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Morning Buzz: Indians may get the highest pay hikes in the Asia-Pacific region; Ola's loss narrows to Rs1,082 crore, and more
The median pay hike is expected to be 9.7 percent compared to 9.5 percent last year. Sales for Ani Technologies, which runs Ola Cabs, are up from Rs1,220 crore to Rs1,987.5 crore
Ani Technologies, which runs Ola Cabs, has seen its loss narrow to Rs1,082 crore in FY23.
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Ola’s loss narrows to Rs1,082 crore
Ani Technologies, which runs Ola Cabs, has seen its loss narrow to Rs1,082 crore in FY23. In FY22, the figure was Rs3,082 crore. Sales were up from Rs1,220 crore to Rs1,987.5 crore. Ani also has other units like Ola Financial, Ola Fleet and Ola Stores. The consolidated net loss was Rs772 crore. In contrast, rival Uber’s net loss was Rs322 crore.(Economic Times)
Airlines need 20 percent more pilots to comply with new rules
New duty rules announced by the Directorate General of Civil Aviation could mean that airlines need 20 percent more pilots to comply with them. Weekly rest periods have been increased from 36 hours to 48 hours. Other restrictions include those put on night duty, and the number of landings pilots can make when their duty timings continue during the night. The definition of night has also been amended from midnight to 6 am from the earlier midnight to 5am.(BusinessLine)
JSW starts the process of listing cement unit
JSW Cement has reached out to investment bankers to advise it on an IPO. JSW Cement had raised Rs1,500 crore from Apollo Global Management and Synergy Metals Investment Holding in 2021. The firm is looking at an IPO in 2024 and could dilute 10 to 15 percent of its holding. If the IPO goes through, it would be the biggest in the sector after the Rs5,000 crore IPO by Nuvoco Vistas.(Financial Express)
Indians may get the highest pay hikes in APAC
Indian employees are likely to get the highest pay hikes in the Asia-Pacific region this year with the median pay hike at 9.7 percent compared to 9.5 percent last year. Vietnam comes in second with a 6.7 percent pay hike followed by Indonesia at 6.5 percent. Japan is likely to see the lowest hikes at 2.5 percent. Top performers are likely to get up to two times the average hikes.(Economic Times)
