Digital Gold Gains Currency In Small Cities

Millions of Indians continued the age-old tradition of buying gold during Diwali this year with a new-age twist.

Consumers took to the relatively new digital gold category to avoid trips to crowded markets during the pandemic; that they could buy without a minimum purchase restriction added to the attractiveness of digital gold as the price of the precious metal hovered near a record high.

Digital payment firms such as Paytm and PhonePe, which sold digital gold, reported strong demand emerging from smaller towns and cities this year, in addition to metros. The companies saw digital gold sales rise substantially over Dhanteras and Diwali last year.

Flipkart-owned PhonePe, for instance, reported an over sixfold jump in the volume of digital gold sold on its platform in the month leading to Diwali from a year ago.

Rival Paytm said sales volume jumped 86% during the week of Diwali celebrations from a year earlier.

For PhonePe, 60% of gold customers came from smaller towns and cities during the Dussehra to Diwali festive period. Paytm said it saw customers from small towns, including Deoghar, Moradabad and Jabalpur, buying digital gold. Axis Bank-owned Freecharge said nearly 80% of digital gold buyers on its platform were from non-metros.

“We have witnessed the highest sales on Akshaya Tritya and Diwali. While metros saw record-high sales, smaller cities participated in buying digital gold,” said Varun Sridhar, chief executive of Paytm Money, the wealth management arm of One97 Communications Ltd, the parent of Paytm.

Paytm also claimed to have seen a 90% jump in first-time gold buyers this year. Still, digital gold continues to be merely 1.4% of the overall gold market in India, according to multiple payment executives.

Sandip Ginodia , CEO

ALTIUS INVESTECH PVT LTD

We deal in over 60 unlisted companies with 15 years of experience

For latest prices visit : www.abhisheksecurities.com/unlisted.htm / call : 09830271248 .

Email : ginodiasandip1@gmail.com

Comments

Reliance's JioMart is averaging half a million orders per day; WhatsApp driving growth

JioMart , Reliance's online-to-offline commerce platform that launched in May , has scaled up rapidly, riding on the pandemic-fuelled digital acceleration. The service, which went live in 200 cities across India, is currently processing an average of 500,000 orders per day. " We can go even higher on peak days", Jio Platforms CEO Kiran Thomas revealed at the Facebook for Fuel India 2020 event. He said, "JioMart is empowering millions of kiranas and small merchants through the simple and secure platform of WhatsApp, and linking them to Reliance Retail's pan-India supply chain. We expect to grow manifold in future, and are optimistic about enabling new cohorts of users and making it easier for them to shop for daily essentials." "Customers are transacting seamlessly on JioMart and the conversational nature of the service enabled by WhatsApp has made people adapt to it intuitively," he added. Reliance also stated that it will continue t

TCS merger with TCS e serve

The board of Tata Consultancy Services (TCS) in its meeting on 18 October 2012 has approved the composite scheme of arrangement between TCS, TCS e-Serve (e-Serve) and TCS e-Serve International (TEIL). The composite scheme of arrangement provides for merger of e-Serve into TCS and demerger of TEIL's special economic zone (SEZ) undertaking(s) to TCS. The appointed date proposed for this scheme is 01 April 2013. TCS holds 96.26% of the paid up equity share capital of e-Serve. TEIL is a wholly owned subsidiary of e-Serve. As per the terms of the scheme of arrangement, shareholders of e-Serve (other than TCS) will receive 13 equity shares of Re 1 each of TCS for every 4 equity shares of Rs 10 each of e-Serve held by them. The board has approved the scheme of merger of Computational Research Laboratories (CRL) and Retail FullServe (RFL) with TCS. The proposed appointed date for the merger of CRL is 01 October 2012 and for the merger of RFL is 01 April 2012. Computational Res

Stock broker SMC Global files for IPO

F inancial services company SMC Global Securities has filed draft red herring prospectus with SEBI for public issue of 1,58,67,380 equity shares of face value of Rs 2 each. The issue comprises a fresh issue of 79,33,690 equity shares by the company and an offer for sale of 79,33,690 shares by Millennium India Acquisition Company Inc. As of September 30, 2012, "We service our broking clients through a network of 43 branches and 2,521 registered sub-brokers and authorized persons spread in more than 500 cities and towns. We have also established an office in Dubai for brokerage and trading activities in that region," the company said. SMC has reported a loss of Rs 0.42 crore and total revenues of Rs 292.24 crore in the year ended March 31, 2012. "The proceeds of the fresh issue shall be utilised for margin maintenance with stock exchanges; part repayment of term loan; investments into subsidiary, SMC Comtrade; and general corporate purposes," according to p

Abhishek Securities

Search This Blog