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On a sweltering Tuesday, over 25,000 job seekers reportedly descended upon <keyword id="19895282" type="General" weightage="20" keywordseo="Mumbai" source="keywords">Mumbai</keyword>’s Kalina for a walk-in interview hosted by <keyword id="22441082" type="General" weightage="20" keywordseo="Air-India-Airport-Services-Ltd" source="keywords" meta.keywordsubtype="org" meta.entityname="Air India Airport Services Ltd" meta.hostid="261" meta.entityid="Air India Airport Services Ltd">Air India Airport Services Ltd</keyword>. The company had advertised 2,216 vacancies for the handyman position, a role requiring various repair and maintenance tasks. Despite the limited number of openings, the sheer volume of <keyword id="20595636" type="General" weightage="20" keywordseo="applicants" source="keywords">applicants</keyword> led to chaos, highlighting the fierce competition for <keyword id="19898684" type="General" weightage="20" keywordseo="employment" source="keywords">employment</keyword> in the region. The scene outside the <keyword id="19930602" type="General" weightage="20" keywordseo="recruitment" source="keywords">recruitment</keyword> office quickly turned chaotic as thousands jostled for a chance at the job. To prevent a <keyword id="21446700" type="General" weightage="20" keywordseo="stampede" source="keywords">stampede</keyword>, officials asked applicants to submit their resumes and leave, promising to review all submissions and contact eligible candidates for further steps. Despite the physical demands of the job, including heavy lifting and operational tasks, the role's salary, ranging from Rs 20,000 to Rs 25,000 per month, with potential earnings exceeding Rs 30,000 through overtime, drew a massive crowd. <div type="Article" hostid="261" msid="111786792" title="Time for a govt job? Karnataka announces impressive 27% pay hike for state employees" mstype="2" mssubtype="0"></div>George Abram, General Secretary of the <keyword id="22441084" type="General" weightage="20" keywordseo="Aviation-Industry-Employees-Guild" source="keywords" meta.keywordsubtype="org" meta.entityname="Aviation Industry Employees Guild" meta.hostid="261" meta.entityid="Aviation Industry Employees Guild">Aviation Industry Employees Guild</keyword>, criticised the disorganised recruitment process. "People came for thousands of vacancies. They brought demand drafts, but we told them not to pay anything yet and that they would be called in later," Abram stated. He claimed that up to 50,000 job seekers might have turned up, though the official count was about 15,000. The incident underscores the acute joblessness and the desperate measures people are willing to take to secure employment, even in physically demanding roles. The minimum qualification for the positions was a 10th-grade pass, and the age limit was capped at 23 years. <h2>Similar instances in the past</h2>This chaotic scene in Mumbai is not an isolated incident. Similar situations have occurred in other parts of India, reflecting the broader employment crisis. On July 9, a comparable incident unfolded in Gujarat when around 1,000 people showed up for walk-in interviews conducted by a private firm for just 40 vacancies at Ankleshwar. The chaos resulted in the collapse of a ramp railing, though no injuries were reported. <div type="Article" hostid="261" msid="111789866" title="The top reasons job applicants say they ghost prospective employers in the hiring process" mstype="2" mssubtype="0"></div>In another instance, a video from Pune showed over 3,000 engineers lining up for a walk-in interview aimed at filling junior developer positions. The overwhelming response for approximately 100 vacancies highlighted the intense competition in the IT sector. These instances paint a grim picture of the employment landscape in India. The overwhelming response to job vacancies, whether in manual labour or skilled sectors, indicates a significant gap between job availability and the number of job seekers.

Mumbai job frenzy: 25,000 applicants show up for job interview with Rs 20,000 salary, cause stampede-like situation

At least half of the companies worldwide are planning to lay off people, most are reducing bonuses and rescinding job offers amid the economic downturn, a new report has warned. According to the latest <keyword id="53186" type="General" weightage="80" keywordseo="pwc" source="Orion">PwC</keyword> 'Pulse: Managing business risks in 2022' survey in the US, 50 per cent of respondents are reducing their overall headcount, even as business leaders remain concerned about hiring and retaining talent. "At the same time, respondents are also taking proactive steps to streamline the workforce and establish the appropriate mix of worker skills for the future," said the report that came out on Thursday. This comes as no surprise, after a frenzy of hiring and a tight labour market over the past few years, as "executives see the distinction between having people and having people with the right skills". "For example, 50 per cent of all respondents are reducing their overall headcount, 46 per cent are dropping or reducing signing bonuses and 44 per cent are rescinding offers," the report revealed. More than 32,000 tech workers have been laid off in the US till July, including at Big Tech companies like Microsoft and Meta (formerly Facebook), and the worst has not been over yet for the tech sector that has seen massive stock sell-off. In India, more than 25,000 startup workers have lost jobs since the pandemic began -- and more than 12,000 have been fired this year. The PwC report mentioned that these precautionary actions are more in certain industries. "Consumer markets and technology, media and telecommunications companies, for example, are more likely to invest in automation to address labour shortages," the PwC report mentioned. At the same time, healthcare is seeing bigger talent challenges than other industries and is more focused on rehiring employees who have recently left. The global consulting firm last month polled more than 700 US executives and board members across industries. With increasing economic uncertainty, 83 per cent of executives are focusing their business strategy on growth. That uncertainty has become the standard with business leaders feeling cautiously optimistic about their ability to navigate future economic, social and geopolitical uncertainty. "On the whole, this generation of corporate leaders have minimal experience navigating a recession, yet with the possibility of one looming amid increasing geopolitical divides and skyrocketing inflation, they are bullish on their ability to handle what could be ahead," said <keyword id="14759714" type="General" weightage="80" keywordseo="kathryn-kaminsky" source="Orion">Kathryn Kaminsky</keyword>, vice <keyword id="6415823" type="General" weightage="80" keywordseo="chair" source="Orion">chair</keyword>, trust solutions co-leader, PwC US. "Looking forward, executives will need to continue adjusting their business strategy and investments to mitigate risks and capitalise on growth opportunities," <keyword id="3852038" type="General" weightage="80" keywordseo="kaminsky" source="Orion">Kaminsky</keyword> added. Nearly two-thirds of businesses (63 per cent) have changed or are planning to change processes to address labour shortages, up from 56 per cent in January 2022. "Ironically, as businesses pivot even more towards automation, it's critical to find employees with the right combination of deep functional knowledge and technology know-how. Without the right talent, automations can fail to deliver on promised efficiencies and increase operational risk," the report noted. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/edtech-startup-sunstone-raises-35-mn-in-funding-round-led-by-westbridge-capital/articleshow/93658391.cms">Edtech startup Sunstone raises $35 mn in funding round led by WestBridge Capital</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/news/indias-first-electric-double-decker-bus-launched-in-mumbai-to-foster-sustainability-in-transport-sector/articleshow/93654255.cms">India’s first electric double-decker bus launched in Mumbai; to foster sustainability in Transport Sector</a>

50% of companies planning job cuts amid economic downturn: Report

<ul><li>Indigo Paints shares are down nearly 17% in just 3 days despite the ecstatic mood in the market where Sensex broke new records.</li><li>The excitement around Indigo Paints also fizzled soon after the listing, just like in the case of Mrs’ Bector’s Food and Burger King.</li><li>Analysts say it is better to sell half the <keyword id="10589233" type="UNKNOWN" weightage="20" keywordseo="indigo-paints-stocks">Indigo Paints stocks</keyword> for profit booking, and hold the rest hoping for a surprise.</li><li>Check out the latest news and updates on <a href="https://www.businessinsider.in/">Business Insider</a>.</li></ul>The Indian stock market has been enjoying the dream run — Sensex topped 51,000-mark this morning, and Nifty inched closer to 15,000. But the Indigo Paints investors who didn’t sell their stock on listing day, or ones who bought it on that day, have seen their investment fall nearly 17% in just 3 days. The excitement around Indigo Paints also fizzled soon after the listing, just like in the case of Mrs’ Bector’s Food and Burger King. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Stock </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Post listing peak </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Current price </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fall from peak </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Indigo Paints </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3232 </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2693 </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">17% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mrs Bectors </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹624 </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹415 </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">30% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> Burger King India </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹194 </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹147 </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">19% </td></tr></tbody></table>* NSE data- as of February 5 Samir Arora, the founder and fund manager at Helios Capital, in <a href="https://www.businessinsider.in/stock-market/news/interview-a-hedge-fund-manager-explains-where-to-invest-when-nothing-is-cheap-in-india/articleshow/80682629.cms">an exclusive chat with Business Insider</a>, said that all three stocks are “still overvalued”, and by a lot, compared to their listed peers like Asian Paints, Britannia and Jubilant Foodworks respectively. Business Insider reached out to a few more analysts and the verdict is similar. Keshav Lahoti, Equity Analyst, Angel Broking, said it is better to sell half the Indigo Paints stocks for profit booking, and hold back on the rest for any surprise movement. IPO: Initial Public Offering or Instant Profit Opportunity? Just like Burger King and Mrs Bector's Food, the <keyword id="10263001" type="UNKNOWN" weightage="20" keywordseo="indigo-paints-ipo">Indigo Paints IPO</keyword> was a hit. The IPO of India's fifth-largest paint maker clocked in a massive response from investors on the last day of subscription — the issue was subscribed 117 times the offer value. Indigo Paints is also the most subscribed IPO of 2021 followed by Home First Finance which was subscribed only 27 times. “See what happens is that when an IPO happens there are hundreds listed companies in the market, but the full attention of the retail, public and even institutional public goes towards the IPO. In fact, that's why in the US people take those companies private. That way every year they take 10 companies private and eight of them come back after not five years even in one or two years. It is because there is this concept that an IPO is a good way,” said Arora If you want to profit from Indigo, wait! Kranthi Bathini, equity strategist at Mumbai-based WealthMills Securities, expects “some more profit booking in the next few days." According to Lahoti, the company has a strong business model, experienced management and has done a great job gaining the market share in the industry from the last few years. "But currently the stock is a bit over valued," he told Business Insider. According to both the analysts, it is not the "right time" to enter into the stocks at these valuations. It is better to wait for a correction if someone wants to take a position. "I can say if the stock corrects 20-30% more from here, then investors can start buying it. If you have it in your portfolio you book profit in half of the stock and half they should wait," Lahoti said. Angel Broking says Mrs Bector's stock is ‘reasonably’ valued now Mrs Bector's shares opened in the green today but investors' anxiety over the upcoming earnings pushed the stock back into the red soon after. According to Lahoti, the stock has corrected nearly 30% and is now available at a reasonable valuation. "Mrs. Bector Food Specialities are one of the leading companies in the premium and mid-premium biscuits segment and the premium bakery segment in North India. We think the company should be able to grow in line with the industry managed by the promoters having more than 25 years of sector knowledge. We advise investors to buy Mrs Bectors," he said. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/rbi-governor-shaktikanta-das-says-inflation-will-be-maximum-6-percent/slidelist/80700549.cms">Reserve Bank of India says inflation will remain under 5.2 percent until March</a> <a href="https://www.businessinsider.in/tech/news/paypal-to-focus-on-indian-businesses-wanting-to[%E2%80%A6]nds-down-operations-from-april-1/articleshow/80699809.cms">PayPal to focus on Indian businesses wanting to go global as it winds down operations from April 1</a>

Indigo Paints joins the league of Burger King and Bector's — frenzied IPOs that fizzled out

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Mumbai job frenzy: 25,000 applicants show up for job interview with Rs 20,000 salary, cause stampede-like situation

Ankush Banerjee

50% of companies planning job cuts amid economic downturn: Report

IANS

Indigo Paints joins the league of Burger King and Bector's — frenzied IPOs that fizzled out

Navdeep Yadav

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