Business Roundup #Week24

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Tata Group To Re-Enter White Goods Market

Tata Group firm Voltas is set to enter India’s Rs 35,000-crore white goods market in August, a report said.

The chairman of Tata Group firm Voltas, Noel Tata, will oversee the second coming of the group. It will launch refrigerators, washing machines, microwave ovens and dish washers under the Voltas Beko brand and an investment of 1,000 crore rupees and corner 10% market share, a senior group executive said.

Tatas used to sell refrigerators, washing machines and air-conditioners until 1998 under the Voltas brand when it decided to concentrate on its core business of air-conditioners, commercial freezers and projects as part of restructuring the company.

Advertising outlook Revised Upwards

The advertising outlook for this calendar year has been revised upwards to 12.5 per cent from an earlier projection of 12.1% growth, according to a report.

This was revealed by Magna Global, a division of media agency group IPG Mediabrands. “We anticipate even stronger growth in 2019 due to the combination of an accelerating economy, broader access to digital media, general elections, and cricket World Cup,” said S Venkatesh, director intelligence at Magna.

Sector wise, while digital will grow at the fastest rate by contributing close to 40% of the incremental advertising rupee in 2018, the report emphasised that print will continue to grow in India.

JLR Mulls Major Investment

Tata Motors-owned Jaguar Land Rover (JLR) plans to invest 1.2 lakh crore rupees in the next three years, reveals a report.

This is the biggest in its history, as it seeks to stay ahead of Mercedes-Benz, BMW and Audi in the electric vehicles race and narrow the gap with the entrenched German rivals in the traditional luxury car market.

The funds will go into an unprecedented, 99-product programme that will include annual updates, new-generation cars, vehicles on the electric power-train, and four new brands that include the I-Pace and the new Defender.

Swiggy Raises $210 Million To Bolster Supply Chain

Indian online food delivery service provider Swiggy said it raised another $210 million in its biggest ever funding, says a report.

It was led by South African internet and entertainment group Naspers Ltd and Hong Kong-based internet investment group DST Global.

Existing shareholder Meituan-Dianping, a China-based provider of on-demand online services, and new investor Coatue Management also participated in the Series G funding. Swiggy will use the funds to ramp up its supply chain network and double its technology headcount, the company said.

Myntra Unveils New Platform For Wearables

Myntra has built a software platform for wearable devices that will power its own line of wearable products as well as those developed by third-party device makers, according to a report.

The online fashion store’s platform, called Myntra Wearable Platform, was developed by the company’s innovation labs unit and allows wearable devices to discover and talk to each other.

All wearable devices that will be powered by the new software platform will advertise its respective capabilities over a network.

Amazon Readies To Take On Rivals

Amazon is integrating its Indian operations more tightly with its American headquarters for the upcoming Prime Day sale to take on its arch-rivals Walmart-Flipkart combine, according to a report.

Prime Day sale is its global flagship 30-hours sale event – when all Amazon operations across countries offer massive discounts to its subscription-based Prime shoppers.

Four top sellers at Amazon India said the sale, planned between July 7 and 15, will offer never-seen-before discounts, clearly to win away customers from Flipkart and to get more Prime memberships.

Cathay Pacific Eyes New India Routes

Cathay Pacific is keen to explore new connections to India, including non-metros, says a report.

This comes as it is awaits the outcome of bilateral negotiations between the respective governments to increase entitlements.

The airline, which currently flies into five metros in India, is trying to improve its carrying capacity by introducing bigger aircraft in the routes it currently caters to.

Paytm Plans To Offer Live TV

Paytm is set to offer live television, news, cricket, entertainment videos and games to users within its Inbox feature, reveals a report.

Paytm Inbox, which the e-commerce and digital wallet company had launched mainly to allow its users to chat with friends and family on the Paytm application along with requesting and sending money, will soon have these added features, said company executives.

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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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