Feeble demand in rural areas of the country has affected sales of fast-moving consumer goods (FMCG) in September as compared to August, which saw heavy stocking ahead of the festival season, according to the data of Bizom, a retail intelligence platform. Sales in rural India fell 14.3 per cent while urban sales growth stood at 1.1 per cent in September as compared to the previous month. Overall FMCG sales fell by 9.6 per cent in September as compared to August.
Posts tagged Rediff
Elon Musk offers to proceed with Twitter buyout deal (04-10-2022)
In a surprise turn of events in the Twitter buyout saga, Tesla CEO Elon Musk has reportedly offered to proceed with his $44 billion purchase of the microblogging website. Musk is proposing to continue with $54.20 per share to buy Twitter, Reuters news agency reported citing Bloomberg News. After the news broke, Twitter’s share price increased to 12.7 per cent before trading was stopped for the second time.
Average housing prices up 3-10% in Jul-Sep (04-10-2022)
Average housing price across eight cities rose 3-10 per cent year-on-year in July-September this year, while office rent grew up to 13 per cent on higher demand for properties, according to Knight Frank India. Bengaluru property market saw highest growth in average housing price as well as average office rent during the third quarter of the 2022 calendar year as compared with the corresponding period of the previous year, property consultant Knight Frank India said in its report ‘India Real Estate – Office and Residential Market July-September 2022’. As per the data of primary housing market, the average price in Bengaluru rose 10 per cent to Rs 5,428 per square feet in July-September quarter from Rs 4,928 per square feet in the year-ago period.
Investors’ wealth rises Rs 5.66 lakh crore (04-10-2022)
Equity investors became richer by Rs 5.66 lakh crore as markets bounced back sharply on Tuesday following a recovery in global equities. The 30-share BSE Sensex jumped 1,276.66 points or 2.25 per cent to settle at 58,065.47 points. During the day, it zoomed 1,311.13 points or 2.30 per cent to 58,099.94 points. The market capitalisation of BSE-listed firms climbed Rs 566,318.84 crore to Rs 273,92,739.78 crore.
CCI gives conditional nod to Sony-Zee merger deal (04-10-2022)
The Competition Commission of India on Tuesday approved with certain conditions the mega-merger deal between media groups Sony and Zee. In a tweet, the watchdog said it has cleared the deal with certain modifications. The proposed merger was announced in September last year. CCI said it has approved the “amalgamation of Zee Entertainment Enterprises Limited (ZEE) and Bangla Entertainment Private Limited (BEPL) with Culver Max Entertainment Private Limited (CME), with certain modifications”.
Jio to start beta trial of 5G services from Oct 5 (04-10-2022)
Telecom major Jio will start the beta trial of 5G services in four cities of Delhi, Mumbai, Kolkata and Varanasi from October 5 with a select set of customers, the company said on Tuesday. The company will send invites to customers under ‘Jio True 5G Welcome Offer’ to try its 5G services and the subscribers will get Unlimited 5G data with up to 1 gigabit per second speed. “Post the successful demonstration of its True-5G services at the India Mobile Congress 2022, Jio is announcing the Beta trial of its True-5G services on the auspicious occasion of Dussehra, for Jio users in four cities – Mumbai, Delhi, Kolkata, and Varanasi,” Jio said in the statement.
5 states bag lion’s share in formal jobs post Covid (04-10-2022)
In December 2020, as economists debated the shape the global economic recovery might take – Z, V, U, W or L – JP Morgan came up with the concept of the K-shaped curve. The investment bank used the shape of the letter K to illustrate the growing difference between large and small businesses in the United States. Since then, as the Covid-19 pandemic exacerbated the gap between the rich and poor, the term has gained a larger connotation to embody the characteristics of development across economies.
Markets rebound over 2%; Sensex spurts 1,277 points (04-10-2022)
Benchmark indices Sensex and Nifty bounced back on Tuesday to close over 2 per cent higher amid positive trends in global equity markets. The 30-share BSE Sensex spurted 1,276.66 points or 2.25 per cent to settle at 58,065.47. During the day, it zoomed 1,311.13 points or 2.30 per cent to 58,099.94. The broader NSE Nifty rallied 386.95 points or 2.29 per cent to end at 17,274.30.
30% of two-wheelers will be electric by 2030: Study (04-10-2022)
India will have 30 per cent of its two-wheeler industry turning electric by 2030 as new manufacturers lead the shift, said a report on Monday. Passenger vehicles will be 15 per cent electric and the three-wheeler segment 75 per cent electric by 2030, said the report by BNP Paribas called ‘India Autos-Electric vehicles: Minutes to midnight’. “We see FY22 as the year of inflection for the two-wheeler EV industry, with an accelerated EV adoption helped by incentives, wider availability, model launches, rise in crude prices and improved general awareness. We see 30 per cent of the 2W industry turning electric by 2030; the pace of incentive withdrawal presents an upside/downside risk,” the report (India Autos – Electric vehicles: Minutes to midnight) said.
TCS set to win $2-billion deal from BSNL for 4G, 5G (04-10-2022)
Tata Consultancy Services (TCS) is set to secure a $2 billion deal from Bharat Sanchar Nigam (BSNL) to roll out its 4G and 5G services across the country. However, the final approvals from the publicly-owned telco may take a couple of months, sources in the know said. As part of the deal, TCS will develop 4G core and Radio Access Network (RAN) technology for BSNL’s telecom services.