$150 Crore investment
A Larsen & Toubro (L&T) subsidiary has invested about Rs 150 crore in Pune-based Saarthi Group’s two residential projects, says a report.
L&T Finance Holdings will infuse the capital as debt for construction finance. Some of the funds will be used to repay old loans. The scheme will see the construction of two projects of about one million sq ft.
Jio Phones Target
Reliance Jio is planning to complete its target of completing the delivery of six million feature phones before Diwali, a report states.
The first lot of the Jio Phone has already been despatched. The phones are being released in a phased manner so that all pre-booked customers will receive the phones by Diwali.
Data Speeds To Surge
Telecom operator Bharti Airtel’s 4G subscribers will benefit from a planned data speed boost by the company, according to a report.
The deployment of the Massive Mimo technology shortly will crank up the speed to 30-35 Mbps making it easy for Airtel customers to browse the internet and stream videos. The company will launch the technology in a few selected cities at first.
Fashion House Cleanup
Ralph Lauren has launched a drive to seize counterfeit goods sold under its brand name in India, a report says.
The US brand has undertaken this move before it enters the Indian market sometime next year. The company raided a Hyderabad firm and found may T-shirts being sold under its famous Polo brand. They seized around 6,000 Polo T-shirts and other products from the raid.
Handset Plants To Rise
Handset factories and associated ecosystem products in India are set to increase to nearly 1,500 by 2020, according to a report.
Reiterating this, companies such as Foxconn have said that there is enough scope to make one billion devices subject to a stable policy. Currently there are 104 factories and this number will increase to 1,400-1,500 under the phased manufacturing programme, an Indian Cellular Association official said.
Brands Change Focus
Many local apparel brands are switching their focus to smaller towns as competition from global brands intensify with their entry into the Indian market, says a report.
As the number of urban customers preferring global brands increases, local companies have focused on Tier II and Tier III markets to boost their sales.
H&M Sales Soar
Hennes & Mauritz’s (H&M) new pricing policy has paid off once again after sales more than doubled in the nine months to August this year from a year earlier, says a report.
The Swedish fashion retailer has been selling its products at a price lower than its nearest rival Zara and this has helped it to boost sales. The company’s stores in India generated Rs 704 crore between December 2016 and August 2017, up from Rs 29 crore in the same period a year ago.
MediaTek Eyes Smartphones
Taiwan’s MediaTek has ruled out entering the 4G feature phone market but will instead focus on smartphone chipsets, according to a report.
The semiconductor company wants to tap the middle to premium segments to take on the competition from other firms. It is planning to ship around 40 million smartphone chipsets by the end of this year.
Car Firms See Boost
Car firms registered double digit sales growth in last month as strong demand during Navaratri offsetting the increased cess on large cars and SUVs.
At least four out of the six carmakers in the country reported robust results. Leader Maruti Suzuki posted a 10% rise in sales, topping 1.5 lakh units. Hyundai Motors India also reached a milestone, crossing 50,000 units in September.