DECEMBER SALES
AI smartphone sales likely to be dull in India in 2024
AI-capable smartphones are projected to constitute only 4-5 per cent of the 152-156 million total smartphone shipments in India this year. Global estimates suggest they will make up 17 per cent of 1.2 billion handsets by 2024. Market experts view smartphones as an ideal platform for AI accessibility due to advancing hardware and software capabilities. However, high prices, starting at $600, may impede widespread adoption in India compared to other markets like China, South Korea, and Japan.
Visaman Global Sales shares list at a 5% premium over IPO price
Visaman Global Sales debuted on the NSE SME platform with a 4.88% premium on Monday, opening at Rs 45.10 compared to its issue price of Rs 43. Prior to its listing, the company's shares traded at a premium of Rs 13 in the unlisted market. The IPO, consisting entirely of fresh equity comprising 37.32 lakh shares, was oversubscribed by over 42 times.
Fairfax Group to sell a 9.72% stake in CSB Bank via block deal
FIH Mauritius Investments is likely to sell a 9.72% stake in CSB Bank on Thursday through block deals to raise about Rs 595 crore. According to the term sheet issued by the banker IIFL, FIH Mauritius is expected to sell 1.68 crore shares in the Kerala-based bank at a floor price of Rs 352.4 per share.
Visaman Global Sales IPO opens today: Check issue size, price band, GMP and other details
Visaman Global Sales IPO opened today to raise Rs 16.05 crore through a fresh equity issue. The company specializes in steel products and aims to utilize the funds for capital expenditure and working capital needs.
FMCG spends up 18% in two years due to inflation- Kantar
Consumers have increased their spending on daily essentials, groceries, and household products by 18% in the first quarter of 2024 compared to two years ago, according to a recent Kantar report. Despite a recent softening in commodity prices, the prices for these goods remain nearly a fifth higher.
EU electric car sales drop in May as German demand slumps, industry says
Sales of new battery-electric cars in the EU dropped 12% in May, led by a 30% plunge in Germany. The EU imposed provisional duties on China-made EVs, affecting Tesla's Model 3 price. Elon Musk's company recorded a 34.2% drop in May sales.
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As buyers diss cars, auto companies count on offers
Passenger car sales surged 8% to a record 4.22 mn units in FY24 but have moderated since amid the heat wave, a long election season and a high base. Going by current vehicle registration trends on the government's Vahan portal, June growth is expected to be either flat or negative. ET reported June 17 that inventory levels at dealerships across the country were at 55-60 days against the norm of 30 days seen at this time of the year.
US retail sales rise 0.1% in May; miss monthly expectations
US retail sales increased by 0.1% in May, lower gasoline prices affected service station receipts. Sales growth slowed due to high prices and interest rates, impacting discretionary spending. Banks tightened credit access for lower income borrowers struggling with loan payments.
Steam Sale: Check out complete schedule of upcoming sales in 2024
Steam's sales offer great deals on digital games. The next sale is the Next Fest June 2024 from June 10 to June 17. Key sales in 2024 include the Summer and Winter sales.
Robust housing demand helps in faster inventory liquidation
Residential property markets in the top seven cities - Mumbai, Delhi-NCR, Pune, Bengaluru, Chennai, Hyderabad and Kolkata - have witnessed a significant 31% decrease in the time taken to sell active unsold housing inventory, showed a JLL analysis.
India's top 7 cities see 31% decline in time to liquidate unsold housing inventory
According to him, time needed to sell the unsold inventory in the premium segment has dropped from 51 months in 2019 to 29 months in the first quarter of 2024, showcasing the strong sales momentum in this segment. Apartments belonging to ticket size category of Rs 3 crore and above, have also witnessed a 11% reduction in time to sell during the same time.
Online eats into offline; Agnikul defers rocket launch
The rapid adoption of quick commerce and food delivery apps is eating into the sales of retail, and quick service restaurants. This and more in today’s ETtech Top 5.
Urban Company announces fifth Esop sale programme worth Rs 203 crore
Existing investors Vy Capital and Prosus Ventures, and Dharana Capital, an offshoot of Vy Capital, will be purchasing a majority of these shares from both current and former employees
Telecom service sector's AGR up 1.8 pc to Rs 67,835 cr in Dec 2023 quarter: Trai data
The Adjusted Gross Revenue (AGR) of India's telecom service sector rose by 1.88% to Rs 67,835 crore in the December 2023 quarter, according to Trai's data. Year-on-year, the AGR increased by 7.84%. Access services accounted for 82% of the total AGR, with Bharti Airtel's AGR increasing by 3.2% to about Rs 20,480.6 crore, Reliance Jio's AGR climbing 2.7% to Rs 24,862.85 crore, and Vodafone Idea's AGR dipping 0.65% to about Rs 7,459 crore. Public Sector Undertakings' share in the Access AGR was 3.87% in the quarter.
UP emerges as top state in total vehicle sales in Oct-Dec 2023; Maharashtra 2nd: SIAM
Uttar Pradesh witnessed the highest number of three-wheelers sold in the quarter at 23,859 units, followed by Maharashtra (20,495), Gujarat (19,743) and Bihar (14,955). Similarly, in the two-wheeler category, Uttar Pradesh topped the list with a total of 6,73,962 units sold in the state, followed by Maharashtra (5,15,612), Madhya Pradesh (3,35,478) and Tamil Nadu (3,24,918).
Sony Dec Qtr Results: Profit rises 13% YoY to $2.4 billion on growing sales of music, games
Sales were robust across its diverse business lines, which include financial services, games and networking operations and entertainment businesses including music and movies. An increase in sales of image sensors for mobile products also helped boost the company's bottom line.
Nestle misses Street estimates in December quarter
The maker of Maggi noodles and KitKat chocolates, which follows a calendar year, said one-time service cost of ₹107.3 crore impacted profits.
December 2023 retail sales in India grow by 4%, marking a slow quarter despite festive season
India's retail sales in December 2023 grew by a modest 4% compared to the same period in 2022, with October and November showing 7% growth, resulting in a sluggish quarter for retailers. The Retailers Association of India (RAI) highlighted muted growth for many despite mid-month discounts and the wedding season.
Ecommerce clicks dip in December, triggering growth concerns
Across categories—from electronics and accessories to fashion and household items--there was a slowdown in December, a top industry executive said, adding the dip was steeper than usual after a festive month. The ongoing Republic Day sales, however, have brought some respite to online shopping platforms, with a spike in consumption demand as per early trends.
December dip in online sales; insurtech firms chart fresh growth paths
After an expected spurt during the festive season, ecommerce sales saw a larger-than-usual dip in December. This and more in today’s ETtech Morning Dispatch.
Domestic passenger vehicle sales rise 4% YoY at 2.86 lakh units in December: SIAM data
The total domestic Passenger Vehicle (PV) sales for December 2023 were recorded at 2,86,390 units as against 2,75,352 units sold in December 2022, data from Society of Indian Automobile Manufacturers (SIAM) showed. In the final month of 2023, the automakers sold 12,11,966 two-wheelers, while 50,537 three-wheelers were sold.
Vehicle registrations zoom 21% in December
This growth in monthly registrations was a sharp pickup from the previous two years when the numbers had dropped - by 5.4% in December 2022 and 16.6% in December 2021. It has been driven by robust supply of vehicles, better promotional offers and increased consumer appetite to buy new cars, according to industry insiders.
Auto retails jump 21% in December; CY23 growth in double digits: FADA
In December, automobile retail sales recorded a 21% YoY growth, as per data from the Federation of Automobile Dealers Associations (FADA). Two-wheelers (2W) witnessed a notable surge of 28%, three-wheelers (3W) grew by 36%, and passenger vehicles (PV) saw a steady increase of 3%. Tractor and Commercial Vehicle (CV) sales also rose by 0.2% and 1.3%, respectively.
Vehicle retail sales in India surge 21.14% in December, two-wheeler segment leads growth
According to data collected from the VAHAN portal of the Ministry of Road, Transport & Highways (MoRTH) by the Federation of Automobile Dealers Association (FADA), a total of 1,990,915 vehicles were sold last month. This represents a growth of 21.14% compared to the 1,643,514 units sold in the same period the previous year.
Honda Motorcycle and Scooter sales rise 27% to 3,17,123 units in December
Honda Motorcycle and Scooter India recorded a 27 per cent increase in total sales at 3,17,123 units in December 2023 as compared to 2,50,171 units in the year-ago period. Domestic sales were at 2,86,101 units last month, as compared to 2,33,151 units in December 2022, at a growth of 22.71 per cent, Honda Motorcycle and Scooter India (HMSI) said in a statement.
TVS Motor Company posts 25% jump in sales at 3,01,898 units in December
Two-wheelers sales were at 2,90,064 units in December 2023 as compared to 2,27,666 units in the same month last year, up 27 per cent, TVS Motor Company said in a statement.
M&M total auto sales up 6 pc at 60,188 units in Dec 2023
Mahindra & Mahindra Ltd recorded a 6 per cent growth in total automotive sales at 60,188 units in December 2023, as compared to the same month a year ago. Passenger vehicles sales this month was at at 35,174 units, as against 28,445 units in December 2022, up 24 per cent. Total automotive exports were down 41 per cent at 1,819 units last month, as compared to 3,100 units in December 2022.
Maruti Suzuki total sales down 1.28 pc at 1,37,551 units in Dec 2023
Total domestic sales, comprising passenger vehicles, commercial vehicles and third-party supplies, were at 1,10,667 units last month as against 1,17,551 units in the year-ago period, down 5.86 per cent, Maruti Suzuki India said in a statement. Overall domestic passenger vehicle (PV) sales stood at 1,04,778 units in December 2023 as compared to 1,12,010 units in the year-ago month, a fall of 6.46 per cent, it added. Sales of entry-level mini cars, comprising Alto and S-Presso, were lower at 2,557 units as compared to 9,765 units a year ago.
Bajaj Auto Dec sales rise 16 pc to 3,26,806 units
Total two-wheeler sales were at 2,83,001 units last month as against 2,47,052 units in the year-ago period, a growth of 15 per cent, it added. Domestic two-wheeler sales were at 1,58,370 units as compared to 1,25,553 units in the corresponding month a year ago, up 26 per cent, the company said.
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