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Banking Central | Some tough questions to the MPC

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The MPC has been following a pattern, largely supporting growth (remaining on an accommodative stance), and ignoring near-term inflation spike. Jayanth Varma, one of the MPC members, has been the lone voice questioning this stance

The Monetary Policy Committee (MPC) retained the key rates within the August round of the review and continued with the so-called accommodative stance. An accommodative stance is interpreted as a policy stance that is essentially tilted towards a rate cut or a standing quo.

A rate hike is ruled out during this phase. The MPC has consistently maintained, since the beginning of the COVID-19 pandemic, that growth revival is of utmost priority and inflation spike is transitory. Hence, a majority of members have voted for the continuation of the accommodative stance.

Ever since the MPC came into existence in 2016, the interest rate-setting process has ceased to be a one-man show. Earlier, the Federal Reserve Bank of India (RBI) Governor had the last word on the policy decision. This changed significantly with the MPC formation including external experts.

In some sense, the RBI became only a celebration of the rate-setting panel of six members. The discussions during the policy meets became broader in nature. There has been some eye-opening questions and a few major dissent notes within the MPC over time about the very fundamental nature of the policy stance and forward guidance, etc.

In the August monetary policy review, too, there are important questions being raised by one among the members, Jayanth Varma, which is formed public through the policy minutes released on August 20 that require a better look.

Here are the main points raised by Varma, explained during a simpler language:

One, COVID is here to remain, despite the high level of vaccinations, a minimum of for subsequent 3-5 years because the experience in other countries indicate. and therefore the monetary policy's ability to deal with this pandemic is restricted . “The ability of the monetary policy to mitigate a person's tragedy of this nature is extremely limited as compared to its ability to contain a depression,” Varma said. He asks: how long can the monetary policy remain accommodative?

Two, the pandemic has impacted the economically weaker sections during a bigger way, compared to the affluent segments who have weathered it reasonably well. Here again, the power of the monetary policy to deal with this impact on the worst-affected segments is far less, compared with the economic policy .

Instead, a protracted accommodative stance could stimulate asset price inflation, Varma says. In other words, the MPC member asks if it's worth continuing the straightforward money stance for a extended period when there's no clarity of the character of this crisis and therefore the monetary policy ability is restricted to figure against COVID? What about the resultant high inflation?

Third, the particular inflation target of the MPC is 4 percent. After averaging above 6 percent in 2020-21, inflation is forecast to be above 5 percent in 2021-22, and it's not expected to drop below 5 percent even within the half-moon of 2022-23, consistent with RBI projections. Treating 5 percent because the target would significantly increase the danger of inflation-targeting failures. The question Varma asks here is what should be the particular target of the inflation, compared to the first mandate, considering the risks of high prices on economically weaker sections. 

Is MPC concerned about inflation?

Varma points out that the first aim of the MPC should be to take care of macroeconomic stability. By creating the erroneous perception that the MPC is not any longer concerned about inflation and it's focused exclusively on growth, the MPC could also be inadvertently aggravating the danger that inflationary expectations are going to be disanchored, he asks.

Varma argues that easy money today could lead on to high interest rates tomorrow. On the opposite hand, by demonstrating its commitment to the inflation target with tangible action, the MPC are going to be ready to anchor expectations, reduce risk premia, and sustain lower long-term interest rates for extended , thereby aiding the economic recovery. Citing this, Varma voted against the accommodative stance.

What are the key takeaways from these points from Varma's notes? the power of the monetary policy to counter the COVID impact on economically weaker sections is restricted, compared with a stronger fiscal response. Also, as long as COVID may still stay for a longer-than-expected timeframe, there's no clear logic in staying within the easy money stance. Not only may such a stance fail to possess the specified impact, but the shortage of attention to the inflation problem might also be risky within the long run.

Already, there are questions on the MPC’s consistent accommodative stance while simultaneously upping the retail inflation target (5.7 percent now in FY22 Vs 5.1 percent earlier). High prices are hurting the poorer sections most severely. Hence, the RBI can not ignore the inflation problem. during this backdrop, Varma has raised some pertinent questions which require to be deliberated well.

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India cuts soyoil, sunflower oil import tax

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India is the world’s biggest vegetable oil importer and spends an average of $8.5-$10 billion annually on edible oil imports.India is the world’s biggest vegetable oil importer and spends an average of $8.5-$10 billion annually on edible oil imports.

India has cut import taxes on crude and refined soy oil and sunflower oil by 7.5%, according to a government order, as part of efforts to keep a lid on prices.

India is the world’s biggest vegetable oil importer and spends an average of $8.5-$10 billion annually on edible oil imports.

The country produces less than half of the roughly 24 million tonnes of edible oil that it consumes annually. It imports the rest, buying palm oil from Indonesia and Malaysia, soyoil from Brazil and Argentina, and sunflower oil, mainly from Russia and Ukraine.

Value e-commerce in India to touch $40 billion by 2030: Report

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Currently estimated at USD 4 billion, the value e-commerce market -- is expected to see rapid growth and reach USD 20 billion by 2026, and USD 40 billion by 2030, it said.

The value e-commerce market in India is predicted to touch USD 40 billion by 2030, up from USD 4 billion in 2019, driven by a rapid increase in internet user base and as more people embrace online shopping, a report by Kearney said.

The expanding digital footprint in tier III and IV areas also as in rural India, alongside the aspirational needs of those consumers and their changing attitudes towards online buying present a huge opportunity, as per the report titled, ''Value e-commerce: a subsequent big leap in India''s retail market''.

Currently estimated at USD 4 billion, the worth e-commerce market -- is predicted to ascertain rapid climb and reach USD 20 billion by 2026, and USD 40 billion by 2030, it said.

Meanwhile, the worth lifestyle retail market is predicted to grow from USD 90 billion in 2019, to USD 156 billion by 2026, and touch USD 215 billion by 2030, it added.

This includes categories like apparel, footwear, fashion accessories, cosmetics, small appliances, and residential and living.

"As retail in India bounces back from COVID, the growing number of value-conscious internet buyers is reshaping India''s e-commerce landscape. This value segment is pegged to grow rapidly and emerge as a USD 215 billion-plus market by 2030," Kearney Partner Siddharth Jain said.

He added that while only 4 per cent of this demand is today served by online channels, this may rise to 19 per cent by 2030 creating a USD 40 billion marketplace for value e-commerce in India.

"We expect the amount of internet users in India to surpass 1,100 million people by 2026 - and a 3rd of those are going to be active online buyers. We believe that the requirements useful lifestyle consumers will increasingly be met by differentiated business models and online channels," it added.

Currently, about 70 per cent of lifestyle retail demand comes from the worth lifestyle segment. This segment is dominated by unorganised general trade (nearly 80 per cent share) and modern trade is at 16 per cent, while e-commerce features a low penetration at 4 per cent.

By 2030, unorganised general trade is forecast to account for about 57 per cent share, modern trade 24 per cent, and e-commerce at 19 per cent.

The report acknowledged that nearly all value lifestyle consumers spend tons of your time finding and evaluating products before they buy them due to their strict budgets.

Also, value lifestyle consumers scout for the simplest deals, often purchasing products with the most important discount or markdown, which may be an enormous factor once they do plan to make a sale , it said.

The report said value lifestyle consumers tend to possess less brand loyalty and are focused on getting the simplest quality in their preferred price range. they will be highly influenced by friends, family, and social media.

The report provided an summary of the efforts being made by various e-commerce companies in India like Snapdeal and Lenskart to align themselves to the requirements of the value-conscious segment.

In the case study on Snapdeal, the report highlighted how the corporate has reinvented its positioning within the e-commerce space by focusing entirely on value lifestyle e-commerce.

The report also noted the efforts of recent format value retailers like V-Mart to expand their e-commerce channels.

"Value lifestyle retail is pegged to grow to USD 215 billion markets, driven by India-2 (mainly mid to low income in tier II towns) – their online purchase behavior is about to extend the worth e-commerce market...

"Online players that craft a pointy value proposition around relevance, convenience, and trust, focused on needs of India-2 will emerge strong contenders to capture this USD 40 billion markets," Kearney Partner Karan Dhall said.

Gold steadies as US inflation data soothes early taper fears

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Spot gold inched 0.1% lower to $1,749.62 per ounce by 0329 GMT, having recorded it biggest one-day percentage gain since May 6 on Wednesday. U.S. gold futures were down 0.1% at $1,751.00.Representative image (Source: Shutterstock)

Gold prices steadied on Thursday after rising quite 1% within the previous session, as worries of an early tapering in economic support eased after data showed U.S. consumer price inflation cooled in July.

Spot gold inched 0.1% lower to $1,749.62 per ounce by 0329 GMT, having recorded its biggest one-day percentage gain since May 6 on Wednesday. U.S. gold futures were down 0.1% at $1,751.00.

U.S. consumer price increases slowed in July, data showed on Wednesday, although they remained at a 13-year high on a yearly basis, underpinning the Federal Reserve’s argument that inflationary pressures are likely to be transitory.

”There may be a slightly lower risk that the Fed will need to tighten policy aggressively to cap potentially runaway inflation,” said Kyle Rhoda, an analyst at IG Market.

However, the downward trend in gold is probably going to persist, Rhoda added.

Meanwhile, a growing number of U.S. financial institution officials are discussing how and once they should begin to trim the huge pandemic-era asset purchases.

The Fed has made labor market recovery a condition for phasing out its asset purchase program and raising interest rates.

While gold is viewed as a hedge against higher inflation, it's sensitive to rising U.S. interest rates, which increase the chance cost of holding non-yielding bullion while boosting the dollar.

”It is perfectly possible that gold has heavily factored in tapering as inevitable. What could also be a negative going forward could be a fast-paced tapering,” James Steel, chief precious metals analyst at HSBC wrote during a note.

”Gold is probably going to carry or build a base to travel modestly higher,” Steel added.

The dollar index, meanwhile, was flat and hovered below a quite four-month high hit on Wednesday.

Silver fell 0.5% to $23.40 per ounce. Platinum eased 0.2%, to $1,014.99 and palladium was down 0.1% to $2,633.19.

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US Senate passes bipartisan $1 trillion infrastructure bill

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Democratic House Speaker Nancy Pelosi has said repeatedly that her chamber will not take up either bill until she has both in hand, meaning that months of work remain before Tuesday's measure would go to Biden's desk to be signed into law.

The US Senate building (File image)

The United States Senate on Tuesday passed a $1 trillion infrastructure package that's a top priority for US President Joe Biden, a bipartisan victory for the White House that would provide the nation's biggest investment in decades in roads, bridges, airports, and waterways.

The vote was 69-30 within the 100-seat chamber, with 19 Republicans voting yes. Immediately the vote concluded, Senators began voting on a follow-up $3.5 trillion spending package that Democrats decide to pass without Republican votes.

Polls show that the drive to upgrade America's infrastructure, hammered out by a bipartisan group of senators over months of negotiations, is broadly fashionable for the general public.

The bill still has got to attend the House of Representatives and therefore the spirit of cooperation in Congress that led to Tuesday's vote will likely prove fleeting.

Senate legislator Chuck Schumer expects also to possess the votes to pass the budget resolution laying the groundwork for $3.5 trillion to be spent on healthcare, global climate change, and other Biden priorities that Democrats will almost certainly need to skip Republican objections during a maneuver referred to as "budget reconciliation."

"When the Senate is run with an open hand instead of a closed fist senators can accomplish big things," Schumer said shortly before the voting began.

Once that resolution is adopted, Democrats will begin crafting the reconciliation package for a vote on passage after they return from their summer break in September.

Democratic House Speaker Nancy Pelosi has said repeatedly that her chamber won't take up either bill until she has both in hand, meaning that months of labor remain before Tuesday's measure would attend Biden's desk to be signed into law.

The non-partisan Congressional Budget Office on Thursday said the infrastructure bill would increase federal budget deficits by $256 billion over 10 years -- an assessment rejected by negotiators who said the CBO was undercounting what proportion of revenue it might generate.

After working for 2 consecutive weekends on the infrastructure bill, a "vote-a-Rama" session that would run late into the evening is going to be the future for the Senate.

Senate legislator Mitch McConnell, who voted for the infrastructure bill, signaled that Republicans would attempt to use the voting sessions to select off support from moderate Democrats for what he called a "radical" larger spending package that might create a permanent state and inaugurate the most important peacetime tax-increase in US history.

"Every single senator is going to be happening record over and over and over," McConnell added. "We will debate, and that we will vote, and that we will get up, and that we are going to be counted, and therefore the people of this country will know exactly which senators fought for them."

The budget plan would offer various Senate committees with top-line spending levels for a good range of federal initiatives, including helping the elderly get home healthcare and more families afford infancy education.

It also would offer tuition-free junior college and foster major investments in programs to significantly reduce carbon emissions blamed for global climate change.

Later, Senate committees would need to fill within the details for many federal programs.

The budget blueprint was formally unveiled on Monday, an equivalent day a U.N. climate panel warned that heating was reaching emergency levels, or what U.N. Secretary-General Antonio Guterres described as a "code red for humanity."

Senate passage of the infrastructure bill and therefore the budget plan would clear the way for it to start a month-long summer break.

When Congress returns in September, it'll not only debate the massive investment measures but need to fund government activities for the financial year beginning on Oct. 1, increase Washington's borrowing authority and possibly attempt to pass a voting reform bill.

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After The Bell: A smart bounce back; what should investors do on Wednesday?

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The index has to hold above 16,250 zones to witness an up move towards 16,400 and then 16,500 zones, while on the downside support is seen at 16,150 and 16,000 levels, suggest experts.


Indian stock exchange bounced back sharply after briefly turning red on August 10, supported by a rally in telecom, IT, and banking stocks. The Nifty50 closed above 16,250 while the S&P BSE Sensex saw a rally of quite 150 points.

The Nifty50 hit a record high of 16,359 while the S&P BSE Sensex recorded a high of 54,779 in trade today.

Let’s check out the ultimate tally on D-Street – the S&P BSE Sensex rose 151 points to 54,554 while the Nifty50 rose 21 points to shut at 16,280.

Sectorally, buying was seen in telecom, IT, also as banks while selling pressure was seen in metals, public sector, realty, and utilities.

"What started as a sell-off in metal stocks dramatically triggered a sell-off within the small-cap Index after rallying for several months. The Midcap Index and therefore the PSU banks too were also not spared as both investors and traders booked profits,” S Ranganathan, Head of Research at LKP Securities, said.

“The index at close quite honestly wasn't reflective of the market mood because the breadth was very weak,” he said.

On the broader markets front – the S&P BSE Midcap index fell 0.8 percent, and therefore the S&P BSE Small-cap index fell by quite 2 percent – underperforming the benchmark indices.

India VIX moved up by 0.83 percent from 12.60 to 12.70 levels. Overall, lower volatility indicates that bulls are holding the command and declines are being bought.

On the front of the choice, the utmost Put OI is placed at 15,000 followed by 16,000 strikes while maximum Call OI is seen at 16,500 followed by 16,300 strikes.

Options data suggests a broader trading home in between 16,000 and 16,500 zones while an instantaneous trading range is between 16,150 and 16,400 zones.

Here’s what experts suggest investors should do on August 10:

Chandan Taparia, vice chairman | Analyst-Derivatives, Motilal Oswal Financial ServicesThe last half of the session witnessed a pointy decline to 16,200 followed by a recovery of 80 points within the last hour. It formed a Doji kind of candle on a daily scale because it closed flat almost its opening levels.

Now, the index has got to hold above 16,250 zones to witness an up move towards 16,400 then 16,500 zones while on the downside support is seen at 16,150 and 16,000 levels.

Palak Kothari, Research Associate at Choice Broking

Technically, the Nifty index has been trading during a range and hasn’t broken its previous day low and sustained above an equivalent one, which indicates bullish strength within the counter.

Furthermore, the Index has taken support from 50-HMA, which supports upside movement within the counter. A momentum indicator RSI & MACD is showing positive strength and Stochastic is additionally with positive crossover on the daily chart, which indicates an extra bullish move.

At present, the Nifty index has an instantaneous resistance at 16,360 levels while downside support shifted up to 16,150 levels.

Rohit Single, Senior Technical Analyst at LKP Securities.

After a robust volatile session, the index managed to shut the day on a positive note at 16,280 and formed a Doji candle pattern on the daily chart for the second consecutive day which signals indecision within the markets.

The Nifty again respected the support zone of 16,200 needless to say , and that we witnessed an honest pull-back from an equivalent level which hints until holding above 16200 zone.

The index may even see some extension within the existing consolidation zone of 16,200-16,350 zone and either side breakout will decide the ultimate direction move.

Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

The markets climbed well above the 16,300 marks and seemed all poised to shut above it too. However, there was a pointy and nervous sell-off mid-day which brought the index on the brink of 16,200.

We recovered well but didn't close above the 16,300 levels. Once we are successful in doing so, we'll witness a rally to 16,600 because the next target is for the Nifty.

Sona BLW Precision Forgings share price surges 16% on improved June quarter earnings

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The company reported a net profit of Rs 82.2 crore in the quarter ended June 2021 and its revenue was up 226 percent at Rs 501 crore

Sona BLW Precision Forgings share price touched a 52-week high of Rs 559.65, rising quite 16 percent intraday on August 10 after the corporate reported a net income of Rs 82.2 crore within the quarter ended June 2021.

The company’s revenue was at Rs 501 crore, growing 226 percent YoY. the internet order book was at Rs 14,000 crore as of June 30, 2021.

"The stock has completed its eight weeks of listing being a replacement IPO listed on the summer solstice and scaled an all-time high. it's holding its short-term average and moved higher with sharp volumes with positive momentum within the sector," said Vikas Jain, Senior Research Analyst, Reliance Securities.

"The current up move can lead the stock higher almost Rs 538 levels being 61.8 percent Fibonacci move from rock bottom of Rs 333 levels post listing," he added.

The company shares made a robust market debut, closing 25 percent higher on Midsummer Day.

The stock closed the session at the day's high of Rs 362.85 on the BSE, rising 24.69 percent over the difficulty price of Rs 291 and hit the 20 percent upper circuit compared to the opening price of Rs 302.4.

At 1235 hours, Sona BLW Precision Forgings was quoting at Rs 545.10, up to Rs 65.05, or 13.55 percent on the BSE.


PM Modi to release next instalment of financial benefit under PM-KISAN scheme today

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Under the PM-KISAN scheme, an annual financial benefit of Rs 6,000 is provided to eligible beneficiary farmer families, payable in three equal four-monthly installments of Rs 2000 each.

Prime Minister Narendra Modi will release subsequent instalment of monetary benefit under the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) scheme today.

Under the PM-KISAN scheme, an annual financial advantage of Rs 6,000 is provided to eligible beneficiary farmer families, payable in three equal four-monthly installments of Rs 2000 each.

Prime Minister Modi will release subsequent instalment of monetary benefit under PM-KISAN scheme on August 9 at 12.30 pm via video conferencing, consistent with the PMO.

This will enable the transfer of an amount of quite Rs 19,500 crore to quite 9.75 crore beneficiary farmer families, the PMO said.

The prime minister will interact with farmer beneficiaries during the event and can also address the state .

The fund is transferred on to the bank accounts of the beneficiaries. during this scheme, ''Samman Rashi'' of over Rs. 1.38 lakh crore has been transferred to farmer families thus far , consistent with the PMO.

According to another PMO statement, Prime Minister Modi also will launch the Ujjwala 2.0 (Pradhan Mantri Ujjwala Yojana -PMUY) by delivering LPG connections, at Mahoba Uttar Pradesh on August 10 at 12.30 pm via video conferencing.

During the event on Tuesday, Modi will interact with beneficiaries of the Ujjwala scheme and also address the state .

During Ujjwala 1.0 launched in 2016, a target was set to supply LPG connections to 5 crore women members of BPL households.

Subsequently, the scheme was expanded in April 2018 to incorporate women beneficiaries from seven more categories (SC/ST, PMAY, AAY, most backward classes, garden , forest dwellers, islands).

Also, the target was revised to eight crore LPG connections. This was achieved in August 2019, seven months before the target date, the statement said.

In the Union allow fiscal year 2021-22, provision for a further one crore LPG connection under the PMUY scheme was announced.

These one crore additional PMUY connections (under Ujjwala 2.0) aim to supply deposit-free LPG connections to those low-income families who couldn't be covered under the sooner phase of PMUY.

Along with a deposit-free LPG connection, Ujjwala 2.0 will provide first refill and hotplate freed from cost to the beneficiaries. The enrolment procedure would require minimum paperwork and in Ujjwala 2.0, migrants won't be required to submit ration cards or address proof.

A self-declaration for both ''family declaration'' and as a ''proof of address'' will suffice, the PMO said.

Ujjwala 2.0 will help achieve the prime minister''s vision of universal access to LPG, it said.

Union Petroleum and gas Minister Hardeep Singh Puri and Uttar Pradesh Chief Minister Yogi Adityanath also will be present on the occasion.

Is RBI ready to relook at environment of high liquidity and low rates?

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Investors should allocate funds towards funds having a maturity of up to 3 years to prevent portfolio shocks from rising interest rate risks.

The Monetary Policy Committee (MPC) decided to keep policy repo rates and reverse repo rates unchanged at 4.00 percent and 3.35 percent respectively. The MPC also decided to continue with an accommodative stance for as long as necessary to revive and sustain growth on a durable basis. At the outset, it appears that MPC has maintained the 'status quo, but as one reads the statement in detail, the indications are clearly otherwise as reflected in the bond yields which were trading 5-10 bps higher post policy announcement.

The minutes of the earlier MPC in June 2021 had already reflected concerns on persistently high inflation readings and the fact that it was being overlooked primarily to combat the economic slowdown induced by Covid-19. The concern manifested itself in a dissenting vote in this MPC for maintaining the accommodative stance. However, the decision to keep rates unchanged was unanimous.

The MPC also outlined a sequentially increasing amount for the Variable Reverse Rate Repos from current Rs 2 lakh crore to Rs 4 lakh crore by September-end. The governor has reassured that this should not be read as reversal of the accommodative stance. However, reduction in liquidity is likely to result in overnight rates inching up slightly.

While high consumer price index (CPI) readings are still being considered transient and supply side driven, there is a clear concern on readings beyond the upper band 6 percent on RBI's inflation target. The MPC also did acknowledge that economic recovery is on expected lines. Thus, for the financial year 2021-22, while the GDP growth estimates were maintained at 9.50 percent, the inflation forecast was revised upwards from 5.1 percent to 5.7 percent, nearer to the upper tolerance band. It will be difficult for the central bank to justify its accommodative stance if the estimates were to be revised further upwards going ahead.

Markets have been concerned about the rising CPI for quite some time but the central bank was of an alternative opinion. This tussle was reflecting in the auction results on the 10-year benchmark instrument over the last few months. However, RBI did appear to relent a bit and acknowledge the concern on inflation as the 10-year benchmark was recently seen trading at 6.20 percent levels. Today's policy statement clearly acknowledged the market's concern on the rising CPI readings.

Covid-19 led economic slowdown had led RBI to take various measures to support economic growth and maintain an accommodative monetary policy in line with most central banks globally since March 2020. In today's policy, the central bank appears to be hinting, for the first time, that it is probably getting ready to relook at the environment of high liquidity and low rates which have been prevalent for almost a year and a half now.

There was a definite change in the tone of today's policy statement which, though subtle, was clearly indicative of things to come. The concern on growing CPI readings will continue to reflect on the benchmark going ahead - leading to heightened volatility on the longer end of the curve. Given the rate scenario, we believe that investors should allocate funds towards funds having a maturity of up to 3 years to prevent portfolio shocks from rising interest rate risks.

Job Advertisements: Time to come clean on salary to be offered?

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Job seekers want recruiters to disclose approximate salaries for the roles advertised so that they can make better decisions while applying for these positions.

Vini Ahuja, a 34-year-old software professional from Bengaluru, has been job looking for the past two months. the most important hurdle that she is facing thus far is that the incontrovertible fact that job positions being advertised doesn't offer any details about the salary and it's disclosed just one occasion a candidate has cleared the last round of selection.

"I have appeared for five interviews thus far and each place has an equivalent policy. In three cases, I acknowledged that the salary being offered was 15 percent less than my current CTC (cost-to-company). once we need to disclose our current salary and provides proof, why won't they," she wonders.

There is a rising demand among job seekers in India to urge proper salary disclosures for the positions advertised by recruiters. The request here is that albeit the precise salary can't be revealed, a ballpark should tend out.

The justification is that since companies insist that candidates disclose their current salaries, why shouldn't they too? And eventually, the salary is one among the crucial factors to make a decision whether or to not accept employment role.

Currently what happens during job interviews is that the compensation is discussed at the previous stage. due to this, it becomes a troublesome decision-making process for candidates.

Hiring managers would state that compensation may be a 'trade secret'. Fair point but what's the harm in giving a range? rather than saying Rs 28.7 lakh CTC for a software developer with 10 years of labor experience just say provides a range between Rs 25 lakh-30 lakh once a year .

This makes the method far easier. A candidate who currently earns Rs 35 lakh wouldn't consider applying for the role. rather than them rejecting the work offer at the last round supported the pay, it's way better to state the compensation upfront.

It also helps save time and shut critical positions quicker. tons of back-and-forth on pay happens between the candidate and therefore the company HR occurs after the ultimate interview has been cleared only because the figure isn't shared beforehand .

Varun Bose, a tax consultant from Kolkata had three rounds of interviews at a consulting company between March and July 2021. He had a good idea of the industry salaries and had agreed to use for this position (where he was approached by the company).

However only within the last week of July was he told the pay, which was actually 20 percent less than his current salary.

"I didn't take up the work but i actually regret the very fact that I could have applied at other places had this information been given before," he says.

Giving an indicative CTC upfront means time are often dedicated to interviewing relevant candidates to guage whether or not they are fit the stress of the work role. With this, the 'salary bargaining time gets significantly hamper and vacant positions might be filled during a few months.

If you expect transparency from employment seeker, it's essential that you simply be transparent too.

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