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In corporate India, L&T Chairman SN Subrahmanyan’s controversial endorsement of a 90-hour work week reignited the debate on work-life balance, especially as his FY24 remuneration revealed a stark contrast with employees’ median salaries.
Meanwhile, the Supreme Court has stayed the hefty ₹1.12 lakh crore GST demand against online gaming firms, giving the industry temporary relief, while the Petroleum Ministry is seeking ₹35,000 crore to compensate OMCs for LPG under-recoveries.
On a positive note, TCS shares jumped 4% on upbeat management commentary, lifting the Nifty IT index. In global headlines, the Gaza death toll climbed above 46,000, Los Angeles battled deadly wildfires, and Zepto’s merger with its Singapore-based parent signalled an IPO-ready consolidation.
Catch these top stories and more, along with crisp insights, in today’s edition of Top 10@10.
Nifty, Sensex log biggest weekly loss in a month amid persistent FII selling
The domestic equities faced broad-based selling pressure this week, with both the Sensex and Nifty indices dropping 2% each, marking their biggest weekly fall in nearly a month. The midcap index recorded its steepest decline in over two months, shedding nearly 6%.
On Friday, the markets logged their third consecutive session of losses on Friday amid persistent selling by foreign investors, though buying from domestic investors and a rebound in IT stocks managed to contain some of the losses.
Rupee hits 86 against US dollar, settles 14 paise lower
The rupee declined 14 paise and touched the crucial 86.00-mark (provisional) for the first time against the US dollar on Friday as it failed to resist pressure from a stronger American currency and huge outflow of foreign funds.
Surging crude oil prices overseas and negative sentiment in domestic equity markets also weighed down the Indian currency, forex traders said.
Also, the dollar strengthened on increased demand amid the anticipation of restrictive trade measures by the new US administration after Donald Trump took over as president on January 20.
Crude oil gains as US crude stocks decline for 7th week & amid higher demand due to cold weather
90-hour work week advocate L&T chairman took home ₹51 cr in FY24, 530 times employees’ median salary
The debate over long working hours rages on, but this time it’s not the 70-hour work week — it’s rather a 90-hour work week.
“I regret I am not able to make you work on Sundays. If I can make you work on Sundays, I will be happier because I work on Sundays also. What do you do sitting at home? How long can you stare at your wife? How long can the wife stare at your husband? Get to the office and start working” — that’s what Larsen & Toubro (L&T) Chairman SN Subrahmanyan told employees in an internal meeting, a clip of which has gone viral on social media.
Interestingly, Subrahmanyan’s compensation increased 43% in FY24 compared to the previous year. The ratio of the remuneration to the median remuneration of the employees of the company stood at 534.57.
Also read: Let the 90 hour week start from the top’, says Rajiv Bajaj
Online gaming cos vs GST: SC stays ₹1.12 lakh crore tax demand, hearing on March 18
The Supreme Court, on Friday, paused Goods and Services Tax (GST) actions against 71 online gaming companies over retrospective tax demands on the full face value of bets. A Bench of Justices JB Pardiwala and R Mahadevan stayed proceedings at the GST department’s request and scheduled the next hearing for March 18.
Additional Solicitor General N Venkataraman, representing the GST department, argued that letting the notices run their course could harm revenue interests.
Petroleum Ministry seeks ₹35,000 crore compensation for LPG recoveries for OMCs: Sources
LPG under recoveries | Sources tell CNBC-TV18 that the Ministry of Petroleum and Natural Gas is seeking Rs 35,000 cr for LPG under recoveries for OMCs. Sapna Das with the details.
‘I am human, not god’: PM Modi makes podcast debut with Zerodha co-founder Nikhil Kamath
In his first podcast, PM Narendra Modi discusses the importance of integrity in politics. Hosted by Zerodha’s Nikhil Kamath, he reflects on past mistakes.
During a podcast conversation with Zerodha co-founder Nikhil Kamath on “WTF is with Nikhil Kamath,” Prime Minister Narendra Modi shared an intriguing anecdote about his early days as Prime Minister in 2014. Modi recalled that world leaders made courtesy calls to congratulate him on assuming office, including Chinese President Xi Jinping. During their interaction, Xi expressed a desire to visit India and, specifically, Gujarat.
The Prime Minister explained that Xi’s interest in Gujarat stemmed from a historical connection to his own village in China.
TCS shares jump 4% on optimistic management commentary; check latest price targets
Shares of Tata Consultancy Services Ltd. (TCS) are trading with gains of 4% and are among the top gainers on the Nifty 50 index on Friday, January 10. The move in TCS is also reflecting on the other Nifty IT components. The Nifty IT index is trading 2.5% higher in the early minutes of Friday’s trade.
Majority of the analysts who have coverage on TCS, continue to maintain their “buy: or bullish stance on the stock post its December quarter earnings. In fact, CLSA has even upgraded the stock.
At least 10 people have been killed in the wildfires burning in Los Angeles
At least 10 have been killed in the wildfires burning in Los Angeles. Five fires burned for the third night as dry desert winds fanning the flames gathered strength.
Los Angeles, the city of United States’ California that is home to the country’s film and television industry – Hollywood – has been burning due to wildfires that started on Tuesday and have spread to engulf hundreds of houses, forcing the evacuation of thousands, including several celebrities. Los Angeles’ Pacific Palisades, Pasadena and Altadena are among the areas majorly affected by the wildfires, some of which house celebrity residences.
Gaza war death toll surpasses 46,000, says health ministry
The Gaza Health Ministry, updated its toll from the ongoing 15-month conflict on Thursday. It says 46,006 Palestinians have been killed and 1,09,378 wounded. The ministry has said women and children make up more than half the fatalities, but does not say how many of the dead were fighters or civilians.
Zepto completes merger with its Singapore-based parent firm Kiranakart Pte
Zepto has completed a cross-border merger with Kiranakart Pte. Ltd., a Singapore-based company, according to an announcement by the National Company Law Tribunal (NCLT). The merger, which was finalised in under three months, combines the two entities under India’s Companies Act, 2013.
The merger comes as the quick commerce platform prepares for a possible Initial Public Offering (IPO) in the next 18-24 months. The company has also received an approval from Singapore to move its domicile back to India in order to consolidate its operations for a future IPO. According to a report from the Economic Times, the NCLT will also hear Zepto’s reverse merger application to move domicile back to India on January 17.
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