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New Delhi, Apr 21 () <keyword id="82073" type="COMPANY" weightage="20" keywordseo="Berger-Paints">Berger Paints</keyword> on Tuesday said it is honouring all hiring commitments given to lateral candidates and campus recruits prior to the imposition of nationwide lockdown to fight COVID-19 pandemic. The paints major also said it has decided against any involuntary furloughs or organizational restructuring that may lead to downsizing of headcount and consequent loss of livelihood during this time of widespread uncertainty due to coronavirus pandemic. "Berger has decided that all offers rolled out to campus recruits across India shall be honoured and no offer shall be revoked," the company said in a statement. In light of the uncertainty in the industry on account of the lockdown, campus recruits are being engaged with continuously to assure them of the sanctity of their job offer, it added. Similarly, the company said, "All hiring commitments given to lateral candidates prior to the nationwide lockdown being announced are being honoured and they are being paid salaries with effect from their pre-committed date of joining, even if the same falls within the lockdown window thereby preventing them from actually joining the organization." It further said salaries of all permanent or fixed-term employees have been disbursed in full and on time. "The company has also engaged with its service providers to ensure that salaries of their associates who are deployed in its facilities are also disbursed in a timely manner so that employees do not face any financial hardships on account of the current situation," it added. Commenting on the company's commitment, Berger Paints Managing Director and CEO Abhijit Roy said, "We are like one big but closely knit family and would fight this battle together. These are challenging times and might require small sacrifices from the entire family to sail through the crisis." He further said, "However, there won't be any retrenchments or involuntary furloughs. We are in this together and would emerge stronger as we come out of the COVID-19 crisis." The company said all new joinees are being "on boarded remotely from the comfort of their homes using conferencing tools such as Zoom or Microsoft Teams". Last week (13th April) Berger Paints India Ltd said it has come forward to help its 20,000 odd painting contractors across the country to tide over the coronavirus crisis through financial assistance as the ongoing nationwide lockdown to contain the COVID-19 outbreak is set tobe extended by two more weeks till April-end. The money will help contractors' families to get daily essentials and cater to any emergency at a time when their incomes have taken a hit as all painting activities came to "ascreeching halt with the lockdown in place", the company saidin a statement. The paint maker is providing an advance to them andthe support varies per contractor, it said. The average financial assistance per contractor isaround Rs 5,500, a company official said. Berger has already started the process of transferring money directly into the bank accounts of the contractors who have been associated with the company, the official said. More than 5,000 contractors have already received the financial support last week under the first phase of the programme. "The painting contractors have always been an integral part of the larger Berger family and we feel humbled that weare in a position to support them in this hour of need," thecompany's MD and CEO Abhijit Roy said. He also hoped that the government will take measuresto restart economic activity through ease of restrictions inareas unaffected by the coronavirus pandemic.

Berger Paints will honor all new recruitments and won't be firing even during lockdown

<ul><li>Sequoia Capital-backed <keyword id="3903861" type="PERSON" weightage="20" keywordseo="Indigo-Paints">Indigo Paints</keyword> listed at ₹2607, which is at a 75% premium to the set price band at ₹1,488-1,490 per share.</li><li>The company’s market value expanded to ₹12,188 crore after the listing.</li><li>The ₹1,000 crore share sale concluded with the subscription of a little over 117 times the offer value on January 22.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a></li></ul>It was a blockbuster debut for the ₹1,000 crore initial public offering (IPO) of Sequoia Capital-backed Indigo Paints on the bourses today. The stock listed at ₹2607, which is at a 75% premium to the set price band at ₹1,488-1,490 per share. Within minutes after listing, the shares of Indigo Paints lost nearly 3% of their value and were trading at ₹2521 apiece at 10:05 am in an otherwise robust market. <div type="image" title="IRFC share (1)" msid="80643718" hostid="261"></div> The company’s market value expanded to ₹12,188 crore after the listing. The bumper listing was already on the cards! The <keyword id="10263001" type="UNKNOWN" weightage="20" keywordseo="indigo-paints-ipo">Indigo Paints IPO</keyword> garnered a super response from investors at the time of subscription. The ₹1,000 crore share sale concluded with the subscription of a little over 117 times the offer value on January 22. And, despite the grey market premium fizzling out a bit, the shares commanded a premium of ₹850-900 today. The grey market premium plunged nearly 10% last week after<a href="https://www.businessinsider.in/business/corporates/news/birla-is-making-asian-paints-and-berger-paints-change-colours-and-its-bad-news-for-those-who-got-shares-in-indigo-ipo-too/articleshow/80451063.cms"> Birla Group-owned Grasim announced its foray</a> into the paint business. The entry of a top billionaire like Birla was not a risk investors had factored in at the time of subscription. <div type="image" title="Paint market share (3)" msid="80643634" hostid="261"></div> The IPO was attractively priced, and nearly all brokerages firms had given it a ‘subscribe’ rating as the Pune-based paint maker emerged as a tight competition to much larger peers like Asian Paints and Berger Paints in recent years. Indigo Paints is a relatively small player with a 2% market share, but its profit has grown significantly, nearly four times in the last three years. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/markets-on-fire-post-union-budget-2021-sensex-zooms-over-22000-points-nifty-reclaims-14000-mark/articleshow/80630163.cms" data-type="tilCustomLink">Markets on fire post Union Budget 2021: Sensex zooms over 2,200 points, Nifty reclaims 14,000 mark</a> <a href="https://www.businessinsider.in/budget/news/india-budget-2021-updates-and-highlights-from-nirmala-sitharaman-speech/articleshow/80624564.cms" data-type="tilCustomLink">Union Budget 2021 highlights: Pensioners over 75 years need not file IT returns, says FM</a>

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