Page 5 - Retail Market

Govt sells 284,000 tonnes of wheat, 5,830 tonnes of rice from buffer stock

The government on Thursday said it has sold 2.84 lakh tonnes of wheat and 5,830 tonnes of rice from its buffer stock to 2,334 bidders through an e-auction as part of efforts to control retail prices by offloading food grains in the open market. In an official statement, the food ministry said that the 21st e-auction was held on November 15, wherein 3 lakh tonnes of wheat and 1.79 lakh tonnes of rice were offered under Open Market Sale Scheme (OMSS) Domestic. The ministry said that 2.84 lakh tonnes of wheat along with 5,830 tonnes of rice were sold to 2,334 bidders. As part of the central government initiative for market intervention to control the retail price of rice, wheat and atta, weekly e-auctions of both wheat and rice are conducted by the government. The Food Corporation of India, the government's nodal agency for procurement and distribution of food grains, is offloading wheat from its buffer stock under OMSS. The ministry said the weighted average selling price was Rs ...

Floating-rate savings bonds on RBI online portal may not be instant hit

These bonds usually perform well in a rising rate environment, say mkt players

Volvo Car India retail sales increase 40% in Jan-Sep to 1,751 units

Volvo Car India on Friday said its retail sales grew 40 per cent year-on-year to 1,751 units in the January-September period this fiscal. The company had reported retail sales of 1,252 units in the year-ago period. The sales growth was primarily driven by the XC60, which contributed 35 per cent of the total volume, Volvo Car India said in a statement. Besides, the locally assembled all-electric XC40 Recharge performed well during the period with a retail of 419 units, accounting for 24 per cent of the total volume, it added. In the January-September period, EV sales accounted for 27 per cent of total sales, the automaker stated. "This success reflects customer confidence and our commitment to providing premium, sustainable vehicles to the Indian market," Volvo Car India Managing Director Jyoti Malhotra said. Volvo Cars established a presence in India in 2007 and currently sells models through 25 dealerships in the country.

Retail CBDC adoption: Long winding road to 1 million transactions

Central Bank Digital Currency (CBDC) is a digital form of currency notes issued by a central bank. RBI broadly defines e-Re as the legal tender issued by a central bank in digital form

UBS Securities red flags retail loans, sees credit cost rise up to 200 bps

Banks for many years have been riding on the retail book as corporate demand still remains anemic

Uniqlo announces second store in Mumbai; plans to enter southern market

Japanese apparel retailer Uniqlo now plans to enter the southern market to open its stores as part of the next phase of offline expansion in India. Uniqlo India on Wednesday announced to launch its second store in Mumbai as part of the strategic expansion of its retail network in the country. The retailer, which forayed into the Indian market in October 2019, has a substantial presence in North Indian cities like Delhi-NCR, where it operates 8 stores. It is also present in Lucknow and Chandigarh. The company is also on track to achieve 30 per cent domestic sourcing, as per the current FDI policy, with the help of a local supplier. It now works in India with 17 sewing factories and 6 fabric mills, Uniqlo India CEO Tomohiko Sei said. Uniqlo had announced to enter Mumbai earlier this year. Its first store in Mumbai at Phoenix Marketcity, Kurla, will open on October 6, and the second store at Goregaon East is scheduled to be launched on October 20, he said. Besides, the company, wh

BoB announces increased interest rates on domestic retail term deposits

/ -- Bank of Baroda (Bank), one of India's leading public sector banks, today announced increase in interest rates on Domestic Retail Term Deposits, including NRO and NRE Term Deposits, by up to 50 basis points across various tenors up to 3 years. These rates are applicable on deposits below Rs 2 crore, with effect from October 9, 2023. The Bank is offering interest rates of up to 7.40% p.a. for general citizens and up to 7.90% p.a. for senior citizens, which includes 0.50% p.a. of additional interest for senior citizens and 0.15% for non-callable deposits. The Bank has also realigned interest rates on its Tiranga Plus Deposit Scheme for 399 days. Senior Citizens will earn 7.80% p.a. on non-callable deposits under the scheme. Shri Ravindra Singh Negi, Chief General Manager - Retail Liabilities & NRI Business, Bank of Baroda said, "We are pleased to offer attractive interest rates to customers, enabling them to earn higher assured returns. In the 2 to 3 years investment tenor, ...

Philippines raises $1.3 billion from sale of retail dollar bonds

The government sold its maiden retail dollar bonds in October 2021, when it raised $1.6 billion

Centre directs sugar traders to disclose stocks to check hoarding

The Centre on Thursday directed sugar traders, retailers, wholesalers, big chain retailers and processors to disclose their stocks on a weekly basis on a government portal as a proactive measure to combat hoarding and speculation. The food ministry, in a statement, said the country has sufficient stocks for domestic consumption with absolutely no shortage for festivals. The government has been successfully maintaining the stable retail price of sugar in the country, it noted. However, as a proactive measure to "combat hoarding and curb unscrupulous speculation" in the sugar market, the ministry has issued orders to mandatory disclose stock positions for traders, wholesalers, retailers, big chain retailers and processors of sugar on the portal (https://esugar.nic.in) on every Monday, it added. "This mandatory weekly stock disclosure for these entities is another proactive step in the Government of India's efforts to maintain a balanced and fair sugar market," the ministry said. By

Jupiter ropes in Swiggy's Anuj Rathi as chief product and marketing officer

With over 18 years of experience, the IIT-Kanpur graduate brings extensive knowledge and insights from his tenures at leading companies such as Swiggy, Flipkart, and Walmart

AI, cloud services disrupting retail industry: Experts at Walmart event

Today's consumers expect options in products, pricing, payments and delivery, and technology powers transformations across each

India's retail grows due to realty supply, consumer resurgence: JLL report

According to JLL India's report, India continues to be a preferred market for international brands

Statsguru: LPG price cut may reduce retail inflation rate by around 30 bps

Consumption of LPG has accordingly been going up over the years. Production was close to consumption in the early 2000s. This has since changed with an increased shift towards clean cooking fuel

Retail trading volumes may bolster momentum: Centrum Broking's S Nayak

Centrum GalaxC will leverage Centrum Group's expertise in wealth management, insurance, and banking to provide schemes for wealth growth, management, savings, and security, said Nayak

Amazon, Flipkart rising as advertising platforms to challenge Google, Meta

The reasons are not hard to find. "Searches (for purchase) originate on Amazon, therefore advertising leads to sales," says Mehta

Online retail market to grow 2.5x faster than offline till 2030: Deloitte

The overall offline market, however, will continue to be the bigger market, with a total value of $1,605 billion in 2030

Strong FPI flows and buoyant retail sentiment to keep bulls snorting

A trend reversal may happen if FPI flows turn negative; Nifty will need to fall below Mt 18,000 to go into serious downtrend

Tyremaker Bridgestone looks to expand retail footprint in India this year

Tyre maker Bridgestone is looking to expand its retail footprint in India by 20-25 per cent this year and is aiming to grow higher than the industry's growth, a top company executive has said. Bridgestone India at present has over 3,200 dealerships across 1,300 cities and towns in India. Bridgestone India, which is a subsidiary of Japanese multinational tyre manufacturer Bridgestone Corporation, has a well-diversified portfolio, mainly of radial tyres which cater to OEM as well as replacement segments. Bridgestone India has been increasing its market penetration over the last few years. In 2022, we increased our retail footprint by 11 per cent, expanding to an additional 218 towns. This year we are looking to increase our overall retail network by 20-25 per cent, Bridgestone India Managing Director Stefano Sanchini told PTI in an interaction. The company is expanding its distribution network to enhance the coverage across tier-III/IV cities giving it a larger footprint in the ...

ONDC aims to hit 100,000 daily orders in the next few months: Report

The goal of 100,000 daily orders is expected to occur over the upcoming few months as network participants (NPs) adopt a new set of network specifications

Walmart looking at sourcing toys, shoes, bicycles from Indian suppliers

US-based retail giant Walmart is looking to source toys, shoes and bicycles from Indian suppliers as the company is targeting to increase its exports from India to USD 10 billion annually by 2027. The company also wants to develop new suppliers in categories such as food, pharmaceuticals, consumables, health and wellness, and apparel and home textiles, a company spokesperson told PTI. Officials from the Bentonville-headquartered firm recently held a virtual meeting with several domestic toy manufacturers here. The company informed toy makers about their requirements and expected quality standards as it is directly engaging with the domestic toy makers for sourcing. Global retailers such as IKEA are already sourcing toys from India for their international operations. The move is significant and highlights India's growing strength in the toy industry, especially since India was a net importer of toys until a few years ago. Confirming the development, a company spokesperson said: ..