the weekend review
BABA RAMDEV TO LAUNCH PATANJALI BRANDED APPAREL
After food, medicines and cosmetics, yoga guru-turned-tycoon Baba Ramdev is now looking to enter the branded apparel market. Patanjali Ayurved Ltd is preparing to launch its ‘swadeshi” line of clothes for men, women and children by April with the target of selling garments worth ₹5,000 crore in the first year. The company is considering naming the brand Paridhan, and will initially sell it in Patanjali’s 250 exclusive outlets along with Big Bazaar supermarkets and 15,000 Khadi and Village Industries Commission outlets. (bit.ly/2vrktVO)
MARS BRINGS M&M’S CANDIES TO INDIA
Mars International Inc.’s India unit said on Wednesday that it will bring the $1 billion brand M&M to India.
It will initially be available in chocolate and peanut variants and priced at ₹80 for a 45 gram pouch and ₹150 for a 100 gram pouch, and sold in 84,000 outlets across the country. Mars already sells Snickers, Galaxy, Bounty, and Twix chocolates in India. (bit.ly/2viVvIt)
RBI CUTS REPO RATE BY 25 BASIS POINTS
The Reserve Bank of India’s monetary policy committee on Wednesday cut the repo rate— the rate at which it lends money to commercial banks—by 0.25%, after consumer price inflation slowed to a record-low 1.54% in June this year. The inflation reading was below the central bank’s forecast of 2.0-3.5% for the April-September period.
State Bank of India on Monday cut the interest rate on savings accounts with a balance of up to ₹1 crore by 0.5% to 3.5%— the first time the key rate has been cut since being de-regulated in 2011. (bit.ly/2w9V7dd)
FOR DIWALI SALES, FLIPKART TO REBRAND APPLIANCES CATEGORY
India’s largest online retailer Flipkart plans to rebrand and revamp its large appliances category, launch a new private label for some of its home appliances and open several new warehouses for high-priced products and appliances.
This category will be renamed “Big Home Appliances” including televisions and large appliances, head of appliances Sandeep Karwa said. (bit.ly/2vvdknC)
AUTO SALES PICK UP IN JULY AS DEALERS STOCK UP FOR FESTIVE SEASON
Car and two-wheeler sales rose in July as car makers dispatched more vehicles to their dealers ahead of the festive season. Maruti Suzuki sales rose 22.4% in July, led by the Swift, Ritz, Baleno and Brezza. (bit.ly/2u7SRBF)
DEMAND FOR GOLD INCREASED WITH PREGST BUYING
Demand for gold in India rose 37% to 167.4 tonnes in the AprilJune period, according to the World Gold Council. This was primarily because companies increased their gold buying before the Goods and Services Tax was rolled out on July 1 this year. India’s gold imports had hit a record high of 104.6 tonnes in May as the market stockpiled gold ahead of the June GST rate announcement. (bit.ly/2feu4cp)
RELIANCE JIO WILL ALLOW INDIVIDUALS, COMPANIES TO REGISTER FOR THE JIOPHONE
Reliance Jio Infocomm is allowing individuals and companies to “register interest” in buying its JioPhone, the hybrid smart-feature phone set to go on sale later this month. Customers have to go to the company’s website and share their name, email address, phone number, and PIN code, then click ‘keep me posted’.
Companies also have to share their PAN or GST Network number and how many devices they want to buy. Customers will get the phone for a ₹1,500 deposit, returnable in three years. (bit.ly/2we1GeO)