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<ul><li><keyword id="2407038" type="General" weightage="20" keywordseo="dmart" source="Orion">DMart</keyword>’s revenue crossed the ₹9,000 crore mark in the October to December quarter of FY2022.</li><li>The normalcy around this festive season was an added bonus which boosted customer’s confidence in shopping online.</li><li>DMart’s EBITDA margins are going to be in the 8-8.5% range in the December quarter.</li></ul>Revenue of <keyword id="6410316" type="General" weightage="20" keywordseo="avenue-supermarts" source="Orion">Avenue Supermarts</keyword> — which runs retail store chain DMart — crossed a whopping ₹ 9,000 crore in the October to December quarter as more customers increased their budget for Diwali and Christmas shopping. This was the company’s highest quarterly revenue in the last two years. The normalcy around this festive season was an added bonus, which further boosted customer’s confidence in shopping offline. This is exactly where DMart and its extensive network of 263 retail outlets end up benefit from, analysts and stock brokers believe. But the sales figure is not the only thing that is going to be great for this retail store chain in the December quarter, say analysts. The revenue figure was only a sneak peak into DMart’s third quarter financial statement that is bound to be released this Saturday, on January 8. And it is definitely something that investors should keep an eye out for. <div type="image" title="Diwali and Christmas may have saved DMart’s quarter" msid="88718641" hostid="261"></div> According to Neha Khanna, cofounder and director of financial services group Valpro, the company’s gross margin is likely to improve year-on-year due to relatively higher general merchandise sales and rising fast moving consumer goods (FMCG) product prices. DMart’s EBITDA (earnings before interest, taxes, depreciation, and amortisation) margins are going to be in the 8-8.5% range in the December quarter, she added. There is nothing about DMart’s Q3 results that retail investors need to be worried about, but the same is hard to say for the January to March quarter of 2022. Especially, as the threat of a third COVID-19 wave hitting India lingers on. <div type="image" title="Diwali and Christmas may have saved DMart’s quarter" msid="88718645" hostid="261"></div> It’s time DMart starts thinking of ecommerce DMart has always focused extensively on its retail chain business, but it now needs to go for a digital spin. The competition coming from digital only players like JioMart and BigBasket had been increasing rapidly since the last two years. But now Khanna believes that DMart and other groceries players — whether online or offline — are going to face tough challenges from players in the quick commerce domain. Whether it’s Swiggy’s InstaMart, Zomato-backed Blinkit (formerly Grofers) or soonicorns (startups that are close to a billion dollar valuation) Zepto and Dunzo, all are priming 10 minutes delivery. While there are debates whether customers need these services, the fact of the matter remains that investment in the ecommerce space is getting heavier. DMart added 59 stores in 2022. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Quarter </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Stores added </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Jan-Mar 2020 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">12 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Apri-June 2021 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">22 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">July-Sept 2021 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Oct-Dec 2021 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">17 </td></tr></tbody><tbody></tbody><tbody></tbody></table>Source: DMart’s regulatory filings “Dmart is dependent on physical stores for the majority of its operation, there are several competitors in this field, only if DMart improves its existing ecommerce platform to attract customers we can expect something to be different [in January to March quarter],” Manoj Dalmia, founder and director at Proficient Equities, told Business Insider. <div type="image" title="Diwali and Christmas may have saved DMart’s quarter" msid="88718672" hostid="261"></div> Even though DMart’s revenue hit a new record between July and September and the profit grew well above its pre-pandemic level, its stock took a 7% dip in trade after the second quarter earnings report came out. The street’s concern was the <a href="https://www.businessinsider.in/retail/news/dmart-is-continuing-to-do-what-it-knows-best-but-the-street-wants-more/articleshow/87113806.cms">lack of strength shown by India’s largest retail chain</a> (by market value) in the online space. Stock broking firm JM Financial had then highlighted that DMart Ready’s ⁠— the ecommerce front of Avenue Supermarts ⁠— revenue declined 8% in the same time frame, even though the company expanded its ecommerce operations to Surat and Vadodara. SEE ALSO <a href="https://www.businessinsider.in/retail/news/amazon-vs-future-vs-reliance-delhi-high-court-stays-singapore-arbitration-proceedings/articleshow/88713142.cms" data-type="tilCustomLink">Delhi high court stays Amazon arbitration proceedings against Future-Reliance deal</a> <a href="https://www.businessinsider.in/business/startups/news/amazon-backed-good-glamm-group-will-invest-200-crore-in-influencer-marketing/articleshow/88690749.cms" data-type="tilCustomLink">Amazon-backed Good Glamm Group acquires 2 more startups, intends to invest ₹200 crore to boost influencer marketing</a> <a href="https://www.businessinsider.in/business/telecom/news/elon-musks-starlink-faces-its-first-setback-in-india-even-before-launch/articleshow/88702976.cms" data-type="tilCustomLink">Elon Musk’s Starlink faces its first setback in India even before launch</a>

Diwali and Christmas may have saved DMart’s quarter

<ul><li><keyword id="2407038" type="General" weightage="20" keywordseo="dmart" source="Orion">DMart</keyword> is among the top 15 companies in terms of valuation as it crossed market cap of ₹3 lakh crore last week.</li><li>However, the company’s shares noticed a sharp 7% dip on Monday after the company announced its September quarter results on Saturday.</li><li>Analysts have cited lack of fundamental changes in DMart’s business as one of the reasons why investors are trying to take a step back.</li></ul>DMart has added 43 stores in 2021, the revenue has hit a new record between July and September and the profit has grown too — well above its pre-pandemic level — but the stock took a 7% dip in trade on Monday after the second quarter earnings report came out Saturday. The street’s concern is the lack of strength shown by India’s largest retail chain (by market value) in the online space. <div type="image" title="DMart is continuing to do what it knows best but the street wants more" msid="87127521" hostid="261"></div> Stock broking firm JM Financial highlighted that DMart Ready’s ⁠— the ecommerce front of <keyword id="6410316" type="General" weightage="20" keywordseo="avenue-supermarts" source="Orion">Avenue Supermarts</keyword> ⁠— revenue declined 8% between July and September compared to the previous quarter. This was despite the soft launch in two new cities — Surat and Vadodara. <div type="image" title="DMart is continuing to do what it knows best but the street wants more" msid="87114918" hostid="261"></div> Shares of Avenue Supermarts have risen 76.4% this year on hope that India’s fourth richest man will take a bigger leap towards digital sooner than later. However, from the looks of it, he is taking very careful steps into the online retail world. <div type="image" title="DMart is continuing to do what it knows best but the street wants more" msid="87127541" hostid="261"></div> “The stock’s recent run-up and valuation have happened without any fundamental change in the business prospects,” highlighted a report by Edelweiss Securities. The stock broking firm further highlighted that the massive opportunity in the brick-and-mortar stores have been factored in but the further re-rating would now depend on “significant strides” in the online grocery operations or a step up in store addition. Take for instance, its online competitor JioMart is already serving customers in over 200 cities. Even within the areas where DMart has an online presence, the only thing that is driving growth are big discounts. DMart Ready is currently among <a href="https://www.businessinsider.in/business/news/dmart-and-jiomart-are-offering-deep-discounts-to-catch-up-with-bigbasket/articleshow/86750826.cms">the cheapest online stores</a> and has been trying its best to take on the biggest e-grocer in the country BigBasket, which is now owned by Tata Digital. According to a recent report by Jefferies, JioMart has the highest discounts in packaged foods, beverages and home care whereas JioMart is best suited for dairy, basic staples and personal care. Watch More: DMart and JioMart are offering deep discounts to catch up with BigBasket <div type="Video" msid="87011977" hostid="261" title="DMart and JioMart are offering deep discounts to catch up with BigBasket" dataSource="BUSINESSINSIDER" thumbUrl="https://denmark.timesinternet.in/cmslite/api/app/images.jpg?msid=87011977"></div> The expansion of physical stores on the other hand has been strong over the last couple of years but even that has slowed in the last two quarters. However, this expansion is coming at a very low cost. Between September 2020 and September 2021 quarters, DMart’s other expenses have grown 3.2% despite nearly 11.8% increase in the store front. This indicates a “significant cost control” and “operating leverage”, as per a report by stock broking firm Prabhudas Lilladher. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Quarter </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Stores added </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Apr-June 2020 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">July-Sept 2020 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Oct-Dec 2020 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Jan-Mar 2021 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">13 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Apri-June 2021 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">22 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">July-Sept 2021 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8 </td></tr></tbody><tbody></tbody><tbody></tbody></table>Source: Avenue Supermarts’ financial statement Right now, investors seem to be demanding a clearer promise of the future and what DMart’s chief executive Ignatius Navil Noronha’s strategy is going to be. In the meantime, analysts are cautious with their recommendation on the stock. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Broking house </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Target price </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Motilal Oswal </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹4,900 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Edelweiss </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3,782 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Securities </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹4,000 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Prabhudas Lilladher </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹5,359 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">JM Financial </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 4,055 </td></tr></tbody><tbody></tbody><tbody></tbody></table> SEE ALSO <a href="https://www.businessinsider.in/business/telecom/news/airtel-vodafone-idea-and-reliance-jio-have-till-october-29-to-opt-for-the-agr-dues-moratorium/articleshow/87107590.cms" data-type="tilCustomLink">Airtel, Vodafone Idea and Reliance Jio have till October 29 to opt for the AGR dues moratorium</a> <a href="https://www.businessinsider.in/cryptocurrency/news/brazil-buys-4-billion-in-crypto-ahead-of-bitcoin-law/articleshow/87109498.cms" data-type="tilCustomLink">Brazilians bought more than $4 billion in cryptocurrencies this year as the country looks to regulate Bitcoin</a> <a href="https://www.businessinsider.in/tech/news/facebook-says-its-hiring-10000-people-in-europe-to-help-build-mark-zuckerbergs-metaverse/articleshow/87107124.cms" data-type="tilCustomLink">Facebook says it's hiring 10,000 people in Europe to help build Mark Zuckerberg's 'metaverse'</a>

DMart is continuing to do what it knows best but the street wants more

<ul><li>DMart’s growth in e-commerce still doesn’t seem as bullish as its competitors.</li><li>DMart in its third quarter earnings said that it’s still going slow with e-commerce with ‘controlled acceleration.” </li><li>The Radhakishan Damani-led company managed to post profits worth ₹470 crore, accounting for a year-on-year growth of 19.3%.</li></ul>One of India’s biggest retail players, DMart, has posted a strong show in its third quarter earnings, but a big part of the investors’ focus was on how India’s second richest man, <keyword id="6505089" type="UNKNOWN" weightage="20" keywordseo="Radhakishan-Damani">Radhakishan Damani</keyword>, geared up for competition from the likes of <keyword id="8506093" type="UNKNOWN" weightage="20" keywordseo="Jiomart">JioMart</keyword>, Amazon and Flipkart. While most brokerages seemed content with the progress made by <keyword id="9012742" type="UNKNOWN" weightage="20" keywordseo="dmart-ready">DMart Ready</keyword> (the e-commerce vertical), the company itself called it ‘controlled acceleration.” <div type="image" title="DMart" msid="80210661" hostid="261"></div> DMart Ready – still going ahead with soft launches By the end of October, 2020, DMart finally gave in to the needs of e-commerce and geared up to take on the next phase of growth with small steps in its online retail offering – DMart Ready. Neville Noronha, CEO &amp; Managing Director of <keyword id="6410316" type="UNKNOWN" weightage="20" keywordseo="avenue-supermarts">Avenue Supermarts</keyword> said that in the third quarter the company continued with the soft launch of DMart Ready in select pin codes of Ahmedabad, Bangalore and Hyderabad. Within their brick and mortar stores, they have also leased space for Avenue E-Commerce Limited (AEL). <div type="image" title="dmart revenue (2)." msid="80210029" hostid="261"></div> But DMart’s growth in e-commerce still doesn’t seem as bullish as its competitors. “Post Covid-19 environment is creating opportunities to launch DMart Ready in more cities. However, we will continue with our approach of small trials, reviews and controlled acceleration for DMart Ready,” he said. Earlier in the second quarter of FY21, the company had said that it would be shutting down two stores in Mumbai and turning them into fulfillment centers for its e-commerce operations. "One each in Mira Road and Kalyan. Both these locations have an alternate DMart store within 4 km," Noronha had said in a statement. Analysts too pointed out the slow growth in e-commerce. "Over the long-term, we like the soft launch of <keyword id="436047" type="COMPANY" weightage="20" keywordseo="Ecommerce">ecommerce</keyword> operations in some cities, however, focus continues to be brick and mortar stores and e-commerce ramp up will be a slow process, in our view," said a report by ICICI Securities. However, analysts also believe that it’s e-commerce steps could make for a substantial long-term growth. “We believe the aggression on e-commerce along with potential market share gains in modern trade channels bodes well for long-term growth sustenance,” said a report by Edelweiss. The report also mentioned competition from heavyweights like India’s richest man Mukesh Ambani’s e-commerce debut JioMart, Walmart-owned Flipkart and global e-commerce giant Amazon as one of the key risks for Avenue Supermarts.“We expect a period of consolidation in the stock with investors waiting to see the impact of aggressive online competition in the grocery space,” said a report by <a href="https://www.financialexpress.com/market/radhakishan-damanis-dmart-hits-fresh-highs-but-analysts-shy-away-from-giving-buy-calls/2168490/">YES Securities</a>. This has further boosted its share price on Monday morning to ₹3,007 (as of 11.15 am). DMart’s stock has already run-up nearly 30% in the last six months and its market cap is nearing ₹2 trillion. <div type="image" title="dmart share jan 11" msid="80210044" hostid="261"></div> Third quarter earnings boost: Brokerages have raised the target price <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Analyst </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Target Price </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Morgan Stanley </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3275 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Credit Suisse </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2400 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Jefferies </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3200 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Edelweiss </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2,864 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">JM Financial </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2655 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Motilal Oswal </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2850 </td></tr></tbody></table> SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/with-whatsapp-popularity-hit-zoho-plans-to-launch-arattai-messaging-app/articleshow/80206802.cms">Zoho plans to woo WhatsApp defectors with its own messaging app Arattai</a> <a href="https://www.businessinsider.in/business/startups/news/2021-will-be-a-watershed-moment-for-india-tech-ecosystem-here-are-the-startup-sectors-that-vcs-are-betting-on/articleshow/80208631.cms">‘2021 will be a watershed moment for India’s tech ecosystem’ — here are the startup sectors that VCs are betting on</a>

Pitted against JioMart, Amazon and others, Radhakishan Damani’s DMart has opted for “controlled acceleration” in e-commerce

<ul><li><keyword id="6505089" type="UNKNOWN" weightage="20" keywordseo="Radhakishan-Damani">Radhakishan Damani</keyword>'s <keyword id="2407038" type="PERSON" weightage="20" keywordseo="DMart">DMart</keyword> is aware of the rising influence of e-commerce in India's grocery sector. Still, it was only in October 2020 that it finally took some serious steps to go online. </li><li>And its third-quarter earnings will reflect whether it has managed to make any inroads into the e-commerce sector. </li><li>DMart is facing increasing challenges from India's richest man Mukesh Ambani's JioMart, and the e-commerce giants Amazon, Flipkart, BigBasket, and Grofers.</li><li>However, analysts are bullish on DMart and its expertise in the offline FMCG segment, which would boost sales in the festive season.</li></ul>DMart, one of India's big success stories in retail, knows that it faces rising competition from India's richest man Mukesh Ambani's JioMart, Walmart-owned Flipkart, the world's biggest e-commerce player Amazon and that it can't shy away from e-commerce. A Goldman Sachs report from November 2020 pegs that India's online grocery segment is set to grow 18 times over the next ﬁve years to reach $37 billion in GMV by FY25E. Damani's DMart is also aware of the rising influence of e-commerce in India's grocery sector. At the end of its last quarter earnings in October, DMart finally gave in to the needs of e-commerce. DMart geared up to take on the next phase of growth with small steps in its e-commerce offering – DMart Ready. The company had said that it would be shutting down two stores in Mumbai and turning them into fulfillment centers for its e-commerce operations. "One each in Mira Road and Kalyan. Both these locations have an alternate DMart store within 4 km," Neville Noronha, CEO &amp; Managing Director, Avenue Supermarts Limited, had said in a statement. And now its third-quarter earnings will reflect whether it has managed to make any inroads into the e-commerce business. However, analysts are bullish on DMart and its expertise in the FMCG segment, which would have increased its sales in the festive season. "We expect Avenue Supermarts to report double-digit revenue growth in the third quarter of the financial year. The management had indicated that its core' food &amp; FMCG' segment reverted to a positive growth trajectory whereas GM &amp; apparel categories are nearing their pre-Covid levels owing to strong demand in the festive season," said a report by ICICI Securities. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">DMART </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">July-September earnings </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">October-December Analyst Expectations </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Revenue </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹5218 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹7340 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">PAT </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹211 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹405 crore </td></tr></tbody></table>Analyst source: ICICI Securities Another factor to watch out for would be DMart's footfalls in stores. During its second-quarter earnings, the company had said that footfalls continue to be 'significantly lower', but basket values are increasing. According to <a href="https://economictimes.indiatimes.com/industry/services/property-/-cstruction/d-marts-radhakishan-damani-set-to-acquire-8-acre-thane-plot-from-mondelez/articleshow/80108347.cms?from=mdr">reports,</a> DMart’s Damani is also set to acquire an 8-acre plot from Mondelez India for as much as ₹250 crore. Meanwhile, India's second-richest man Radhakishan Damani has been having a strong run in the stock market. DMart's share price has risen by 27% in the last six months, scaling the ₹2 trillion market cap for a few hours, on January 6, 2021. <div type="image" title="dmart share price jan (1)" msid="80173053" hostid="261"></div> And now, DMart will have to prove its mettle. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/oyo-bags-a-7-4-million-cheque-as-pandemic-forces-ritesh-agarwal-to-reimagine-the-business/articleshow/80170847.cms">OYO bags a $7.4 million cheque as pandemic forces Ritesh Agarwal to reimagine the business</a>

DMart, the nearly ₹2 trillion Indian retailer, may post strong earnings ⁠— watch out for the progress on e-commerce

<ul><li>Spencer's is trailing behind <keyword id="964794" type="COMPANY" weightage="20" keywordseo="BigBasket">BigBasket</keyword> in terms of revenue, despite its heavy offline presence.</li><li>Revenue of Spencer’s was 30% less than online grocery delivery startup BigBasket in the financial year 2020.</li><li>BigBasket may record its best financial performance in 2021, whereas Spencer’s has reported a decrease in sales.</li></ul>The year 2020 has been a game changer for India Inc. in many aspects. From shopping to working, everything has taken a digital spin and the debate of ‘online vs offline’ has been getting much stronger. Thirty two-year old Spencer’s Retail, one of the prominent retail chains in India ⁠— owned by RP Sanjiv Goenka group ⁠— reported its annual financial report and it was a fairly decent one. The business was surely affected by the Covid-induced lockdown in the first quarter of fiscal year 2021 (FY21), but was flourishing the rest of the year. Yet, its revenue dipped 7% to ₹2,481 crore and losses widened to ₹163.8 crore. This really got us wondering how the company fares in comparison to other players in the grocery segment -- both online and offline. Online grocers are cumulatively the third largest player in the market behind DMart and <keyword id="58448" type="COMPANY" weightage="20" keywordseo="Reliance-Retail">Reliance Retail</keyword>, according to a report dated June 4 from the broking firm Motilal Oswal. BigBasket is the biggest of that lot. What’s more shocking is the fact that BigBasket, just 10 years old in the market, earns more revenue than Spencer’s. The comparison between BigBasket and Spencer’s may be of apples and oranges, but it is definitely an interesting one. The three-decade-old Spencer’s, which has a strong presence across 191 stores across 42 cities, earned almost 30% less than a decade-old online grocery business BigBasket in FY20. A scan of the last three financial statements (between FY18 to FY20) of the companies, revealed that this gap in revenue is not a new one. This trend is expected to be carried forward in FY21 as well, especially with the sort of growth BigBasket has witnessed last year. Being the biggest player in the online grocery space, the company has doubled its daily deliveries to 3 lakh compared to pre-Covid days. The company claims to have clocked a gross sale of ₹8,000 crore ($1.1 billion) in FY21. Though BigBasket is yet to report its financial statement for FY21, Business Insider has mailed the company seeking more details of their financial performance. It is expected to be the strongest one yet at least in terms of the revenue growth. No wonder, Tata Group was <a href="https://www.businessinsider.in/business/startups/news/tata-tryst-with-e-grocery-starts-with-a-billion-dollar-acquisition-of-bigbasket-heres-why-it-could-be-a-sweet-deal-for-both/articleshow/81478849.cms">compelled</a> to acquire BigBasket in order to pursue its Super App dreams. Spencer’s, on the other hand, has reported receding revenue and widening loss during FY21. Though the company did test out a hybrid model by experimenting with online delivery in partnership with Dunzo and Uber last year, that doesn’t seem to have made much of a difference for the company either. Its revenue from sales (operating revenue) reported a 7% dip to ₹2,428 crore compared to ₹2,644.80 crore reported in FY20. Well, BigBasket is actually much worse than Spencer’s in terms of its losses. The company had been burning cash ever since its inception in 2011 and is nowhere close to profitability. Whereas, Spencer’s had hit profitability in FY19, but went back to reporting a loss soon after. According to stock broking house Motilal Oswal’s latest report on the retail segment, the online grocery segment has grown about 30 times over the last seven to eight years to reach $3 billion. Currently, India has about 154 million transacting households. Of which, 130 million are already using online grocery solutions, creating an addressable market of $293 billion. Historically, the e-grocery segment has garnered a single-digit share of the overall organised grocery market in India, but 2020 brought these online grocery solutions to the forefront as stepping out of the house was no less than a health hazard, due to the pandemic. Not only Spencer’s, but other traditional retail players like DMart and BigBazaar were compelled to take up an omnichannel approach and started taking online mode of ordering in partnerships with logistics and transportation players like Uber, Ola, Dunzo, Rapido and more. Besides this, Reliance’s JioMart expanded its presence from three cities to 200 cities in May 2020 in order to take a<a href="https://www.businessinsider.in/business/ecommerce/news/heres-what-gives-jiomart-an-edge-over-its-competitors-according-to-goldman-sachs/articleshow/79054698.cms"> bigger share</a> of the market. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/sona-comstar-ipo-price-gmp-should-you-subscribe/articleshow/83505013.cms">Sona Comstar IPO worth ₹5,550 crore opens today – find out if this EV battery player has enough juice for a long ride</a> <a href="https://www.businessinsider.in/business/news/why-dodla-dairy-has-no-plans-to-expand-beyond-southern-india/articleshow/83503817.cms">Here’s why Dodla Dairy has no plans to expand beyond southern India for at least the next two years even with its IPO</a> <a href="https://www.businessinsider.in/stock-market/news/adani-group-under-sebi-scanner-on-market-manipulation/articleshow/83501698.cms">Gautam Adani loses over $7 billion in net worth after questions over the meteoric rise in group stocks</a>

Did you know? BigBasket makes more revenue than 32-year old Spencer’s Retail

<ul><li>India’s most-valued listed retail chain said there was a “significant decline'' in the footfalls due to lockdown. </li><li>The food category division accounts for 51% of D-Mart’s product mix and the stock fell 5% after the revelation. </li><li>D-Mart’s share price gained as much as 66% in the last nine months, making Radhakishan Damani the second-richest man in India. </li></ul>D-Mart, the most-valued retail stock in India, has closed half of all its stores during the ongoing lockdown to contain the spread of Covid-19 novel coronavirus. “Nearly 50% of our stores remain closed for operations based on a directive by the local authorities. ” <a href="https://www.bseindia.com/xml-data/corpfiling/AttachHis/6fc20f0f-08ec-4108-89ac-639e834d2adf.pdf">the company statement said</a>. D-Mart has said there was a “significant decline” in the footfalls due to lockdown. The chain of department stores has started using e-commerce to home deliver essentials from the first week of April but the volumes are “inconsequential”. The food category division accounts for 51% of D-Mart’s product mix. Geojit BNP Paribas has cut the revenue estimate for the financial year March 2021 by 1.9%, and its estimate for profit after tax by 2.7%. The shares of Avenue Supermarts, which owns D-Mart, fell 5% on April 13 as investors expected a fall in volumes. <div type="image" title="snapshot-1586764485832" msid="75119565" hostid="261"></div> Whereas, a<a href="https://economictimes.indiatimes.com/markets/stocks/news/dmart-tanks-5-as-company-says-half-of-stores-non-operational/articleshow/75115970.cms">ccording to Prabhudas Lilladher</a>, there will be an estimated 25% sales decline between Jan and March 2020, and a 5% decline in the next three months ending June. The growth in profit after tax in March 2021 is likely to be just 12%, according to the report. D-Mart’s earnings estimates have been cut <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Brokerage </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">New profit growth estimate </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Geojit BNP Paribas </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">30.5% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Prabhudas Lillader </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">12% </td></tr></tbody></table> Even the best in the business are struggling D-Mart is India’s most profitable retail chain based on a unique model where the company owns all the stores. The controlled costs allow the retailer to offer products cheap and the inventory moves so fast at D-Mart that the stores order fresh stock every 30 days, the shortest period among all Indian retailers. <div type="image" title="06C7A9DE-52BF-4316-9635-5EEC5EA4890C" msid="75119530" hostid="261"></div> Avenue Supermart’s share price gained as much as 66% in the last nine months, making Radhakishan Damani the second richest man in India. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Brokerage </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Target Price </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Prabhudas Lilladher </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,875 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">JM Financial </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2,090 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">UBS </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2,092 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Geojit BNP Paribas </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2,400 </td></tr></tbody></table> Read: <a href="https://www.businessinsider.in/business/news/the-impact-of-coronavirus-carnage-on-radhakishan-damanis-portfolio/articleshow/74661795.cms">The impact of coronavirus carnage on Radhakishan Damani’s portfolio</a> However, the inevitable lockdown needed to curb the pandemic has taken a toll on everyone. There is hope for recovery for D-Mart, but only after normalcy returns. “We think the company is pulling consumers away from unorganised stores due to high discounting and now, delivery to home on the minimum charge would help the company grow in the next few years around those levels,” AK Prabhakar, Head, Research, IDBI Capital told Money Control. See also:<a href="https://www.businessinsider.in/business/news/radhakishan-damani-added-2-7-billion-to-his-wealth-beating-slowdown-and-coronavirus-market-crash/articleshow/75076400.cms"> India’s second richest man added $2.7 billion to his wealth beating slowdown and coronacrisis</a>

Half of all D-Mart stores are shut during coronavirus lockdown⁠— it shows that even the best in business are struggling

The <keyword id="6356037" type="General" weightage="80" keywordseo="white-house" source="Orion">White House</keyword> on Tuesday insisted that the looming debt ceiling crisis be dealt without conditions and there is no room for negotiations on this. "This should not be political brinkmanship. We should be dealing with the debt ceiling without conditions. It is important. We're not going to work our way around this; we're not going to negotiate on this. This is the basic duty of <keyword id="1575" type="General" weightage="80" keywordseo="congress" source="Orion">Congress</keyword>," White House Press Secretary Karine Jean-Pierre told reporters at her daily news conference. In the last administration, the Democrats and Republicans were able to deal with the debt limit three times. "Let's not forget that," she said. Last week, Treasury Secretary Janet <keyword id="6463966" type="General" weightage="80" keywordseo="yellen" source="Orion">Yellen</keyword> in a letter to Congress raised the red flag on an imminent debt crisis. Given the sharp differences between the ruling Democrats and the opposition Republicans, who enjoy a majority in the House of Representatives, not handling the issue on time might result in the United States defaulting on its debt commitment, which has never happened in the past. Republicans have so far insisted on not raising the debt limit which currently is USD 31.381 trillion as approved by Congress last month. This debt limit is the total amount of money that the US government is authorized to borrow to meet its existing legal obligations and is scheduled to reach its statutory limit on January 19. The United States is the only industrialized nation to have such an arbitrary institution as a debt ceiling, but the players who keep ending up in the same standoff aren't exactly looking to kill it, Time magazine said Tuesday. The New York Times warned that a default would most likely rattle markets and carry big risks, no matter how the Federal Reserve and Treasury try to curb the fallout. In her letter to the Congressional leadership, Yellen asserted that it is "critical that Congress act in a timely manner to increase or suspend the debt limit". Failure to meet the government's obligations would cause irreparable harm to the US economy, the livelihoods of all Americans, and global financial stability, she warned. Indian American Congressman Raja Krishnamoorthi, who is a Democrat, has called for an increase in the debt limit. "If we don't raise the debt ceiling, we'll go into default, and only one default is enough to nuke the economy," he said. Opposing an increase in the debt limit, Republican Congressman Ralph <keyword id="249993" type="General" weightage="80" keywordseo="norman" source="Orion">Norman</keyword>, said that USD31.4 trillion, is a massive amount of debt. "The government owes this money because politicians in Washington simply will not stop spending. This has been the case for decades, and Republicans are just as much to blame as Democrats," he said. "We'll have to see how negotiations play out, but the bottom line is this: Republicans need to see some degree of incremental spending cuts in these debt ceiling negotiations. An agreement without some reasonable cuts is unacceptable," Norman said. "Our national debt is approaching a level not just harmful to economic growth and irresponsible to future generations, but dangerous to our national security today. We are entering treacherous waters and must couple any debt ceiling increases with real reforms," said Congresswoman Victoria Spartz. "Huge amounts of politically directed spending and crony capitalism have created a significant oligopoly problem in nearly every market sector - not much different from oligarchs ruling in post-socialist countries," she said. Senate Majority Leader Chuck <keyword id="299137" type="General" weightage="80" keywordseo="schumer" source="Orion">Schumer</keyword> and House Democratic Leader Hakeem Jeffries in a joint statement said that the Congress must act on legislation to prevent a disastrous default, meet America's your obligations and protect its full faith and credit. "A default forced by extreme MAGA Republicans could plunge the country into a deep recession and lead to even higher costs for America's working families on everything from mortgages and car loans to credit card interest rates," they said. "America pays its debts. Period. There should be no political brinkmanship with the debt limit. It's reckless for Speaker McCarthy and MAGA Republicans to try and use the full faith and credit of the United States as a political bargaining chip. A default would be catastrophic for America's working families and lead to higher costs," Schumer said in another statement. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/competitive-intensity-a-big-risk-for-dmart-say-analysts-after-company-misses-streets-q3-forecast/articleshow/97052145.cms">Competitive intensity a big risk for DMart say analysts after company misses Street’s Q3 forecast</a> <a href="https://www.businessinsider.in/business/startups/news/more-unicorns-focused-on-profitability-now-than-just-burning-cash-as-funding-winter-sets-in/articleshow/97030045.cms">More unicorns focused on profitability now than just burning cash as funding winter sets in</a> <a href="https://www.businessinsider.in/business/corporates/news/hiring-by-it-cos-down-96-in-q3-compared-to-preceding-7-quarters-even-as-attrition-cools/articleshow/97023873.cms">Hiring by IT cos down 96% in Q3 compared to preceding 7 quarters even as attrition cools</a>

White House insists debt ceiling be dealt without conditions

Rome, Italy's competition watchdog has fined social networking giant <keyword id="6354576" type="UNKNOWN" weightage="20" keywordseo="facebook">Facebook</keyword> seven million <keyword id="64258" type="ORGANIZATION" weightage="20" keywordseo="euros">euros</keyword> ($8.45 million) for failing to comply with a previous order related to <keyword id="10782976" type="UNKNOWN" weightage="20" keywordseo="improper-use">improper use</keyword> of its subscribers' <keyword id="6355729" type="ORGANIZATION" weightage="20" keywordseo="data">data</keyword>. After an <keyword id="49112" type="ORGANIZATION" weightage="20" keywordseo="Investigation">investigation</keyword>, the Italian Competition Authority (AGCM) said on Wednesday that it had found that Facebook Inc. and its subsidiary Facebook Ireland Ltd. did not implement a 2018 order requiring them to dismiss an incorrect practice in the use of <keyword id="66720" type="PERSON" weightage="20" keywordseo="users">users</keyword>' data, nor did they publish a corrective declaration requested by the watchdog, Xinhua news agency reported. In November 2018, after a nine-month investigation, the AGCM concluded that Facebook used subscribers' data in a way that breached Italy's Consumer Code. Therefore, it handed Facebook two fines totalling 10 million euros ($12 million). The first fine was imposed because Facebook "deceptively persuades users to register on the platform" without informing them properly and immediately in the signup phase that their data would be collected for commercial purposes, the watchdog explained. The second fine in 2018 related to passing user data onto to third parties. On Friday, the Italian competition watchdog explained in a statement that the new seven-million-euro fine was decided because "the two companies have not published the corrective statement and have not ceased the established unfair practice." Although the "claim of gratuity" at the point of registering has been eliminated, "immediate and clear information is not yet provided on the collection and use of the users' data for commercial purposes," the AGCM said on Wednesday. According to the AGCM, such information is necessary to enable consumers to decide whether to subscribe to the service, "in the light of the economic value the users' transferred data have for Facebook, which represents the payment for using the service." The most recent proceeding against Facebook was launched in January 2020, and the fine was decided in a meeting on February 9, according to the Italian watchdog. The original investigation leading to the two previous financial penalties in 2018 was opened after three Italian advocacy groups filed a class-action lawsuit against Facebook for alleged improper use of personal data filed. SEE ALSO: <a href="https://www.businessinsider.in/policy/society/news/indian-prime-minister-narendra-modi-wants-data-democracy-it-must-avoid-the-flaws-of-the-political-system/articleshow/81060582.cms">Datacracy: Indian Prime Minister's 'data democracy' must avoid the flaws of the country’s political system</a> <a href="https://www.businessinsider.in/retail/news/dmart-is-now-a-2-trillion-company-radhakishan-damani-has-many-more-cards-to-pull-the-first-being-e-commerce/articleshow/81054553.cms">DMart is now a ₹2 trillion company – Radhakishan Damani has many more cards to pull, the first being e-commerce</a> <a href="https://www.businessinsider.in/business/auto/news/heres-how-hyundai-india-crossed-the-9-million-mark-beating-peers-like-mahindra-and-tata-motors/articleshow/81054282.cms">Hyundai nears 25 years of success in India — here’s how this carmaker crossed the 9 million-mark, beating peers like Mahindra and Tata Motors</a>

Facebook fined 7 million euros by Italian watchdog for improper data use of its subscribers

Leading digital financial services platform <keyword id="6357120" type="DEFINITION" weightage="20" keywordseo="paytm">Paytm</keyword> on Monday said it will partner with various card issuers to introduce co-branded credit cards and is aiming to issue 20 lakh cards in the next 12-18 months. The move is aimed at transforming the credit market by enabling "new to credit" users to join the digital economy, the company said. "In our country, credit cards are still considered a product for the affluent sections of the society and not everyone can avail of its benefits. At Paytm, our aim is to provide credit cards that benefit India's aspiring youth and evolved professionals," Bhavesh Gupta, CEO - Paytm Lending, said in a statement. "These cards are designed to help them lead a healthier financial life through managing and analysing spends to make well-informed decisions. This can transform the credit market by bringing 'new to credit' users into the formal economy." Given the limited access to banking, stringent documentation and long processing times, India's credit card penetration stands at only three per cent compared 320 per cent in markets such as the US. With its digital application process, alternate (spends based) underwriting, and minimal documentation, Paytm said it aims to democratise the credit card access for masses and plans to capture at least 10 per cent of this largely untapped market. Paytm said it is designing an innovative digital experience on its app allowing users to manage their overall spends and have full control over the card usage. The digital payments company said its credit card will provide insurance protection against fraudulent transactions to protect users' money. The company plans to issue the cards based on both traditional credit score and user's purchase patterns on Paytm. The company last week announced the same-day settlement facility for all kinds of fund transfers on its payment gateway that will help businesses that depend upon immediate availability of funds to pay down-stream partners. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/retail/news/dmart-gets-ready-to-take-on-jiomart-falling-profits-and-footfalls-competition-push-radhakishan-damani-towards-e-commerce/articleshow/78743910.cms">DMart gets ready to take on JioMart – falling profits and footfalls, and competition push Radhakishan Damani towards e-commerce</a>

Paytm enters credit card business, to issue 20 lakh cards in 12-18 months

Washington, <keyword id="10305627" type="UNKNOWN" weightage="20" keywordseo="sidney-powell">Sidney Powell</keyword>, the <keyword id="6356325" type="UNKNOWN" weightage="20" keywordseo="lawyer">lawyer</keyword> who spearheaded outgoing US President <keyword id="6354484" type="PERSON" weightage="20" keywordseo="Donald-Trump">Donald Trump</keyword>'s failed attempt to overturn the 2020 presidential election result, has been sued for $1.3 billion by the <keyword id="10569060" type="UNKNOWN" weightage="20" keywordseo="American-Corporation">American corporation</keyword> that makes voting machines. In the defamation suit filed on Friday, the Denver-based Dominion Voting Systems chronicled some 40 of Powell's public statements that spread "wild" and "<keyword id="10569062" type="UNKNOWN" weightage="20" keywordseo="demonstrably-false">demonstrably false</keyword>" allegations, reports Xinhua news agency. The "viral disinformation campaign" that Powell mounted "to financially enrich herself, raise her public profile, and ingratiate herself to Donald Trump", deeply damaged the reputation and resale value of Dominion, the suit said. There are "mountains of direct evidence" disproving Powell's election fraud claims about the company's machines, that have resulted in "Dominion's founder, Dominion's employees, Georgia's governor, and Georgia's secretary of state" being harassed and receiving death threats," the 124-page lawsuit further said. Dominion CEO John Poulos also said in a statement that the lawsuit aimed to clear his company's name through a full airing of the facts about the 2020 election. Powell is best known for her defence of Enron Corp. executives Ken Lay and Tom Skilling, who bilked thousands of investors and employees out of around $60 billion in 2001, the New York Times reported in 2005. Lay left behind "a legacy of shame" characterized by "mismanagement and dishonesty", Bloomberg news said in a repor, and in 2009, Portfolio.com ranked Lay as the third-worst American CEO of all time. Powell, 65, now will be forced to defend her central role in the fantasy story that the 2020 election was stolen from Trump. Ironically, Dominion systems were also used in many counties that voted for Trump, and all of Powell's lawsuits involving the fraud claims have failed in court due to lack of evidence. For weeks, Powell claimed that Dominion was established with communist money in Venezuela to enable ballot-stuffing and other vote manipulation, and that those abilities were harnessed to rig the election for Joe Biden. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/tcs-delivers-yet-another-strong-quarter-with-16-growth-in-profit-as-covid-drives-tech-spending/articleshow/80173561.cms">TCS delivers yet another strong quarter with 16% growth in profit as COVID drives tech spending</a> <a href="https://www.businessinsider.in/retail/news/dmart-the-nearly-two-trillion-dollar-indian-retailer-may-post-strong-earnings-watch-out-for-the-progress-on-e-commerce/articleshow/80172629.cms">DMart, the nearly two trillion dollar Indian retailer, may post strong earnings ⁠— watch out for the progress on e-commerce</a> <a href="https://www.businessinsider.in/business/startups/news/oyo-bags-a-7-4-million-cheque-as-pandemic-forces-ritesh-agarwal-to-reimagine-the-business/articleshow/80170847.cms">OYO bags a $7.4 million cheque as pandemic forces Ritesh Agarwal to reimagine the business</a>

Donald Trump's lawyer sued for 1.3 billion by American Corporation

Hit by unprecedented online orders amid lockdowns and social distancing, Amazon has announced to put customers on a waiting list, and will invite new customers to shop every week. The ecommerce giant said while it has increased order capacity by more than 60 per cent due to COVID-19, it still expects the combination of restricted capacity due to social distancing and customer demand will continue to make finding available delivery windows challenging for customers. "To help, in the coming weeks, we will launch a new feature that will allow customers to secure time to shop. This feature will give delivery customers a virtual ï¿½place in line' and will allow us to distribute the delivery windows on a first come, first served basis. Simultaneously, we will continue to add capacity as swiftly as possible," Stephenie Landry, Vice President of grocery at Amazon, said in a statement on Sunday. The company said it will also adjust store hours for select Whole Foods Market locations to focus exclusively on fulfilling online grocery orders during this time. "We are temporarily asking new Amazon Fresh and Whole Foods Market delivery and pickup customers to sign up for an invitation to use online grocery delivery and pickup. We're increasing capacity each week and will invite new customers to shop every week," explained Landry. Amazon is currently focusing on high-priority items to ensure the fastest delivery of household staples, medical supplies, and other high demand products coming into our fulfillment centers. Landry said that in the last several weeks, the company has expanded Whole Foods Market grocery pickup from roughly 80 stores to more than 150. "We are releasing delivery windows throughout the day and have made it easier for customers to see when the next delivery window is available by including it on the homepages of Amazon Fresh and Whole Foods Market," she added. Last week, the company extended the 'Amazon Relief Fund' to its delivery partners -- associates of the Delivery Service Partner Programme, Amazon Flex programme and trucking partners providing middle-mile logistics support -- in India in view of the coronavirus crisis. Amazon said that this fund can be utilised by qualifying individuals who have been quarantined or diagnosed with COVID-19. The Amazon Relief Fund has been set up globally with an initial contribution of $25 million initial contribution to support employees, qualified independent contractors, and employees of qualified vendors who face financial hardships from qualifying events. These events could be natural disasters, government declared emergencies, or unforeseen personal hardship. See also: <a href="https://www.businessinsider.in/business/news/dmart-has-closed-half-of-all-its-stores-in-india-due-to-coronavirus-lockdown/articleshow/75119106.cms">Half of all D-Mart stores are shut during coronavirus lockdown</a> <a href="https://www.businessinsider.in/careers/news/these-are-the-job-listings-in-top-e-commerce-companies-posted-after-april-1/articleshow/75117512.cms">These are the job listings in top e-commerce companies posted after April 1</a>

Amazon to put customers on a waiting list due to increased demand

<ul><li>The ₹2,244 crore <keyword id="8546323" type="UNKNOWN" weightage="20" keywordseo="CAMS-IPO">CAMS IPO</keyword> was subscribed 82% on the first day. </li><li>The company has fixed the price band for its public offer at ₹1,229-1,230 per share.</li><li>Business Insider caught up with the CAMS President and the CEO Anuj Kumar and the CFO M Somasundaram in an exclusive chat to understand their business and growth plans going ahead. </li></ul>There has been a rush in the primary market this month. The successful IPOs last week — Happiest Minds Tech and Route Mobile IPO have already set the trend for the forthcoming IPO <keyword id="416894" type="ORGANIZATION" weightage="20" keywordseo="Computer-Age-Management-Services">Computer Age Management Services</keyword> (CAMS). This technology-driven financial services and infrastructure provider to the Indian asset management companies (AMC), is off to a good start. The ₹2,244 crore CAMS IPO was subscribed 82% on the first day. The IPO received bids for 10.5 million shares against an offer size of over 12.8 million shares. The IPO will remain open for subscription until tomorrow (September 23). Here are the <keyword id="9963419" type="UNKNOWN" weightage="20" keywordseo="CAMS-IPO-details">CAMS IPO details</keyword>: <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IPO </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Specifics </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Opening date </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">September 21 </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Closing date </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">September 23 </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IPO target </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2,240 -₹2,242 crore </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Price Band </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,229-1,230 per share </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Minimum bid </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> 12 equity shares </td></tr></tbody></table> CAMS is looking to raise ₹2,242 crore from its initial public offering. And this journey to an IPO has taken 30 years. Business Insider caught up with the CAMS President and the CEO Anuj Kumar and the CFO M Somasundaram, in an exclusive chat, to understand their business and growth plans going ahead. <div type="image" title="Anuj" msid="78198916" hostid="261" caption="&amp;lt;p&amp;gt;Anuj Kumar, CAMS CEO&amp;lt;/p&amp;gt;"></div> <keyword id="9963417" type="UNKNOWN" weightage="20" keywordseo="What-does-CAMS-do">What does CAMS do</keyword>? CAMS is India’s largest mutual fund transfer agency that provides MF services and statements to asset management companies. The CEO explained since mutual funds in India are “completely outsourced on the liability operation side.” Their job is to maintain KYC for MF investors, record keeping, risk management, compliance, distributor service, commissioning among others to name a few. The company holds nearly 70% of the market share in the mutual funds RTA segment. “We have other businesses as well, but this is the core franchise that we have created over the last two and a half decades,” CAMS CEO Anuj Kumar added. The company also has other businesses as well, but mutual funds registrar and transfer agent offering forms the core of its business. “Apart from MF, we do work for the banks and non-banking institutions for insurance companies, as insurance depository participants. And, then we have a payment portal CAMS pay, and we support AIF’s and PMS in the servicing onboarding that kind of work,” he said. <div type="image" title="CAMS" msid="78198669" hostid="261"></div> Growth plans: The company is looking to diversify its revenue According to the company’s <a href="http://www.investmentbank.kotak.com/downloads/computer-age-management-services-limited-RHP.pdf">red herring prospectus</a> nearly 87% of company’s revenue comes from Mutual Funds, out of which nearly 70% comes from the top 5 clients of the company, the CFO M Somasundaram revealed during the interview. “Think of the largest mutual funds in the country— SBI Mutual Funds, HDFC, ICICI, Birla and Kotak— these five will form top clients for us,” Kumar said. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">CAMS </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2018 </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2019 </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2020 </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mutual funds contribution to overall revenue </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">86.60% </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">86.80% </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">86.90% </td></tr></tbody></table> “We are trying to diversify our revenues from other streams, largely in the FSS arena, the financial service, largely derived from B2B businesses,” Kumar added. The company is eyeing the insurance repository business where they have almost 40% market share. They expect that business to go through inflexion points over the coming years to register growth. Kumar also added that insurance repository business, CAMS pay and other small businesses contributed 12-13% of the overall revenue pie, traditionally. And, the management is focused on improving the state of that. However, they still believe that over the coming years “Mutual Funds will continue to remain the mainstay of the company as far as revenue contribution is concerned”. The lockdown impact Despite being a “completely technologically driven company,” the CAMS business wasn’t immune to the coronavirus induced lockdown either. Kumar told Business Insider that during the lockdown period April-May, all branches of CAMS were shut and the physical selling activity which largely happens in branches of banks and happens in people’s houses was not possible due to the spread of the virus. Another factor that impacted its business was the downfall in the overall market. “Valuation losses were there overall for the industry; that phase lasted about two months for April and May.” However, in June, July and August, the company saw a significant reversal and the business started to come back as the equity market recovered, Kumar said. “They are probably still about 6% below the peak, but they have come back a long way; they were down almost 30%.” However, the impact can still be seen as “at the peak, we were servicing just short of 20 lakh crore of assets now we support about 19 lakh crore. So there was some change that happened during the COVID phase.” SEE ALSO: <a href="https://www.businessinsider.in/retail/news/amazon-pumps-in-money-into-more-to-take-on-the-heavyweights-reliance-retail-and-dmart/articleshow/78190570.cms" data-type="tilCustomLink">Amazon pumps in money into MORE to take on the heavyweights Reliance Retail and DMart</a> <a href="https://www.businessinsider.in/tech/apps/news/paytm-trains-its-guns-on-google-while-the-payments-app-is-back-in-play-store/articleshow/78190088.cms" data-type="tilCustomLink">INTERVIEW: Paytm trains its guns on Google while the payments app is back in Play Store</a> <a href="https://www.businessinsider.in/business/news/sebi-asks-nse-to-divest-entire-37-stake-in-cams/articleshow/74104658.cms" data-type="tilCustomLink">Sebi asks NSE to divest entire 37% stake in CAMS</a>

You Searched For "dmart financial statement" and got 12 results

Diwali and Christmas may have saved DMart’s quarter

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Pitted against JioMart, Amazon and others, Radhakishan Damani’s DMart has opted for “controlled acceleration” in e-commerce

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Half of all D-Mart stores are shut during coronavirus lockdown⁠— it shows that even the best in business are struggling

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Facebook fined 7 million euros by Italian watchdog for improper data use of its subscribers

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Paytm enters credit card business, to issue 20 lakh cards in 12-18 months

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Donald Trump's lawyer sued for 1.3 billion by American Corporation

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