Reliance softens hiring in retail, telecom; cuts duplication

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Reliance Industries is rolling out a cost-efficiency drive across its units Reliance Retail and Reliance Jio Infocomm, reducing hiring, reviewing compensation benchmarks, and firing underperformers, multiple executives from the company and the wider industry, according to media reports. The retail business wants to eliminate the duplication of roles that followed its recent acquisitions, while in telecom, most of its 5G network rollout is complete. Company executives say, both the divisions had hired over the last year on a very large scale. Reliance Retail and Jio had recruited employees at higher-than-usual market value and now have been told by the top management to scale down. Meanwhile, those in the lower rung of performance may get retrenched. As many as 4,18,000 people are associated with Reliance Retail, while Reliance Jio has over 80,000 people. The two companies have slowed down on their recruitment efforts and will only hire on a “need basis”, reports added.

LIC’s profit surges almost 6x in Q4 Shares of Life Insurance Corporation of India, saw a jump of up to 4.4 per cent in the opening trade on Thursday. The reason behind this jump is the bumper profit of the company in the fourth quarter of FY 2023. In Q4, the company has registered a profit of Rs 13,427.8 crore, which is 466 percent i.e. 5.7 times more than the same quarter last year. The company’s net premium income fell 8.4 percent to Rs 1.31 lakh crore from Rs 1.43 lakh crore. The company’s profit has decreased by 10 percent from Rs 40,431 crore to Rs 36,397 crore in the entire financial year 2023, which includes Rs 27,240 cr of solvency margin money. Now, what did the investors of LIC gain? Despite bumper profits, the company declared a dividend of only Rs 3 per share, while investors are facing a loss of 36% on their investment as against the issue price of Rs 949