Monday, May 27

Tag: market

Flipkart FY17 Revenue Growth Cuts Down Losses
BUSINESS

Flipkart FY17 Revenue Growth Cuts Down Losses

While Flipkart is still filling all legal documents and other details for the Walmart acquisition, Flipkart India, the wholesale arm of Flipkart, was able to cut down losses in FY17 by 55% when compared with FY16. According to filings at the Ministry of Corporate Affairs (MCA), Flipkart reported a net loss of $36 million (Rs 244 Cr) for FY17, which represents a 55% decline from the loss of the previous fiscal year that stood at $80.3 million (Rs 544.5 Cr). On the downside, the e-commerce giant’s total expenses increased significantly by 15%. For FY16, the total expenses of the company stood at $2 billion (Rs 13,722 Cr) compared to the $2.33 billion (Rs 15,813 Cr) in FY17. However, the e-tail business witnessed revenue growth of 19% in the fiscal year of 2017 with revenues standing at...
PNB and Gitanjali Gems Shares Tumbled 7 to 10%
Market

PNB and Gitanjali Gems Shares Tumbled 7 to 10%

Shares of Gitanjali Gems & Punjab National Bank (PNB) tumbled over 10% to 7% yesterday, following the Rs 11,400-crore fraud by Nirav Modi. PNB shares were down to 7.16 per cent to its 52-week low of Rs 116.65 on BSE. At NSE, shares of the company dived 6.77 per cent to hit a one-year low of Rs 117.05. In four trading sessions, the stock has lost nearly 28 per cent and suffered an erosion of Rs 10,781.12 crore from its market capitalisation. While the stock of Gitanjali tumbled 9.99 per cent to Rs 33.80, its lower circuit limit on BSE. At NSE, shares of the company plunged 9.87 per cent to hit its lowest trading permissible limit of Rs 33.75. On February 14, Punjab National Bank (PNB) disclosed that it detected some fraudulent transactions with financial implication of about Rs 1...
Budget 2018: Last 10 Years’ Figures Show Nifty Rising in the Month Following Budget
ANALYSIS

Budget 2018: Last 10 Years’ Figures Show Nifty Rising in the Month Following Budget

If you are waiting for a dip to invest fresh capital in the market, especially after a strong rally seen in the equity market so far, then is this the right time for you? Let's have a look what history has to say. If you are waiting for a dip, then chances of happening that are very low. Have a look at the data shown below: As you can see, the market declined only 3 times out of 10 years(i.e. 2009, 2012, 2015). The Nifty raised 7% in both 2010 and 2011 and considerably 9% in 2016 in the following month of budget. It is also evident from the data that the scenario is just opposite in the month prior to the Budget release.There's a dip in the market 6 out 10 times and remained unchanged for the remaining 2 times. The Economic Survey that was released on Monday highlighted som...
Bitcoin Going Legit! CME to Launch Bitcoin Futures
BUSINESS

Bitcoin Going Legit! CME to Launch Bitcoin Futures

CME Group, the world's leading and most diverse derivatives marketplace, announced on Tuesday that it intends to launch bitcoin futures in the fourth quarter of 2017, pending all relevant regulatory review periods. The new contract will be cash-settled, based on the CME CF Bitcoin Reference Rate (BRR) which serves as a once-a-day reference rate of the U.S. dollar price of bitcoin. Bitcoin futures will be listed on and subject to the rules of CME. After this, more people will be able to start trading bitcoin and you can read this article to find out how you can do it yourself. "Given increasing client interest in the evolving cryptocurrency markets, we have decided to introduce a bitcoin futures contract," said Terry Duffy, CME Group Chairman and Chief Executive Officer. "As the world...
Asus Aims 5% Share in Indian Smartphone Market
Tech

Asus Aims 5% Share in Indian Smartphone Market

Taiwanese handset maker Asus today said it is looking to achieve 5 per cent share in the countrys smartphone market. "Our first milestone is to achieve 5 per cent share in the smartphone market. From our side we are pushing all the measures to achieve it...," Dinesh Sharma, Director ? Mobile Product Centre for ASUS India, said after launching 4G enabled Zenfone Live for Rs 9,999 a unit. Sharma, however, did not disclose any fix timeline for achieving the 5 per cent market share target. He said the company sells handsets in almost all price segments starting from Rs 7,000 and going up to Rs 60,000. "We have products available which meet the need of customers in that segment. We want to get in hearts and minds of Indian consumers. Given the intensity of competition, our growth h...
BigBasket to Invest Rs 50 Cr in B2B Food Services Business
News

BigBasket to Invest Rs 50 Cr in B2B Food Services Business

Online grocery store BigBasket today said it plans to invest Rs 50 crore over the next 12 months to scale up revenues coming from hotels and restaurants segment. The company, which started supplying grocery to hotels, restaurants and caterers (HoReCa) segment from June last year, aims to clock a revenue run rate of Rs 500 crore from the segment by March 2018. Revenue run rate is a term used in online retailing to indicate total value of merchandise sold over a time-frame to predict future performance. "BigBasket is setting up dedicated distribution centres across eight cities to scale up the business and has plans to achieve Rs 500 crore exit rate by end of FY 2018," BigBasket co-founder and Head (New Initiatives) Abhinay Choudhari said in a statement. At the end of March this ...
Paytm Steps In Healthcare Domain, Invested in Startup
FUNDING

Paytm Steps In Healthcare Domain, Invested in Startup

Paytm, India's leading mobile payment company has invested in healthcare startup QorQI. The funding amount has been undisclosed. The startup offers a solution that gives doctors access to patient’s health and clinical data at the touch of a button. The startup aims to use AI and big data to improve productivity and care quality of doctors and help patients manage their health and existing ailments better. Commenting on the funding, QorQl’s Sanjay Singh said, “QorQL is pursuing the vision to democratise healthcare access. Our connected health applications are leveraging AI and big data to collect, integrate and interpret data for all users. This not only helps us solve tough problems but also helps our users stay healthy.” “Paytm’s investment in QorQl is a huge endorsement of our prod...
China’s ZTE to Slash About 3,000 Jobs: Sources
CHINA

China’s ZTE to Slash About 3,000 Jobs: Sources

Chinese telecom equipment maker ZTE, which is facing US trade sanctions that could severely disrupt its supply chain, is slashing about 3,000 jobs, including a fifth of positions in its struggling handset business in China, company sources said. The sources said the Shenzhen-based company, one of the world's biggest telecoms gear makers, is axing about 5 percent of its 60,000 global workforce. Its global handset operations will shed 600 jobs, or 10 percent of the total, with the cuts concentrated in China, where it has been losing market share. "Cuts in the handset business in China will be beyond 20 percent," said a senior executive who has been briefed on the lay-offs, which are scheduled to be completed within the first quarter. A local manager in one of the company's overse...
Mahindra’s BabyOye Acquired by FirstCry For Rs 362 Crore
ACQUISITION

Mahindra’s BabyOye Acquired by FirstCry For Rs 362 Crore

Online babycare store FirstCry (BrainBees Solutions Pvt. Ltd) has acquired the franchise division of Mahindra Retail Pvt. Ltd, a subsidiary of Mahindra and Mahindra Ltd, which owns online babycare business BabyOye for Rs 362.1 crore in a cash and stock deal. “A business transfer agreement has been executed by and between Mahindra Retail Pvt Ltd (MRPL), a subsidiary of the company, Brainbees Solutions (FirstCry) and founder of the company to transfer the franchise division of MRPL (BabyOye) as a going concern on a slump sale basis to FirstCry,” The Company said: “In terms of the structure of the transaction, Mahindra Retail and FirstCry have consolidated their operations, with Mahindra Retail selling its franchise business to FirstCry, and operating all company stores under a firstcry...
Indian Companies Foreign Investment Fell 84% in Aug at $399 Million
News

Indian Companies Foreign Investment Fell 84% in Aug at $399 Million

India Companies overseas direct investment fell 84 per cent to USD 399.06 million in August, data from RBI showed. Indian companies had made an investment of USD 2.47 billion in the markets abroad during the same period last year. Compare to July this year, direct investments in August were down by 82.6 per cent. The investments were in the form of issuance of guarantees (USD 97.14 million), loans (146.36 million) and equity (USD 155.56 million). Palava Dwellers Pvt Ltd was among the biggest investors, which invested 21.75 million in its wholly owned subsidiaries in Jersey, Mauritius and The Netherlands. WNS Global Services invested USD 15.35 million in a joint venture in the UK, General Insurance Corporation infused USD 11.9 million in a wholly owned business in South Afric...
Indian Homes Have Rs 78,300 Cr Worth of Used Goods: OLX Report
ANALYSIS

Indian Homes Have Rs 78,300 Cr Worth of Used Goods: OLX Report

Indian homes are estimated to have over Rs 78,300 crore worth of used goods like clothing, utensils and books, a study by used goods marketplace OLX said today. According to the third edition of Consumer Research on Used Goods and Selling Trends (CRUST) Survey 2015-16, the estimated market for used goods was about Rs 56,200 crore. In its first survey in 2013-14, OLX had coined the term Brown Money to represent the value locked in unused goods gathering dust in homes. The report prepared by OLX and market research firm IMRB found that on an average, every Indian household is stocking 12 clothing items, 14 kitchen utensils, 11 books, 7 kitchen appliances, 2 mobile phones and 3 watches. South India leads other regions on stocking, while among cities, Chandigarh and Kochi at 98 per cent le...