In India & Worls

The World has definitely been hit by recession, especially with the number of companies laying off and cutting down on their manpower.

However, the scene in India is still not that bad. There are still companies, big and small who are hiring, and in good nos. In fact some companies who had stopped recruiting are now starting recruitments again.

Jitendra which part of the world r u residing dude. People r struggling to get jobs here in india too. I m IT profesional laid off a mnth back. Jitendra If u r working in hr field u bettr do sme reasearch.

Recruitmnt is obviously gonna struggle,coz if a particular company named 'A' in fear of recession goes for cost cutting method,thn obviously they wil lay sme people off,n stop recrutment process,n tht laid off person or new candidate will go to another company will go to 'B' company,n if 'B' company is also due to recession doing cost cutting method then obviously candidate,company n recruitment wil be hit badly.

Recession has badly hit recruitments and thats why many big firms are taking their hands back in hiring new people. So its obvoius that a company will also look for cost cutting measures and as a result of it they are laying off employees and with no requirements the recruitment team is the first one to bear the brunt. Thus, recession has had a direct impact on recruitments.

Recession / Economic Slowdown is Hitting Even Biotech Industry Too..



Promoters of Wockhardt will divest a 24 per cent stake in its unlisted subsidiary, Wockhardt Hospitals.



A company spokesperson confirmed this, setting at rest speculation over the exact stake the promoters - the Khorakiwala family - are looking to sell in the 12-hospital subsidiary company.



This was the amount the promoters had planned to divest in an Initial Public Offering in January 2008, but had cancelled, owing to the steep fall in the stock markets.



The Khorakiwalas expect to raise roughly Rs 500 crore (Rs 5 billion) from the stake sale, which values Wockhardt Hospitals at roughly Rs 2,000 crore (Rs 20 billion). In January, the promoters had expected to raise Rs 700 crore (Rs 7 billion) from a 24 per cent divestment through the IPO.



The flagship company, Wockhardt Ltd, has also just received a working capital loan of Rs 175 crore (Rs 1.75 billion) - Rs 105 crore (Rs 1.05 billion) from State Bank of India and the remaining from a private bank - to help the company tide over its cash flow problem.



Last week, the drug major went in for a Corporate Debt Restructuring mechanism, a system to deal with cases in which multiple lenders are involved.



The reference to CDR was forced by the fact that Wockhardt's net debt grew 17.25 per cent to Rs 3,400 crore (Rs 34 billion) in December 2008 from Rs 2,900 crore (Rs 29 billion) a year ago.



Simultaneously, Habil Khorakiwala, who was earlier chairman and managing director, stepped down as managing director but continues as executive chairman. The board nominated his son Murtaza H Khorakiwala the managing director, subject to shareholder approval.