Walmart-owned Flipkart will sell groceries online in more Indian cities, as it seeks to compete better with Amazon and Reliance in an e-commerce market that has grown rapidly during the COVID-19 pandemic. Flipkart has already expanded online grocery sales to more than 50 Indian cities and intends to reach over 70 locations in the next six months, the company said in a statement on Tuesday. "Grocery continues to be one of the fastest-growing categories," said Manish Kumar, senior vice president at Flipkart, adding that the company had seen increased demand for the service from smaller cities in 2020.
India's conglomerate Reliance Industries has partnered with Facebook Inc, Google and fintech player Infibeam to set up a national digital payment network, Economic Times newspaper reported on Saturday, citing unnamed sources. Last year, India's central bank invited companies to forge new umbrella entities (NUEs) to create a payments network that would rival the system operated by the National Payments Council of India (NPCI), as it seeks to reduce concentration risks in the space.
Indian shares closed sharply higher in a glitch-ridden, extended session on Wednesday, led by gains in financial stocks after private-sector lenders were allowed to carry out government transactions. The NSE Nifty 50 index ended 1.86% higher at 14,982.00, while the S&P BSE Sensex rose 2.07% to 50,781.69. The top three boosts to the Nifty 50 were financial and banking stocks, which surged in extended trading, pushing the Nifty private bank index higher by 3.9%.