IT hub Rentals Up
Office rentals in information technology and manufacturing hubs like Pune and Chennai have hit new peaks over lower vacancy levels, says a report.
They reached levels which were last seen in the third quarter of 2008. This helped the property market recover from the decline in office rents following the global financial crisis, in the first quarter of this year, says the JLL India report. Rental indices for Pune stood at 11.7 and Chennai at 100.
Japan Firms Eye India
Japanese retailers are eyeing India’s fast growing fashion and accessories segment and are planning to make an entry soon, according to a report.
Mark Styler, Miniso, Owndays and Kai Group are looking for mall space in many of India’s top cities. Japan’s largest fashion company Uniqlo is preparing to enter India next year.
Swift Success
Maruti Suzuki’s hatchback model Swift was the best selling car model in April this year in the domestic market, says a report.
It beat the company’s other popular model Alto which had held the first position. Maruti also maintained a grip on the market, with seven of its models in the top 10.
Emissions setback
Sales of commercial vehicles plunged 23 per cent to its lowest in nearly seven and a half years in April as new emission rules loomed, according to a report.
The buying spree, overstocking of vehicles in March and resultant price hikes dragged down demand in April. Another setback was the non-availability of components.
Liquor Sales Dip
The spirit market in India shrank five per cent in April over the Supreme Court decision to curb sales on state and national highways, according to a report.
At least a third of liquor vendors had to shut shop due to the ban. However, some sources said it was a short-term setback and sales would revive later.
Android Pay On Way
Google is planning to introduce Android Pay in India this year, says a report.
This will anchor the platform to the government’s Unified Payments Interface (UPI). Google has started testing the UPI on its Android Pay platform, the report added.
Car Demand To Rise
Demand for compact cars and SUVs is set to rise over the next few weeks as buyers rush to pick up such models before the Goods and Services Tax (GST) kicks in, according to a report.
This may not be the case with larger vehicles because the GST may actually reduce the prices of these models. Higher input costs may also influence price changes in July when the GST comes into force.
HDFC In Top 10
HDFC is the only Indian company to figure among the top 10 consumer financial services companies in the world.
A Forbes Global List 2017 puts the mortgage lender at seventh place which was same as last year. American Express topped the list.
Data Blow
Data for India’s key services sector has been hit by a shortage of manpower among other things, says a report.
The services sector contributes 57 per cent to the country’s GDP but along with less manpower, other factors like classification of services and a directory of the various service enterprises is proving a major setback.
Fresh Capital Sought
The Fund of Funds, which has been created by the government for providing money to startups, is in need of a fresh infusion, says a report.
The finance ministry has been asked by the Department of Industrial policy and Promotion for an additional allocation of Rs 1,600 crore in this financial year.
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