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IT-enabled services and insurance were the two sectors which saw the maximum number of jobs being created
India Inc’s hiring activity picked up 1.5% in March, led by IT-enabled services, insurance and auto sectors, a report by job portal naukri.com has said.
The portal’s monthly ‘Job Speak’ survey reflected renewed optimism among recruiters, with the new job index moving up to 962 in March compared to 947 in February, reports PTI.
Naukri takes into account not only the jobs posted online by its clients, but also those made by them with the help of the website’s tele-calling team.
“The hiring intentions of companies in most industry sectors seem to be moving in a positive direction as reflected by the consecutively upward moving job index in the first quarter of 2010. It seems ‘cautious optimism’ among employers has given way to definite optimism,” said Sumeet Singh, national head (marketing and communication) of Info Edge, which owns the website.
Hiring in IT-enabled services and insurance sectors have seen maximum movement with the index moving up by 13% and 15% respectively in March over the last month.
Recruitment in the auto sector moved up by 8% and in the pharmaceutical sector by 7% in March, the report said.
Professionals in production, banking and HR also witnessed an increase in hiring by 8% to 12% in March over February, the report said.
Overall, the index seems to be moving in a robust manner with hiring moving up across all industry verticals, functional areas and cities.
Among cities, Delhi has emerged as the most bullish on hiring, with the city-wise job index moving up 13% over the last month.
The court has upheld the decision of the Central Information Commission which had declared that the stock exchange is a public authority
The Delhi High Court today said that the National Stock Exchange (NSE) is a “public authority” and is bound to reveal information under the Right to Information (RTI) Act, reports PTI.
Justice Sanjiv Khanna dismissed NSE’s plea that it cannot be forced to disclose information under the transparency law because it is an autonomous body and not controlled by the government.
The court upheld the decision of the Central Information Commission (CIC) which had declared the stock exchange as a public authority.
The CIC had in 2007 held that stock exchanges are quasi-governmental bodies which are bound to disclose information to the public under the RTI Act.
“A stock exchange being a quasi-governmental body working under the statute and exercising statutory powers has to be held to be a public authority under the Act,” the CIC had said while directing the NSE to put in place a mechanism for the purpose.
The NSE then approached the Delhi High Court, which had on 4 July 2007, stayed the CIC order.
Contending that it is an independent organisation and registered as a company, the stock exchange had submitted that it cannot be forced to comply with the transparency law as a private organisation and that it cannot be placed under the ambit of the RTI Act.
DM Capital Advisors plans to fund movies which have their themes revolving around a social cause
DM Capital Advisors, a financial advisory firm, is entering the market to support films with a cause. It will soon be launching a venture capital fund, Cause Entertainment, for this purpose. DM Capital plans to leverage equity funding for such films.
A number of movies—like Munnabhai MBBS, 3 Idiots and Rang De Basanti—have had socially relevant themes, and have also fared well at the box-office.
“We will be funding ‘cause-related’ movies which carry a message in them. We are not talking art films here, but films like Chak De! India, Munnabhai MBBS, 3 Idiots and Rang De Basanti,” said Uday Singh, corporate advisor, DM Capital.
“We are starting the venture capital (fund) to fund a niche sector. A number of corporate houses are seeing a lot of opportunity in this sector. We see a lot of potential in the market,” said Vicky Dhir, founder and director, DM Capital.
The company is currently in the process of raising funds and is looking at investing Rs200 crore in the venture. “We have raised a substantial amount through high net-worth individuals and institutional investors,” said Aditya Mehta, founder and director, DM Capital.
Compared to the funds that Hollywood manages to raise through financial institutions, the Indian entertainment industry has only a few sources of institutional revenue. Just three banks in India— IDBI Bank, EXIM Bank and Yes Bank—undertake debt funding for movies.
As far as equity funding is concerned, a few companies like Religare Film Fund and Cinema Capital Venture Fund invest in the entertainment sector.
“In the US, there are different kinds of equity funding (for films) and multiple layers of debt funding like ‘mezzanine debt’ funding. But in India, these options are not there. Very few banks provide debt funding to the entertainment industry. Equity funding is a big challenge,” said Mr Mehta.
The company is initially planning to fund a basket of 11-15 movies and is eyeing returns of 25%-30% (post expenses, before tax).
“Our first step is to cover as many downsides as possible and then monetise,” said Manish Bhatia, head of investor relations, DM Capital.
The company has shortlisted four movies, but is not willing to name them. According to DM Capital, a film will be selected for funding under these criteria: formulation of the formal business plan; valuation of intellectual property rights, estimation of box-office collections (both domestic and global) and estimates of revenues from various rights associated with a film.