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All India traders strike against Walmart-Flipkart deal: CAIT

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Walmart CEO Doug McMillon and Flipkart Co-Founder and CEO Binny Bansal during an programme to announce Walmart Inc.'s acquisition of Flipkart 77% stake, in Bengaluru on May 9, 2018. (Photo: IANS)

New Delhi, Aug 20 (IANS) The Confederation of All India Traders (CAIT) on Monday called for an all India traders strike against the Walmart-Flipkart deal on September 28.

“We are organising a ‘Bharat Trade Bandh’ (All India Traders Strike) on September 28 against the Walmart-Flipkart deal. We want the government to nullify the deal as it is against the sector,” CAIT Secretary General Praveen Khandelwal told IANS.

“We have also planned a host of other activities like a mega traders protest march to gain public support against the deal.”

Accordingly, the confederation has called for a ‘Bharat Trade Bandh’ on September 28 and a massive nationwide ‘Rath Yatra’ to begin on September 15 and a mega traders rally on December 16 at New Delhi.

On Saturday, Walmart Inc. acquired approximately 77 per cent stake in e-commerce major Flipkart.

Accordingly, Walmart now holds approximately 77 per cent of Flipkart, while the remainder of the business is held by other shareholders, including Flipkart co-founder Binny Bansal, Tencent, Tiger Global and Microsoft Corp.

Walmart’s investment includes $2 billion of new equity funding to help accelerate the growth of the Flipkart business and both companies will retain their unique brands and operating structures in India.

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No bail-out for Jet Airways: Suresh Prabhu

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New Delhi, Nov 19 : The Centre on Monday said it would not bail out cash-strapped Jet Airways, stating that it’s the responsibility of the management to implement policies to ensure financial stability and a smooth functioning of the airline.

According to Civil Aviation Minister Suresh Prabhu, the government looks at sector-specific issues in the current deregulated policy environment.

Prabhu was answering questions on a possible bail-out package for the private airline at the launch event of the upgraded version of “AirSewa 2.0 web portal and mobile app” here.

Civil Aviation Secretary R. N. Choubey said the airline wanted some time to pay charges levied by airport operators.

Choubey said the issue had to be sorted out between the airline and airport operators and that the ministry has no role in such commercial deliberations.

Currently, the airline is facing financial troubles due to an increase in jet fuel prices, a weaker rupee, and low fares.

On November 16, Tata Sons, the holding company of the Tata Group firms, said discussions on acquiring a stake in the financially-troubled airline were at a preliminary stage.

On Air India’s financial woes, Choubey said the airline was being given support from “time to time”.

He further said that the airline’s performance was being monitored.

Last month in Hyderabad, the secretary had said that a revival package for the debt-ridden national carrier had nearly been finalised and that the government was providing all support to Air India to ensure that it remained a viable entity.

On August 7, Parliament had approved the gross additional expenditure of Rs 980 crore for equity infusion into the heavily indebted airline.

(IANS)

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RBI to pump liquidity worth Rs 8,000 cr on Nov 22

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RBI Governor Urjit Patel

Mumbai, Nov 19 : The Reserve Bank of India (RBI) would inject Rs 8,000 crore into the market by purchasing government securities on November 22, 2018.

The decision comes amid concerns of a liquidity crisis in the economy after the financial services company IL&FS reported defaults in September.

“Based on an assessment of prevailing liquidity conditions and also of the durable liquidity needs going forward, the Reserve Bank has decided to conduct purchase of…

“Government securities under Open Market Operations for an aggregate amount of Rs 80 billion on November 22, 2018 through multi-security auction using the multiple price method,” the RBI said in a statement on Monday.

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Sensex jumps amid bets of RBI-government truce

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Sensex equity Nifty

Mumbai, Nov 19: Key equity indices jumped amid bets the government and the Reserve Bank of India will bury their differences at a crucial central bank board meeting on Monday.

Subdued global oil prices, and foreign fund inflows amid a stable domestic currency also burnished the appeal of stocks.

The government has been demanding that the RBI make liquidity available, especially to the shadow banks after a series of defaults by the Infrastructure Leasing & Financial Services (IL&FS) triggered a scare and precipitated a credit crunch.

The Centre has also reportedly demanded that the RBI hand over a significant chunk of its reserves, which was subsequently denied by the Union Finance Ministry as “misinformed speculation”.

RBI Deputy Governor Viral Acharya had warned of economic consequences if the central bank’s autonomy was encroached upon.

Interest-rate sensitive stocks like banking, automobile and capital goods rose, while the oil and gas sector came under pressure.

The S&P BSE Sensex settled up 317.72 points or 0.90 per cent at 35,774.88, from its previous close of 35,457.16 points.

NSE’s Nifty50 gained 81.20 points or 0.76 per cent to finish at 10,763.40.

IANS

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