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Kumar Rajagopalan, CEO, Retailers Association of India (RAI): Retail sales Up in November,2021 over ''Pre-Covid Levels"

18 December 2021, Mumbai:

Retail sales in India in November grew by 9 per cent over the pre-pandemic levels of the same month in November 2019 signaling improvement in business albeit worries around Omicron variant.

Retail sales in India in November grew by 9 per cent over the pre-pandemic levels of the same month in November 2019 signaling improvement in business albeit worries around Omicron variant spread and the third wave of the pandemic, according to industry body RAI.

In its retail business survey, Retailers Association of India (RAI) said the growth witnessed last month was 16 per cent over the same month last year.

Stating that retail businesses across regions have indicated growth in sales as compared to pre-pandemic levels, RAI said West India signaled 11 per cent increase, followed by East and South India at 9 per cent while North India indicated a growth of 6 per cent each as compared to sales levels in November 2019.

Commenting on the retail performance, Kumar Rajagopalan, CEO, Retailers Association of India (RAI), said Business is improving and we do hope that this will sustain. However, there are still worries around Omicron and the third wave, leading to a feeling of cautious optimism."

In terms of categories, consumer durables and electronics, which did not show great growth in October, showed a good growth of 32 per cent in November as compared to the same month in 2019 on the back of Diwali sales.

Business Standard (The news article has not been edited by DFU Publications staff)

 

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Kumar Rajagopalan, CEO, Retailers Association of India (RAI): Retail sales Up in November,2021 over ''Pre-Covid Levels"

Amazon India's maiden next generation 'Solar powered sustainable, Farmer Collection Centre’ unveiled in Maharashtra

17 December 2021, Mumbai:

Amazon Retail India Pvt. Ltd has announced plans to extend its farm sourcing network across numerous states in the north and west India.

The Wai farmer collection center extension in Maharashtra is the third such center in the state as part of Amazon's farm sourcing network growth - an initiative focused on directly interacting with farmers and sourcing fresh produce straight from farms. 

 Nitin Kale, Deputy Director, Maharashtra State Agriculture Marketing Board, Pune, formally inaugurated the collection center. Prashant Shende, Tehsil Agriculture Officer, Wai Tehsil; Suprabha Chauhan, Village Sarpanch, Asle village; and over 250 farmers and village elders were among those present at the event. 

 "Amazon is connecting with farmers through its specially trained team of agriculture graduates to help farmers in growing the proper quality grade produce and offering agronomy advisory and buying solutions at the collection center," said Rajesh K Prasad, Category Leader, Amazon Fresh. 

KRISHI JAGRAN (The news article has not been edited by DFU Publications staff)

 

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Amazon India's maiden next generation 'Solar powered sustainable, Farmer Collection Centre’ unveiled in Maharashtra

Winsome Textile Industries (India) faces a punishment of Rs. 72 crore

17 December 2021, Mumbai:

The Securities and Exchange Board of India (SEBI), the markets regulator, has fined Winsome Textile Industries Limited, its Directors, and two other people approximately Rs. 72 crore in a dispute involving the issuing of global depository receipts (GDR). 

This action has been taken against the directors of this Chandigarh-based firm, Ashish Bagrodia, Manish Bagrodia, and Satish Girotra. Winsome Textile, a company that has been around for more than four decades, is recognized for its wide range of yarns and textiles.

According to sources, the business issued 1.29 million GDRs for the US $9.99 million on March 31, 2011, with Pan Asia Advisors Limited serving as the lead manager. Pan Asia Advisors' Managing Director was Arun Panchariya. Vintage FZE was the only subscriber to the GDR issuance, according to the investigation. 

Vintage's Managing Director was Mukesh Chauradiya, and Arun was the sole beneficiary. In order to subscribe to the issue, Vintage took out a loan from EURAM Bank. Winsome had offered the GDR earnings as security for the loan.

Aspire Emerging Fund sold convertible equity shares of Rs. 1.11 crore in the Indian securities market, thanks to FII-sub-accounts linked to Arun. 

The business issued false corporate statements and failed to notify the SEBI of the GDRs' delisting from the Luxemburg Stock Exchange. 

According to the market regulator, Winsome led Indian investors in the securities market to assume that it had received full consideration for GDRs, which was not the case and thereby enticed Indian investors to trade in securities and commit fraud on them. 

The Directors were also complicit in the bogus GDR issuing scam. For varied periods of time, the business and its three directors have been prohibited from the securities market.

 

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Winsome Textile Industries (India) faces a punishment of Rs. 72 crore

The Competition Commission of India (CCI), fines Amazon India Rs 200 crores & suspends Amazon-Future Froup (FRL) deal

18 December 2021, Mumbai:

The (CCI) on Friday suspended the US retail giant Amazon’s 2019 deal with (FRL) for its deliberate design to suppress information about the scope and purpose of the deal.

In its 57-page order, the competition watchdog said it considered it necessary to examine the combination afresh, given that the two players were known in the online marketplace and offline retailing and had contemplated strategic alignment between their businesses.

The antitrust regulator has imposed a penalty of Rs 200 crore on to be paid within 60 days of receipt of the order.

BUSINESS STANDARD (The news article has not been edited by DFU Publications staff)

 

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The Competition Commission of India (CCI), fines Amazon India Rs 200 crores & suspends Amazon-Future Froup (FRL) deal

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