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Automobile manufacturers to hike vehicle prices

According to Tata Motors, it will increase prices of its entire passenger vehicles range by up to Rs 60,000 due to rising input costs. The new prices will be effective from April 1, 2018.

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Mumbai, March 20 : Automobile manufacturers have announced that they will hike vehicle prices, effective April 1, 2018 due to rising input costs.

According to Tata Motors, it will increase prices of its entire passenger vehicles range by up to Rs 60,000 due to rising input costs. The new prices will be effective from April 1, 2018.

“The rising input costs, changing market conditions and various external economic factors have compelled us to consider the price increase but we are optimistic on maintaining our growth trajectory in the coming year on the back of our robust product portfolio like Tiago, Hexa, Tigor and Nexon,” said Mayank Pareek, President, Passenger Vehicle Business, Tata Motors on Tuesday.

In addition, Nissan India also announced that prices of Nissan and of Datsun vehicles will be increased by up to 2 per cent across all available models.

Nissan currently offers the Micra, Sunny and the Terrano and Datsun offers the Datsun GO, GO+ and redi-GO in India.

“Due to rising input costs, we will be increasing the price of our Nissan and Datsun cars with effect from 1st April, 2018,” said Nissan Motor India’s Managing Director
Jerome Saigot.

“We are confident that our cars will continue to offer excellent value and choice to our customers.”

Business

Petrol, diesel prices down for 3rd consecutive day

In tandem with petrol, the cost of diesel declined on Saturday across all metros in a range of 12-13 paise.

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Mumbai, Oct 20 : The state-run oil marketing companies (OMCs) cut the prices of key domestic transportation fuels — petrol and diesel — for the third consecutive day on Saturday.

The prices of petrol and diesel were lowered in the national capital by 39 and 12 paise respectively.

According to the IndianOil Corp data, petrol was priced at Rs 81.99 per litre in the national capital, down from Rs 82.38 on Friday.

As per the data, the petrol was priced at Rs 87.46 in Mumbai, Rs 84.83 in Kolkata and Rs 85.22 per litre in Chennai down in the range of 38-41 paise.

As per the country’s pricing mechanism, the domestic fuel prices depend on international fuel prices on a 15-day average besides the value of the rupee.

Prices vary from region to region due to local taxes as the product is excluded from the GST regime. Delhi has the lowest tax rate among the four metro cities.

In tandem with petrol, the cost of diesel declined on Saturday across all metros in a range of 12-13 paise.

On Saturday, the diesel price in Mumbai was at Rs 79 from its previous price of 79.13 on Friday.

Prices of diesel in Delhi, Kolkata and Chennai declined to Rs 75.36, Rs 77.21 and Rs 79.69 a litre from the Friday’s Rs 75.48, Rs 77.33 and Rs 79.82 respectively.

The downward revision also comes on the back of multiple factors such as lower international crude oil cost and a strengthened rupee against the US dollar.

Accordingly, the Brent crude was priced below $80 per barrel, which in recent past traded around $85 a barrel, while the rupee closed at 73.50 to a greenback from its previous close of 73.61 to a US dollar.

On a daily basis, the decline in petrol and diesel prices commenced on Thursday nearly a fortnight after Finance Minister Arun Jaitley announced a cut in excise duty by Rs 1.50 a litre.

Additionally, the state-owned oil marketing companies (OMCs) had been mandated to reduce prices of petrol and diesel by Re 1 a litre. This is the first time after the announcement that the prices have come down.

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Flipkart, Amazon claim record online festive sales

World’s retail giant Walmart on August 18 completed acquiring 77 per cent equity stake in Flipkart for a whopping $16 billion (Rs 107,662 crore).

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Bengaluru, Oct 18 : India’s leading e-tailer Flipkart and its American rival Amazon on Thursday claimed record online sales ahead of Dusshera and Diwali festivals.

“We made a record-breaking business during the five-day sales festival on October 10-14 in diverse categories, including smartphones, electronic gadgets, home appliances, furniture and fashion,” Flipkart said in a statement on Thursday.

The Indian arm of Amazon also said it had record sales across categories during its great Indian festival celebration from October 10-15, with a 12-hour prime early access to its prime members.

“We had an overwhelming response to the fifth edition of the fest, with sales in the first 36 hours surpassing the first wave of last year and exceeded our plans,” said the city-based Amazon.

Both have, however, admitted that maximum sales were in the smart phones category, followed by televisions, laptops, home appliances and fashion in Gross Merchandise Value (GMV).

“We accounted for half of the e-tailer industry’s GMV, driven by higher sales in mobiles and fashion verticals, which grew 70 per cent and 78 per cent,” said Flipkart.

“Smart-phones had their biggest season, with Xiaomi selling over 1 million devices in a day followed by OnePlus with sales of Rs 400 crore in a day and premium phones sales exceeding a month of all India online sales,” said Amazon India head Amit Agarwal.

On the second day of sales, Flipkart began its offers on mobiles and sold one million in the first hour, ending the day with 3 million units.

“Three-in-four mobiles bought during the fest was on Flipkart,” said the Walmart-owned company.

World’s retail giant Walmart on August 18 completed acquiring 77 per cent equity stake in Flipkart for a whopping $16 billion (Rs 107,662 crore).

“We recorded 70 per cent share of the e-tail market in the country to match the scale of marquee retail events and demonstrated our position as market leader,” said Flipkart Chief Executive Kalyan Krishnamurthy.

Flipkart also claimed 85 per cent share of online market in fashion and 75 per cent in large appliances.

Amazon customers from 99 per cent pin codes placed an order in 4 days, with 80 per cent new customers from small towns.

“Large appliances sales in a single day for Amazon exceeded that of first wave for last festive sale; with 50 per cent sales from tier-2 and below towns,” said Agarwal.

One out of 2 Flipkart shoppers used payment options like EMIs and bank offers, driving 60 per cent of its overall sales and enabling customers to upgrade products in categories like mobiles, TVs and laptops.

“Fashion has brought in 40 per cent new customers and enabled us to maintained leadership with 85 per cent share,” added Krishnamurthy.

For Amazon too, fashion was the biggest category in units sold and new customers acquired, with 63 per cent orders from tier-2 and 3 cities.

“Two out of three of our customers benefited from exchange, EMIs and bank offers. New sellers who took part in the fest for the first time saw 300 per cent jump in sales, with 7,000 of them crossing the millionaire mark,” noted Agarwal.

IANS

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Reliance Jio posts Rs 681 crore profit in Q2

The subscriber base of Jio as on September 30, 2018 was 252.3 million, with an average revenue per user (ARPU) during the quarter at Rs 131.7 per month.

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Jio puts Mukesh Ambani on top of Forbes' Global Game Changers

Mumbai, Oct 17 : Reliance Jio, a subsidiary of Reliance Industries Limited, on Wednesday said it posted a standalone net profit of Rs 681 crore in the quarter through September on the back of (as yet) highest quarterly subscriber addition of 37 million.

It had posted a net loss of Rs 271 crore in the same quarter a year ago.

The company had recorded a net profit of Rs 612 crore in the first quarter of this fiscal year.

The standalone revenue from operations in the second quarter of this fiscal year ending March 2019 stood at Rs 9,240 crore, a massive on-year jump of 50.3 per cent, Reliance Jio Infocomm Ltd said in a statement.

The subscriber base of Jio as on September 30, 2018 was 252.3 million, with an average revenue per user (ARPU) during the quarter at Rs 131.7 per month.

The total wireless data traffic during the quarter was at a record 771 crore GB with per user average data consumption of 11 GB per month. The total voice traffic was 53,379 crore minutes in the quarter.

“Jio was conceived with a mission to connect everyone and everything, everywhere – always at the highest quality and the most affordable price… We have enabled our customers to adopt the digital life, with record consumption of data and use of digital services,” said Mukesh Ambani, Chairman and Managing Director, Reliance Industries.

“We are making rapid progress on the growth of our digital platforms, across new commerce, media and entertainment, agriculture, education, healthcare and financial services, which will further enhance the quality of life and productivity of the people of India,” he added.

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