Business

Ikea Hyderabad store, its first outlet in India, to breakeven soon, says CEO-Telangana Today

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Hyderabad store which was opened in 2018 has witnessed a footfall of three million during the last 12 months period against 2.90 million last year.

Updated On – 08:33 PM, Mon – 28 August 23


Ikea Hyderabad store, its first outlet in India, to breakeven soon, says CEO

IKEA Hyderabad

Hyderabad: Swedish furniture maker Ikea expects its Hyderabad store, the first in the country to achieve operational breakeven soon, the company said on Monday without providing the revenue details.

Hyderabad store which was opened in 2018 has witnessed a footfall of three million during the last 12 months period against 2.90 million last year.

However, the figures are not comparable as last year and period before that witnessed a lot of movement restrictions due to COVID-19 pandemic.

Speaking to media, Ikea India CEO Susanne Pulverer said the firm is exploring different formats of stores in terms of size, to penetrate the market and get closer to people where they live. It would be complemented by online services.

“I mean when we invest, the first years of investment of this size, it’s not profitable and that is common when we foray into new markets. So, of course Hyderabad is the store we are looking and working on to get to break even soon,” Pulverer said.

She hinted that the store can become profitable by next year. However, she did not affirm.

The official further said the firm has made a commitment to invest Rs 10,500 crore in the Indian market and that amount will be exhausted once the two formats in Delhi (Noida and Gurugram) area are completed.

Ikea currently has three big format stores operational in Hyderabad, Navi Mumbai, and Bengaluru and two city stores in Mumbai.

When we look at projects in Delhi-Noida and Gurugram we can see that we have booked all these Rs 10,500 crore. They are not fully spent, but with these projects that are in the pipeline it will be, we have invested all of it. So, the next phase is of course looking at new investments that we are currently working on,” she explained.

Meanwhile, the home furnishings retailer on Monday said it is celebrating five years of retail operations in India.

A press release from Ikea said the company employs 3,000 coworkers today in all its markets and the aim is to reach 10,000 in the coming years with 50 per cent gender diversity. In its stores, the company employs close to 70 per cent of coworkers from the local neighbourhood.
Local sourcing is a priority to become even more affordable with ambition to reach 50 per cent in the coming years, it added.

Business

American Airlines fined $4.1 million for dozens of long tarmac delays that trapped passengers-Telangana Today

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The federal government is fining American Airlines $4.1 million for dozens of instances in which passengers were kept on board planes without a chance to exit during long ground delays.

Published Date – 09:08 PM, Mon – 28 August 23


American Airlines fined $4.1 million for dozens of long tarmac delays that trapped passengers

The federal government is fining American Airlines $4.1 million for dozens of instances in which passengers were kept on board planes without a chance to exit during long ground delays.

Washington: The federal government is fining American Airlines $4.1 million for dozens of instances in which passengers were kept on board planes without a chance to exit during long ground delays.

The US Department of Transportation said Monday it is the largest such fine against an airline since rules covering long ground delays took effect about a decade ago.

The department said its investigation revealed that from 2018 through 2021, American kept 43 domestic flights stuck on the ground for at least three hours without giving passengers the chance to deplane.

There are exceptions in which airlines are allowed to bend the rules, including for safety and security reasons, but the department said none of those were factors in the flights it identified.

“This is the latest action in our continued drive to enforce the rights of airline passengers,” said Transportation Secretary Pete Buttigieg, who vowed to hold airlines accountable under consumer-protection laws.

Business

‘Plastics exports decline 15 pc in July on lower demand’-Telangana Today

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The overall exports during July 2022 stood at USD 1.119 billion, Plexconcil said in a statement

Published Date – 11:55 PM, Mon – 28 August 23


‘Plastics exports decline 15 pc in July on lower demand’

The overall exports during July 2022 stood at USD 1.119 billion, Plexconcil said in a statement

Mumbai: Plastics exports from the country declined 14.6 per cent to USD 956 million in July mainly due to decreasing demand in key export markets like the US and Europe, apex industry body Plastics Export Promotion Council (Plexconcil) said on Monday.

The overall exports during July 2022 stood at USD 1.119 billion, Plexconcil said in a statement.

Flexible Intermediate Bulk Containers (FIBC), plastic raw materials, packaging items, plastic films and sheets, and plastic writing instruments and stationery witnessed a major decline in exports.

Meanwhile, cumulative plastics exports during the April-July period also dropped 14.9 per cent to USD 3.741 billion as against the year-ago period.

“We are happy to see that consumer and houseware products, floor coverings, leather cloth, laminates, medical items of plastic… are doing really well. The Indian plastics industry is undergoing a phenomenal transformation and is experiencing accelerated growth in recent years,” Plexconcil Executive Director Sribash Dasmohapatra said.

Some categories witnessed positive growth while others saw a decline due to global demand fluctuations, market preferences and economic conditions, he said.

The fibre-reinforced plastic and composites category displayed notable growth, expanding 7.6 per cent due to increased sales.

Medical items made from plastic, too, saw a 6.2 per cent increase in exports, propelled by elevated sales of spectacle lenses and blood transfusion apparatus.

Exports of India’s products witnessed strong growth in 2022-23, with a value of USD 12 billion, according to official data.

The top export destinations for Indian plastics products during this period were the US, China, the US and the European Union.

Business

Sky is the limit in Hyderabad-Telangana Today

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The modern skyline of Hyderabad is literally being reshaped with nearly a dozen ambitious skyscrapers, boasting stunning futuristic architectural designs, set to come up in the next few years

Published Date – 07:00 AM, Tue – 29 August 23


Sky is the limit in Hyderabad

Once these projects are completed, Hyderabad with the maximum number of skyscrapers in the country, will even rival metros like Mumbai . — Photo: Surya Sridhar.

Hyderabad: The modern skyline of Hyderabad is literally being reshaped with nearly a dozen ambitious skyscrapers, boasting stunning futuristic architectural designs, set to come up in the next few years. Once these modern architectural marvels with their eye-popping designs are completed, they will not only redefine the skyline but will also catapult Hyderabad as the city with the maximum number of skyscrapers in the country, even rivalling the likes of Mumbai.

To this effect, in the last few years, the Municipal Administration and Urban Development (MA&UD), has given a green signal for the construction of a cluster of skyscraper projects that rise up to 50 to 59 floors. Almost all of these buildings are located in and around Kokapet, Serlingampally and Puppalaguda and the official year of completion for these prestigious skyscrapers is between 2026 and 2029.

The tallest building in Hyderabad with a total of 59 floors, once completed, would be Candeur Skyline, which is coming up at Puppalaguda followed by SAS Crown at Kokapet, Golden Mile real-estate project that will have 58 floors.

“For Hyderabad, sky is the limit, as we embark on reshaping its skyline. There are nearly 10 major building plan approvals from 50 to 59 floors and at least five such superstructures in Neopolis and Kokapet area. As it is, we are number two after Mumbai in high-rise buildings,” said Special Chief Secretary, Municipal Administration and Urban Development, Arvind Kumar.

Another major skyscraper real-estate project, The Trilight (tower-1), with 57 floors and the second tower with 50 floors at the same location is coming up at Kokapet. At Puppalaguda, the Srias Diamond Towers skyscraper with 54 floors is expected to come up by 2026.

Sky

Business

Markets climb in early trade; extend rally for 2nd day running-Telangana Today

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Equity benchmark indices began the trade on an optimistic note on Tuesday, extending their previous day’s rally

Published Date – 10:35 AM, Tue – 29 August 23


Markets climb in early trade; extend rally for 2nd day running



Mumbai: Equity benchmark indices began the trade on an optimistic note on Tuesday, extending their previous day’s rally, amid firm trend in global markets.

The BSE Sensex climbed 232.43 points to 65,229.03 in early trade. The NSE Nifty gained 71.85 points to 19,377.90.

From the Sensex pack, Tata Motors, Tech Mahindra, NTPC, Power Grid, Jio Financial Services Ltd, Wipro, HCL Technologies and HDFC Bank were among the major gainers.

Bharti Airtel, Axis Bank, Reliance Industries and IndusInd Bank were among the laggards.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were trading with gains. The US markets ended in the positive territory on Monday.

Global oil benchmark Brent crude declined 0.02 per cent to USD 84.40 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,393.25 crore on Monday, according to exchange data.

The BSE benchmark had climbed 110.09 points or 0.17 per cent to settle at 64,996.60 on Monday. The Nifty gained 40.25 points or 0.21 per cent to end at 19,306.05.

Business

Rupee rises 2 paise to 82.61 against US dollar in early trade-Telangana Today

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The rupee appreciated by 2 paise to 82.61 against the US dollar in early trade on Tuesday amid a weak American currency against major rivals

Published Date – 10:50 AM, Tue – 29 August 23


Rupee rises 2 paise to 82.61 against US dollar in early trade



Mumbai: The rupee appreciated by 2 paise to 82.61 against the US dollar in early trade on Tuesday amid a weak American currency against major rivals overseas and positive domestic equity markets.

Retreating crude oil prices also supported the Indian currency even as outflow of foreign funds capped a sharp gain, forex traders said.

At the interbank foreign exchange, the domestic unit opened at 82.58, then touched the lowest level of 82.62. It later traded at 82.61 against the greenback, registering a gain of 2 paise over its previous close.

On Monday, the rupee settled 1 paisa higher at 82.63 against the US dollar.

The Indian currency was trading in the narrow range as market participants are awaiting the US jobs data to be released on Friday. Also, a close watch on the Chinese currency’s response to the country’s slowing factory output and other macroeconomic indicators weighed on the rupee, forex analyst said.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.20 per cent lower at 103.85.

Brent crude futures, the global oil benchmark, fell 0.05 per cent to USD 84.38 per barrel.

In the domestic equity market, the 30-share BSE Sensex was trading 182.08 points or 0.28 per cent higher at 65,178.68. The broader NSE Nifty advanced 53.65 points or 0.28 per cent to 19,359.70.

Foreign Institutional Investors (FIIs) were net sellers in capital markets on Monday as they offloaded shares worth Rs 1,393.25 crore, according to exchange data.

Business

Stock market ends on positive note amid sectoral gains-Telangana Today

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The positive market sentiment reflects optimism among investors, with many keeping a watchful eye on key sectors that continue to drive growth in the Indian stock market.

Published Date – 05:05 PM, Tue – 29 August 23


Stock market ends on positive note amid sectoral gains



Mumbai: The stock market wrapped up Tuesday’s trading session with a positive note, as several key indices closed in the green.

Investors were buoyed by gains in various sectors, particularly Media, Metal, Realty, IT, and Commodities.

The Sensex recorded an uptick of 79.22 points, closing at 65,075.82 whereas the Nifty also witnessed gains, rising by 36.60 points to finish at 19,345.65.

Among the Nifty firms, there were 37 advances, 12 declines, and 1 remained unchanged, indicating a generally bullish sentiment among investors.

The top gainers of the day included Jio Financial Services, UPL, Hindalco, Tata Steel, and Hero Motocorp.

On the flip side, Bharti Airtel, Hindustan Unilever, Reliance, Dr. Reddy, and Axis Bank were among the top losers.

Market expert Varun Aggarwal, the founder and Managing Director of Profit Idea, commented on the day’s performance.

He noted, “Nifty inched higher today on Media, Metal, Realty, IT, Commodities shares leading the way. It was more on the expected line, as we expected Metal, Media, IT, Realty to do well.” Aggarwal also observed the market’s resilience amid volatility, stating, “In spite of volatility, Nifty is strong, holding the base of 19,200-19,000. We are approaching August month expiry, and the market can take the direction post expiry.” Looking ahead, Aggarwal suggested, “For nearly six weeks, markets are in consolidation mode, and we expect a move coming in the next few days. Traders are advised to take positions with strict stop losses. We remain biased towards a bullish move, with Nifty major support at 18,887 and a potential upside target of 20,160.”

The positive market sentiment reflects optimism among investors, with many keeping a watchful eye on key sectors that continue to drive growth in the Indian stock market.

Business

RBI authorises Bandhan Bank for disbursing civil pension-Telangana Today

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Private sector lender Bandhan Bank on Tuesday said it has been appointed by Reserve Bank of India as an authorised pension disbursement bank on behalf of the Central Pension Accounting Office (CPAO) for the civil pensioners.

Updated On – 05:31 PM, Tue – 29 August 23


RBI authorises Bandhan Bank for disbursing civil pension



New Delhi: Private sector lender Bandhan Bank on Tuesday said it has been appointed by Reserve Bank of India as an authorised pension disbursement bank on behalf of the Central Pension Accounting Office (CPAO) for the civil pensioners.

The bank will soon be integrating with the office of CPAO, Ministry of Finance, to operationalise the disbursement process, it said in a release.

The authorisation entitles the bank to disburse pensions to the central government employees in civil ministries/departments (other than railways, posts, and defence), National Capital Territory of Delhi, Union Territory Administrations without legislatures, retired judges of the high courts and the Supreme Court and All India Service Officers.

This scheme also covers payment of pensions to former Members of Parliament and the payment of pension and other amenities to former Presidents/Vice Presidents of India, the private sector lender said.

Business

India to sweeten Rakshabandhan fest with packed mithais, chocolates: Kirana survey-Telangana Today

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Conducted by the Kirana Club among 25,000 grocery shops, the survey, released here on Monday, found that besides the packed mithais and chocolate boxes, the next on the list of high-demand would be ‘namkeens’ (salty snacks) and ready-mixes.

Published Date – 05:28 PM, Tue – 29 August 23


India to sweeten Rakshabandhan fest with packed mithais, chocolates: Kirana survey



Mumbai: This Raksha Bandhan could see consumers flocking to buy packed Indian ‘mithais’ (sweetmeats), chocolate boxes as the top favourites for the festival symbolising the bonds of love between brothers-sisters, falling on Wednesday, revealed a survey among the neighbourhood grocery shops across the country.

Conducted by the Kirana Club among 25,000 grocery shops, the survey, released here on Monday, found that besides the packed mithais and chocolate boxes, the next on the list of high-demand would be ‘namkeens’ (salty snacks) and ready-mixes.

Accordingly, the grocery stores are now stocking up these items ahead of the festival, including soan-papdi, pedhas, barfi, laddoos, gulab-jamuns, rasgullas, etc.

India has over 1.30 crore retail grocery stores ranging from the traditional brick-and-mortar local shops to swank modern retailers operating chains across the country.

The Kirana Club survey covered states like Maharashtra, Delhi, Haryana, Punjab, Uttar Pradesh, Madhya Pradesh, Rajasthan, Gujarat, Bihar, Chhattisgarh, Jharkhand, said its founder Anshul Gupta.

Kirana outlets in Uttar Pradesh, Madhya Pradesh, Rajasthan, Bihar, Chhattisgarh and Jharkhand have given a thumbs up to Indian sweetmeats as the flavour of the season, while those in Maharashtra, Haryana, Gujarat, Punjab and Delhi have opted for chocolate boxes as the next most coveted item.

Among cities, Indore, Jaipur and Lucknow people would crave for packed mithais, while the people of Pune, Nagpur, New Delhi, Gurugram, Patna, Panipat, Agra, Kanpur, Gopalganj, Meerut and Panchkula plan to gorge on chocolates.

The all-time favourites ‘namkeens’, ready-mixes and assorted biscuits shall also be moving quickly adding to the festive delight at the kirana shops and adorn festival tables at homes.

In fact, the mouth-watering dry ‘namkeens’ like chivda, bhujiya, sev, farsan, chips, mixes, etc. have been ranked among the top three categories by kirana shops in Delhi, Gujarat, Haryana, Uttar Pradesh, Rajasthan and Madhya Pradesh.

Incidentally, biscuits ranked lowest in Maharashtra, Rajasthan, Madhya Pradesh, Bihar, Gujarat, Jharkhand and Chhattisgarh, while ready-mixes are at the bottom of popularity charts in Uttar Pradesh, Punjab and Haryana, and few would opt for packed sweetmeats in Delhi.

The Kirana Club has over 15 lakh grocers onboard in 10 states and 16,000 pincodes, besides several regional, national and international brands also active on the platform.

Business

Adding 100 mn skilled Indians to workforce can increase GDP by 20 pc: Report-Telangana Today

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Almost 50 per cent of India’s young informal workforce and those outside it are willing to upskill to bridge Indias employability gap, according to the report by investment firm Omidyar Network India with research partner Redseer

Published Date – 06:36 PM, Tue – 29 August 23


Adding 100 mn skilled Indians to workforce can increase GDP by 20 pc: Report

Representational Image

New Delhi: Bringing 100 million skilled people to the Indian workforce has the potential to increase the country’s GDP by 20 per cent and propel the economy towards $4 trillion, a report showed on Tuesday.

Almost 50 per cent of India’s young informal workforce and those outside it are willing to upskill to bridge Indias employability gap, according to the report by investment firm Omidyar Network India with research partner Redseer. “The ministry has undergone a tectonic shift, moving away from a one-size-fits-all approach to integrate the DNA of crafting targeted solutions that cater to the diverse needs of different industries,” said Atul Kumar Tiwari, Secretary, Ministry of Skill Development and Entrepreneurship.

“Our focus is directed towards nurturing digital skills, fostering innovative thinking and cultivating problem solving abilities,” he added. The report studied 580 million individuals who require skilling and employability support by dividing them into 8 personas based on annual household incomes (ranging from Rs <1.5 lakh to 8 lakh) and type of employment. Five out of the 8 people — representing 230 million people — are willing to upskill in search for better jobs.

Entrepreneurs can tap into a $1.5 billion market of 100 million young workers who are highly willing to upskill and pay for those skills, the findings showed. “Support from government and non-profit organisations can impact a further 130 million individuals who are willing to upskill but dont have the means to pay for skilling opportunities,” the report noted. “Our goal is to enable collaborative solutions to address skilling gaps and improve the state of employability, especially for the underserved,” said Siddharth Nautiyal, Partner at Omidyar Network India.

The report highlighted that entrepreneurs stand face-to-face with a massive opportunity for a 100-million strong market of young workers with skilling solutions. “The most important skill area that entrepreneurs can build solutions for are basic business management skills in addition to digital marketing, communication and enhanced vocational skills,” said the report.