Industry

Retail sales in May only 21% of pre-Covid levels, can recover fast if vaccination picks up, says RAI

The MSME-dominated retail sector saw a contraction of 79 per cent in monthly sales in May vis-à-vis pre-Covid sales in May 2019 as the second wave of the pandemic forced retail businesses to hault operations, retail body Retailers Association of India (R
"The shops and markets are closed and there is no inflow of money whereas the outflow of money continues in terms of meeting family and establishment expenses like salary of the employees, electricity bills, water bills, property tax, payment of EMIs, interest on loans etc," the Confederation of All India Traders (CAIT) said in a statement.

$526 billion export opportunity for small businesses, thanks to Covid-led digital adoption, says PayPal

Nearly 60 per cent of exported items are goods which represents a $313 billion market for India’s local artisans of tribal products, handicrafts, or small exporters of gems & jewellery.

In international trade parlance, dumping happens when a country or a firm exports an item at a price lower than the price of that product in its domestic market.

Retail sales decline 79 pc in May over pre-COVID levels in 2019: Report

The decline in sales was the steepest in West and North India, which witnessed an 83 per cent dip last month as compared to May 2019, RAI said in a statement.

retail sales

Bharti AXA General Insurance reports gross written premium of Rs 3,183 cr in FY21

"Owing to the COVID-19 pandemic, FY2021 has been a challenging year for the industry and especially for us at Bharti AXA General Insurance," its Managing Director and Chief Executive Officer Sanjeev S

bharti AXA

Anupam Rasayan clears debt worth Rs 530 cr from IPO proceeds

Anupam Rasayan Chief Financial Officer (CFO) and spokesperson Afzal Malkani said the company's total debt is about Rs 840 crore.

IPO

COVID-19 has created an ‘ecosystem’ of innovation in India: Kiran Mazumdar-Shaw

Mazumdar-Shaw, 68, is one of the key speakers at the 15th edition of the annual virtual summit on June 22 hosted by the USA India Chambers of Commerce.

kiran mazumdar shaw

Covid disruptions: Coal India net profit declines 32% in FY21

The company posted a net profit of Rs 2,474.55 crore for the fourth quarter, while total comprehensive income for the quarter was at Rs 4,365 crore.

During the two months of this fiscal, the non-power sector primarily drove the upward trend accounting for 50% of the total booked quantity of 21.5 MT.

Logistics sector ups hiring to keep pace with booming e-commerce

HR consultants say hiring is in full force for every role--delivery executives, pickers, packers, loaders, drivers and of course customer service executives. Teamlease estimates the industry workforce

Harish Kumar, chief strategy officer, Shipsy said company continues to hire people in the technology, sales and marketing teams.

Satellite broadband: Bharti’s OneWeb applies for Satcom licence

DoT can grant licence soon but spectrum allocation will have to wait till Trai decides whether auction is required or not

A query sent to OneWeb regarding the licence application and launch of services remain unanswered till the time of going to the press.

Shriram Transport Fin raises Rs 2,000 cr via QIP

The book running lead managers to the issue were ICICI Securities, JP Morgan India, Axis Capital, Citigroup Global Markets and HSBC Securities and Capital Markets (India).

The QIP proceeds will augment the company’s long-term resources for funding requirements of business activities, financing future growth opportunities and general corporate purposes.”

CIL net profit falls 23% in FY21, board recommends final dividend of Rs 3.50/share

The company posted a net profit of Rs 2,474.55 crore for the fourth quarter, while total comprehensive income for the quarter was at Rs 4,365 crore.

Besides, the CIL board recommended a final dividend of Rs 3.50 per share.

Increased data consumption but no decline in speed during second Covid wave: Opensignal

As per mobile analytics firm Opensignal, in 2020, mobile users had witnessed up to 24.8% decline in their average download speeds during the six weeks between the last weeks of March 2020 and May 2020

Opensignal measured its smartphone users’ weekly average mobile data consumption and download speed experience from the week starting on December 30, 2019, to the week ending on May 2, 2021.

Goldi Solar aims to raise module making capacity to 2.5 GW by FY22 end

The capacity expansion has been planned in two stages, with the first phase of 1,000 MW slated to commence by the end of Q2FY22, and the remaining 1,000 MW expected to be put on stream by Q4FY22-end.

About 50% of the country’s 10,000 MW solar manufacturing capacity currently remains unutilised, as developers have preferred to import cheaper equipment, mostly from China, to build solar plants

DLF expects high consumer interest for luxury residential, low-rise projects

The total project size is 8 million sq ft (MSF), of which 2.1 MSF will be delivered by the second half of FY22 and the remaining 6 MSF after FY24. The total sales potential of the project is Rs 12,000

Another positive is the shorter cash conversion cycle leading to a better cash flow generation, compared to townships.

RBI proposes removing cap on interest rates for micro-lenders

The prescribed ceiling on lending rate for NBFC-MFIs has had an unintended consequence of not allowing competition to play out and most lenders have similar levels of pricing.

The regulator has proposed to provide a fact sheet on pricing to the borrower by the lending institutions for maintaining transparency.

InMobi owned Glance acquires Shop101

With Shop101 on board, Glance and Roposo will get access to an established e-commerce technology platform, a comprehensive supply chain infrastructure and the talent base required to build the celebri

ABSLI eyes 16-17% growth in individual business in FY22

From the onset of the pandemic, people started realising the need to protect one’s health as well as finances which prompted them to opt for life insurance policies offering pure protection and guar

They are looking for solutions which can maximize their income and minimize risks while catering to short and long-term financial requirements.

IOB net soars 143% to Rs 350 cr in Q4; plans to raise Rs 2,000 cr

Chennai-based public sector lender Indian Overseas Bank (IOB) on Monday a reported a 143% jump in its net profit to Rs 350 crore for the fourth quarter of FY21, compared with Rs 144 crore in the corre

Airtel, Ericsson demo over 1 GBPS throughput on live 5G trial network in Gurgaon’s Cyber Hub

Sources said Airtel has lit up its 5G trial network in Cyber Hub, Gurgaon, and that the site is operating in the 3500 MHz band as per Telecom Department norms, and delivering throughput of over 1 Gbps

Department of Telecom

RBI proposes uniform regulatory framework for microfinance sector

Microfinance is a form of financial service which provides small loans and other financial services to poor and low-income households.

rbi

B2B marketplace Flipkart Wholesale sees 3x jump in e-commerce adoption among kiranas in H1 2021

Kiranas and neighbourhood convenience stores have become the battleground for e-commerce and grocery platforms including Flipkart, Amazon, BigBasket, Grofers, JioMart, etc., particularly during the Co

Flipkart, Flipkart Kirana, Kirana stores

ADQ in talks to infuse $400-500mn in Flipkart: sources

One of the persons privy to the discussions said that Flipkart could raise about USD 3 billion or more as there is significant interest from investors.

flipkart

WhatsApp is apparently sticking to using green colour for notifications in Android app

The Android beta app users for WhatsApp have once again received the green colour notification feature. The company has been testing a dark blue colour for its notifications but from the looks of it,

Digiboxx reaches 10 lakh users in 6 months: Everything to know about this Made-in-India cloud storage platform

The platform is a digital file storage, sharing and data management solution and it allows individuals as well as SMEs to store personal and work data.

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