The digital gift codes act as payment instruments for making ecommerce purchases and alternatives to other conventional means of payment. Besides gifting, customers can also use them for self-consumption on Flipkart.com
Online retailer Flipkart on Tuesday announced a strategic partnership with Euronet India, an electronic transaction processing and payment solutions, to distribute digital gift codes to customers across the country.
In a joint statement, the companies said, “Indian consumers across major banks will soon be able to use their online-banking portals and mobile banking applications to purchase digital codes which can be delivered instantly via their email accounts or through a text message in a secure fashion, using Euronet’s world class electronic transaction processing services”.
Customers can register on the bank’s website and secure a digital code, which can be used to make purchases on Flipkart. Customers can use the digital codes for gifting purpose too.
“These digital gift codes act as payment instruments for making e-commerce purchases and as effective alternatives to other conventional means of payment. The customer will not just be able to gift these codes, but also use them for self-consumption on Flipkart.com,” the statement said.
Himanshu Pujara, Managing Director of Euronet India, said, "E-commerce is an exploding business category...This solution is now live with one of the largest private sector banks in the country and is expected to go live with a few more over the next couple of months."
Mausam Bhatt, Sr Director - Marketing, Flipkart said, "Gift cards is a growing category in India and we are happy to have Euronet as one of our partners in this space. Indian customers will now be able to avail of this extremely user friendly instrument to purchase products and services offered on flipkart.com using a variety of unique bank channels that Euronet powers today. This initiative will not just help in bringing new customers on-board but can also potentially bring greater efficiency and scale in existing operations.”
Nomura said it believes that the soft patch of data in passenger vehicles and two-wheelers should be seen as a consolidation phase before the next upmove. It remains upbeat on strong volume growth recovery across industry segments in FY16
Auto volumes during October 2014 remained soft with both car and two-wheeler sales declining. However, medium and heavy commercial vehicles (MCHVs) volumes picked up quite strongly in October, which according to Nomura was a positive surprise.
"Overall, MHCV industry volumes picked up quite strongly in October – industry volumes were up 27% compared to our estimate of 14% growth. After a few months of consolidation, the upmove in SAAR is clearly visible and now points to a 14% y-y growth in FY15F. This implies about 30% growth in second half of FY15F in comparison to 1% volume decline in first half," Nomura said in a note.
All original equipment manufacturers (OEMs) reported stronger than-expected volume growth during October 2014. Tata Motors' domestic HMCV volumes increased by 30%), Ashok Leyland’s volumes were up 43% and Eicher’s CV volumes were down 5% while seasonally adjusted annualized rate (SAAR) was indicating around 10% decline. Nomura said, "With improvement in economic growth, we expect MHCV industry volumes to see further improvements in the coming months."
Volumes in other auto segments were soft in this month – car industry volumes declined by 4% and two-wheeler industry volumes were down 4%. Nomura said, "We believe that the soft patch of data in passenger vehicles (PVs) and 2Ws should also be seen as a consolidation phase before the next up move. Overall, we remain upbeat on strong volume growth recovery across industry segments in FY16F."
Maruti Suzuki India Ltd (MSIL) domestic car volumes increased by 1% in October. As per the company, production was impacted due to higher number of holidays – there were only 19 working days in October 2014 compared with 24 days same month last year. Further, complete product ramp-up of new Alto K10 has not yet happened. Retail sales for MSIL were strong at 1.08 lakh units, up 10% with inventory levels below four weeks currently.
Among unlisted OEMs, Hyundai and Honda reported decent numbers with volume growth of 6% and 19% y-y,respectively, while other OEMs such as Ford, GM continue to see steep declines.
Most of the two-wheeler OEMs reported weaker-than-expected volumes. Hero MotoCorp (HMCL)’s volumes declined by 8%. Honda Motorcycles and Scooters India Ltd (HMSI)’s volumes were flattish as bike volumes declined by 6% while scooter volumes were up 6%. Bajaj Auto’s domestic bike volumes were down 13%. TVS had a strong month with domestic two-wheeler volumes up 18% led by strong scooter volumes.
A CBI official said that the arrests were made “on allegations of criminal conspiracy, cheating and diversion of funds”
The Central Bureau of Investigation (CBI) arrested Ramchandra Hansdah, a Biju Janata Dal (BJD) member of Parliament; Hitesh Kumar Bagarti, ex-MLA from the Bharatiya Janata Party; and Subarna Naik, ex-MLA from the BJD. The arrests were made in connection with the Nabadiganta group case, one of several chit fund scam cases in Odisha. A CBI official said that the three were arrested “on allegations of criminal conspiracy, cheating and diversion of funds”.
CBI officials familiar with the matter told journalists that the three leaders were former directors of Nabadiganta Capital Services Ltd, a ponzi group. CBI has been probing the activities of 44 ponzi companies in the state which allegedly duped thousands of investors of their money.
A few days back, the central agency had arrested BJD MLA Pravat Tripathy for his alleged involvement in the Artha Tatwa Group case in Odisha.