Business Roundup #Week11

Business
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Cybage To Hire 1,000 Staff

IT firm Cybage said that it would hire up to 1000 people over the next 18 months, says a report.

The firm grew at 17% last year, according to chief executive Arun Nathani. “We are adding two new facilities in Pune and Gandhinagar.

We have been growing headcount at 10% and will add about 600 people this year,” he said. Currently, Cybage has 5,800 employees across three cities in India.

Samsung In Talks To Restart TV Production

Samsung Electronics has initiated talks with two of the country’s leading contract manufacturers, Foxconn and Dixon Technologies, to start production of TV models up to 42-inches that account for over half of the Indian market, says a report.

Two senior industry executives said Samsung does not want to invest again in a plant for televisions in India due to shrinking margins in television business amidst intense price competition.

The government has told Samsung it wants a commitment to start local sourcing of TV in India before it brings down duty on open cell TV panel to zero from 5% that led the Korean giant shut down the TV production line in its Chennai plant.

Infosys In Key Deal With Rolls-Royce

India’s second-largest software services firm Infosys has been selected by Rolls-Royce Plc UK as one of its strategic long-term partners to deliver digital and engineering services, according to a report.

As part of this engagement, Infosys will leverage its turbo machinery and propulsion practice to offer Rolls-Royce end-to-end complex engineering and digital solutions, Infosys said.

Chinese Retailers Offer iPhones Discount

Chinese online retailers have started offering discounts on iPhones for the second time this year, says a report.

This comes as Apple Inc wrestles with a prolonged sales slowdown in the world’s largest smartphone market.

Several electronics vendors announced discounts on iPhone devices last week, following mass discounts in January just before Apple reported sinking sales in China.

Mercedes Cautious Over Growth Prospects

Luxury car maker Mercedes Benz said that it is “cautiously optimistic” about growth prospects in 2019 since it is an election year, says a report.

“This is an election year. So, we are cautiously optimistic about growth in the first half as people are deferring purchases. We expect that there will growth in the second half,” MD and CEO of Mercedes Benz India Martin Schwenk said.

He added that the company sold 15,538 units in 2018 and expects to hold on to its leadership position in the luxury car segment in India with a market share of close to 40 per cent.

Paytm Launches New Initiative

Mobile wallet company Paytm has launched a premium subscription-based rewards and loyalty programme called Paytm First for its users, says a report.

The programme offers benefits across various categories like food, travel, entertainment and aims to take on the likes of Amazon Prime and Flipkart Plus.

Paytm First subscription costs 750 rupees for one year. There is also an inaugural cashback of 100 rupees for first 1,500 subscribers of Paytm First.

US Burger Chain Re-Entering India

American burger chain Johnny Rockets is re-entering India through a franchise agreement with FranGlobal, according to a report.

This comes nearly a year after the retro-themed diner shuttered its stores due to inadequate support for its growth plan.

The California-based company had opened its first India outlet in Delhi in 2013 through franchisee firm Prime Gourmet. It expanded to six outlets but couldn’t take it further. Johnny Rockets has 332 franchise-owned restaurants in 32 countries.

Data Consumption To Grow 73%

India’s data consumption is expected to grow at a compounded annual growth rate (CAGR) of about 72.6 per cent to 10,96,58,793 million MB by 2022, according to a report quoting a study.

With lower than ever data tariffs and increasing number of smartphone penetration in the country, which is around 40 per cent as of 2017, it is safe to assume that the Video on Demand (VoD) market will be a significant beneficiary of these developments.

Internet consumption is clearly on the rise in India, says the the Assocham-PwC study.

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Babu Kalyanpur

Babu Kalyanpur, ( Consulting Editor) has rich experience in both sports and business journalism. Babu has led news desks in Pune and Bahrain and writes extensively on his passion, sports and business besides current affairs and matters of importance to Pune.

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