Chennai

Online used car market to get electric push

Online car market is set to grow 20 times to $20 billion by 2022 with a major push coming from the used car segment. A major shift from fossil fuel driven cars to electric vehicles will act as a catalyst for the jump in the growth of used car market. Indian online automobile market currently has a size of $1 billion, of which the sales of used and new cars put together account for $950 million and the remaining accounts for auto services. Used car transaction make up for more than 85 per cent of the sales.

Fewer women hired in 2018, thanks to Maternity Act

The Maternity Act was introduced to make workplace mo-re inclusive for women. But, it has in fact negatively impacted hiring of female candidates. Hiring of women in the private sector has dipped by 2.5 per cent in 2018 and men are promoted three per cent more in the mid and senior management levels, despite the fact that their attrition rates are lower than men in all levels, finds a study.  

Muted ARR growth for hotel industry

Despite a growth in occupancy levels, the growth in average room rates (ARR) has been muted for the hotel industry in the first half of the year. Lower estimate of tourist arrivals is casting shadow on the hospitality industry’s ability to increase ARRs during the upcoming season.

The ARR for the domestic hotel industry stood at Rs 5,500 in the June quarter and witnessed a muted 2-3 per cent growth. However, there was a three per cent rise in occupancies at 63 per cent, as per an Icra research report.

Schwing Stetter to invest Rs 350 cr in new TN plant

German concrete equipment manufacturer Schwing Stetter’s wholly-owned Indian subsidiary plans to set up its second manufacturing facility in Sipcot industrial area, Cheyyar, in Tamil Nadu for an investment of Rs 350 crore.

The new facility spreading over 53 acres will be located 60 km away from the existing facility. The existing facility, with an installed capacity to produce 8,500 units of different products, is working full steam and producing around 9,000 units per year. Hence, the company is creating a new facility.

Neuberg acquires consortium partners

Neuberg Diagnostics, formed as a consortium of five labs in India and abroad, has acquired the partner entities for a financial consideration of Rs 500 crore. The company is now spending another Rs 250 crore on expanding its lab chain in African continent as well as in the domestic market.

Fewer women hired in 2018, thanks to Maternity Act

The Maternity Act was introduced to make workplace mo-re inclusive for women. But, it has in fact negatively impacted hiring of female candidates. Hiring of women in the private sector has dipped by 2.5 per cent in 2018 and men are promoted three per cent more in the mid and senior management levels, despite the fact that their attrition rates are lower than men in all levels, finds a study.  

Gold loses sheen on dollar strength; rally overdue now

An upside rally is long overdue for gold. Prolonged strength in US dollar has been depriving the precious metal an opportunity to gain from macro economic developments that could have triggered safe haven demand for gold. However, once the greenback starts losing its strength, the entire narrative can turn in favour of gold, say analysts.

Currency volatility hits travel bookings

September is usually a busy month for travel operators. But this year, outbound bookings have not picked up as uncertainty on the currency front is making travellers wait and watch. Outbound travel, which has been growing by 15-20 per cent, is expected to remain flat this year.

“Bookings for the season usually start one or two months ahead. By this time we should have seen bookings happening. But, that’s not the case this time. People are uncertain about where the currency is headed to,” said Iqbal Mulla, chief council, Global Tourism Council Trust.

Studying abroad just got costlier

A weak rupee has hit the students studying abroad hard. A steep fall in exchange value of rupee is making them shell out an estimated Rs one lakh more for tuition fee. Their other expenses have also gone up due to depreciation of the domestic currency.

Vernacular content to help e-tail GMV touch $50b by 2020

Vernacular content will herald the e-tailing market in India into the next phase by getting a large number of non-English speaking population, especially those in tier II-plus cities shop online. The number of e-shoppers is expected to double to 185 million and the aggregate gross merchandise volume. (GMV) of e-commerce companies will more than double to touch $50 billion by 2020.

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