A daily round-up of the most interesting articles
Here is a collection of the most important stories this afternoon:
Rs 3 lakh crore of investor money gone! What’s spooking Dalal Street? 6 factors
Indian markets on February 22 dropped for the fourth session to hit over two-week low tracking losses in global equities. Both the benchmark Sensex and Nifty indices lost nearly 0.8 percent each at 10.50 am with investors losing around Rs 3 lakh crore in wealth. Investors will now closely monitor the geopolitical developments on the Russia-Ukraine front for further cues. The ongoing tensions between Russia and Ukraine have the potential to impact global markets, particularly if the war intensifies as Putin hardens his stance. More here.
SEBI seeks details on Adani Group firms’ loans and securities from rating agencies
The Securities and Exchange Board of India (SEBI) has sought details of all ratings of local loans and securities of Adani group companies from credit rating firms. The Indian capital markets regulator asked rating companies to share information, which would include all outstanding ratings, outlook, and possible updates from any discussions with officials of the business group. More here.
Heat wave is good news for Voltas shareholders; Jefferies sees 20% upside
The Indian Meteorological Department (IMD) has warned of ‘abnormal’ temperatures starting from February itself which is a good news for consumer electronics company Voltas, believes Jefferies. As temperature rises, demand for cooling products is expected to go up leading to margin and volume improvement for the company. More here.
Can a homebuyer seek full refund of booking amount in case of job loss?
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has allowed a homebuyer, who cited loss of his job to exit from a real estate project, to claim refund from the developer. The homebuyer had paid close to 10 percent of the booking amount for a flat that cost Rs 40.87 lakh. He expressed his inability to complete the purchase citing job loss. More details here.
Aviation sector: Let’s tame this beast called slot hoarding
The Indian aviation scene is changing faster than one would have imagined, especially after COVID-19. When slots are allotted to airlines and not used, they are blocked and hampers allocation to other carriers. The aviation ministry wants to change the guidelines to ensure that the ‘Use It or Lose It’ policy for slots is better implemented and measured sequentially. More here
Employee union urges Labour Ministry to intervene in Wipro’s onboarding delays, salary cuts for freshers
A union of IT employees has written to the Union Minister of State for Labour and Employment about Wipro’s onboarding delays and salary cuts for freshers. It demanded that the labour department intervene and take the necessary action for breaching the contract and violating the terms of the offer letter. The company offered Rs 3.5 lakh per annum (LPA) to students in its ‘Elite’ tier and Rs 6.5 LPA to students in its ‘Turbo’ tier. Some Elite candidates could upskill through the company’s Velocity programme. However, last week it gave scores of Turbo candidates an offer to take up a job at Rs 3.5 LPA through which they can be onboarded in March. here.
