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Intelligence platform Tofler report: Walmart Owned, Flipkart India Units Posts Robust Revenue Growth

05 January 2022, Mumbai:

Wholesale and marketplace arms log revenue growth of 25% & 32% from ops

Two key units of Walmart-owned Flipkart's India business -Flipkart India and Flip-kart Internet-reported growth of 25% and 32% in revenue from operations In FY21, respectively.

Tofler - Crunchbase Company Profile & Funding

According to regulatory filings sourced from business intelligence platform Tofler The first is the wholesale unit and the second is the marketplace arm.

SOURCE: ET Dt 05-01-2022 

(The news article has not been edited by DFU PUBLICATIONS staff)

 

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Intelligence platform Tofler report: Walmart Owned, Flipkart India Units Posts Robust Revenue Growth

Narendra Modi gifts KULLU's hemp footwear to Kashi Vishwanath Temple priests

12 January 2022, Mumbai:

It is at the request of Prime Minister Narendra Modi that 50 pairs of hemp footwear, prepared in Kullu, have been sent for priests of the Kashi Vishwanath Temple.

 

KEY HIGHLIGHTS

  • At the request of Modi, hemp footwear was sent to priests 
  • This was the gesture during his visit to Mandi on December 27
  • Slippers called “pule” in Kullu are considered pure for wearing inside temples

 

PM Modi had evinced keen interest in these slippers, made of hemp fibre, during his visit to Mandi on December 27. The hemp fibre slippers called “pule” in Kullu are considered pure for wearing inside temples.

Hemp footwear gifted by PM Modi to Kashi temple priests made in Kullu

These were at display at a stall set up by a government department in the Paddal ground. Modi had desired that these be sent for priests of the Kashi Vishwanath temple as during winters, they may face difficulties in performing puja bare feet.

Kashi Vishwanath Temple: History & Cultural Significance Of Holy Site  'older Than History'

Deputy Commissioner, Kullu, Ashutosh Garg said, “On the demand of the PM, we sent 50 slippers to the PMO a few days ago. These slippers were prepared by local residents, who have expertise in preparing ropes, bags and slippers of hemp.

THE TRIBUNE (The news article has not been edited by DFU Publications staff)

 

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Narendra Modi gifts KULLU's hemp footwear to Kashi Vishwanath Temple priests

The rapid expansion of Avenue Supermarts' DMart has been met with scepticism by analysts

11 January 2022, Mumbai:

DMart, a subsidiary of Avenue Supermarts, announced a 20 percent increase in sales and profit in the fiscal quarter that ended in December 2021, however several experts have criticised the company's performance.

Radhakishan Damani | Founder of DMart | Stock broker |

According to the Economic Times, firms had near-normal operating circumstances and significant commodity inflation in the most recent quarter, prompting some experts to declare DMart's recent growth insufficient for its stock market value. DMart's gross margin remained flat, while the company's profits before interest, taxes, depreciation, and amortisation grew primarily as a result of its operational leverage.

"Consensus continues to assume that DMart is a linear and secular growth story, but we disagree," Manoj Menon and his team at ICICI Securities said in a note, according to ET Bureau.

Dmart sells a variety of low-cost fast-moving consumer products, such as clothing and accessories. However, the clothes and general items divisions of the company have done significantly worse than the necessities and food segments. According to the analysts, the clothing segment's poor performance has had a detrimental impact on the company's total revenue and profit margins. Increasing shop constraints as a result of Covid-19 are projected to intensify the trend of 'necessary' groceries taking precedence over clothing.

"In India, subtleties are more important," Menon remarked. "We disagree with the over-enthusiasm of the consensus. Keep an eye out for DMart being disrupted, same to how India bypassed landline penetration and went straight to wireless."

 

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 The rapid expansion of Avenue Supermarts' DMart has been met with scepticism by analysts

The Enforcement Directorate (ED): Amazon India, V-P summoned in Forex case

 

The Enforcement Directorate (ED) has summoned Amazon India vice-president Manish Tiwary next week to its Delhi headquarter in connection with the forex norms violation case against the e-commerce major, said people in know.

The agency is looking into alleged violation of the Foreign Exchange Management Act (FEMA) when Amazon invested ₹1,431 crores to purchase 49% in Kishore Biyani-led Future Coupons Pvt Ltd (FCPL) in 2019 and if it complied with all the applicable regulations.

"He was asked to make a personal appearance as country head Amit Agrawal, who is currently in the US, refused to join the probe citing his limited role in the matter," said an official. Agrawal, who was asked to appear on December 7, had on that day excused himself saying he had moved to the US.

ET 

(The news article has not been edited by DFU Publications staff)

 

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The Enforcement Directorate (ED): Amazon India, V-P summoned in Forex case

USITC INSTITUTES SECTION 337 INVESTIGATION OF CERTAIN KNITTED FOOTWEAR

10 January 2022, Mumbai:

The U.S. International Trade Commission (USITC) has voted to institute an investigation of certain knitted footwear.  The products at issue in the investigation are described in the Commission’s notice of investigation.

The investigation is based on a complaint filed by Nike, Inc., of Beaverton, OR, on December 8, 2021.  The complaint alleges violations of section 337 of the Tariff Act of 1930 in the importation into the United States and sale of certain knitted footwear that infringe patents asserted by the complainant. 

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The complainant requests that the USITC issue a limited exclusion order and cease and desist orders. 

The USITC has identified the following as the respondents to this investigation:

adidas AG, of Herzogenaurach, Germany; Adidas North America, Inc., of Portland, OR; and Adidas America, Inc., of Portland, OR.

By instituting this investigation (337-TA-1289), the USITC has not yet made any decision on the merits of the case.  The USITC’s Chief Administrative Law Judge will assign the case to one of the USITC’s administrative law judges (ALJ), who will schedule and hold an evidentiary hearing. 

The ALJ will make an initial determination as to whether there is a violation of section 337; that initial determination is subject to review by the Commission.

The USITC will make a final determination in the investigation at the earliest practicable time.  Within 45 days after the institution of the investigation, the USITC will set a target date for completing the investigation. 

USITC remedial orders in section 337 cases are effective when issued and become final 60 days after issuance unless disapproved for policy reasons by the U.S. Trade Representative within that 60-day period.

USITC (The news article has not been edited by DFU Publications staff)

 

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USITC INSTITUTES SECTION 337 INVESTIGATION OF CERTAIN KNITTED FOOTWEAR

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