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Eurozone economy booms at fastest rate in 15 years

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Economic data group IHS Markit said the "impressive progress" of vaccinations was jumpstarting the single-currency area, fuelled by eased restrictions that are at their lowest since September.


Business activity in the eurozone jumped at its fastest rate in 15 years this month, a closely watched survey said on Wednesday, as a reopened economy unleashed pent-up demand.

Economic data group IHS Markit said the "impressive progress" of vaccinations was jumpstarting the single-currency area, fuelled by eased restrictions that are at their lowest since September.

This "brightening prospect of life increasingly returning to normal has...  pushed confidence to an all-time high, fuelled greater spending and encouraged hiring," said Chris Williamson, Chief Economist at IHS Markit.

Accordingly, the firm's PMI index -- which indicates trends in the manufacturing and service sectors -- said activity leaped from 57.1 in May to a booming 59.2 in June, far above the 50-point level that indicates growth.

The data set the scene for major growth in the second and third quarters, closing the chapter on a double-dip recession that came with the lockdowns of last autumn and winter, the firm said.

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The explosive growth was creating its own spillover effects, with supply chains under pressure and prices reflecting the sharp increase in demand, IHS Markit said.

"The strength of the upturn – both within Europe and globally – means firms are struggling to meet demand, suffering shortages of both raw materials and staff," Williamson said.

"Under these conditions, firms' pricing power will continue to build, inevitably putting further upward pressure on inflation in the coming months."

Article Source:- Moneycontrol



Working women 2X more likely to be worried about jobs compared to male counterparts, says LinkedIn

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According to the recent Labour Market Update, remote job postings that increased by 35x across 2020, grew further by almost 3x year-on-year as of May 2021.


Working women are 2x more likely to be worried about availability of jobs compared to working men, says the LinkedIn Workforce Confidence Index.

The study showed that working women are also 4x less confident compared to working men, with the second wave of COVID-19 raging on.

Based on the survey responses of 1,891 professionals from May 8 to June 4, findings revealed that due to COVID-19 second wave, Indian professionals — particularly Gen Z and working women — increasingly vulnerable to the economic uncertainty in today’s evolving job market.

The latest edition of the LinkedIn Workforce Confidence Index shows that India’s overall workforce confidence has declined after peaking in early March, with a composite score of +54 today (down 4 points from +58 in March).

This dip in confidence is reflected strongly across professionals from creative industries such as Entertainment, Design, and Media & Communications, who expressed being uncertain about the future of their employers. But as several parts of the economy gradually reopen, professionals from Software & IT and Hardware & Networking are growing increasingly confident about the future of their organizations.


Ashutosh Gupta, India Country Manager, LinkedIn said, "As India slowly begins to come out of the second wave of Covid-19 cases, we see the year-over-year hiring rate recover from a low of 10 percent in April to 35 percent at the end of May. Despite this modest revival, confidence levels of working women and young professionals are amongst the lowest in the workforce today."

But Gupta said that remote jobs can be the ray of hope, to provide the much-needed flexibility and growth in opportunities to help them bounce back into the workforce.

Women are worst affected

The report said that twice as many working women worried about availability of jobs, time for job-seeking compared to working men.

The plight of India’s working women has worsened after the second COVID-19 wave, as the individual confidence index (ICI) scores of female professionals fell from +57 in March to +49 in early June ー a 4x decline compared to working men (+58 in March to +56 in June).

ndia’s evident ‘shecession’, findings show that India’s working women are ~2x more likely to be worried about the availability of jobs, their professional network, and time devoted to job seeking, than working men today.

This uneven impact has also bruised the financial stability of working women as 1 in 4 (23 percent) female professionals are concerned about growing expenses or debt, in contrast with just 1 in 10 (13 percent) working men.

Gen Z faces troubles

The pandemic’s recent peak in India has amplified the importance of work experience and professional connections, as young Indians were found twice (2.5x) as worried as their older cohorts, about the impact of COVID-19 on their careers.

Nearly 30 percent of Gen Z professionals and 26 percent of millennials are troubled due to lack of jobs, in comparison to 18 percent of Baby Boomers.

The uncertainty widens when it comes to finances as 1 in 4 Gen Z (23 percent) and millennials (24 percent) report being more worried about their debt or expenses, when compared to just half as many Boomers (13 percent) in India today.

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As per LinkedIn Labour Market Update, LinkedIn platform data suggests that the average time for fresh graduates to find a new job has also increased by 43 percent (from 2 to 2.8 months) in 2020 compared to pre COVID-19 times in 2019.

But while the conversion time has increased, so have remote opportunities, as LinkedIn platform data further suggests that the proportion of entry level jobs labelled as ‘remote’ posted between Jan-March 2020 have increased by 9x between 2020 and 2021.

There are twice as many working women worried about availability of jobs, time for job-seeking compared to working men.

Flexibility is a priority

As India continues to navigate the ongoing health and economic crisis, ’self-care’ appears to have become a greater priority for job seekers in the current environment. While 1 in 2 job-seekers value employee benefits (55 percent) and salary (53 percent) more post COVID-19, an equal number of job-seekers are found prioritizing work-life balance (48 percent) and location flexibility (50 percent) when looking for a job today.This growing demand for flexibility comes at a time when remote opportunities continue to grow. According to the recent Labour Market Update, remote job postings that increased by 35x across 2020, grew further by almost 3x year-on-year as of May 2021.

Aspirants also seek a sense of belonging and long-term growth within their new organizations as 2 in 5 job seekers prioritize workplace culture (43 per cent), internal movement & promotions (44 per cent), and a visible commitment to diversity & inclusion (42 per cent) from their potential employers.

Article Source:- Moneycontrol


Gold slips over 2%, palladium sheds 10% as post-Fed slide accelerates

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Palladium led the sell-off, tumbling 10 percent to $2,517.18, while platinum fell 6.6 percent to $1,048.44.

Gold (Image: Pixabay)


Gold shed more than 2 percent on June 17, precipitating a sell-off across precious metals with palladium set for its worst day in over a year, as the dollar gained ground after the US Federal Reserve struck a hawkish tone on monetary strategy.

Spot gold fell 2% to $1,776.10 per ounce by 1:44 pm EDT (1744 GMT), having earlier touched its lowest since May 3 at $1,766.29.

U.S. gold futures settled down 4.7% at $1,774.80.

A majority of 11 Fed officials on Wednesday projected at least two quarter-point rates rise for 2023, although officials pledged to keep policy supportive for now to encourage a jobs recovery.

The announcement propelled the dollar to an over two-month high, eroding bullion's allure for those holding other currencies, and drove a jump in U.S. Treasury yields, raising the opportunity cost of holding non-yielding gold.

"The Fed's dot plot is providing a clear change in tone, ultimately suggesting that although the Fed continues to reiterate that inflation is transitory, their formal assessment of risks to the economy is decisively more hawkish," TD Securities commodity strategist Daniel Ghali said.

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Weakening physical demand and slowing speculative flows into gold, both of which began before the Fed meeting, could also help to drive a further pullback, Ghali added.

Adding to gold's headwinds, the U.S. central bank said it would consider whether it should taper its asset purchases at every subsequent policy meeting.

Jeffrey Christian, the managing partner at CPM Group, also said the scale of gold's sell-off was accentuated by bearish technicals, and that the steeper decline in gold futures "reflects the fact that you have more trading volume and more technically oriented investors in the futures market than in spot."

Palladium led the sell-off, tumbling 10% to $2,517.18, while platinum fell 6.6% to $1,048.44.Palladium could be seeing a correction in a rally that some view as overdone, Christian added.

Silver slipped 4.3% to $25.81 per ounce.

Article Source:- Moneycontrol

Jubilant FoodWorks Q4 net profit jumps over 3 fold to Rs 105.30 crore

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Jubilant FoodWorks Ltd had posted a net profit of Rs 32.53 crore in the January-March quarter a year ago.

Domino's Pizza outlet. (PC-Facebook)

New Delhi, Jun 15 Jubilant FoodWorks Ltd, which operates fast-food chains Domino's Pizza and Dunkin' Donuts, on Tuesday reported over threefold jump in its consolidated net profit at Rs 105.30 crore for the fourth quarter ended March 2021. The company had posted a net profit of Rs 32.53 crore in the January-March quarter a year ago, Jubilant FoodWorks Ltd (JFL) said in a regulatory filing.

Its revenue from operations was at Rs 1,037.85 crore, up 14.21 percent, during the quarter under review, as against Rs 908.75 crore in the corresponding quarter of the fiscal year 2019-20. "This was driven by Domino's Like-for-Like (LFL) sales growth (adjusted for temporary restaurant closures) of 15.1 percent and same-store growth (SSG) of 11.8 percent. Domino's witnessed continued momentum in Delivery and Takeaway channels which grew by 28.7 per cent and 76.9 per cent respectively, it said.

JFL's total expenses were at Rs 912.70 crore, up 4.31 percent in Q4/FY 2020-21 as against Rs 875 crore in the same period a year ago. During the quarter, JFL opened 50 new restaurants for Domino's Pizza adding 8 cities in its network and closed 4 stores of Domino's Pizza. It was operating a total of 1,360 restaurants across 293 cities as of March 31, 2021.

Meanwhile, the company opened one restaurant for Dunkin' Donuts and closed 4 restaurants, bringing the number down to 24 from 27 at the beginning of the period. JFL also opened one restaurant each of its new QSR Brands Hong's Kitchen and Ekdum!, taking the total count to 12 by the end of the quarter.

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Commenting on the results, JFL Chairman Shyam S Bhartia and Co-Chairman Hari S Bhartia said: "We are glad to have transitioned from recovery to growth phase and concluded the fiscal year on a positive note despite unique challenges posed by the global pandemic. During the quarter, JFL acquired the master franchise rights for the American multinational chain of fried chicken fast-food restaurants "Popeyes" for India, and also invested in DP Eurasia, an exclusive master franchisee of Domino's Pizza in Turkey, Russia, Azerbaijan, and Georgia.

For the fiscal year, which ended on March 31, 2021, JFL's consolidated net profit was down 17.3 percent to Rs 230.52 crore. It had a net profit of Rs 278.79 crore in the financial year 2019-20. Its revenue from operations was at Rs 3,311.87 crore in FY 2020-21, down 15.7 percent. It was Rs 3,927.27 crore in FY 2019-20.

JFL CEO and Wholetime Director Pratik Pota said: I am pleased with our performance in Q4FY21 and FY21. We returned to growth during the quarter, opened a large number of new stores, improved our operating margins, and expanded our portfolio of brands. Meanwhile, in a separate fling, JFL informed its board in their meeting held on Tuesday approved recommendation of a final dividend of 60 percent, which is Rs 6 per equity shares of the face value of Rs 10 each for the financial year 2020-21.

The board has also approved the re-appointment of Pratik R Pota as CEO & Wholetime Director of the company for a period of three years with effect from April 1, 2022, till March 31, 2025, and Berjis Minoo Desai as an Independent Director. Both are subject to the approval of the shareholders of the company, it added. Shares of Jubilant FoodWorks Ltd on Tuesday settled at Rs 3,175.40 on BSE, down 0.73 percent from its previous close.
Article Source:- Moneycontrol

Share Market Closing Note

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Topic :- Share Market Closing Note

While Adani group stocks plunge, Nifty, Sensex end marginally higher amid lackluster trade

Mixed trend saw on the sectoral front with IT, energy and PSU bank indices ended in the green, while selling seen in the power, realty and metal names


Topic :- Time:3.00 PM

Nifty spot if manages to trade and close above 15850 level then expect some quick upmove in coming sessions and if it closes below above mentioned level then some sluggish movement is likely to be seen however market is likely to outperform ignoring all factors like rising inflation, crudeoil factor and rising manufacturing cost.

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Topic :- Time:2.30 PM

GOLD Trading View:

GOLD is trading at 48438.If it manages to hold above 48360 level then expect it to rise till 48600-48650 levels quite soon. If it breaks and trade below 48360 level then some decline can follow in it.

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Topic :- Time:2.28 PM

Inflation hits all time high of 12.94% as Crudeoil, manufacturing cost soars.

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Topic :- Time:2.20 PM

Just In:

ICE Coffee prices short up higher on the outlook for reduced coffee supplies from Brazil. ICE July Robusta coffee closed up at $1,585 a tonne.

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Topic :- Time:2.00 PM

Reliance is backing Nifty once again. Nifty spot if manages to trade and sustain above 15800 level then expect some further upmove. 15850 spot is the level to watch out for. Once nifty successfully manages to trade and hold above 15850 then it will move hunt for 16000 level very soon. Nifty spot if breaks sand trade below 15760 will result in some decline however all lows should be used as an opportunity to go long. Lets wait for 16000 level now.

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Topic :- Time:1.40 PM

CRUDEOIL Trading View:

CRUDEOIL is trading at 5240.If it manages to trade and sustain above 5245 level then expect some quick upmove in it and if it breaks and trade below 5220 level then some decline can be seen in it.

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Topic :- Time:1.20 PM

Just In:

Jaypee Infratech case: Voting underway on revised plans submitted by NBCC and Suraksha Group.

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Topic :- Time:1.00 PM

Nifty spot is trading at 15743.If it manages to trade and sustain above 15750 level then expect some upmove in the market and if it breaks and trade below 15720 level then some decline can be seen in the market.

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Topic :- Time:12.30 PM

COPPER Trading View:

COPPER is trading at 744.If it breaks and trade below 743.50 level then expect some decline in it and if it manages to trade and sustain above 746.50 level then some upmove can be seen in it.

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Topic :- Time:12.10 PM

Nifty is rangebound. Nifty spot if manages to trade and sustain above 15740-15750 levels then expect some upmove in the market and if it breaks and trade below 15700 level then some decline can be seen in the market. As nifty is in small range traders should wait for some movement in the market and stocks.

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Topic :- Time:11.50 AM


Sharetipsinfo Strongly suggest everyone to apply for following IPOs for decent listing gains:

1. Shyam Metalics

2. Sona BLW Precision Forging(Sona Comstar)


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Topic :- Time:11.30 AM

News Wrap Up:

1. Sensex off days low, down 200 pts; Adani Group stocks tumble

2. NSDL freezes accounts of 3 FPIs owning stake in Adani Group cos

3. ICICI Venture eyes digital start-ups, real estate fund of $300-400 mn

4. DHFL insolvency case: NCLT appoints panel to oversee resolution plan

5. Covid-19 in numbers Cases 29,510,410 | Deaths 374,305 | Vaccination 254,849,301

6. Lupin dips 5% on USFDA warning letter for Somerset manufacturing unit

7. BHEL slips 18% on lower-than-expected March quarter results

8. eClerx Services rallies 45% in 3 days, hits new high post Q4 results

9. IPO buzz on the Street as dozen finserv players line up Rs 55,000 cr issues

10. BSE, NSE suspend trading of DHFL shares from June 14

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Topic :- Time:11.00 AM

After negative opening nifty is still trading in red zone. Nifty spot if manages to trade and sustain above 15720 level then expect some upmove however 15750 level is the immediate resistance to watch out for and if it breaks  and trade below 15680 level then some decline can be seen in the market.

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Topic :- Nifty Opening Note

Indian Stock Market Trading View For 14 June,2021:

Nifty is likely to turn volatile as the day progresses. Stock specific action is expected through out the day.

Nifty spot if manages to trade and sustain above 15840 level then expect some upmove and if it breaks and trade below 15740 level then some decline can be seen in the market. Please note this is just opening view and should not be considered as the view for the whole day.

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FPIs invest Rs 13,424 crore in Indian markets in June so far

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Depositories data showed that foreign portfolio investors (FPIs) invested Rs 15,520 crore in equities during June 1-11.

According to data shared by Delhi Police Additional PRO Anil Mittal, of the 1,260 challans issued on Friday, 1,068 were for face mask violations and 192 for not adhering to social distancing norms.

According to data shared by Delhi Police Additional PRO Anil Mittal, of the 1,260 challans issued on Friday, 1,068 were for face mask violations and 192 for not adhering to social distancing norms.

Overseas investors pumped in a net Rs 13,424 crore so far in June as risk-on sentiment improved with declining COVID-19 cases and hopes of the early opening of the economy.

Depositories data showed that foreign portfolio investors (FPIs) invested Rs 15,520 crore in equities during June 1-11.

"The robust net inflows over the last two weeks could be attributed to the improvement in investor sentiments on the back of consistently falling coronavirus cases in the country and hopes of an early opening of the economy," said Himanshu Srivastava, associate director - manager of research, Morningstar India.

At the same time, FPIs withdrew Rs 2,096 crore from the debt segment during the period under review.

The total net inflow stood at Rs 13,424 crore.

This comes following a net withdrawal of Rs 2,666 crore in May and Rs 9,435 crore in April.

For the inflows in June, VK Vijayakumar, chief investment strategist at Geojit Financial Services, added that it appears from fourth-quarter corporate figures that a cyclical recovery in the Indian economy is imminent post the progressive unlock that is happening now.

"The FPI activity was centered around IT, financial, and energy sectors," noted S Ranganathan, Head of Research at LKP Securities.

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Overall, the MSCI Emerging Markets Index has lost 0.91 percent this week, noted Shrikant Chouhan, executive vice president, equity technical research at Kotak Securities.

Giving an overview of other emerging markets, he said Thailand, South Korea, Indonesia, and the Philippines saw month-to-date FPI inflows of USD 188 million, USD 140 million, USD 138 million, and USD 125 million, respectively. On the contrary, Taiwan saw month-to-date FPI outflows of USD 829 million.

As per Chouhan, going forward, FPI flows may remain strong in the medium term as India is at a cusp of growth revival pat Interestingly, low-interest rates, better export outlook, and revival in the global economy are good combinations for India's economic revival, he said.

Going forward, vaccination is expected to ramp up, continuous decline in Covid cases, acceleration in consumer spending, healthy monsoon season, and normalization of overall situation could be expected, he added.

Article Source:- Moneycontrol

Dollar edges down after inflation data, ahead of FOMC

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While emerging market currencies such as the Turkish lira showed more pronounced reactions, dollar traders were already cautiously looking ahead to the U.S. Federal Open market Committee (FOMC) policy meeting scheduled for next week.

The dollar index was down slightly on June 11 after alternating between losses and gains earlier in the session

The dollar index was down slightly on June 11 after alternating between losses and gains earlier in the session

The dollar index was down slightly on June 11 after alternating between losses and gains earlier in the session as investors digested elevated U.S. inflation and European Central Bank commentary while eyeing the U.S. Federal Reserve's next meeting.

After adopting a wait-and-see attitude all week, sucking volatility from the market and leaving major currencies mostly range-bound, June 11's developments appeared to add little new direction to currency markets.

Earlier in the day, the ECB raised its growth and inflation views but promised to keep ample stimulus flowing, fearing that a retreat now would accelerate a worrisome rise in borrowing costs and choke off recovery.

Then in the United States, data showed that the number of Americans filing new claims for unemployment benefits fell last week to the lowest level in nearly 15 months, while consumer prices increased further in May as the pandemic's easing grip on the economy continued to boost domestic demand.

While emerging market currencies such as the Turkish lira showed more pronounced reactions, dollar traders were already cautiously looking ahead to the U.S. Federal Open market Committee (FOMC) policy meeting scheduled for next week.

"The dollar's on the sidelines as it looks for the next key event risk and that's the FOMC meeting and the prospects the Fed might begin the talk of tapering, which could provide support to the dollar," said Paresh Upadhyaya, director of fixed income and currency strategy at Amundi U.S.

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Investors were closely watching U.S. consumer prices for any signs that higher prices could last longer than expected, potentially challenging the Fed's insistence that inflation pressures are transitory and that monetary stimulus should stay in place for some time yet.

While Upadhyaya sees June 11's data supporting the U.S. central bank's stance, he said "a lot of people fearing they could get chopped up in the price action might just want to wait" before making big bets.

The dollar index, which measures the greenback against a basket of major currencies, has fluctuated narrowly around the psychologically important 90 level, and was last down 0.08% at 90.0670 The euro was last down 0.05% at $1.2172.

"You have this tug between the two currencies, and it's creating a back and forth. That's why you're seeing a little bit of a cap in terms of dollar weakness and euro strength," said Minh Trang, senior FX trader at Silicon Valley Bank.

"The overall trend has been a bit of dollar weakness, not just because of the robust growth in the U.S. There's been robust growth overall. A lot of economies have been recovering," he said. "When you have optimism in overall global growth, typically that creates a risk on mentality that's going to favor other currencies over the dollar."

Deutsche Bank's Currency Volatility Index, was at its lowest level since February 2020.

In crypto markets, bitcoin edged higher, last up 0.4% at $36,563. The best-known crypto currency has struggled since reaching a record $64,895.22 in mid-April.

Article Source:- Moneycontrol

Indians have high skills in machine learning, Math but lack data skills: Coursera’s Global Skills Report 2021

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The Coursera’s Global Skills Report 2021 by global online learning platform Coursera said that overall, India ranks 67th globally. It ranks 55 in business, at 66 in both technology and data science.Over 5.7 million learners from India had joined Coursera in 2020

Despite high skills proficiency in areas like Machine Learning and Math, India trails in data skills. The Coursera’s Global Skills Report 2021 by global online learning platform Coursera said that overall, India ranks 67th globally.

India ranks 55 in business, at 66 in both technology and data science. In Asia, India ranks low, placed at 16, ahead of countries such as the Philippines and Thailand, but below others like Singapore and Japan.

The platform said in a statement that over 5.7 million learners from India had joined Coursera in 2020. Despite the increase in enrollments, Coursera’s latest Global Skills Report 2021 said that India continues to witness a digital skills gap.

The study draws on performance data since the pandemic's onset from more than 77 million learners on the platform to benchmark skills proficiency across business, technology, and data science for over 100 countries.

The report reveals that while Indian learners are relatively more adept at digital skills like cloud computing and machine learning, there is a significant skill challenge across the three key domains.

As demand for data scientists outstrips supply worldwide, India is also grappling with a shortage of data science professionals. Coursera’s GSR 2021 indicates that Indians have 52 percent proficiency in ML and 54 percent in mathematical skills.

However, there is significant room for improvement in two key skills for digital transformation-Data Analysis and Statistical Programming, ranked only at 25 percent and 15 percent skills proficiency respectively.

A report by AWS estimates that digitally skilled workers represent only 12 percent of India’s workforce, and the number of employees requiring digital skills is expected to increase nine-fold by 2025.

"The pace of skills transformation is slower than the pace of digital transformation in India, as is the case in several countries across the world. Learners must invest in both soft and technical skills to prepare for jobs of the future," said Raghav Gupta, Managing Director - India and APAC, Coursera.

Among the various skills, cloud Computing is India’s strongest technology skill with 83 percent proficiency. A report by Wheebox, ranks India among the top nine nations for global public cloud services, with a growth rate higher than the global average.

The report said that the increasing investment in cloud technology and computing power marks a clear direction of future talent demand. It added that cloud computing is an area that also presents an employment opportunity for entry-level workers with just 51 hours of learning.

It added that India must focus on building key data skills, despite strong foundational skills like Machine Learning (ML) and Mathematics.

STEM and women learners

The report said that India shows evidence of evolving gender dynamics as women adopt online learning at one of the fastest paces globally.

The share of overall Coursera course enrollments as well as in STEM courses from women learners in India saw an unprecedented increase. The former increased from 25 percent pre-pandemic to 35 percent in 2020, accounting for the fourth highest increase globally.

Here, the share of STEM course enrollments - which constitute many foundational digital skills, by women learners in India grew from 22 percent pre-2020 to 33 percent in 2020, the second highest increase globally. However, an overall learner-share of 37 percent (women), emphasizes a gap in access to online learning.

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Based on the performance data of millions of learners on Coursera globally, the report also reveals the skills and time required to prepare for entry-level roles.

It said that recent graduates and mid-career changers can develop entry-level, digital job skills in as little as 35 to 70 hours (or 1-2 months with 10 learning hours per week).On the other hand, someone with no degree or technology experience can be jobready in 80 to 240 hours (or 2-6 months with 10 learning hours per week).

The most transferable skills across all future jobs are in human skills like problem solving and communication, computer literacy, and career management.

Article Source:- Moneycontrol

EPFO may credit 8.5% interest in accounts by July: Report

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The Employees' Provident Fund Organisation (EPFO) had on March 4, 2021 said the interest rate for FY21 is unchanged at 8.5 percent.

In March 2020, the EPFO reduced the interest rate on PF deposits to a seven-year low of 8.5 percent for fiscal year 2019-20. [Representative image]


In March 2020, the EPFO reduced the interest rate on PF deposits to a seven-year low of 8.5 percent for fiscal year 2019-20. [Representative image]

The Employees' Provident Fund Organisation (EPFO) may credit the interest amount on PF deposits in 2020-21 at the 8.5 percent rate into subscribers' accounts by July, NDTV has reported.

The report did not specify a particular date by which the interest amount would be credited into subscribers' accounts.

The retirement fund manager, on March 4, said the interest rate for FY21 was unchanged at 8.5 percent.

The decision was taken at a meeting of the EPFO's Central Board of Trustees, held in Srinagar under the chairmanship of Union Labour Minister Santosh Kumar Gangwar, as per the report.

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In March 2020, the EPFO reduced the interest rate on PF deposits to a seven-year low of 8.5 percent for fiscal year 2019-20, from 8.65 percent in FY19.

During the Budget for FY22, Finance Minister Nirmala Sitharaman said interest on PF deposits will be taxed if the annual contribution is more than Rs 2.5 lakh.

Article Source :- Moneycontrol

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