The highest outflows were seen in liquid funds, at Rs 50.4 billion. (File) Investing in equity mutual fund has become more popular in recent years. The steady inflow of SIP (Systematic Investment Plan), flows to the capital market saw the largest outflows of Rs 50.4 billion. This compares with December’s inflows of Rs 135.7 bn. This is a significant increase in inflows compared to December’s Rs 135.7 bn. Mutual funds may believe that Adani Ports is the only Adani Stock worth looking at. The December 2022 figure was Rs 4,660 bn. The largest equity fund in India was Rs 4,582 bn. It held Rs 2,411 bn of equities as of January 20,23. The December 2022 figure was Rs 2,418 bn. This fund was second in equity fund houses with Rs 2,411 bn in equities. The December 2022 figure was Rs 2.172 bn. Only Adani Ports, out of the 10 Adani listed companies, saw decent buying, while other mutual funds saw selling. This was triggered by the Hindenburg Research Report. Adani group stocks began to fall in January 2023. Despite the selloff, there was a lot of buying and selling in the last week. We will continue to monitor the trend for mutual fund buying and sales in February 2023. The above article is based on data from PersonalFN. PersonalFN is a Mumbai-based personal finance company that offers financial planning and mutual fund research services. This article is not intended to be a stock recommendation. This article is syndicated from Equitymaster.comFeatured Video Of The DayRBI Proposes Allowing All Inbound Travellers to Use UPI for Merchant Payments in India

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New Delhi:

Wipro’s move to cut salary offers to freshers awaiting onboarding by almost 50 per cent under one programme has been termed “unjust” and “unacceptable” by employees union NITES, which demanded that the IT company should reconsider its decision.

Wipro’s decision reflects the global macro economic uncertainties and the challenges in the demand environment for tech companies, say market watchers.

The Bengaluru-headquartered IT services major, Wipro, recently reached out to candidates to whom it had earlier rolled out an offer of Rs 6.5 lakh per annum (LPA), and asked them if an offer of Rs 3.5 in annual compensation would be acceptable to them, instead. These candidates were reportedly waiting to be onboarded.

IT sector employees union NITES has slammed the move, saying the decision is “unjust” and “goes against the principles of fairness and transparency”. NITES has demanded that the management reconsiders its decision and engages in meaningful dialogue with the union to find a mutually beneficial solution.

Wipro, in a recent communication to candidates who have successfully completed Velocity training programme, said: “Like others in our industry we continue to assess global economies and customer needs which factor into our hiring plans. We appreciate your commitment and patience as we try to identify joining opportunities for you.” Wipro went on to say that “currently we have certain project engineer roles available for recruitment with annual compensation of Rs 3.5 lakh. We would like to offer all our Velocity graduates in FY23 batch an opportunity to opt for these roles.” When contacted on the issue, Wipro in response to an e-mail query said: “In light of the changing macro environment and, as a result, our business needs, we had to adjust our onboarding plans.” “As we work to honor all outstanding offers made, this current offer creates an immediate opportunity for candidates to start their careers, build their expertise and acquire new skills – both through the interesting and innovative work that we do, as well as our extensive learning and development programmes,” Wipro said.

Wipro said it is committed to the growth and success of all its employees and looks forward to welcoming this new group of recent graduates.

Meanwhile, IT sector employees union NITES (Nascent Information Technology Employees Senate) said it strongly condemns Wipro’s “unethical” move to reduce the salaries of employees awaiting joining from a package of 6.5 lakh per annum to 3.5 lakh per annum.

“The decision to cut the salaries of the employees without prior consultation and negotiation is not only unjust but also goes against the principles of fairness and transparency. It is unacceptable that the burden of the company’s financial troubles is being placed solely on the shoulders of the employees,” Harpreet Singh Saluja, President of NITES, said.

NITES has demanded that the management reconsider its decision and engage in meaningful dialogue with the union to find a mutually beneficial solution.

“We will not stand by while the rights and dignity of our members are being violated,” Mr Saluja said.

ReportMUMBAI: India’s financial regulators may not comply with Europe’s demands. Two sources say that Indian financial regulators are unlikely give their European counterparts supervisory and auditing power over domestic clearing corporations and expect them extend an April 2023 deadline for compliance to new norms. “Nobody wants the cliff to fall on them.” The official declined to identify himself. “While the ESMA has extended it until April, they will probably increase this even further. This could go on for a few years, but they don’t want to give a few years right away because that would take the pressure off everyone.” he said. “With reference to their jurisdiction, they can take whatever decision they want, but when their entities operate in our jurisdiction and want the same powers here that they have here, that’s strange, unfair and unacceptable,” he said. Sources said that the RBI, the Securities and Exchange Board of India (RBI) and the Securities and Exchange Board of India (SXB) would not be able allow the ESMA to access Indian entities. However, they would be able do bilateral trades and not through clearing houses. “This is now being discussed at a ministerial level and will only be resolved at a government-to-government level but I don’t see this as being a stumbling block,” the first source said.Featured Video Of The DayWhat Google Said After Facing Rs 936 Crore Fine In India

There will be little relief for the Indian rupee in the near term, as it is likely to fall further. ReportBENGALURU: The rupee will not recover its recent losses against the US dollar in the coming year due to the widening interest rate gap and worsening current account deficit. The rupee is likely to continue falling in the short term, despite the RBI using its dollar reserves to support it. Forecasts ranged from 83.00 to 84.20/$. According to Sakshi Gupta (principal economist at HDFC Bank), “The Fed’s communication of Wednesday is likely set the course for both the dollar and the rupee over coming weeks.” “Continued hawkish commentary could add pressure on the rupee,” she added.That means the RBI, which has hiked its repo rate by 190 basis points this year and is expected to add only 50 basis points more in the current tightening cycle, will likely draw down its currency reserves further.Those reserves, already depleted by around $118 billion from a peak of $642 billion over a year ago, were forecast to fall to $510 billion by the end of this year, according to a separate Reuters survey.Already-elevated oil prices – a key factor behind India’s worsening current account deficit – are unlikely to ease anytime soon, putting further pressure on the currency.The current account gap was expected to end the fiscal year at its widest in a decade.Against that backdrop, the rupee was expected to gain only 1.5 per cent over the coming year to 81.5/$, coming nowhere close to reversing this year’s double-digit loss.Over one-third of strategists expected the currency to hit an all-time low at some point over the next 12 months. “USD/INR could push toward 85 on account of additional USD strength and the need for effective exchange rate to come off to address the wider funding gap,” stated Samiran Chakraborty (City’s chief economist for India).

Stock Market India: Sensex rises more than 350 points on global stocks rally. Indian stocks rose on Thursday as investors believe that the Federal Reserve and other central bank central banks may reduce their aggressive rate-hike policies. According to Taylor Nugent, a Markets Economist at National Australia Bank, Sydney, yields are generally lower worldwide as expectations for central bank tightening have been reduced a bit more. Despite the difficulties for stock market investors, these signs suggest that less drastic monetary tightening may be on the horizon. The Bank of Canada raised interest rates Wednesday by a smaller margin than expected, supporting the theory that the Federal Reserve is approaching a downshift. But not everyone is convinced. “The only thing that will give them pause is signs that inflation has subsided, and we are not quite there,” Nancy Daoud, a Private Wealth Advisor at Ameriprise Financial, said in an interview with Bloomberg TV. They will not change their minds and raise rates in November, and again in December.”