Infosys to freeze fresh hiring

Infosys Technologies, India's second largest exporter of IT services clears there will be no fresh hiring further. The global financial crisis hits hard on Indian outsourcing industry. As many companies have been adopting the cost cut measures.

Indian IT industry is affected by the global turmoil. Major IT companies of the world are reeling under the pressure. The decision of no fresh hiring by Infosys is due to the global crisis. Infosys plans to freeze fresh recruitment after meeting this financial year’s target of hiring 25,000 people, according to media report.

The impact of the global meltdown on Indian economy and its sectors are clear now. It is expected that the growth rate of the economy will be lower than expected figures. The impact on IT and outsourcing sector would affect the economy too.

RBI may cut repo, reverse repo rates on Sat

According to CNBC report, the Reserve Bank of India (RBI) is likely to cut repo and reverse repo rates on Saturday. The government of India may declare a fiscal package for many sectors, as the economy is reeling under the global turmoil.

The global financial crisis has been deepening and there is need for the packages to ease the pressure of the global crisis on many sectors including housing, auto and exports. Considering the need, the RBI may take further steps including further cut in CRR and ease in External commercial borrowing norms.

The reports also quotes that the export package by the government to check the impact of the global crisis on export would cost Rs 2000 crore. An additional budgetary support for the infrastructure could be to the tune of Rs 15,000 crore and there may be a special line of credit for non-banking financial companies, the housing and auto sectors.

Bombay HC rejects Vodafone's petition against I-T dept

Bombay High Court on Wednesday has dismissed a writ petition filed by telecom major Vodafone International Holdings BV, challenging Income Tax department's jurisdiction to assess withholding tax Hutchison-Vodafone transaction, according to media reports.

A division bench comprising Justices S Radhakrishnan and Anand Nirgude ruled that the “assets located in India were transferred and the company (Vodafone) is liable for payment of the taxes”. Vodafone is likely to challenge the order in the Supreme Court. The High Court has granted an eight-week stay on the decision, providing Vodafone time to appeal. Source

Air India to slash fares by Rs 400

Air India, the stat run carrier has decided to reduce fuel surcharge by Rs 400 for all domestic sector flights with effect from Tuesday. The fuel surcharge for below 750 km is Rs, 2, 350 and Rs3, 100 for sectors over 750 kms, according to media reports. Considering the sluggish in recent months, the Air India has taken the decision to reduce the fares

There is reduction of aviation turbine fuel (ATF) prices despite there are no reports of reducing the fares by other aviation companies yet reported. Airlines had started levying fuel surcharge since July due to an unprecedented increase in ATF prices that had peaked to over Rs 73,000 per kilolitre in August.

Rupee falls by 25 paise to hit fresh low of 50.53

The rupee today fell by 25 paise against the US dollar to a fresh low of 50.53/54 in the opening trade at the Interbank Foreign Exchange market on increased demand for the greenback amid melting stock markets, according to media reports.

The US stock maker fell low around 2 to five percent, dealers are speculating that there will be capital outflows. The capital outflows would result sharp fall in the stock market index. On Monday, the rupee had closed lower by 21 paise at 50.28/29 against the US$.

Anil Ambani healthiest, happiest person in business: Survey

The chairman of ADAG Group, Anil Ambani has been voted as the happiest and healthiest person in business in a study by magazine Complete Wellbeing.

The survey was conducted by global market research firm Synovate across eight cities in India, to find out India's healthiest and happiest people.

A majority of 47 per cent chose Anil Ambani as the happiest person. In the survey, 72 year old Ratan Tata, Chairman, Tata Group got 36 per cent while Ambani got 35 per cent. The respondents of the survey belong to 25 to 45 years age group old. Source

Manufacturing output falls in November: PMI

The impact of the global crisis is very high on Inida's manufacturing sector, as a sharp fall is recorded in November, according to media reports. World's big economies have been reeling under the pressure of the global crisis. Manufacturing output shrank for the first time in three-and-a-half years in November, according to the ABN AMRO Bank's purchasing managers' index (PMI), which is based on a survey of 500 companies.

The new orders index fell to 43.2 in November compared with 54.4 in October and export order index declined to 46.7 in November compared with 49.7 in October. However, the global crisis is the major factor, which has been affecting the economy. Bailout from the global crisis would help all the sectors to cherish and the prospect of the economy depends on the pace of the global economy.