ITC has extensively reset its strategy and will explore opportunities to craft disruptive business models to set up structural drivers helmed by digital and sustainability for its next horizon of growth and make the company future-ready, chairman Sanjiv Puri said on Wednesday. The company is pursuing an accelerated journey to build a dynamic utureTech' enterprise by investing in cutting-edge digital technologies to shape a new paradigm of competitiveness, create innovative business models and tap newer opportunities, he said while addressing shareholders at ITC's virtual annual general meeting. As part of the next horizon vision, the company is "proactively exploring inorganic opportunities" even as it has shrunk "business segments that were incongruent to our growth aspirations, such as the Lifestyle Retailing Business" while the existing growth platforms comprising megabrands will be scaled up and fortified.
Pakistan will buy sugar and cotton from India, newly appointed Finance Minister Hammad Azhar announced on Wednesday, lifting a ban on their import from the neighbouring country imposed in the wake of heightened tension over Kashmir in 2019. The decision was taken at the meeting of the economic coordination committee (ECC), which was chaired by Finance Minister Azhar.
Here are the major events that shaped the country in the past 48 hours.
The bigger threat for DMart is that the Reliance-Future combine now has grocery revenues that are nearly 2.5 times of it, putting pressure on the former to improve stickiness of its consumers.
The district authorities' permission to Rahul Gandhi comes two days after the district magistrate and Superintendent of Police had asked him to reschedule his visit on law and order grounds.
There was a worry that such a policy would hamper businesses, create resentment among the male staff and perhaps also discourage companies from employing women. However, this has proved to be misplaced.
'They are starting to move more quickly and we would just like to continue to see bold action being taken.'
In a setback to telecom service providers, the Supreme Court on Thursday allowed the Centre's plea to recover adjusted gross revenue (AGR) of about Rs 92,000 crore from them.
Petrol price cut by Rs 1.46, diesel by Rs 1.53 per litre
The World Bank also approved $200 million for Pakistan, $100 million for Afghanistan, $7.3 million for the Maldives and $128.6 million for Sri Lanka.
Atletico de Kolkata gave the football-crazy city fans a night to remember in their 3-0 drubbing of Mumbai City FC as the inaugural Hero Indian Super League football tournament kicked off in spectacular fashion after a star-studded opening ceremony in Kolkata.
Despite the failure of most e-commerce players to meet orders through the first week of the lockdown, there has been no serious crisis, thanks to supplies from 11 million small kirana and mom-and-pop stores across the country with the support of over 300,000 distributors and wholesalers.
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Here's a recap of events that occurred in India in the past 24 hours.
Govt's move will facilitate entry of global giants such as Total SA of France, Saudi Arabia's Aramco, BP Plc of the UK, and Trafigura's downstream arm Puma Energy.
The key demand drivers -- such as low home loan rates and income tax sops, particularly for affordable housing -- that supported the recovery in H2 FY2021, remain in place and will spur recovery again, feel experts.
A grouping of Indian and Indian-origin professionals working with tech giants like Google, Uber, Amazon and Facebook have written an open letter against the new religion-based citizenship law and the planned national register of citizens, terming them as "fascist". The letter by 'TechAgainstFascism' on online publishing platform Medium also urged the leaders to refuse to shut off the Internet at the "government's whim" and to ensure that content moderation is not skewing pro-government.
ICAI intends to investigate the chartered accountants of PNB but the bank allegedly refuses to give the information sought.
Here's a recap of the events from the past 48 hours.
The wholesale price index inflation is projected at 6.4 per cent for 2017-18.
India's wicket-keeper Wriddhiman Saha and middle-order batsman Rohit Sharma have made significant gains and climbed up latest ICC Test rankings for batsmen.
Sahil, 26, a resident of north Gonda area, says his father, Parvez Alam, 50, ran a garage and was trying to pacify people from both communities to not engage in violence.
Revenue soared 6.2 per cent to Rs 20,602.2 crore for the three months ended March 31, 2019.
Terming investment in infrastructure "quintessential" to boost growth, the Economic Survey on Friday said post unlocking of the economy, infra sectors are poised for growth and construction of roads is expected to return to the high pace attained before COVID-19. The infrastructure sector will be the key to overall economic growth and macroeconomic stability, the Survey said emphasising that the year after the crisis (2021-22) will require sustained and calibrated measures to facilitate the process of economic recovery and enable the economy to get back on its long-term growth trajectory. "Basic infrastructure facilities in the country provide the foundation of growth. In the absence of adequate infrastructure, the economy operates at a suboptimal level and remains distant from its potential and frontier growth trajectory.
The economic survey for 2020-21 has suggested revision in the weightage of food items to gauge the true picture of inflation in the country, and said new sources of price data also need to be incorporated in the wake of increasing retail e-commerce transactions. As per the survey, the current spike in consumer price-based retail inflation of food prices is mainly a supply-side phenomenon. The survey noted that the weights of all items in retail inflation are based on the NSO household consumption expenditure survey of 2011-12, adding the weight of food items in the index might have significantly decreased over the decade since then.
If more commodities which have seen a sharp rise in MSP are to be procured, such as pulses, oilseed and cereals, there could be a storage problem. Also, if state-owned Cotton Corporation of India joins in, this problem will aggravate.
The bank said that it has retained interest rate on savings bank deposit at 3 per cent for customers with balances above Rs 100,000. Customers with SB balance up to Rs 100,000 will continue to get the rate of interest at 3.50 per cent despite cut in the repo rate by the RBI earlier this month.
High inflation print is the price that the Reserve Bank of India (RBI) will have to pay to nurse a fragile growth back, say economists. Wholesale Price Index-based inflation rose to a record high of 12.94 per cent in May, aided by low base effect, but also because of higher fuel and commodity prices. Retail inflation, too, surprised by rising to 6.30 per cent, while the core inflation, which is the non-food and non-fuel component, rose to an 83-month high of 6.55 per cent. These numbers are much above RBI's upper limit of 6 per cent inflation target, but there is very little that the RBI can do at this moment.
The bank will give 3.25 per cent interest on savings bank deposits with a balance exceeding Rs 100,000. At present, the interest rate is 3.5 per cent.
A recap of events that occurred in India in the past 24 hours.
Disgraced former Indian Premier League (IPL) commissioner Lalit Modi has slammed the BCCI chief and new ICC chairman N.Srinivasan, saying that he has a bad influence on Indian cricket.
As per a Knight Frank FICCI Naredco report, a majority 69% of the stakeholders say that the residential sales will remain tepid or may even go down further in the coming six months.
Ten images that show it's an odd, odd world we live in.
Housing sales fell 37 per cent year-on-year during the 2020 calendar year while gross office space leasing declined 35 per cent on low demand because of the coronavirus pandemic, but demand improved significantly in the last quarter to cross pre-COVID level, property consultant Knight Frank India said on Wednesday. In its 'India Real Estate - Residential and Office Update H2 2020' report released on Wednesday, the consultant reported that sales of residential properties fell 37 per cent to 154,534 units in 2020 across eight cities as compared with 245,861 units in the previous year.
Small Factories Act, Industrial Relations Code likely to be redrafted under pressure from Bharatiya Mazdoor Sangh
Thirteen years after their small car project was forced out of West Bengal following the anti-land acquisition movement in Singur, Industry and IT Minister Partha Chatterjee has said talks are on with the Tatas for big-ticket investments in the state. Underscoring job creation as the TMC government's top priority, Chatterjee also said incentives to companies will depend on ability to generate employment. He said the Mamata Banerjee dispensation wants two large manufacturing units to be set up by any prominent industrial house at the earliest. "We never had any enmity with the Tatas, neither we fought against them. "They are one of the most respected and biggest business houses of this country and also abroad. "You can't blame the Tatas (for the Singur fiasco).
About 1 million bank officers are expected to participate in the strike on May 30 and May 31
Discounts and incentives are attractions jewelleres are offering along with new designs to woo customers to boost sales ahead of Diwali.
BCCI President N Srinivasan has rejected accusations that the Indian Cricket Board censors commentators employed by it, insisting that it does not "interfere with the freedom of the press".
The Reserve Bank has permitted PNB to make provisions against the fraud amount.
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