A daily round-up of the most interesting articles
Here are the top stories this afternoon:
Wipro offers freshers lower pay amid delays in onboarding
IT major Wipro has written to candidates to whom it previously made an offer of Rs 6.5 lakh per annum (LPA), asking if they would be willing to take up a significantly downsized offer of Rs 3.5 LPA. This comes amid an uncertain demand environment, margin pressures, and recessionary concerns, which has caused Wipro to delay onboarding for the 2022 batch of graduates for several months. More here
Adani Total Gas hit hardest in $ 132-billion rout, but no respite on cards
Adani Total was down by its limit in early trading on Monday. It has done so each day since January 27, data compiled by Bloomberg show. Indian exchanges tweaked the daily limit for the stock to 5 percent from 20 percent as the selloff worsened. Adani Group stocks have seen more than $ 132 billion of market value wiped out since the explosive Hindenburg Research report, but none is hit as badly as Adani Total Gas Ltd. More here.
IDBI Bank, Patanjali Foods gain after addition to FTSE: Check out the expected inflows
The share prices of IDBI Bank and Patanjali Foods gained over 2 percent on February 20 after the stocks were added to the FTSE All World Index. Kotak Mahindra Bank, which was added back to the index after nearly nine years, traded flat in the afternoon. The inclusion and deletion of stock in indices like MSCI and FTSE are widely tracked since many fund managers benchmark their holdings on them. More here
Delhi-Mumbai Expressway: NHAI bars entry of 2-wheelers, 3-wheelers and other slow-moving vehicles
The entry of two-wheelers, including motorcycles and scooters, three-wheelers, non-motorised vehicles and tractors with or without trailers have been barred on the newly-launched phase 1 of the Delhi-Mumbai Expressway, according to a gazette notification dated February 16 by the National Highways Authority of India (NHAI). More here
BofA securities joins Citi in turning bullish on Indian rupee
Bofa Securities Inc. is predicting more gains for the Indian rupee in the near term, joining Citigroup Inc., as the narrowest trade deficit in a year augurs well for the nation’s external finances. “The recent correction in rupee valuation and near-term improvement in current-account and capital flows tilt the risk-reward in favor of rupee appreciation,” Abhay Gupta, a strategist at BofA Securities, wrote in a note. The firm has turned ‘constructive’ on the rupee. More here
Take steps to function as a country: IMF tells cash-starved Pakistan
Pakistan must take steps to ensure that its high earners pay taxes and only the poor get the subsidies if it wants to function as a country, the International Monetary Fund has said, amid looming fears of a default. In an interview with the German state broadcaster Deutsche Welle on the sidelines of the Munich Security Conference in Germany on Friday, IMF chief Kristalina Georgieva said Pakistan needs to take strong measures to avoid getting into a “dangerous place” where its debt needs to be restructured. More here
