AMUL MD RS SODHI STEPS DOWN
Tata Elxsi Q1 Results: Net profit falls 3% YoY to Rs 184 crore
Tata Elxsi Q1 Results: Revenue from operations for the reporting period grew by 9% year-on-year, reaching Rs 926 crore compared to Rs 850 crore in the same period last year. Sequentially, net profit for the quarter dropped by 6% from Rs 196 crore in the preceding December quarter. However, revenues increased by 2% quarter-on-quarter. Total expenses for the first quarter rose by 13% year-on-year to Rs 706 crore, compared to Rs 624 crore in the same quarter last year.
Amul to be a part of India’s journey but capital market is not a possibility anytime soon: MD
Amul and the new multi-state cooperative organics both will do handholding of all these farmers, even encourage more farmers elsewhere to get into this space, work on getting the certification of their soil, and use Amul economy model where they can even convert the dunk of our cattle into organic manure, get back to the field, use it extensively with the support that is required for a farmer, says Jayen Mehta
I want to be one of the nicest guys they knew: Titan MD CK Venkataraman
Titan MD CK Venkataraman, who has been MD of Titan and Tanishq for four years, shares his experience in balancing the interests of various stakeholders, securing employee buy-in, and life after Titan. He explains that most decisions are about optimising stakeholder interest, but dealing with strong personalities with contrasting views is crucial.
Not in 'rat race' to be top builder in terms of sale bookings, says Macrotech Developers MD
When asked about the reason for setting a conservative sale bookings guidance considering that few players posted more than Rs 20,000 crore pre-sales in FY24 itself, Lodha told PTI, "We are not in any rat race and neither our shareholders are bothered about any such rat race." "We want to achieve consistent growth. Consistent growth and predictable growth with low leverage is very important and that is our business model," he said.
Girish Mathrubootham steps down as Freshworks CEO
Freshworks founder Girish Mathrubootham has stepped down as the chief executive and is being replaced by Dennis Woodside. This and more in today’s ETtech Top 5.
Paytm Money CEO Varun Sridhar steps down; Rakesh Singh appointed as chief executive
Paytm Money, the wealth management platform of One 97 Communication, has replaced chief executive Varun Sridhar, at the helm since 2020, with Rakesh Singh. Singh was the chief executive of broking services at Fisdom, a PayU-backed fintech. Sridhar will be moved to a different role within the Paytm group.
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KVS Manian joining Federal Bank? Lender mum on new chief decision, gives a hint over succession plans
Federal Bank declined to comment on reports of KVS Manian as MD & CEO candidate, emphasizing their search for the best candidate, internal or external. Manian, a former Kotak Mahindra Bank executive, is speculated for the role. Federal Bank reported Q4FY24 earnings, with a net profit of Rs 906 crore
'Baseless, misleading': ICICI Bank issues clarification over MD Sandeep Bakhshi's exit
ICICI Bank on Thursday issued clarification over an article stating that the bank's Managing Director (MD) Sandeep Bakshi is willing to leave his position.
Bandhan Bank shares plunge 9% as CEO set to step down; Jefferies cuts target
On Friday after the market closing hours, the private lender informed exchanges that Ghosh will retire from the position of MD & CEO upon completion of his current tenure on July 9, 2024. The veteran will continue to play a larger strategic role in the Bandhan group.
ZEE MD & CEO Punit Goenka takes voluntary 20% pay cut in cost-cutting drive
ZEE Entertainment's CEO, Punit Goenka, announced a 20% reduction in his remuneration, aligning with the company's focus on frugality, optimization, and quality content. In FY23, Goenka received Rs 35 crore in remuneration, following Rs 41.1 crore in FY22 and Rs 13 crore in FY21. The company, under Goenka's leadership, is prioritizing cost-cutting and productivity enhancement.
Amul vision is to be the biggest dairy in the world; already exporting to almost 50 countries: MD
Amul is deeply expanding into rural areas, with a revenue target of Rs 80,000 crore ending March this year. They dominate the cheese market and plan to increase capacity. Amul's value added products contribute to farmers' livelihoods and provide value for money to consumers. They aim to become the biggest dairy brand globally, focusing on competitive pricing and strong distribution.
Sony deal in past; Zee focus now on future, rebuilding business: Punit Goenka, MD & Chief Executive, Zee
Any asset failing to generate profit will be divested from the media company’s portfolio, Goenka said. He also spoke of the challenges facing Zee after the merger failure, impact of the Reliance-Disney merger on the industry, Sebi’s allegations of fund diversion, and his ambitious turnaround plan.
Zee shares rally 7% on report Punit Goenka offers to step down to seal Sony merger deal
The dialogues are going on between Zee Entertainment and Sony Group with respect to the completion of the deal ahead of the expiry of the 1-month grace period that both parties had agreed to, ET NOW reported, quoting sources.
Prashant Jain to step down as JSW Energy MD & CEO
JSW Energy on Tuesday announced that Prashant Jain will step down from his position as Joint Managing Director and CEO on January 31, 2024, said the company through its exchange filing.
Deloitte may step down as auditor of Adani Ports & SEZ ahead of term
According to one of the persons, a formal announcement is expected in the next three-four days. The firm was reappointed statutory auditor last year for a five-year period, according to the company's annual report for FY22.
Vedanta boss Anil Agarwal thanks late 'Amul Girl' mastermind Sylvester daCunha for 'utterly butterly delicious memories'
Sylvester daCunha passed away on Tuesday, June 20. He was 80. He was the mastermind behind the evergreen ‘Amul Girl’.
'Amul Girl' creator Sylvester daCunha is no more
Sylvester daCunha, the creator of the iconic 'Utterly Butterly' Amul Girl mascot, has died aged 87 in Mumbai. From its creation in 1966, daCunha's Amul Girl campaign became legendary for its acerbic wit and commentary on topical issues. The Amul Girl was designed to promote India's top-selling food brand, and daCunha's advertising work was praised for showing how world-class marketing could be created for the country's biggest food brand without a huge budget.
Big catch Amul veteran RS Sodhi can help Reliance milk the market
RS Sodhi has headed India's biggest cooperative, Amul, which sources milk from farmers, he is an ideal candidate for the role that Reliance has likely envisaged for him. Yet, Sodhi's hiring could also be a glimpse into the company's future plans — a possible foray into India's vast dairy sector.
Reliance Retail hires ex-Amul chief Sodhi to build grocery business
RRVL's fast moving consumer goods (FMCG) arm Reliance Consumer Products (RCPL) has of late been aggressively building its presence in the segment, launching a slew of products, ranging from beverages under the iconic brand Campa to home and personal care items.
Reliance Retail hires ex-Amul chief Sodhi to build grocery business
RRVL's fast moving consumer goods (FMCG) arm Reliance Consumer Products (RCPL) has of late been aggressively building its presence in the segment, launching a slew of products, ranging from beverages under the iconic brand Campa to home and personal care items.
RS Sodhi steps down as Amul MD, Jayen Mehta to take charge
RS Sodhi on Monday stepped down as the Managing Director of GCMMF and will be replaced by Jayen Mehta in the interim. Sodhi had been the Managing Director of Gujarat Cooperative Milk Marketing Federation (GCMMF) since June 2010 and is the President of the Indian Dairy Association.
Amul entry into organic foods to aid farmers & consumers; help govt save on fertiliser subsidies: RS Sodhi
“I see stability in the dairy prices and the market. There may be a small increase but the situation is tight in dairy supply because demand is much more than what the organised sector is able to meet. The pre Covid level was much higher than the pre Covid level. It is good for the long term of the dairy industry and for farmers as well as consumers like you.”
No plans to increase Amul milk prices in near future: GCMMF MD R S Sodhi
Gujarat Cooperative Milk Marketing Federation (GCMMF), which markets milk under the Amul brand, has no plans to increase prices of milk in the near future, its MD R S Sodhi said.
Nazara Technologies CEO Manish Agarwal to step down
Nitish Mittersain, joint managing director of Nazara Technologies will return to the role Chief Executive Officer following Agarwal's resignation.
No plan to merge Amul with 5 other cooperatives: MD
“In the last one year, MRP increase has been only 9% in all varieties except full cream where it is 12% to 13% vis-à-vis price paid to the farmers have increased by 15%. If you compare the input cost increase, dry fodder cost has increased by more than 60-70%, green fodder by 40-50% and cattle feed price has increased by 20-22%. ”
It is boom time for dairy sector; Amul’s Q1 growth is over 36%: MD
“Among all the food items, the minimum price increase has happened in milk, only 8-9% in the last one and a half-two years. Amul or the other cooperatives or the dairy sector is also paying around 8% to 9% more price for milk compared to previous year. But then the cost of production of milk for the farmer has increased around 15% to 20% because the cattle feed ingredients.”
Milk prices to remain firm, says Amul MD RS Sodhi
"Prices will be firm, I can't say by how much. They can't go down from here, can only go up," Amul MD RS Sodhi told PTI when asked about his outlook on milk prices.
Rural India can only develop through cooperative business model, says Amul MD R S Sodhi
Addressing a conference organised by CII, Institute of Rural Management Anand (IRMA) and International Labour Organization (ILO), Sodhi said: "If India has to develop, we have to see that Bharat also develops. Bharat can only develop through cooperative way of doing business because that model only takes care of small people."
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