Jewellers strike: Tata group’s Titan says sales hit by protests
Jewellers strike: Tata group firm Titan, which sells jewellery under the Tanishq brand, said its sales have been hit due to strike by jewelers in protest against the imposition of one per cent excise duty by the government - FM Arun Jaitley presented the proposal in Budget 2016.
Jewellers strike: "Tanishq is not participating in the strike but many of stores had to be shut down on many occasions across the country due to agitations by striking jewelery associations," the company said in its quarterly updates.
Jewellers strike: It further added: "The customers walk-ins in the ensuing period have also been poor due to the customer perception that entire industry is on strike due to which the sales performance for the month of March has been affected adversely."
Jewellers strike: In Q4 of FY 2015-15, Tanishq sales were impacted due to government's new rule which had made permanent account number (PAN) mandatory for all transactions above Rs 2 lakh. "We are still in the process of estimating the impact of the PAN card rule on our sales and hope to get a better view by Q1 of 2016-17," the company informed.
Jewellers strike: During the quarter, Titan added seven Tanishq stores and its jewelery division launched its first e-commerce exclusive collection of birthstone jewelery called Uttara. During the quarter, Titan launched its smart watches under sub-brand "JUXT".
Jewellers strike: It further added: "While it has been a difficult year for the division (watch) in terms of sales and same store growth, the company has taken a decision to focus for the next two years in investing in the division to revitalise the category."
More from this section
- Job notifications you must not miss! From UPSC recruitment 2017 to SBI specialist officers, check list of vacancies
- India pays homage to policemen on Police Commemoration Day; Rajnath Singh lays wreath at Police Memorial; see pictures
- Thailand all set for royal five-day funeral ceremony for its late King Bhumibol Adulyadej; check out stunning pictures
- Narendra Modi in Kedarnath: PM lays foundation stones for 5 projects during Himalayan shrine visit; check splendid photos
- From NTCL recruitment 2017, ITBP recruitment to CMAT 2018 online application; here are the top jobs, education news
- Secret Superstar, Golmaal Again, Mersal box office collections: Aamir Khan, Ajay Devgn, Vijay, Ravi Teja in big fight; see who is beating whom
- Singapore’s Diwali themed trains are absolute visual treats; check out spectacular photos
- A day after Diwali, Delhi choked, wakes up to blanket of smog; take a look
- Diwali 2017 celebrations: From Delhi, Gujarat to Karnataka, watch amazing pictures
Home loans: Additional Rs 50,000 tax benefit for first-time home buyers starts April 1
Bullion markets shut for 30th day over excise duty protest
Congress rues Narendra Modi silence on Pathankot and more, but looks to take credit for passage of several bills
Narendra Modi reveals 7-point strategy to double farmers' income: Key takeaways
ANALYSIS / EXPERT COMMENTS
- Meghnad Desai
India needs a body like the UK’s Office of Budget Responsibility
- Anita Rastogi
In addition to simplifying the taxation structure, implementation of the GST regime will help eliminate most indirect tax issues
- Nirvikar Singh
Repressive regimes fail to deliver inclusive and substantive economic growth
- Anwar Shirpurwala
Extend duty incentives for mobile phones and tablets to all Information Technology Agreement goods
- Eric Mehta
Will this Budget be an enabler for ‘Make in India’, ‘Make for India’ and, most importantly, ‘Make India’ is something that will soon be answered