The Confederation of All India Traders (CAIT) expected festive trade during the Rakhi festival to exceed Rs 12,000 crore, indicating a significant increase from previous years. There was notable demand for indigenous Rakhis over Chinese ones. Various distinctive Rakhis from across India also saw high consumer interest, contributing to the festive season’s trade boom.
Authorities in India identified that almost 12% of spice samples did not meet safety standards after international concerns about contamination. The Food Safety and Standards Authority of India conducted tests following Hong Kong's suspension of MDH and Everest spice blends. Both brands assert their products remain safe for consumption, although these findings span broader testing.
Post election, there are some sets of companies which have been outperforming the market, this is worth noting for two reasons, first they have been underperforming even in the pre election bull market, so why this sudden out performance and second, they common thread is that their top and bottom line has relationship with what is happening in the rural India. The commentary from some of the companies post their Q1 result has been positive as they see some green shoots in rural consumption. We take... Читать дальше...
In Pune, a district court rejected Burger King Corporation's bid to stop a local eatery from using the 'Burger King' name. The court recognized that the local eatery had been operating under the name since 1992. Consequently, the court ruled that BKC lacks grounds for an injunction or damages due to insufficient evidence.
Union Home Minister Amit Shah in Ahmedabad criticized past governments for denying citizenship to refugees due to appeasement policies. He handed over citizenship certificates to 188 Hindu refugees and emphasized that the Citizenship (Amendment) Act (CAA) is meant to provide justice. Shah assured that CAA does not threaten the citizenship of Muslims.
India and Australia have begun a new round of negotiations in Sydney to advance their comprehensive free trade agreement. These talks aim to finalize several chapters of the pact, which builds upon the Economic Cooperation and Trade Agreement implemented in December 2022. Discussions include duty-free access and deeper engagement in key sectors like goods and services.
FMCG firms reported rural demand resurgence and strong e-commerce growth, especially through quick commerce, in the June quarter. Companies like HUL, ITC, and Dabur, despite high food inflation, are optimistic about future growth due to favorable monsoons and government policies boosting the rural economy. Traditional urban channels showed some slowdown.
TMC MP Sukhendu Sekhar Roy called for CBI interrogation of Kolkata Police commissioner and former principal of R G Kar Medical College in the case of a woman doctor's alleged rape and murder. The probe, initially managed by Kolkata Police, was transferred to the CBI following allegations of a cover-up.
Chief Minister Siddaramaiah called a Congress Legislative Party meeting on August 22 following Karnataka Governor Gehlot's permission to prosecute him over a site allotment case involving Mysuru Urban Development Authority. The meeting aims to discuss legal and political strategies. Allegations involve high-value site allotments to Siddaramaiah's wife in exchange for less valuable land.
Rahul Gandhi criticized the government's decision to seek lateral entry into the bureaucracy, claiming it undermines constitutional principles and reservation for marginalized communities. The Union Public Service Commission has advertised 45 posts for recruitment via lateral entry. Gandhi alleged this move deprives talented youth preparing for UPSC exams of their rightful opportunities.
Diageo's Indian unit submitted documents to New Delhi police in a probe about billing and discount practices between 2017 and 2020 involving government liquor shops. CEO Hina Nagarajan was summoned but didn't appear personally. Diageo calls the case a routine exercise and is cooperating with the authorities.
Foxconn's chairman, Young Liu, disclosed the company's intention to set up a Battery Energy Storage System unit in India, targeting the electric vehicle market. With an existing plant in Taiwan, Foxconn has invested USD 10 billion in India and plans to increase this. Liu met with Indian ministers to explore collaboration opportunities, particularly in Tamil Nadu.
Burger King Corporation's 13-year lawsuit against a Pune-based eatery was dismissed by the local court. The court concluded that the local establishment had been using the 'Burger King' name since 1991-92, predating the US chain's entry into India in 2014. No evidence of trademark infringement or damages was found.
Prime Minister Narendra Modi honored the late DMK President M Karunanidhi as an influential personality in Indian politics and literature. In a message to Tamil Nadu Chief Minister M K Stalin, Modi acknowledged Karunanidhi's contribution to Tamil culture. The commendation coincided with Defence Minister Rajnath Singh releasing a commemorative coin on Karunanidhi's centenary.
Akhilesh Yadav criticized Keshav Prasad Maurya following the Allahabad High Court's decision on teachers' recruitment. The court instructed the Uttar Pradesh government to create a new list for 69,000 assistant teachers. Yadav accused Maurya of playing political games and being part of a government that compromised youth reservations, despite recent favorable rulings.
After setbacks in the Lok Sabha elections, the BJP has vowed to win all 10 assembly seats in upcoming by-elections in Uttar Pradesh. Political experts suggest this will not be easy due to internal issues and challenging past results. The by-elections occur as several MLAs became MPs and one was sentenced to jail.
Former Jharkhand CM Champai Soren visited Delhi amidst rumors of joining BJP ahead of state polls. He stated the trip was for personal reasons. Soren, who served briefly as CM earlier this year, resigned in July. BJP leaders discussed this potential inclusion during a recent meeting, but no official decision has been made.
The Samajwadi Party and Bahujan Samaj Party criticized the government's lateral entry initiative into the bureaucracy as a strategy by the BJP to install its ideological allies in high positions. SP chief Akhilesh Yadav and BSP chief Mayawati argued that this approach could undermine reservations and violate the Constitution, with Yadav warning of upcoming protests.
In western Uttar Pradesh, solar panels have begun transforming brick kilns and workers' lives, reducing pollution and providing electricity. Although initial costs were high, the long-term savings and benefits have been substantial. Workers' huts now have electric lighting, fans, and phone charging capabilities, improving their safety and living conditions.
Macrotech Developers faced a 43.5% rise in net debt to Rs 4,320 crore due to higher investments in land and construction. The company's sale bookings grew by 20%, and it reported a 2.7-fold increase in net profit to Rs 475.3 crore for the first quarter. Customer collections rose by 12% to Rs 2,690 crore.
Indian exporters are worried about the Monkeypox outbreak in Africa, a key trading partner. Although the situation is currently under control, they fear possible disruptions. The WHO has renewed its declaration of the virus as a public health emergency. India and Africa aim to expand their bilateral trade to USD 200 billion by 2030.
Whether it comes or not, but the fact is that since the first week of August, there has been a talk of possible recession in the US. The first reaction was that of panic and then as usual, across the globe a trade got in motion to sell possible stocks and sectors which are going to get hit. There is enough evidence to show that if there is a recession then it is the metal sector stocks which get the hit first as the metal prices tend to come down. Already if one looks at performance of the metal stocks... Читать дальше...
In August, foreign investors withdrew Rs 21,201 crore from Indian equity markets, influenced by the unwinding of the yen carry trade, US recession worries, and geopolitical tensions.
Indian market rose on Friday tracking positive global cues. The S&P BSE Sensex rallied more than 1300 points while the Nifty50 closed above 24500 levels.
In June, India's holding of US government securities rose to USD 241.9 billion, continuing an upward trend for the third consecutive month. Japan and China retained the top spots. This development occurred amidst a backdrop of global economic challenges and the IMF's projection of 3.2% growth for 2024.
