Raymond Consumer Care, which it acquired in April last year from the Singhania family with brands like Park Avenue and KamaSutra, has reduced 550 SKUs to just 100, he said. "On people, we also reduced the number of managers overall by creating larger, richer roles and introducing more modern tools. So, we have actually physically reduced in size despite our growth," he said.
In an exclusive interview with ETMarkets, Kshitiz Mahajan, CEO of Complete Circle Wealth discusses potential market behavior post-budget, highlights key sectors to watch, and provides insights on effective money deployment strategies for Union Budget.
AI has emerged as a catalyst for change in the field of audit, offering a plethora of opportunities to enhance efficiency, effectiveness, and insight, he said. By harnessing AI-driven algorithms and predictive analytics, auditors can analyse vast volumes of data with unparalleled speed and precision, enabling them to uncover patterns, anomalies, and potential risks with greater accuracy, he added.
Eve unveils full-scale prototype of its electric flying taxi, targeting certification by 2026. The aircraft, designed for short city trips, aims to fly by late 2024 or early 2025 after recent ground tests. Eve plans five conforming prototypes by next year and a pre-series eVTOL by 2026, backed by recent investments to fund development through 2027.
Star fund manager Nilesh Shah believes there is some froth in certain pockets of the markets, where low floating stocks and concentrated counters are trading at exorbitant valuations.
Vedanta Limited raised Rs 8,500 crore through a QIP, issuing 19.31 crore shares at Rs 440 each, closed on July 19 with a 4.61% discount. Major investors include Abu Dhabi, SBI, Nippon. Chairman Anil Agarwal emphasized highest-ever production, Rs 1,41,793 crore revenue, Rs 36,455 crore EBITDA. Funds will de-leverage, targeting Rs 10 billion EBITDA, supporting projects and shareholder value.
Union Minister G Kishan Reddy assured that there is no shortage of coal for the power sector, emphasising increased productivity of Coal India and commercial mines to meet long-term demand. He urged plants to switch to domestic fuel. The ministry reviewed the status of operational coal mines and emphasised the need to operationalizse advanced blocks. Reddy stressed exploration for more coal blocks and encouraged stakeholders to achieve a 19% growth in coal production this year.
Union Food Processing Minister Chirag Paswan stressed that his ministry deserved a good budget allocation for setting up processing units nationwide to create job opportunities and increase farmers' income. He outlined priorities including taking Indian brands global and dispelling misconceptions about processed foods, expressing hope for future budget approvals.
Feroze Azeez expects the Union Budget to revise LTCG limits, add debt schemes to Section 80C, and include mutual fund infrastructure in Section 54EC. AMFI's Section 50AA proposal, fixed deposits, and indexation benefits are discussed. Post-budget focus may shift to financial services, affecting investment management and equity market performance based on earnings growth.
In a market which is giving decent capital gains, looking at dividend yield stocks might not appeal to many. But when valuations are high and stocks which are IBC cases, quoting at half a billion market capitalization, then probably if one is looking at putting in fresh capital, it might be better to be cautious and don't ignore stocks where there is a cushion of dividend yield. There is reason to believe that if bears come to rule the street then dividend yield does act as cushion and even end up protecting capital. Читать дальше...
David Lammy, UK's Foreign Secretary, visits India to discuss the India-UK FTA from January 2022. India queries Labour's stance, visa issues aren't a priority. Lammy seeks swift conclusion. Labour's manifesto, led by Keir Starmer, aims for a strategic partnership with India. Lammy also joins the ASEAN Foreign Ministers' Meeting in Vientiane, noting Boris Johnson’s missed Diwali deadline.
New India's fastest-growing economy needs strong capital flows and M&A. Budget 2024 should address valuation rules, share swaps, overseas mergers, capital gains, M&A financing, non-industrial consolidations, and listed transactions. Key focuses include competitive disadvantage, market confidence, anti-abuse conditions, and cleanup clarifications. Deloitte India emphasizes these factors to boost economic growth and investor trust.
Researchers, including those from Oxford University, analyzed data from the National Family Health Survey 2019-21 and estimated that nearly 12 lakh additional deaths occurred in India in 2020, which is eight times higher than the official Covid-19 death toll reported for that year.
While praising Akhilesh Yadav, the TMC supremo said, "The 'Khel' (game) you played in UP should have forced the BJP government (in UP) to resign, but the shameless government is continuing in power by misusing agencies and other means."
At the TMC's Dharamtala rally in Kolkata, Akhilesh Yadav and Abhishek Banerjee strongly criticised the BJP government, accusing it of using unfair tactics to maintain power and foreseeing its imminent downfall. Yadav declared the government's days are numbered, while Banerjee highlighted the BJP cutting funds to Bengal and the people teaching them a lesson in the Lok Sabha elections. The rally marked TMC's annual Shahid Diwas in remembrance of those killed in a 1993 protest.
According to the cause list of July 22 uploaded on the apex court's website, a bench comprising Chief Justice D Y Chandrachud and justices J B Pardiwala and Manoj Misra would hear more than 40 pleas, including those filed by the NTA seeking transfer of cases pending against it in various high courts on the NEET-UG row to the Supreme Court to avoid multiplicity of litigations.
Jayant Chaudhary, leader of the Rashtriya Lok Dal, urged the Uttar Pradesh government to withdraw its directive requiring eateries along the Kanwar route to display owners' names, emphasizing that the pilgrimage is not affiliated with any specific religion or caste.
Abhishek Banerjee, a senior TMC leader, criticized the arrest of former West Bengal education minister Partha Chatterjee in a school recruitment scam, questioning why Union Education Minister Dharmendra Pradhan hasn't been arrested for NEET irregularities. Speaking at a TMC rally in Kolkata, Banerjee accused the BJP of relying on central agencies and money power for electoral victories, noting that despite such tactics, the BJP performed poorly in West Bengal's recent Lok Sabha elections.
The petitioner submitted that the "unwarranted" cancellation of the exam has caused significant distress, anxiety, and an unnecessary expenditure of resources for the aspirants who have rigorously prepared for this crucial examination.
The State Disaster Response Force, the local administration, civic bodies, police etc should take regular updates on the weather from the India Meteorological Department and plan accordingly to provide relief to citizens, Shinde said.
The upcoming budget for 2024-25 will be presented by Finance Minister Sitharaman, marking her seventh budget speech. The budget session of Parliament will begin on July 22. The 'halwa ceremony' and Economic Survey are key events leading up to the budget presentation on Tuesday at 11 am in the Lok Sabha.
With just two days to go, all roads are leading to the Union Budget, which will be presented by finance minister Sitharaman on July 23. Analysts expect the government to strike a good balance between fiscal consolidation, growth and rural welfare schemes owing to the RBI’s higher-than-expected dividend transfer.
Private Members' Bills in Rajya Sabha for Monsoon Session include prohibiting constitutional post holders from joining political parties post-retirement, bills on AI, deepfake, and amending citizenship law. 23 bills are listed for introduction, including one by RJD MP AD Singh to prevent retired judges and election commissioners from joining parties. Other bills cover topics like marital rape, universal basic income, and regulating AI technology.
The Kerala Chief Secretary clarified that appointing IAS officer K Vasuki as 'state's secretary in charge of external cooperation' was to establish new relations for state development, not diplomatic relations. Congress MP Shashi Tharoor supported the appointment, emphasising the officer's role as a focal point of responsibility within the government. BJP State President K Surendran criticised the move as an overreach and a violation of the Constitution, questioning if it aimed to establish Kerala as a separate nation.
India's Kush Maini secured his first Formula 2 Sprint Race win at the Hungarian Grand Prix after the initial winner, Richard Verschoor, was disqualified for a technical infringement. This victory moved Maini to 8th in the standings with 66 points. The 23-year-old driver, currently the sole Indian in F2, demonstrated impressive skill and composure on the Hungaroring circuit.
