A look at the headlines in the sector right now:
- Amazon invests another Rs 2,900 crore in its India unit, raises the stakes in battle with Flipkart: The e-commerce behemoth had lost out to its Indian rival Flipkart during the festive season.
- Shampoos, chocolates, kitchen staples cheaper as new GST rates come into effect today: The Goods and Services Tax Council on November 10 lowered the levy on more than 200 items.
- Sensex, Nifty close lower for third consecutive day: Poor quarterly earnings by a few blue-chip companies and falling metal stocks contributed to the decline.
- India’s export drops by over 1%, trade deficit widens to near 3-year high: Experts said that this decline in exports was expected as exporters were facing a shortage of funds after paying GST for four months without any refund.
- Nearly 3.4 lakh Indians are among top 1% of the world’s richest, finds Credit Suisse: Some 92% of the adult population in India has assets worth less than $10,000 (around Rs 6 lakh), according to the Global Wealth Report.
- Smartphone shipments reach record high in India, Xiaomi joins Samsung as most popular brand, says report: There was a 40% quarterly growth of cell phone shipments in India, buoyed by online Diwali sales.
- OnePlus users say pre-installed app allows easy root-level access to phone, company to fix it: The Chinese firm said it would remove the root function from the EngineerMode app in an upcoming update.