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  • India’s Job Market Records 11% Yearly Increase in July: Report

    India hiring sees 11 pc surge in July, retail & telecom jobs lead

    IANS

    India’s job market has been witnessing a significant surge, with an 11% yearly increase in hiring activity in July, as compared to the same period last year. This growth has been primarily led by the retail and telecom sectors, according to a report by talent platform foundit (formerly Monster APAC & ME). Despite a slight month-on-month decline of 1% in June, the overall job market shows a positive momentum, indicating resilience and adaptability in the face of challenges.

    The report also highlighted that the recent Union Budget’s strong focus on productivity and job creation has been an encouraging sign for the recruitment industry. The salaries of employees have consistently risen, driven by higher demand for fresh talent and competitive salary offerings. This growth is likely fueled by high-growth sectors such as technology, digital marketing, and e-commerce, which have been instrumental in driving the job market’s positive momentum.

    The retail and telecommunications sectors have witnessed the most significant growth, with a 15% and 14% increase in salaries, respectively. Freshers in the retail industry receive an average minimum salary of Rs 3.3 lakh per annum (LPA) and an average maximum salary of Rs 5.2 LPA. This growth in salaries across most sectors has been positive and consistent over the past year, reflecting the increasing demand for skilled professionals in these sectors.

    India hiring sees 11 pc surge in July, retail & telecom jobs lead

    IANS

    The consumer electronics sector also experienced remarkable year-on-year growth in hiring, with a 45% increase. This surge is driven by technological advancements, AI developments, and innovative designs in consumer electronics devices such as smartphones, TVs, gadgets, smartwatches, etc. The manufacturing industry also saw a 43% yearly growth in hiring, reflecting the ripple effect of this boom.

    However, a few sectors such as automotive, BFSI, and travel and tourism witnessed a decline in salary packages, reflecting the market challenges and industry adjustments. Other sectors that witnessed a dip in hiring include shipping/marine (-31 per cent), and agriculture (-17 per cent). However, the recent Union Budget developments suggest the potential for a gradual recovery in the coming months.

    Roles in hospitality and travel continue to experience a remarkable surge in hiring by 28 per cent (July 2024 vs July 2023). This growth highlights the dynamic environment, diverse roles, and promising career trajectories that the hospitality sector offers.

    The report by foundit also highlighted that the entry-level professionals in the Retail and Telecommunications sector saw a 15% and 14% growth in salaries, respectively (July 2024 Vs July 2023). Experienced professionals in the Advertising, Marketing, Research, and PR sectors enjoyed the highest salary growth among experienced professionals, with a 15% rise. Consumer Electronics and Manufacturing industries saw substantial annual growth in hiring, with increases of 45% and 43% year-on-year increase respectively (July 2024 vs July 2023).

    Overall hiring activity sees an 11% yearly increase (July 2024 vs July 2023) and a slight 1% monthly decline (July 2024 vs June 2024). According to the tracker, there has been an 11% uptick in hiring activity on a year-on-year basis (July 2023 vs July 2024), with the index rising from 268 to 298, despite a slight month-on-month (MoM) decline of 1%, the overall job market shows a positive momentum.

    The report noted that the surge is driven by technological advancements, AI developments, and innovative designs in consumer electronics devices such as smartphones, TVs, gadgets, smartwatches, etc. However, a few sectors such as automotive, BFSI, and travel and tourism witnessed a decline in salary packages, reflecting the market challenges and industry adjustments.

    The Indian job market has been witnessing a significant surge, driven primarily by the retail and telecom sectors. The consistent rise in salaries, driven by higher demand for fresh talent and competitive salary offerings, further underscores the positive momentum in the job market. Despite some challenges, the overall job market shows a positive momentum, indicating resilience and adaptability in the face of challenges. The recent Union Budget developments suggest the potential for a gradual recovery in the coming months, further bolstering the positive outlook for the job market. The growth in the job market is a testament to the country’s resilience and adaptability in the face of challenges, and the future looks promising with the potential for further growth and development.

  • EuroGroup enters Indian market | Acquires 40% stake in Kumar Precision Stampings • EVreporter

    On August 1, 2024, EuroGroup Laminations S.p.A. (EuroGroup) announced an agreement to acquire a 40% stake in Kumar Precision Stampings Private Limited (Kumar) for a total investment of Euro 19.9 million. Kumar, based in New Delhi, produces and distributes stators and rotors for electric motors and magnetic laminations for transformers, serving sectors including HVAC, railway, home appliances, pumps, and generators.

    The acquisition aims to expand EuroGroup’s global presence with a focus on the Indian market and transformer sector. It will utilize Kumar’s manufacturing base to boost competitiveness and explore new market segments. The investment is expected to enhance Kumar’s export capabilities and accelerate growth through EuroGroup’s sales network, R&D resources, and best practices. Additional benefits include cost synergies raw material purchasing, working capital optimization, and improved efficiency in capital expenditure and R&D spending. The move supports EuroGroup’s goals of market enhancement and stakeholder value.

    EuroGroup will acquire a 40% stake in Kumar by investing a total of Euro 19.9 million. This includes Euro 13.9 million for purchasing existing shares and Euro 6.0 million for a capital increase. The transaction values Kumar at a pre-money equity of Euro 43.8 million and an enterprise value of approximately Euro 58.3 million. The valuation considers a projected revenue CAGR of about 21% for the period 2022A-25E and estimates product revenues of Euro 54 million for the year ending March 2025, with an expected EBITDA margin of 9.5%-10.5%.

    For the fiscal year ending March 31, 2024, Kumar reported product revenues of approximately Euro 40 million and an EBITDA of about Euro 3.6 million. Kumar operates from four production facilities, one of which is nearing completion, and has over 40 years of experience in the industry.

    A shareholders’ agreement will be signed to establish Kumar’s governance post-transaction, allowing EuroGroup to appoint a majority of the Board of Directors. The transaction is anticipated to close by the end of the financial year 2024, funded through EuroGroup’s available cash. The deal will be discussed during the conference call for 1H2024 financial results on Friday, August 2, 2024, at 11:00 am CEST.

    Marco Arduini, CEO of EGLA, commented: “This acquisition represents a very significant and strategic step in the development path of EGLA. Our entry into the Indian market, which is currently among the countries with the highest long-term growth expectations, will allow us to broaden our international footprint and further strengthen our competitive edge in our reference sector, while seizing growth opportunities and operational synergies in a fast-expanding market. We believe that the partnership with Kumar will be yet another major lever in the acceleration of EGLA’s growth path, and that it will benefit all stakeholders.”

    Anil Kumar Gupta, Co-Founder & MD of Kumar, commented: “This strategic partnership unites our deep-rooted Indian market presence and cost efficiency with EGLA’s world-class manufacturing prowess, technical know-how and global footprint. By combining our complementary strengths and shared values, we will further strengthen our competitive edge and growth in India, while accelerating our joint expansion abroad. We are thrilled to embark on this exciting new journey together.”

    EGLA’s advisors included Mediobanca as financial advisor, Freshfields Bruckhaus Deringer for legal matters, and Shardul Amarchand Mangaldas & Co. for Indian law.

    Also read: Types of motors used in electric vehicles and future trends

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  • Temasek plans USD 30bn investment in health, fintech, and other sectors in American market

    Data centre
    Areas related to AI that interest Temasek are data centres, semiconductors, and battery storage. Representative photo courtesy: Pixabay/ugoxuqu

    Temasek, the global investment company headquartered in Singapore, is planning to invest up to USD 30 billion in the “incredibly deep and broad capital market” of the United States of America. The sectors being considered for this 5-year investment plan include health care and fintech.

    Not only is the US economy on a growth trajectory, but also cutting-edge work in Artificial Intelligence (AI) is being done in the country. Temasek is “particularly interested” in AI-driven fields, according to a report published yesterday by the news agency Reuters.

    Moreover, Temasek has seen substantial returns on its investments in the US and in India, in contrast to the relatively weak RoI from China. A Temasek media release in early July 2024 said: “The increase [in net portfolio value] was mainly due to our investment returns from the US and India, offset by the underperformance of China’s capital markets.”

    Also read: Temasek reports SGD 389 billion Net Portfolio Value in FY24, up by SGD 7 billion from FY23, based on RoI from US and India

    Speaking to Reuters, Jane Atherton, Head of North America at Temasek, said, “It’s an incredibly deep and broad capital market in the US. The US is really at the forefront of everything that’s happening from the AI perspective.”

    Reuters reported: “The US economy grew faster than expected in the second quarter and continues to outperform its global peers. Despite recent turbulence, the S&P 500 (.SPX) is up 14.5% this year in a rally driven in part by excitement over Artificial Intelligence.”

    In this context, China reported “weaker-than-expected growth” in July and cut interest rates to boost its economy, added Reuters.

    The news agency said that in the last financial year — “for the first time in a decade” — the Singapore-based Temasek let its exposure to the Americas (22 per cent) surpass its exposure to China (19 per cent).

    Areas related to AI that interest Temasek are data centres, semiconductors, and battery storage.

  • Share India IBT Introduces 50 Market Depth Feature Amidst Post-Budget Market Volatility

    India, 29th July 2024 – Share India IBT, a new-age Indian broker firm, becomes the first and only platform to introduce a ground-breaking 50 Market Depth tool that empowers traders with cutting-edge solutions. Following the announcement of the 7th Union Budget, the market has experienced notable fluctuations and will continue to change in the coming days

    With this feature, an equity trader would be adequately informed about comprehensive insights of the market liquidity and depth. Traders can, therefore, command over the particulars of buy and sell orders up to 50 levels beyond the best bid and ask prices.

    Mr. Abhinav Gupta, President at Share India Securities said, “Announced in the Budget yesterday, the new fiscal policies compel equity traders to navigate the market volatility with informed decision-making. With our 50 Market Depth, traders could view real-time market dynamics and order flow to be able to capitalize on opportunities and cover risks much more effectively, making it an essential asset.”

    In view of the evolving financial market, Share India IBT continues to enhance its platforms with robust features that meet the demands of modern traders. As the Union Budget aftermath is upon us, the company encourages traders to use the 50 market depth feature to stay ahead of market trends and make data-driven decisions.


    Neel Achary

  • Delhi-NCR 5th most expensive office space rental market in Asia-Pacific: Report

    Delhi-NCR 5th most expensive office space rental market in Asia-Pacific

    Delhi-NCR 5th most expensive office space rental market in Asia-PacificIANS

    Delhi-NCR is the fifth most expensive office space rental market in the Asia-Pacific (APAC) region, as transactions across the three major markets in India saw a notable 50 per cent increase in the second quarter (Q2) of 2024, a report showed on Monday.

    Prime office rents remained steady in Delhi-NCR, Mumbai and Bengaluru, according to the Knight Frank APAC Prime Office Rental Index.

    “The prime office market in Delhi-NCR has sustained rental values consistently over the past six quarters. With a prime office rent of Rs 340 per square ft a month, it ranks as the fifth most expensive office market in the APAC region,” the report mentioned.

    Bengaluru retained its position as the leading destination among the three Indian cities, with 4.9 million square feet leased in Q2 2024.

    Mumbai

    Mumbai one of expensive city for expats: SurveyIANS

    The leadership teams actively encouraging employees to return to office has also positively impacted the transaction volumes in the market, according to the report.

    The majority of transactions were driven by India-facing businesses, reflecting a sustained strategic interest in the country’s consumer markets and its skilled labour pool.

    India’s office space market has seen a surge in global corporate interest, reflecting the country’s status as one of the fastest-growing large economies.

    “This has led to record-high transaction volumes in the first half of the year 2024, with a 33 per cent rise YoY, driven by Indian businesses and GCCs (global capability centres). Rental rates have remained steady in the three major occupier markets,” said Shishir Baijal, Chairman and Managing Director, Knight Frank India.

    Hong Kong continued to be APAC’s most expensive office market during the quarter.

    In Mumbai, the prime office rent of the city was recorded at Rs 302 sq ft a month, ranking it as the eighth most expensive commercial market in the APAC region. In Bengaluru, prime office rent in the city was recorded at Rs 137 sq ft a month.

    (With inputs from IANS)

     

  • Bharat Petroleum reports net profit of Rs. 3,015 Crs in Q1 FY 2024-25 (Market Sales up by 3.22%)

    Bharat Petroleum reports net profit of Rs. 3,015 Crs in Q1 FY 2024-25 (Market Sales up by 3.22%)BPCL has demonstrated growth by 3.22% in achieving 13.16 MMT market sales in Q1 FY 24-25 as against 12.75 MMT in Q1 of FY 23-24.

    • BPCL has reported Revenue from Operations of Rs 1,28,103.36 Crores for the quarter April- June 2024 Vs Rs. 1,28,256.65 Crores in the corresponding comparative quarter.
    • BPCL has recorded net profit of Rs. 3,014.77 Crores as compared to the profit of Rs. 10,550.88 Crores in the corresponding period of FY 23-24.

    Bharat Petroleum, one of the premier integrated energy companies in India, has posted a net profit of Rs. 3,014.77 Crores in April – June 24, as compared to the profit of Rs. 10,550.88 Crores in the corresponding period of FY 23-24.

    Major highlights of the financial results are given below –

    • Company maintains a healthy gross refining margins (GRM) for the period Apr – Jun 2024 was $7.86/bbl Vs 12.64/bbl in the corresponding comparative period.
    • EBITDA for current quarter of FY 24-25 is Rs. 6,156.28 Crores Vs Rs. 16,301.77 Crores in corresponding quarter of FY 23-24; EBITDA margin was at 4.81% in current quarter of FY 24-25 Vs 12.71% in Q1 FY 23-24.
    •  Debt-Equity ratio as on June 30, 2024 was at 0.19x (as against 0.45x as on June 30, 2023)
    • Physical Performance
    • Market Sales was 13.16 MMT in Q1 FY 24-25 Vs 12.75 MMT in Q1 of FY 23-24. Sales has grown by 3.22%.
    • In the current quarter, the throughput was 10.11 MMT Vs 10.36 MMT in Q1 of FY 23-24.
    • We have achieved our highest ever Average Ethanol Blending percentage of 14.14% during Q1 FY 24-25.
    • BPCL added 171 New Fuel Stations in Q1 FY24-25, taking their network strength to 22011.
    • BPCL added 5 new distributors, taking LPG distributor network strength to 6255 and the customer base increased to 9.33 Crore
    • 35 CNG Stations commissioned in Q1 FY24-25 taking the total CNG stations as on 30th Jun 2024 to 2064.


    Mansi Praharaj

  • Sharp selloff hits Indian stock market, investors lose Rs 8 lakh crore

    Stock Market Down, Bear Market, Bearish, Sensex Down

    stock marketIANS

    The Indian equity market witnessed a sharp selloff on Friday, following weak global cues and profit booking on higher levels.

    At closing, Sensex was down 738 points or 0.91 per cent, at 80,604 and Nifty ended at 24,530, down 269 points or 1.09 per cent.

    Nifty Bank closed at 52,265, down 355 points or 0.67 per cent.

    Due to the fall in the market, the market cap of the Bombay Stock Exchange (BSE) declined to Rs 446.3 lakh crore at the end of trading, against Rs 454.3 lakh crore at the end of the previous trading session.

    Sharp selling pressure was also seen in midcap and smallcap stocks.

    The Nifty Midcap 100 index fell 1,202 points or 2.11 per cent to 55,908 and the Nifty Smallcap 100 index fell 431 points or 2.29 per cent to 18,397.

    As many as 26 out of 30 Sensex stocks closed in the red.

    sensex

    Tata Steel, JSW Steel, NTPC, Tata Motors, UltraTech Cement, Tech Mahindra, Wipro, Power Grid, Mahindra & Mahindra, Bajaj Finance and IndusInd Bank were the top losers. Infosys, ITC, Asian Paints, and HCL Tech were the top gainers.

    Rupak De, Senior Technical Analyst at LKP Securities said: “Bank Nifty closed at its day’s low, forming a bearish candlestick on the daily chart. The active call writing and put covering suggest weaker sentiment. Traders should maintain a sell-on-rise strategy, with resistance at 52,500. Bullish positions are recommended only if the index closes above 52,500. Further weakness is expected if it closes below its 21-day EMA at 52,000.”

    (With inputs from IANS)

     

  • Market Confidence Driven by Positive Economic Indicators

    New -Rishabh Goel -MD Tailwind Financial ServicesBy Rishabh Goel, MD, Tailwind Financial Services

    The mutual fund industry’s growth in June 2024 was marked by record equity inflows, driven by strong market confidence, SIP contributions, and NFOs. Despite challenges in the debt fund segment, overall, AUM continued to rise, reflecting the evolving investment strategies and confidence of investors. Key trends include a continued search for strong narratives in debt funds, high alpha interest in equity sectoral/thematic funds at market peaks, and a growing preference for hybrid funds for diversified asset allocation.

    Equity Mutual Funds Surge in June 2024

    June 2024 marked a significant milestone for equity mutual funds, with net inflows reaching ₹40,608 crore, up 17% from ₹34,697 crore in May 2024. This achievement set a new record for the second consecutive month, underscoring the continued positive trend in equity inflows since March 2021. By the end of June, the total assets under management (AUM) for equity mutual funds had climbed to approximately ₹27.68 lakh crore, up from ₹25.39 lakh crore at the end of May.

    SIPs and NFOs Fuel Equity Inflows

    Systematic Investment Plans (SIPs) played a crucial role in driving these inflows, contributing ₹21,262 crore in June, compared to ₹20,904 crore in May. This period saw the registration of 55,12,962 new SIPs, bringing the total number of SIP accounts to 8,98,66,962. Additionally, seventeen new fund offerings (NFOs) were launched in June, raising a total of ₹15,227 crore. Sectoral and thematic funds were particularly popular, collecting ₹12,974 crore from these NFOs.

    Growth in Mutual Fund Industry AUM

    The mutual fund industry’s net AUM for June 2024 reached ₹61,15,581.92 crore, up from ₹58,91,160.48 crore in May. This growth was driven by a combination of strong equity inflows and increasing investor confidence. Over the past year, the industry has seen significant expansion, with total AUM rising sharply from ₹10 lakh crore ten years ago and ₹51 lakh crore just six months ago.

    Debt Funds Experience Outflows

    In contrast to the positive equity inflows, debt mutual funds faced significant outflows totaling ₹1,07,357 crore in June, compared to inflows of ₹42,295 crore in May. This reversal was primarily due to higher redemptions by corporates to meet advance tax requirements. Liquid funds and overnight funds experienced the most substantial outflows, while money market funds saw inflows of ₹9,590 crore.

    Sectoral and Thematic Funds Lead Equity Scheme Inflows

    Sectoral funds led equity scheme inflows in June with ₹22,351 crore, followed by multi-cap funds at ₹4,708 crore and flexi-cap schemes at ₹3,058 crore. Large-cap fund inflows were ₹970 crore, mid-cap funds saw ₹2,527 crore, and small-cap funds had ₹2,263 crore in inflows. The strong performance of sectoral and thematic funds highlighted investor interest in targeted investment strategies.

    Trillion Rupee Club Expansion

    The Trillion Rupee Club, consisting of fund categories with over ₹1 trillion in AUM, added a new member in June. Out of 39 open-ended fund categories, 20 had over ₹1 trillion in AUM, with active equity funds and some debt fund categories leading the pack. Flexi-cap funds had the highest AUM among equity funds, followed closely by sectoral/thematic funds.

    Hybrid and Passive Funds

    Hybrid fund inflows dropped by 50% to ₹8,854.74 crore in June from ₹17,990.67 crore in May. Net flows into multi-asset allocation funds were ₹3,453.12 crore, and arbitrage funds received ₹3,836.58 crore. Meanwhile, passive funds maintained steady inflows, with net inflows of ₹14,602 crore driven by ₹9,134 crore into Index ETFs and ₹5,072 crore into index funds.


    Neel Achary

  • Market outlook: Q1 results, FII inflow, monsoon updates key factors next week

    market

    IANS

    The Indian equity market experienced one of the best weeks of 2024, with the Nifty and Sensex reaching all-time highs of 24,592.20 and 80,893.51, respectively, before closing at 24,502.15 and 80,519.34.

    This marked gains of 0.73 per cent for the Nifty and 0.65 per cent for the Sensex. Both benchmark indices extended their winning streak for a sixth consecutive week.

    It is the first time ever that the nifty closed above 24,500.

    On the other side, small-cap and mid-cap stocks underperformed compared to large-cap. However, several PSU stocks posted staller gains during last week.

    The outlook of the market will be guided by several domestic and international factors next week.

    Market

    IANS

    On the domestic front, upcoming budget-related announcements, Q1 Fy25 results, monsoon updates and foreign institutional investments (FIIs) inflows will catch investors’ eyes in the week ahead.

    On the global front, China will be a significant focus. The country is scheduled to announce its GDP and Index of Industrial Production (IIP). Additionally, there is speculation about a major economic stimulus announcement, which could keep the metal sector in the spotlight.

    Other global factors to watch include the speech by the US Federal Reserve Chairman, US retail sales figures, and macroeconomic data from Japan. These developments are likely to influence market movements and investor sentiment.

    Vinod Nair, Head of Research of Geojit Financial Services said: “We expect stock-specific moves to gain traction due to the ongoing earnings season; indeed, IT will be in the limelight due to the good start to the earnings and outlook.”

    Arvinder Singh Nanda, Senior Vice President of Master Capital Services, said that on the daily chart analysis, Nifty has exhibited a breakout from the psychological resistance level of 24,500, indicating that the bullish trend is likely to continue into the next week.

    “Despite this positive trend, buying on dips is expected to provide resilience to the market. However, strong upward movements may attract profit booking, making a sustained rally challenging,” Nanda added.

    (With inputs from IANS)

     

  • Markets at new all-time high, Nifty trades above 24,500 for first time

    Markets at new all-time high, Nifty trades above 24,500 for first time

    IANS

    India equity benchmarks are trading at record highs on Friday following buying in the IT stocks.

    Sensex and Nifty both made new all-time highs of 80,893 and 24,592 respectively.

    At 12.50 a.m., Sensex was at 80,482, up 585 points or 0.73 per cent, and Nifty was up 172 points or 0.71 per cent, at 24,488.

    Midcap stocks are underperforming compared to large caps. Nifty midcap 100 index is down 70 points or 0.12 per cent, at 57,077. While Nifty smallcap 100 index is up 54 points or 0.29 per cent, at 18,974.

    Market

    IANS

    Among the sectoral indices, Nifty IT is at 38,985 with a gain of 4.44 per cent. Apart from this, there is also a rise in media, fin service, service sector, and private bank indices.

    In the Sensex pack, TCS (6.5 per cent), Wipro (4.75 per cent), Infosys (3.39 per cent), Tech Mahindra (3.17 per cent) and HCL Tech (3.08 per cent) are the top gainers. NTPC, Maruti Suzuki, UltraTech Cement, Kotak Mahindra Bank, Asian Paints and Sun Pharma are the top losers with a fall of about half a per cent each.

    The country’s largest IT company Tata Consultancy Services (TCS) released the results of Q1 FY 25 on Thursday. The company’s profit has increased to Rs 12,040 crore on an annual basis. Between April and June, IT major’s income increased by 5.4 per cent on a YoY (year on year) basis to Rs 62,613 crore. The company had also declared an interim dividend of Rs 10 per share to investors.

    Shrey Jain Founder and CEO of SAS Online said, “Overall, the market is demonstrating strong resilience, with investors eagerly buying on price dips. Today’s market movements will be influenced by the US inflation data released yesterday.”

    (With inputs from IANS)