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Wednesday,05-August-2020

Business

Flipkart announces more benefits for 6 lakh people under Samarth

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Flipkart . (Photo: Twitter/@Flipkart)

Flipkart on Friday announced more benefits for over 6 lakh sellers who are artisans, weavers, craftsmen and owners of other small and medium enterprises (MSMEs) from the underserved communities in the country.

Earlier, the Samarth sellers enjoyed a commission waiver of zero per cent for the first 6 months of their onboarding the platform and then, the commission varied.

Now, after the completion of six months at zero commission, the sellers will be charged a standard 5 per cent commission, at par with the industry standards, giving them more scope to grow their business online, Flipkart said in a statement.

“MSMEs are the most vibrant and dynamic contributors to our economy. It is about time for India’s rich cultural heritage to make it a global hub for handicrafts and goods and collaborating with e-commerce companies is a win-win situation for both,” said Union Minister of State for MSME Pratap Chandra Sarangi.

Flipkart Samarth gives the businesses access to its growing pan-India customer base of more than 200 million.

The company said the Samarth Sellers will also be granted free cataloguing support for limited no of products, advertising credits for the first month to help them garner prominent visibility on the platform, registration and listing training.

Today, Flipkart Samarth is able to support the livelihood of over 6,00,000 artisans, weavers and craftsmen across India and is working towards bringing more such sellers to the platform.

Flipkart has partnered with several government bodies to bring local artisans, weavers and craftsmen into the e-commerce fold to leverage the platform’s benefits.

These include partnerships with the Ministry of Housing and Urban Affairs, UP Khadi Village and Industries Board and Deendayal Antyodaya Yojana National Urban Livelihoods Mission (DAY-NULM) to set-up Flipkart Samarth in 22 states.

“The year gone by has given us greater confidence and sharper direction for our future endeavours and we will continue to expand our reach and support to these small businesses, rural entrepreneurs and Indian handicrafts, etc,” said Rajneesh Kumar, Chief Corporate Affairs Officer, Flipkart Group.

Flipkart also supports MSMEs through Walmart Vriddhi, a supplier development programme that aims to empower 50,000 MSMEs for the local and global markets.

Business

Godrej Properties logs Rs 20 crore consolidated net loss in Q1

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Godrej. (Photo: twitter@GodrejGroup)

Godrej Properties on Wednesday reported a consolidated net loss of Rs 20.23 crore for the April-June quarter of FY 2020-21.

During the corresponding period of the last fiscal, the company had reported a consolidated net profit of Rs 89.87 crore.

The real estate major reported an 88.63 per cent fall in its revenues from operations during the first quarter of FY 2020-21 at Rs 72.29 crore.

In its investor presentation, the company said that due to the Covid-induced lockdown, there was very limited construction activity during the quarter and as a result, no new projects achieved revenue recognition. Cash collections, which depend on construction milestones, were also impacted, it added.

“This led to an accounting loss and negative operating cash flow for the quarter,” the company said.

Commenting on the performance, Pirojsha Godrej, Executive Chairman, Godrej Properties Ltd, said: “While we expect poor reported earnings and cash flows this financial year due to the lockdown and the major impact it has had on our annual construction plan, we expect strong momentum in both portfolio project additions and new project launches during the rest of the financial year.”

He added that that the current crisis will add further momentum to the process of consolidation that is underway in the sector and the company will continue to focus on rapidly growing its market share.

Shares of the company plunged nearly 3 per cent post the earnings announcement. Currently its shares on the BSE are trading at Rs 902.50, lower by Rs 28.70 or 3.08 per cent from its previous close.

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Business

Indian Railways changes freight policy to boost economy

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Indian-Railways

With an aim to boost economic activities in the country during unlock 3.0, the Indian Railways is offering a slew of incentives, including 50 per cent concession in terminal access charges for covered wagons, to boost freight traffic.

A Railway Ministry spokesperson said that its new policy measures will further boost the incentives for all suppliers to transport their goods through railways.

In the revised policy, the Railways has worked on the alternate goods shed policy, under which terminal charge will not be levied on consignments booked from alternate goods sheds, instead of identified busy goods shed, the official said.

The railways has already surpassed the freight loading figures in August so far, adding that 8.64 million tonnes of freight had been loaded compared with 8.37 million tonnes during the corresponding period last year.

The official said that under the free-time relaxation for covered wagons, zonal railways are empowered to relax the free time up to double the normal free time and/or non-levy of demurrage/wharfage in case of covered stock up to September 30.

The official said that to boost the freight traffic, the railways has decided to give 50 per cent concession in terminal access charge on container traffic handled at Group-III Container Rail Terminals.

The Ministry has decided to not collect the stabling charges on container traffic from May 18 to October 31.

A discount of 5 per cent on haulage charge per 20-foot equivalent unit (TEU) is being given on loaded containers from August 4 to April 30, 2021, the official said.

The official said permission to accept road weighbridge weight figures to certain goods sheds of South Central Railway for loading granite-all documents and data to be captured in the system.

The railways has also decided to give a concession of 40 per cent for loading in open wagons covered with tarpaulin.

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Business

Maruti Suzuki launches new S-Cross Petrol

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Automobile major Maruti Suzuki India on Wednesday launched the all new S-Cross Petrol with a starting price of Rs 8.39 lakh.

As per the company, the SUV has been engineered with a ‘1.5 Litre K series BS6’ petrol engine.

“The new refined engine delivers a peak power of ’77KW@6000 rpm’ with a top-end torque of ‘138Nm@4400rpm’ that de livers an energetic driving experience.”

“The engine offers superior NVH characteristics powered by a pendulum mount engine, offering unmatched best in-class fuel efficiency (18.55km/l) and an improved cooling performance.”

According to the company, the new S-Cross Petrol is available with 5-speed m anual and 4-speed automatic transmission.

“Automatic variants are equipped with hill hold assist feature, as standard. These help enhance the driving experience through optimal acceleration and performance,” the statement said.

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