Future Group, which had entered into a Rs 24,713-crore deal with billionaire Mukesh Ambani-led Reliance Industries to sell its retail business, has also received large orders from Jio Mart that is helping the retail major chart a strong comeback.
Sales to normalise by January-end, getting orders from Jio Mart: Future Group CEO Kishore Biyani
Biyani said that Future Group - which operates popular retailing formats like Big Bazaar, FBB, Central and Nilgiris - has seen sales touching almost 60 per cent of the pre-COVID levels.
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NEW DELHI: Future Group expects normal sales to return for its retail vertical by the end of January, almost a year after the business was severely hit by pandemic-related disruptions, its founder and Group CEO Kishore Biyani said.
Speaking to PTI, Biyani said that Future Group - which operates popular retailing formats like Big Bazaar, FBB, Central and Nilgiris - has seen sales touching almost 60 per cent of the pre-COVID levels and that business has normalised to a great extent . He added that stocks in the stores are also almost up to 80 per cent of what they were before the pandemic.
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India has been on an unabated growth trajectory - supported by a Gross Domestic Product (GDP) of nearly US$11.5 trillion (S$15.9 trillion). India is also the world’s third largest economy after China and the United States, according to 2019 International Monetary Fund estimates. Rising affluence and growing urbanisation in India has attracted investors who are keen to tap on India’s elite and affluent households - two of the fastest-growing income segments in the country, expected to double to 16 percent of the population by 2025. The rapid growth of India has not stopped despite the COVID-19 pandemic. Indeed, the authors continue to observe increasing number of investments in tech-related start-ups in India by foreign venture capital funds and inst
The Delhi high court recently upheld the proposed merger of Future Retail Limited (FRL) with Reliance Retail Ventures Limited (RNRL), following a challenge by Amazon. It has also allowed Amazon to continue opposing the merger in appropriate legal forums.
Markets likely to be volatile; Tata Group, Future Retail, Bajaj Finance in focus
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On Tuesday the BSE Sensex ended at 48,437.78, up 260.98 points or 0.54%. (Photo: Mint)
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Indian stocks are likely to be volatile on Wednesday, while trends in SGX Nifty suggest a flat opening for the benchmark share indices. On Tuesday the BSE Sensex ended at 48,437.78, up 260.98 points or 0.54%. The Nifty closed at 14,199.50, up 66.60 points or 0.47%.
Asian stocks were mixed in the early trade as investors anxiously awaited results of US runoff elections that would determine the legislative balance of power in the world s largest economy while oil prices rose on news of planned output cuts.