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Could you share more details like ur tech stack,Years of experience and ur CTC.
Ask for atleast 15 percent more hike on the offer you hold for retaining purposes else ask for a release.
Its not good, to stay in the same well for longer period too,definitely not if you are at the start of the career(with in 3-6 YOE)
2.The market is not like pandemic time now orgs are not giving more than 30 percent hike now, considering you have secured 40 percent is a good deal.
3.But the thing is whoever having more packages, its not like they have secured it in their first interview. Its cracking by multiple organizations. Looks like you didn't received d any other calls due to December - January mode, where hiring will be very less
Ask more hike if they don't agree resign and join other company.