QBiz: LPG, Jet Fuel Prices Hiked; UPI Transactions Reach 77 Mn

Here’s a roundup of the top business stories of the day

1. UPI Transactions More Than Double to 77 Million in a Month

Mobile fund transfers through the Unified Payments Interface may not remain free for long.

Transactions more than doubled in October to 77 million from 30.8 million in September, data released by the National Payments Corporation of India showed. The total value too jumped about 20 percent over the previous month to Rs 7,057 crore.

(Source: BloombergQuint)

2. Cooking Gas, Jet Fuel Prices Hiked

Cooking gas (LPG) price was on Wednesday hiked by Rs4.50 per cylinder, the 19th increase in rates since July 2016 when the government decided to eliminate subsidy on it by raising prices every month.

Also, jet fuel or aviation turbine fuel (ATF)’s price was increased by 2 percent on firming international rates, the fourth straight increase in rates since August, according to price notification posted by state-owned retailers. The price of non-subsidised LPG or market priced cooking gas has been hiked by Rs 93 to Rs 742 per bottle. At the last revision on 1 October the rate was hiked by Rs 50 to Rs 649 per bottle.

(Source: PTI)

3. Walmart Opens its First India ‘Dark Store’ in Bhiwandi

Walmart Stores has opened a fulfilment centre, or ‘dark store’, in India, one of its first globally, in an effort to speed up operations in the country, which is fast adopting online retail services.

The 45,000 square feet centre at Bhiwandi near Mumbai will serve kirana stores and other B2B businesses through online orders and will mostly stock packaged consumer products and home supplies.

The Indian unit of the world’s largest retailer launched its online platform for members of Best Price Modern Wholesale stores three years ago. But that was restricted to cities with the stores. The company will now start an online platform without a physical store.

(Source: The Economic Times)

4. US Fed Signals December Hike on Track a Day Before Trump Announces Fed Chair

US Federal Reserve officials voted unanimously to leave interest rates unchanged while signaling they remain on track to hike once more this year, a day before US President Donald Trump plans to unveil his choice to lead the US central bank.

Recent data indicate that “the labour market has continued to strengthen and that economic activity has been rising at a solid rate despite hurricane-related disruptions,” the Federal Open Market Committee said in a statement Wednesday following a two-day meeting in Washington.

(Source: BloombergQuint)

5. Airtel to Shut down 3G Network in 3-4 Years, Continue 2G, 4G: CEO Gopal Vittal

Telecom major Bharti Airtel Ltd is likely to shut down 3G service in next 3-4 years and refarm the spectrum linked with it for 4G services, a top official of the company said.

“There is almost no spent that we are doing on 3G. Our view is in next 3-4 years we are likely to see 3G network actually shut down faster than 2G network because there are still 50 per cent of phone being shipped out in India that are feature phones,” Gopal Vittal, managing director and chief executive officer (CEO), India and South Asia, Bharti Airtel, said during earnings call Wednesday.

(Source: PTI)

6. India Aims for Top 50 Ease of Business Rank with Around 90 Specific Reforms Lined Up

After a record jump of 30 places in the World Bank's ease of doing business ranking, India is gearing up to leapfrog into the top 50 with around 90 specific reforms lined up for various ministries, top officials said.

The reforms covering seven ministries are to be implemented by May next year with a focus on reducing the number of processes and moving them online. The maximum improvements targeted are in the areas of construction permits (22) and registering property (14), indicators which still have a low rank.

The government will also ensure that around 122 reforms not counted this year are felt on the ground by users so that the World Bank can consider them in the rankings next year, when the effects of the landmark goods and services tax (GST) will also be taken into account.

(Source: The Economic Times)

7. Schneider Emerges as Top Bidder for L&T's Electrical Unit

Schneider Electric SE, a French multinational specializing in energy management and automation, has emerged as the top bidder to acquire engineering company Larsen and Toubro Ltd’s (L&T’s) electric and automation division, two people familiar with the development said.

Schneider will bring in Singapore government’s investment arm Temasek Holdings to jointly bid for the assets, the cost of which is expected to be in the range Rs15,000 crore or close to $2.31 billion, according to the people mentioned above.

(Source: Livemint)

8. Amazon Delays Rollout of Online Food Retail Venture

Amazon’s online food retail venture, which was expected to start during Diwali, is getting delayed as the company needs to keep this separate from its marketplace, which functions as a platform to connect sellers with buyers, said people with knowledge of the matter. Food is the only segment where it’s allowed to sell directly to consumers.

The Seattle-based firm is the first global company to seek and get government nod to sell food made and packaged in India directly to consumers.

(Source: The Economic Times)

9. Khadim Raises Rs 157 Crore from Anchor Investors

Footwear maker and retailer Khadim India Ltd has raised Rs 157.5 crore by selling shares to institutional investors as part of its anchor book allocation today ahead of its initial public offering.

The shares were allocated at 13 anchor investors at the upper end of the price band at Rs 750 apiece. India’s second largest footwear brand by exclusive retail stores will sell shares at Rs 745-750 per share in the IPO.

(Source: BloombergQuint)