News From IANS

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• Tata Group's super app 'Neu' arriving on April 7 to take on Amazon, Jio

  Tata Group, which has been testing 'Neu' with its employees for some time, aims to stop different loyalty offerings by BigBasket and 1mg, etc and merge them with 'NeuCoins'.

  

• Amazon trying to illegally enter India's physical retail market via Future deal: CAIT to NCLAT

  CAIT's appeal, which was heard on Friday, emphasised that "Amazon's entire transaction with the Future Group companies is based on the intention to illegally enter the physical retail market, take over retail stores owned by Future Retail, and cut out the micro, small and medium enterprises and retail traders, a majority of which is represented by CAIT".

  

• Ruchi Soya issues clarification on unsolicited SMSes on FPO

  The advertisements reportedly came after market regulator Securities and Exchange Board of India (SEBI) directed the company to give the investors who participated in its Rs 4,300-crore follow-on public offering (FPO) the option to withdraw their bids due to "circulation of unsolicited SMSes advertising the issue" ...

  

• CAIT alleges Amazon of misusing third-party data for its 'selfish motives'

  "This data, which rightfully belongs to the user and is only for the use of third-party sellers, has been misused by Amazon which first copies this data and then creates its private labels on the basis of such data," it said in a letter to the Ministry of Consumer Affairs.

  

• European consumer electronics firm Thomson eyes 10% market share in India

  European consumer electronics firm Thomson on Thursday announced a range of air conditioners in India with an aim to capture 10 per cent market share.

  

• Discount on liquor price: HC issues notice on vendors' plea challenging court order

  On March 8, the bench of Justice V. Kameshwar Rao had refused to set aside the Delhi government order which discontinued the discount policy on the maximum retail price (MRP) of liquor in the capital, saying that due to discounts being offered at the liquor stores, the shops were thronged by a large number of people, causing law and order problems and inconvenience to the local people.

  

• As markets turn wobbly, gold likely to cross Rs 55K-mark, silver to touch RS 80K

  At present, global gold price has stabilised above $1,990 per ounce. On the domestic front, the price has reached the Rs 53,000 per 10 gram-mark.

  

• Amazon suspends shipments, Prime Video streaming in Russia

  Amazon has suspended shipment of retail products to customers based in Russia and Belarus, and will no longer provide customers with access to its streaming service Prime Video in Russia.

  

• Apple to lose $3 mn in iPhone sales daily after Russia pull out

  According to estimates by Lithuania-based online shopping portal Burga, the amount is based on Apple's latest recorded Russian market share and the company's revenue from sales as of 2021.

  

• India's FY23 footwear industry growth expected between 8-to-10%

  According to ICRA, the financial position of large, listed footwear players is expected to remain strong with healthy on-balance sheet liquidity and low financial leverage.

  

• India's 10-15 minute delivery market to reach $5.5 bn in 3 yrs

  The total addressable market for quick commerce in India stands at $45 billion, and urban areas are driving this market on the back of mid-high-income households, according to Bengaluru-based market research firm RedSeer.