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[ad_1] Flipkart and PhonePe announced last week that they have completed their separation. (File) New Delhi: E-commerce giant Flipkart has planned to award a one-time payout of $700 million to its employees. The move is likely to benefit up to 25,000 of Flipkart's current and past workers, reported  Moneycontrol  quoting sources.  Kalyan Krishnamurthy, the Flipkart CEO (chief executive officer), announced the cash payout in an internal email to its employees last week. The payout will be available to holders of employee stock options. “We are pleased to announce that employees, who are holders of Flipkart ESOPs (employee stock option plans), will receive a one-time discretionary cash payout as part of the transaction. This payout represents the value of the PhonePe holding within those Flipkart options,” the email accessed by  Moneycontrol , read.  The CEO wrote that while the new share price of Flipkart was determined at $165.83 per option, the employee payout will be at $43.

[ad_1] NEW YORK: Stocks rose again Thursday after more companies reported better profits than expected, while yields climbed after a Federal Reserve official cautioned the end to its interest-rate hikes may not arrive as soon as Wall Street hoped. The S&P 500 gained 0.9%, adding to its rally from the day before as hopes rise further that the US government can avoid a disastrous default on its debt. The Dow Jones Industrial Average added 115 points, or 0.3%, while the Nasdaq composite climbed 1.5%. Video game maker Take-Two Interactive shot to the biggest gain in the S&P 500 after it forecast a huge jump in revenue for the fiscal year following this one. That stoked speculation that Grand Theft Auto VI is on the way, and its stock jumped 11.7%. Bath & Body Works was close behind with a gain of 10.7%. It reported stronger revenue and earnings for the latest quarter than analysts expected. Also helping to support Wall Street was another retailer, Walmart , which rose 1.