Page 717 - Business Finance
HUL's Sanjiv Mehta elevated as President, Unilever South Asia
Sanjiv Mehta, Chairman and Managing Director of Hindustan Unilever Limited (HUL), has been elevated as the President of Unilever South Asia.He will also be a member of the Unilever Leadership Executive while continuing in his present position. The change is effective from May 1, the FMCG major said on Thursday."Sanjiv has been instrumental in unlocking strong performance in South Asia, delivering exceptional top and bottom line growth," said Unilever Chief Executive Officer Alan Jope. "I look forward to welcoming him onto the Unilever Leadership Executive, where he will add invaluable insights and leadership."During Sanjiv's tenure at the helm of HUL, the company delivered on the 4-G growth model embracing consistent, competitive, profitable and importantly, responsible growth."His tenure has also seen a tremendous focus on the company's mergers and acquisition strategy with acquisitions of brands like Indulekha, Adityaa Milk and most recently the proposed merger of GSK Consumer ...
MCA may order management change in Essar Steel
After more than a year, the long-drawn resolution process of Essar Steel seems to be finally moving towards closure with the Corporate Affairs Ministry ready to order a change in the management of the insolvent steel maker.
Sales to remain muted in first half, to pick up after elections: Mercedes-Benz India
German luxury car maker Mercedes-Benz Thursday said sales in India are currently muted and expects these to grow only in the second half of 2019 after the general elections in the country. The company, which Thursday launched its AMG C 43 4MATIC Coup with a starting price of Rs 75 lakh (ex-showroom India), also said it sees a higher growth rate for its performance cars though the absolute volume remains small. Mercedes-Benz India, which sold 15,538 units in 2018, is hopeful that it would be able to sell more this year despite the current tough market conditions. "Sales are okay so far but they are not indicating any growth story at the moment. We see customers still coming to the showroom, showing interest in the products but we see hesitation in purchase," Mercedes-Benz India Managing Director and Chief Executive Officer Martin Schwenk told PTI here. Currently, the overall automobile market sentiment is weak with customers holding back discretionary spends, high interest rates and ...
Turnover in F&O segment spurts
Nifty March futures at steep premium
Dhruv Consultancy Services receives contract for road project in Jharkhand
Contract amount will be Rs. 2.28 crore for the said Construction Supervision Consultancy Services for which the contract period will be 48 months.
Volatile session ends almost flat
Key equity indices ended almost flat as investors booked profits after recent upmove amid mixed global cues. Selling in index heavyweights like ICICI Bank and Reliance Industries restricted gains in key benchmarks.
Quick Wrap: Nifty Realty Index records a surge of 2.21%
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Tech Mahindra to acquire Japanese network services provider - K-Vision Co.
The deal was signed on 14 March 2019 and the transaction in expected to close by 31 March 2019. The enterprise value of the deal is USD 1.5 million.
Talwar used bribe money to buy hotel in Delhi: ED
The Enforcement Directorate (ED) probing a money laundering case against corporate lobbyist Deepak Talwar has found incriminating documents suggesting he allegedly used funds received by his front entities in Singapore to buy commercial properties in the national capital.
China's auto sales contraction worsens in February
The downturn in China's auto market worsened in January and February as an economic slowdown and a tariff fight with the US chilled demand in the industry's biggest global market. Sales of SUVs, minivans and sedans plunged 17.5 per cent from a year earlier to 3.2 million SUVs, minivans and sedans in the first two months of 2019, according to an industry group, the China Association of Auto Manufacturers. Total vehicle sales, including trucks and buses, fell 15 per cent to 3.8 million units. The drop in sales of passenger cars in January was 15 per cent. Economists and industrial analysts often combine the first two months of the year when looking at consumer activity to screen out the effect of the Lunar New Year holiday, when factories close for up to two weeks and commercial activity falls. Chinese consumers are putting off big purchases amid an economic downturn that saw growth last year fall to a three-decade low of 6.6 per cent. Trade tension with Washington is fuelling consumer .
Mahindra XUV300 bookings cross 13,000 mark
Utility vehicles major Mahindra & Mahindra (M&M) Thursday said it has received over 13,000 bookings for its recently launched compact SUV XUV300. Launched on February 14, the model has entered the top three in the compact sports utility vehicle (SUV) segment in its first month, M&M said in a statement. Currently, compact SUVs account for 40 per cent of all SUV sales in the country and is also the fastest growing segment over the last five years. "In a highly competitive segment such as the compact SUV, we have received over 13,000 bookings and in the very first month itself, we have entered into the top three," M&M Chief of Sales & Marketing Automotive Division Veejay Ram Nakra said. This is in-line with company's objective of achieving 15 to 20 per cent share of this segment and reaffirms the fact that the XUV300 proposition has resonated well with the customers, he added. "What is also encouraging is that over 75 per cent of our bookings are for the top end ...
Wholesale inflation rises to 2.93 pc in Feb
Inflation based on wholesale prices inched up to 2.93 per cent in February over the previous month on account of firming up of prices of food items, including vegetables and cereals, according to government data released Thursday. The Wholesale Price Index (WPI)-based inflation was 2.76 per cent in January this year and 2.74 per cent in February 2018. Earlier this week, the Consumer Price Index data also showed that retail inflation, which is factored in by the RBI while deciding key interest rate, rose to 2.57 per cent, which was a four-month-high level, in February due to costlier food articles. According to the latest WPI data, the inflation in the food basket was 4.28 per cent in February, compared with 2.34 per cent in the previous month. On a monthly basis, the data showed that inflation was higher in cases of cereals, paddy, wheat, pulses, vegetables, fruits and other protein-rich kitchen essentials such as egg, meat and fish. However, the rate of price rise in February was ...
India's organised woodworking industry projected to cross USD 32 billion in 2019
The sixth edition of the woodworking industry's eagerly anticipated biennial event, DelhiWood 2019 organised by NuernbergMesse, in cooperation with PDA (Pradeep Devaiah associates) Trade Fairs, is on from March 13 -16 2019 at the India Expo Centre & Mart in Greater Noida, India."More than 550 exhibitors from over 35 countries showcased modern cutting-edge technologies, machinery, tools, fittings, accessories, raw materials and products for furniture production and wood-based manufacturing, housed in a whopping 42,000 square metres of space at the forthcoming DelhiWood 2019, making it the biggest ever woodworking industry show in India", informed Ms. Sonia Parshar, Chairperson of the Board and Managing Director, Nuernberg Messe India Pvt. Ltd."It may be noted that the woodworking industry is one of the fastest growing sectors of the Indian economy. According to a study by the World Bank, India's organised furniture industry is expected to grow 20% per annum over the next few ...
Sterling Biotech: NCLT raps Andhra Bank over OTS
NCLT Mumbai has pulled up the Andhra Bank for accepting a 'One Time Settelement' (OTS) offer from fugitive promoters of the Gujarat-based Sterling Biotech group, which is embroiled in a Rs 8,100-crore bank fraud.
Indices provisionally end on flat note
Key benchmark indices provisionally ended on a flat note after gyrating in positive and negative zone in intraday trade. The barometer index, the S&P BSE Sensex, rose 2.72 points or 0.01% at 37,754.89, as per the provisional closing data. The Nifty 50 index rose 1.55 points or 0.01% at 11,343.25, as per the provisional closing data
Yellow Tie Hospitality to open 60 more outlets across India by 2019-end
Yellow Tie Hospitality is planning to open 60 outlets of various restaurant brands under its portfolio in India by the end of 2019, a top company official said Thursday. Currently, the company has 50 operating outlets across over 15 cities in India. "We plan to add 60 more operating outlets in India by the end of this year, taking our total number to 110 outlets," Yellow Tie Hospitality Founder Chief Executive Officer Karan Tanna told PTI. The company manages successful restaurant brands through efficient franchising management, he added. "For the new restaurants that we will be opening this year, apart from deepening our presence in the locations we are already present, we are looking at places such as Varanasi, Udaipur, Ludhiana, Chandigarh, Bhopal, Indore, Nagpur, Nashik and Kochi, among others," Tanna said. The company currently has 12 brands including Genuine Broaster Chicken, Dhadoom, Umraan Regional, Billboard, Wrapchic, Teddy's, Wok This Way, Just Falafel, Chachago, Twist of ..
Thousands take out march seeking resumption of mining in Goa
Thousands of people Thursday took out a protest march demanding resumption of iron ore mining industry, which came to a standstill in March last year. Nearly 7,000 people took part in the protest march which began from Campal ground in the city and culminated at historic Azad Maidan. Those dependent on the mining industry participated in the protest under the banner of Goa Mining People's Front (GMPF). The iron ore mining activity in the state has been on hold since March 16 last year after the Supreme Court quashed the second renewal of 88 mining leases. The GMPF has been agitating demanding amendment in mining laws for the resumption of mining operations in Goa. A delegation of GMPF also submitted a memorandum to Chief Secretary Parimal Rai on Thursday. Addressing the mining dependents, GMPF chief Puti Gaonkar said the state government can work out a solution with the intervention of the Supreme Court. "The Goa government can file an affidavit before the Supreme Court ..
Use flexi personal loans to fund your holidays
Millennial Indians are coming up with new, innovative ways to fund their exotic travels. Whether it's a trip across Europe or a weekend getaway to a nearby location, youngsters are constantly looking forward to that perfect getaway.Bajaj Finance Ltd. the lending arm of Bajaj Finserv offers a flexi personal loan up to Rs. 25 Lakhs that can be utilized as per the need. Whether you're booking tickets and stay last minute, or have planned for them months in advance, travel incurs a lot of expenses. You can now pay for all these costs with ease using Bajaj Finserv's Flexi Loan option. With a loan amount of up to Rs.25 Lakh and no restriction on how you use it, you can fund every aspect of your holiday with ease.Bajaj Finserv personal loan is a kind of credit facility that allows a customer to withdraw and use an allotted specific amount of money for any financial requirements. It allows customers to use any amount within the assigned limit and pay interest on the amount withdrawn. Today, ..
Rajesh Exports bags export order worth Rs 1,079 crore
Rajesh Exports, the world's largest manufacturer of gold products, said on Thursday it has procured an order for a value of Rs 1,079 crore.The order has been procured beating global competition from a leading wholesaler and stockiest of the Middle East for further distribution to international markets. It is to be completed by June.The company will execute the order from its manufacturing facility, which is the world's largest gold manufacturing facility. This facility has a processing capacity of 250 tonnes of jewellery and gold products per year."We have also been launching new products across different lines and at different price points in the retail segment regularly so that our customers have a wide range of products to select from," said company's Chairman Rajesh Mehta.Rajesh Exports reported annual sales of Rs 1.87 lakh crore (about 28 billion dollars) on a consolidated basis in FY 2017-18. The company processes 35 per cent of gold produced in the world.With the recent ...
Giant UAE port operator posts rise in 2018 profit
Dubai port and logistics giant DP World said Thursday its net profit for 2018 rose over five percent on increased trade and higher returns from new acquisitions. The global provider, which runs port operations in over 40 countries, said in a statement that it posted a net profit of $1.27 billion in 2018, compared to $1.21 billion the previous year. "This robust performance has been delivered in an uncertain trade environment, once again highlighting the resilience of our portfolio," said DP World chairman and CEO Sultan Ahmed bin Sulayem. He said DP World had made new acquisitions worth $2.5 billion last year, strengthening its presence around the world. They included Berbera port in Somaliland, Continental Warehousing Corp. in India, Cosmos Agencia Maritima in Peru, and the Unifeeder Group in Denmark, as well as the pan-European logistics business P&O Ferries. The state-owned company said its revenue for the year rose 20 per cent to $5.65 billion, with important contributions ...