1. Amazon, Flipkart Likely to Create 120,000 New Temporary Jobs as Festive Season Kicks In
As India’s festive season kicks into high gear ahead of Diwali next month, Amazon India and Flipkart are likely to create about 120,000 new temporary jobs to service the anticipated e-commerce demand surge, recruitment companies and executives said. That’s twice the number they hired last year at this time. All told, some peg the additional requirement for temporary workers during the season at 200,000.
(Source: The Economic Times)
2. New SBI ATM Withdrawal Limits Come into Effect Next Week
For SBI account holders, new ATM cash withdrawal rules kick in from 31 October. SBI, the country’s largest bank, will reduce the daily cash withdrawal limit for Classic and Maestro debit cards to Rs 20,000 per day, from Rs 40,000, with effect from 31 October 2018. SBI account holders having higher daily cash withdrawal requirements can apply for other debit card variants that have a higher daily withdrawal limits, the bank has said in a communication. As of March 2018, SBI had issued over 39.50 crore debit cards while around 26 crore cards were being actively used.
3. Kirloskar Brothers Go to NCLT as Rift Widens
Cracks in the Kirloskar family, which controls the 130-year-old Kirloskar Group, have widened. Brothers Rahul Kirloskar and Atul Kirloskar have approached the Mumbai bench of the National Company Law Tribunal (NCLT) to oust sibling Sanjay Kirloskar as chairman and managing director of Kirloskar Brothers Ltd, alleging oppression and mismanagement in the group’s flagship company. They are also seeking the removal of the rest of the current board members and have sought the appointment of their own nominees to the board.
4. Eight Of Top 10 Companies Suffer Rs 1.35 Lakh Crore-Hit In Market Valuation
Eight of the 10 most valued Indian firms suffered a combined loss of over Rs 1.35 lakh crore in market capitalisation last week, with the benchmark S&P BSE Sensex Index diving around 3 percent.
Tata Consultancy Services Ltd., Reliance Industries Ltd. and Infosys Ltd. took a severe beating in market valuation, while only two bluechips – HDFC Ltd. and ICICI Bank Ltd – managed to record gains in market capitalisation for the week ending Friday, 26 October.
5. GST Officers To Focus On Behavioural Patterns Of Taxpayers
Soon, GST officers will study the behavioural pattern of certain taxpayers to nudge them to comply with tax laws, in a departure from the current practice of focusing only on deterrent action to check evasion. The Central Board of Indirect Taxes and Customs has set up a "Nudge Team" to formulate a strategy on studying behavioural patterns of taxpayers and use segmented approach to encourage them to pay taxes, an official said.
6. Oil Regulator Approves Sale Of Mukesh Ambani’s Pipeline To Brookfield
Billionaire Mukesh Ambani has won the oil regulator’s approval for selling his loss-making east-west natural gas pipeline to Canadian investor Brookfield, a top official said.
Ambani’s Reliance Gas Transportation Infrastructure Ltd, which later changed the name to East West Pipeline Ltd., a decade ago built a 1,400-kilometre pipeline from Kakinada in Andhra Pradesh to Bharuch in Gujarat to transport natural gas discovered in a KG basin block operated by his flagship firm Reliance Industries Ltd.
7. Amazon India Says Services Boosting Large Appliance Sales
Amazon’s investment in an extensive delivery network, and offering installation services and monthly payment plans, helped make large appliances a major category during its annual festive sale, the head of its Indian business said on Monday.
The bulk of orders for goods such as washing machines and refrigerators came from India’s smaller towns and cities, said Amit Agarwal, adding that offerings such as extended warranties and same day installations paid off.
8. Essar to Deleverage Rs 1.25 Trillion Debt If Its Offer for Essar Steel Is Accepted
Ruia-family owned Essar Group would deleverage about Rs 1.25 trillion of debt – the largest by any corporate if its offer to repay lenders of Essar Steel in full is accepted, company sources said.
Last week, the Committee of Essar Steel Creditors picked world’s largest steelmaker ArcelorMittal’s Rs 42,000 crore takeover offer over the company promoter’s Rs 54,389 crore proposal to pay off all of the lenders’ dues.
9. Ongoing India, US Talks To Resolve Trade Issues, Says Suresh Prabhu
Commerce and Industry Minister Suresh Prabhu has said India and the US have exchanged offers for a possible trade deal to resolve issues related to bilateral commerce.
“The negotiations are ongoing,” he said. “Of course, at this stage they have given an offer and we have also given a counter-offer and we are working on it.” The statement assumes significance as India has deferred a notification for hiking import duties on as many as 29 US products.
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