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Ikea launches its first India store in Hyderabad

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ikea india store

New Delhi, Aug 9: After 12 long years of planning and six years after it made an announcement, the Swedish furniture retailer Ikea has finally opened its first store in India on Thursday.

The world’s largest furniture retailer launched its Hyderabad store today, the first of 25 it plans to open in India by 2025.

The first Ikea store is a 13-acre complex in Hitec City on the outskirts of Hyderabad. The showroom will display some 7,500 products and nearly 1,000 of which would sell for less than Rs 200 a piece. Ikea expects six million customers in a year.

Ikea will also offer a variety of lip-smacking delicacies, from biryani priced at Rs. 99 and meat chicken balls at Rs. 129 to salmon fillet at Rs. 399.

Half of its restaurant menu will consist of vegetarian options, including idli and sambar, samosa and vegetable biryani, sourced from about 25 vendors, mainly women-led social enterprises.

The Hyderabad store will have a 1,000-seater restaurant, Ikea’s biggest globally.

“We bring an inspiring, affordable and convenient home furnishing offer,” CEO Jesper Brodin said a day before the grand opening of the furniture giant’s vast store on the outskirts of the southern city of Hyderabad.

We promise to give great quality at affordable prices and try to expand quickly and reach other parts of the country with multiple stores,” Brodin told a news conference.

Ikea, whose founder Ingvar Kamprad died in January, is present in 49 countries but its previous shot at getting a piece of India’s burgeoning middle class in 2006 fell foul of local regulations.

Ikea restaurant will be open from 9:30 am to 10:30 pm every day. Ikea Hyderabad will also be launching Smaland, a creche, so that shoppers can enjoy shopping while their children can be safe. Kids from 3-10 years old can spend up to 1 hour in Ikea’s free supervised creche right at the Ikea Hyderabad store.

Ikea is a Swedish-founded multinational group, that designs and sells ready-to-assemble furniture, kitchen appliances and home accessories. It has been the world’s largest furniture retailer since at least 2008. It was founded in Sweden in 1943 by then-17-year-old Ingvar Kamprad, who was listed by Forbes in 2015 as one of the ten richest people in the world.

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Wall Street collapses, S&P 500 ends at lowest since April

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Wall Street

New York, Dec 15: US stocks fell sharply on Friday as investors grew concerns over a possible slowdown of the global economy and a slew of corporate news.

The Dow Jones Industrial Average was down 496.87 points, or 2.02 percent, to 24,100.51. The S&P 500 decreased 50.59 points, or 1.91 percent, to 2,599.95. The Nasdaq Composite Index fell 159.67 points, or 2.26 percent, to 6,910.66, Xinhua news agency reported.

The Dow slumped more than 550 points at its low during the session and dived to its lowest close since May.

The S&P 500 dipped to its lowest closing level since April. All the 11 primary S&P 500 sectors closed lower, with health and technology down 3.37 percent and 2.48 percent, respectively, leading the laggards.

After Friday’s steep sell-off, the tech-heavy Nasdaq is now just up 0.11 percent for the year.

The Cboe Volatility index, widely considered the best fear gauge in the stock market, rose 4.75 percent to 21.63 on Friday.

Global markets were in risk-off mode with investors simply trying to limit performance damage rather than reach for outperformance, according to some analysts.

“Traders are again selling shares of profitable trades before the closing of the year. There isn’t a great deal of volume in stock trading today, so that means there is less resistance against the pressure from sellers today,” John Monaco, a trader at Wellington Shields & Co. LLC, told Xinhua.

Meanwhile, a strong U.S. dollar also complicated the situation. The U.S. dollar rose in late trading on Friday.

The dollar index, which measures the greenback against six major peers, rose 0.39 percent to 97.4441 at 3:00 p.m. (2000 GMT).

“Today’s lower market index seems to be derived from another day of strong U.S. currency. The U.S. dollar’s strength must be monitored closely as too much strength in the dollar hurts global corporate profits,” said John.

Wall Street also digested a slew of corporate news.

Shares of Johnson & Johnson, a Dow member, plunged more than 10 percent on Friday after Reuters reported the company knew about asbestos in its baby powder for decades.

Apple stock slid 3.2 percent after top analysts from TF International Securities cut iPhone shipment estimates by 20 percent.

On the economic front, U.S. retail sales increased 0.2 percent last month, led by online stores, the Commerce Department said on Friday. The reading beat market expectations.

Meanwhile, U.S. industrial production rose 0.6 percent in November, topping market forecasts as gains in mining and utilities offset declines in manufacturing, according to the Federal Reserve.

IANS

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94 MLAs with criminal cases, 187 multi-millionaires in new MP Assembly

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Bhopal, Dec 14 : As many as 94 MLAs have declared criminal cases while a whopping 187 of the 230 MLAs are multi-millionaires in the newly-elected Madhya Pradesh Assembly, a report by the Association for Democratic Reforms (ADR) revealed on Friday.

The Congress, which won the Assembly polls, leads the list with 56 MLAs having criminal antecedents, followed by the Bharatiya Janata Party (BJP) with 34 while the Bahujan Samaj Party has two such lawmakers.

Of the 94 MLAs with criminal cases, 47 face serious charges with six of them facing charges of attempt to murder, three facing charges of crime against women and one for murder.

On the financial front, 187 of the lawmakers are multi-millionaires with the BJP leading the pack with 109 such MLAs followed by the Congress with 90.

BJP’s Sanjay Satyendra Pathak from Vijayragahvgarh constituency in Katni district is the richest MLA with assets in excess of Rs 226 crore. Fellow party lawmaker Chetanya Kasyap from Ratlam City is next with properties in excess of Rs 204 crore.

The average assets of the MLAs in the current Assembly is above Rs 10 crore which is just double that of the 2013 Assembly.

As many as 86 of the MLAs were re-elected and their average assets in the last five years have grown by nearly Rs 7 crore — a rise of 80 per cent.

There are only 21 female members in the new Assembly.

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Sensex ends flat on weak global cues, RBI board meet

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Sensex equity Nifty

Mumbai, Dec 14: The key Indian equity indices closed flat after trading in a narrow range on Friday tracking weakness in Asian and European markets over concerns of slowdown in global growth.

Caution in the domestic markets also prevailed as the outcome of Reserve Bank of India (RBI) board meeting was awaited till the closing bell.

Although with meagre gains, domestic indices logged their fourth session of advances led by Telecom, oil and gas and power stocks. However, finance counters remained subdued.

The Sensex settled 33.29 points higher at 35,962.93 points, touching an intra-day high of 36,019.02 and a low of 35,813.85.

The Nifty50 gained 11.85 points or 0.11 per cent to close at 10,803.40.

Bharti Airtel gained the most of the 30-stock Sensex. The shares of telecom major gained over 5 per cent after Telecom Disputes Settlement and Appellate Tribunal (TDSAT) scrapped rules on predatory pricing.

It was followed by Yes Bank which advanced by 3.23 per cent. Oil and energy stocks like ONGC, NTPC and Power Grid gained in the range of 1 to 2.5 per cent.

In contrast, HDFC and Wipro were the major losers followed by L&T, Sun Pharma and Adani Ports.

IANS

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