India sees single-day rise of 529 Covid cases India recorded 529 fresh COVID-19 cases in a single day, while the country’s active infection count stood at 4,093, the health ministry said on Wednesday.Three new fatalities — two from Karnataka and one from Gujarat — were reported in a span of 24 hours, according to the ministry’s data updated at 8 am. The number of daily cases had dropped to double-digits till December 5, but infections have again gone up after emergence of a new variant and cold weather conditions.The daily numbers were in lakhs at the peak of the pandemic, which began in early 2020 and has seen more than 4.5 crore people getting infected and over 5.3 lakh deaths in about four years since then across the country.
The move had also prompted the country’s largest organised retailer Reliance Retail to step into the value retail segment with Yousta, which was announced on Thursday. Like Intune, Yousta began its operations in Hyderabad, with plans to expand across the country. Intune has three stores – two in Hyderabad and one in Dombivli, near Mumbai, with plans to add another three more outlets in the coming months.
Nair had admitted on a recent earnings call that the apparel segment in general was witnessing moderation and that the value retail foray by Shoppers Stop could help the company tap into the growing trend for affordable fashion and lifestyle products, aiding sales growth.
That was an important statement for Shoppers Stop, which reported a nearly 37% year-on-year drop in net profit to Rs 14.5 crore in the June quarter of FY24, even as revenue grew only 4.8% versus the previous year to nearly Rs 994 crore.
On a yearly basis, the company had last reported a net profit of nearly Rs 114 crore in FY23 after three consecutive years of loss between FY20 and FY22 due to the Covid-19 pandemic. FY23 topline also jumped nearly 60% year-on-year to Rs 4,022 crore, the highest in six years, its results showed.