Business Roundup #Week38

Business
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Flipkart Enters Insurance Sector

Flipkart is entering the insurance segment after securing a corporate agent licence, says a report.

The e-commerce major has partnered Bajaj Allianz General Insurance to offer customised insurance solutions to power its mobile phone protection programme for all leading mobile phone brands that are sold on its platform, Flipkart said.  

It added that under the programme, it will offer both cash payout options or free pick up, service and drop convenience to customers. The insurance offering will be available from tomorrow, the start of Flipkart’s The Big Billion Days (TBBD).

Verizon Staff Transfer Date Set

Verizon’s 1,400 employees in India will be transferred to Infosys by December and will work on the company projects for a year, before the Indian services provider shifts them on other projects, the company said, according to a report.

Verizon and Infosys leaders met and discussed with nearly 700 people each in Chennai and Hyderabad and Infosys is likely to start the process of shifting them from October 15, sources said.  

As part of the transition, Infosys has agreed that for “at least one year following the Employment Effective Date” Verizon employees who accept the offer will receive total compensation and other comparable benefits.

Smartphone Firms to Hold Prices

Smartphone makers such as Samsung, Xiaomi, Honor, Asus and One-Plus will hold their prices until Diwali so that Indian consumers do not feel the pinch of the plunging rupee crimping the festival season cheer, says a report.

White goods companies such as Bosch and Panasonic have also decided to postpone a price increase on premium imported refrigerators and washing machines since they already have imported their inventory for the festive season.

However, LG hiked prices of its imported refrigerators and washing machines by 10% while Samsung increased rates by 5% the price for its side-by-side refrigerators, two senior executives said

Honda To Invest In Expansion Plan

Honda Motorcycle and Scooter India will spend 630 crore rupees in expanding its production capacity to 7 million units per year by adding an additional production line at Vithalapur in Gujarat, says a report.

The new production line, which will come up by 2020, will add 0.6 million units to its fourth production plant in Gujarat and increase the output to 1.8 million units, the company said.

The plant was started in February, 2016, with an initial capacity of 0.6 million units, and it was doubled to 1.2 million units in June the same year.

Airport Maintenance Set For Next Month

Air passengers should be ready for delays and disruptions and be set to pay more for tickets, as India’s two busiest airports- Mumbai and Delhi will partially close their runways for maintenance, says a report.

The maintenance will be at different periods starting next month and stretching through the first quarter of 2019. More than 2,000 flights are expected to be cancelled or rescheduled during this period.

While one runway at Delhi airport will be closed for 13 days in November, the airport in Mumbai will remain shut for six hours thrice a week between February 7, 2019 and end of March.

H&M sales surge 48% In India

Hennes & Mauritz’s (H&M) sales in India grew 40% in the year to March 2018, says a report.

The Swedish fashion retailer was helped by the addition of new stores as well as merchandise priced lower than that of most rivals.

The Indian unit of the world’s second biggest clothing chain posted sales of 893 crore rupees last fiscal, compared with 640 crore a year ago, according to latest Registrar of Companies filing.

Reliance In Talks To Buy Cable Operator

Reliance Industries has initiated talks to acquire India’s largest cable operator, Hathway Cable & Datacom, in a bid to speed up the commercial launch of its GigaFibre high-speed home broadband services.

The talks were at “an initial” stage and a deal was still at an “exploratory stage”, sources said.

“It’s too early to say if the deal will go through or not, but RIL is aggressively pursuing it,” a source said.

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Babu Kalyanpur

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.
Babu Kalyanpur

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