CO PRODUCTION
ESAF Small Finance Bank creates micro banking vertical with 5,200 staff
ESAF Small Finance Bank has absorbed 5,200 employees from ESAF Swasraya Multi-State Agro Co-operative Society Ltd (ESMACO) as part of a strategic business restructuring. The bank will now directly manage the microloan portfolio, which was previously managed by ESMACO through banking outlets. The micro banking vertical will primarily serve the needs of the rural population through micro-loans, agriculture loans, vehicle loans, and home loans.
Axis Bank and Piramal Finance join hands under co-lending business
The partnership is expected to leverage the loan processing technology of Piramal Finance and financial expertise of Axis Bank.
India expressed interest in co-production of Stryker combat vehicle: US
US Deputy Secretary of State Kurt Campbell emphasized the importance of frank dialogue with India regarding New Delhi's ties with Russia, particularly in the technology sector, including defense. Despite US concerns about potential technology leakage to Russia due to India's use of Russian defense equipment, Campbell expressed trust and confidence in India's capabilities. He noted that while there are disagreements, both countries maintain respectful discussions. Campbell also highlighted discussions on the Quad initiative during recent meetings between US National Security Advisor Jake Sullivan and India's NSA Ajit Doval, affirming strong commitment to hold the Quad summit by year-end.
Denmark will be first to impose CO2 tax on farms, government says
A tax was first proposed in February by government-commissioned experts to help Denmark reach a legally binding 2030 target of cutting greenhouse gas emissions by 70% from 1990 levels.
India, US discussing co-production of Javelin anti-tank missiles
India and the US discussed joint production of American javelin missiles to meet Indian military needs.
iCET Meet: Doval, Sullivan focus on co-production, co-development, R&D
NSA Ajit Doval and US counterpart Jake Sullivan met for the second iCET meeting, focusing on co-production, co-development, and R&D. They emphasized staying at the forefront of innovation and coordinating with allies for secure technology solutions. They highlighted the need to safeguard sensitive technologies from leaks to countries of concern, without naming China.
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Tata Consumer Products aspires to be a full-fledged FMCG Co, to double capex to Rs 785 cr in FY25: N Chandrasekaran
Tata Consumer Products Ltd plans to diversify and expand into new FMCG categories, doubling capex to Rs 785 crore for FY25 with a focus on a new plant in Vietnam. Chairman N Chandrasekaran emphasized growth through acquisitions, particularly in health-oriented and food products, while investing in digital technology and advertising.
Reliance Retail’s Tira launches 'Akind': Skincare brand co-founded by Mira Kapoor
Tira, Reliance Retail's beauty retail platform, has introduced its skincare brand, 'Akind', co-founded by Mira Kapoor, at its flagship store in Mumbai. Akind offers three categories of formulations focused on improving skin barrier health. Isha Ambani, Executive Director of Reliance Retail Ventures Limited, expressed excitement about the launch, emphasizing Tira's commitment to innovation. Mira Kapoor highlighted the brand's journey and its emphasis on tailored skincare solutions.
Japan's economy is shrinking, although slightly less than previously thought
Japan GDP growth: Revised government data shows Japan's economy shrank at an annual rate of 1.8%, an improvement from the initial estimate of 2.0%. Private sector investments were revised to minus 0.4%. Weak consumer spending, a depreciating yen, and a scandal involving improper vehicle tests at major automakers are among the challenges faced. The Bank of Japan's next move is closely watched.
Akasa Air well on path to profitability; will launch more intl flights: Co-Founder Aditya Ghosh
Akasa Air, co-founded by Aditya Ghosh, is progressing towards profitability and expanding its reach to South and Southeast Asia. In under two years, the airline has grown to a fleet of 24 planes with over 4,000 employees. Ghosh emphasizes a customer-focused, consistent approach to operations and plans further international and domestic expansions.
Cola, ice creams sell like hot cakes amid prolonged heat spell
Demand for hydrating products surges in India amid heat wave, with PepsiCo India, CocaCola, and Havmor Ice Cream witnessing increased demand in east, north, and central regions.
Uno Minda ties up with Chinese firm for production of EV components
Uno Minda has partnered with Suzhou Inovance Automotive Co to manufacture electric vehicle components, including charging control units, inverters, motors, and electric drive systems for passenger and commercial vehicles. The company plans to expand its electric four-wheeler portfolio and potentially establish a joint venture with Suzhou. Inovance, founded in 2003, specializes in providing products for rail transit and new-energy vehicles.
Toyota apologizes for cheating on vehicle testing and halts production of three models
Toyota suspended production of models like Corolla Fielder, Corolla Axio, and Yaris Cross, but assured the safety of vehicles like the Corolla subcompact and Lexus luxury cars.
Retail cos, QSRs expand at slowest pace in 5 years
Retailers and quick-service restaurant chains in India experienced the slowest pace of store expansion in five years at 9%, with 33,219 stores as of March 31. In FY23, the number was 30,551, up 18% from the previous year. These companies added 2,700 stores, averaging 7 a day, but that's nearly half compared to 13 doors each day in FY23. Retail sales growth rate fell year-on-year every month in the previous fiscal, reflecting weak consumer sentiment across segments like apparel, footwear, and QSR.
3M India Q4 Results: 'Post-it' maker posts profit rise; shares surge
3M INDIA-RESULTS/'Post-it' maker 3M India posts Q4 profit rise; shares surge
China's $538 billion deposit exodus charges bonds rally
The nation's total deposits slumped by $538 billion, or 1.3%, in April as investors looked for higher returns elsewhere and policymakers cracked down on companies that took advantage of preferential deposit rates to park cash at banks. One-year deposits at China's largest banks pay a record-low of just 1.45%. The rush of funds into higher-yielding assets indicates efforts by Chinese policymakers to boost risk appetite are starting to bear fruit, though the money has yet to translate into a jump in consumer spending or stock investment.
Confident of delivering 20% plus value growth for coming year: Ramanpreet Sohi, Honasa Consumer
We have delivered 7% EBITDA for the year and we are looking at about 150 bps expansion into next year.Now, of course out of this, two-third of this will be driven by marketing A&P efficiencies. I think one thing that everyone needs to understand is that we are building a house of brands.
Google picks southern Indian state for smartphone production
Google is set to invest billions in Tamil Nadu, India to produce smartphones and drones. The move follows a trend of tech companies, like Apple, shifting production from China. The state aims to boost advanced manufacturing, with Google's decision contributing to its transformation. This shift benefits India's economy and aligns with Prime Minister Modi's incentives to attract electronics manufacturers.
FY24 milestone year for Tata Consumer Products: N Chandrasekaran
Tata Consumer Products, led by N. Chandrasekaran, highlights a milestone year in its 2023-24 annual report. Completing the amalgamation of Tata Coffee, integrating brands like Tata Soulfull and NourishCo, and acquisitions like Capital Foods and Organic India, signal a transformative phase. Revenue growth, expanded distribution, and increased market capitalization underscored its success.
US firm becomes world's most valuable solar firm after Chinese rivals slip
First Solar Inc. becomes the world's most valuable solar manufacturer, surpassing Sungrow Power Supply Co. and ending China's dominance since 2018.
As 'Nandini' sponsors T20 WC teams, Siddaramaiah says 'will take co-op brand to the world'
The Karnataka-based Nandini dairy brand has been announced as the official sponsor of the Scotland cricket team in the upcoming T20 World Cup in the US. Chief Minister Siddaramaiah praised the move as a significant step in making Nandini a global brand. The company, known in countries like Malaysia, Vietnam, Singapore, USA, Dubai, UAE, and UAE, is the second largest dairy co-operative in South India. KMF has 16 Milk Unions covering all districts of Karnataka.
US efforts to reshape global supply chains gather pace in Asia
President Joe Biden's tariff hikes on Chinese imports are reshaping Asian trade routes, with Taiwan's exports to the US surging over 80% in April.
Xiaomi moves ahead with Tesla-like SUV as first EV hits goals
Xiaomi plans to enter the EV market with SUVs by 2025, starting with the SU7 model. The company aims to reduce reliance on smartphones, taking on competitors like Tesla and BYD, with positive market reception and potential break-even in 2026.
April brings good news: Consumer goods cos winning majority votes during polls
Steady demand for consumer goods prevails despite election season disruptions, with notable sales spikes in cooling appliances, small food packs, and traditional snacks. Retailers face challenges due to store closures on voting days.
In rare form, saffron worth king’s ransom: ‘Kesar’ prices soar up to Rs 4.95 lakh/kg in retail as Iran tensions weaken its exports of the spice
Amidst geopolitical tensions in West Asia causing a sharp decline in saffron supplies from Iran, Indian saffron prices have surged by over 20% at wholesale and 27% at retail levels, reaching Rs 3.5-3.6 lakh per kg. Kashmiri saffron, renowned for its quality, faces production challenges, with output declining significantly despite receiving a Geographical Indication (GI) tag. Factors such as pollution from new cement factories in Pampore and erratic weather conditions contribute to the decline.
China’s EV and solar exports are powering ahead as prices slide
All these numbers show why China’s factory capacity has quickly become the key faultline in a polarizing global economy.
Govt nudges 3 states to produce pulses, offers MSP with no bar
The Indian government is collaborating with farmers in Bihar, Jharkhand, and Uttar Pradesh to sow kharif pulses like tur, urad, and moong before sowing for the season starts. The aim is to increase pulse cultivation and reduce import dependence. The government has not set a production target yet. The National Co-operative Consumers' Federation of India Ltd. (NCCF) has been appointed as the chief nodal agency for the programme.
Varun Beverages starts commercial production of carbonated drinks at Gorakhpur facility
Varun Beverages commences soft drink production in Gorakhpur, introducing new products and expanding capacities. It sees significant revenue contribution from the Indian Subcontinent and African markets, reporting a substantial net revenue in 2023.
Production co Dharma posts fourfold rise in revenue
Dharma Productions, a film production company, reported a nearly four-fold increase in revenue to ₹1040 crore for the fiscal year ending March 2023, driven by the success of Brahmastra: Part One: Shiva. The company also released Govinda Naam Mera and Selfiee. However, the net profit decreased by 59% to ₹11 crore due to a 4.5-fold increase in expenses.
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