Crisis-hit <keyword id="19987725" type="General" weightage="20" keywordseo="spicejet" source="keywords">SpiceJet</keyword> plans to hand out pink slips to at least 1,000 employees in the coming days as the airline works to significantly reduce costs and streamline operations of its depleted aircraft fleet, officials said on Monday. Faced with financial woes, legal battles and other headwinds, the no-frills carrier might ask more staff to leave as there is excess manpower now compared to the number of planes in service. A final decision on the quantum of layoffs is expected this week, one of the officials in the know said. When contacted, a SpiceJet spokesperson said the airline has initiated several measures, including manpower rationalisation, for achieving profitable growth but did not provide any numbers. The airline has around 9,000 employees and is now looking at reducing the strength by 10-15 per cent, the official said, adding that layoffs are necessary to reduce the overall costs and annual savings could be up to Rs 100 crore. A reduction of 15 per cent would mean around 1,350 people will lose their jobs. The second official in the know said that layoffs are expected across departments and the final list is being prepared. People from the management and consultancy are working on chalking out the contours of letting staff leave, and all the departments have been asked to give their inputs, the official added. There was no official comment from SpiceJet on the proposed job cuts. The second official explained that the airline has stopped operations on certain RCS (Regional Connectivity Scheme) routes and at those stations, there is excess manpower, especially staff with lower salaries. Relocating such people will be a challenge, the official noted. Currently, SpiceJet has a fleet of little over 30 aircraft apart from 10 planes that are on wet lease. "As part of our turnaround and cost-cutting strategy, following the recent fund infusion, SpiceJet has initiated several measures, including manpower rationalisation, aimed at achieving profitable growth and positioning ourselves to capitalise on the opportunities in the Indian aviation industry. "Through this initiative alone, we anticipate an annual saving of up to Rs 100 crore," the airline spokesperson said in a statement. During a meeting with the airline's senior officials last month, SpiceJet Chairman and Managing Director <keyword id="19916067" type="General" weightage="20" keywordseo="ajay-singh" source="keywords">Ajay Singh</keyword> emphasised the importance of judicious spending and that he will personally oversee all major expenditures. The carrier will prioritise fleet upgrades, enhance on-time performance and cost-cutting measures will be implemented to streamline operations, according to an internal note last month. SpiceJet, which has undergone multiple ownership changes since inception and is currently helmed by Ajay Singh, is in the process of raising funds from various investors. On January 26, the carrier announced that it has received Rs 744 crore as the first tranche of the total Rs 2,250 crore proposed to be raised through the issuance of securities on a preferential basis. There were reports that there has been a delay in raising the requisite funds. The airline has also availed funds worth around Rs 1,000 crore under the government's Emergency <keyword id="20097541" type="General" weightage="20" keywordseo="credit-line-guarantee-scheme" source="keywords">Credit Line Guarantee Scheme</keyword> (ECLGS) and Singh has committed to infuse Rs 500 crore. In recent times, SpiceJet also witnessed lessors taking legal recourse to take back their leased aircraft due to non-payment of dues. <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> is one of the world's fastest growing civil aviation markets and the domestic air traffic is on an upward trajectory. However, SpiceJet has been struggling for sometime now. In 2023, the carrier flew 83.90 lakh passengers and had a domestic market share of 5.5 per cent. SEE ALSO:<a href="https://www.businessinsider.in/tech/news/wd-black-sn850x-ssd-review/articleshow/107557627.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/wd-black-sn850x-ssd-review/articleshow/107557627.cms" target="_blank">WD Black SN850X SSD review – a reliable gaming SSD</a> <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-open-review/articleshow/106961567.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-open-review/articleshow/106961567.cms" target="_blank">OnePlus Open review – Feature-packed foldable in a premium design</a><a href="https://www.businessinsider.in/tech/mobile/news/vivo-x100-review-top-end-camera-centric-smartphone-with-sleek-design/articleshow/106539033.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/vivo-x100-review-top-end-camera-centric-smartphone-with-sleek-design/articleshow/106539033.cms" target="_blank">Vivo X100 review – Top-end camera centric smartphone with sleek design</a>

Crisis-hit SpiceJet plans to hand out pink slips to at least 1,000 employees

<ul><li>50%-60% of hiring managers consider learning through online courses as an important part of their recruitment process. </li><li>Candidates need to self-assess skills and experience that they already possess and look at skills they want to develop. </li><li>Employees should evaluate the course content and decide whether it aligns with their current and future career goals. </li></ul>While 2021 and 2022 were characterized by the great resignation, 2023 could very well be the time of great <keyword id="6357067" type="General" weightage="100" keywordseo="layoffs" source="Orion">layoffs</keyword>. Recently layoffs have been common especially in the tech sector, with thousands of employees laid off and in lookout for a job, while others are living in the fear that they may be laid off too when the axe falls again. In such a circumstance, employees would do well to upskill so that they can bring more value to their organizations. A recent <keyword id="3554713" type="General" weightage="50" keywordseo="Upskilling" source="Orion">Upskilling</keyword> Trends Report 2023, by Great Learning, a professional learning platform, highlights that upskilling helped 43% of professionals gain career growth in their own organization, while 23% were able to switch to a different domain and 18% were able to secure a new job. “Ideally, the trigger for reading and continuously learning should happen well before the possibility of a layoff. That way you are already prepared. Most industries and functions are in the midst of a technology disruption. A good place to start would be to understand how technology is disrupting your sector and how you can leverage technology to improve your productivity and organization’s competitive advantage,” says Arjun Nair, Co-Founder, Great Learning. E-learning is a great way to acquire new skills, as it gives candidates access to some of the best trainers and teachers in a specific field. “New-age skills acquired from reputed online learning platforms are of great value and employers definitely provide an edge to candidates with such learning experiences. In fact, around 50%-60% of hiring managers consider learning experiences through online courses as an important part of their recruitment process,” says Sanjay Shetty, Director, Professional Search &amp; Selection, and Strategic Accounts, Randstad India, a recruitment agency. <cmsannotation type="cmsannotation" annotationid="Know where you stand" comment="subhead2" text="Know where you stand">Know where you stand</cmsannotation> “Firstly, candidates have to go back to the ancient Greek Delphic maxims - ‘know thyself’,” says Rituparna Chakraborty, Co-Founder and Executive Director, TeamLease Services, a staffing and human resources firm. Candidates have to self-assess skills and experience that they already possess. They have to list down the skills they own, want to develop and how they can gain the skills from different channels/sources needed for the job they aspire for. There are various tools or organizations that offer these services that you can leverage, which are worth investing in. One can also look at job postings where one might be interested in applying going ahead. Looking at these job descriptions will help one understand what skills one should add to their portfolio. As a fresher, you may not have much experience or knowledge about your field, so it's essential to focus on developing foundational or technical skills relevant to your industry. “You can start by assessing your current skill set and identifying any areas where you lack knowledge or expertise. Once you have a better idea of your skill gaps, you can then look for courses or programmes that offer an overview of the industry or job role you're interested in,” says Harsh Bharwani, CEO &amp; Managing Director of Jetking Infotrain, a computer networking institute. If you are in a job, it is important to map your career competencies and aspirations before you venture out to pursue paid courses, in particular.. “Consult career transition experts and, if available, career coaches, as well as peers, mentors, and industry experts who can advise you on the nuances of relevance and scalability and teach you from their successes and failures,” says Manu Saigal, Director - General Staffing, Adecco India, an HR services and recruiting company. <cmsannotation type="cmsannotation" annotationid="Choose the right course" comment="subhead2" text="Choose the right course">Choose the right course </cmsannotation> The choice of a course will be a function of one’s aspirational career path and where they stand at present . “You must be sure that the courses you are taking shall improve your probability of success and will add resilience. Employers are looking at employees who can be put to multiple job roles and hence possess a variety of skills – sometimes diagonally opposite,” says Shantanu Rooj, Founder &amp; CEO, TeamLease Edtech. For example, software engineers with understanding of psychology would be a great combination! So one approach is to identify skills and competencies that can assist you in advancing in your career or provide you with a competitive advantage in obtaining a promotion. Always look at who is providing and who is teaching the course. Value of the course will depend on the instructor, content, and provider (in that order). “Finally, work towards applying the learning from the course on the job. Remember, courses do not make you employable, they help you develop those skills that make you employable. In your resume, focus on how the courses helped you in your job,” says Prof. Niraj Mankad, associate professor, operations, FLAME University. While a course offered by a reputed university like Harvard may hold more value, you need to assess and evaluate the course contents and how relevant it is to your industry and whether it aligns to their current and future goals. One way to find out more about a course is to connect with people on Linkedin who have already taken the same course and ask them how the course has benefited them in terms of learning and career opportunities. When choosing a course, it is important to strike the right balance between hard skills and soft skills. “Today, aspirants should focus on developing a combination of soft and hard skills as both are equally important in today's employment landscape,” says Shetty. For example, in the field of digital marketing, hard skills such as search engine optimization, pay-per-click advertising, and web analytics are important, but so are soft skills such as communication, creativity, and critical thinking. On the other hand, an IT professional needs to be adept in hard skills including Java, DevOps, MySQL, etc. as well as soft skills such as communication, teamwork, time management, and adaptability. Constant re-skilling and upskilling is thus extremely crucial to remain employable and competitive in today’s rapidly evolving job market. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/dr-reddys-acquires-mayne-pharmas-usa-prescription-portfolio-for-105-mn/articleshow/98265086.cms">Dr Reddy's acquires Mayne Pharma's USA prescription portfolio for $105 Mn</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/adani-ports-spicejet-interglobe-aviation-among-stocks-to-watch/articleshow/98261988.cms">Sensex, Nifty50 likely to open in the red amid negative global cues: Adani Ports, SpiceJet, InterGlobe Aviation among stocks to watch</a>

This layoff season, upskill to stay afloat say experts

<ul><li><keyword id="6358032" type="General" weightage="100" keywordseo="spicejet" source="Orion">SpiceJet</keyword> aircraft flying from Delhi to Dubai made an <keyword id="6354987" type="General" weightage="20" keywordseo="emergency-landing" source="Orion">emergency landing</keyword> at Karachi airport due to technical fault, today.</li><li>The airline has arranged another aircraft from Mumbai to pick up the passengers at Karachi airport and take them to Dubai at 1:30 p.m.</li><li>This is the sixth such incident for the airline in the last three months.</li></ul>SpiceJet SG-11 flight, which was flying from Delhi to Dubai, made an emergency landing in Karachi (Pakistan) after developing a technical fault. However, all passengers on board are safe, according to news agency ANI. The airline has arranged another aircraft from Mumbai to pick up the passengers at Karachi airport and take them to Dubai at 1:30 p.m. “On July 5, 2022, SpiceJet B737 aircraft operating flight SG-11 (Delhi-Dubai) was diverted to Karachi due to an indicator light malfunctioning. The aircraft landed safely at Karachi and passengers were safely disembarked. No emergency was declared and the aircraft made a normal landing. There was no earlier report of any malfunction with the aircraft. Passengers have been served refreshments,” said a SpiceJet <a href="https://timesofindia.indiatimes.com/business/india-business/spicejet-delhi-dubai-flight-lands-in-karachi-following-snag/articleshow/92672403.cms">official</a>. This is the sixth such incident for the airline in the last three months. Just a few days back, on July 2, a Jabalpur bound SpiceJet flight made an emergency landing in Delhi airport after smoke was discovered in the cabin as it was flying at an altitude of 5,000 feet. Yet, all its passengers were safe. The frequency of ‘safety incidents’ of SpiceJet have become a cause for concern. Two incidents were reported on June 19 alone — a Delhi-bound flight carrying over 185 passengers caught fire soon after take off from Patna airport and had to make an emergency landing. The airline clarified that a bird hit had damaged their fan blades. In the month of May, SpiceJet came in second in terms of flight cancellations, according to a report by regulator Directorate General of Civil Aviation (DGCA). The notorious top spot is occupied by Gurugram-based Fly Big airline. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/spicejets-safety-is-not-the-only-problem-its-cancellations-and-complaints-are-high-too/articleshow/92647896.cms">SpiceJet’s safety is not the only problem, it’s cancellations and complaints are high too</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/utkarsh-leadsquared-happylocate-cybersecurity-vivifi-india-startups-are-on-a-hiring-spree/articleshow/92672295.cms">Amid the layoff season, these five startups are on a hiring spree</a>

SpiceJet flight makes an emergency landing again – sixth incident in 3 months

<ul><li>India Inc is now preparing for a long funding winter that can last anywhere between 12 months to 24 months.</li><li>The companies are now looking to extend their runway by the means of layoffs, freezing hiring and cutting down on marketing expenses.</li><li>About 10,000 employees from startups like Ola, Unacademy, Vedantu, Meesho, Cars24 and others have lost their jobs so far.</li></ul>The anticipation of a rough funding winter may make Indian startups more conscious about their spending habits, according to several analysts and industry experts Business Insider India spoke with. While the newer players will be forced to do it, it may come off as a choice for heavily backed players, We Founder Circle’s cofounder Gaurav Singhvi said. Madhur Singhal, managing partner and CEO of Praxis Global Alliance, specified that some companies operating in the healthtech, ecommerce, and direct-to-consumer (D2C) would be able to use their cashflow much more efficiently, leadin to lower cash burn rate. “It will be difficult for edtech and social commerce to reduce cash burn because the pace of new customer acquisition must be maintained to support growth,” Singhal told Business Insider. But again, it’s not the same for all. Singhvi <a href="https://www.businessinsider.in/business/startups/news/the-worst-for-indian-startups-is-yet-to-come-be-prepared-for-layoffs-unicorn-slowdown-and-startup-shutdowns-in-2022/articleshow/91681195.cms">added </a>that this funding winter would have the biggest impact on the young startups that are yet to establish their market. There will be less liquidity in the market — not ‘no liquidity’ — so the investors will choose to invest in well-established, heavily-backed startups. However, it would create a new age of investors and entrepreneurs who are more conscious about their spending. The change will be because of will and not force, he noted. There may not be any change coming from the publicly listed companies like Zomato, Paytm, PolicyBazaar, Delhivery and others as the value consciousness is always there once the company is listed on the stock exchange, Singhvi added. <cmsannotation type="cmsannotation" annotationid="Slimmer teams, marketing budget may now be a popular choice" comment="subhead" text="Slimmer teams, marketing budget may now be a popular choice">Slimmer teams, marketing budget may now be a popular choice</cmsannotation> India Inc — which was<a href="https://www.businessinsider.in/business/startups/news/2021-indias-year-of-the-unicorn-and-its-many-high-points/slidelist/88528773.cms"> basking in the glory of an undisrupted flow of funding and expensive valuations last year</a> — is now preparing for a long funding winter that can last anywhere between 12-24 months. The first signs of this can be seen in the extensive layoffs and reduction in hiring activities amongst startups. About 10,000 employees from startups like Ola, Unacademy, Vedantu, Mobile Premier League (MPL), Meesho, Cars24 and others have lost their jobs so far. In total, <a href="https://www.businessinsider.in/business/startups/news/60000-jobs-in-startup-companies-may-lose-their-jobs-this-year-in-india-experts-say/articleshow/91804572.cms">60,000 are expected </a>to be out of work this year. This is only one way for these companies to reduce their cash burn rate. The other would be cutting down on marketing expenses. “Funded companies looking at inorganic growth may also slow down their pace of acquisitions to conserve cash,” Neha Khanna, director at management consultancy firm ValPro, said <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"><colgroup></colgroup><col /><col /><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Startups </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cash Burn </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Meesho </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><a href="https://economictimes.indiatimes.com/tech/startups/meesho-looks-to-cut-costs-extend-cash-runaway-with-new-seller-policies/articleshow/91947322.cms">$46 million</a> per month </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ola </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><a href="https://yourstory.com/2021/11/ola-b3-credit-rating-moodys/amp#:~:text=According%20to%20Moody's%2C%20a%20high,%2C%202021%20(FY%202021).">$73 million</a> as on March 31, 2021 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Unacademy </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><a href="https://economictimes.indiatimes.com/tech/startups/unacademy-lays-off-around-1000-employees-as-edtech-major-begins-a-massive-cost-cutting-exercise/articleshow/90703708.cms">$15 million</a> per month </td></tr></tbody></table>Source: Media reports Startups contributed around 11 percent to the overall AdEx in 2021, which stood at around ₹74,000 crore as per industry estimates. The companies have now been <a href="https://www.moneycontrol.com/news/business/startup/storyboard18-ad-spends-dip-as-startups-slash-marketing-budgets-8611681.html">slashing their budgets</a> to increase their runway. <a href="https://www.moneycontrol.com/news/business/startup/startups-prioritise-performance-marketing-over-brand-building-8639361.html">Reports </a>also suggest that companies are spending on performance marketing that can bring them instant results, instead of focusing on brand building. <cmsannotation type="cmsannotation" annotationid="What can startups do?" comment="subhead" text="What can startups do?">What can startups do?</cmsannotation> Shahan Sud, an investment banker-turned-VC, elaborated that the companies should focus on reducing their customer acquisition costs and surround themselves with an honest team that can help the entrepreneurs sail past this situation and get a reality check on their position in the market. The companies can “use capital frugality to ensure creative low-cost marketing campaigns, focus on their core business, and selectively hire a hero team (rather than hiring for non-core business verticals) to help them scale their core business,” he said, adding that a healthy mix of this can help shareholders navigate startups for the next 18 months. Singhvi of We Founder Circle explained that several startups have ignored their bottom line for a long time and the investors are now putting pressure on these companies to focus on their finances and numbers. “Revenue is all good but now they are looking at profitability and long term sustenance,” he added. “Bear markets call for prudent measures for running any startup. While these are challenging times, not only owing to a funding crunch but also inflation and a squeeze on the supply chain, it would help startups build lean operations to achieve better unit economics for products they’re building,” ValPro’s Khanna elaborated. SEE ALSO <a href="https://www.businessinsider.in/india/news/spicejet-hiked-its-ticket-prices-indigo-and-others-might-follow-suit/articleshow/92251751.cms" style="">SpiceJet hiked its ticket prices; Indigo and others might follow suit</a> <a href="https://www.businessinsider.in/business/news/ready-to-take-off-rakesh-jhunjhunwalas-akasa-air-receives-its-first-boeing-aircraft/articleshow/92247189.cms" style="">Ready to take off – Rakesh Jhunjhunwala's Akasa Air receives its first Boeing aircraft</a> <a href="https://www.businessinsider.in/business/ecommerce/news/amazon-flipkart-and-myntra-sales-all-unaffected-by-low-consumer-sentiment/articleshow/92245806.cms" style="">Amazon, Flipkart and Myntra sales – all unaffected by low consumer sentiment</a>

Tough times will make startups go for ‘hero teams’, slash ad budgets and focus on profits

Around 50.07 lakh domestic passengers <keyword id="11854472" type="UNKNOWN" weightage="20" keywordseo="travelled-by-air">travelled by air</keyword> in <keyword id="19577" type="ENTERTAINMENT" weightage="20" keywordseo="july">July</keyword>, 61 per cent higher than the 31.13 lakh who travelled in <keyword id="6403864" type="UNKNOWN" weightage="20" keywordseo="june">June</keyword>, the country's aviation regulator said on Friday. According to the Directorate General of Civil Aviation (<keyword id="6354787" type="ORGANIZATION" weightage="20" keywordseo="DGCA">DGCA</keyword>), 21.15 lakh people and 57.25 lakh had travelled within the country by air in May and April, respectively. The sudden drop in domestic air traffic in May was due to the second wave of the COVID-19 pandemic that had badly hit the country and its aviation sector. While IndiGo carried 29.32 lakh passengers in July, a 58.6 per cent share of the domestic market, <keyword id="6358032" type="CITY" weightage="20" keywordseo="SpiceJet">SpiceJet</keyword> flew 4.56 lakh passengers, accounting for a 9.1 per cent share of the market, according to the data shared by the DGCA. Air India, Go First (previously known as GoAir), Vistara and AirAsia India carried 6.7 lakh, 3.42 lakh, 4.07 lakh and 1.65 lakh passengers, respectively, in July, the data showed. The occupancy rate or the load factor of the six major Indian airlines was between 53.6 per cent and 74.6 per cent in July, it stated. The occupancy rate for SpiceJet was 74.6 per cent in July, the DGCA noted. The occupancy rates for IndiGo, Vistara, Go First, Air India and AirAsia India were 66.2 per cent, 69.2 per cent, 67.1 per cent, 64.3 per cent and 53.6 per cent, respectively, it added. The aviation sector has been significantly impacted due to the travel restrictions imposed in India and other countries in view of the pandemic. India resumed domestic passenger flights on May 25 last year after a gap of two months due to coronavirus. Indian airlines are allowed to operate a maximum of 72.5 per cent of their pre-pandemic domestic flights. The DGCA data mentioned that in July 2021, IndiGo had the best on-time performance of 97.3 per cent at four metro airports -- Bengaluru, Delhi, Hyderabad and Mumbai. AirAsia India and Vistara were at the second and third positions at these four airports in July with 96.8 per cent and 95.1 per cent on-time performance respectively, the DGCA said. All airlines in India have opted for cost-reducing measures such as pay cuts, leave without pay and layoffs in order to tide over the coronavirus-induced crisis SEE ALSO <a href="https://www.businessinsider.in/business/news/paytm-ipo-former-one-97-communication-director-urges-sebi-to-stall-the-public-issue/articleshow/85293132.cms">Paytm IPO: Former One 97 Communication director urges SEBI to stall the public issue</a> <a href="https://www.businessinsider.in/tech/news/windows-11-microsoft-rolling-out-updated-snipping-tool-calculator-and-mail-apps/articleshow/85292943.cms">Windows 11 Microsoft rolling out updated snipping tool, calculator and mail apps</a> <a href="https://www.businessinsider.in/business/corporates/news/infibeam-avenues-is-looking-to-acquire-a-point-of-sale-company/articleshow/85292156.cms">INTERVIEW: Infibeam Avenues is looking to acquire a point-of-sale company</a>

Over 50 lakh Indians travelled by air in July, 61% higher than June

The <keyword id="6355302" type="General" weightage="20" keywordseo="rupee" source="Orion">rupee</keyword> depreciated 19 paise to 82.94 against the US dollar in early trade on Monday, weighed down by a strong American currency and a muted trend in domestic equities. At the interbank foreign exchange, the domestic unit opened weak at 82.87 against the dollar, then fell further to 82.94, registering a decline of 19 paise over its last close. In the previous session on Friday, the rupee settled at 82.75 against the dollar. The <keyword id="75201" type="General" weightage="20" keywordseo="dollar-index" source="Orion">dollar index</keyword>, which gauges the greenback's strength against a basket of six currencies, rose 0.04 per cent to 105.25. Forex traders said the Indian rupee depreciated on weak domestic markets and a positive greenback. Rebound in crude oil prices also weighed on the rupee. Meanwhile, Brent crude futures, the global oil benchmark, declined 0.38 per cent to USD 82.84 per barrel. In the domestic equity market, the 30-share BSE Sensex was trading 159.67 points or 0.27 per cent lower at 59,300.22. The broader NSE Nifty declined 46.90 points or 0.27 per cent to 17,418.90. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Friday as they offloaded shares worth Rs 1,470.34 crore, according to exchange data. On the domestic macroeconomic front, India's forex reserves dropped by USD 5.681 billion to USD 561.267 billion in the week ended February 17, the RBI said on Friday. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/ways-to-stay-relevant-in-a-competitive-job-market-upskilling-and-awareness-are-key-claim-experts/articleshow/98265572.cms">This layoff season, upskill to stay afloat say experts</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/adani-ports-spicejet-interglobe-aviation-among-stocks-to-watch/articleshow/98261988.cms">Sensex, Nifty50 likely to open in the red amid negative global cues: Adani Ports, SpiceJet, InterGlobe Aviation among stocks to watch</a>

Rupee falls 19 paise to 82.94 against US dollar

<ul><li><keyword id="6019562" type="General" weightage="20" keywordseo="Divgi-TorqTransfer-Systems" source="Orion">Divgi TorqTransfer Systems</keyword> is looking to raise ₹412 crore at the upper price band with a fresh issue of ₹180 crore along with an offer for sale (OFS) of up to 39.34 lakh equity shares.</li><li>The company intends to use IPO proceeds towards the purchase of equipment/machinery and for general corporate purposes.</li><li>The shares of the company are currently commanding a grey market premium, or GMP, of ₹60 per share.</li><li>The company’s shares will be allotted to investors on March 9 and will be listed on stock exchanges on March 14.</li><li>The company’s overseas sales are primarily dependent on two countries, China and Russia, which exposes it to risks of concentration.</li></ul>Pune-based automotive component manufacturer Divgi TorqTransfer Systems is all set to open its initial public offering (IPO) this week on March 1 and will close on March 3. This is the third IPO of 2023, after Radiant Cash Management Services and Sah Polymers. The price band of the IPO is set at ₹560 - ₹590 per share. The shares of the company are currently commanding a grey market premium, or GMP, of ₹60 per share. <a href="https://www.businessinsider.in/stock-market/news/grey-market-premium-what-is-it-and-where-is-it-coming-from/articleshow/95454371.cms">GMP is the premium at which IPO shares are traded</a> in an unofficial market before they are listed on the stock exchanges. The company is looking to raise ₹412 crore at the upper end of the price band with a fresh issue of ₹180 crore along with an offer for sale (OFS) of up to 39.34 lakh equity shares to be sold by promoters and shareholders. The company’s shares will be allotted to investors on March 9 and will be listed on stock exchanges on March 14. Divgi TorqTransfer has reserved 75% of the equity shares for qualified institutional bidders, 15% for non-institutional investors and the remaining 10% equity shares for retail investors. The anchor investors can bid for the shares on February 28. Offer for sale by existing shareholders in the IPO <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"><colgroup></colgroup><col /><col /><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Selling shareholders </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Shares on sale </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Oman India Joint Investment Fund II </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">22.50 lakh </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">NRJN Family Trust </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">14.41 lakh </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bharat Bhalchandra Divgi </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">49,430 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sanjay Bhalchandra Divgi </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">40,460 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ashish Anant Divgi </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.04 lakh </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Arun Ramdas Idgunji </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">33,660 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kishore Mangesh Kalbag </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15,232 </td></tr></tbody></table>Source: Divgi TorqTransfer Systems RHP Funds for equipment The company intends to use funds from the fresh issue of shares towards the purchase of equipment/machinery at its manufacturing facilities, and for general corporate purposes. It has three manufacturing and assembly plants at Sirsi in Karnataka, and Shivare and Bhosari near Pune in Maharashtra. A new facility at Shirwal, Maharashtra is expected to be fully operational by FY24. The company has designed, developed, manufactured and supplied software-embedded electronically controlled transfer cases and torque couplers for customers like Tata Motors, Mahindra &amp; Mahindra and others. It also manufactures and supplies engineered, turnkey solutions and components to automotive original equipment manufacturers (OEMs) across the globe including those in US, China, Korea and Russia. It says it has the capability to develop and provide transmission systems for electric vehicles. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"><colgroup></colgroup><col /><col /><col /><col /><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Year </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Revenue from operations </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Net profit </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">EBITDA margin </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY22 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹242 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹46 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">28.07% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY21 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹195 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹38 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">27.82% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY20 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹171 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹28 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">23.22% </td></tr></tbody></table>Source: RHP China, Russia business concentration a key risk The company’s overseas sales are primarily dependent on two countries, China and Russia, which exposes it to risks of concentration. Both countries contribute to over 77% of its overall export revenue. “Loss of all or a substantial portion of sales to any of our customers from these two countries, for any reason (including, due to any materially adverse social, political or economic development, civil disruptions, or changes in the policies of the state government or state or local governments in these countries, occurrence of Covid-19 infection and strict curbs), could have an adverse effect on our business, results of operations, financial condition, cash flows and future business prospects,” said the company in its red herring prospectus. After sanctions were imposed on Russia as it invaded Ukraine, there has been a reduction in imports from Russia. As a result, the company is unable to sell products to Russian customers. “There can be no assurance that we will be able to offset the loss of our Russian customers, which may adversely affect our business,” said the company. Inga Ventures and Equirus Capital are the book running lead managers to the issue. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/spicejet-to-raise-2500-crore-fresh-capital-convert-carlyles-debt-into-equity-and-demerge-cargo-biz/articleshow/98270557.cms">SpiceJet to raise ₹2,500 crore fresh capital, convert Carlyle’s debt into equity and demerge cargo biz</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/ways-to-stay-relevant-in-a-competitive-job-market-upskilling-and-awareness-are-key-claim-experts/articleshow/98265572.cms">This layoff season, upskill to stay afloat say experts</a>

Divgi TorqTransfer Systems’ ₹412 crore IPO to open this week; grey market premium at ₹60

<ul><li>Fiat Chrysler Automobiles announced its expansion plans to boost the local product line-up in India, with a commitment of investing over $250 million. It plans to roll out four new SUVs in 2021. </li><li>Not just Fiat, even the American multinational automaker Ford Motor had expressed plans to expand its presence in India. They are looking to launch <a href="https://www.zigwheels.com/upcoming-Ford-cars">four models</a> this year.</li><li>In an exclusive interview earlier with Business Insider, <a href="https://www.businessinsider.in/business/auto/news/kia-motors-11-electric-vehicles-in-2021-but-india-may-have-to-wait-longer-to-buy/articleshow/80056447.cms">Kia Motors India</a> revealed its plans to make India a global export hub for Kia Motors.</li><li>Nissan is already ramping up its production at its Chennai plant and has plans to add 1500 more jobs. </li></ul>With new investment plans of over $250 million (₹1,824 crore), Fiat Chrysler (FCA) joins the likes of other multinational giants like Ford, Kia, and Nissan that are already betting big on India’s potential in the coming years. Fiat has announced its mega investment plans to build its presence in the country by launching four new sport-utility vehicles (SUVs) under its Jeep brand over the next two years. The American multinational automaker Ford Motor has also charted out growth plans in India, and it is going solo too. At the beginning of this year, Ford called off its joint venture with Mahindra and Mahindra (M&amp;M). While the move may affect some plans to launch new variants, Ford remains gung-ho on its India expansion plans and has a slew of launches scheduled for 2021. Even Kia Motors’ India <a href="https://www.businessinsider.in/business/auto/news/kia-motors-11-electric-vehicles-in-2021-but-india-may-have-to-wait-longer-to-buy/articleshow/80056447.cms">revealed </a>its plans to make India a global export hub for the auto giant, in an exclusive interview with Business Insider. And Nissan too is no less than its peers, the company is already ramping up its production at its Chennai plant and has plans to add 1500 more jobs. These announcements come at a time when the pandemic has battered automakers around the world with subdued sentiment and a decline in sales. In fact, the Indian auto sector was witnessing a slowdown and BSVI transition challenges even before the pandemic struck. Japan’s Honda Motor was forced to shutter one of its plants <a href="https://www.bloombergquint.com/business/honda-said-to-shut-india-plant-and-reduce-four-wheeler-output">in Noida</a>, while General Motors (GM) stopped producing cars in India for <a href="https://www.rushlane.com/general-motors-india-plant-shut-down-12387365.html">export </a>in international markets. But that isn’t discouraging these companies. And it opens up more room for competition. Whether in terms of money, setting up newer plants and tech centres, or research &amp; development, Ford, Fiat, and other global auto companies are making a move to grab their share in India’s automotive market. So what makes India attractive for these automakers? Fiat’s $250 million India investment plans Fiat currently holds less than a 1% share of India’s passenger vehicle market but is looking to expand its operations with four new products that will hit Indian roads by the end of 2022. It is determined to increase its locally-made componentry in vehicles produced in its joint venture manufacturing facility. “Our plans in India are aimed at increasing the value proposition for customers through our products and services, working hard on customer satisfaction and unlocking business opportunities for our business partners,” FCA India Managing Director, Dr Partha Datta said. The all-new local vehicle line-up includes the 2021 made-in-India Jeep Compass, a locally produced and global-first three-row Jeep SUV, as well as the iconic Jeep Wrangler and next-generation Grand Cherokee flagship, which will both be locally assembled in FCA’s joint venture manufacturing facility in Ranjangaon. The company’s Jeep brand made its debut in India in 2016 and carved a premium position in India. Fiat is now planning to unveil the 2021 Jeep Compass in India on January 7, and production has already commenced. The luxury seven-seat mid-size Jeep, codenamed H6, will be launched in 2022. Fiat’s $250 million investment plans in India are in addition to the $450 million they have already committed over the past five years. They have also recently invested in setting up a <a href="https://www.businessinsider.com/fiat-chrysler-to-spend-150-million-setting-up-global-tech-centre-in-india-2020-12?IR=T">tech centre </a>in Hyderabad. Fiat aims to create at least 1000 new jobs by the end of 2021. Ford is betting big on India The American multinational automaker Ford Motor is expanding its presence in India. From its Focus ST to Ranger Raptor and Figo to EcoSport — the company had a slew of launches scheduled for 2021. And they are all set to go at it solo in India Ford had signed a joint venture with M&amp;M in October 2019 to produce vehicles for emerging markets. However, on January 1, they pulled the plug on this partnership due to the challenges caused by the COVID-19 pandemic. Ford intends to continue its standalone business in the country. <div type="image" title="caleb-white-XGJBSkoqX_I-unsplash" msid="80112736" hostid="261"></div> On January 4, Ford India <a href="https://indianexpress.com/article/business/companies/ford-ecosport-2021-launched-in-india-price-features-mileage-7132375/">introduced</a> the 2021 line-up of its compact SUV EcoSport with enhanced connectivity features and an enhanced warranty at a starting price of ₹7.99 lakh. Kia also has big plans for India In an exclusive interview earlier with Business Insider, Kia India <a href="https://www.businessinsider.in/business/auto/news/kia-motors-11-electric-vehicles-in-2021-but-india-may-have-to-wait-longer-to-buy/articleshow/80056447.cms">revealed </a>its plans to make India a global export hub for Kia Motors. “For us at Kia, the new production-linked incentive (PLI) scheme certainly puts the spotlight on India and makes it even more important in our global scheme of things. Now, with the new scheme, we will be able to offer even more competitive and globalized products and reach more markets,” Tae-Jin Park, Executive Director &amp; Chief Sales Officer at Kia India, told Business Insider. <div type="image" title="Kia Motors" msid="80112770" hostid="261"></div> The government’s PLI scheme includes incentives of ₹57,000 crore over five years for the automotive sector and focuses on making Indian companies globally competitive by driving exports. According to the Nomura report dated December 28, the eligibility criteria are likely to be such that companies with high export revenue could be the key beneficiaries of the scheme. The global automakers are pushing ahead with big plans for India in the coming years. Even Japanese auto major Nissan is ramping up its production at its Chennai plant and starting a third shift to increase output. On Monday, the company <a href="https://auto.hindustantimes.com/auto/news/nissan-india-to-hire-1-500-workers-to-enhance-production-bolster-sales-force-41609759373497.html">said</a>, along with its dealer partners, it will hire 1,500 people in India to enhance production and reinforce the sales force after the robust response to its newly launched compact SUV Magnite. This comes after the company announced plans to layoff 1,700 people in India in 2019. SEE ALSO: <a href="https://www.businessinsider.in/india/news/tatas-got-airasia-stake-at-a-20-discount-while-indigo-and-spicejets-value-has-doubled-since-pandemic-broke-out/articleshow/80101467.cms" data-type="tilCustomLink">Tatas got AirAsia stake at a 20% discount while IndiGo and SpiceJet’s value has doubled since pandemic broke out</a> <a href="https://www.businessinsider.in/business/news/kishore-biyani-lashes-out-at-amazon-says-future-group-was-disillusioned-and-fed-up-with-the-companys-lackadaisical-attitude/articleshow/80107540.cms" data-type="tilCustomLink">Kishore Biyani lashes out at Amazon, says Future Group was disillusioned and fed up with the company's lackadaisical attitude</a>

What is making Ford, Fiat, and Kia put more money in India

(Eds: Combining related stories) New Delhi, Mar 31 () Seeking to ease hardships faced by people during the ongoing lockdown, several banks on Tuesday initiated steps to effect the RBI-suggested moratorium on loans taken by their customers and e-retailers began deliveries, but job losses and pay cuts continued to haunt many even as authorities promised special facilities, including for migrant labourers. As the 21-day nationwide lockdown entered its seventh day, the Centre also asked all states and Union Territories to ensure normal functioning of banks and ATMs during the lockdown period and said the Rs 27,500-crore financial package under the Prime Minister Garib Kalyan Yojana will be disbursed in coming days. Separately, several public sector banks said they have started sensitising their branches about three months' moratorium on all term loans, including home, auto and crop loans, to help customers in overcoming financial difficulties due to the coronavirus outbreak and the subsequent nation-wide lockdown. Similar steps are expected from the private sector banks also. The Retailers Association of India, however, complained that banks are unwilling to extend the three-month moratorium to borrowers even after four days of it being announced. It sought the RBI's intervention in the matter. Some telecom companies also announced free talk time and free SMSes for a limited period, especially for the low-income group customers and those distressed during nationwide COVID-19 lockdown. Ride-hailing platform Ola said it will offer interest-free credit of up to Rs 3,600 to driver-partners to help them meet immediate household expenses amid the coronavirus pandemic. E-commerce companies like Amazon and Grofers are also gradually resuming services across various cities they operate in but it will still be at least a week or so before they can clear the pending orders, according to industry executives. However, job losses remained the biggest worry for many, for those working in the services sector as well as the contract labourers in the manufacturing plants most of which have been shut due to the pandemic. Besides, the Union Home Ministry said over 21,000 relief camps have been made operational in the country where more than 6.6 lakh destitute people and those stranded because of the COVID-19 lockdown are sheltered as of now. Punya Salila Srivastava, a joint secretary in the ministry, told reporters during a daily briefing on the coronavirus and lockdown situation that over 23 lakh people are also being provided food at these camps and other locations. Separately, the Supreme Court asked the government to prevent migration of people due to coronavirus and said "panic will destroy more lives than the virus". It asked the Centre to get trained counsellors and community leaders of all faiths to calm down the migrants kept in shelter homes across the country. The court said these shelters should be run by volunteers and not the police, and there should be no use of force and intimidation. Experts, meanwhile, said domestic violence cases in India have increased since the lockdown began with husbands venting their frustration on wives, who have no escape from their abusers. India has been under a three-week lockdown since March 24 with its 1.3 billion people instructed to stay home in view of the coronavirus outbreak, which has claimed 32 lives and infected over 1,200 people in the country. The National Commission for Women (NCW), for instance, received 58 complaints from March 23 to March 30. Many of these complaints have come from north India, particularly Punjab, said NCW chairperson Rekha Sharma. In Kerala, the state government has decided that special passes will be issued for tipplers to buy liquor but on doctor's prescription that they are showing withdrawal symptoms due to non-availability of alcohol in view of the coronavirus lockdown. At least three men in Kerala have committed suicide after allegedly showing alcohol withdrawal symptoms within days after liquor stores shut the doors. Similar incidents have been reported in other parts of the country including in neighbouring Telangana and Karnataka. Kerala has the highest per capita consumption of alcohol in the country. The sale of liquor in the state has continued on an upward spiral despite the prohibitive tax on legal alcohol and the many dry days. At the same time, more companies announced pay cuts for their staff, while a large number of people, including the contract workers and daily wagers, have already been rendered jobless. Budget carrier SpiceJet has decided to cut up to 30 per cent salary of its employees in March, though the company told its staff that Chairman Ajay Singh has opted for the highest 30 per cent cut in compensation. In the US also, foreign IT professionals, a majority of them Indians with H-1B visas, have urged the Trump administration to extend their permissible stay from 60 to 180 days after job loss, amidst the massive layoffs in America due to the coronavirus pandemic. The H-1B visa, most sought after among the Indian IT professionals, is a non-immigrant visa that allows the US companies to employ foreign workers in speciality occupations that require theoretical or technical expertise. A record 3.3 million Americans have filed initial jobless claims for the week ending March 21. TEAM BJBJ

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