'Despite a challenging FMCG environment, ITC Foods has grown at or above the industry rate.'
There remains a debate on who said this: "When the facts change, I change my mind. What do you do, Sir?" Was it the British economist John Maynard Keynes or the American economist Paul Samuelson. Irrespective of who said it, this sentiment appears to have found resonance in ITC's boardroom in recent years.
Leading FMCG maker HUL said that it has received a demand notice of Rs 962.75 crore from the Income Tax Department and will go in for an appeal against the order. The notice relates to non-deduction of TDS on payment of Rs 3,045 crore to GlaxoSmithKline Consumer Healthcare (GSKCH) for the acquisition of Intellectual Property Rights of the Health Foods Drinks (HFD) business consisting of brands as Horlicks, Boost, Maltova, and Viva, according to a recent exchange filing.
Indian fast moving consumer goods (FMCG) players are once again on the prowl to acquire companies, as the economy picks up.
FMCG has been behaving unlike a defensive category in recent quarters.
'A long-term investor with a 4 to 5 year horizon could invest in this theme via SIPs.'
The transaction is an all equity merger with 4.39 shares of HUL being allotted for every share in GlaxoSmithKline Consumer Healthcare India
National brands prefer the acquisition route since the southern market is culturally different, reports T E Narasimhan from Chennai.
@015 may be a good year for FMCG firms.
Merger and acquisitions is the toast of the season and a full platter of deals is expected to hit the table very soon in the consumer goods space involving leading players like HLL, Dabur, Marico and United Spirits.
FMCG major HUL on Friday announced the appointment of Rohit Jawa as the managing director & chief executive officer to succeed Sanjiv Mehta who will retire from the company after leading it for a decade. Jawa, presently the Chief of Transformation for Unilever, would take over the leadership role for a term of five consecutive years with effect from June 27, 2023, the company said in a statement. "The appointment of Rohit Jawa as a whole-time director and MD & CEO will be subject to approval of Shareholders and other statutory approvals as may be applicable," it added.
India was the flavour of the year, at least in the FMCG sector, as multinationals hiked stakes in their subsidiaries lured by long term potential of the country, while homegrown executives made their way to top hierarchy of global firms in 2013.
These stocks offer the best combination of maximum 'buy' recommendations from brokerages and share price upside over the next 12 months.
Other Health Food Drinks brands of GSK -- Boost, Maltova and Viva -- would come to HUL's portfolio by virtue of the merger, making it a leading player in the segment.
Leading FMCG firm HUL on Thursday said it has switched to green fuel alternatives such as biomass and biodiesel and has eliminated the usage of coal across its operations. The company has collaborated with biomass suppliers and local farmers to ensure sustainable supply of green fuel and has made the necessary changes for the renewable transition in its coal-fired boilers, said an HUL statement. Besides, the shift from coal to renewable energy sources has also resulted in savings for the company, it added.
Sources said a merger could benefit both as Grofers' private labels business would be a draw for Zomato, as well as its experience in the online grocery delivery space.
Other gainers included Nestle India, Asian Paints, Bajaj Finance, NTPC, L&T, Axis Bank and Bajaj Auto. On the other hand, TCS, ONGC, Infosys, HDFC and SBI were among the laggards. NSE Nifty surged 121.65 points or 1.03 per cent to 11,889.40.
One reason Japan is betting highly on Indian pharma is that these companies have strong cash flows, low leverage and high debt capacity for medium to large sized acquisitions.
Reliance Retail will acquire the retail, wholesale, logistics and warehousing businesses of the Future Group. Future Group's financial and insurance businesses are not part of the deal.
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Top firms will have enough firepower to go for foreign M&As, given their balance sheet growth, say bankers.
Sensex dull at close, Infosys rules, ITC drags.
To tackle the resultant inflation, the Indira Gandhi government had imposed price controls on manufactured products, including soaps and vanaspati, in 1973.
Most Asian markets ended with gains.
The 30-share Sensex ended down 215 points at 27,011.
He alone gets the credit for reviving consumer interest in Ayurveda, says Bhupesh Bhandari.
With an epic battle of billionaires for supremacy in one of the world's most prolific markets and a pandemic-propelled surge in online shopping in the background, India's nearly trillion-dollar retail market is hoping to touch 85 per cent of the pre-COVID business in the first half of the New Year. In a year when the COVID-19 carnage ripped apart the retail business, circa 2020 will best go down for the unravelling of the war between Jeff Bezos, the world's wealthiest man, and richest Indian Mukesh Ambani for pre-eminence in the booming market that is estimated to reach $1.3 trillion by 2025. It all started with Ambani's Reliance Industries agreeing in August to buy assets of the nation's second-largest retailer for Rs 24,713 crore, just a year after Bezos' Amazon purchased an indirect stake in the indebted Future Retail.
'India is still a cash economy.' 'For a common household, almost everything from grocery to maid services is paid in cash.' 'The demonetised notes account for 85 per cent of the currency in circulation.' 'Until fresh notes flow back into the economy, day-to-day transactions ordinarily done in cash will be impacted.'
The 30-share Sensex ended up 12 points at 28,517 while the 50-share Nifty ended nearly unchanged at 8,660.
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