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2
May 2017
I had
mentioned in Friday’s closing report that Nifty, Sensex might retreat a bit.
The major indices of the Indian stock markets were range-bound and closed with
marginal gains. The trends of the major indices in the course of Tuesday’s
trading are given in the table below:
 |
Major Indices (The Total
Investment & Insurance Solutions)
Global
cues on Tuesday depressed the Indian equity markets to close on a
flat-to-positive note. According to market observers, investors were cautious
ahead of the two-day US Federal Open Market Committee (FOMC) meet which is
scheduled to commence on late Tuesday evening. Besides, sentiments were subdued
by heavy selling pressure witnessed in index heavyweights such as Reliance
Industries and Bharti Airtel. The BSE market breadth was bearish -- with 1,520
declines and 1,350 advances.
In terms of the broader markets, the S&P BSE
mid-cap index closed up by 0.38%, while the small-cap index rose by 0.31%.
Positive vibes from core sector and PMI (Purchasing Managers' Index) numbers
should hold markets in good stead, and shall ensure that recent upside momentum
is not lost amid consolidation. The Nikkei India Manufacturing Purchasing
Managers' Index (PMI), which is a composite indicator of manufacturing
performance during April 2017, matched the index reading of 52.5 reported in
March. Power and telecom sector stocks traded down due to selling pressure.
Along with IT, auto remained top performing sector on a positive side. Sector-wise,
the S&P BSE consumer durables index surged by 187.28 points, the oil and
gas index rose by 151.13 points and the automobile index gained 121.44 points.
In contrast, the S&P BSE healthcare index fell by 116.76 points, the
capital goods index was down by 99.47 points, and the metal index edged down by
64.52 points. The Total Investment & Insurance
Solutions
Global
software major Infosys on Tuesday said it would hire 10,000 American workers in
the next two years, a move seen as a fallout of US President Donald Trump's
executive order on H1-B visas a fortnight ago. The city-based IT major also
said it would set up four technology and innovation hubs across North America
to focus on cutting-edge technology, including artificial intelligence (AI),
machine learning, user experience, emerging digital technologies, cloud and big
data.
The first hub will open in the mid-western state of Indiana in August and
is expected to create 2,000 jobs by 2021 for American workers. "The hubs
will have technology and innovation focused areas and serve clients in key
industries such as financial services, manufacturing, healthcare, retail and
energy," said the firm in a statement here. Clients in the US contribute
about 60 per cent of the company's software export revenue per year. "We
are committed to hiring 10,000 American technology workers over the next two
years to help invent and deliver the digital futures for our clients in the
US," said Infosys Chief Executive Vishal Sikka in the statement. The
$10.3-billion company will hire experienced professionals as well as recent
graduates from major universities and local and community colleges to create
talent pools for the future. The Total
Investment & Insurance Solutions
"Basically,
Infosys is hiring American workers to please Trump, who passed an order
recently (April 19) which will force Indian IT firms to pay more salary for
high-skilled employees working in the US on H-1B visas," Head Hunters
India Founder-Chairman and Managing Director K. Lakshmikanth told IANS here.
Infosys Deputy Chief Operating Officer S. Ravi Kumar however said the company
had been hiring in the US over the years for organic growth and create talent
on campuses. "The right strategy for a company like ours is to build local
talent pools and supplement them with global talent in times of shortage. The
hubs will be located where we have client clusters and good local talent is
available," he said.
The decision to ramp up local hiring by Indian IT
majors like Infosys, TCS and Wipro comes also in light of Trump's order to
ensure that H-1B visas were awarded to the most skilled and highly-paid.
"Infosys will take time to ramp up local hiring as it is very costly. It
has to pay a minimum of $80,000 (Rs 52 lakh) per year to a skilled American
techie. For the same amount, it can hire four software engineers in India for
its offshore development work," said Lakshmikanth. Currently, an Indian IT
firm pays $60,000-65,000 per year for techies working in the US on H-1B visas
and they return after three years of onsite work. Infosys, which sends about
3,000-4,000 techies to the US every year, will get 50 per cent of the H1B visas
under the new rules as part of the quota and the rest through the lottery
system. "If Infosys hires about 500 Americans techies, it will result in
loss of 2,000 jobs in India for offshore operations. Automation and AI (Artificial
Intelligence) will reduce hiring by another 30-40 per cent," said
Lakshmikanth. Indian IT industry representative body Nasscom, however, declined
to react to Infosys' plans, saying it "doesn't comment on company specific
matters". Infosys shares closed at Rs921.00, up 0.17% on the BSE. The Total Investment & Insurance Solutions
The
top gainers and top losers of the major indices are given in the table below:
 |
Top Gainer (The Total
Investment & Insurance Solutions)
The closing values of the major Asian indices
are given in the table below: The Total Investment & Insurance Solutions
 |
| Asian Indices (The Total Investment & Insurance Solutions) |
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