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On a sweltering Tuesday, over 25,000 job seekers reportedly descended upon <keyword id="19895282" type="General" weightage="20" keywordseo="Mumbai" source="keywords">Mumbai</keyword>’s Kalina for a walk-in interview hosted by <keyword id="22441082" type="General" weightage="20" keywordseo="Air-India-Airport-Services-Ltd" source="keywords" meta.keywordsubtype="org" meta.entityname="Air India Airport Services Ltd" meta.hostid="261" meta.entityid="Air India Airport Services Ltd">Air India Airport Services Ltd</keyword>. The company had advertised 2,216 vacancies for the handyman position, a role requiring various repair and maintenance tasks. Despite the limited number of openings, the sheer volume of <keyword id="20595636" type="General" weightage="20" keywordseo="applicants" source="keywords">applicants</keyword> led to chaos, highlighting the fierce competition for <keyword id="19898684" type="General" weightage="20" keywordseo="employment" source="keywords">employment</keyword> in the region. The scene outside the <keyword id="19930602" type="General" weightage="20" keywordseo="recruitment" source="keywords">recruitment</keyword> office quickly turned chaotic as thousands jostled for a chance at the job. To prevent a <keyword id="21446700" type="General" weightage="20" keywordseo="stampede" source="keywords">stampede</keyword>, officials asked applicants to submit their resumes and leave, promising to review all submissions and contact eligible candidates for further steps. Despite the physical demands of the job, including heavy lifting and operational tasks, the role's salary, ranging from Rs 20,000 to Rs 25,000 per month, with potential earnings exceeding Rs 30,000 through overtime, drew a massive crowd. <div type="Article" hostid="261" msid="111786792" title="Time for a govt job? Karnataka announces impressive 27% pay hike for state employees" mstype="2" mssubtype="0"></div>George Abram, General Secretary of the <keyword id="22441084" type="General" weightage="20" keywordseo="Aviation-Industry-Employees-Guild" source="keywords" meta.keywordsubtype="org" meta.entityname="Aviation Industry Employees Guild" meta.hostid="261" meta.entityid="Aviation Industry Employees Guild">Aviation Industry Employees Guild</keyword>, criticised the disorganised recruitment process. "People came for thousands of vacancies. They brought demand drafts, but we told them not to pay anything yet and that they would be called in later," Abram stated. He claimed that up to 50,000 job seekers might have turned up, though the official count was about 15,000. The incident underscores the acute joblessness and the desperate measures people are willing to take to secure employment, even in physically demanding roles. The minimum qualification for the positions was a 10th-grade pass, and the age limit was capped at 23 years. <h2>Similar instances in the past</h2>This chaotic scene in Mumbai is not an isolated incident. Similar situations have occurred in other parts of India, reflecting the broader employment crisis. On July 9, a comparable incident unfolded in Gujarat when around 1,000 people showed up for walk-in interviews conducted by a private firm for just 40 vacancies at Ankleshwar. The chaos resulted in the collapse of a ramp railing, though no injuries were reported. <div type="Article" hostid="261" msid="111789866" title="The top reasons job applicants say they ghost prospective employers in the hiring process" mstype="2" mssubtype="0"></div>In another instance, a video from Pune showed over 3,000 engineers lining up for a walk-in interview aimed at filling junior developer positions. The overwhelming response for approximately 100 vacancies highlighted the intense competition in the IT sector. These instances paint a grim picture of the employment landscape in India. The overwhelming response to job vacancies, whether in manual labour or skilled sectors, indicates a significant gap between job availability and the number of job seekers.

Mumbai job frenzy: 25,000 applicants show up for job interview with Rs 20,000 salary, cause stampede-like situation

Indian companies across multiple sectors have reported disappointing results in the second quarter of fiscal year 2025, notes a new JM Financials report. Consequently, their poor performance has triggered stock price corrections for affected companies. The brunt of this weaker than expected earnings was largely borne by consumer centric sectors like FMCG (fast moving consumer goods), retail, and auto, which slacked largely due to dampened urban demand. For instance, India's largest automaker, Maruti Suzuki, reported a 5% YoY decline in its total domestic passenger vehicle wholesales, largely on the back of pent-up inventory. Similarly, Honda reported a staggering 23% YoY dip in its total sales during October 2024. A recent report by Bernstein noted that around 48% of the companies listed on the NSE100 index missed their earnings estimate for Q2FY25, the highest since March 2020. Most companies have mentioned deteriorated domestic demand, urban slowing, macroeconomic risk, and margin pressures as the main reasons behind the dip. "The quarter's earnings have made investors nervous," noted the JM Financials report. The challenging environment stems from multiple factors: softening consumer demand, rising input costs, and companies' limited ability to increase prices. Moreover, this is not limited to just one quarter. Companies have been reporting weak, single-digit earnings growth for the last six consecutive quarters. Data from India Data Hub also suggests that corporate profits of listed companies plunged by as much as 3.4% during the quarter ended September 30, 2024. This is in stark contrast to the year-ago period, where they had shot up by over 40% The oil and gas sector had a difficult quarter, with refiners hit by weak margins and city gas distributors struggling with higher input costs. Financial institutions showed mixed results. While government-owned banks reported strong numbers, microfinance institutions and some private lenders faced massive difficulties with their unsecured loans. Most notable amongst this was the case of IndusInd Bank, which saw its net profits dip by 40% amidst burgeoning provisions, which climbed 87% to Rs 1,820 crore in Q2, as against Rs 974 crore reported in the year-ago period. <h2>Markets head southwards</h2>The selling trend by FPIs has dragged down the major Indian indices, the Nifty 50 and Sensex, both of which have dropped by around 8% since the beginning of this selling spree in October. According to National Securities Depository Ltd. (NSDL) data, FPIs offloaded equities worth a significant Rs 19,994 crore in just the first five trading sessions of November last week. The impact is clearly visible on Indian stock markets. Data suggests that while every sector in October closed the month in red, auto, oil and gas, and consumer durables were the most badly hit, each declining by as much as 10% during the month. Another indicator underlining the inherent weakness of the market was that the month saw only 242 stocks hit their 52-week high, significantly below the usual monthly average of 310.

India Inc. stares at an earnings dearth in Q2, FMCG, auto, and consumer durables falter

<keyword id="19943739" type="General" weightage="20" keywordseo="Ubisoft" source="keywords" meta.keywordsubtype="org" meta.entityname="Ubisoft" meta.hostid="261" meta.entityid="Ubisoft">Ubisoft</keyword>, the French gaming giant behind popular titles like Assassin’s Creed and Far Cry, has reacted to rumours of a possible buyout by <keyword id="20209720" type="General" weightage="20" keywordseo="PUBG" source="keywords">PUBG</keyword> maker <keyword id="19904584" type="General" weightage="100" keywordseo="Tencent" source="keywords" meta.keywordsubtype="org" meta.entityname="Tencent" meta.hostid="261" meta.entityid="Tencent">Tencent</keyword>. However, the company’s response, released in a cryptic statement on Monday, left fans and industry insiders with more questions than answers. A Bloomberg report had earlier said that Tencent might be exploring the possibility of teaming up with Ubisoft’s founding family, the Guillemots, to take the company private. Sources close to the situation had told the publication that talks were ongoing, with both parties consulting advisors. But for now, Ubisoft is keeping its cards close to its chest. According to a report in The Verge,Ubisoftsaid in a statement that it “regularly reviews all its strategic options in the interest of its stakeholders and will inform the market if and when appropriate.” The company also reiterated its commitment to its current strategy, which focuses on two key areas: Open World Adventures and GaaS-native (Games as a Service) experiences. And that was it—just a couple of lines, leaving the gaming community hungry for more details. <h2>The Guillemot-Tencent connection </h2> While nothing is confirmed, the possibility of Tencent teaming up with the <keyword id="23477147" type="General" weightage="20" keywordseo="Guillemot-family" source="keywords">Guillemot family</keyword> to buy Ubisoft makes a lot of sense. After all, Yves Guillemot, the current CEO, and his family have a deep, personal stake in the company, which they founded decades ago. Tencent, on the other hand, has a 10% stake in Ubisoft and also owns nearly half of <keyword id="23477148" type="General" weightage="20" keywordseo="Guillemot-Brothers-Ltd" source="keywords" meta.keywordsubtype="org" meta.entityname="Guillemot Brothers Ltd" meta.hostid="261" meta.entityid="Guillemot Brothers Ltd">Guillemot Brothers Ltd</keyword>, the family’s holding company. According to a report in wccftech, Tencent is interested in stabilising Ubisoft, which has had a rough few months. The company’s shares plunged by 19% last month, following disappointing sales of Star Wars Outlaws and delays to highly anticipated releases like Assassin’s Creed Shadows. For a company with Ubisoft’s pedigree, these setbacks have shaken investor confidence, and Tencent reportedly sees an opportunity to step in, boost its value, and potentially reshape the company’s future. <h2> </h2><h2>PUBG maker Tencent to acquire Ubisoft? Here is what the company says </h2> As mentioned already, if Tencent were to push forward with a buyout and take Ubisoft private, the move would not be all that surprising. There have been rumours for some time that Ubisoft has been considering such a step, especially as competition heats up in the gaming world and the company struggles to regain its footing. But going private could come with some major consequences. According to the wccftech report, a buyout could trigger significant changes at Ubisoft’s leadership level, including a new CEO and possible layoffs. The company has already seen its fair share of cuts recently, with layoffs hitting its IT and special effects teams, and more could be on the way if a takeover leads to restructuring. But for now, Ubisoft is staying tight-lipped. Fans, investors, and industry watchers will have to wait and watch for what comes next, especially with the company hinting that any updates will only come “if and when appropriate.” One thing’s for sure—whatever happens next, it’s likely to have a major impact on the future of the gaming giant.

Tencent to acquire Ubisoft? Here is what the Assassin's Creed maker says

<ul><li><keyword id="6602160" type="General" weightage="80" keywordseo="ola-electric-mobility" source="Orion">Ola Electric Mobility</keyword> Private Ltd. has signed a MoU with the <keyword id="20154" type="General" weightage="80" keywordseo="tamil-nadu" source="Orion">Tamil Nadu</keyword> government to invest ₹7,614 crore.</li><li>According to the Tamil Nadu government, Ola Electric Mobility's group companies -- <keyword id="16569311" type="General" weightage="50" keywordseo="ola-cell-technologies-private-ltd" source="Orion">Ola Cell Technologies Private Ltd</keyword> and <keyword id="16569310" type="General" weightage="50" keywordseo="ola-electric-technologies-private-ltd" source="Orion">Ola Electric Technologies Private Ltd</keyword> -- will set up the lithium ion cell plant and EV car plant respectively.</li></ul>Chennai, Electric vehicle (EV) player Ola Electric Mobility Private Ltd. has signed a Memorandum of Understanding (MoU) with the Tamil Nadu government to invest ₹7,614 crore to make EV cars and lithium ion cells in the state. According to the Tamil Nadu government, Ola Electric Mobility's group companies -- Ola Cell Technologies Private Ltd and <keyword id="16569309" type="General" weightage="80" keywordseo="ola-electric-technologies" source="Orion">Ola Electric Technologies</keyword> Private Ltd -- will set up the lithium ion cell plant and EV car plant respectively. The Ola Electric Technologies will invest Rs 5,114 crore for making lithium cells and Ola Electric Technologies will invest Rs 2,500 crore for the car plant, the state government said. The two plants will come up in Krishnagiri district. Several days ago, the Tamil Nadu government unveiled its new EV industry policy. "Ola will set up the world's largest EV hub with integrated 2W, car and lithium cell Gigafactories in Tamil Nadu. Signed MoU with Tamil Nadu today. Thanks to Hon.CM@mkstalin for the support and partnership of the TN govt! Accelerating India's transition to full electric!" Bhavish Aggarwal, Co-Founder tweeted. SEE ALSO: <a href="https://www.businessinsider.in/science/news/china-clones-three-super-cows-to-produce-milk-by-the-gallons/articleshow/97570773.cms">Holy Cow! China clones three 'Super Cows' to produce milk by the gallons</a> <a href="https://www.businessinsider.in/tech/mobile/news/new-patent-suggests-that-apple-could-bring-a-foldable-iphone-with-a-self-healing-display-in-the-future/articleshow/97302738.cms">New patent suggests that Apple could bring a foldable iPhone with a self-healing display in the future</a>

Ola group to invest ₹7,614 cr in TN for lithium ion cell, EV cars

The government on Friday slapped an export tax on petrol, diesel and jet fuel (ATF) shipped overseas by firms like <keyword id="6487" type="General" weightage="50" keywordseo="reliance-industries-ltd" source="Orion">Reliance Industries Ltd</keyword>, and imposed a windfall tax on crude oil produced locally by companies such as <keyword id="6354737" type="General" weightage="80" keywordseo="ongc" source="Orion">ONGC</keyword> and Vedanta Ltd. The government imposed a Rs 6 per litre tax on export of petrol and ATF and Rs 13 per litre tax on export of diesel, finance ministry notifications showed. Additionally, it levied a Rs 23,250 per tonne additional tax on crude oil produced domestically. The levy on crude, which follows record earnings by state-owned <keyword id="64243" type="General" weightage="50" keywordseo="oil-and-natural-gas-corporation" source="Orion">Oil and Natural Gas Corporation</keyword> (ONGC) and <keyword id="111992" type="General" weightage="50" keywordseo="oil-india-ltd" source="Orion">Oil India Ltd</keyword> (OIL) and private sector Cairn Oil &amp; Gas of Vedanta Ltd, alone will fetch the government Rs 67,425 crore annually on 29 million tonnes of crude oil produced domestically. The export tax follows oil refiners particularly <keyword id="6355199" type="General" weightage="100" keywordseo="reliance-industries" source="Orion">Reliance Industries</keyword> and Rosneft-backed Nayara Energy making a killing in exporting fuel to deficit regions such as Europe and the US in the aftermath of Russia's invasion of Ukraine. The refiners are said to have processed Russian crude oil available at discount after it was shunned by the west, and exported fuel produced from it to Europe and the US. The restriction on export is also aimed at shoring up domestic supplies at petrol pumps, some of which had dried up in states like Madhya Pradesh, Rajasthan and Gujarat as private refiners preferred exporting fuel than selling locally. Exports were preferred as retail petrol and diesel prices by dominant PSU retailers have been capped at rates way lower than cost. This meant that private retailers, who control less than 10 per cent of the market share, either sell fuel at loss or lose market share if they were to sell at higher cost. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/sensex-sinks-by-400-points-in-early-trade-on-weak-global-cues/articleshow/92588527.cms">Sensex sinks by 400 points in early trade on weak global cues</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/youtube-rolls-out-new-tools-to-combat-spam-and-account-hijacking/articleshow/92588430.cms">YouTube rolls out new tools to combat spam and account hijacking</a>

Reliance Industries, ONGC, Vedanta and others slapped with windfall, export tax on petroleum

<ul><li>The levy on domestically produced crude oil too has been increased by ₹ 3,000 per tonne to ₹ 11,000.</li><li>The government raised the windfall profit tax on the export of diesel to ₹ 12 per litre from ₹ 5 a litre. </li><li><keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> first imposed windfall profit taxes on July 1. </li></ul> The government on Saturday hiked the windfall profit tax on the export of diesel to ₹ 12 per litre and that on jet fuel exports to ₹ 3.50 a litre with effect from October 16. The levy on domestically produced crude oil too has been increased by ₹ 3,000 per tonne to ₹ 11,000. After lowering the tax rates for two consecutive fortnights mirroring fall in global crude prices, the <keyword id="47209" type="General" weightage="50" keywordseo="finance-ministry" source="Orion">finance ministry</keyword> has brought about a hike in export taxes on crude, diesel and <keyword id="44833" type="General" weightage="100" keywordseo="atf" source="Orion">ATF</keyword>, in its latest review. At the seventh fortnightly review, the government raised the windfall profit tax on the export of diesel to ₹ 12 per litre from ₹ 5 a litre, and brought back the levy on ATF (Aviation Turbine Fuel) exports at ₹ 3.50 per litre, from nil, finance ministry said in a notification. While private refiners <keyword id="6487" type="General" weightage="50" keywordseo="reliance-industries-ltd" source="Orion">Reliance Industries Ltd</keyword> and Rosneft-based <keyword id="6594278" type="General" weightage="50" keywordseo="nayara-energy" source="Orion">Nayara Energy</keyword> are the principal exporters of fuels like diesel and ATF, the windfall levy on domestic crude targets producers like state-owned <keyword id="64243" type="General" weightage="50" keywordseo="oil-and-natural-gas-corporation" source="Orion">Oil and Natural Gas Corporation</keyword> (ONGC) and Vedanta Ltd. India first imposed windfall profit taxes on July 1, joining a growing number of nations that tax super normal profits of energy companies. But international oil prices have cooled since then, eroding the profit margins of both oil producers and refiners. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/us-offer-to-help-india-in-chip-manufacturing-just-lip-service-china/articleshow/94882797.cms">US offer to help India in chip manufacturing just lip service: China</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/rishab-shettys-kantara-becomes-highest-rated-indian-film-beats-kgf-2-rrr/articleshow/94862419.cms">Rishab Shetty's 'Kantara' becomes highest-rated Indian film, beats 'KGF 2', 'RRR'</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/byd-atto-3-receives-5-stars-in-ncap-crash-test-ahead-of-india-sale/slidelist/94861839.cms">BYD Atto 3 receives 5 stars in NCAP crash test ahead of India sale</a>

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Mumbai job frenzy: 25,000 applicants show up for job interview with Rs 20,000 salary, cause stampede-like situation

Ankush Banerjee

India Inc. stares at an earnings dearth in Q2, FMCG, auto, and consumer durables falter

Ira Alok Puranik

Tencent to acquire Ubisoft? Here is what the Assassin's Creed maker says

Divyanshi Sharma

Ola group to invest ₹7,614 cr in TN for lithium ion cell, EV cars

IANS

Reliance Industries, ONGC, Vedanta and others slapped with windfall, export tax on petroleum

PTI

Govt hikes windfall profit tax on export of diesel, ATF; raises tax on domestic crude oil

PTI

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