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Onam sales cheer the market
Posted On: 11-09-2013 00:00:00 13

The depreciating rupee is giving cause for cheer to those at the receiving end of foreign remittances. One of the states to benefit from this is Kerala with Malayalis settled in the Middle East feeling wealthier and buying more due to the foreign exchange benefit. Add to this the recent imposition of 36 % duty on personal baggage of LED and plasma television sets and electronics and consumer durable companies have had a happy Onam. Sony is said to have clocked around 200-crore sales from Onam, while the company had set a target of around 170 crore.

Samsung has already achieved its target of Rs 250-crore sales in Kerala, which will be a growth of 25 % as compared to its 20 % target. LG has grown by more than 18 % during Onam, while UniverCell Telecom sales in Kerala claims to have grown by 40% over last year.

As per the World Bank, India is the largest recipient of remittances in the world receiving around $69 billion in 2012.

 
 
 

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