Phone Shipments Slide
Smartphone shipments in India are set to slow this year due to after-effects of demonetisation, the Goods and Services Tax (GST) issues and the launch of Reliance Jio’s 4G feature phone, a report says.
Canalys, the Singapore based analyst, said smartphone growth estimates have been cut to 4.5 per cent from its forecast in January. Hong Kong-based Counterpoint Technology Market Research slashed it to 11% from 15% earlier. Another analyst, Cyber-Media Research reduced it sharply to 5-6% from 10%.
Myntra Push
Myntra is planning to boost its beauty and personal care business to $100-$150 million by 2019, according to a report.
The company launched the segment nine months ago. It is also holding talks to launch private labels, including colour cosmetics for lips, nails and eyes, fragrances for both men and women, in the next six months.
$2 Billion Investment
Kia Motors, through its Indian subsidiary, is planning to invest $2 billion to set up a plant and development suppliers over the next two years, the company said, according to a report.
Part of the Hyundai Group, the subsidiary, Kia Motors India had signed a memorandum of understanding in April with the Andhra Pradesh government for setting up a car manufacturing facility in Anantapuramu district. The plant will come on-stream in 2019.
Outlets May Be Shut
Jubilant FoodWorks may shut its Domino’s Pizza outlets if it helps in reducing costs, a top official was quoted as saying in a report.
The quick service chain operates both Domino’s Pizza and Dunkin Donuts in India. The official said the chain checks the profitability of the stores and if there is a turnaround, then they stick to it. Otherwise, they close it.
Sales Boost For Retailers
Advancement of the end of the season sale due to the GST launch has helped retailers in the country to increase their sales between 18% and 40% in the June quarter, according to data revealed in a report.
Bringing forward the seasonal sales led to more purchases during a period when buying is dull. The wedding season in April and May also bolstered the figures.
More Online Brands Set
Paytm Mall, the online shopping app, is planning to add more offline sellers and brands on its platform, a report says.
This comes as part of the company’s plan to boost efforts to enrol more businesses and brands in a bid to grow its share of online-to-offline shopping where orders will be fulfilled by the retailers and brands directly.
Recruitment Up
Big recruitment firms saw a more than 10% rise in July hiring compared with the same period a year earlier, according to a report.
The firms forecast growth to gain pace over the next few months due to the positive impact of the GST on the economy.. Sectors which are driving the recruitment include IT, banking and finance, consumer goods, industrial services and telecom manufacturing among others.
Padmanabh Plan
Padmanabh Industries has lined up investment up to Rs 100 crore in its sports-related businesses, a report says.
The Ahmedabad-based firm said this will be done through its subsidiary Padmanabh Sports. It has already bought two sports franchises and eyeing more in its bid to make the firm a major sports brand in Gujarat, an official said.
New Models On Way
HeroMotoCorp is planning to launch three new scooter models by the next fiscal, according to a report.
The new models are part of the company’s plan to boost its leadership position over its erstwhile partner Honda. A 125cc scooter will be launched in the fourth quarter of this year.
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