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Posted On:
01-08-2024

Amazon claims to deliver 50% of Prime member orders on same or next day

Amazon India claims to have delivered 50 per cent of orders of its Prime membership users within same day, next day or faster. The company charges Rs 299 per month or Rs 1,499 annually for Prime membership. It offers free or discounted delivery to Prime members for delivering order on same day, next day or as per scheduled time. "In India, so far in 2024, nearly 50 per cent of all Prime member orders across a wide selection of products from eye liners to baby products, to garden tools, to watches, to phones, have arrived the next day, same day, or faster," Amazon said in a statement. "We've leveraged the power of machine learning to expand selection of products, and recommended sellers to move selection closer to customers for them to order and re-order consistently," the statement said. Amazon India has fulfilment centres across 15 states, sortation centres across 19 states working with over 1,950 delivery stations operated by Amazon and local entrepreneurs, and 28,000 third-party delivery partners.
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Posted On:
02-08-2024

Irdai levies Rs 2 cr penalty on HDFC Life Insurance for violating norms

The Insurance Regulatory and Development Authority of India (Irdai) has imposed a penalty of Rs 2 crore on HDFC Life Insurance for violating norms. The penalty must be paid within 45 days from the receipt of the order, and additional directives have also been issued. The Insurance Regulatory and Development Authority of India (Irdai) has imposed a penalty of Rs 2 crore on HDFC Life Insurance for violating norms. The penalty must be paid within 45 days from the receipt of the order, and additional directives have also been issued. The regulator directed the life insurer to review its vendor management agreements and carry out due diligence before entering into outsourcing contracts. The company must also submit a detailed action plan to the regulator on outsourcing contracts and other violations.
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Posted On:
02-08-2024

Toyota's profit increases 17% to $8.70 bn in Q1 but shares tumble

Toyota Motor posted a 17 per cent increase in first-quarter profit on Thursday, as cost-cutting and a weaker yen helped offset lower sales and a decline in production at home. The world's top-selling automaker said operating profit for the three months through June totalled 1.3 trillion yen ($8.70 billion), matching the average of six analyst estimates compiled by LSEG. But with that growth being the weakest in seven quarters, the results disappointed investors who had been betting the automaker would knock the lights out. Shares in Toyota, which declined more than 5 per cent before earnings were released, extended losses and were down 8 per cent at 2,712 yen as of 0529 GMT. Toyota has been on a record profit run that has boosted its share price. But its outlook has been complicated by a tough market in China and the fall-out from a certification scandal. "Despite the inability to maintain stable production in Japan due to factors such as certification issues and recalls, we achieved an increase in profit thanks to the support of all our stakeholders," Toyota said in a statement.
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Posted On:
03-08-2024

Myntra CEO Sinha gets additional responsibility to lead Flipkart Fashion

Nandita Sinha, chief executive officer of online fashion retailer Myntra, will be assigned to take additional responsibility for Flipkart Fashion alongside her current role. Arief Mohamad, the vice president and head of Flipkart Fashion, is leaving the e-commerce company after spending nine years at the firm, according to sources. “The fashion landscape is continuously evolving and we are committed to enhancing the value proposition for our fashion-forward customers. Nandita Sinha, CEO, Myntra, will take additional responsibility of leading Flipkart Fashion alongside her current role at Myntra,” said a Flipkart Group spokesperson. A seasoned leader and group veteran, Sinha has been instrumental in driving the growth of numerous businesses within the Flipkart ecosystem. Under her leadership, the company said Myntra has solidified its position in the fashion industry while also paving its path for the next phase of growth. Flipkart Fashion and Myntra will continue to operate independently under Sinha’s leadership as she guides the broader strategic direction for fashion. Myntra had announced the appointment of Nandita Sinha as CEO effective January 1, 2022. Sinha joined Myntra from group company Flipkart, where, as vice president, customer growth and marketing, she was leading the overall charter for marketing.
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Posted On:
03-08-2024

Apple achieves record revenue in India, Mac sales rise: CEO Tim Cook

Apple touched a record revenue target in India along with a dozen other countries during the quarter ending June 2024, said CEO Tim Cook during the company's earnings call on Friday. “Today, Apple is reporting a new June quarter revenue record of $85.8 billion, up 5 per cent from a year ago and better than we had expected. EPS grew double digits to $1.40 and achieved a record for the June quarter. We also set quarterly revenue records in more than two dozen countries and regions, including Canada, Mexico, France, Germany, the UK, India, Indonesia, the Philippines, and Thailand,” said Cook. Apple CFO Luca Maestri further highlighted the strong performance for Mac products in emerging markets, including India, during the call. “Mac generated $7 billion in revenue, up 2 per cent year-over-year, driven by the MacBook Air powered by the M3 chip. We saw particularly strong performance in our emerging markets, with June quarter records for Mac in Latin America, India, and South Asia,” said Maestri.
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