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The Walmart recently announced that it has completed the US $ 16 billion transaction giving it the majority stake in India’ s leading e-commerce firm Flipkart.
Soon after the acquisition was completed, the Confederation of All India Traders( CAIT) decided to call for‘ Bharat Bandh’ on 28th September to oppose the deal. CAIT claims that the deal violates the Government’ s Press Note No. 3 of 2016. It is important to add here that, Press Note No. 3 of 2016 of Government marks out the guidelines for the Foreign Direct Investment( FDI) on e-commerce, which states that no ownership directly or indirectly over the
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products sold on the marketplace is allowed for the owner. Praveen Khandelwal, Secretary-General, CAIT was quoted as saying,“ The deal between Walmart and Flipkart is trying to control and dominate the retail sector through the passage of e-commerce.” The Secretary- General further said that this deal will create an uneven play-field and eliminate their competitors by providing predatory pricing, offering huge discounts and loss of funding. CAIT is also going to host a pan-India Rath Yatra on 15th September opposing the acquisition. Notably, the trader’ s body came to this decision after its yearly meeting which was held in Nagpur on 19th |
August. More than 200 trade leaders from the country participated in the meeting and agreed on the decision to oppose Walmart taking a 77 per cent stake in Flipkart. |
Furthermore, the Indian trader’ s body has also announced that it will hold a mega rally on December 16 to oppose the discriminatory treatment against traders. |
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India-based hosiery manufacturer Dollar Industries and Indian textile and garment major Grasim Industries, the flagship of Aditya Birla Group, have announced financial results for the first quarter of this fiscal.
Operating revenue for Dollar Industries increased from Rs. 235.07 crore to Rs. 243.65 crore in the reporting quarter while profit before tax increased 17 per cent to Rs. 22.38 crore as compared to Rs. 18.39 crore in the same quarter last year. The consolidated profit after tax also noted 10.31 per cent increase to Rs. 13.80 crore during the reporting quarter, as compared to Rs. 12.51 crore during the corresponding period last year. The Kolkata based brand, which
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is focusing on product expansion, offers its products under names like Missy, Bigboss, Champion, and Ultra Thermals. Force NXT and Force Go Wear are premium brands offered by the company. The |
company has its manufacturing units in Kolkata, Tirupur, Delhi and Ludhiana.
On the other hand, Grasim Industries noted 13 per cent increase in its consolidated net
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profit to Rs. 1,400 crore in the reporting quarter ended June 30 while net profit for Grasim stood at Rs. 1,248 crore in the reporting quarter. With 71 per cent increase, its total revenue reached Rs. 17,090 crore in the reporting quarter as compared to Rs. 11,222 crore in the same period year ago. Viscose – Pulp, Viscose Staple Fibre, and Filament Yam segment also noted boom in revenue to Rs. 2,480 crore from Rs. 1,998 crore in the same period last year. Highest ever quarterly production and sales volume of 134KT and 132KT respectively were reported for its VSF business in the reporting quarter. The Grasim Industries has planned to expand its VSF business by inking partnership with the textile value chain. |