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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News Network
January 6,2020

Dubai/Washington, Jan 6: Tens of thousands of Iranians thronged the streets of Tehran on Monday for the funeral of Quds Force commander Qassim Suleimani who was killed in a US air strike last week and his daughter said his death would bring a "dark day" for the United States.

"Crazy Trump, don't think that everything is over with my father's martyrdom," Zeinab Suleimani said in her address broadcast on state television after US President Donald Trump ordered Friday's strike that killed the top Iranian general.

Iran has promised to avenge the killing of Qassim Suleimani, the architect of Iran's drive to extend its influence across the region and a national hero among many Iranians, even many of those who did not consider themselves devoted supporters of the Islamic Republic's clerical rulers.

The scale of the crowds in Tehran shown on television mirrored the masses that gathered in 1989 for the funeral of the founder of the Islamic Republic, Ayatollah Ruhollah Khomeini.

In response to Iran's warnings, Trump has threatened to hit 52 Iranian sites, including cultural targets, if Tehran attacks Americans or US assets, deepening a crisis that has heightened fears of a major Middle East conflagration.

The coffins of the Iranian general and Iraqi militia leader Abu Mahdi al-Muhandis, who was also killed in Friday's attack on Baghdad airport, were passed across the heads of mourners massed in central Tehran, many of them chanting "Death to America".

One of the Islamic Republic's major regional goals, namely to drive US forces out of neighbouring Iraq, came a step closer on Sunday when the Iraqi parliament backed a recommendation by the prime minister for all foreign troops to be ordered out.

"Despite the internal and external difficulties that we might face, it remains best for Iraq on principle and practically," said Iraqi caretaker Prime Minister Adel Abdul Mahdi, who resigned in November amid anti-government protests.

Iraq's rival Shi'ite leaders, including ones opposed to Iranian influence, have united since Friday's attack in calling for the expulsion of US troops.

Esmail Qaani, the new head of the Quds Force, the Revolutionary Guards' unit in charge of activities abroad, said Iran would continue Suleimani's path and said "the only compensation for us would be to remove America from the region."

ALLIES AT FUNERAL

Prayers at Suleimani's funeral in Tehran, which will later move to his southern home city of Kerman, were led by Iran's Supreme Leader Ayatollah Ali Khamenei. Suleimani was widely seen as the second most powerful figure in Iran behind Khamenei.

The funeral was attended by some of Iran's allies in the region, including Ismail Haniyeh, the leader of Palestinian group Hamas who said: "I declare that the martyred commander Suleimani is a martyr of Jerusalem."

Adding to tensions, Iran said it was taking another step back from commitments under a 2015 nuclear deal with six major powers, a pact from which the United States withdrew in 2018.

Washington has since imposed tough sanctions on Iran, describing its policy as "maximum pressure" and saying it wanted to drive down Iranian oil exports - the main source of government revenues - to zero.

Talking to reporters aboard Air Force One on the way to Washington from Florida on Sunday, Trump stood by his remarks to include cultural sites on his list of potential targets, despite drawing criticism from US politicians.

"They're allowed to kill our people. They're allowed to torture and maim our people. They're allowed to use roadside bombs and blow up our people. And we're not allowed to touch their cultural sites? It doesn't work that way," Trump said.

Democratic critics of the Republican president have said Trump was reckless in authorizing the strike, and some said his comments about targeting cultural sites amounted to threats to commit war crimes. Many asked why Soleimani, long seen as a threat by US authorities, had to be killed now.

Republicans in the US Congress have generally backed Trump's move.

Trump also threatened sanctions against Iraq and said that if US troops were required to leave the country, Iraq's government would have to pay Washington for the cost of a "very extraordinarily expensive" air base there.

He said if Iraq asked US forces to leave on an unfriendly basis, "we will charge them sanctions like they've never seen before ever. It'll make Iranian sanctions look somewhat tame."

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Agencies
June 27,2020

Mumbai, Jun 27: The Bombay High Court observed that COVID-19 patients from poor and indigent sections cannot be expected to produce documentary proof to avail subsidised or free treatment while getting admitted to hospitals.

The court on Friday was hearing a plea filed by seven residents of a slum rehabilitation building in Bandra, who had been charged ₹ 12.5 lakh by K J Somaiya Hospital for COVID-19 treatment between April 11 and April 28.

The bench of Justices Ramesh Dhanuka and Madhav Jamdar directed the hospital to deposit ₹10 lakh in the court.

The petitioners had borrowed money and managed to pay ₹10 lakh out of ₹12.5 lakh that the hospital had demanded, after threatening to halt their discharge if they failed to clear the bill, counsel Vivek Shukla informed the court.

According to the plea, the petitioners were also overcharged for PPE kits and unused services.

On June 13, the court had directed the state charity commissioner to probe if the hospital had reserved 20% beds for poor and indigent patients and provided free or subsidised treatment to them.

Last week, the joint charity commissioner had informed the court that although the hospital had reserved such beds, it had treated only three poor or indigent persons since the lockdown.

It was unfathomable that the hospital that claimed to have reserved 90 beds for poor and indigent patients had treated only three such persons during the pandemic, advocate Shukla said.

He further argued that COVID-19 patients, who are in distress, cannot be expected to produce income certificate and such documents as proof.

However, senior advocate Janak Dwarkadas, who represented the hospital, said the petitioners did not belong to economically weak or indigent categories and had not produced documents to prove the same.

A person who is suffering from a disease like COVID-19 cannot be expected to produce certificates from a tehsildar or social welfare officer before seeking admission in the hospital, the bench noted and asked the hospital to deposit ₹10 lakh in court within two weeks.

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News Network
April 26,2020

Dubai, Apr 26: The Central Bank of the UAE (CBUAE) has instructed financial institutions in the country to search and freeze all bank accounts of Indian billionaire BR Shetty and his family along with those of companies where he has a stake.

The apex bank has also blacklisted several firms associated with Shetty along with their entire senior management.

In an advisory issued last week, CBUAE cited decisions of the Federal Attorney General and asked financial institutions to search and freeze any bank accounts, deposits or investments in the name of Shetty or his family members.

Financial institutions have been directed to stop transfers from these accounts and deny access to deposit boxes.

Currently in India and facing a string of charges, Shetty is the founder of NMC Health.

The heathcare provider was placed into administration by a UK court recently following an application by the Abu Dhabi Commercial Bank (ADCB) which alone has an exposure of $981 million (Dh3.6 billion).

Overall, UAE banks have a combined exposure of more than Dh8bn to NMC which owes money to Oman-based banks and financial institutions as well.

Probing credit facilities
The Central Bank has sought information about credit facilites extended to the Shettys along with details of their safe deposit boxes and the financial transfers they have made till date.

A similar advisory has been issued for NMC Healthcare and NMC Holding, based on the decision of the Head of Plenary Fund Prosecution.

The Central Bank has also blacklisted several companies associated with Shetty. Key staff members of these firms have been similarly blacklisted.

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Angry Indian
 - 
Monday, 27 Apr 2020

when you make money with good country you should not make doka to that country, first of all we indian have bad name in GCC now this will make more dought on indian hindus..

 

after BJP come to power in india,our country is acting like maron, this will only end with final WAR.

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