Electronic gadgets top choice for e-tailers this R-Day sale
New Delhi : With the Republic Day online sale offering some great discounts entering its last phase, the nation's top e-taliers have seen a tremendous response from the customers for mobile phones and other electronic gadgets.
 
According to Snapdeal, the demand for mobile phones and accessaroies and other eletronic gadgets soared since it started its sale with a tagline "Republic of Savings" on January 21 for six days, offering discounts of up to 70 percent.
 
“The response from the public is fantastic for mobile phones ranging from Rs.10,000 like Lenovo A6000. With special offers on Nexus5, I-phone 5S and Micromax, sales are rising as Republic Day approaches,” Rahul Taneja, vice president (category management) of Snapdeal, told IANS.
 
“Apart from mobile phones, JBL headphones and Canon 1200D cameras, Boothtooth audio equipment and sound bass of JBL demand are rising,” Taneja stated as the Snapdeal sale ends on January 26.
 
Almost all the major e-retailers like Flipkart, Amazon, eBay, Myntra and Snapdeal have come up with their own themes on Republic Day.
 
Flipkart’s "Republic Day" three-day sale that was kicked-off on January 20 saw consumers buying heavily into electronic brands like Micromax, Lenovo, Samsung, Apple, Canon and Nikon.
 
According to Flipkart, it saw 30 percent growth in traffic with home appliances and large appliances among the top searched categories.
 
“Samsung Galaxy On5 and On7 sold close to a lakh units with 10 times spike in air fryers. Memory cards were the top-selling item with 300 percent growth in this segment,” a Flipkart statement said.
 
For Amazon, the "Great Indian Sale" that was spread across three days from January 21-23 saw great response.
 
“With this 72-hours marathon deals, our customers had a delightful time shopping in the New Year across a wide selection of products at best possible price-points," Samir Kumar, vice president with Amazon India, said.
 
The Amazon ‘Great India Sale’ had limited-time deal on brands like GoPro Cameras, ME Electronics and Ravensburger Puzzles.
 
According to Amazon, video games and music witnessed their biggest days in terms of units sold on first day of sale.
 
Customers also availed up to 7.5 percent off on HDFC bank debit and credit card on Flipkart.
 
On Amazon, customers enjoyed instant discounts on Amazon.in gift cards while Citibank credit card holders were given 10 percent cash back in addition to great savings during the sale.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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High-profile executives quit Twitter, major overhaul expected
New York : With some of the high-profile executives putting in their papers, Twitter is set for a major overhaul this week under Jack Dorsey, the new CEO of the micro-blogging site, to revive the company's fortune, media reported.
 
According to a report in the Wall Street Journal, the company’s head of engineering Alex Roetter and product chief Kevin Weil are departing, along with Katie Stanton, the company’s high-profile head of media who had informed the company of her intention to quit some time back.
 
With this, Dorsey is planning to bring in two board members this week in a bid to revive the company and earn the trust of investors.
 
Stanton’s team might be reorganised under chief operating officer Adam Bain and a new incoming chief marketing officer.
 
Dorsey, 39, who had also served as the chairman of Twitter in past, had told the company that he would return as the CEO on a condition that the entire eight-member board must be replaced.
 
Dorsey, who featured on 11th spot on Forbes’ list of “America's Richest Entrepreneurs Under 40 in 2015", is trying to revamp the company that had fallen into disarray under his predecessor, CEO Dick Costolo.
 
Frequent management changes, strategy shifts and a sinking stock price paralysed the company. Twitter failed to evolve its product in a way to appeal to the mainstream mass, resulting in a growth stunt and investor concern, the report said.
 
Dorsey, who officially took over as CEO on October 5 last year, has made several roster moves, including cutting jobs and naming Google’s former chief business officer, Omid Kordestani, as Twitter’s executive chairman.
 
Under Dorsey, Twitter has released a news curation feature “Moments” and reportedly the company is working to extend Twitter’s identifying 140-character limit to 10,000.
 
Twitter’s eight-person board includes venture capitalist Peter Fenton, Hollywood executive Peter Chernin and Silicon Valley business executive Peter Currie.
 
The board also includes Evan Williams, who co-founded Twitter along with Dorsey and is one of the largest individual owners of Twitter stock.
 
Investors will be looking forward to Twitter as the company is expected to announce its fourth-quarter earnings on February 10, the reports added.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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USL investors blame management for net worth erosion
Bengaluru : Blaming the new management for the company's net worth erosion, many shareholders of United Spirits Ltd (USL) on Friday questioned the resolution to declare it sick under the Sick Industrial Companies Act (SICA).
 
Though USL chairman Vijay Mallya and full-time directors did not attend the extra-ordinary general meeting (EGM), a secret ballot was conducted to seek shareholders' approval on the controversial resolution for referring it to the state-run Board for Industrial and Financial Reconstruction (BIFR).
 
"Result of the secret ballot will be notified to the stock exchanges by January 25 through a regulatory filing," non-executive independent director D. Sivanandan, who chaired the EGM, told reporters later, as media was not allowed to witness the noisy proceedings.
 
The city-based company informed the BSE on December 29 about the EGM to seek investors' approval for declaring itself sick due to erosion of its net worth during the last four fiscal years, as decided by its board on December 22.
 
Net worth of a company is the value of its assets excluding liabilities, including its debt portion.
 
USL is the Indian subsidiary of the London-based British liquor major Diageo plc after it acquired majority stake (54.7 percent) from Mallya's controlled United Breweries Holdings Ltd and public stock in the open market.
 
As the net worth declined to Rs.846 crore for fiscal 2014-15 owing to a whopping Rs.5,045 crore accumulated losses, the board had decided to report the erosion to BIFR as required under section 23 of the SICA, 1985.A
 
According to company sources, about 130 shareholders were present at the meeting to cast their votes in physical ballot, as electronic voting was held on Thursday. Results of electronic and ballot voting will be published by Monday.
 
"The new board under Diageo has failed to manage our company and turned it 'sick'. Those responsible for this should be held responsible for net worth erosion,a one of the shareholders said at the meeting.
 
Other investors wanted the new management to chalk out a rescue strategy to recover the losses and restore the net worth, which has seen 86 percent erosion.
 
Responding to a volley of queries by agitated shareholders, chief financial officer Sanjeev Churiwala denied that the company was sick and claimed the net work had increased to Rs.1,667 crore from Rs.845 crore last fiscal, after factoring profits for first half (April-September) of this fiscal 2015-16.
 
"The resolution is a statutory requirement we are fulfilling by reporting net worth erosion to BIFR," Churiwala asserted.
 
The CFO also assured the shareholders that the company had taken steps to recover losses and about Rs.30 crore had been recovered till recently.
 
"There is no reason for shareholders to worry about the company's health," Churiwala added.
 
The company's blue chip scrip of Rs.10 face value closed at Rs.2,760 per share at the close of trading on the BSE, up 3.04 percent over Thursday price./Eom/480 words.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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