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Let’s begin with the Market. Bears wreaked havoc on Dalal Street on the weekly expiry session, forcing benchmark indices lower for the fifth consecutive session. S&P BSE Sensex fell 1,158 points or 2.14% to end at 52,930 while the NSE Nifty 50 index tanked 359 points or 2.22% to settle at 15,808. Bank Nifty fell 3.35% while India VIX was up 6.45% on the closing bell at 24.27. HCL Technologies was the only Sensex stock to have closed with gains, up 0.08%. IndusInd Bank was the worst performer, down 5.7%, followed by Tata Steel, Bajaj Finance, and Bajaj Finserv.
On to the IPO section. Staffing company FirstMeridian Business Services has filed draft IPO papers with capital markets regulator SEBI. The company is looking to raise Rs 800 crore through the issue which is a mix of fresh issue of equity shares and an Offer For Sale by existing shareholders of the company. Shares of FirstMeridian Business Services will list on the BSE and National Stock Exchange. FirstMeridian Business Services was incorporated in 2018. The public issue of FirstMeridian Services consists of a fresh issue of equity shares worth up to Rs 50 core and an offer for sale aggregating to Rs 750 crore.
In some more IPO news, Paradeep Phosphates, Zuari Agro-Chemicals backed company, has announced a price band for its Rs 1,502 crore IPO, at Rs 39-42 apiece. The issue will open for subscription on 17 May and close on 19 May, while the anchor investor bids will open on Friday, 13 May. The public issue consists of a fresh issue of shares worth Rs 1,004 crore while an offer-for-sale of up to 11.85 crore shares by existing shareholders and promoters. As part of the OFS, selling shareholders — Zuari Maroc Phosphates Pvt Ltd will offload 60.18 lakh equity shares and Government of India will sell up to 11.24 crore equity shares.
Meanwhile, Labour force in India saw a substantial bounce-back in comparison to last month as 88 lakh people joined the labour market in the month of April taking the total count to 4.37 crore, data from the Centre for Monitoring of Indian Economy showed. The increase is because working-age people who were out of the labour force re-joined the labour force last month led by acceleration in manufacturing and services jobs. The latest readings show a four-month high in the monthly increases in the labour force. Along with the rise in the labour force, employment also rose in April, which comes after three consecutive months of decline from January to March.
Moving on. To plug tax evasion and expand taxpayer base, the government has made quoting either the permanent account number or biometric Aadhaar mandatory for depositing/withdrawing Rs 20 lakh or more in a financial year, and opening of a current account in a bank or post office. In a notification dated May 10, the Central Board of Direct Taxes said that the Principal Director General of Income-tax or Director General of Income-tax shall lay down the formats and standards along with procedure for authentication of permanent account number or Aadhaar number. An assessee needs to mention her PAN in all communications with the I-T department and while entering into specified financial transactions. However, there could be situations where a person entering into high-value transactions might not possess a PAN.
In other important development, Election Commissioner Rajiv Kumar was on Thursday appointed as the next chief election commissioner. He will take charge on May 15 after incumbent Sushil Chandra demits office on May 14, a notification issued by the Law Ministry said. Kumar took charge as the Election Commissioner of the Election Commission of India on September 1, 2020. Prior to assuming charge in the Election Commission, Kumar had been the chairman of the Public Enterprises Selection Board. He joined as the PESB chairman in April 2020.
On to the news last segment. The median salary increment this year is likely to be around 8.13 percent as the country recovered from the after-effects of pandemic-related disruptions, as per a report. According to the ‘Jobs and Salary Primer Report for FY2022 by TeamLease’, unlike the last two years, this year most of the job roles from across sectors have been considered for a salary hike, however, the increments will be moderate. Of the 17 sectors reviewed in this report, 14 have indicated a single-digit hike and the median salary increment will be around 8.13 percent. TeamLease Services co-founder and executive vice president Rituparna Chakraborty said that while the increments are yet to reach the double-digit hikes, it is heartening to see that the phase of salary de-growth and stagnation that have been hovering across the job market in the last two years is nearing its end.
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