Festive sales led by Amazon and Flipkart generate Rs 19,000 cr in six days

Agencies
October 9, 2019

Led by Amazon and Flipkart, e-tailers in India achieved a record $3 billion (nearly Rs 19,000 crore) of Gross Merchandise Value (GMV) in the first six days of the festive sale from September 29-October 4, a new report said on Tuesday.

Walmart-owned Flipkart and Amazon dominated 90 per cent of the market share during the six-day sale event, said Bengaluru-based research firm RedSeer Consultancy.

Given the momentum seen in the first edition of the festive sale, the entire month of October is expected to generate up to $6 billion (Rs 39,000 crore) in online sales, almost shared by Amazon and Flipkart.

Flipkart continued to lead the festive sales in GMV terms, with 60-62 per cent standalone Gross GMV share during the sale event, and nearly 63 per cent share, if other group entities (Myntra and Jabong) are also included, said the report.

"Strong performance across categories including mobiles was the key reason for Flipkart leadership. This was, in turn, enabled by strong value prices, high EMIs adoption and diverse selection across categories, all marketed aggressively to reach customers widely," the RedSeer report said.

Amazon.in's GMV growth was 22 per cent (YoY). However, its volume growth rate was more than 30 per cent (YoY), the report claimed.

"The first wave of the festive sale event has seen record GMV of almost $3 billion despite the challenging macro environment, indicating that consumer sentiment on online shopping remains bullish," said Anil Kumar, Founder, and CEO, RedSeer Consulting.

Amazon.in, however, refuted the report.

"We cannot comment on speculative reports that lack robust and credible methodology," a company spokesperson told IANS.

"During the Great Indian Festival (September 28-October 4), Amazon led with the highest share of transacting customers at 51 per cent, order share of 42 per cent and value share of 45 per cent across all marketplaces in India, according to Nielsen's E-Analytics empaneled read of 190k digital users across 50+ cities," the spokesperson added.

According to the Redseer report, the year-on-year (YoY) growth during the festive sale period was 30 per cent, with significant share coming from customers in tier II and III cities.

Mobile was the category leader, contributing to over 55 per cent of GMV in festive days. Consumers delayed their mobile purchases for the festive sale season, indicating the strong "value shopping" proposition of festive days.

"The larger push has come from Bharat customers, migrating to online shopping driven by the strong value provided from the online retailers across categories including mobiles, which have shown a strong surge during sale event despite having a relatively slow growing first half of 2019," Kumar noted.

Earlier, two big e-commerce players Amazon.in and Flipkart announced record transactions on their respective platforms, along with adding new customers, especially from the tier II and III cities in the sale period.

Consumer electronics, smartphones, fashion and large appliances were among the top gainers as the demand surged from smaller cities and towns this year -- indicating that the consumer spending has only increased in the country despite slowdown fears.

Amazon.in said it received orders from 99.4 per cent of pincodes while over 65,000 sellers from more than 500 cities received orders in just five days of the first edition of its "Great Indian Festival" sale.

Nearly 15,000 sellers more than doubled the sales while millionaire sellers including "crorepati" sellers exceeded 21,000 sellers in the sale.

Aiming to bring the next 200 million consumers to the e-commerce fold, Flipkart said that "The Big Billion Days" sale witnessed almost 50 per cent growth in the number of new customers compared to last year, with 70 billion views in six days of the sale.

Clocking record sales powered by shoppers and sellers from tier 2 cities and beyond, more than 50 per cent of Flipkart Plus shoppers were from smaller cities and towns, while sales from tier 3 cities grew by 100 per cent (YoY).

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Agencies
July 15,2020

New Delhi, Jul 15: The employees union of state-run telecom operator BSNL will stage protests across the country on Thursday on a host of issues including the cancellation of its 4G tender and non-payment of salaries.

All major unions are organising ‘lunch-hour black-flag' demonstrations throughout the country under the banner of All Unions and Association of BSNL (AUAB), said a statement by AUAB. These demonstrations will be organised, by maintaining social distancing and by taking other precautions, like wearing of masks. The BSNL employees will also wear black-badges the whole day on July 16.

The employees body would demand that BSNL should immediately be allowed to roll out its 4G services and the tender should be issued immediately. Further, they want that in the matter of procuring new equipment and upgradation, there should not be any discrimination between BSNL and other private telecom service providers.

Recently, the Centre cancelled the 4G upgradation tender for BSNL as it had decided to come up with fresh specifications for the upgrade process, in a move to keep Chinese technology companies at bay as the border tussle escalated with the northern neighbour.

The Department of Telecommunications (DoT) would issue a fresh tender for the same, and people in the know said that Chinese companies may not be allowed to participate.

"The agitational programme is being organised to express the deep anguish and resentment of the employees against cancellation of BSNL's 4G tender, cancellation of BSNL's proposal for upgradation of its 49,300 BTSs to 4G, abnormal delay in issuing ‘Add on Order' for 4G equipments, inordinate delay in the implementation of BSNL's Revival Package and against the non-settlement of the burning problems of the employees," said the statement.

The umbrella body of BSNL's employees' unions noted that rolling out of 4G services is the backbone for the revival of this telecom PSU, but the recent cancellation of the tender floated by BSNL for procuring 4G equipment at a cost of Rs 9,300 crore, has brought the company back to square one.

It said that BSNL is already having 49,300 base transceiver stations (BTS), which are 4G compatible and through minor upgradation, all these equipment can be converted into 4G BTSs with an investment of about Rs 1,500 crore.

In addition to this, BSNL could have added another 15,000 BTSs, by placing an Add on Order to the existing mobile tender, it added.

Noting that in October 2019, the PSU could have rolled out pan-India 4G services, AUAB said: "Being the sole owner of the company, the Government of India also cannot shirk its responsibility in this matter."

"Adding insult to injury, the tender floated by BSNL to procure 4G equipment, has been cancelled by the government, based on a complaint from the Telecom Equipments and Services Promotional Council (TEPC)," it said.

AUAB said that BSNL is already lagging four years behind the private operators, in terms of 4G and the cancellation of the tender is going to inordinately delay the company's 4G launch.

Saying that TEPC's contention has been to bar foreign companies from participating in BSNL's tender, AUAB statement pointed out that when private operators are procuring equipment from multinationals, "why BSNL alone should be compelled to procure 4G equipments from domestic vendors, whose 4G technology is not tested or proven so far."

It alleged a conspiracy to destabilise BSNL by disrupting its rolling out of 4G services.

AUAB further said that even after the lapse of nine months, the implementation of the much publicised BSNL's Revival Package is moving at a snail's pace.

"Except the swift retrenchment of 79,000 BSNL employees under VRS, all other assurances given in BSNL's Revival Package have been put in cold storage."

The management should ensure that the salary payment of the employees is made on the last working day of every month. Deductions made from employees' salary, on account of "society dues", should immediately be remitted, it said.

Regarding the monetisation of the company's assets under the revival package, the organisation said that the land asset should not be handed over to corporates, at "throwaway" prices.

"These lands should be sold in a transparent manner and at the prevailing market rates. They should not be sold at book value or at circle rates. The AUAB will strictly monitor these dealings," it said.

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News Network
May 9,2020

New Delhi, May 9: Three promoters of Ram Dev International, recently booked by the CBI for allegedly cheating a consortium of six banks to the tune of Rs 411 crore, have already fled the country before the State Bank of India reached the agency with the complaint, officials said on Saturday.

The CBI had recently booked the company engaged in export of Basmati rice to the West Asian and European countries and its directors Naresh Kumar, Suresh Kumar and Sangita on the basis of complaint from the State Bank of India (SBI), which suffered the loss of more than Rs 173 crore, they said.

The company had three rice milling plants, besides eight sorting and grading units in Karnal district with offices in Saudi Arabia and Dubai for trading purposes, the SBI complaint said.

Besides SBI, other members of consortium are Canara Bank, Union Bank of India, IDBI, Central Bank of India and Corporation Bank, they said.

The Central Bureau of Investigation (CBI) did not carry out any searches in the matter because of the coronavirus-induced lockdown, the officials said.

The agency will start the process of summoning the accused, incase they do not join the investigation, appropriate legal action will be initiated, they said.

According to the complaint filed by SBI, the account had become non-performing asset (NPA) on January 27, 2016.

The banks conducted a joint inspection of properties in August and October, nearly 7-9 months later only to find Haryana Police security guards deployed there, they said.

"On inquiry, it has been come to notice that borrowers are absconding and have left the country," the complaint filed on February 25, 2020, after over a year of account becoming NPA, the officials said.

The complaint alleged that borrowers had removed entire machinery from old plant and fudged the balance sheets in order to unlawfully gain at the cost of banks'' funds, it said.

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Agencies
January 26,2020

New Delhi, Jan 26: Prime Minister Narendra Modi on Sunday extended his greetings to the people on the occasion of the 71st Republic Day.
"Wishing everyone a happy #RepublicDay," PM Modi tweeted in English as well as Hindi.

Celebrations will be held all across the country to mark the day.

On this day, 70-year back, India officially adopted its Constitution.

The 90-minute Republic Day ceremony will commence with Prime Minister Narendra Modi visiting the National War Memorial near the India Gate.

After paying tributes to the martyrs, the prime minister and others would head to the Rajpath.

The parade for the Republic Day will begin on Rajpath with President Ram Nath Kovind unfurling the national flag with a 21-gun salute.

Brazilian President Jair Messias Bolsonaro is the chief guest at the parade

India's military might, cultural diversity, social and economic progress will be displayed during the Republic Day celebrations.

For the first time, a contingent of women bikers of CRPF will perform daredevil stunts. The Dhanush artillery will also be displayed for the first time during the Republic Day parade.

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