Recent data from market analytics firm Nielsen shows that the rural market in the country's 630,000-odd villages is pulling down the overall FMCG business.
Reliance Retail will acquire the retail, wholesale, logistics and warehousing businesses of the Future Group. Future Group's financial and insurance businesses are not part of the deal.
Future Retail Ltd (FRL) on Monday said the Delhi high court has ruled that statutory authorities cannot be restrained from acting in accordance with law and stayed a previous order on status quo of its Rs 24,713 crore deal with Reliance. Updating stock exchanges about the court ruling, FRL said a Division Bench comprising Chief Justice D N Patel and Justice Jyoti Singh has stayed the operation and effect of order passed by single Judge J R Midha on February 2. "...inter alia, for the prima facie reason that the company is not a party to the Shareholders Agreement dated August 22, 2019 executed between Amazon, Future Coupons Private Limited and the Promoters of FRL, under which arbitration was initiated by Amazon in Singapore," FRL said.
Wholesale inflation rate at five-month high in May; rupee breaches 60-a-$ mark, slides to lowest since May 5; Iraq crisis threatens to push global crude oil prices.
ITC was the top loser in the Sensex pack, shedding 1.97 per cent, followed by Tata Steel 1.80 per cent, HUL 1.57 per cent, Vedanta 1.44 per cent, Bharti Airtel 1.37 per cent and M&M 1.35 per cent.
Vegetable inflation softened to 24.76 per cent in June, down from 33.15 per cent in the previous month. Inflation in potato was (-) 24.27 per cent, against (-) 23.36 per cent in May.
Global retail giant Walmart has got fair trade regulator CCI's green signal for purchase of Bharti group's almost 50 per cent stake in their Indian joint venture for wholesale stores business.
ONGC was the top gainer which surged over 4% followed by Axis, SBI, CIL
Can the Election Commission step up to the plate and exert its Constitutional powers with non-partisan conviction, asks Mitali Saran.
Reliance Retail has bought a 25.8 per cent stake in Dunzo, India's leading quick commerce player, for $200 million (around Rs 1,488 crore) as it looks to expand its presence in online grocery delivery business. Dunzo has raised $240 million (about Rs 1,787 crore) in its latest funding round that was led by Reliance Retail Ventures Ltd (RRVL) - the retail arm of Reliance Industries, the two firms said in a statement. Existing investors Lightbox, Lightrock, 3L Capital and Alteria Capital also participated in the funding round.
Major automobile manufacturers like Maruti Suzuki, Hyundai, Mahindra & Mahindra, Tata Motors and Toyota Kirloskar on Tuesday reported decline in domestic passenger vehicle sales in May compared to the previous month as a spike in COVID-19 cases and lockdowns across various states hit production and dispatches. The country's largest carmaker Maruti Suzuki India (MSI), which shut production from May 1 to May 16 so as to divert oxygen from industrial use for medical purposes, reported domestic dispatches to dealers at 35,293 units last month, down 75 per cent from 142,454 units in April. The company said sales of its mini cars, comprising Alto and S-Presso, declined by 81 per cent to 4,760 units in May as against 25,041 units in April this year.
Top gainers in the Sensex pack included ICICI Bank, Infosys, Bajaj Finance and HDFC Bank, rising up to 2.67 per cent.
Since jobs will remain scarce for the foreseeable future, an unemployment allowance should be the next big social-security initiative, suggests T N Ninan.
Tata Motors is looking at various measures, including direct buying from stockists and making changes in the product configurations, to offset the impact of semiconductor shortage on its production activities and sales, a top company official has said. The auto major, which sells models including Nexon, Harrier and Safari in the domestic market, is also looking at different kinds of chips which could be used in components where the supply situation is severe. The automaker expects the situation to remain challenging in the ongoing quarter and some improvement in supplies only in the second half of the fiscal.
Tista Sengupta takes a walk through Kumbharwada, north Mumbai's potters' colony, and discovers that kumbhars struggle to keep the traditional art of clay diya making alive. Photographs: Hitesh Harisinghani
Retail inflation rose 4.38 per cent year-on-year in November, the slowest pace in data going back to January 2012.
Investors should await consistent growth metrics before looking at an investment in the company.
The department for promotion of industry and internal trade (DPIIT) has set up a control room to monitor in real-time the status of transportation and delivery of essential commodities amid the coronavirus lockdown in the country. It will also monitor the difficulties being faced by various stakeholders during the lockdown period from March 25 to April 14.
Amazon's fresh investment in its India entities come at a time when the Seattle-based firm has faced losses in several of its business entities in India, such as seller services, wholesale, transportation services and digital payments, for the 2018-19 financial year.
After 2 years of lull, sale of winter products like heaters and woollens grow in double-digit
The new bill will now be introduced in the Lok Sabha for passage in the upcoming Winter session of Parliament beginning November 29.
RRVL will make an open offer to acquire up to an additional 2.17 crore equity shares of Just Dial, representing 26 per cent stake, in accordance with Sebi Takeover Regulations, a regulatory filing said.
Onion prices may jump during the Eid festival in the UAE as the Indian government has suspended fresh exports of the commodity for a fortnight in the wake of soaring domestic prices.
The Union health ministry on Friday urged eight states and Union Territories to take up immediate containment measures including preventing crowds, conducting widespread testing as well as increasing vaccine coverage on a priority basis in districts where the Delta Plus variant of coronavirus has been detected.
Unabated buying by domestic institutional investors and wholesale price inflation falling to 2.60 per cent in September, helped both the key indices to scale new highs.
Prime Minister Narendra Modi on Saturday released Rs 20,946 crore to 10.09 crore farmers across India as the 10th installment of financial aid under the PM-KISAN scheme and said there was a need for innovation in agriculture along with promotion of natural farming. Under the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) scheme, a financial benefit of Rs 6,000 per year is provided to the eligible farmer families, payable in three equal installments of Rs 2,000. The PM-KISAN scheme was announced in the February 2019 Budget.
The wholesale price index rose 0.11 per cent year-on-year compared with a 0.6 per cent jump forecast by economists in a Reuters poll.
That's because India does not have a serious venture capital industry with an appetite for risk, observes T N Ninan.
Auto sales in April have started showing the impact of lockdowns that has put the brakes on the recovery of the sector, a report said on Tuesday. With more states announcing lockdowns and some more OEMs expecting to go for maintenance shutdowns, as many as 50 per cent of the dealers are likely to be impacted by the move, it added. However, the full-year prospects remain positive if the COVID wave recedes in the April quarter and the vaccination drive goes as planned, brokerage firm Centrum said in the report.
The wholesale price index inflation is projected at 6.4 per cent for 2017-18.
Farmer leader Joginder Singh Ugrahan said told reporters after the meeting that the unions urged the government to repeal the three laws, but the Centre was unwilling to do so. "We decided to meet again on January 19 at 12 pm," he said.
'The robust tax collections give the finance minister a fair amount of headroom for an expansionary fiscal policy.'
The move comes amid sharp increase in retail prices of onion since August despite the government's several measures to boost the supply and contain prise rise.
The muted expectation of dealers come at a time when vehicle manufacturers such as Maruti Suzuki, Hyundai Motor, Mahindra & Mahindra and others reported a double-digit fall in wholesale dispatches to dealerships in July and August.
Agri co-operative Nafed on Monday reduced onion prices by Rs 5 per kg, selling it for Rs 35 per kg in the national capital through its five retail stores.
Days after their passage in the Lok Sabha, Tomar introduced the Farmer's Produce Trade and Commerce (Promotion and Facilitation) Bill, 2020, and the Farmers (Empowerment and Protection) Agreement of Price Assurance and Farm Services Bill, 2020 in the Rajya Sabha.
Reliance Retail's shareholders will get one share of its listed parent, Reliance Industries, in exchange for every four shares, according to the scheme of arrangement.
Some taxi and cab unions, including those associated with app-based aggregators, have decided to join the strike called by farmers organisations demanding repeal of three new farm sector laws.
The number of people who have recuperated from the disease surged to 1,90,27,304.
The problem for the NBFC sector is the funding inertia by banks and not lack of funds.
