Flipkart eyes stake in the Aditya Birla Fashion for Rs 1,500 cr
Flipkart is buying 7.8% stake in Aditya Birla Fashion for Rs 1500 crore at Rs 205 per share. On completion of this transaction, Aditya Birla Fashion would have successfully executed a capital raise of Rs 2500 crore since April 1, 2020, despite the challenging macroeconomic conditions since the onset of COVID 19.
Aditya Birla Fashion said it will use this money to strengthen its balance sheet and accelerate its growth trajectory. The company plans to aggressively scale-up its existing businesses where it holds strong, market-leading positions and increasing presence in emerging high-growth categories such as innerwear, athleisure etc.
Nestle India clocks double-digit sales growth in Q3 of 2020
FMCG major Nestle India announced its plans to invest Rs 2,600 crore over the next three to four years to augment its manufacturing capacity in the country. The company saw a robust 10.23% growth in its domestic sales in the July-September quarter.
This quarter was boosted by double-digit growth in the in-home consumption of its key brands such as Maggi Noodles, Maggi Sauces, Kitkat, Nestle Munch, Nescafe Classic and Nescafe Sunrise.
Nestle has handled the lockdown well as it compensated its revenue losses in some segments with its in-home food segment growth.
Swiggy orders are reaching pre-COVID levels, onboards 7,000 new restaurants on its platform
Swiggy revealed it has on-boarded more than 7,000 new restaurants a month on Swiggy which is 3,000 more than the pre-covid times along with delivering 10 crore orders since the beginning of lockdown.
Pan-India food delivery has recovered around 80-85% of pre-Covid order value. In many markets, it is at 95%, some even 100%.
This trend is an indicator that businesses are getting back on their feet. Maybe we won't have that predicted recession after all.