The Flipkart acquisition again negatively impacted on Walmart International's operating income which dropped to $600 million in the third quarter ending September from $1.2 billion a year-ago quarter a massive drop of 46.2 per cent. Operating income declined 5.4 per cent or 4.1 per cent in constant currency due in part to a non-cash impairment charge for Walmart International. "As expected, the inclusion of Flipkart negatively affected operating income," the company said in a statement. Net sales at Walmart International were $29.2 billion an increase of 1.3 per cent. The inclusion of Flipkart and strength in Walmex and China were partially offset by softness in the UK, said the company. In the second quarter, the operating income of Walmart's international operations fell by 29.3 per cent to $893 million whil

BSE Bankex rose 1.15 per cent as the Supreme Court set aside National Company Law Appellate Tribunal (NCLAT) order that operational creditors should be treated on par with financial creditors in the Essar Steel insolvency case. The verdict paves the way for Arcelor Mittal’s takeover of the bankrupt company. State bank of India (SBI), which has an exposure of more than Rs 13,600 crore to Essar Steel, jumped 5 per cent on BSE in early trade. ICICI Bank, which has an exposure of over Rs 2,500 crore, jumped nearly 2 per cent. Canara Bank which has an exposure of more than 3,900 crore, went up by 3.5 per cent. Corporation Bank with an exposure of over 1,600 crore, surged 12 per cent on the BSE. Other creditors including Punjab National bank (PNB), IDBI, and Bank of India went up by 3.5 per cent, 5 per cent and 5.5 p

BSNL’s employees have opted for VRS scheme so far, which was rolled out by state-owned telecom company on 4th November. About 75,000 employees had opted for this scheme, Chairman and Managing Director PK Purwar told media. About one lakh BSNL employees are eligible for the Voluntary Retirement Scheme (VRS), which ends on December 3, out of its total staff strength of about 1.50 lakh. Under the VRS scheme, the effective date of voluntary retirement is January 31, 2020. All regular and permanent employees of BSNL including those on deputation to other organisations or posted outside the corporation on deputation basis, who attended the age of 50 years or above are eligible to seek voluntary retirement under the scheme, as per VRS scheme of BSNL. The amount of ex-gratia for any eligible employee will be equal to 3

Prestige Group, Real Estate firm has bought land of 14 acres in Hyderabad’s Kokapet area for Rs 200 crore that will be built as a mixed-use development project, said a top company executive. The Bengaluru-based developer will build around 1.6 million sq ft of mid-income homes as part of the residential project and another 1.8 million sq ft of commercial office space. “The company already has a strong presence in Hyderabad and we plan to strengthen that," said Prestige chief executive Venkat K. Narayana. Hyderabad comprises around 16 per cent of Prestige’s ongoing project portfolio, second only to Bengaluru, which is at 66 per cent. The Hyderabad property market has been performing well, despite the slowdown and the liquidity challenges. The southern city has the least unsold inventory among the top seven

KPMG India and NIIT announced to launch the KPMG NIIT Finance Academy in India to build new skills and talent in the finance sector.  The academy proposes to offer programs in finance to fresh graduates and experienced finance professionals, to address new skill requirements that digital transformation has brought in the finance sector. According to KPMG International’s recently released ‘Future Ready Finance Survey 2019' report, future finance teams will not only require traditional finance competencies but also process management and exceptional management skills to administer digitally-enabled processes. The finance sector will also need digital finance experts and data scientists to analyse internal and external data to provide critical insights to the business. The academy will be located at NIIT’

According to HDFC Bank, the minimum balance should be maintained by its customer in their regular savings accounts. If any customer for regular saving account fails to meet the average monthly balance (AMB) will requirements leads to penalty charges payable by customer mention on HDFC Bank website. In metro and urban regions’ branches, the customers are required to maintain an average monthly balance of Rs 10,000 to avoid penalty charges, according to the lender's website:  hdfcbank.com. Similarly for semi-urban branches, customer should require to maintain an average of Rs 5000. HDFC Bank's maintain balance for its regular savings accounts: For regular savings accounts in HDFC Bank in metro and urban branches set an average monthly balance of Rs 10,000. In semi-urban branches, customers are required to m

The Calcutta High Court will hear a matter about e-cigarettes today after the court had on 1 October stayed the ordinance that had banned e-cigarettes. Justice Arindam Sinha had passed the order on the petitions of e-cigarette companies Plume Vapours Pvt Ltd and Woke Vapours Pvt Ltd. On 18th September the Cabinet approved the Prohibition of E-Cigarettes Ordinance, 2019 that seeks to ban the consumption, production, manufacturing, import, export, transport, sale, distribution, storage and advertisement of e-cigarettes. These are battery-operated devices that produce an aerosol by heating a solution containing nicotine, which is the addictive substance in combustible cigarettes. These include all forms of Electronic Nicotine Delivery Systems (ENDS), Heat-Not-Burn Products, e-Hookah and similar devices. The governme

Altico Capital India Ltd, which defaulted on interest payments in September reported a net loss of Rs 368.12 Cr for the first half of financial year ended 30 September. In the same period last fiscal, the as per company’s report a net profit of Rs 160.47 crore, it said in a filing to the stock exchanges. During the six-month period, Altico Capital’s total income rose 4 per cent year-on-year to Rs 608.62 crore. Following the default on interest payments, the company has received loan recall notices amounting to Rs 2,218.13 crore from various lenders till date, Altico said. "The overdue principal amount as of November 13, 2019, is Rs 507.90 crore out of which Rs 409.04 crore is included in the aforementioned recall amounts, " it said. As of 30 September, the company's outstanding debt stood at Rs 4,37