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Most Kolkata shops observe trade strike over GST procedures

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Kolkata, June 30: Most of the shops and retail establishments remained closed in the city on Friday following a day’s strike called by the Bhartiya Udyog Vyapar Mandal (BUVM) against the procedures and provisions of the Goods and Services Tax (GST).

Many shops in Burrabazar, one of Asia’s biggest wholesale market, kept their shutters down, while the usual buzz was missing in the iconic New Market as retailers observed the trade strike.

“In a bid to protest against the procedures and provisions of the GST which will be effective from July 1, we are observing a one-day strike today (Friday),” BUVM’s patron and Chairman of the Federation of West Bengal Trade Associations Mahesh Singhania told IANS.

Most of the shops and trading outfits remained shut in the city. In the districts, the strike, so far, has had a mixed impact,” Singhania said.

“We are not against the GST but we will continue to demand simplification of laws, rules, penal provisions and reduction of compliance burden,” he added.

Traders across districts came out with rallies protesting the “complex processes” in the new indirect tax regime.

Textile traders also joined the one-day strike.

Chamber of Textile Trade and Industry (COTTI) President Arun Bhuwalka said that lack of clarity on GST on textile-made things has confused the textile industry, which has lakhs of small and micro level entrepreneurs.

“GST was announced as one nation, one market and one tax — it is not at all so with several tax slabs,” Singhania added.

IANS

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Equities trade flat-to-positive; Yes Bank, RIL top gainers

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Mumbai, April 24: Key Indian equity indices on Tuesday traded on a flat note with marginal gains as broadly positive global cues, along with healthy buying in oil and gas and healthcare stocks kept investors’ sentiments buoyed.

Yes Bank, Reliance Industries (RIL), Adani Ports, ICICI Bank and HDFC were the top gainers on the BSE during mid-afternoon trade session.

However, heavy selling pressure in metals, IT and consumer durables stocks trimmed gains of the benchmark indices, market observers said.

Around 1 p.m., the wider Nifty50 of the National Stock Exchange (NSE) traded flat at 10,585.20 points — up 0.50 points.

The barometer 30-scrip Sensitive index (Sensex) of the BSE, which opened at 34,491.38 points, traded at 34,520.38 points — up 69.61 points or 0.20 per cent from its previous session’s close.

The Sensex has so far touched a high of 34,612.43 points and a low of 34,465.49 points during the intra-day trade.

The BSE market breadth was bearish with 1,291 declines and 1,168 advances.

“Indian markets opened mixed, Sensex rose 147 points and Nifty reclaimed 10,600 mark in early trade on Tuesday on sustained buying by domestic institutional investors amid firm Asian cues,” said Dhruv Desai, Director and Chief Operating Officer of Tradebulls.

On Monday, the equity indices closed a volatile trade session on a flat-to-positive note as healthy quarterly results drove investors’ sentiments.

The Nifty50 closed higher by 20.65 points or 0.20 per cent at 10,584.70 points, while the Sensex closed at 34,450.77 points — up 35.19 points or 0.10 per cent.

IANS

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Xiaomi, Jio top India market

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New Delhi, April 24: Xiaomi continued to lead the Indian smartphone market with 31.1 percent market share while Reliance Jio topped the feature phone market with a massive 35.8 percent share in the first quarter of 2018, a new report has said.

Xiaomi was the leader with 25 per cent market share in Q4 of 2017.

According to Counterpoint’s “Market Monitor” service, Samsung with 26.2 per cent share was second, followed by Vivo at 5.8 per cent share in the smartphone segment.

Driven by the feature phone segment which doubled owing to strong shipments of Reliance JioPhone, India’s overall mobile phone shipments grew 48 per cent (YoY) in Q1 2018.

Honor (Huawei) entered top five smartphone brands for the first time. Honor (146 per cent), Xiaomi (134 per cent) and OnePlus (112 per cent) were the fastest growing smartphone brands.

“Q1 2018 started off with some brands sitting on inventory post the festive season in Q4 2017, which continued throughout the quarter as industry moves to a Full View display portfolio,” Karn Chauhan, Research Analyst, said in a statement.

Furthermore, the quarter was also marked with less than normal smartphone launches as very few brands refreshed their portfolio, except for Xiaomi and Samsung which benefitted from the new launches.

“However, we expect the demand to start picking up from early Q2 2018 onwards, driven by faster replacement rate of existing 2G and 3G smartphone users upgrading to 4G mobile phones,” Chauhan added.

This is the first time that the top five smartphone brands accounted for more than 70 per cent market share in a single quarter.

“Xiaomi and Samsung alone captured 58 per cent of the total smartphone market. Xiaomi’s Redmi Note 5 and 5 Pro were the most popular models for the Chinese brand, whereas Samsung Galaxy J7 NXT and J2 (2017) drove volumes for the Korean vendor,” said Anshika Jain, Research Analyst.

The performance of Chinese brands remained strong, accounting for 57 per cent of the total smartphone market in Q1 2018, up from 53 per cent during Q1 2017.

“The demand for JioPhone continued through Q1 2018 as Reliance Jio’s feature phone market share raced from 0 per cent last year to 36 per cent in Q1 2018. This demand was catalysed by the introduction of a cheaper data plan,” said Tarun Pathak, Associate Director.

China based Transsion Group (the holding group of Tecno, Itel and Infinix) has become the fifth largest player with four per cent market share in Q1 2018 (combined for all three brands).

The race for the fifth position is quite close between Lava, Micromax, Honor, Nokia (HMD) and Lenovo (+Moto) brands.

Itel is the third largest player in the feature phone segment with 17 per cent growth (YoY).

IANS

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Key equity indices provisionally end in green

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Mumbai, April 23: The key Indian equity indices provisionally closed in the green on Monday on the back of healthy buying in consumer durables, healthcare and IT stocks.

However, selling pressure on metal and fast moving consumer goods (FMCG) stocks trimmed gains in the market.

At 3.30 p.m., the wider Nifty50 of the National Stock Exchange (NSE) provisionally closed higher by 20.65 points or 0.20 per cent at 10,584.70 points.

The barometer 30-scrip Sensitive index (Sensex) of the BSE, which opened at 34,493.69 points, closed at 34,450.77 points (3.30 p.m.) — up 35.19 points or 0.10 per cent — from its previous session’s close.

The Sensex touched a high of 34,663.95 points and a low of 34,259.27 during the intra-day trade.

The BSE market breadth was bullish with 1,399 advances and 1,284 declines.

On Monday, the major gainers on the BSE were IndusInd Bank, Mahindra and Mahindra, Sun Pharma, Asian Paints and Yes Bank while HDFC Bank, Tata Motors (DVR), Coal India, Hero MotoCorp and ICICI Bank were among the major losers.

On NSE, the top gainers were IndusInd Bank, Mahindra and Mahindra and BPCL. The major losers were Hindalco Industries, Indiabulls Housing Finance and UPL.

On Friday, negative global cues such as high crude oil prices, along with a weak rupee and heavy selling pressure in banking stocks subdued the key Indian equity markets.

The Nifty50 closed at 10,564.05 points on Friday, down 1.25 points or 0.01 per cent from its previous close and the Sensex closed at 34,415.58 points, down 11.71 points or 0.03 per cent.

IANS

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