Prices may go up because of higher energy costs, caused by the rise in shipping charges, with commercial vessels taking a longer route to avoid the troubled Red Sea region, the finance ministry said on Monday. Iran-backed Houthi rebels of Yemen are repeatedly attacking ships in the Red Sea. While the global economy is grappling with challenges such as sticky inflation, sluggish growth, and mounting fiscal pressure, India's external sector could face "potential risks" due to the ongoing geopolitical tensions, according to the finance ministry's report on the review of the Indian economy.
Making its entry into the last mile retail space, Kishore Biyani promoted Future Group on Wednesday said it will set up 1,500 new format fairprice shops over the next two years.
The investments include the supply chain, but exclude real estate component.
Oil to telecom conglomerate Reliance Industries (RIL) has initiated the process to seek shareholders' approval for the appointment of the third generation of the Ambani family on the company's board. The remote voting through postal ballot will start from September 27 onwards. In a separate note, CreditSights said a trust and hold-co model could be a possibility for the anticipated succession at RIL.
The luxury retail market, which is currently in its nascent stage was roughly estimated to be around Rs 1,500 crore (Rs 15 billion) and expected to grow at 20 per cent in next five years. The booming stock market and the recent news that India's leading industrialist, Mukesh Ambani, had even overtaken Bill Gates, to become the richest person in the world, is an indication that the country was ready for that ultimate 'haute couture' experience.
At the moment, big retailers are concentrating on China because the retail sector there is more advanced, especially in terms of infrastructure, says Kim Culley, COO, Express Avenue.
Retailer bodies to demand govt action against I-Day sales offers, threaten legal action for breach of FDI rules.
RBI, however, does not want banks to get into it, as it is speculative.
Today's Writing Products is entering retail of office supplies and stationery products with 500 retail outlets.
For instance, Shoppers Stop has seen a mere two per cent like-to-like growth in the southern region in the first quarter of 2012-13 (and 10 per cent in the western region, mostly Mumbai and Pune) due to the cannibalisation effect, said managing director Govind Shrikhande.
SEBI has published data showing that more than 90 per cent of investors lose money in futures and options, explains Harsh Roongta.
Over the past year, Amul has undergone a transformative journey, evolving from a dairy-centric entity to a comprehensive foods company. Since 2022, PepsiCo India, too, has embarked on extensive launches in the food category. Not to be left behind, ITC, which has been introducing an average of 100 fast-moving consumer goods (FMCG) products across categories every year, has also launched a number of packaged food items.
In the July to September quarter of 2023-24 (Q2FY24), Voltas' revenues grew by 29.7 per cent year-on-year (Y-o-Y), but the adjusted net profit was down by 63 per cent Y-o-Y. The revenues hit Rs 2,290 crore, led by growth in the Unitary Cooling Products segment (up 15.4 per cent Y-o-Y, and in the EMP (Electromechanical project) business (up 66.8 per cent Y-o-Y). The UCP revenue rose to Rs 1,200 crore in Q2FY24, driven by volume growth despite weak consumer spending - the three-year annual growth is 18 per cent.
Committee of Secretaries has come up with a pointless set of guidelines.
All six members of the Reserve Bank of India's (RBI's) monetary policy committee (MPC) expressed caution over food inflation during the December review, while two external members warned about high real interest rates as headline inflation approaches its target of 4 per cent. The central bank continued to maintain the status quo on both the repo rate and the stance in the December monetary policy. India's retail inflation in November rose to 5.5 per cent - its fastest pace in three months - due to higher food prices.
'It is the best avenue for investors who would like to take long-term exposure to gold.'
According to research and consultancy firm RNCOS, the online retail market is projected to grow at a compound annual rate of 40-45 per cent during 2014-18.
After kick-starting mock-trading for currency futures, the National Stock Exchange will launch currency derivatives on August 29. NSE will be the first exchange to launch currency futures after receiving an in-principle approval from the Securities and Exchange Board of India.
Future Group, the Rs 2,000-crore (Rs 20-billion) Indian retail giant, is set to invest close to Rs 400 crore (Rs 4 billion) over a period of three years to revamp its IT infrastructure.
The Nifty IT index rose by 5.14 per cent on Friday (January 12), marking its best performance in a day since July 2020, followed by another 1.9 per cent rally on Monday. With this, the index, which tracks the share prices of India's 10 biggest information technology (IT) services companies, has increased 7.1 per cent in the past two sessions. However, the substantial rally in the index occurred at a time when India's four largest IT companies reported their worst quarterly performance in over five years.
Bharti Retail on Friday announced appointments of former head of Walmart India Raj Jain as its CEO and Pankaj Madan, another senior executive of erstwhile joint venture Bharti Walmart, as Chief Financial Officer.
As a sign of things to come, Future Media, the media arm of the group, recently launched a women's magazine, My World, priced at Rs 25, given away as gratis to shoppers at Future Group stores (Pantaloon, Big Bazaar, etc) spending over Rs 1,500. The company plans to launch a magazine each quarter.
Global sales made via mobile devices are expected to top $638 billion.
Apple chief executive Tim Cook on Wednesday met Prime Minister Narendra Modi as the iPhone manufacturer is looking to invest more in the world's second-largest smartphone market. Cook, on his first trip to India in seven years, opened Apple's first retail store in the country in Mumbai on Tuesday and will launch another in Delhi on Thursday. Looking to replicate what China did to Apple's business in the last 15 years, the tech giant is eyeing India's massive market with an expanding middle class to power sales growth, and potentially make it a home base for the production of millions of Apple devices.
After ending its wholesale partnership with Walmart, Bharti Retail has decided to merge with the Future group
The finance ministry on Thursday sought to clarify that there was no distress in household savings and the data indicated that changing consumer preference for different financial products was the real reason for the change in the pattern of household savings. The clarification comes in the backdrop of Reserve Bank of India data showing that household net financial savings rate is at its lowest in decades, at 5.1 per cent of GDP in FY23 compared to 7.2 per cent of GDP in FY22. The divergence in the data for household gross financial assets and liabilities is not a cause for concern for the government, as the loans have largely been taken to buy real assets or automobiles, the finance ministry said.
'We will continue to build new engines of growth in terms of innovations, enter newer categories, and look at newer propositions.'
China's Vivo said on Thursday it will export more than one million 'Made in India' smartphones in 2023 to achieve a target announced last year when it sent out its first indigenous shipment to Thailand and Saudi Arabia. Vivo India, known for its economical phones, has proposed investing Rs 7,500 crore in the country and it is set to spend Rs 3,500 crore of that amount by end of this year. According to the firm's India Impact Report 2022, it will start production at a new 'state of the art' manufacturing facility by early 2024 after regulatory clearance.
The wholesale price-based inflation eased for the eighth consecutive month to 4.73 per cent in January on easing prices of manufactured items, fuel and power. The wholesale price-index (WPI) based inflation rate was 4.95 per cent in December 2022 and 13.68 per cent in January 2022. Inflation in food articles, however, rose to 2.38 per cent in January, from (-) 1.25 per cent in December, 2022.
'We are committed to achieving the targets we had outlined.'
Kishore Biyani's Future Group will hive off its electronics business into a separate company, as continued promotions and increased competition are taking a toll on its margins.
The mutual fund (MF) industry has seen a fair number of new entrants in the last 10 years but none of them have proved to be much of a challenge for the larger players. The list of top 20 fund houses, which manage over 90 per cent of the industry's total assets, continues to be dominated by players who have been in the business for more than a decade. Bajaj Finserv MF may change that, say experts.
Ranked 737 in the Forbes global billionaire list with personal wealth of $2.4 billion, Yusuffali's diversification does not stop here.
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Investment can only be by prospective dealers.
Bajaj Finserv was the biggest gainer in the Sensex pack, rising 2.21 per cent, followed by Titan, ITC, Kotak Mahindra Bank, HDFC Bank, HDFC, Bajaj Finance, IndusInd Bank, ICICI Bank, HUL, Reliance Industries and Mahindra & Mahindra. Wipro, Tata Consultancy Services, Power Grid and Tech Mahindra were the laggards.
The wholesale price-based inflation declined to over two-year low of 3.85 per cent in January on easing prices of manufactured items, fuel and power, even though food articles remained expensive. This is the ninth straight month of decline in the rate of wholesale price-index (WPI) based inflation. The WPI inflation was 4.73 per cent in January and 13.43 per cent in February, last year.
Adani Total Gas Ltd, the joint venture of billionaire Gautam Adani's group and French energy giant TotalEnergies, will invest Rs 18,000 crore to Rs 20,000 crore in the next 8 to 10 years to expand infrastructure for retailing CNG to automobiles and piping gas to households and industries, its CFO said. The company retails CNG to automobiles and pipes gas to household kitchens for cooking purposes in 52 licences that cover 124 districts of the country. It has 460 CNG stations in the country and about 7 lakh consumers of its piped cooking gas.
'Even for operational buildings, we are looking to smarten them in various ways.'
GDP growth of 7.7 per cent in the first half of this fiscal has "left sceptics gasping and woefully behind the curve", an RBI article said on Wednesday. It also stressed the buildup in the growth momentum is likely to be sustained. The article on the state of the economy published in the Reserve Bank's December Bulletin on Wednesday also said CPI-based retail inflation is expected to ease to 4.6 per cent in the first three quarters of 2024-25 from 5.6 per cent in November.
