Tag: IT Sector

11 vacancies for every one techie applying for a job in US: NASSCOM

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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There has been a nearly 60 percent jump in computer occupation job vacancies to 1.4 million in the past year in the United States. However, the National Association of Software and Service Companies (NASSCOM) on Monday said that the key issue is talent gap.

“There are 11 job vacancies in the computer occupation field for one IT worker, who is applying for that job. This has grown from six in the last year to 11,” Shivendra Singh, VP & Head-Global Trade Development, NASSCOM, told CNBC-TV18.

According to Singh, the problem can be bridged in two ways. The first is to work on growing the talent piece in the US, for which the tech industry has spent more than a billion dollars working with nearly 130 colleges and universities to upskill and get more employees.

The other is to get short-term high-skilled visa workers, and those numbers vary for 2021 and 2022 as many employees have been working from home.

Also Read | Techies, e-commerce employees likely to get over 10% salary hike in 2023: Survey

He explained that non-immigrant workers play a critical role until the time demand and supply match in the US. “We are very keen that we get the demand and supply match so that the dependency on visas comes down drastically,” he said.

His remark comes at a time when the appointment wait time for first-time non-immigrant visitor visa applicants to the United States in India has surpassed over 700 days, which means a waiting period of two years. Those planning to travel to the United States may have to wait till October 2024 to obtain a visiting visa.

Meanwhile, Indians with H-1B visas working in America cannot come home for personal reasons as they are not getting timely appointments to get their visa stamped at the US Consulate in India to return to America.

Also Read | IT hiring to see over 20% jump but e-commerce and edtech witness slowdown: TeamLease

If a person leaves the US to make a trip to India, the person runs the risk of losing their job if they cannot make it back in time to the US within a certain period.

According to NASSCOM’s Singh, the challenge is that there is an interview process, and the moment that is required, there is a delay. The second is the limited appointment window, as a result of which individuals are unable to get the appointment and hence, the tremendous delays.

Also Read: Investor interest has moved from IT to banking, says Gautam Duggad of Motilal Oswal

“The critical issue is that work gets hampered as a result of this. In terms of B-1 and B-2 visas, where there is a tremendous delay, including DropBox facilities, which were supposed to speed up things, but even there the appointment window is short. Companies are not able to get people on time due to which projects tend to suffer,” he told CNBC-TV18.

Most large companies are facing this issue. “We are told that around September-October, things should improve,” he said.

Singh also pointed out a pent-up demand, reflected in the travel requirements since relaxations began.

Also Read: Slash variable pay or cut jobs? IT firms stuck between a rock and a hard place

Also Read: Moonlighting techies share how they juggle multiple jobs

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Techies, e-commerce employees likely to get over 10% salary hike in 2023: Survey

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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India is likely to witness the highest salary increases among large nations in 2022 as well as 2023, despite recession fears, a new survey has found.

Aon’s 28th Annual Salary Increase Survey 2022 reveals that hiring in double-digit is back with 46 percent of the organisations planning the same this year as well as the next.

While employees got average hikes of 10.6 percent in 2022, they can expect a 10.4 percent jump next year. This is the first time since 2017 that salary jumps are likely to be in double digits for two consecutive years, the report said.

Roopank Chaudhary, partner, Human Capital Solutions at Aon in India, said, “This increase is a reflection of the confidence that corporate India has in its strong business performance.”

Aon, which surveyed 1,300 companies for its report, said that it is interesting to note that inflation is unlikely to impact salary hikes too much as the hikes are based on a talent war even as volatility continues. Top performers are likely to get maximum hikes of above 15 percent, as per the report.

Also Read | IT hiring to see over 20% jump but e-commerce and edtech witness slowdown: TeamLease

Among sectors, techies, employees in the e-commerce sector, professional services, financial institutions, and IT services will witness the highest salary increases, according to the survey. FMCG/FMCD, transportation, cement, infrastructure, and hospitality sectors are among those that will see the lowest hikes.

According to Jang Bahadur Singh, Director, Human Capital Solutions at Aon in India, said, volatility is a key determinant of salary increases by industries – the top salary increases are in the most volatile industries.

“As the broader economic circumstances impact the talent landscape, businesses must create holistic reward strategies unique to their situation and sector to retain and attract the talent they need. Data-driven insights give employers the clarity and confidence needed to make better decisions and build a resilient workforce across sectors,” he said.

Also Read | Wages, skill gap and absenteeism: Why employers are reluctant to formalise informal workforce

The report added that India’s business outlook looks strong but has been moderating amid headwinds owing to a possible recession in the US even as the domestic economy has been showing resilience.

“Business outlook confirms a shift in focus beyond pandemic towards a growth agenda,” it said.

According to Aon, attrition in the country remains near a two-decade high of 20.3 percent, as Indian Inc. continues to reel under the impact of the great resignation wave.

As the focus remains performance-based, Chaudhary advised business leaders to make decisions that ensure their workforce remains resilient today as well as into the future. “They need to review their total rewards strategies and balance the impact of rising costs and salary pressures with a relatively high rate of attrition and the ongoing demand for critical talent,” he said.

Also Read: The rise and perils of employee influencers and founder brands

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Investor interest has moved from IT to banking, says Gautam Duggad of Motilal Oswal

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Gautam Duggad, head of research, institutional equities at Motilal Oswal Financial Services, in an interview to CNBC-TV18 said they are positive on IT for the last three years.

“We have been positive on IT for last three years. The problem with IT sector however is it’s a global sector and therefore always vulnerable to what is happening in the near term in the global economy. We all know there is a problem in big markets like the US, where talks about slow down, recession, Fed rate hikes are obviously muddying the field for the IT in the near term. So we are keeping the faith, we have about 200 basis points of overweight, but our entire overweight and entire allocation in IT is towards a large cap. We have zero allocation towards mid-cap IT because their valuations clearly are at a multi-year premium.”

Meanwhile, Duggad believes that investor interest has moved away from IT to banking. He said, “Investor interest right now, as one would imagine, has moved away a little bit from IT towards banking. Banking has come back into the reckoning after two to three years of underperformance and which has also amply reflected in the relative performance of banking index by almost 38 percent year-to-date in CY22 versus the IT index.”

Talking about footwear space Duggad said, “What we are excited about is the room for growth, which is available for the organised footwear space. This is not a one year or a two year story, this is a next three five years story. Secondly, aspiration levels are quite high.”

He added, “I want to caution that some of these stocks have seen a very significant move already. So somebody who has a very short term view, may not find the space very attractive. But somebody who has a three to five year view, I think there is enough room for compounding in some of these stock and footwear, obviously, is one of that sub-themes in lifestyle consumption where we have initiated coverage on Metro and Campus with a ‘buy’ rating.”

Duggad bets on the consumption theme. He said the consumption space in India has a lot of legroom for growth. He said, “Some of the consumption stocks whether it’s Pidilite Industries or Asian Paints or Astral, there are a variety of stocks which have been forever expensive. It is for an investor to judge what is his comfort on risk-reward, but consumption as a space in India has a lot of legroom because we are still talking about a $2,200 per capita income and if all of us believe that India as an economy is going to transition from a $3 trillion to $ 5 in the fullness of time, then clearly a lot of these talks will have enough room.”

Watch accompanying video for more

Also Read: HUL boss Sanjiv Mehta’s advises firms to be prepared for higher inflation or deflation

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Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Here is why Nilesh Shah is bullish on banking stocks but cautious on the IT sector

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Nilesh Shah, Managing Director, Kotak Mahindra AMC, on Wednesday said that he has been bullish on the banking space due to the flows into the sector and going forward, “there will be higher yields on the portfolio”.

“The real challenge for banking was not fundamental but from a flow point of view as most foreign portfolio investors were very large owners of banks, they had made a lot of money on these banks over the years and they were constantly selling. Slowly and steadily, the supply got absorbed as domestic investors kept on buying,” Shah said in an interview with CNBC-TV18.

Among the positive aspects are margins going up as a result of an increase in the interest rates while treasury losses have already been booked in the June 2022 quarter.

“Put all these things together, along with the consolidation happening in business, from a fundamental point of view, the banking sector looks good,” he said.

In the last one month, Nifty Bank has risen 9 percent as compared to the Nifty’s gains of 8 percent during the period.

Also Read: India’s banking sector sees the best summer in 12 years

India’s largest lender State Bank of India (SBI) on Monday said that it would benefit from improving margin due to a lag in deposit rate hike even as lending rates see a quicker transmission with an increase in the policy rate by RBI.

“All said and done, in the rising interest rate scenario, there is always a lag effect when it comes to the deposits and to that extent, the banks will certainly be benefiting from the situation,” SBI Chairman Dinesh Kumar Khara said in an interview with CNBC-TV18.

On IT sector, Shah said that one will have to “look at the valuation and bottom-up story”. According to him, IT still remains in an accumulation zone and one will have to select large-cap companies to build position during this phase.

He believes one will have to be prepared for extreme volatility in the new-age business companies.

“We are also learning how to value these companies. Every quarter these companies also evolve. There is a path to profitability but every quarter there will be adjustments. We have kept some positions in new-age companies, more from a learning point of view and over a period of time, we will be able to evaluate these companies in a far better manner like we value traditional companies,” said Shah.

One will have to pick the winner and cannot be sitting with the losers, he added.

Talking about inflation, Shah said that inflationary issues globally are leading to reduction in consumption but added that purchasing power in India is higher now as compared to the COVID-19 period.

“We do expect local consumption, albeit a little bit subdued, to slowly and steadily pick up with good monsoon and good farm income whereas global, led by Europe consumption, could be sluggish,” he said.

For the full interview, watch the accompanying video

Catch the latest stock market updates with CNBCTV18.com’s blog

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Online hiring in BFSI, travel and telecom sectors holds steady ahead of festive season: Monster Employment Index

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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E-recruitment in July has stabilised on an annual basis for white collar sectors, according to the Monster Employment Index (MEI) released on Monday.

However, on a month-on-month basis, the July Index flattened by 1 percent amidst fears of global recession, inflation and macroeconomic headwinds, though several industries driven by demands of digitisation and changing consumer sentiments continue to do well, the report said.

“The BFSI industry posted an upswing of 25 percent, continuously propelled by digitisation, payment innovations and increased penetration of financial services. Furthermore, with the upcoming rollout of 5G, telecom companies are looking to beef up their workforce with hiring scaling up 15 percent year on year,” according to Monster Employment Index.

Chemicals/ plastic/rubber, paints, fertilizer/pesticides (+32 percent), and office equipment/automation retained keenness to hire while retail has also seen a 10 percent improvement in job demand on account of the upcoming festive season, it added.

Hospitality and travel (6 percent) professionals also saw a bit restrained hiring demand annually, the report said.

However, last week, another report stated that though among sectors, hotels, restaurants, airlines and insurance space saw a similar trend, the magnitude varied.

Hotels, restaurants and airlines registered a 95 percent YoY jump in hiring followed by the insurance space which hired 65 percent more people last month compared to July 2021, according to a Naukri.com report released last week.

Also Read | India’s July unemployment rate lowest in six months: CMIE data

According to Monster Employment Index, the Indian IT sector continued to make hiring corrections (-6 percent) with several organisations laying off employees post excessive appointments from the past year.

The media and entertainment (-25 percent) industry also registered a significant slowdown with changing consumer habits and reduction in marketing and advertising spending across industries. Industries such as engineering, cement, construction, iron/ steel (-24 percent) and shipping/ marine (-21 percent) also witnessed a considerable dip in demand for professionals, the Monster report states.

With more and more companies cutting costs and reducing branding spends, Monster index suggests roles across marketing and communications (-3 percent) and sales and business development (-7 percent) have noted marginal dips.

According to Sekhar Garisa, CEO — Monster.com, a Quess company, “Retail and Manufacturing are doing very well with consumer spending on the rise and of course, festive hiring in full swing which is only expected to grow further. The supply chain sector has also survived several bottlenecks due to the pandemic and is finally opening up and ramping up their recruitment processes.”

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Indian IT firms to begin saving on tax payouts by Sept as Australia assures DTAA amendment: Sources

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Australia has assured India of getting approval from its Parliament for an amendment to the Double Tax Avoidance Agreement (DTAA) and for the Economic Cooperation and Trade Agreement (ECTA) by September.

An amendment to the DTAA will benefit the Indian information technology (IT) sector as taxation on the offshore income of Indian firms providing technical support in Australia would stop.

India has been pitching for an early amendment to the DTAA regulations, raising concerns over its IT firms paying more than the required tax in Australia.

In 2018, an Australian court mandated the taxation of payments made to Indian companies from their Australian clients. NASSCOM had pegged losses at $1 billion for the Indian IT industry due to double taxation in Australia.

Also Read: Asian Development Bank cuts India GDP forecast for FY23 to 7.2% on Covid, Ukraine war impact

India’s Minister for Commerce and Industry Piyush Goyal and Australian trade Minister Dan Tehan signed the ECTA in April to expand cooperation in trade, work and travel between the nations.

India is slated to benefit from preferential market access provided by Australia on 100 percent of its tariff lines, which includes all labour-intensive sectors of export interest to India, such as gems and jewellery, textiles, leather, footwear, furniture, food, agricultural products, engineering products, medical devices and automobiles.

India will also offer preferential access to Australia on over 70 percent of its tariff lines, including lines of export interest to Australia, primarily raw materials and intermediaries such as coal, mineral ores and wines, etc.

Negotiations for the India-Australia ECTA were formally re-launched on September 30, 2021, and concluded on a fast-track basis by March end.

Australia is India’s 17th largest trading partner, and India is Australia’s 9th largest trading partner. India-Australia’s bilateral trade for merchandise and services was valued at $27.5 billion in 2021.

India’s merchandise exports to Australia grew 135 percent between 2019 and 2021. India’s exports comprise a broad-based basket primarily largely of finished products and were $6.9 billion in 2021. India’s merchandise imports from Australia were $15.1 billion in 2021, largely comprising raw materials, minerals and intermediate goods.

Also Read: Thomas Isaac refutes RBI claim, says no question of any state falling from unsustainable debt burden

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Changes in hiring strategy that jobseekers can’t ignore

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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There seems to be a quality over quantity hiring trend playing out in several sectors other than technology services. Confirming this, a senior official at recruitment platform TeamLease, told CNBC-TV18.com that the need for a “must-have employee” rather than a “nice-to-have one” has changed the dimensions of recruiting.

While high attrition rates and hefty pay package demands made headlines amid the Great Resignation wave, a report by Axis Capital now suggests that companies managed to swell net profits by 54 percent in 2021-2022 thanks to reduced employee expenses and interest costs.

IT sector employee bill crossed that of the manufacturing sector

“The wage bill of the IT sector crossed that of manufacturing companies for the first time (granted that this is limited to the listed universe),” the Axis Capital report based on the analysis of financials of about 1,800 companies stated.

The report highlighted that the manufacturing sector’s net profit margin improved to 9.2 percent in FY22. But cost trends indicate that there was increased automation during the pandemic in the sector and labour productivity was higher, too.

Manufacturing employee cost to sales catching up with net profit margin

“Employee cost as percentage of sales for manufacturing fell to 9.7 percent in FY22, near its lowest ever,” the report stated, adding that the net profit margin of manufacturing companies is now almost the same as employee cost.

Employee cost in manufacturing versus IT and banking

The wage bill of the IT services sector crossed that of manufacturing despite employing less than half the number of people.

The tech sector has seen a consistent increase in employee costs over the past 10 years, and the margin of increase rose in the past three years or so.

IT sector wage bill keeps increasing

Banking sector wage bill driven by PSU banks

The banking sector, too, continued to see higher wage bills, largely thanks to the public sector banks (PSUs), according to the Axis Capital report.

How do non-IT sectors manage to spend less on employees?

According to TeamLease, employee expense reduction in manufacturing and other sectors denotes that the hiring ecosystem continues to evolve in non-IT sectors, mainly due to changing economic needs and the heightened pace of digital transformation.

This has led to a surge in demand for new-age roles, mobility of roles, and transformation in the markets.

“Adoption of remote work, job rotations, fresher hiring in large and continuous form has brought the versatility in talent to traditional industries,” Munira Loliwala, AVP – Engineering Staffing & RPO Solutions, TeamLease Digital, told CNBCTV18.com.

Also Read: Top five skills recruiters are struggling the most to find in job candidates

Industries like chemicals and pharma/healthcare that did well during the pandemic experimented with the dynamics of gig, flexibility, and task-based hiring with minimal costs and headcounts, she explained.

Total sales growth versus employee cost growth

Loliwala said the unpredictable spike in demand in the retail sector, supply-chain disruptions, and a hybrid model of work leveraged low cost, implying high margin plans for many unicorns, start-ups, and established players.

Similarly, e-commerce and education were the other industries that witnessed exponential growth and are constantly envisioning newer methods to scale up while costs are controlled, she said.

A story of industry growth and recovery

Professional services firm Aon acknowledges that the trend of lower employee costs holds true across the manufacturing industry. However, it is a story of industry growth and recovery more than a reduction in employee spending, it said.

“While the manufacturing sector has seen rapid infiltration of technology and automation seeing unprecedented productivity levels on the operations floor, the cost per employee (and also the skill requirement) continues to grow,” Nakshatra Bhatt, director, Aon Human Capital Solutions, told CNBC-TV18.com.

Also Read: Employers feel inflation heat in May and IT hiring slows, shows survey

“An analysis of key players across various sub-industries in the manufacturing industry shows a drop of 14 percent (in employee expense as a percentage of revenue) for the cohort analysed. This was primarily down to revenue growth over the same period being three times the growth of employee expense (which grew at 11 percent compared to 33 percent revenue growth),” he said.

Bhatt’s comment came following Aon’s analysis of 60 (listed) organisations in the manufacturing sector (a mix of chemical, auto, cement, metals and mining, and engineering/manufacturing firms).

Rapid top-line growth/recovery in FY22 tells a part of the story, Bhatt said, explaining that the 2020 pandemic saw a freeze and/or reduction in growth hiring (primarily down to a de-growth in the sector), and employee expenses remained constant between FY20 and FY21.

Wage inflation may not be as high as last year

Sanjeev Bikhchandani, Executive Director at pure-play internet company Info Edge, earlier told CNBC-TV18 that though the pressure continues, it is off the boil where it once was six months ago, simply because enough start-ups have begun to actually let go of people.

“But those people are getting jobs immediately, which means that the demand is still there. I suspect you may not see the kind of crazy wage inflation that you saw a year back in the next two years but we wait and watch,” he said.

Also Read: Employees’ bargaining power in Indian organised job market here to stay for a few more months

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

This Indian software services company is already bracing for a US recession

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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[wealthdesk shortname=”eClerx Services” isinid=”INE738I01010″ bseid=”532927″ nseid=”ECLERX” sector=”Computers – Software Medium & Small” exchange=”nse”]

A Mumbai-based IT consulting and outsourcing company is prepping for the impact of a recession that might hit the US economy at a time when the fear of a prolonged slowdown is gripping global markets.

A weakening rupee against the dollar is good news for India’s tech sector. But IT firms would be in a tight spot in case there is a recession in the US and UK as they rely heavily on exports to the markets.

A firm with a plan

eClerx Services, an IT services management company, acknowledges that if there is a recession in geographies, the firm won’t be immune to it.

About 30 percent of the company’s business is discretionary and can be hurt by a recession, according to the firm’s Chief Financial Officer Nadadhur Srinivasan. “But about 70 percent non-discretionary business would keep the lights on,” Srinivasan told CNBC-TV18.

Meanwhile, there is no slowdown in orders yet and the firm’s pipeline is as strong as last year, except the base is higher this time because of which the growth in percentage terms will be lower than last year, the CFO said.

Also Read: If there’s a recession in the US, here’s how it may impact Indian IT giants

The IT service management company is eyeing double-digit growth and expects the earnings before interest, taxes, depreciation, and amortisation (EBIDTA) margin of 28-32 percent.

Srinivasan said eClerx had Rs 680 crore of cash on the books and the firm planned to return cash to shareholders. If the company doesn’t go for an acquisition, a buyback should be on the cards, he said.

The typical size of acquisition tends to be 10-12 percent of revenues, he said. “Buybacks have been the traditional form of returning cash to shareholders. Unless there is any inorganic requirement for that cash, given when we are allowed to have a second buyback, we will prefer to return part of the cash back,” he said.

eClerx top official’s remarks come at a time when the pressure on Indian IT firms like Tata Consultancy Services (TCS), HCL Tech, Wipro, Infosys, and Tech Mahindra can already be seen on the Dalal Street. Investors are turning cautious on these stocks and experts have warned of more downside in the tech space on the Street.

The falling rupee doesn’t seem to be helping in the current scenario either as the sectoral index Nifty IT has fallen more than 6 percent in the past month.

eClerx shares were trading 1.3 % higher at Rs 1,909.05 at 1:50 pm on BSE.

Here’s how the stock has performed over the past week:

Talent crunch

“In the discretionary part of the business, which is the analytics and automation service line, where skill requirements are higher, definitely there is a shortage of talent,” Srinivasan said.

He said the company had to pay up for getting good talent. “On the non-discretionary part, which is largely operations-driven, our training and knowledge management helps us,” he said.

The CFO sees attrition ramping down in the discretionary business and the pressures on hiring going down.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Top News Podcast: The Thackeray-Shinde power struggle, LIC’s fight to reach issue price and more

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

The tense Maharashtra political situation continued on Wednesday with Shiv Sena’s Eknath Shinde and other rebel MLAs reaching Assam, followed by the Chief Minister Uddhav Thackeray’s ultimatum to them.

In this edition of Top News Podcast, CNBCTV18.com’s Kanishka Sarkar shares the latest on stock marketsthe , IT sector, the Maharashtra government crisis, and more.

Sensex and Nifty fell sharply today amid weakness across sectors and other Asian markets despite a strong session on Wall Street overnight. Financial, oil & gas and metal shares were the biggest drags. Sensex ended 710 points lower while the Nifty50 slipped below 15,450. The rupee meanwhile hits an all-time low.

Fears of a recession are keeping investors nervous at a time when many analysts have already warned of more downside in the IT space on the Street. Some analysts are more concerned about the possibility of a recession in the US regardless of the healthy demand for Indian IT.

On the political front, Eknath Shinde has claimed the support of more than 40 Shiv Sena MLAs and seven Independent MLAs. He has denied forming a political party but is eyeing full control of Shiv Sena. 34 rebel Shiv Sena have signed a resolution endorsing Shinde as the party leader.

Tune in to Top News Podcast for more

In case you have any queries or suggestions, please write to us at cnbctv18podcast@nw18.com

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow