Business Roundup # Week 45

Business this week


New It Zone On Way

A new Information Technology Special Economic Zone (IT SEZ) is being planned at Hinjewadi by Paranjape Schemes, it was reported.

The realty developer will invest around 600 crore rupees to develop around 1.5 million square feet of leasable space in this zone. It has received approval for the project, situated near its Blue Ridge Township.

Pune Tops Mumbai

India’s top six cities – Mumbai, Bengaluru, Pune, Delhi-NCR, Chennai and Hyderabad – have recorded a 100 per cent jump in real estate investment over a one-year period ending June this year, according to a report.

The growth was driven by strong economic factors like reforms, high yields and modernising of the business base. The cities attracted a total investment of $2.87 billion in the period, according a Cushman & Wakefield survey. Pune outdid the top ranked Indian city Mumbai in terms of investment growth.

Stock Clearance Likely

Many retail stores and chains are planning for a year-end clearance in December, says a report.

Discounts up to 50% are being predicted on items like branded clothes, gadgets, kitchen appliances and toys if they don’t get relief from the curbs imposed by the Goods and Services (GST) tax regime. Retailers who bought goods without the corresponding invoices before GST was implemented on July 1 are not entitled to claim transitional credit after December 1.

Xiaomi Eyes Store

Smartphone maker Xiaomi and Bangalore-based retailer Sangeetha Mobiles are in talks to acquire Essar Group’s The Mobile Store, according to a report.

The Mobile Store, which has about 300 outlets, is winding up operations due to lack of fresh capital infusion from its parent company.  If Xiaomi wins the bid, it would convert it into its exclusive outlets Mi Home.

Momentum Lost

Passenger vehicle sales lost momentum as the festive demand went on a downward trend, says a report.

However, premier brand Maruti Suzuki registered strong results. The vehicles it sent to dealerships increased 9.3% compared with the same period last year.  Hyundai saw a 0.85 decrease in sales, Honda 8.6% and Ford 43.8%.

India Lowest In 4G Speed

India ranks lowest when it comes to 4G speed with an average speed of 6.13 Mbps, says a report.

A report by OpenSignal, however, said India was among the top countries when it came to 4G availability.  South Korea and Singapore were among the best with speeds of 45.9 Mbps and 46.6 Mbps.

Carlsberg Goes Flat

The highway ban combined with the GST and heavy monsoons hit the volume of Danish beer maker Carlsberg, reveals a report.

The company said volumes declined two percentage points but its market share strengthened. An official said the increase in prices now will offset the GST impact.

Jobs Blow

The telecom industry consolidation may extend the job losses in the sector until next year, according to a report.

A range of positions across some categories are likely to be affected, placement firms say. However, they say that some of those laid off can find jobs again if they upgrade their skills and settle for lower salaries.

Yamaha Plan

Yamaha is eyeing the premium bike segment and scooters as it bids to meet growing consumer demand, a report says.

The Japanese motorcycle maker’s shift in focus comes over consumer preference for scooters instead of mass-market motorcycle. The 100-125cc motorcycle segment has been on the decline over the last few years and the company has barely made an impact there.

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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