BUSINESS
Flipkart onboards 35% more sellers in 2020 amid e-commerce surge
These sellers came from tier-2 and tier-3 regions such as Tirupur, Howrah, Zirakpur, Hisar, Saharanpur, Panipat and Rajkot, the company said. They primarily catered to categories such as household needs, women's ethnic wear, grooming, home decor and toys and school supplies. During the "pre-Covid" January-March period, the most searched products included personal care, men's clothing, footwear and women's clothing.
How Piramal bid for DHFL scores higher
As part of the RFRP, the Committee of Creditors (COC) has shared a purely objective scoring grid. This is a weighted average of upfront cash amount and the NPV offered by each bigger. Piramal bid scores highest on this quantitative score, experts said. The Piramal bid is unconditional, and does not have build in options for revoking the bid, or revoking pricing at a later date etc.
FICCI suggests infra push, rationalising of GST slabs in FY22 budget
The industry body has asked the government to incentivise investments in infrastructure. A stimulus to investments in infrastructure can provide a major fillip to the growth engine, creation of jobs and spur in demand, it said. A benefit similar to section 10(23G) of the Act to incentivise investments in infrastructure may be provided in the upcoming budget, it added.
India’s second IKEA store comes in Navi Mumbai
Set up with an investment of Rs 1,500 crore, this is the company’s first big format store in Maharashtra, spanning over 5.3-lakh sq ft and contains over 7,000 home furnishing products.
India's economy showing signs of bottoming out: Credit Suisse report
According to the report, the consensus forecasts of GDP growth for FY 2022 over FY 2020 stopped falling after October 2020 (currently at -1 %). Analysts expect these estimates to be revised upwards.
Sensex turns negative after touching 47,000 for first time
It opened at an all-time high of 47,026.02 points. Around 9.40 a.m., Sensex was trading at 46,752.93, lower by 137.41 points or 0.29 per cent from its previous close of 46,890.34. The Nifty50 on the National Stock Exchange was trading at 13,696.75, higher by 43.95 points or 0.32 per cent from its previous close.
'Auto price hikes to dampen recovery after festive boost'
Accordingly, the ratings agency said pent-up demand after the gradual easing in the government's lockdown measures helped India's monthly wholesale volume of passenger vehicles (PV) return to growth after July 2020. The data from Society of Indian Automobile Manufacturers (SIAM) showed PV wholesale volumes rising by 13 per cent on a YoY basis in the quarter ended September 2020.
L&T Hydrocarbon lowest bidder for HPCL Rajasthan Refinery
HRRL opened the financial bids submitted by the 2 bidders (Petrofac and L&T Heavy Engineering) for Petro FCC Package and 3 bidders (Tecnimont+JGC, Petrofac and LTHE) for DFCU Package in December 2020. The combined value for both the packages will be around Rs 13,000 crore. Petrofac's bid got disqualified for both the packages.
Zee Entertainment Entertainment Ltd to acquire film production, distribution from Zee Studios
This transaction comprises the acquisition of the business undertaking pertaining to film production and distribution business as a going concern, on a slump sale basis. The transaction would fall within the related party transaction and is being done at arm's length, Zee Entertainment said in a regulatory filing.
SpiceJet to launch 30 new domestic flight services from December 20
The new flights will commence in a phased manner from December 20, 2020. "Enhancing connectivity from Darbhanga, SpiceJet will launch flights connecting the city with Ahmedabad, Pune and Hyderabad," the airline said in a statement.
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