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The head of the IMF has warned against the destabilising effects of capital flooding into Asia and touted capital controls as a means to prevent another financial crisis.

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India Inc bullish about business; cautious on hiring

New Delhi: Corporate India is bullish about the future of their business, but adopting a cautious approach while hiring, as they are giving more importance to productivity and efficiency, reports PTI quoting a report by staffing firm TeamLease.

According to the TeamLease employment outlook report for October-December 2010, the business outlook has increased, but still companies are playing the hiring game safely.

For the said quarter the employment outlook moved up by 4% to 68% while business outlook grew 10% to 71%.

"We witness a shift in hiring intent; while earlier the business sentiment and hiring sentiment were moving hand in hand, this quarter shows the business sentiment improving but hiring intent lagging behind marginally," TeamLease Services Pvt Ltd VP Sangeeta Lala said.

Ms Lala further added that "this development implies that employers are cautious while hiring and giving importance to productivity and efficiency."

Meanwhile, attrition levels have increased marginally across geography and business sectors.

"All in all, therefore, the consolidation could also mean a relatively better supply-demand scenario in the employment market," the report said.

Even though metro cities continue their dominance in the hiring landscape, the Tier-II and Tier-III cities have moved up a notch in the hiring intent.

Mumbai (with seven percentage points) is the only one with a significant improvement in the index value.

The report further said that the hiring at the entry levels continue to be positive in comparison to mid-level positions, which seem to be losing their sheen.

Entry level hires witnessed a nine percentage point increase, while, middle level positions saw a drop of five percentage points.

A sectorwise analysis shows that retail & fast moving consumer goods (FMCG) are the only sectors with a significant improvement in the net employment outlook index (eight  percentage points) during the present quarter even as there is a significant drop in the index (six percentage points) for ITeS.

The survey was conducted with HR managers and senior management of 624 leading companies in India.


New Year bonanza! 3 big ticket PSU share sale in Jan-Mar

New Delhi: The public offerings of three blue-chip navratna companies - Steel Authority of India (SAIL), Indian Oil Corporation (IOC) and Oil and Natural Gas Corporation (ONGC) - will hit Dalal Street in the first quarter of next year, reports PTI quoting a top government official.

"During the first quarter (January-March) of the next calendar year, we will see the public offerings of SAIL, IOC and ONGC," disinvestment secretary Sumit Bose told reporters here during the roadshow of Coal India IPO.

When asked whether these big public issues could flood the primary market, Mr Bose said we can adjust three issues in three months that means each month (January, February and March) there will be one big ticket issue.

"There is enormous appetite in the market," the secretary added.

Coal India Ltd's Rs15,000-crore mega initial public offering (IPO) that closes on 21st October, will help the Centre narrow its fiscal target.

SAIL first phase follow-on public offer (FPO) is estimated to garner about Rs8,000 crore.

SAIL chairman CS Verma, yesterday, said that the first tranche of the company's 20% share sale programme could be launched in mid December and if that deadline is missed the same will happen in January-February 2011.

The government plans to sell 5% stake in ONGC and 10% in IOC to raise about Rs21,000 crore this fiscal.

The government plans to launch its disinvestment plan in a big way in the last quarter of current financial year, as it is chasing the target of raising Rs40,000 crore by March 2011 through offloading its stakes in state-owned firms.

"We are hopeful of achieving that target of (Rs40,000 crore)", Mr Bose said.

"The entire process is not limited to managing only fiscal deficit but goes to corporate governance and widespread ownership by public," he said.

Mr Bose, however, did not divulge the break-up figures of these three follow-on public offerings.

The details of FPO of petroleum major Indian Oil will be decided shortly, he said adding the firm is likely to invite applications for the appointment of merchant bankers in the next couple of days.

However, the government, Mr Bose added, will not go ahead with the public issues of the trading company MMTC and steel producer RINL in the current fiscal.

"We will look at (RINL) it in the next fiscal," he said.

On amount and time of the IOC public issue, he said the modalities would be decided later.

Similarly, the modalities for disinvestment of oil giant ONGC would be finalised in the coming days, he added.


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