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Recruitment At RCom Declined By 94 Percent

14Jun By Gauri SinghNo Comments

BUSINESS

Recruitment At RCom Declined By 94 Percent

The Anil Dhirubhai Ambani-led telecom company Reliance Communications has stated that the total number of jobs and recruitment in the company have reduced to 3,400 at present by about 94 percent from a high level of 52,000. The jobs at the RCom was at its peak at around 2008-10. But gradually the number has decreased, maybe due to the pressure of debt. The company is losing its balance lately under a debt of around Rs 45,000 crore. "Total number of people in the RCOM group: from peak of approximately 52,000 to current 3,400, a reduction of approximately 94 percent," RCom said in a filing. The company has closed its mobile services business this year in January and continues to provide business-to-business (B2B) telecom services. The telecom firm in the filing stated that its B2B depar...

13Jun By Gauri SinghNo Comments

BUSINESS

Zara Owner Inditex Improves Profitability Despite Sturdy Euro

One of the world’s largest fashion retailers Inditex, that also owns the very famous fashion brand Zara has announced on Wednesday about the improvements in its profitability for the beginning three months of the current financial year. Without being affected by all the negative currency effects, the retailer managed to increase profits. However, inadequate sales growth in the first quarter of the year discouraged the investors, along with negative currency effects and unseasonably cold weather in Europe. Because of these events, the quarterly growth rate was a mere 2 per cent, lower than rates booked during the financial crisis. But further, it has also been reported that the sales of the company were very strong in the first six weeks of the second quarter. The sales were raised by...

11Jun By Gauri SinghNo Comments

BUSINESS

FabAlley Ends Fiscal 2018 with EBITDA Profitability

The Gurugram-based online fashion-forward brand FabAlley has ended the financial year in March 2018 with EBITDA profitability with the help of its massive offline augmentation. The company exited the financial year 2017-18 with gross merchandise value (GMV) of INR 80 Cr ($11.85 Million). FabAlley is the ultimate Indian fashion destination for fashion enthusiasts and lovers, founded in 2012 by Tanvi Malik and Shivani Poddar. 30% of the revenue that accounted for the profits made its way from the offline sources. The offline channels that the company deals with include retailing services with the Future Group’s Central and Shoppers Stop retail outlets among others. “We are the first e-commerce company at our scale to have hit the profitability target. While we want to expand our offline ...

7Jun By Gauri SinghNo Comments

BUSINESS

HT Media Announces Investment up to Rs 400 Cr in Radio Business

The Delhi-based mass media company HT Media today has announced its plans for investment in its subordinate business ‘HT Music and Entertainment Company Ltd (HTME)’ with the aim to expand its FM radio business. The investment is reportedly priced up to Rs 400 crore. The music company manages two popular radio stations in India namely Fever FM and Radio Nasha. HT Music and Entertainment Company Ltd is also engaged in the management and organization of various events and shows in the country. Apart from this, HT Media runs 19 printing facilities across the country. Along with Hindustan Times and Hindustan, the company also publishes Mint. HTML’s revenue from the radio business increased by 35.7% to Rs158.7 crore in the financial year 2017-18, followed by new radio station launches. The...

Ola Set to Beat Uber, Reports 70% Growth in Revenue

7Jun By Lavina TolaniNo Comments

BUSINESS

Ola Set to Beat Uber, Reports 70% Growth in Revenue

India's leading cab-hailing company Ola, run by ANI Technologies Pvt Ltd. has reported a phenomenal 70% jump in revenue in the year that ended 31 March 2017 as reported in its latest annual regulatory filings. As per the filings under the ministry of corporate affairs, Ola has recorded a revenue of Rs. 1,286 crore in 2016-17 when compared to Rs. 758.23 crore in the previous year. Ola is battling competition against San Francisco based cab hailing giant Uber which has expanded rapidly in India since it first launched its service in the country nearly five years ago. The interesting part is that both these companies e backed by Japanese conglomerate SoftBank Group Corp. The latest numbers are indicative of the fact that Ola has managed to hold its worth against Uber in India over pa...

Kishore Biyani’s Future Group to Start Door-to-Door Milk Delivery

7Jun By Gauri SinghNo Comments

BUSINESS

Kishore Biyani’s Future Group to Start Door-to-Door Milk Delivery

The Mumbai-based, Kishore Biyani owned ‘Future Group’ soon plans to begin the door-to-door delivery of dairy products like milk, eggs and bread every morning to its customers. The service will be inaugurated in the coming two weeks in the metro cities as of now, but will surely reach to other cities later. The milk delivery services have been recently observing a boost in the e-commerce sector and by the investors. The Future Group led milk delivery service can be availed simply by placing an order through a mobile app called Easyday, and the outlets will deliver the specified products within 2-3 km radius. The retail group also provides the customers with a membership-based Easyday Club where they can register at Rs 999 per year and can enjoy offers on purchases for about 10% discou...

Temasek and Ascendas-Singbridge to Invest 2000 Crore in India

7Jun By Lavina TolaniNo Comments

BUSINESS

Temasek and Ascendas-Singbridge to Invest 2000 Crore in India

Global Investment Company Temasek and Singapore's Ascendas-Singbridge are looking forward to investing Rs. 2000 crore in India's industrial real estate and logistics sector. It is interesting to note that Ascendas-Singbridge has launched an "Ascendas India Logistics Programme" which has Temasek as its principal investor. Speaking of the latest development, Ascendas said in its official statement, Temasek and Ascendas-Singbridge Group have jointly committed Rs 20 billion (approx Singapore dollar 400 million) to invest in logistics and industrial real estate in key locations in India. The investment strategy for the programme will be executed by "Ascendas-Firstspace" which is a platform established by Ascendas-Singbridge and Firstspace Realty in 2017. Interestingly, India's indust...

Ajim Premji to Invest $250 Mn in Future Group, Amazon in talks with Biyani

6Jun By Lavina TolaniNo Comments

BUSINESS

Ajim Premji to Invest $250 Mn in Future Group, Amazon in talks with Biyani

Premji Invest, the family office of Wipro Head Ajim Premji is eyeing to invest $250 million in the holding company of Kishore Biyani's Future Group. According to a report published in leading daily, Premji invest can pick up 6 percent stake sale in Future Retail at a time when the market is already buzzing discussions over Amazon to pick up a 10% stake in brick and mortar retailer. Kishore Biyani's move to shore up funds has come at a time when US giant Walmart has taken a huge bet on India by investing $16 billion in homegrown e-commerce startup Flipkart valued at $21 billion. It is crucial to note that PremjiInvest had earlier bought 8 per cent stake the group's branded apparel chain in Future Lifestyle Fashions, however, it had half of its stake to private equity fund L Catterton ...

6Jun By Gauri SinghNo Comments

BUSINESS

McDonald’s Running its Indian Business Amid all The Losses

The world’s largest fast-food chain McDonald’s is reportedly facing a huge amount of loss in India. McDonald’s India has announced its biggest loss amounting to INR 305 crore in the financial year ending in March 2017, after canceling the investments in Connaught Plaza Restaurants (CPRL) which ought to be its licensee partner. All this was because of a five-year-old official disagreement with CPRL. In this regard, McDonald’s India said, “Considering that CPRL is having significant accumulated losses as of date and considering that the company has terminated all its franchise arrangements in favour of CPRL, the management feels that its investments in CPRL are impaired and accordingly a provision of Rs 198.20 crore has been considered in the financial statements of the company for diminu...

Royal Enfield Planning to Bring an Electric Motorcycle Soon

5Jun By Lavina TolaniNo Comments

BUSINESS

Royal Enfield Planning to Bring an Electric Motorcycle Soon

The maker of the Classic 350 motorcycle under the banner of Eicher Motors Ltd, Royal Enfield is currently working on an electric motorcycle platform to advance its idea of pure motorcycling, as informed by president Rudratej Singh. A small team at company's UK technology sector is currently working towards the development of a new electric platform that will replace existing ones and will comply with new emission norms once they come into effect. Speaking of the ongoing development, Rudaratej Singh, said, The company, which claims to be the oldest motorcycle maker in continuous production in the world, “may need to look at things differently for electrical because we are still learning. At present, Royal Enfield has its research and product development wing situated in its two tech...

DoT of India Gives 100% FDI Approval to Idea Cellular

5Jun By Gauri SinghNo Comments

BUSINESS

DoT of India Gives 100% FDI Approval to Idea Cellular

The Indian mobile network operator, Idea Cellular stated that the company obtained an approval to raise the Foreign Direct Investment (FDI) limit from the Department of Telecom (DoT). The operator informed that the previous FDI limit stood at 67.5 percent and now has been raised to 100 percent on Monday. The Idea Cellular, in this context, stated, "The approval is for total foreign investment up to 100% in Idea Cellular, and total indirect FDI in its relevant subsidiaries – Aditya Birla Telecom Ltd. and Idea Cellular Infrastructure Services Ltd." Idea Cellular is reportedly in the process of federating with Vodafone India. The approval for the merger by the telecom department is in the final stages of acceptance. The approval to raise FDI is a great step in the process of incorpora...

5Jun By AdityaNo Comments

BUSINESS

Infibeam Looking to Raise 2000 Crore To Start Payment Bank Business

India's first profitable E-commerce company Infibeam will seek shareholders approval on June 28 to expand business in IT industry and also to launch a payments bank. The Gujrat based company said in its official statement, "We are looking to enter into payment bank business and to raise Rs 2,000 crore". The company has also proposed to change the name from Infibeam Incorporation Limited to "Infibeam Avenues Limited". Infibeam business profit in 2018 was more than doubled after tax to Rs 88.1 crore from Rs 43.5 crore a year ago. The e-commerce venture is also mulling to explore the business opportunity in the manufacturing of IT hardware. The company seeking RBI permit to issue all kind of prepaid payment instruments e-wallets, co-branded wallets, and any other pre-paid payme...