India most optimistic on hiring plans for Q4

India has again emerged as the most bullish country in terms of hiring plans, with 25 per cent of the employers intending to recruit people in the next three months.

Wholesale and retail trade along with finance, insurance and real estate sectors are among the most optimistic when it comes to hiring intentions.

Global staffing services firm Manpower has said India has a net employment outlook -- a measure of recruiting plans -- of 25 per cent for the fourth quarter of 2009, the highest among 35 countries surveyed.

The employment outlook for the next three months is much higher than 19 per cent, forecast for the third quarter of this year. "Indian employers have absorbed the layoffs conducted in the third quarter and are telling us they will being hiring again at a conservative pace, but most intend to keep their workforces intact through the end of the year," Manpower India's Managing Director Naresh Malhan said.

However, the employment outlook for the fourth quarter of this year (19 per cent) is less by 14 percentage points, as compared to the same period a year ago. India has seen the most favourable hiring environment since the third quarter of 2008, the report said.

Nearly 5,637 employers spread across 30 Indian cities were surveyed. According to Manpower, job seekers in the finance, insurance, real estate, services industry, wholesale and retail trade, public administration and education, mining and construction segment can expect favourable hiring environment.

"Good news is that in the fourth quarter, job seekers in key industry sector can look forward to the most favourable hiring environment.

"We are also seeing accelerating hiring plans in India's mining and construction sector, thanks to government efforts in support of infrastructure projects," Malhan said.

Compared to the third quarter of 2009, employment outlook for wholesale and retail trade has shot up by 13 percentage points to 34 per cent. The same for finance, insurance and real estate sector is at 19 per cent and that for services sector at 25 per cent.

As per the survey, the softest hiring pace is reported by employers in the transportation and utilities at 16 per cent.

Malhan noted that all regions in the country are witnessing improving hiring trend as compared to recent months.

Globally, in terms of hiring optimism, India is followed by Brazil (21 per cent), Colombia (13 per cent), Peru (9 per cent), China (8 per cent) and Australia (7 per cent).

The weakest recruitment intentions for the fourth quarter are in Romania, Spain, Ireland, Japan and Mexico.

Source: Rediff

Mahindra Satyam says it's chasing 30 large deals

Information technology services provider Mahindra Satyam is pursuing around 30 “large deals” and expects some of these to materialise during the current financial year, according to a senior official of the company.

“We are vigorously pursuing 20 to 30 large deals in the life sciences, public services, transportation and engineering domains, which are showing a lot of positive business momentum. We expect to close some of them to our advantage by this fiscal end,” the official told Business Standard, while declining to share the size of the deals.

A large deal, in normal IT parlance, is anywhere between $50 million (around Rs 245 crore) and $100 million (Rs 490 crore).

The scam-hit company, now logging on to the recovery path after Tech Mahindra acquired a controlling stake in it in April, has been seeing increasing business stability since then, winning over 30 new logos (customer wins), including the five-year SAP contract with global pharmaceutical major GlaxoSmithKline, the official added.

“The company has been witnessing high traction of business from emerging markets like India, Europe, Middle East and Asia (MEA) and the Asia Pacific. These new geographies are now accounting for close to 55 per cent of our business, while the contribution from the US is hovering around 45 per cent, a positive trend which is slowly beginning to grow and drive our revenues further,” he said.

On the company’s business processing outsourcing (BPO) arm’s recent major client win in Tata Docomo for providing back-office support, he said the company had already hired 1,000 professionals for its client. “Mahindra Satyam BPO will be adding 300 people every year over the next five years to service this telecom client,” the official added.

Mahindra Satyam, which had in June announced a one-time virtual pool programme aimed at addressing idle staff costs while retaining talent, had so far recalled 1,000 employees. “We will be calling back some more,” he added.

Mahindra Satyam stock ended the trade at Rs 113.85 on the BSE on Friday, down 0.52 per cent against the previous close of Rs 114.45.

Govt to infuse additional equity in Air India

The government is understood to have decided to infuse additional equity in Air India and give a soft loan to counter the financial crunch, as a high-level Committee today asked the Civil Aviation Ministry to move a note on the issue for consideration of the Union Cabinet.

The Committee of Secretaries, headed by Cabinet Secretary K M Chandrasekhar, which reviewed the turnaround plan of the ailing carrier, directed the Ministry to prepare the cabinet note on the matter.

The note, to be prepared in consultation with the Finance Ministry, would be ready for circulation to the Cabinet Ministers in the next seven to ten days, official sources said after the meeting here.

Though there was no official confirmation of the quantum of equity infusion and the soft loan the government could give to the national carrier, there were indications that its equity base, which now stands at only Rs 145 crore, would be enhanced by at least Rs 2,500 crore.

While the government would make only a partial contribution as equity infusion to the airline, a major part of resource mobilisation is likely to be through issuance of Initial Public Offer or infrastructure bonds, they said, adding the Cabinet would now take a final call on the issue

India has excellent investment climate: PM

BARMER/RAJASTHAN: Oil exploration major Cairn's success story demonstrates that India is an excellent destination for foreign investment, Prime

Minister Manmohan Singh said on Saturday.

Speaking after inaugurating the Mangala field, India's largest oil discovery in two decades, he said: "It can be demonstrated through Cairn's contribution that there is a very good climate for investment in India".

Urging foreign investors to come to India to take advantage of the opportunities available here, the prime minister said: "I call on investors from different parts of the globe to come here and assure them that they will get full and honest support from the Indian government for all facilities."

Manmohan Singh turned a valve on the dais to symbolically start the Mangala field's production, amidst cheers from the assembled audience of dignitaries, employees and local people, with the Oscar-winning song "Jai Ho" playing in the background.

He was also presented with the first drops of oil from the field in a container.

The prime minister said that the inauguration of the Mangala field was bound to bring enormous prosperity to Rajasthan.

"It is a historical fact that whenever oil has been found in a country, it has developed very fast. I believe after the oil production here, there will be a new Rajasthan where there is no poverty and less unemployment.

"Our country is moving forward at a rapid rate. But to remove poverty, there is a lot left to do," Manmohan Singh said, noting if this rapid rate of growth has to be improved, there will be further need for energy.

"Energy production is taking place, but the demand for oil and gas is also increasing," he added.

Petroleum and Natural Gas Minister Murli Deora and Rajasthan Chief Minister Ashok Gehlot were present at the function, held in a massive air-conditioned tent, which had eight large screens hanging from the roof to enable the audience to watch the event closely. The site is 125 km from the India-Pakistan border.

Mangala's peak production of 125,000 barrels per day (bpd) will be reached in the first half of 2010.

Along with the production at its Bhagyam and Aishwarya fields, the aggregate peak production by Cairn India will be 175,000 bpd or 20 percent of India's domestic production - enough to power 3.4 million cars daily or fill up 4.5 million cooking gas cylinders a month.

The three fields are expected to save the country $1.5 billion annually as import bill over the next 10 years. It would also earn the government $30 billion across the life of the field by way of taxes, royalties and profit petroleum revenue.

Deora has said the central government would get Rs.46,000 crore (Rs.460 billion) as profit petroleum revenue. The Rajasthan government would get another Rs.12,000 crore (Rs.120 billion) as royalty revenue for the first five years, he said.

India imports over 70 per cent of its crude oil needs. At its peak, Cairn's production will lead to cutting down about 8 per cent of India's import bill at current oil prices.