Top headlines: Weakening rupee, LIC may exit Ambuja Cements, ACC and more

Business Standard brings you top headlines on Wednesday

Declining rupee is continuing to add pressure on consumer durables industry which is already battling a series of problems due to high commodity costs and lockdown in China. Meanwhile, the LIC shares ended 7.8 per cent lower than the IPO price of Rs 949 after losing 9.4 per cent earlier. Read more on these down below:

A weak rupee spells more trouble for consumer durables companies

As the rupee continues to slide against the dollar, it has added to the woes of consumer durables companies, which are left with no choice but to hike prices yet again.

The industry is, in fact, battling a trifecta of problems — high commodity costs, Covid-induced lockdowns in China, and a depreciating rupee that will further push up the cost of imported component. Read more here

Adani-Holcim deal: LIC may exit Ambuja Cements, ACC via open offer

Life Insurance Corporation (LIC) of India, which owns Ambuja Cements and ACC shares worth Rs 7,000 crore, may tender its shares in the open offers to be launched by the Adani family, which acquired Ambuja Cements for $10.5 billion (Rs 81,400 crore approximately) on Sunday.

Adani is making an open offer for Ambuja Cements at Rs 375 per share and Rs 2,300 per share for ACC. Read more here

LIC debut is 2nd worst among 11 global firms that raised over $1 bn in 2022

State-run insurer Life Insurance Corporation of India slumped in its Mumbai trading debut after a record initial public offering that priced at the top of the range and was oversubscribed nearly three times.

The shares ended 7.8% lower than the IPO price of Rs 949 after losing 9.4% earlier. The offering raised $2.7 billion, with buyers including sovereign funds in Norway and Singapore, and millions of small-time Indian investors. Read more here

Indonesian export ban brings India's edible oil dependency back in focus

Recently, a senior official with the government of Indonesia, the world’s largest producer of palm oil, quelled market speculation by saying that the unprecedented ban on exports imposed in April will stay unless domestic prices fall below a fixed threshold.

But given the policy flip-flops that Indonesia has made in the last couple of months on palm oil, the market was sceptical. Read more here

From double-digit hikes to promotions, India's IT talent takes the cake

Employee costs for Indian IT services players have touched an all-time high as salaries soar in their effort to retain talent. Engineer salaries are going through the roof. According to a news report, Infosys, which reported a 27.7 per cent attrition rate for the fourth quarter of FY22, plans to have an average salary hike of 12-13 per cent.

High potential employees will get increases of 22-23 per cent. Though Infosys did not comment on the report, the average salary hike will classify as the highest among the top IT companies. Read more here