- Wednesday, March 12, 2025
By: Shubham Ghosh
Here are news in brief related to India economy and business for Tuesday, August 16, 2022:
Companies in India are expected to give a salary hike of 10 per cent in 2023 as they struggle with rising attrition in the tight labour market, according to a finding, Press Trust of India reported. Global advisory, broking and solutions company Willis Towers Watson’s Salary Budget Planning report found that companies in India are budgeting an overall increase of 10 per cent for 2022-23, compared with the actual 9.5 per cent growth in the previous year. According to the finding, more than half (58 per cent) of the employers in India have budgeted for higher salary increases for the ongoing fiscal year compared to last year, while a quarter of them (24.4 per cent) made no change in the budget. Only 5.4 per cent have reduced the budget as compared to 2021-22, it added. The report revealed that at 10 per cent, salary increases in India continue to be the highest in the Asia Pacific (APAC) region. Only 5.4 per cent have reduced the budget as compared to 2021-22, it added.
Concord Biotech Ltd, which is based out of Ahmedabad in the western state of Gujarat, has filed draft papers with SEBI for its initial public offering (IPO), the Hindu BusinessLine has reported. The company has investments from Rakesh Jhunjhunwala’s Rare Enterprises and Helix Investment Holdings Pte. Ltd, backed by healthcare-focused private equity fund Quadria Capital. The IPO consists of offer-for-sale (OFS) of up to 20.93 million shares or 20 per cent stake by its selling shareholder Helix. The company will not receive any proceeds from the offer, it said. According to the draft papers, Helix had invested ₹475 crore (£49.5 million/$59.8 million) for 20.93 million shares at an average cost of acquisition per share of ₹227 (£2.37/$2.86).
India’s Digit Insurance, backed by Canadian billionaire Prem Watsa’s Fairfax Group, aims to raise around $440 million through an initial public offering (IPO), according to a source with direct knowledge and regulatory documents filed on Tuesday, Reuters reported. Founded in 2017, Digit is trying to expand its presence in general insurance by offering a better customer experience including easier claim settlements. The company’s prospectus filed on Tuesday showed the IPO will consist of a fresh issue of shares worth 12.5 billion Indian rupees (£130.4 million/$157.6 million).
The State Bank of India, India’s largest lender bank, has initiated insolvency proceedings against Mumbai-based Bajaj Hindusthan Sugar Limited, the company informed the stock exchanges on Tuesday, Asian News International reported. In a regulatory filing to the stock exchanges, Bajaj Hindusthan Sugar Limited said, “We understand that State Bank of India, financial creditor through its advocate has initiated Corporate Insolvency Resolution Process of Bajaj Hindusthan Sugar Limited before the Hon’ble National Company Law Tribunal, Allahabad Bench under Section 7 of Insolvency and Bankruptcy Code 2016. This disclosure is made pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.” The share price of Bajaj Hindusthan Sugar Limited slumped 5.05 per cent to Rs 10.15 (£0.11/$0.13) at the Bombay Stock Exchange on Tuesday. Bajaj Hindusthan Sugar Limited is involved in the business of manufacturing sugar and ethanol.
Hindustan Oil Exploration Company Ltd (HOECL), a listed crude oil explorer, has shut-in its second well in the B-80 oil-and-gas field in the Mumbai offshore basin owing to technical disruptions, Moneycontrol News reported. Its first well was shut soon after the wells were commissioned, the company’s management told investors in a post-earnings call, the report added. Shares of HOECL slumped 4.2 per cent to Rs 162.55 (£1.70/$2.05) on the Bombay Stock Exchange at 2:30 pm local time on Tuesday. In the oil and gas industry, shut-in refers to closing off of a well so that it stops producing. “Intensification of monsoon, and the resultant rough weather is leading to challenging current system performance, causing disruption to offshore production operations. Our integrated marine system is witnessing the first monsoon post commissioning,” P Elango, managing director, was quoted as saying.
India’s budget carrier SpiceJet Ltd said on Tuesday it has entered into a settlement agreement with aircraft lessor Goshawk Aviation Ltd and its affiliates related to three Boeing aircraft, Reuters reported. The airline said that the agreement – the terms of which are confidential – ends all litigation proceedings between the parties, adding that this will allow SpiceJet to add two more fuel-efficient Boeing 737 MAX aircraft and one Boeing 737-800 NG aircraft to its fleet. Recently, SpiceJet has been in trouble with its lessors, Ireland-based Alterna Aircraft Ltd and United Arab Emirates aeronautics firm AWAS, who asked the Indian aviation regulator to de-register their planes.
Hyderabad-based Aurobindo Pharma Ltd on Tuesday said its wholly-owned arm Eugia Pharma Specialties Ltd has received final approval from the US health regulator for its generic version of Vasopressin injection, PTI reported. The injection is indicated to increase blood pressure in adults who suffer from sudden relaxation of blood vessels. The approval granted by the US Food and Drug Administration (USFDA) is for manufacturing and marketing of vasopressin injection of strength 20 units/ml multiple-dose vials, Aurobindo Pharma said in a regulatory filing.
To commemorate Azadi Ka Amrit Mahotsav, KONE Elevators India, a fully owned subsidiary of KONE Corporation, a global leader in the elevator and escalator industry, inaugurated its largest single wall painting with the theme of Sustainable Waste Management this week at Mahipalpur Flyover, New Delhi, as part of their Green Dream Project, Asian News International/NewVoir reported. KONE India’s Green Dream Project was initiated last year in collaboration with Green Dream Foundation with the objective of sensitizing the general public on key environmental themes. The ongoing project uplifts otherwise neglected walls, delivers a powerful message in a very effective manner and offers dignified job opportunities for talented artists from different parts of the country. The project aims to raise awareness and make people more mindful of their actions.
