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Saturday,22-January-2022

Business

Amazon announces Prime Day sale on July 26-27 in India

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Amazon on Thursday announced that it is all set for its annual Prime Day event in India on July 26 and 27 that will deliver deals and savings across categories, including smartphones, consumer electronics, TVs, appliances, etc.

It will also include Amazon devices, fashion and beauty products, home and kitchen, furniture, everyday essentials and more to Prime members, along with new launches, entertainment benefits and much more.

Through the two-day event, the company will continue its efforts to empower and support lakhs of Small and Medium Businesses (SMBs) to bounce back from the economic disruption owing to the second wave of Covid-19.

“We dedicate this Prime Day to lakhs of SMB sellers on Amazon.in. We are humbled by their resilience, and grateful for the opportunity to support their rebound during these hard times,” Amit Agarwal, SVP & Country Manager, Amazon India, said in a statement.

“We are also excited to offer our Prime members a unique opportunity to discover joy with two days of best deals and savings, hundreds of new product launches, blockbuster entertainment and more, all from the safety and convenience of their homes,” Agarwal added.

Prime members can shop from millions of unique products offered by SMBs and avail offers.

SMBs across the country witnessed great success during the last edition of Prime Day in India.

Over 91,000 sellers from over 5,900 pin codes saw success during Prime Day 2020; more than 62,000 were from non-metro and tier 2/3 cities across India and 31,000 sellers witnessed their highest sales.

Prime is enjoyed by more than 200 million Prime members in 22 countries including India.

Business

Zomato shares decline 9%, market cap falls below 1L cr

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Shares of online food aggregator Zomato declined 9 per cent intraday on Friday.

Analysts are linking the decline with unsupportive valuations. Over the past one-month period, Zomato shares fell nearly 18 per cent.

Listed in July 2021, Zomato shares are, however, up more than 50 per cent from its IPO issue price of Rs 76. On Friday’s closing, it was at Rs 114 per share.

“The costs have escalated due to the tax imposed on the aggregator, along with the fact that the lockdown is also not currently happening, which also appears to be a weakness,” said Ravi Singhal, Vice Chairman at GCL Securities.

With Friday’s losses, the company’s market capitalisation fell below the 1 lakh crore-mark, NSE data showed.

According to Ravi Singh, Vice President and Head of Research, Share India Securities: “The technical setup in Zomato stock is in bearish formation on intraday and daily which may drag the stock up to Rs 112-110 levels in the near term.

“The valuations of the company are also not supporting the growth. Zomato is facing tough competition from Swiggy in many ways, mainly having a thinner Metro restaurant network and density versus Swiggy. We recommend investors to maintain the sell position in the stock.”

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Decline in equities continue for 4th straight sessions

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The 30-scrip Sensitive Index (Sensex) and broader 50-scrip Nifty on the National Stock Exchange (NSE) extended their losses from the previous three consecutive sessions and declined on Friday.

At 10.25 a.m., Sensex traded at 58,593 points, down 0.9 per cent from the previous close of 59,464 points. It opened at 59,039 points.

Nifty traded at 17,599 points, down 0.9 per cent from the previous close of 17,757 points. It opened at 17,613 points.

Bajaj Finserv, Tech Mahindra, Coal India, Adani Ports, Bharti Airtel were some of the top losers, NSE data showed.

Top gainers during the early trade were Hindustan Unilever, Tata Consumers, Bajaj Auto, Hero MotoCorp, and Power Grid Corporation.

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Business

Decline in equities continue for 4th straight sessions

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The 30-scrip Sensitive Index (Sensex) and broader 50-scrip Nifty on the National Stock Exchange (NSE) extended their losses from the previous three consecutive sessions and declined on Friday.

At 10.25 a.m., Sensex traded at 58,593 points, down 0.9 per cent from the previous close of 59,464 points. It opened at 59,039 points.

Nifty traded at 17,599 points, down 0.9 per cent from the previous close of 17,757 points. It opened at 17,613 points.

Bajaj Finserv, Tech Mahindra, Coal India, Adani Ports, Bharti Airtel were some of the top losers, NSE data showed.

Top gainers during the early trade were Hindustan Unilever, Tata Consumers, Bajaj Auto, Hero MotoCorp, and Power Grid Corporation.

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