Rupee falls by 7 paise against US dollar

MUMBAI: The Indian rupee fell by 7 paise to 45.07 per US dollar in early trade at the Interbank Foreign Exchange on Thursday, weighed down by dollar gains against other currencies and a lower opening in the stock market.

Forex traders said dollar gains against other major currencies overseas and a weak start in the stock market mainly put pressure on the rupee.

The rupee rose by 8 paise to close at 45.00/01 against the US currency in yesterday's trade on the back of fresh dollars-selling by banks amid a firm trend in the equity market.

Meanwhile, the Bombay Stock Exchange benchmark Sensex fell by 152.95 points, or 0.82 per cent, to 18,317.00 in opening trade.

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Over 38L subscribers opt for number portability

NEW DELHI: Over 38.33 lakh mobile users have opted to disconnect their telecom service providers within just five weeks of the launch of the number portability (MNP) facility that allows subscribers to retain their phone numbers while switching to another operator.

According to latest data on mobile porting requests released by the Telecom Regulatory Authority of India (Trai), subscribers in Gujarat and Karnataka top the charts since the nationwide launch of MNP on January 21. The service was first launched in Haryana in late November before mobile number portability emerged as an all-India phenomenon.

Within the metros, if porting requests are an indicator of the situation, there are more disgruntled customers in Delhi (1.76 lakh) than Mumbai (1.36 lakh) or Kolkata (96,000). However, it may also be the case that there was more awareness in the national Capital compared to the other two state capitals.

Trai has so far refrained from providing service provider-wise porting requests.

As a proportion of the subscriber base, the proportion of subscribers opting for number portability in India so far is 0.5%. At the end of January 2011, there were 77.18 wireless phone users across India.

However, operators need not necessarily act upon all requests. As a result, the regulator said it was constantly monitoring the implementation of number portability, something that was held back for several years.

It is observed that the primary reasons for rejection of port request are Incorrect Unique Porting Code, non-completion of 90 days, existing contractual obligations and outstanding dues.

In view of the large number of rejections and complaints, Trai said it was in the process of verifying the accuracy of the port rejections done by service providers on sample basis.

Sensex opens 153 points lower on profit-booking, global cues

MUMBAI: The Bombay Stock Exchange benchmark Sensex fell by nearly 153 points in opening trade on Thursday as investors booked profits recorded during the previous two sessions amid a weak trend on other Asian bourses.

The 30-share barometer, which gained almost 247 points in the previous two sessions, declined by 152.95 points, or 0.82 per cent, to 18,317.00 in the first few minutes of trade today, with all the sectoral indices trading in the negative zone with losses of up to 1 per cent.

In a similar fashion, the wide-based National Stock Exchange Nifty index slid by 45 points, or 0.81 per cent, to 5,486.00 points.

Brokers said in addition to profit-booking by market participants after two sessions of gains, a weakening trend on other Asian boures on concerns over higher oil prices and the unrest in Libya spreading to other Middle East countries also cast a shadow over the trading sentiment.

Meanwhile, Hong Kong's Hang Seng index was down by 0.60 per cent, while Japan's Nikkei fell by 1.29 per cent in early trade today. The US Dow Jones Industrial Average ended 0.01 per cent lower in yesterday's trade.

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Sensex up 143 pts in opening trade, banking & realty top picks

MUMBAI: The Sensex rose by over 143 points in opening trade on the Bombay Stock Exchange on Wednesday amid a firming trend on Asian bourses and easing political concerns.

The Sensex, which gained 216.98 points in the previous session, moved up by 143.65 points, or 0.77 per cent, to 18,583.30 in opening trade today, with banking, realty, metal and capital goods sector stocks leading the rise.

Similarly, the broad-based National Stock Exchange Nifty index gained 42.50 points, or 0.76 per cent, to 5,563.30 points.

A firming trend on other Asian bourses following overnight gains in the US market and easing political concerns after the DMK and Congress agreed on a seat-sharing formula for the Tamil Nadu Assembly elections buoyed the trading sentiment, brokers said.

In addition, easing crude oil prices in the global market also supported early gains on the bourses, they said.

In the Asia region, Hong Kong's Hang Seng index was up by 0.91 per cent and Japan's Nikkei index by 0.78 per cent in early trade on Wednesday.

The US Dow Jones Industrial Average ended 1.03 per cent higher in Tuesday's trade.

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Bring on the hike: Survey pegs salary jump at 13% this year

NEW DELHI: The Indian job market is set to benefit from increased economic activity with salaries projected to rise nearly 13% in 2011, the highest increase in the Asia-Pacific region, compared to 11.7% last year, a survey showed.

Another survey showed that Indian companies are looking to hire at a hectic pace over the next three months as they prepare themselves to meet rising demand.

The two reports released on Tuesday also showed that unlike in the past, when service sectors such as telecom and IT led the way, this time it is the manufacturing sector that will provide a thrust to hikes as well as employment.

The Aon Hewitt Annual India Salary Increase Survey projected a 12.9% average hike in pay packets in 2011.

Similarly, Manpower Inc Survey on hiring intentions showed that during the April-June quarter, the manufacturing sector would lead the way followed by finance, insurance and real estate.

Though the hiring outlook is at the highest level since 2005, the rise in salaries is yet to reach pre-crisis levels. In 2008, the Aon Hewitt survey showed that pay packets were 13.3% fatter. In terms of real growth, after inflation, it was higher in 2011 at 5.9%, compared to 5.1% in 2008. Aon Hewitt's Nitin Sethi, however, said that in India, the inflation rate was not the key factor for determining salary hikes.

"Instead, it is determined by demand and supply," he said. So, if there is scarcity of people with the skill sets that you possess, your hike could be higher.

In terms of performance, the survey showed that the top performers are in line to get an average hike of 17.8%, while the next best -- those who exceeded expectations -- could get a 13.6% raise.

Now, how much of that increase would be in terms of fixed pay and what proportion would be variable is something that your HR manager will decide. During the first decade of the millennium, the share of pay-at-risk in the total pay mix has continuously increased for the entire managerial position. In 2010, the share of variable pay for senior and top executives was 22%, compared to 16% in 2001.

But recession or recovery, there are some things that have not changed in India. So, the attrition rate remains high at nearly 19%, with IT and IT-enabled services leading the pack (27.5%), followed by pharma (21.4%).

The survey also showed double-digit salary hikes of 12-15% are expected at least over the next two-three years.

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