Explore Business Standard
Market
Techno Paints and Chemicals is planning to raise Rs 500 crore through an IPO in the next financial year, company sources said on Saturday. Sachin Tendulkar has been appointed as the brand ambassador of the paint manufacturer for three years, a move expected to help the company expand across the country. With the addition of the 'Master Blaster', the paint maker said in a press release, the brand aims to strengthen its national presence. "We are honoured to collaborate with one of the world's most iconic cricketers and a Bharat Ratna, Sachin Tendulkar. We are looking forward to achieving bigger and greater things this year with expansion and the IPO, and no one could have been a better ambassador or growth partner for us," said Akuri Srinivas Reddy, Chairman of Techno Paints and Chemicals. Earlier in 2023, the company had announced the appointment of film actor Mahesh Babu as its brand ambassador. He served in that role for a period of two years. The company earned revenue of Rs 21
Reserve Bank Governor Sanjay Malhotra on Saturday said that the market forces decide the value of rupee with respect to the US dollar and the central bank is not worried about day-to-day movement of the currency value. Addressing the media after the meeting of Finance Minister Nirmala Sitharaman with the Reserve Bank board, Malhotra said that the central bank focuses on the value of the rupee in the medium to long term. On the impact of the depreciation of the rupee against the US dollar on price rise, the Governor said 5 per cent depreciation impacts domestic inflation to the extent of 30-35 bps. He further said that RBI took on board the current rupee-dollar rate while working out growth and inflation projections for the next financial year. Replying to a question, Finance Minister Sitharaman said the Union Cabinet has cleared the new income tax proposal and she hopes to have it introduced in the Lok Sabha in the coming Week. Thereafter it will be sent to a parliamentary standin
The swift action of police averted a major tragedy in central Delhi as 44 labourers were rescued minutes before a blaze spread all over a four-storey building at a furniture market Nabi Karim area early Saturday morning, officials said. A call about the fire was received at 3.20 am. It was also reported that smoke was coming out from the building's ground floor, which is used as a furniture godown, a police officer said. The labourers were sleeping inside the building. It was found that there was an entry point to go on the upper floors but the shutter was closed. "The local police, in a swift action, broke the shutter, opened the gate, and proceeded to the second and third floors, where the labourers were sleeping," Deputy Commissioner of Police (Central) M. Harsha Vardhan said. Around 44 labourers were rescued before the fire spread all over the building and fire tenders arrived, he said. An official of Delhi Fire Service (DFS) said at least seven fire tenders were pressed into