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India’s E-Commerce Market Size Likely To Expand To $111 Bn By 2024: Report

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The report stated that India’s social commerce gross merchandise value (GMV) is expected to reach USD 20 billion by 2026, with a potential reach of USD 70 billion by 2030

The India e-commerce market size is estimated to be USD 75 billion in 2022 and has the potential to expand to USD 111 billion by 2024 and USD 200 billion by 2026, with a compound annual rate growth (CAGR) of 20 to 22 per cent, as per a data released by InGovern Research Services.

The report stated that India’s social commerce gross merchandise value (GMV) is expected to reach USD 20 billion by 2026, with a potential reach of USD 70 billion by 2030.

It said that the Indian e-commerce industry has been driven by increasing mobile phone adoption. 

As of 31 October 2022, there are 1,143 million mobile connections with 625 million urban and 518 million rural connections.  

Amazon and Flipkart account for more than 60 per cent of the Indian e-commerce market.

Amazon India has over 10 lakh sellers on its e-commerce platform. Amazon started in India in 2013 with 100 sellers and has grown to be the preferred online destination for sellers across India. 

Also, Flipkart, a marketplace, hosts 4.2 lakh sellers on its platform. 

“For long a duopoly, there is now increasing competition from new entrants like Meesho, Nykaa, etc and Indian giants like the Tata group and Reliance group who are slowly increasing their presence in e-commerce,” it said.

Notably, the Indian e-commerce industry is controlled by stringent regulatory measures to prevent monopolistic and anti-competitive behaviour and control unfair trade practices.

“The online retail market in India is estimated to be 25 per cent of the total organized retail market and is expected to reach 37 per cent by 2030,” as per the data. 

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Ministry Data Reveals That Employment Market Has Recovered From Covid Jolt

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While the unemployment rate from July 2022 – September 2022 stood at the level of 7.2 per cent compared to 8.3 per cent in July 2019 -September 2019. This was stated in an official communique by the ministry

The Ministry of Statistical and Programme Implementation (MoSPI) has released the official data on “Employment–Unemployment” on Wednesday, based on the Periodic Labour Force Survey (PLFS). The data shows that the worker population ratio, i.e. employment for persons aged 15 years and above, was at the level of 44.5 per cent during July 2022 – September 2022, compared to 43.4 per cent during the same quarter in 2019. While the unemployment rate from July 2022 – September 2022 stood at the level of 7.2 per cent compared to 8.3 per cent in July 2019 -September 2019. This was stated in an official communique by the ministry.

The PLFS data also indicates that the employment market has not only recovered from the jolt of the Covid-19 pandemic, but also is currently at a higher level that the pre – pandemic times. The latest Annual PLFS report is available for the survey period July 2020 to June 2021 for estimates at all India levels. The quarterly PLFS report is also released by the Ministry of Statistics and Programme Implementation for Urban areas. The quarterly reports are available from July – September 2022.

fintech

Global Crypto Market Cap Falls To $989.90 Billion

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The market presence of bitcoin declined 0.34 per cent during the day to 38.85 per cent of the crypto market

Most cryptocurrencies have seen a decline on Thursday. The global crypto market cap has fallen by 0.71 per cent to USD 989.90 billion during the previous day. At the same time, the total crypto market volume has decreased by 22.82 per cent to USD 78.22 billion in the last 24 hours.

Total volume in Decentralised Finance (DeFi) currently stands at USD 5.86 billion, which is 7.50 per cent of the total 24-hour volume of the crypto market. At the same time, the volume of all stablecoins is now USD 73.08 billion, which is 93.48 per cent of the total 24-hour volume of the crypto market.

The price of Bitcoin, the world’s largest and popular cryptocurrency by market capitalisation, has declined 0.45 per cent to Rs 17,30,000 during the last 24 hours. The market presence of bitcoin declined 0.34 per cent during the day to 38.85 per cent of the crypto market.

At the same time, Ethereum has fallen 1.09 per cent to Rs 1,35,500. Whereas, Tether has gained 0.68 per cent to Rs 84.78 in 24 hours. On the other hand, Cardano is trading down 1.68 per cent at Rs 39.2278.

On the other hand, Binance Coin has fallen 0.86 per cent to Rs 22,900. Talking about XRP, this cryptocurrency has seen a decline of 0.68 per cent during the last 24 hours. This cryptocurrency is currently present at Rs 27.8056. At the same time, the prices of Polkadot have come down by 2.74 per cent to Rs 590 in the last day. Whereas, Dogecoin is trading at Rs 5.1356 with a jump of 0.3 per cent.

Apart from this, a big jump is being seen in the hacking of cryptocurrencies. There has been a 60 per cent increase in hacking incidents. This figure is for the first 7 months of this year. Hacking has cost USD 1.9 billion (about Rs 16000 crore). The incidents of theft of funds from the Decentralised Finance (DeFi) protocol have seen a huge increase.

This report was released by blockchain analysis firm Chainalysis on Tuesday. In the same period last year, hackers stole USD 1.2 billion worth of cryptocurrency. That is, an increase of almost double in such incidents has been seen in a year.

economy

ITC’s Market Valuation Rebounds To ₹4 Lakh Crore After 5 Years

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The company’s market capitalization last surpassed Rs 4 trillion on July 14, 2017, when it reached Rs 4.10 trillion on a closing level basis.

 Imperial Tobacco Company of India Limited (ITC), India’s largest cigarette manufacturer and second-largest fast-moving consumer goods (FMCG) business, recovered a market capitalization of Rs 4 trillion on Friday as the stock’s climb on the bourses continued.

The share price of ITC has touched a five-year high of Rs 323.15 in intraday trade today, rising 1.75 percent on the BSE amid expectations of robust earnings growth. The stock has increased by 50 percent in the last six months, compared to a 6 percent increase in the S&P BSE Sensex. The company has gained 47 percent so far in the calendar year 2022 compared to a 0.54 percent loss in the benchmark index.

According to BSE, ITC’s market valuation reached Rs 4.01 trillion at 2:17 pm before the market closed. The stock was up 1.75 percent at Rs 323.15, while the Sensex was up 0.06 percent. The counter experienced a surge in activity with average trading volumes more than tripling when compared to the previous 10-day volume. At the time of writing, a total of 21.23 million equity shares had traded on the NSE and BSE.

However, the company’s market capitalization last surpassed Rs 4 trillion on July 14, 2017, when it reached Rs 4.10 trillion on a closing level basis. ITC declared a record high market valuation of Rs 4.16 trillion on 3 July 2017. On the same day, the stock reached an all-time high of Rs 353 per share.

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Crypto Derivatives Volumes Surge To $3.12 Tn In July: CryptoCompare

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The derivatives market now makes up 69 per cent of total crypto volumes

Cryptocurrency derivatives trading on centralised exchanges rose to USD 3.12 trillion in July, a 13 per cent monthly increase, researcher CryptoCompare said on Thursday, as crypto prices show signs of recovery from the recent market crash.

The derivatives market now makes up 69 per cent of total crypto volumes, up from 66 per cent in June, and helped push overall crypto volumes on exchanges to USD 4.51 trillion in July, CryptoCompare said.

Derivatives exchanges traded as much as USD 245 billion on July 29, 9.7 per cent more than June’s top daily high of USD 223 billion.

But spot cryptocurrency trading edged lower to USD 1.39 trillion in July, a 1.3 per cent monthly decline and the lowest since December 2020, CryptoCompare said.

The crypto market plunged in May and June as worries about high inflation and Federal Reserve interest rate hikes prompted investors to ditch risky assets. Following the collapse of a major pair of tokens, some cryptocurrency lenders froze customer withdrawals, and several crypto firms have cut jobs.

Prices have partly recovered, with bitcoin gaining 17 per cent in July. At around USD 24,300, it is still a far cry from its all-time high of USD 69,000 in November.

“The rise in derivatives trading volume indicates an increase in speculative activity as traders believe there is room for further upside in this rally,” CryptoCompare said, noting that there is no US Federal Reserve meeting in August.

Traders are also speculating on the upcoming Ethereum merge, CryptoCompare said, referring to an upgrade of the Ethereum network which is expected in September. read more

Ether has risen to around USD 1,900 from its June low of USD 880.

BinanceUSD – a stablecoin issued by crypto exchange Binance – became more prominent in July, CryptoCompare said, with spot volumes for bitcoin-to-BinanceUSD trades overtaking bitcoin-to-dollar for the first time.

Binance held on to the top spot among exchanges, with 54 per cent of the market share, while Atom Asset Exchange (AAX) became the second largest, with volume rising 26.5 per cent in July.

On Tuesday US exchange Coinbase reported a larger-than-expected quarterly loss, with trading volumes having more than halved in the second quarter of 2022.

(Reuters)

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Reckitt Contributes Rs 7,880 Crore To India’s GDP In 2021

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India is among the top three markets for Reckitt, earlier known as Reckitt Benckiser

Anglo-Dutch multinational consumer goods company Reckitt has contributed 775 million pounds (Rs 7,880 crore) to India’s Gross Domestic Product (GDP) in 2021 and supported over 69,000 jobs, said a report from Oxford Economics. India is among the top three markets for Reckitt, earlier known as Reckitt Benckiser, and owns popular household brands such as Dettol, Lysol, Harpic, Durex, Veet and Strepsils.

Oxford Economics, which has published its independent analysis of the economic impact of Reckitt in India said it is a “high GDP multiplier”. “Reckitt has a GDP multiplier of 2.5, almost double that of the average chemical and pharmaceutical manufacturing company in India,” it said, adding, “That means for every Rs 1 million (Rs 10 lakh) in GDP Reckitt generated in 2021, its expenditure on inputs and wages stimulated an additional Rs 1.5 million in the local economy.”

The GDP of India in the financial year ended on March 31, 2022, was at Rs 147 lakh crore. Besides, over 95 per cent of Reckitt’s local procurement is with suppliers in India. Adrian Cooper, CEO of Oxford Economics, said: “Our research demonstrates the significant contribution that a large and successful global company like Reckitt can make to the Indian economy.”

Reckitt CEO Laxman Narasimhan said India is a great source of talent for his business and the local supply chain is key to success. “In line with the government’s ‘make in India’ campaign, 95 per cent of Reckitt’s local procurement is with Indian suppliers,” he added. Oxford Economic Papers is a global economic forecasting firm.

(PTI)

Sebi

LIC Mutual Fund Eyes Collecting Rs 1,000 Cr

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The new money market fund is the first from the company in many years and is among the first to launch a new scheme after the three-month Sebi ban on new launches ended on July 1

LIC Mutual Fund is targeting to collect Rs 1,000 crore from its new money market fund launched on Wednesday. The new fund is an open-ended debt scheme that facilitates investing in money market instruments, it said in a statement. Nityanand Prabhu, executive director and business head of LIC MF, told PTI that it has set an internal target of garnering at least Rs 1,000 crore from the scheme during the primary subscription period. The fund, targeted mainly at corporate investors, is open for two days from Wednesday for the subscription. It will reopen on August 3, Rahul Singh, a senior fund manager — fixed income & a vice-president at LIC Mutual Fund, said.

Prabhu said the fund launch comes at an appropriate time as spreads between corporate bonds and the repo rate are retracing towards their mean of 1.07 per cent, making money market funds a favourable option to invest. The fund proposes to invest in money market securities having up to one-year maturity, along with an option to invest in both sovereign and money market instruments to arrive at an optimum asset allocation between the asset classes, Singh said. Earlier this month, LIC AMC chief executive TS Ramakrishnan had told PTI that the fund house is on an aggressive growth path expecting to gain from IDBI MF’s merger and new fund launches, which should help grow its AUM by over 70 per cent to Rs 30,000 crore by March.

The company had closed FY22 with around Rs 17,500 crore in assets under management. The new money market fund is the first from the company in many years and is among the first to launch a new scheme after the three-month Sebi ban on new launches ended on July 1. The company will soon be launching new schemes this fiscal, including a Rs 500 crore multi-cap equity fund. Currently, LIC MF’s asset under management is around Rs 17,500 crore.

(PTI)

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Oil Price Rises For Second Day

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Market sentiments are swaying between the concerns about the supply-side instability and the expectations for weaker fuel demand under the downward pressure of global economy

Oil prices rose on Tuesday for a second day on increasing concerns about tightening European supply after Russia, a key oil and natural gas supplier to the region, cut gas supply through a major pipeline. Brent crude futures for September settlement rose USD 1.66, or 1.6 per cent, to USD 106.81 a barrel by 0618 GMT, extending a 1.9 per cent gain in the previous day. U.S. West Texas Intermediate (WTI) crude futures for September delivery increased USD 1.47, or 1.5 per cent, to USD 98.17 a barrel, having gained 2.1 per cent on Monday.

Russia tightened its gas squeeze on Europe on Monday as Gazprom said supplies through the Nord Stream 1 pipeline to Germany would drop to just 20 per cent of capacity. Russia’s cut in supplies will leave countries unable to meet its goals to refill natural gas storage ahead of the winter demand period. Germany, Europe’s biggest economy, faces potentially rationing gas to industry to keep its citizens warm during the winter months.

This could prompt end-users to swap their gas for oil products, particularly diesel. But this also carries risks since Russia supplies most of the region’s diesel fuel and prices for drivers who depend on the fuel are expected to rise. “Higher gas prices, triggered by Russia’s gas squeeze, could lead to additional switching to crude from gas and support oil prices,” said Hiroyuki Kikukawa, general manager of research at Nissan Securities. 

Europe’s crude, oil product and gas supplies have been disrupted by a combination of Western sanctions and payment disputes with Russia since its Feb. 24 invasion of Ukraine, which Moscow calls a “special military operation.” Still, falling demand because of recent high crude and fuel prices and the expectation of an increase in interest rates in the United States have put pressure on prices.

“A tug-of-war between concerns about weakening demand due to the economic slowdown amid rising U.S. interest rates and fears of supply risk because of prolonged Russia-Ukraine conflict will likely to continue for some time,” Kikukawa said, predicting WTI to trade in a range around USD 100 a barrel. The US central bank is widely expected to raise interest rates by 75 basis points at the conclusion of its policy meeting on Wednesday. That increase may reduce economic activity and thus impact fuel demand growth. Market sentiments are swaying between the concerns about the supply-side instability and the expectations for weaker fuel demand under the downward pressure of global economy, said analysts from Haitong Futures.

The gap between European and international oil benchmark Brent and U.S. benchmark WTI has widened to levels not seen since June 2019 as easing gasoline demand in the United States weighs on U.S. crude while tight supply supports Brent. “Despite the price discount … both contracts have futures curves that remain in deep backwardation, signalling that prompt physical supplies remain tight,” wrote Jeffrey Halley, senior market analyst from OANDA, in a note. “Russia remains the wild card in the energy space, supporting prices, a situation unlikely to change anytime soon.” Prompt Brent inter-month spreads reached USD 5 a barrel on Tuesday, their highest level in three weeks. In a backwardated market, front-month prices are higher than those in future months.

(Reuters)

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Adani Wilmar Cuts Prices Of Edible Oil

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The stocks with new prices will reach market soon.

Edible oil firm Adani Wilmar, which sells its products under Fortune brand, on Monday announced reduction in cooking oil prices by up to Rs 30 per litre amid fall in global prices. The maximum reduction has been done in soyabean oil. The stocks with new prices will reach market soon. On February 7, Mother Dairy, which sells edible oils under the Dhara brand, had cut prices of soyabean and rice bran oils by up to Rs 14 per litre. The food ministry had called a meeting on July 6 to discuss edible oil prices and directed edible oil firms to pass on the benefits of fall in global cooking oil prices to consumers.

“In continuation to the global price reduction and the government’s effort to pass on the benefits of reduced edible oil prices to consumers, Adani Wilmar has further slashed edible oil prices from the last month’s reduction effected by the company,” a company statement said. Fortune soyabean oil price has been revised to Rs 165 per litre from Rs 195 per litre. The sunflower oil rate has been revised to Rs 199 per litre from Rs 210 per litre. Mustard Oil MRP (maximum retail price) has been cut to Rs 190 per litre from Rs 195 per litre.

Fortune rice bran oil price has been revised downwards to Rs 210 per litre from Rs 225 per litre, while the MRP of groundnut oil has been cut to Rs 210 per litre from Rs 220 per litre. The price of Raag vanaspati has been reduced to Rs 185 per litre from Rs 200 per litre and that of Raag palmolein oil to Rs 144 per litre from Rs 170 per litre. “We have passed on the benefits of global price reduction to our consumers and the stocks with new prices will reach market soon,” said Angshu Mallick, MD & CEO, Adani Wilmar.

“Our products …will be available at reduced costs to our consumers. This step will certainly boost demand for the upcoming festive season,” he added. The steep reduction in oil prices comes in the wake of global prices falling sharply, the company said. Adani Wilmar is one of the fastest-growing FMCG companies in the country. Besides a range of edible oils, its offerings include rice, atta, sugar, besan, ready-to-cook khichdi, soya chunks, and others.

Source: freepik.com

Eight of top 10 firms add Rs 1.81 lakh cr in m-cap; HUL tops chart

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ICICI Bank’s valuation jumped Rs 35,956.8 crore to reach Rs 5,25,656.96 crore

Eight of the 10 most valued domestic firms together added Rs 1,81,209.89 crore in market valuation last week, with Hindustan Unilever emerging as the biggest gainer. Last week, the BSE benchmark Sensex advanced 1,573.91 points or 2.97 per cent. From the top-10 pack, Reliance Industries and Tata Consultancy Services (TCS) were the only laggards. Among the winners, Hindustan Unilever Ltd (HUL) added Rs 50,058.05 crore, taking its valuation to Rs 5,86,422.74 crore.

ICICI Bank’s valuation jumped Rs 35,956.8 crore to reach Rs 5,25,656.96 crore. The market valuation of HDFC Bank advanced Rs 23,940.12 crore to Rs 7,75,832.15 crore and that of Life Insurance Corporation of India (LIC) climbed Rs 19,797.24 crore to Rs 4,47,841.46 crore. The market capitalisation (m-cap) of State Bank of India (SBI) went higher by Rs 19,232.55 crore to Rs 4,35,922.66 crore and that of Infosys jumped Rs 15,126.4 crore to Rs 6,37,033.78 crore. Bharti Airtel’s valuation moved up by Rs 12,000.08 crore to Rs 3,81,833.20 crore and that of HDFC climbed Rs 5,098.65 crore to Rs 4,06,213.61 crore.

In contrast, the m-cap of TCS declined by Rs 18,770.93 crore to Rs 11,94,625.39 crore. The country’s largest software exporter TCS on Friday reported a 5.2 per cent rise in June quarter net profit to Rs 9,478 crore. The results were declared post market hours. The valuation of Reliance Industries went lower by Rs 11,805.14 crore to Rs 16,17,879.36 crore. In the ranking of top-10 firms, Reliance Industries remained the most valued firm, followed by TCS, HDFC Bank, Infosys, HUL, ICICI Bank, LIC, SBI, HDFC and Bharti Airtel.

PTI

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