Business World

Highlights : Mother Dairy enters into bread segment It has launched three types of bread - sandwich, brown and fruit & milk The bread will initially be available at its 1,800 milk booths and Safal outlets in NCR. M other Dairy, a leading a leading milk supplier in Delhi NCR, on Thursday forayed into bread segment, as a part of its strategy to diversify business. Mother Dairy has launched three types of bread - sandwich, brown and fruit & milk in a price range of ₹ 15 - 40 per packet . The bread will initially be available at its 1,800 milk booths and Safal outlets in NCR National Capital Region. The company is targeting a revenue of ₹ 100 crore from bread segment over the next three years. The size of bread market in India is estimated to be ₹ 5,300 crore currently and is growing at an average rate of 10%  for the last five years. The more demand is of white bread. About Mother Dairy : 

Jindal Stainless ties up with Maersk for logistics upgrade Highlights : Jindal Stainless ties up with Maersk for logistics upgrade As per terms of the contract, Maersk shall facilitate to and fro rail movement of containers This is a mutual win-win situation as it harness volumes on Jindal's side and expertise on Maersk's side J indal Stainless Limited (JSL) , and integrated container logistics company, Maersk , have joined hands to ease and optimise the flow of containerised imports and exports between JSL, Jaipur and Vizag Container Terminal (VCTPL). As per terms of the contract, Maersk shall facilitate to and fro rail movement of containers between Vizag and Jindal Stainless Logistics Park (JSLP) .  This is a mutual win-win situation as it harness volumes on Jindal's side and expertise on Maersk's side. This arrangement will help strengthen their supply chain and expedite container movement, besides saving costs . About Jindal Stainless Limited: Jindal Steel and ...

      Thierry Bollore, new CEO of Jaguar Land Rover Highlights : Thierry Bollore appointed as the new CEO of Jaguar Land Rover Bollore succeeds Prof Sir RalfSpeth  Bollore has extensive expertise in the automotive business  N Chandrasekaran, chairman of Tata Sons, Tata Motors and Jaguar Land Rover plc on Tuesday announced Thierry Bollore as the new CEO of Jaguar Land Rover, effective from 10 September, 2020 . Bollore succeeds Prof Sir RalfSpeth , who will take up the previously announced position of Non-Executive Vice Chairman of Jaguar Land Rover plc.  A former CEO of Groupe Renault, Bollore has extensive expertise in the automotive business including senior position at global automotive supplier Faurecia .  About Jaguar Land Rover :  Jaguar Land Rover Automotive PLC is the holding company of Jaguar Land Rover Limited , a British multinational automotive Company with its headquarter in Whitley, Coventry, United Kingdom , and a subsidiary of I...

      ExxonMobil Highlights : Reliance overtakes ExxonMobil to become world's second largest energy company  Aramco is the world's biggest energy company Ambani's dealmaking has lured investments from Google to Facebook into his digital platforms in recent months. R eliance Industries Limited, controlled by Asia's richest man Mukesh Ambani , overtakes ExxonMobil to become world's second largest energy company. Aramco with a market capitalisation of $1.76 trillion is the world's biggest energy company. While the energy business accounted for about 80% of Reliance's revenue in the year ended March 31, Ambani plans to expand the company's digital retail arms helped him attract $20 billion into the Jio Platforms Ltd . Ambani's dealmaking has lured investments from Google to Facebook into his digital platforms in recent months. About ExxonMobil : Exxon Mobil Corporation, doing business as ExxonMobil, is an American Multinational Oil and gas Corporation...

Amway Highlights :  Amway India to invest additional ₹100 crore in 2 years to fund growth plans  The company is working on boosting it's supply chain and home delivery network Online orders grow from 33.6% in February to 70% in June 2020. D irect Selling FMCG firm, Amway India is looking to invest an additional ₹100 crore in the next two years to fuel it's future growth plans in the country. Sensing growth opportunities in online sales due to changing customer behaviour amid the covid-19 pandemic, the company is working on boosting it's supply chain and home delivery network to meet customer requirements. Amway has committed an investment of ₹1,000 crore in India, which includes an investment of ₹600 crore to the setup of its manufacturing facility in Nilakotai, Tamil Nadu. Online orders grow from 33.6% in February to 70% in June 2020. And they expect the online sales growth to remain consistent.  About Amway : Amway ( short for American Way ) is an American Mult...

Tata Steel UK (Britain's largest Steelmaker)  Highlights :  UK government may inject nearly £900 million and pick up an equity stake in Tata Steel UK In return, Tata Steel could give equity stake of upto 50%  The move is linked to sustain Tata Steel's operations in the UK  T ata Steel's ongoing talks with the UK government to secure the future of its biggest steel works at Port Talbot include a proposal for the government to inject nearly £900 million and picking up a equity stake in the Tata Steel UK. Tata Steel UK operations include an integrated steel plant at Port Talbot and some other product manufacturing sites including Shotton, Newport, Hartlepool. In return Tata Steel could give equity stake of upto 50% to UK taxpayers amounting to a semi-nationalisation of Britain's largest Steelmaker. The move is linked to participation by the UK government to sustain Tata Steel's operations in the UK in the wake of the covid-19 pandemic.

      E-commerce Highlights :  New E-commerce Rules : Provides Clarity on Responsibilities of Marketplaces, Sellers  It will be applicable to all electronic retailers offering goods and services to Indian consumers. Violation of rules will attract penal action. N ew rules for E-commerce entities, including mandatory display of ' country of origin ' on products, provides clarity on the responsibilities of marketplaces as well as the sellers & will enhance protection for buyers.  It will be applicable to all electronic retailers (e-tailers) registered in India or abroad, but offering goods and services to Indian consumers. Violation of rules will attract penal action under the Consumer Protection Act, 2019. Sellers are now mandated to take responsibility for goods and services that are defective, deficient or spurious and cannot refuse to take back such goods, the Internet and Mobile Association of India (IAMAI) said.  The new rules also mandate...

Electric Vehicle Highlights :  Electric Vehicle Market likely to be ₹ 50,000 opportunity in India by 2025 The report also said it expects 9% penetration by 2024-25 in the 2 wheeler segment  E-rickshaw has also emerged as a large market in India in a short time frame. Electric Vehicle Market likely to be ₹ 50,000 crore opportunity in India by 2025, according to a report. The report by Avendus Capital , which is an investment banking arm of financial services provider Avendus Group, also said the total cost of ownership in case of low- and medium-speed electric 2 wheelers is already lower than internal combustion engine vehicles.  The report also said it expects 9% penetration by 2024-25 in the 2 wheeler segment and with the right macroeconomic environment, the number can futher go up to 16% and while the segment could grow to ₹ 12000 crore by 2024-25. E-rickshaw has also emerged as a large market in India in a short time frame even when large part of this market is st...

    Shikhar Dhawan Highlights : Shikhar Dhawan signs IMG Reliance for his commercial representation He was so far managed by KWAN Entertainment IMG Reliance had launched its talent management division in 2016. IMG Reliance , the firm that specialises in talent management, sports sponsorship and marketing, has signed a 2-year exclusive worldwide marketing and management agreement with Indian Cricketer Shikhar Dhawan. The left handed opening batsman was so far managed by KWAN Entertainment. One of the most charismatic and talented player of this generation, Dhawan has led the Indian team to numerous wins and has been one of the most prolific scorer for India in the limited over format accumulating close to 6000 runs with an average of over 45. IMG Reliance had launched its talent management division in 2016 and since then, has signed Rohit Sharma, Jasprit Bumrah, Hardik Pandya, Kunal Pandya and Shreyas Iyer.  

Jeff Bezos with his ex-wife, Mackenzie Bezos Highlights : Jeff Weiner adds record $13 billion to wealth one day, $74 billion this year Amazon.com Inc shares surged 7.9%  Mackenzie Bezos, his ex-wife, gained $4.6 billion on Monday. J eff Bezos added $13 billion to his net worth on Monday, the largest single day jump for an individual since the Bloomberg Billionaires Index was created in 2012. Amazon.com Inc shares surged 7.9%, the most since December 2018 on rising optimism about web shopping trends, and are now up 73% this year. Bezos, Amazon's 56-year old founder and the World's  Richest Person, has seen his fortune swell $74 billion in 2020 to $189.3 billion, despite the US entering its worst economic downturn since the Great Depression.  Mackenzie Bezos , his ex-wife, gained $4.6 billion on Monday and is now the 13-th richest person in the World. 

    Ratan Tata Highlights :  Tata Family has no special rights : A non-Tata may one day head the Trust - Ratan Tata Ratan Tata is the only person to have been the chairman of both Tata Sons and Tata Trusts  The current chairman of Tata Sons is also not a Tata  T ata Family has no special rights : A non-Tata may one day head the Trust - Ratan Tata said in a recent submission to the Supreme Court. Ratan Tata is the only person to have been the chairman of both Tata Sons and Tata Trusts, a role that was later segregated when he stepped down from the Tata Sons board in 2012.  The current chairman of Tata Sons is also not a Tata, the Patriarch said in his plea, countering the Mistry group's claim that Tata Sons, the holding company, was a ' quasi-partnership ' between the Tata and the Mistry Family.  Their shareholding itself shows that the structure of the Tata group is delinked from the family, Tata said referring to the fact that he and his relatives o...

Direct Selling Industry Highlights :  Indian Direct Selling Industry records USD 2.47 bn sales in 2019  Reporting a growth of 12.1 %  And providing employment to 57.50 lakhs people in India I ndian Direct Selling Industry records USD 2.47 bn sales in 2019, reporting a growth of 12.1%, a report by the World Federation of Direct Selling Association (WFDSW) . This has helped the Direct Selling Industry to improve its ranking to the 15th from the 19th, a year before.  Moreover, in terms of number of Direct Sellers, India has been ranked at 6th position, providing employment to 57.50 lakhs people. However, the global Direct Selling Industry has reported an overall decline of 4.3% in sales in 2019. According to the report, US is leading in the list contributing 20% of the global direct selling industry, followed by China, Korea and Germany. 

Highlights : In the last 6 years, Railways spends ₹ 22,655 crore of capital investment Major Projects that were completed include Bogibeel Rail cum Rail Bridge  The bridge has brought north and south Assam closer together like never before. In the last 6 years, Railways spends ₹ 22,655 crore of capital investment in North East projects which is 160 % more than the capital investment of ₹ 10,610 crore made during 2009-14. Major projects that were completed during the last 6 years include Bogibeel Rail cum Rail Bridge : 5 km Bogibeel Rail cum road bridge across river Brahmaputra commissioned and dedicated to the nation PM in December 2018 . The bridge has brought north and south Assam closer together like never before by shortening rail travel distance between Naharlagun (Itanagar) and Dibrugarh by more than 700km, thereby reducing travelling time from 24 to 5 hours . 

   Highlights :  For better national and international visibility : Panel recommends renaming India's Drug Regulator It has proposed three options. Government plans a major overhaul of the country's drug regulatory authority. F or better national and international visibility,  Panel recommends renaming India's Drug Regulatory Authority. The present nomenclature of Central Drugs Standard Control Organization does not reflect the true and extended functional character of the organisation.  It has proposed three options -  Central Medical Products Administration, India Central Medical Products Regulatory Agency, India National Medical Products Regulatory Agency, India The government plans a major overhaul of the country's drug regulatory authority in a bid to bring changes in line with global standards and to deliver services efficiently.  

Vehicles number plates Highlights : Colour Scheme of Vehicles number plates : MoRTH Battery operated vehicles to have green background plates Vehicles in possession of dealers will display red background To remove any ambiguity regarding the number plates of vehicles, the government on Thursday said that registration plates of battery operated vehicles will continue to display alpha numerals in yellow colour with a green background . Vehicles with temporary registeration will display alpha numerals in red colour with yellow background . And vehicles in possession of dealers will display alpha numerals in white with red background .  The notification has been issued only for clarity and nothing new has been prescribed for the plates, ministery said. Earlier the ministery had prescribed different registration mark on vehicles for various states and union territories. 

     Amazon Highlights : Amazon Sellers to disclose 'country of origin' of products by August 10 Sellers listing could be suspended if they fail to fail to comply Rival Flipkart has since 2018 has given sellers an option to disclose the country of origin A mazon Sellers in India to disclose 'country of origin' of new and existing products listings by August 10.  Warnings has also been issued to sellers that their listings could be suspended if they fail to comply. The decision pre-empts any government move to set a deadline for sellers as well as e-commerce marketplace to comply with the country of origin rule.  The government is negotiating with e-commerce companies to ensure that all the products listed on their apps and website carry the country of origin tag , as part of India's strategy to curb foreign imports, specifically from China. The mandate will also apply to Cloudtail India and Appario Retail , in whose holding companies Amazon has a minority stak...

     Highlights : Appollo Tyres to reduce over 500 jobs at Netherlands plant, focused on specific segment To focus on high value segment passenger car tyre  The company had acquired Vredestein Banden BV (VBBV) in 2009 Appollo Tyres on Tuesday said that it is going to reduce over 500 jobs at Netherlands plant, to focus on specific segment. To focus on high value segment passenger car tyres and it's earlier capacity for agricultural and Spacemaster tyres. The company had acquired Vredestein Banden BV (VBBV) in 2009 for an undisclosed sum.  About Appollo Tyres : Appollo Tyres Limited is the world's 7th largest tyre manufacturer. It was in incorporated in 1972. It's first plant was commissioned in Kelara , India. The company has 4 manufacturing units in India, one in Netherlands and one in Hungary. The company is headquartered in Gurgaon, Haryana, India.   

PepsiCo Highlights : PesiCo India beverages and snacks sales fell by double digits in the past 12 weeks Covid-19 pandemic contributed to decrease in consumer demand PesiCo had refranchised its entire beverages bottling operations to RJ Corp early last year. P esiCo India beverages and snacks sales fell by double digits in the past 12 weeks period ended June 13. The maker of PepsiCo Cola and Lay's snack said in a statement that in the Africa, Middle East and South Asia regions, it's beverages volume decline by 25%, reflecting double digit decline in India and Pakistan. Covid-19 pandemic contributed to decrease in consumer demand, which had a negative impact on volume performance. PesiCo had refranchised its entire beverages bottling operations to RJ Corp early last year. About PepsiCo : PesiCo Inc. is an American Multinational Food, Snack and Beverage corporation headquartered in Harrison, New York.  PepsiCo was formed in 1965 with the merger of PepsiCo Cola Company and Frito...

   Mukesh Ambani Highlights : Qualcomm Venture to invest ₹ 730 crore in Reliance Jio Platforms for 0.15% stake At equity value of ₹ 4.91 lakh crore and at an enterprise value of ₹ 5.16 lakh crore Total investment in Reliance Jio Platforms is  ₹1,18,318.45 crore for 25.24% holding Q ualcomm Venture will invest ₹ 730 crore in Reliance Jio Platforms for 0.15% stake in the company. This is the 12th investment for Reliance Jio Platforms. At equity value of ₹ 4.91 lakh crore and at an enterprise value of ₹ 5.16 lakh crore.  Total investment in Reliance Jio Platforms is  ₹1,18,318.45 crore for 25.24% holding in less than two months. RIL said recently that funds raised by selling stake in Jio Platforms, along with a ₹ 53,124 crore rights issue, have made it a net debt free , much before its stated March 2021 deadline.

      D-Mart Highlights : D-Mart, stores recover 80% of pre Covid sales The company had also started home deliveries for its stores  Avenue Supermarket reported an 87.59% decline in its consolidated net profit A venue Supermarket Ltd, which owns and operates retail chain D-Mart , on Saturday said that it has recovered 80% of its business in the stores, wherever it has been allowed to operate unhindered. The company had started home deliveries after getting order through its D-Mart Reddy App for its stores, but discontinued it once the stringent lockdowns were withdrawn and stores were allowed to open for business. Avenue Supermarket reported an 87.59% decline in its consolidated net profit at ₹ 40.08 crore for the first quarter ended June, 2020 impacted by Covid-19. About D-Mart :  Avenue Supermarket Ltd, doing business as D-Mart, is an Indian chain of hypermarkets in India, founded by Radhakrishnan Damani in the year 2002.  As of 31 December, 2019 it had ...

Corona Kavach policy Highlights : IRDAI gives go ahead to 29 Insurers to market Corona Kavach Policy The companies allowed include state owned and private insurers The Corona Kavach policy can be availed by a person between 18 and 65 years of age.  A mid rapid increase in the Corona Virus cases in the country, the regulator IRDAI has given the green signal to 29 general and health insurers to launch short term ' Corona Kavach' Health insurance policies to cover medical expenses of corona virus disease. Several Insurers have announced the Corona Kavach policy for 3.5 months, 6.5 months, 9.5 months with sum insured ranging from ₹ 50,000 to ₹ 5,00,000 ( in multiples of ₹ 50,000 ). The companies allowed include : Oriental Insurance, National Insurance, SBI General Insurance, ICICI Lombard, HDFC ERGO, Max Bupa, Bajaj Allianz, Bahrti AXA and Tata AIG. The Corona Kavach policy, which can be availed by a person between 18 and 65 years of age , comes with an optional cover of daily c...

      EESL Highlights : EESL and SHELL in talks for ₹ 40,000 crore Joint Venture Solar Traffics in the country have fallen to as low as ₹ 2.36 per unit  EESL JV plans to source used batteries from car manufacturers  State run, EESL ( Energy Efficiency Services Limited ) is in talks with Oil Major Royal Dutch Shell for a Joint Venture to invest over ₹ 40,000 crore in setting up 5,000 MW decentralised solar plants with storage for low cost electricity in rural India. EESL JV plans to source used batteries from car manufacturers, which are proposed to be used as stationery storage devices. Solar Traffics in the country have fallen to as low as ₹ 2.36 per unit but they do not include various charges and are without storage. About EESL :   Energy Efficiency Services Limited (EESL) is an energy service company of the government of India, and is the world's largest public Energy Service Company. It is 100% government owned , joint venture of state owned NTP...

Vodafone-Idea Highlights : Fall in Vodafone-Idea Subscribers worries Promoters Lost about 20 million subscribers in the two quarters to March Axis Capital expects Vodafone-Idea to have lost another 15 million users in April-June. T he Aditya Birla Group and the Vodafone Group Plc are alarmed at the sharp erosion in their subscribers base. The Vodafone-Idea lost about 20 million subscribers in the two quarterls to March. The falling number has prompted discussion among the promoters about the future of Telco.  Axis Capital expects Vodafone-Idea to have lost another 15 million users in April-June, during which Jio is expected to have added around 6 million with Airtel maintaining or increasing its subscribers base .

Wipro Highlights :  Wipro Infrastructure Engineering launches device for emergency breathing support The device developed jointly by Wipro 3D and SCTIMST The company has a capacity to manufacture nearly a thousand such devices  W ipro 3D, a business of Wipro Infrastructure Engineering, has launched AirBridge , a device that assists in emergency breathing for patients on ventilation. The device developed jointly by Wipro 3D and Shree Chitra Tirunal Institute for Medical Sciences and Technology (SCTIMST) .  The nature of illness among Covid-19 patients has called for the immediate indigenous development of ventilators in India and an emergency breathing assist device like AirBridge can be used in the short term ( hours to a few days ) till mechanical ventilation can be provided in the ICU.  The company has a capacity to manufacture nearly a thousand such devices and can scale up fast. About Wipro : Wipro is an Indian multinational corporation that provide informatio...

    Highlights : HC tell Emami to give 7 day notice to HUL before taking legal action Emami said on July 2 and 3 that it is evaluating legal action against HUL HUL approached the court against Emami to restrain from issuing groundless threats. H industan Unilever HUL has approached the Bombay High Court against Emami to restrain from allegedly issuing groundless threats to it in respect to the use of its trademark ' Glow and Handsome '. On Monday, HUL approached the court and sought the court's intervention to direct Emami to direct 7-days prior notice before initiating any legal proceedings in any court against the company. The court has allowed the prayer. Kolkata based Emami , that owns brands such as Boro Plus and Navratna had said on July 2 and 3 in certain media that  it is evaluating legal action against HUL for renaming it's men cream Glow and Handsome which sounds similar to the Kolkata based company's brand Emami Glow and Handsome. Currently Emami is s...

BPCL Highlights : BPCL holds 62 patents, 68 more awaiting approval Filing 5-6 patents within the next one month BPCL is the third company in the world to have such a technology B harat's Petroleum Corporate Research and Development Centre CRDC, has bagged as many as 62 patents since it's inception 19 years ago and is awaiting 68 more. Of the total patented innovations, around 20 are already commercialised and deployed at various BPCL facilities. Within the next one month they will be filing for 5-6 patents as well.  The centre, with an annual budget of ₹ 80-100 crores , has published 141 research articles and it's innovations are citied in  five Books. CRDC , recognised by the Department of Scientific and Industrial Research,has been set up with a mission to transform ideas into innovations. BPCL is the third company in the world after Exxon Mobil and Chevron to have such a technology. About BPCL :  Bharat Petroleum Corporation Limited, BPCL is an Indian government c...

    ITR Highlights : Last date for filing Income Tax Returns extended to November 30  It has been extended from July 31 to November 30, 2020  The date for making various investments for claiming deductions has also been extended to July 31, 2020. T he Income Tax Department on Saturday said that the deadline for filing Income Tax Returns ITR for financial year 2019-2020 has been extended from July 31 to November 30, 2020 . The Central Board of Direct Taxes CBDT decided extension of various time limits last week in view of the challenges faced by taxpayers in meeting the statutory and regulatory compliance requirements across sectors due to the Outbreak of Covid-19 . The date for making various investments for claiming deductions has also been extended to July 31, 2020.

                                CIL and NLC  Highlights : Coal India Limited and NLC India will jointly develop solar power assets of 3,000 MW Investment of around ₹ 12,000 crore At present, solar capex for each MW is around ₹ 4 crore. Coal India Limited ( CIL ) and NLC India will jointly develop solar power assets of 3,000 MW with a likely investment of around ₹ 12,000 crore. The two state-run companies had on Friday said that they would form a Joint Venture JV to develop 5,000 MW of solar and thermal power assets around the country.  At present, solar capex for each MW is around ₹ 4 crore . The JV aims to utilise the core capabilities and infrastructure of CIL and NLC for the creation of power assets to harness renewable resources of energy.

    Cooking Oil    Highlights : Ban on sale of loose Cooking Oil to enforce strictly Sale of only packaged oil  The industry has welcomed the decision T he consumer affairs ministry has directed states to strictly enforce the ban on sale of loose cooking oil. There were many complaints that loose oil sold by retailers fail to comply with the quality norms. The industry has welcomed the decision. The cost of packaging in India is low as ₹ 3-4 per kg for delivering scientifically packaged oil to consumers. Loose oil sales in India is officially banned for many years now but somehow the law has never been implemented. 

   Highlights : Pavan Shetty, Porsche India Director resigns The company is yet to announce his successor In the interim, Ashish Kaul will assume responsibility. P avan Shetty, Porsche India's Director on Wednesday resigned from his position citing personal reasons. The company is yet to announce his successor. In the interim, Ashish Kaul , head of sales, Porsche India, will assume responsibility for day-to-day operations. He will report directly to Gurpratap Boparai , managing director of Skoda Auto Volkswagen India, the company that overseas the Volkswagen Group in India. Pavan Shetty, who earlier headed sister brand Lamborghini India, was at the helm of Porsche India since January 2016. About Porsche : Porsche AG, is a German Automobile manufacturer specialisation in high performance sports cars, SUVs and Sedans. The headquarter of Porsche AG is in Stuttgart , and is owned by Volkswagen Group . Porsche Tagline :-   There is no substitute  Porsche  Logo:...

Highlights : Bridgestone ties up with Microsoft to develop tyre damage detecting system Bridgestone will use the Microsoft Connected Vehicle Platforms ( MCVP ) Tyre damage issue accounts for around 30% of total car accidents. T yre maker Bridgestone on Tuesday said that it has partnered with Microsoft to develop a Tyre Damage Detecting System on a real time basis. Bridgestone will use the Microsoft Connected Vehicle Platforms ( MCVP ), which not only reduces accidents caused by technical failure but also increases road safety. The tyre damage issue accounts for around 30% of total car accidents caused by technical failure. The system delivers real time awareness of damage to the tyre, using MCVP cloud framework together with existing sensor data , from hardware that is already installed, and use algorithm to detect events affecting tyre surface and carcass.  About Bridgestone : Bridgestone Corporation is a Japanese multinational auto and truck parts manufacturer founded in 1931 b...