Posted by Yogesh on Thursday, 23 October, 2008
NEW DELHI: It’s not going to be a happy Diwali for people working in the real estate industry. Even as sales failed to pick up this festive season, most realty firms including DLF, Unitech, Omaxe, Parsvnath and BPTP, now plan to lay off staff in significant numbers soon after Diwali.
While spokespersons of all these companies denied there were plans to cut jobs or salaries, executives in these companies told ET that job cuts were in the offing and salaries have been delayed in some of these companies.
“All real estate players, including us, will have to reduce manpower cost significantly if we are to survive in the current hostile market conditions,” says a top executive at a Delhi-based listed mid-size realty firm, which plans to reduce manpower by almost 20%. The job cuts will start happening soon after Diwali. Read the rest of this entry »
Posted in Corporate News | 2 Comments »
Posted by Yogesh on Thursday, 23 October, 2008
MUMBAI: Rupee continued its slide and hit a new record low of 49.85 against the US dollar in morning trade today on sustained buying in the green
back amid renewed fears of a global recession.
The Indian currency fell by 55 paise from its overnight close partly because of absence of any intervention by the central bank.
Asian equity markets fell to their four-year low this morning on fears that a global slowdown will adversely impact the corporates’ performance.
The dollar also hit a two year high against the basket of currencies in early trade in overseas markets.
In quiet trade at the Interbank Foreign Exchange (forex) market, the domestic currency resumed lower at 49.68/70 a dollar against its last close of 49.30/31 a dollar and fell further to a new intra-day low of 49.85 a dollar in late morning deals.
Forex dealers said foreign banks were continuously buying dollar amid speculation that rupee may breach 50-level against the dollar shortly.
Fears of increased capital outflows continued to weigh on the rupee sentiment.
Indian benchmark indices this morning tumbled to more than 28-month low of 9,681.28, a fall of over 488 points. Source The Economic Times
Posted in Personal Finance | 1 Comment »
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