12,000: Number of people Flipkart plans to hire in FY15.
'A credit line on UPI is going to make banks think about credit fundamentally as they digitise the credit process entirely.'
Besides the pandemic that resulted in higher interest rates, the default by Future Retail has dealt a blow to investor sentiment.
Reliance Industries Ltd will acquire German firm Metro AG's wholesale operations in India for Rs 2,850 crore as the conglomerate run by billionaire Mukesh Ambani seeks to strengthen its dominant position in India's mammoth retail sector. "Reliance Retail Ventures Limited (RRVL), a subsidiary of Reliance Industries Ltd, signed definitive agreements to acquire a 100 per cent equity stake in Metro Cash & Carry India for a total cash consideration of Rs 2,850 crore, subject to closing adjustments," said a joint statement. Through this acquisition, Reliance Retail will get access to a network of Metro India stores located in prime locations across key cities, along with a large base of registered kiranas and other institutional customers, and a strong supplier network.
It bought Rs 410 crore of electoral bonds between financial years 2021-22 and 2023-24, but Reliance said the company is not a subsidiary of any Reliance entity.
India's rank was further amplified by the collapse of the South American and Russian economies.
Biyani's comments come on the heels of the Committee of Secretaries' recommendations for opening up the multi-brand retail sector to foreign investment, with a cap of 51 per cent and a minimum investment of $100 million by overseas players.
Future Cap's IPO was subscribed 8 times over on the second day of is issue.
The Indian equity market clocked record average daily turnover (ADTV) in both the cash and derivatives segments in February amid a spike in volatility. The ADTV for the cash segment for both the exchanges combined came at Rs 1.27 trillion, while the same for the derivatives or the futures and options (F&O) segment stood at Rs 483 trillion in the previous month. The volumes for both cash and derivatives have almost doubled from a year ago on the back of rising retail participation in the world's fourth largest equity market.
From the retail pack, Future Group firm Pantaloon Retail surged 32.61 per cent to Rs 209, while Provogue India gained 17.83 per cent to Rs 18.90 on the BSE.
India Inc on Friday said it is looking forward to a repo rate cut in future as cost of funds has to come down in coming times, and expects continuation of accommodative policy stance by the Reserve Bank of India (RBI). The RBI decided to leave the benchmark interest rate unchanged at 4 per cent but maintained an accommodative stance, as the economy faces the brunt of the second COVID-19 wave. Sanjay Aggarwal, president of PHD Chamber of Commerce and Industry, said the RBI has maintained an accommodative stance as long as necessary to revive and sustain growth on a durable basis and to mitigate impact of COVID-19, apart from an aim to keep inflation within the target.
The partnership will initially focus on the Future Group fashion brands.
Qwik Supply, the third largest donor to political parities using electoral bonds, bought Rs 410 crore bonds between 2021-22 and 2023-24, and gave all but Rs 25 crore to the BJP.
'For all of us at Amazon, it is 'Bharat first'.' 'We are keeping the Indian customer at the centre of what we are doing.'
While some like RPG's Spencer's and Wadhawan group's Spinach say it will encourage them to invest more in cold chains, others such as Aditya Birla Retail and Future Group said the announcement has come too late and helps fresh produce and chilled product suppliers more than retailers.
Trading in currency futures will soon become a reality for the retail investor. With the Reserve Bank of India and the Securities and Exchange Board of India issuing trading norms, exchanges are readying themselves to launch this product in the next few weeks.
Legal experts explain the implications of the latest twist in the Amazon-Reliance battle for billion-plus consumers' purse.
Currently, the retail inflation is well below the RBI's comfort level. The government has asked the central bank to keep inflation in the range of 4 per cent.
'Will make sure that we create value. We will again look for organic and inorganic opportunities.'
The numbers in India may not be as big but the opportunity for serious growth is all there.
'For experienced and risk-taking investors, now may be the time to go all in.' 'By 'experienced and risk-taking', I refer to those who remained net buyers in equities during the early stages of the 2020 pandemic.' 'On the other hand, those who exited the markets during the pandemic may go the SIP way.'
Future Capital Holding disclosed its plans to enter asset management and retail broking. A credit card tie up with ICICI bank is also in the pipeline.
Due to default in payment, the securities of FICL and NDIL will be valued at zero basis AMFI standard hair cut matrix, and interest accrued and due will be fully provided.
With a view to become a leading office products provider, Pantaloon Retail India has entered into a joint venture with US-based Staples Inc and its new business unit, Future Office.
Retailers are all set to cash in on R-Day's festive feel with attractive offers and discounts.
'They have since only tried to improve systems. Also, with regulatory guidance from time to time, we are in a position to assess a situation and react in time.'
The diversified steel-to-telecom Essar Group, with revenues of $ 15 billion, is readying to consolidate its retail initiatives under one roof to maximise synergies and explore new avenues of growth. To shape its plans, Essar is forming a centralised retail think-tank at a group level to strategise the conglomerate's future course of action.
Bajaj Auto was the top laggard in the Sensex pack, tumbling around 6 per cent, followed by M&M, Reliance Industries (RIL), Tata Steel, Tech Mahindra, SBI, Axis Bank and ICICI Bank. NSE Nifty tumbled 162.60 points or 1.36 per cent to 11,767.75.
When the 60,000 sq ft Brand Factory mart in Bangalore, the Future Group's factory-surplus format which stocks 145 brands across lifestyle categories, notched up its millionth customer in less-than-a-year, the company knew it was on to a good thing.
The government on Friday proposed hiking the securities transaction tax on Futures & Options (F&O) contracts, a move that will increase the trading costs in the derivatives segment as well as help in curbing excessive trades. In the Finance Bill 2023, passed by the Lok Sabha on Friday, the Securities Transaction Tax (STT) on options is proposed to be increased to 0.0625 per cent from 0.05 per cent and on futures contracts to 0.0125 from 0.01 per cent. Analysts opined that higher STT will shore up the government's revenues to some extent and also discourage excessive trading since a large number of retail traders are losing money in the segment.
Billionaire Mukesh Ambani's children -- Isha, Akash and Anant -- on Monday were appointed on the board of his energy-to-technology conglomerate Reliance Industries Ltd, in what is seen as a clear path of succession planning at India's most valuable company.
According to the agreement, Pantaloon Retail India, along with its wholly owned subsidiary Future Value Retail, would sell its stake in FCH.
In a first, the Centre will start selling tomatoes at discounted rates in retail markets in the national capital and few other cities from Friday to provide relief to the consumers as the price of the kitchen staple is ruling high at over Rs 200 per kilogram in some parts of the country.
While the talks are still at a preliminary stage, sources said major retail players had held discussions with Amazon
With a loan book of $268 billion, India's retail banking is now ahead of Russia, Malaysia and Mexico but behind China, Brazil and Thailand
Kishore Biyani met Jeff Bezos, the founder and CEO of Amazon, in Delhi last week and "discussed many things like the macro environment and the prime minister"
Like everything else, the structure of banks may change, and banks may depend more on digital technologies and artificial intelligence for dealing with both their customers and employees.
As and when the sector opens up to FDI, the world's second-largest retailer will automatically get equity in Pantaloon Retail or will enjoy right of first refusal, said the sources.
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