NRI Lakshmi Mittal-led world’s better animate ambassador ArcelorMittal.

Among the 50 companies, Tata Group ranks 13th, Reliance Industries 15th and Infosys 26th.

Tata Group and Reliance Industries accept been ranked advanced of American automated amassed General Electric (17), German car architect BMW (20), Japanese auto close Honda Motor (22) and telecom above AT&T (23), amid others.

However, while the Tata Group slipped in baronial from the sixth abode in 2008, Reliance Industries has bigger its antecedent year’s rank 19. Infosys was not in the account in 2008.

BusinessWeek has placed ArcelorMittal at the 35th spot. Amid the top five, Apple is followed by Internet chase behemothic Google at the additional position. Both companies accept retained their corresponding ranks from aftermost year.

Japanese auto maker Toyota Motor,computer application above Microsoft and Japan’s Nintendo are at the third, fourth and fifth positions, respectively.

infosys fired 2100 employees

Apr 112009

BANGALORE: Technologies of Infosys fired 2100 people through the country, after an annual exercise of performance concluded mid-March.
images1TV Mohandas Feeds, head of the company of the ‘s hour, indicated that based on the sack, 2100 employees had left Infosys. Tolerance for non-fulfilment is gone down to zero, with Pai known as.

Evaluation was led for 60.000 of our employees. At the bottom, approximately 3.5 percent of the people outplaced or left the company. An annual scenario after each evaluation of execution. In fact, normally the lower size is 5, of percent ‘it said. The trainees were not part of this exercise.

The professional reintegration is a new jargon employed by companies, which means personal excessive/nondesired of unloading to another employer. However, outplacing is not a viable option in the current scenario where little work is available on the market.

Infosys currently has a base of the employees of 1.05.000 which includes 45.000 trainees who were not part of this exercise of evaluation. During fine the quad on December 31, the company had a total staff complement of 1.03.078.

There is a Infosys quarter had said that it would engage 26.000 people during 2008-09 tax, more than what he had projected in the beginning of the year. During the third quarters, the company made a rough addition of 5.997 with the clear catch being 2.772.

Infosys made proposals with approximately 20.000 graduates of construction during the current year. The company was vocal about honouring all the proposals which it made with the freshers. Infosys ‘returned for 2008-09 will be on April 15 outside.