Business News: IT Hiring Leads, Sensex Soars, SBI Projects Growth, Political Updates

Freshers' demand up by 5 per cent in six months, IT and staffing still lead job postings. Overall hiring sees an 11% jump y-o-y, driven by Production/Manufacturing (47 per cent), Home Appliances (35 per cent), and Healthcare (29 per cent).Telecom jobs see a 9% increase. Agro-based, Shipping, FMCG, Import/Export show a dip. Tier-2 cities like Kochi, Coimbatore, and Jaipur outpaced the metros in hiring as these cites have developed improved infrastructure and quality of life. Demand was seen in metro cities for IT and advertising. Salaries in tier-2 cities were still competitive but slightly lower compared to the metros.

Tuesday, the equities touched all-time highs with BSE Sensex touching 77327 and Nifty50 at 23574. The indices added 300 and 110 points respectively. MidCap and SmallCap of BSE gained while the Nifty Pharma fell a bit. Global equities continued their momentum with gains in ASX200 of Australia, Japan's Nikkei as well as Kospi of South Korea. Plans to list its India unit boosted Hyundai stocks by 1.8%. The S&P 500, Nasdaq composite, and the Dow Jones all closed higher in US equities.

SBI expects 14-15% loan growth in FY 2024-25, driven by economic growth, inflation, and lending opportunities, according to Chairman Dinesh Kumar Khara. The bank’s deposits grew by 11% last year, with room for further growth. SBI's loan-to-deposit ratio is 68-69%, and recent interest rate hikes aim to boost deposit growth. The Net Interest Margin (NIM) is projected to remain stable, and efforts are underway to reduce Non-Performing Assets (NPAs). Gross NPA improved to 2.24%, and net NPA to 0.57% in FY24.

The Congress had readied its strategies for a session in Parliament—the first after the 2024 Lok Sabha election—much of which was being taken care of by its formidable trio: Rahul Gandhi, Kishori Lal Sharma, MP from Amethi, and Priyanka Gandhi. While it is going to be Rahul at the center in their narrative against PM Modi, Congress got an added firepower in Priyanka victory in Wayanad. Like the challenges thrown by UPA-II, the Congress now proposes an attack on some main BJP leaders to dent morale of the ruling party and project the government at the Centre as ineffective. A real test, however, is the parliamentary battle lying ahead.

Bihar CM Nitish Kumar's JD(U) Sitamarhi MP Devesh Chandra Thakur kickedback controversy by expressing his grieftime over not getting the votes of Muslims, Yadavs, Suris, and Kalwars. In a viral video, he expressed frustration by saying he would not help any community that has not voted for him. He did so specifically regarding Muslims and Yadavs despite treating them with respect. RJD spokesperson Bhai Virendra and BJP's Nikhil Anand angrily reacted to the statement, saying it fanned casteism. The JD(U) also rallied behind Thakur, insisting that he was articulating disappointment and not intention to discriminate.

According to reports, Prime Minister Narendra Modi is likely to visit Varanasi and thank voters, coupled with announcing Rs 20,000 crore under the PM Kisan Samman funds. In Maharashtra, on the other hand, BJP suffered a setback as their Lok Sabha tally slipped from 23 to nine seats, while their allies Shiv Sena won seven and NCP only one seat. Crucial decisions on revamping strategy lie ahead of the party as Assembly elections are drawing near.