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PAGE 12
Sensex Nifty Gold Silver Dollar
HYDERABAD
SATURDAY 2| JUNE 2012

CURRENCY
15,965
253.37
4,842
82.85
`29,005
`60
`53,660

`510
`55.58

`0.54 BUSINESS
SLOW DOWN ENVELOPES THE WORLD CRUDE OIL SINKS
1 EURO `68.49 1£ `85.12
USA
US employers
RUSSIA
Russian curren-
Hiring slows as cautious TO 16-MONTH
IT firms plan for rainy day LOW AT $97.7
added 69,000 cy hits 3-year CHINA
$1.23 $1.53 jobs in May, low vs dollar China’s manu-
fewest in a year facturing slows New York, June 1: Oil
Indicators down in May, prices fell more than three
EUROPE
FII NET SELL: Eurozone
ending growth New Delhi, June 1: The
Bengaluru has job scenario in the IT and per cent on Friday, with
$112.49 million (May 31) of 5 months information technology ITeS space to cost-cutting Brent crude dropping
manufactur- sector in India is witness- seen the highest move and expect that the below $100 a barrel to a
ing sinks, ing a steep decline in the same trend would continue near 16-month low as weak
FOREIGN CURRENCY ASSETS: higher job
INDIA hiring activity as most com- slump of 31 per for few months. jobs data in the United
$254,406.2 mn (May 25) BRAZIL cuts in panies are embracing cost- “The recruitment activity States, poor Chinese manu-
Brazil Germany too GDP grew at cutting measures to sail
cent in hiring in the IT sector declined, facturing figures and the
growth 9 year low of compared to April,
INFLATION: 7.23% (April) 5.3% in Q4
through the uncertain eco- but some skills are still in euro zone’s debt crisis
slips to SOUTH AFRICA nomic conditions, say demand. The cost-cutting prompted a cross-market
0.2% in Q1 experts. while Hyderabad and project outsourcing is selloff.
at a glance 2012; Rates
GDP growth
slowed sharply to “Hiring activities have has seen the one of the reasons for the Brent July crude fell $3.50
slashed seen a dip of 29 per cent in decline in hiring activity,” to $98.37 a barrel by 11.13
2.7% in Q1 of 2012
IT and ITeS sectors in May, lowest dip at 12 Sat-n-Merc Manpower con- am EDT (8.43 pm IST), hav-
2012 from the preceding sultant director Prachi ing pushed below $100 for
per cent
■ 5 global brokerages cut India’s outlook month,” MyHiringClub.com
CEO Rajesh Kumar said.
In terms of geographical and Hyderabad (12 per
Kumar said.
She added: “Uncertainty
in economic and political
the
October.
first time since

Brent’s intraday low of

Mega projects to
analysis, Bengaluru has cent). scenario also have affected $97.70 was the weakest
seen a slump of 31 per cent However, he said that hiring activity.” since February 8, 2011.
in hiring from previous other industries have incre- “Several IT firms have put “From China to Europe to
month. Delhi has witnessed ased recruitment activities their recruitments on hold. the United States, all the
a drop of 16 per cent last by 13-15 per cent in May as This might continue for a data have shown real slow-
month compared to April compared to April. little longer,” Psyche ing,” said John Kilduff,

get PMO’s boost

followed by Chennai (17 per Human resource experts Panacea director Vikas partner at Again Capital in
D.K. MEHROTRA cent), Mumbai (14 per cent) have attributed the sluggish Vats said. — PTI New York. — Reuters

TAKES OVER AS DC CORRESPONDENT

LIC CHAIRMAN NEW DELHI, JUNE 1: SENSEX CARS
DC CORRESPONDENT Prime Minister Manm-
HYDERABAD, JUNE 1: ohan Singh on Friday
approved the setting up of
Mr D.K. Mehrotra took an Investment Tracking
charge as chairman of the System (ITS) to fast track
Life Insurance Corporation projects worth over `1,000
of India on Thursday. Prior crore even the industry Sensex plunges Car firms report
to this, he was working as sought a stimulus package
the in-charge chairman of to kick-start the country’s below 16K mark sluggish sales
LIC. economic growth engine. The Sensex plunged in Major auto makers saw
During his tenure as the The decision comes in the last hour to close their sales declining or
in-charge chairman, the the wake of a slowing eco- below the 16,000-mark posting a flat growth in
state-owned insurance nomic growth due to vari-
behemoth regained 2.66 per ous reasons, including ad- for the second time May as demand for
cent market share in premi- ministrative bottomnecks. since May 23 in sync diesel vehicles has out-
um and about four per cent On Friday, five global with mayhem in global paced those of petrol.
in policies. As on March financial services majors, markets. The rupee Maruti and GM sales
2012, LIC’s market share in including Morgan Stanley, recovered to 55.54 after have dipped, while Hyu-
premium stands at 71.36 per Stanchart and Citi, have RBI said it supply dol- ndai and Tata Motors
cent and in policies at 80.90 lowered India’s growth
per cent. prospects to 5.7 to 6.4 per lars directly to oil firms posted a marginal rise.
Around 1.75 crore claims cent for the current fiscal.
amounting to `60,837 crores The ITS would ensure to the Prime Minister’s work hard.”
were settled and “online speedy project clearances, Office (PMO) on the Data for the January-
sale of policies” was made which could help the gov- progress of the projects March quarter released on
available for the first time ernment in giving boost to and also identify the Thursday showed growth
during his tenure as the in- the economy. issues that are hindering in GDP of just 5.3 percent,
charge chairman. Under the system, Natio- the progress. high by the standards of
Mr Mehrotra joined LIC as nal Manufacturing Com- In December 2011, the developed countries but a
a direct recruit officer in petitiveness Council will PM’s Council on Trade severe disappointment in
Jamshedpur division in track all public sector pro- and Industry had asked once-booming India.
1977. In his 35-year long jects with an investment of the government to moni- Citing a difficult eco-
career, he held various over `1,000 crore and the tor major projects to put nomic situation, industry
important assignments in department of financial them on a fast track. association CII chairman
different capacities. Mr services will monitor proj- Earlier in the day, RBI Adi Godrej asked the gov-
Mehrota has been the man- ects of similar sizes in the deputy governor K.C. Cha- ernment to announce a
aging director of the insur- private sector. krabarty said warned that stimulus package, which
ance giant since 2005. Both the bodies would economic growth could includes lower interest
submit quarterly reports fall further “unless we rates and higher tax sops.

GOLD FUTURES
HIT RECORD HIGH
AT `29,586
RAJENDRA JADHAV
MUMBAI, JUNE 1:

Gold prices in India, one of

the world’s leading con-
sumers, hit a record high
on Friday, tailing gains
overseas, and industry offi-
cials say the elevated price
will further squeeze
demand, which fell 29 per
cent on year in the first
quarter of 2012.
The most-active June
delivery on the Multi
Commodity Exchange was
up 1.1 per cent at `29,469
rupees per 10 grams by 8.57
pm IST, after hitting a
record high of `29,586. The
earlier record high for the
front month contract was
`29,516 hit in November
2011.
“We are entering in lean
season with record high
price. So, obviously we will
see sharp drop in demand
in next two months,” said a
member of Bombay Bulli-
on Association, who declin-
ed to be named. — Reuters

SAMSUNG GETS
GOOD RESPONSE
FOR GALAXY S3
DC CORRESPONDENT
HYDERABAD

Samsung India head for

mobile and IT Ranjit Yadav
said on Friday that the
response for Samsung
Galaxy S3 was very good.
“The response was very
good. We have over 1,000
bookings in just one day
and over 25,000 have
expressed interest to buy,”
he said, after launching the
sales of the company’s new
smartphone model in
Hyderabad on Friday.
Galaxy S3 is priced over
`43,000 in India.
Mr Yadav said that the
rupee depreciation had
been eating into its mar-
gins as several of its high-
end products are imported.
In India, it manufactures
10 out of its boutique of 18
smartphones and aims to
garner 60 per cent of the
Indian smartphone market
share by the end of this fis-
cal.