A look at the headlines in the sector right now:
- Amazon invests another Rs 2,900 crore in its India unit, raises the stakes in battle with Flipkart: The e-commerce behemoth had lost out to its Indian rival Flipkart during the festive season.
- Shampoos, chocolates, kitchen staples cheaper as new GST rates come into effect today: The Goods and Services Tax Council on November 10 lowered the levy on more than 200 items.
- Sensex, Nifty close lower for third consecutive day: Poor quarterly earnings by a few blue-chip companies and falling metal stocks contributed to the decline.
- India’s export drops by over 1%, trade deficit widens to near 3-year high: Experts said that this decline in exports was expected as exporters were facing a shortage of funds after paying GST for four months without any refund.
- Nearly 3.4 lakh Indians are among top 1% of the world’s richest, finds Credit Suisse: Some 92% of the adult population in India has assets worth less than $10,000 (around Rs 6 lakh), according to the Global Wealth Report.
- Smartphone shipments reach record high in India, Xiaomi joins Samsung as most popular brand, says report: There was a 40% quarterly growth of cell phone shipments in India, buoyed by online Diwali sales.
- OnePlus users say pre-installed app allows easy root-level access to phone, company to fix it: The Chinese firm said it would remove the root function from the EngineerMode app in an upcoming update.
Buy an annual Scroll Membership to support independent journalism and get special benefits.
Our journalism is for everyone. But you can get special privileges by buying an annual Scroll Membership. Sign up today!