A strong market rally triggered by the government's encouraging economic growth forecast helped the country's top 10 companies add over Rs70,000 crore to their market capitalisation in the past week
A strong market rally triggered by the government's encouraging economic growth forecast helped the country's top 10 companies add over Rs70,000 crore to their market capitalisation (m-cap) in the past week, reports PTI.
The country's most-valued firm, Reliance Industries Ltd (RIL), was the biggest gainer with its m-cap soaring by Rs21,314.70 crore, taking its total valuation to Rs3,53,373 crore for the week ended 26th December. Shares of RIL gained 6.40% to close at Rs1,075.20 at the end of Thursday's trade on the Bombay Stock Exchange (BSE).
On Wednesday, finance minister Pranab Mukherjee expressed hope that the economy would grow by 7.5%-8% during the current financial year.
The stock market traded only for four days, Friday being a holiday for Christmas.
RIL is followed by oil major ONGC which saw its valuation surging by Rs2,609 crore to Rs2,56,172.50 crore.
Power utility major NTPC inched up to third place by adding Rs18,840.80 crore to its valuation, while another State-run trading company MMTC Ltd slipped to fourth place from third even after adding Rs3,702.80 crore to its m-cap. The total m-cap of NTPC stood at Rs1,89,563.10 crore and MMTC at Rs1,74,566.80 crore.
The country's largest iron ore producer NMDC's valuation surged by Rs7,314.20 crore taking its total m-cap to Rs1,64,198.10 crore.
IT companies Infosys Technologies and TCS together added Rs7,807.61 crore to their market valuation. At the end of the week, the m-cap of Infosys Technologies that retained its last week ranking at the sixth position, swelled to Rs1,48,507.10 crore while TCS ranked at seventh position with Rs1,46,535.60 crore.
The country's largest State-run lender State Bank of India (SBI) which is at eighth position, added Rs4,644.10 crore to its m-cap, taking its total valuation to Rs1,40,822.70 crore.
Private telecom service provider Bharti Airtel was at ninth position rising by Rs1,446.58 crore and power equipment maker BHEL—at the 10th spot—added Rs2,420.67 crore to its m-cap. Bharti Airtel's total valuation stood at Rs1,21,844.50 crore and BHEL's m-cap stood at Rs1,15,972.20 crore.
Meanwhile, the 30-share index Sensex surged nearly 4% or 640.78 points to close at 17,360.61 points on the BSE during the past week.
RIL, the numero uno in the list, is followed by ONGC (Rs2,56,172.50 crore), NTPC (Rs1,89,563.10 crore), MMTC (Rs1,74,566.80 crore), NMDC (Rs1,64,198.10 crore), Infosys (Rs1,48,507.10 crore), TCS (Rs1,46,535.60 crore), SBI (Rs1,40,822.70 crore), Airtel (Rs1,21,844.50 crore), and BHEL (Rs1,15,972.20 crore).
The Consumer Complaints Council of ASCI found that 15 advertisers, including RCom and Idea Cellular, Dabur and Elder Pharma and coaching centre Career Launcher, violating the council's code
The Advertising Standards Council of India (ASCI) has pulled up 15 companies, including telecom companies, for running misleading ad campaigns during July to October this year, reports PTI.
During the said period, the Consumer Complaints Council (CCC) of ASCI found 15 advertisers, including Reliance Communications (RCom) and Idea Cellular, Dabur and Elder Pharma and coaching centre Career Launcher, violating the council's code.
RCom had to suspend a television commercial as it failed to substantiate its claim 'with comparative data of other mobile services' that the company is the 'fastest mobile broadband service in India'.
When contacted, the company said it is currently making modifications in the TVC. "RCom has already responded to ASCI and is making necessary modifications to the TVC," a spokesperson from RCom said.
Another mobile operator, Idea Cellular, also had to modify its commercial, which showed people walking while talking on mobile phones, as ASCI upheld complaints from consumers that it encouraged the 'unsafe act of walking while talking on the mobile phone'.
"Some action sequences as depicted in the TVC, show dangerous practices and manifest a disregard for safety without justifiable reason," ASCI said. Queries sent to the company remained answered.
Fast moving consumer goods (FMCG) company Dabur had to modify two of its TV commercials, which according to the CCC were misleading. The two ads were that of Dabur Vatika shampoo, which claimed that the product 'eliminates dandruff from (the) first wash' and that of Dabur Lal Tail which said that massaging with the oil 'leads to doubly faster growth in babies'. The CCC found that the claims were misleading.
Coaching centre Career Launcher's (CL) campaign claiming 'four out of five IIM call-getters in CAT 2008 from Delhi and NCR' were its students was suspended as it was unsubstantiated.
The ASCI also found Elder Pharma's campaign of showing a woman unbuttoning a shirt in an advertisement of deodorant 'Fuel' to be vulgar and it was asked to be modified.
Salary increments are likely to improve relatively, albeit conservatively in 2010, compared to the single-digit hikes seen across hierarchies, functions and performance levels last year
Driven by scarcity of talent and increasing competition, India Inc is expected to hike salaries in the New Year with the pharmaceutical, telecom and consumer goods companies leading the space with up to 12% pay hike, says global consultancy Ernst & Young (E&Y).
E&Y, in a survey, said that salary increments are likely to improve relatively, albeit conservatively in 2010, compared to the single-digit hikes seen across hierarchies, functions and performance levels last year.
"In spite of all the excitement, actual salary increases will be somewhat conservative with salary increases in the IT and technology firms to be around 8% with pharmaceutical and consumer goods companies leading the space with forecast increments of around 10-12%," E&Y partner and global leader (HR advisory) NS Rajan told PTI.
The telecom growth story would continue in 2010 with an above-average salary hike expected in the sector, Mr Rajan added. Other sectors which would continue to battle the talent war due to the crunch include energy, power and real estate.
India Inc's overall salary increase for 2010 is forecast to be between 9% and 12%, according to the survey.
Meanwhile, adversely hit by rupee-dollar fluctuations and the global slowdown, export-oriented sectors like IT/ IT-enabled services and textiles would tread cautiously. The IT sector is likely to give increments in single digits, which will be perceived to be conservative as compared to the hike forecast for other sectors, Mr Rajan said.
Moreover, after months of rigorous cost-cutting and recruitment freeze or job cuts in some cases, companies in most sectors look forward to increase their headcount in the next few months as well.
"Majority of the firms in the pharmaceutical, chemical, auto/auto components, insurance, education, retail and IT sectors will lead hiring in 2010," Mr Rajan said, adding that however, the pace of hiring may not be back to the 2007 levels for the majority of these sectors.
E&Y believes that insurance would be a bulk hiring sector as the country is largely under-insured. Moreover, the retail sector will also be talking big numbers with respect to hiring with majority of the retail chains looking to add close to 1,000 people annually.
Other sectors which may face a manpower crunch in the coming months include auto/auto components, healthcare and education.
According to official statistics, the education sector faces a shortage of 8,00,000 teachers in the primary and upper primary schools and over the next 10 years, secondary schools would have to recruit 5,00,000 teachers.