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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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India’s wholesale inflation eases to 5.09% in July

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wholesale inflation

New Delhi, Aug 14: India’s annual rate of inflation based on wholesale prices eased to 5.09 per cent in July from a rise of 5.77 per cent in June, official data showed here on Tuesday.

The data on wholesale price index (WPI) furnished by the Ministry of Commerce and Industry showed that the rate of inflation had risen 1.88 per cent during the corresponding month in 2017.

IANS

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Rupee hits record low of 70.08 against US dollar

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India Rupee

New Delhi, Aug 14: Fears over a rise in global protectionist measures, along with a strong US economy, dragged the Indian rupee to a fresh intra-day low of over 70 against a US dollar during the pre-afternoon hours on Tuesday.

Around 11.00 a.m., the rupee plunged to 70.08 to a US dollar. However, soon afterward the Reserve Bank of India (RBI) is said to have intervened in the open market to curb the rupee’s free fall.

The intervention aided the rupee to stabilise just a tad below 70 to a USD at 69.98 around 11.05 a.m.

IANS

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Macro-data, global cues push equity indices higher

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SENSEX NIFTY MARKET

Mumbai, Aug 14: Positive macro-economic inflation data along with supportive Asian stock exchanges pushed the key indices of the Indian equity market higher during the morning trade session on Tuesday.

According to market observers, healthy buying was witnessed in banking, consumer durable and FMCG stocks.

Around 9.40 a.m., the broader Nifty50 of the National Stock Exchange (NSE) traded at 11,396.35 points — higher by 40.60 points or 0.36 per cent — from its previous close.

The barometer 30-scrip Sensitive Index (Sensex), which opened at 37,749.59 points, traded at 37,790.70 points — higher by 145.80 points or 0.35 per cent — from its previous session’s close of 37,644.90 points.

Sensex has so far touched a high of 37,829.83 points and a low of 37,689.71 points during the intra-day trade.

ANI

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