Morning Buzz: OMC stocks fall on fears of fuel price cut, IIT pay packages hold steady and more
Here are the top business headlines this morning, to get your day started
(File photo)Female staff working at an Indian Oil petrol pump. Image: Debajyoti Chakraborty/NurPhoto via Getty Images
OMC stocks fall on fears of a fuel price cut
Stocks of oil marketing companies were under pressure according to some media reports that prices of petrol and diesel may be cut. OMC stocks had rallied 15-20 percent on account of BJP wins in 3 states as well as the fact that prices have remained untouched for 18 months. The impact of a Rs 5 cut in fuel prices would be Rs 26,000 crore lesser revenues for the OMCs.(Financial Express)
HNIs offer lifeline for startup funding
HNIs and veteran entrepreneurs have made 101 startup investments in 2023. They include Vijay Sekhar Sharma who launched his Rs 30 crore maiden investment fund as well as Nithin and Nikhil Kamath who will allocate as much as Rs 1,000 crore. Others include Honasa Consumer founders Ghazal Alagh and Varun Alagh as well as Dream11 CEO Harsh Jain. The investments come at a time when global venture capital funds have reduced investments in India.(Financial Express)
IIT pay packages hold steady despite dip in hiring
According to Careernet, a talent solutions company, IIT pay packages have been steady despite a dip in hiring. The median CTC stands at Rs 24 lakh and the highest recorded salary was Rs 3 crore. The slowdown in hiring has come mainly in IT services and consulting. Phase 1 saw about 40-45 percent of the class being placed, which is 5 percent less than normal. About 17,800 students have enrolled in IITs with 15,100 signing up for placement.(Economic Times)
Infosys will soon make 3 days work from office mandatory
Infosys has called upon employees to work from office at least 3 days a week. This comes after there was a tepid response to the company’s return to office requests. Infosys has also said it would start charging employees for using the gym and the office bus. Wipro has also warned employees who repeatedly defy its work from office policy and TCS has moved to its normal work from office routine.(Economic Times)
