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<ul><li><keyword id="105311" type="General" weightage="20" keywordseo="inox-leisure" source="Orion">INOX Leisure</keyword> expects to create employment opportunities for 3,000 employees.</li><li>The company hopes to do so by opening 77 new screens across India in the FY2023.</li><li>The movie theater company added 32 screens in fiscal year 2022 that ended in March.</li></ul>Movie theater company INOX Leisure expects to hire 3,000 employees as it plans to open 77 new screens this financial year. It plans to open them in Delhi, Lucknow, Hyderabad, Mysore, Visakhapatnam and more, the company’s CEO Alok Tandon told Business Insider India. “Apart from direct employment, we also give a lot of employment to the people who supply us with ancillary items. On an average, in a four-screen-plex we have about 70-80 people. Now when I talk about having 77 screens, we will be employing roughly about 1,500-2,000 people directly and thousands of people indirectly,” Tandon explained. The indirect employment includes people who supply INOX with food, chairs, mechanical equipment, projectors, lights and more. “So, 1,000 would be over and above our direct employment,” he added. This is good news since the month of May has seen many layoffs and experts expect<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 people working at startups to lose their jobs</a>. While <keyword id="11018" type="General" weightage="20" keywordseo="jobs" source="Orion">jobs</keyword> in the <a href="https://www.businessinsider.in/business/corporates/news/it-jobs-are-safer-than-startup-jobs-but-a-salary-bubble-burst-awaits-them/articleshow/91808349.cms">IT sector are expected to be safe</a>, the paycheck may reduce. <cmsannotation type="cmsannotation" annotationid="Multi-screen theaters and new properties" comment="subhead" text="Multi-screen theaters and new properties">Multi-screen theaters and new properties</cmsannotation> Tandon elaborated that the company plans to launch four new theaters in Delhi with 14 screens; a theater in Lucknow with 10 screens; two new properties in Hyderabad with 9 screens and many more. The company hopes these additions will help increase their total footfalls. It currently manages 692 screens at 163 properties in 73 cities. “It is difficult to say how much the footfalls will increase,” he added. INOX reported a revenue of ₹705.7 crore in the fiscal year 2022, while its net loss was at ₹239 crore. The company — which added 32 screens in FY22 — reported 23 million footfalls throughout the year. Of which, 11 million came only in the last quarter that ended in March 2022. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/stock-market/news/ril-maruti-suzuki-tata-motors-bajaj-auto-among-stock-to-watch-out-for-on-june-2/slidelist/91953190.cms">RIL, Maruti Suzuki, Tata Motors, Bajaj Auto among stock to watch out for on June 2</a> <a href="https://www.businessinsider.in/business/corporates/news/infosys-could-remain-the-vendor-of-choice-even-if-recession-comes-say-analysts/articleshow/91952813.cms">Infosys could remain the ‘vendor of choice’ even if recession comes, say analysts</a> <a href="https://www.businessinsider.in/business/telecom/news/mukesh-ambanis-jio-lags-behind-airtel-which-is-the-top-telecom-brand-in-india/articleshow/91935279.cms">Mukesh Ambani's Jio lags behind Airtel which is the top telecom brand in India</a>

INTERVIEW: INOX Leisure to hire 3,000 people as it plans to add 77 new screens

<ul><li>The US stocks ended lower on Wednesday as concerns grew over the fate of a US coronavirus stimulus deal. </li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider. </a></li></ul>Amidst mixed cues from the global markets, the Indian equities are likely to open flat on Thursday. In the Asian market, the SGX Nifty was trading 0.19% higher at 7:49 am, indicating a green start for Nifty50. However, the US stocks ended lower on Wednesday as hopes of a US coronavirus stimulus deal waned. The Dow Jones Industrial Average slid 165.81 points, whereas the S&amp;P 500 fell 0.66%. These are the stocks to watch out for during the trading session on October 15: Infosys Indian IT giant Infosys has reported a stellar quarter led by record deal wins, and it has also raised the <a href="https://www.businessinsider.in/business/corporates/news/infosys-second-quarter-earnings-deliver-on-all-fronts-led-by-highest-ever-deal-wins-worth-3-15-billion-raises-guidance-to-2-to-3/articleshow/78659827.cms">FY21 guidance</a>. The company also gave<a href="https://www.businessinsider.in/careers/news/infosys-to-reinstate-wage-hikes-promotions-and-hiring-will-impact-margins-over-the-next-six-months/articleshow/78660576.cms"> its employees 100% variable pay</a> over the last three months and restarted the promotion process for junior-level employees. The shares of Infosys ended 1.71% lower yesterday. SBI, ICICI Bank, HDFC Bank, and others Bank stocks will be in focus today after the Supreme Court adjourned the hearing on the ‘interest-on-interest’ waiver case on loan moratoriums to November 2. It has asked the Centre and banks to flesh out the details on implementation of the waiver. National Mineral Development Corporation (NMDC) The government on Wednesday, during the cabinet meeting, approved demerger of the under-construction Nagarnar steel plant (NSP) from NMDC and its strategic disinvestment by selling the entire stake of the Centre to a strategic buyer. “Shareholders of NMDC will also be shareholders of the demerged company (NSP) in the proportion of their shareholding. The investors will have better visibility of the operations and cash flow of NMDC and NSP separately,” the official statement said. The shares of NMDC ended 0.88% higher yesterday. Reliance Industries The Mukesh Ambani owned Reliance Industries’ retail arm Reliance Retail Ventures has received the subscription amount of ₹5,550 crore from KKR as per<a href="https://www.businessinsider.in/retail/news/indias-biggest-retailer-reliance-retail-is-now-valued-at-57-billion-following-a-fresh-investment-from-kkr/articleshow/78281374.cms"> their earlier agreement</a>. The shares of RIL ended 0.10% higher yesterday. PVR and Inox Leisure PVR and Inox Leisure share will also be in focus during the trade today. As per the MHA guidelines cinema halls are set to reopen in the different parts of the country adhering to the social distancing norms. The shares of PVR and Inox Leisure ended nearly a percent higher yesterday. United Spirits The Indian alcoholic beverages company United Spirits has entered into a definitive agreement to sell its entire shareholding in its non-operative subsidiary - Tern Distilleries Private Limited for ₹30 crore. The shares of United Spirits ended 0.62% lower yesterday. Indiabulls Housing Finance The National Housing Bank has levied a penalty of ₹3.5 lakh on Indiabulls Housing Finance for non-disclosure of related party transactions The shares of Indiabulls Housing Finance ended 7% higher yesterday. Tata Steel BSL Tata Steel BSL reported a consolidated net profit at ₹341.7 crore for the quarter ending September 30 compared to the loss of ₹244 crore during the same period last year. The revenue increased by 21.1% to ₹5,519.4 crore. The shares of Tata Steel BSL ended 5% higher yesterday. Jubilant Foodworks FPIs raised stake in the Indian parent company of pizza maker Jubilant Foodworks to 37.86% in September, up from 36.19% in the June quarter. The shares of Jubilant Foodworks ended 1.81% higher yesterday. Likhitha Infrastructure The shares of oil and gas pipeline infrastructure service provider, Likhitha Infrastructure will <a href="https://www.businessinsider.in/stock-market/news/likhitha-infrastructure-shares-to-list-tomorrow-on-bse-and-nse/articleshow/78660431.cms">list</a> on the bourses today. SEE ALSO: <a href="https://www.businessinsider.in/careers/news/infosys-to-reinstate-wage-hikes-promotions-and-hiring-will-impact-margins-over-the-next-six-months/articleshow/78660576.cms" data-type="tilCustomLink">Infosys to reinstate wage hikes, promotions and hiring — will impact margins over the next six months</a> <a href="https://www.businessinsider.in/stock-market/news/likhitha-infrastructure-shares-to-list-tomorrow-on-bse-and-nse/articleshow/78660431.cms" data-type="tilCustomLink">Likhitha Infrastructure trades at 13% grey market premium ahead of listing today </a>

Top stocks to watch — Infosys, RIL, SBI, ICICI Bank, HDFC Bank, NMDC, Jubilant Foodworks, and others

<ul><li>March 2022 turned out to be the best months for both <keyword id="799" type="General" weightage="20" keywordseo="pvr" source="Orion">PVR</keyword> and <keyword id="6407732" type="General" weightage="20" keywordseo="inox" source="Orion">INOX</keyword> Leisure due to stellar movie releases.</li><li>The companies can still replicate the March success due to the strong movie pipeline set up for this year.</li><li>“2022 or financial year 2023 will be one of the best for the Indian film industry,” INOX CEO Alok Tandon said.</li></ul>Afer a stellar March business, movie theatres are hoping to make a comeback — but they need movies that can move the audiences away from OTTs and TVs. This is the view held by five brokerage firms — ICICI Securities/Direct, Motilal Oswal, Prabhudas Lilladher and ShareKhan. They believe that good movies can help them replicate the March success which came with superhits like the controversial Kashmir Files; Rajamouli’s RRR, Sanjay Leela Bhansali’s period drama Gangubai Kathiawadi, followed up by KGF 2 in April. “They witnessed a March — which was the best ever in the history, led by superlative performances of movies,” ICICI Direct said in its views on PVR and INOX both. The March footfalls made up for half of the Jan-March quarters footfalls in theaters. But both these companies need more than a good month to turn things around. A strong recovery in footfalls and sales of these listed theatre companies will be driven by ‘strong content slate lines’, as per ICICI Direct. If all goes well, it estimates that both these companies can cross their pre-covid earnings in the current financial year. These companies are in desperate need of a ‘recovery worthy’ movie releases. In spite of a good revenue growth, INOX and PVR both are still in the red — posting losses of ₹239 crore and ₹478 crore in the fourth quarter, respectively. <cmsannotation type="cmsannotation" annotationid="The Khan-Karan factor" comment="subhead" text="The Khan-Karan factor">The Khan-Karan factor</cmsannotation> The next phase of turnaround can come from another set of long-delayed and much-hyped movies with A-list stars. All the three Khans have movies planned this year — which had become a rare occurrence even in the years before the pandemic. Aamir Khan has Lal Singh Chaddha, that’s a remake of Tom Hanks’ Forrest Gump. Salman Khan also promises another movie from his formulaic stable — called Kabhi Eid Kabhi Diwali. The King of Khans — Shah Rukh Khan too is releasing a movie after four years called Pathan. The fact that these Khan movies are ‘much-awaited’ can help drive footfalls. INOX CEO Alok Tandon spoke of an influx of good releases in FY23, in a conversation with Business Insider India. “2022 or financial year 2023 will be one of the best for the Indian film industry… I feel like we have some very, very strong lineup,” Tandon said. He also confirmed that March was their best month yet and the movie business had been operating in limited capacity over the last few years due to Covid-19. Then other bankable stars like Ranveer Singh and Ranbir Kapoor too have releases this year — at least one of them is bankrolled by Dharma Productions, lead by Karan Johar. <cmsannotation type="cmsannotation" annotationid="Movies that can move PVR, INOX Leisure’s profits from red to green" comment="subhead" text="Movies that can move PVR, INOX Leisure’s profits from red to green">Movies that can move PVR, INOX Leisure’s profits from red to green</cmsannotation> <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><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;">Upcoming Movie </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;">Expected Release </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;">Cast </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;">Samrat Prithviraj </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;">June 2022 </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;">Akshay Kumar, Sanjay Dutt, Sonu Sood </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;">Ek Villain Returns </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;">July 2022 </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;">John Abraham, Arjun Kapoor, Aditya Roy Kapur, Disha Patani </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;">Laal Singh Chaddha </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;">August 2022 </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;">Aamir Khan, Kareena Kapoor </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;">Brahmastra </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;">September 2022 </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;">Ranbir Kapoor, Alia Bhatt, Amitabh Bachchan, Nagarjuna, Mouni Roy </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;">Avatar: The Way of Water (English) </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;">December 2022 </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;"> Zoe Saldaña, Sigourney Weaver, Stephen Lang, Cliff Curtis </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;">Kabhi Eid Kabhi Diwali </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;">December 2022 </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;">Salman Khan, Pooja Hedge, Kriti Sanon, Aayush Sharma </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;">Pathaan </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;">January 2023 </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;">Shah Rukh Khan, Deepika Padukone, Salman Khan, Dimple Kapadia, Ashutosh Rana, John Abraham </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;">Rocky Aur Rani Ki Prem Kahani </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;">February 2023 </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;">Ranveer Singh, Alia Bhatt, Dharmendra, Shabana Azmi </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;">Luv Ranjan's next starring Ranbir Kapoor </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;">March 2023 </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;">Ranbir Kapoor, Shraddha Kapoor </td></tr></tbody></table> <cmsannotation type="cmsannotation" annotationid="Badly in need of a superhit" comment="subhead" text="Badly in need of a superhit">Badly in need of a superhit</cmsannotation> The many high profile releases must deliver as per expectations with ‘superhits’, for the companies to get back to their pre-Covid financials and footfalls. “Deterioration of content quality might affect footfalls and advertising revenue growth, inability to take adequate price hikes at the right time might affect earnings given rising input cost, and inability to maintain cost savings initiatives likely to impact operating profitability,” a ShareKhan report read. A lot of high profile releases also fell flat in the months ahead of March. There was a big buzz around Ranveer Singh and Deepika Padukone-starrer 83 — which was based on the 1983 cricket world cup that India won. However, it disappointed movie distributors as it was declared a theatrical flop. Singh’s Jayeshbhai Jordaar too did not live up to its expectations. Kangana Ranaut’s Dhakkad, Akshay Kumar’s Bachchan Pandey, Prabhas’ Radhe Shyam too failed to impress the audiences. Apart from 83, all the other movies were released after India had overcome the third Covid-19 wave. Pushpa and Spider Man in the Hindi belt — both released in December along with 83 — were among the few movies that managed to do well despite Omicron fears. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/thelife/personalities/news/mukesh-ambani-gets-his-richest-indian-crown-back-with-a-wealth-of-104-4-billion/articleshow/91977090.cms" style="">Mukesh Ambani gets his ‘richest Indian’ crown back with a wealth of $104.4 billion</a> <a href="https://www.businessinsider.in/careers/news/inox-leisure-to-hire-3000-people-as-it-plans-to-add-77-new-movie-screens/articleshow/91964819.cms" style="">INTERVIEW: INOX Leisure to hire 3,000 people as it plans to add 77 new screens</a> <a href="https://www.businessinsider.in/business/startups/news/india-created-14-unicorns-in-the-first-half-of-2022-before-funding-slowdown-hit-them/articleshow/91955385.cms" style="">India created 14 unicorns in the first half of 2022 — before funding slowdown hit them</a>

Brahmastra, Laal Singh Chaddha and Avatar — movies that can determine the fortunes of INOX and PVR

<ul><li>Shares of Aether Industries listed at ₹706.15 while the price band was fixed at ₹610 - ₹642 per share.</li><li>The IPO witnessed decent demand from investors as its IPO was subscribed for 6.26 times the number of shares offered.</li><li>The market capitalisation of the company stood at ₹8,790 crore.</li></ul>Shares of Aether Industries listed on the Indian exchanges at a 9.99% premium supported by positive market momentum. The stock exchanges opened in the green as Sensex went up by over 500 points in the morning. The chemical manufacturer’s improving financial performance could also have aided the enthusiasm for the stock. The unofficial grey market had expected the stock to rise by ₹15, but it gained by over four times to ₹64, beating even the positive estimates. Aether Industries’ shares listed at ₹706.15, while its IPO price band was ₹610 - ₹642 per share. Its IPO was subscribed 6.26 times. Go long and buy more say investors Analysts had expected this positive listing based on the good response the IPO received, especially the institutions. Further, it asks the investors to go ‘long’ on the stock and buy more. This is in spite of the fact that the issue was priced at a price-to-earnings ratio of 72:30, based on annualized FY22 numbers. “We believe that the company deserves this premium multiple due to its phenomenal growth prospects. Nevertheless, we expect a positive listing for the issue, and post listing, long-term investors may accumulate the stock,” said Aayush Agrawal, senior analyst at Swastika Investmart. The company's profitability has been rising consistently in the last three years as it has made a profit of ₹71 crore in FY21 as compared to ₹23 crore in FY19 along with steady growth in revenue. Aether Industries — which is based out of Surat, Gujarat — focuses on producing advanced intermediates and specialty chemicals involving complex, differentiated chemistry and technology core competencies. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="http://www.businessinsider.in/careers/news/inox-leisure-to-hire-3000-people-as-it-plans-to-add-77-new-movie-screens/articleshow/91964819.cms">INTERVIEW: INOX Leisure to hire 3,000 people as it plans to add 77 new screens</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/reliance-mg-motor-and-castrol-team-up-to-build-electric-charging-infrastructure-across-india/articleshow/91966297.cms">Reliance, MG Motor and Castrol team up to build electric charging infrastructure across India</a>

Aether Industries beats market expectations to list at a 10% premium

<ul><li><keyword id="390386" type="General" weightage="100" keywordseo="indian-billionaires" source="Orion">Indian billionaires</keyword> retained 99% of their wealth in 2022 when billionaires around the world have seen a decline of up to 83% in their wealth.</li><li>Gautam Adani added the most to his wealth in the world, while Mukesh Ambani was a close third.</li><li>Overall, billionaires around the world lost over a trillion dollars in wealth in 2022 so far.</li><li>Switzerland was the only country in the list with a net gain of $12 billion.</li></ul>The Indian economy has been going through the same pains as the rest of the world — high inflation, rising interest rates and a doubtful recovery. Yet, the country’s billionaires do not seem to have been affected by it. In fact, they got away with a minimum loss of wealth in 2022 – while the rest of the world lost over a trillion dollars. According to numbers crunched by Business Insider and data from Bloomberg Billionaires Index, Indian billionaires held on to 99% of their wealth in 2022 so far — and lost a mere $5 billion. In fact, they come next only to Switzerland in terms of retaining their wealth. India is home to 166 billionaires while only 18 of them are in the top 500 billionaires list. <a href="https://www.businessinsider.in/thelife/personalities/news/mukesh-ambani-gets-his-richest-indian-crown-back-with-a-wealth-of-104-4-billion/articleshow/91977090.cms">Mukesh Ambani</a> and <a href="https://www.businessinsider.in/thelife/personalities/news/gautam-adani-crashes-out-of-the-100-billion-club-but-still-is-10x-richer-than-he-was-2-years-back/articleshow/91807766.cms">Gautam Adani</a> – rank the highest and are in the august company of the world’s richest men. <cmsannotation type="cmsannotation" annotationid="US and Chinese billionaires lost $6 billion out of every $10 billion" comment="subhead" text="US and Chinese billionaires lost $6 billion out of every $10 billion">US and Chinese billionaires lost $6 billion out of every $10 billion</cmsannotation> The US and China contributed to 60% of wealth erosion in these months, losing $426 billion and $185 billion respectively. Russian billionaires, hit by sanctions due to the Russia-Ukraine war, also lost a significant amount of wealth, totaling to nearly $50 billion. Out of countries with at least 10 billionaires, India was second only to Switzerland, whose billionaires actually added to their wealth. According to data, while Indian billionaires retained $410 billion out of $415 billion at the start of 2022, Swiss billionaires added $12 billion to their kitty. <div type="Article" hostid="261" msid="91977090" title="Mukesh Ambani gets his ‘richest Indian’ crown back with a wealth of $104.4 billion" mstype="2" mssubtype="0"></div> India would have been the top performer if not for Gautam Adani, whose wealth reduced from nearly $129 billion to a little over $100 billion. <div type="image" title="Countrywise billionaire wealth loss chart here." msid="91981781" hostid="261" caption="&amp;lt;p&amp;gt;Countrywise billionaire wealth loss in 2022&amp;lt;/p&amp;gt;"></div> <cmsannotation type="cmsannotation" annotationid="Gautam Adani added the most amount of wealth in the world" comment="subhead" text="Gautam Adani added the most amount of wealth in the world">Gautam Adani added the most amount of wealth in the world</cmsannotation> Out of the top 500 billionaires of the world, Gautam Adani added the most amount of wealth, followed by Switzerland’s Guillaume Pousaz. Mukesh Ambani was a close third. <div type="image" title="Top 5 billionaire wealth gainers 2022." msid="91981797" hostid="261" caption="&amp;lt;p&amp;gt;Top 5 billionaire wealth gainers in 2022&amp;lt;/p&amp;gt;"></div> Canadian billionaire Changpeng Zhao lost a whopping $80 billion in 2022, which is more than the total billionaire wealth of most other countries. Zhao is the co-founder of Binance, the world’s largest cryptocurrency exchange. <div type="Article" hostid="261" msid="91829090" title="Understanding Gautam Adani’s rise: a story on how to generate wealth via hope, equity and of course debt" mstype="2" mssubtype="0"></div> The meltdown in US stocks caused Mark Zuckerberg, Elon Musk and Jeff Bezos to lose $138 billion between the three of them. <div type="image" title="Top 5 billionaire wealth loser 2022." msid="91981806" hostid="261" caption="&amp;lt;p&amp;gt;Top 5 billionaire wealth losers&amp;lt;/p&amp;gt;"></div> <cmsannotation type="cmsannotation" annotationid="India behind only US and China in terms of billionaire wealth" comment="subhead" text="India behind only US and China in terms of billionaire wealth">India behind only US and China in terms of billionaire wealth</cmsannotation> In terms of total wealth of billionaires, India rose the ranks to come in at the third place, leaving France behind by a comfortable margin. The only two countries ahead of India are the US and China, who have maintained their first and second positions despite a massive decline in wealth. <div type="image" title="Total billionaires wealth 2022." msid="91981816" hostid="261" caption="&amp;lt;p&amp;gt;Total billionaires wealth&amp;lt;/p&amp;gt;"></div> The US’ lead is so massive that its billionaires account for $43 billion out of every $100 billion wealth. In contrast, Chinese and Indian billionaires account for only $12 billion and $6 billion, respectively. <cmsannotation type="cmsannotation" annotationid="India has the fifth most number of billionaires in the world" comment="subhead" text="India has the fifth most number of billionaires in the world">India has the fifth most number of billionaires in the world</cmsannotation> Despite having the third highest billionaire wealth in the world, India has only the fifth most number of billionaires in the world. <div type="image" title="Total billionaires no.s 2022." msid="91981825" hostid="261" caption="&amp;lt;p&amp;gt;Total billionaires in top 500&amp;lt;/p&amp;gt;"></div> SEE ALSO: <a href="https://www.businessinsider.in/thelife/personalities/news/mukesh-ambani-gets-his-richest-indian-crown-back-with-a-wealth-of-104-4-billion/articleshow/91977090.cms">Mukesh Ambani gets his ‘richest Indian’ crown back with a wealth of $104.4 billion</a> <a href="https://www.businessinsider.in/tech/enterprise/news/xiamoi-india-announce-alvin-tse-as-general-manager-and-anuj-sharma-as-cmo-of-company/articleshow/91979282.cms">Xiaomi announces leadership changes amid investigations in India — Alvin Tse will lead the Indian team</a> <a href="https://www.businessinsider.in/careers/news/inox-leisure-to-hire-3000-people-as-it-plans-to-add-77-new-movie-screens/articleshow/91964819.cms">INTERVIEW: INOX Leisure to hire 3,000 people as it plans to add 77 new screens</a>

Indian billionaires held on to 99% of their wealth while rest of the world lost over $1 trillion

<ul><li>Reports of job cuts and salary cuts in Indian media have started to flow in while many other sectors have reduced hiring by as much as half.</li><li>There will be more unemployed youth on the streets in the days to come as new jobs dry up and existing ones vanish. </li><li>India needs an estimated 10 million jobs a year to employ the new youth joining the workforce annually.</li><li>The rising anxiety over livelihoods will make it difficult for Prime Minister Narendra Modi to enforce lockdown and ensure people adhere to the extension of lockdown required to contain the spread of novel coronavirus in India. </li></ul>WhatsApp groups and other social media in India are flush with messages of job losses even before the first 21 days of lockdown to contain the spread of Covid-19 coronavirus came to an end. The lockdown has been extended in many states and the Prime Minister, Narendra Modi, is expected to seek public support for an extended lockdown to ensure the epidemic doesn’t claim more lives. The excitement and cooperation seen for ‘janta curfew’ (the one-day voluntary lockdown on March 22) and on April 5 (when Modi asked people to light candles and lamps for 9 minutes at 9 PM) will be tested as people across the country get increasingly anxious about who’s next on the firing line. Watch: Psychologists explain Modi’s messaging strategy during coronavirus lockdown <div type="Youtube" id="2uSUiWwxSGY" title="Coronavirus: Indian Prime Minister Is Using A 1969 Woodstock Tradition Used By Rockstars" thumbUrl="https://i.ytimg.com/vi/2uSUiWwxSGY/mqdefault.jpg"></div> An unemployment crisis was expected but not so soon The damning impact of bringing the economy being brought to a grinding halt is no surprise but most people hoped that companies will have the wherewithal, and the empathy, to help people survive in an unprecedented situation like this. However, a majority of India's employers are unorganised and small and do not have the ability to sustain costs with little or no revenue. Unemployment in India was already high at about 7.5% to 8% even before the lockdown came into effect⁠— it has been rising steadily since mid-2017. The latest estimate for unemployment in India is a shockingly high 23%, <a href="https://www.cmie.com/kommon/bin/sr.php?kall=warticle&amp;dt=2020-04-07%2008:26:04&amp;msec=770" data-type="tilCustomLink" target="_blank">according to the Centre for Monitoring Indian Economy</a>. <table style="width: 332pt;"> </colgroup> <tbody><tr> <td class="xl65" style="height:15.0pt;width:250pt">Sector</td> <td class="xl66" style="border-left-width: initial; border-left-style: none; width: 82pt;">Hiring in March 2020</td> </tr> <tr> <td class="xl70" style="height: 16.5pt; border-top-width: initial; border-top-style: none;">Hotels, restaurants, travel, airlines etc. </td> <td class="xl68" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-56%</td> </tr> <tr> <td class="xl70" style="height: 16.5pt; border-top-width: initial; border-top-style: none;">Retail</td> <td class="xl68" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-50%</td> </tr> <tr> <td class="xl67" style="height: 15pt; border-top-width: initial; border-top-style: none;">Automobiles and ancillaries</td> <td class="xl68" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-38%</td> </tr> <tr> <td class="xl67" style="height: 15pt; border-top-width: initial; border-top-style: none;">Pharmaceuticals</td> <td class="xl68" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-26%</td> </tr> <tr> <td class="xl67" style="height: 15pt; border-top-width: initial; border-top-style: none;">Insurance</td> <td class="xl68" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-11%</td> </tr> <tr> <td class="xl67" style="height: 15pt; border-top-width: initial; border-top-style: none;">Software</td> <td class="xl68" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-9%</td> </tr> <tr> <td class="xl69" style="height: 15.75pt; border-top-width: initial; border-top-style: none;">Banking and financial services</td> <td class="xl71" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-9%</td> </tr></tbody></table>Source: naukri.com The <a href="https://indianjournalismreview.com/2020/04/13/you-need-to-stay-healthy-we-need-to-fight-another-day-as-it-sends-half-its-staff-on-leave-without-pay-raghav-bahls-quint-waives-non-compete/https://indianjournalismreview.com/2020/04/13/you-need-to-stay-healthy-we-need-to-fight-another-day-as-it-sends-half-its-staff-on-leave-without-pay-raghav-bahls-quint-waives-non-compete/" data-type="tilCustomLink" target="_blank">media sector is taking the early hit</a> as companies cut back on advertisements, choking cash flow for many smaller firms in the space. Not just news organisations, Business Insider has learnt that the CEO of Prime Focus ⁠— an Indian firm that contributed visual effects for the Hollywood blockbuster Avatar ⁠— has told the employees there will be reduction in headcount. Even for market leaders like Zee Entertainment and Sun TV, the ad revenues between Jan-March 2020 are down 28% and 20% respectively, a report from Emkay Global estimated. Many more sectors are likely to succumb to the pressure, and according to one estimate, <a href="https://www.businessinsider.in/careers/news/over-136-million-jobs-are-at-risk-due-to-corona-lockdown-here-are-the-worst-hit-sectors/articleshow/74941658.cms" data-type="tilCustomLink" target="_blank">nearly 136 million jobs are on the line</a>. Hiring by technology majors like Tata Consultancy services (TCS), Infosys, HCL Technologies, and their peers fell 9% in March, for the first time in two years, according to CLSA. WATCH: Here's How Coronavirus Has Made Infosys Cautious On Everything From New Hiring To Deals <div type="Youtube" id="pkgKNyWmm38" title="Here's How Coronavirus Has Made Infosys Cautious On Everything From New Hiring To Deals" thumbUrl="https://i.ytimg.com/vi/pkgKNyWmm38/mqdefault.jpg"></div> There will be more unemployed youth on the streets in the days to come as new jobs dry up and existing ones vanish. “We believe staffing requirement would come down drastically, leading to deferment/complete halt on any fresh hiring activity and reduction in pre-crisis contracted staff levels,” a JM Financial report said while cutting down estimates for the human resources firm Teamlease by 34% for the financial year ending March 2021. <div type="image" title="teamlease" msid="75130893" hostid="261" caption="&amp;lt;p&amp;gt;Teamlease share price&amp;lt;/p&amp;gt;"></div> A recent survey by the job search platform Indeed also said that half of the Indian businesses already trimmed the contractual workforce and freelancers to cut operational costs. On the other hand, India has to generate at least new 10 million jobs a year to engage the youth entering the workforce every year. <div type="image" title="jobs" msid="75130711" hostid="261" caption="&amp;lt;p&amp;gt;There will be more unemployed youth on the streets in the days to come as new jobs dry up and existing ones vanish.&amp;lt;/p&amp;gt;"></div> From airlines to movie production houses, from daily-wage labourers in factories to contract staff at shopping malls and quick service restaurants, the livelihoods for the bottom half of the Indian pyramid are at risk. Some of the big companies in these spaces have high employee costs and a sharp fall in revenue estimates for the year. <table style="width: 436pt;"> </colgroup> <tbody><tr> <td class="xl67" style="height:15.0pt;width:194pt">Company </td> <td class="xl73" style="border-left-width: initial; border-left-style: none; width: 79pt;">Employee cost </td> <td class="xl68" style="border-left-width: initial; border-left-style: none; width: 163pt;">Change in FY21 revenue estimate</td> </tr> <tr> <td class="xl69" style="height: 15pt; border-top-width: initial; border-top-style: none;">Aditya Birla Fashion &amp; Retail</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">11.20%</td> <td class="xl70" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-16.40%</td> </tr> <tr> <td class="xl69" style="height: 15pt; border-top-width: initial; border-top-style: none;">Future Lifestyle</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">5.80%</td> <td class="xl70" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-18.50%</td> </tr> <tr> <td class="xl69" style="height: 15pt; border-top-width: initial; border-top-style: none;">Shoppers Stop</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">9.20%</td> <td class="xl70" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-23.40%</td> </tr> <tr> <td class="xl69" style="height: 15pt; border-top-width: initial; border-top-style: none;">Dmart</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">1.80%</td> <td class="xl70" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-7.40%</td> </tr> <tr> <td class="xl69" style="height: 15pt; border-top-width: initial; border-top-style: none;">Inox Leisure</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">6.80%</td> <td class="xl70" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-17.90%</td> </tr> <tr> <td class="xl69" style="height: 15pt; border-top-width: initial; border-top-style: none;">Jubilant Foodworks</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">19%</td> <td class="xl70" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-18.30%</td> </tr> <tr> <td class="xl69" style="height: 15pt; border-top-width: initial; border-top-style: none;">Lemon Tree</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">21.90%</td> <td class="xl70" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-10.80%</td> </tr> <tr> <td class="xl69" style="height: 15pt; border-top-width: initial; border-top-style: none;">PVR</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">10.90%</td> <td class="xl70" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-22.10%</td> </tr> <tr> <td class="xl71" style="height: 15.75pt; border-top-width: initial; border-top-style: none;">Titan</td> <td class="xl74" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">4.60%</td> <td class="xl72" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-23.80%</td> </tr></tbody></table>Source: Various brokerage estimates From Ratan Tata to Mukesh Ambani to Sunil Mittal to Azim Premji, many Indian billionaires have made significant contributions to the PM-CARES, a fund dedicated to combat the novel coronavirus pandemic. The Indian Prime Minister needs the support of smaller businessmen, in the form of keeping livelihoods intact and providing income visibility to their employees as well as contract staff, to ensure that a population of a billion-plus people continues to cooperate with the fight against the epidemic. SEE ALSO: <a href="https://www.businessinsider.in/careers/news/there-is-a-government-directive-against-salary-cuts-in-private-companies-but-can-they-be-stopped/articleshow/75068611.cmshttps://www.businessinsider.in/careers/news/there-is-a-government-directive-against-salary-cuts-in-private-companies-but-can-they-be-stopped/articleshow/75068611.cms" data-type="tilCustomLink" target="_blank">There is a government directive against salary cuts in private companies — but can they be stopped?</a> <a href="https://www.businessinsider.in/careers/news/these-are-the-job-listings-in-top-e-commerce-companies-posted-after-april-1/articleshow/75117512.cms" data-type="tilCustomLink" target="_blank">These are the job listings in top e-commerce companies posted after April 1</a> <a href="https://www.businessinsider.in/careers/news/here-are-the-sectors-that-can-gain-in-the-times-of-coronavirus/articleshow/75019841.cms" data-type="tilCustomLink" target="_blank">These three sectors can grow and even hire people despite Covid-19 crisis</a>

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