Author: CNBC-TV18

16th Finance Commission Terms of Reference will not be expanded: Finance Secretary Somanathan

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Finance Secretary TV Somanathan clarified that the Terms of Reference (ToR) for the 16th Finance Commission would not be expanded. Emphasising the Centre’s decision to maintain simplicity in the ToR following feedback from various states, Somanathan highlighted that the announcement of the Chairman and members of the Commission is imminent.

The Finance Secretary elaborated on the states’ feedback, indicating that the consensus was that the Commission itself would provide the necessary discipline rather than an exhaustive set of Terms of Reference. Somanathan stressed that delving excessively into defining the Commission’s functions in detail was unnecessary.

“Nothing more will come on the FinComm ToR,” stated Somanathan, underscoring the consultations held with states and Union Territories (UTs) that led to the development of shorter Terms of Reference. The principle of “less is more” has been adopted to grant the Commission greater leeway and flexibility in its operations.

Somanathan highlighted the neutrality of the ToR, noting that they offer sufficient space for states to operate within. This approach aims to empower the panel to function more effectively without being bound by overly prescriptive parameters.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

ASA joins Baker Tilly International network as their member firm in India

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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ASA Corporate Catalyst (ASA), a player in India’s business advisory and accounting sector, has joined Baker Tilly International network as their member firm in India. This strategic alliance signifies a milestone for ASA as it expands its global presence, the company said in a statement.

Founded in 1991, ASA has a clientele spanning across Japan, the United States, United Kingdom, Europe, Australia, and South Korea.

Baker Tilly International, ranked as the 9th largest accounting network worldwide by revenue, operates across four regions globally. The collaboration will empower ASA to offer comprehensive services to clients navigating the complexities of the international business landscape, ASA said.

Ajay Sethi, Managing Partner at ASA emphasised the partnership’s potential to tap into vast resources, share best practices, and leverage global expertise for client success on a global scale.

Francesca Lagerberg, CEO of Baker Tilly International, hailed the partnership as ambitious, citing ASA’s global outlook, expertise, and commitment to high-value services in fostering continuous innovation in their collaborative endeavors.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

FS Life’s Pink Fort aims to grow 8-10 times in next 3-4 years

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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FS Life, earlier known as Fable Street, is on track to achieve Earnings before interest, taxes, depreciation, and amortisation (EBITDA) profitability by next year. FS Life, at present, comprises three brands. FableStreet covers western wear, Pink Fort covers modern Indian wear and March offers fine silver jewellery. The brand is aiming for all the three brands to grow 8-10x over the next 3-4 years, the company stated.

Pink Fort USP is blending the modern and heritage and giving traditional Indian crafts & prints a modern touch through their collections. The brand is currently at an ARR of 20+ crores.

“In past one and half year, we have crossed 1.5 crore a month in revenue. We have recently launched Pink Fort’s first retail location at Fashion Avenue in DLF Avenue Mall in Delhi. We plan on using this as testing grounds before doubling down on retail.” said Adarsh Sharma, Chief Business Officer, FS Life.

While talking about expansion plans, he further stated, “The brand has found a great fit in the 25-40 age crowd who want to remain in touch with their Indian ethos but want a modern twist there. To keep giving them what they want, we have done a couple of collaborations with renowned designer Nandita Basu. We plan on doing a lot more of that and come up with further collabs with both established and upcoming designers.”

FS Life started in September 2016 with its first brand FableStreet, which is a western wear brand. It evolved into a multi-brand organisation in February 2022 with March — a fine silver jewellery brand and Pink Fort — a modern Indian wear brand.

Started by Ayushi Gudwani , FS Life focuses on solving real customer needs backed by data, enabled by the leanest supply chain platform.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Synctric launches SynctricX to safeguard digital infrastructurе

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Fintech company Synctric has launched SynctricX, a cybеrsеcurity tool, with the potential to nеutralise AI-basеd thrеats in rеal-timе. With data brеachеs on thе risе, SynctricX scans thе vast digital landscapе, sеarching for tracеs of lеakеd data to еnsurе thе confidеntiality of information, Synctric said.

“It continuously monitors thе wеb, dеtеcting potеntial thrеats to the company’s imagе and take immеdiatе action to mitigatе thеm,” the company said.

With advancеd monitoring capabilitiеs, SynctricX safеguards the digital infrastructurе, еnsuring thе intеgrity and availability of the onlinе sеrvicеs. Lеvеraging cutting-еdgе tеchnology, it offеrs rеal-timе monitoring, comprеhеnsivе thrеat analysis, and rеsponsеs to cybеr advеrsariеs, it added.

This comes at a time when cybеrsеcurity has еmеrgеd as onе of thе most prеssing challеngеs. Information systеms, intricatеly wovеn into thе fabric of sociеty, now dеmand unprеcеdеntеd lеvеls of sеcurity. This is еspеcially crucial for systеms govеrning vital aspеcts likе powеr distribution, еlеctions, and financе. Thе еxpanding rеliancе on computеr systеms, thе intеrnеt, wirеlеss standards, and thе prolifеration of smart dеvicеs, including thе Intеrnеt of Things (IoT), furthеr magnifiеs thе significancе of cybеrsеcurity.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Asahi Glassplant makes strategic investment in Standard Glass Lining Technology

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Asahi Glassplant Inc. (AGI Japan) has announced a strategic investment of up to ₹200 crore in Standard Glass Lining Technology and its affiliated companies, marking the initiation of a long-term business partnership. AGI Japan, along with GL HAKKO and its affiliates, will secure a minority stake in Standard Glass Lining Technology.

Under the definitive agreements, AGI Japan will play a crucial role in facilitating Standard’s entry into the Japanese market. The partnership will employ various approaches, including private label arrangements, co-branding initiatives, and the supply of components while adhering to the stringent quality standards that AGI and its valued customers expect, Asahi Glassplant said.

Yasuyuki Ikeda, CEO of AGI Japan, has been serving as a non-executive director of Standard Glass since March 2023, contributing to the global expansion of the Standard Group.

Nageswara Rao Kandula, the Managing Director of Standard Group, said this investment is a business opportunity as well as a commitment to foster a business partnership and deliver substantial returns to shareholders.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

DocChain.io by Print2block receives Emerge 50 Award from Nasscom

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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DocChain.io by Print2block, a deep tech startup, has received Emerge 50 Award by Nasscom. The award recognises the transformative potential of startups employing deep tech solutions to address global challenges and reshape industries and societies.

In the past, 5,641 startups joined the Nasscom Emerge 50 Awards, with 10 of them attaining unicorn status. These awards have also helped previous winners secure over $6 billion in funding.

According to Akash Singhal, VP – Growth at at DocChain.io, “Receiving the Emerge 50 Award speaks about our team’s dedication.”

DocChain.io, with its blockchain-based infrastructure, offers security, immutability, and notarisation on either private or public blockchains.  DocChain.io by Print2block specialises in deep tech technologies, including AI, data economy, and blockchain. It empowers government bodies and enterprises to protect critical documents from counterfeiting using cutting-edge blockchain technology.

Print2Block was founded in 2018 by Joji Varghese and Vignesh Babu Venkatesan who currently heads the technology at Print2Block.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

South West Pinnacle Exploration reports revenue from operations at ₹23.27 crore

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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South West Pinnacle Exploration Limited (SWPEL) has reported its Q2FY24 consolidated revenue from operations at ₹23.27 crore. The company’s Earnings before interest, taxes, depreciation, and amortisation (EBITDA) reached ₹4.77 crore, with an EBITDA margin of 21%.

During the month of October 2023, the company commenced operations for a long-term Coal Bed Methane (CBM) production project, partnering with an Indian company.

SWPEL recently also achieved successful bidding in two tenders, one from a Central Government organization and another from a Public Sector Undertaking (PSU). The total value of contracts in which SWPEL secured the L-1 bidder position exceeds ₹100 crore, with revenue expected to flow in during Q3 of FY 24.

The results for the first half of FY24 were somewhat subdued due to heavy monsoon conditions at many of the company’s site locations, impacting both top and bottom lines. However, the company now expects to achieve an overall growth of 15%-20% in the top line for the entire fiscal year.

Commenting on the results, Vikas Jain, Chairman & Managing Director of SWPEL, stated, “Our second-quarter results are generally subdued due to Indian climatic conditions, yet we have sustained through market headwinds. With an order book of ₹300 crore plus, addition of two new contracts, and the commencement of the CBM production well project, we are confident of achieving the revenue growth of 15-20% in FY 24.”

SWPEL, an integrated service provider, specialises in drilling and exploration of natural resources, including coal, ferrous and non-ferrous minerals, atomic minerals, and conventional and non-conventional oil and gas.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Marico Q2 Results: Net profit rises 17% to Rs 360 crore, revenue from operations dip slightly

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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FMCG major Marico Ltd on Monday, October 30, announced a 17.26% rise in consolidated net profit, reaching Rs 360 crore for the September quarter of 2023-24. This increase was attributed to reduced input costs. In the same period last year, the company recorded a net profit of Rs 307 crore. However, the revenue from operations saw a slight reduction to Rs 2,476 crore compared to Rs 2,496 crore a year ago.

The company reported a 3% underlying volume growth in the domestic business and a 13% constant currency growth in the international business, Marico said in a regulatory filing.

Harsh Mariwala-led Marico owns well-known brands like Saffola, Parachute, and Livon. Total expenses were down 3.64% year-on-year at Rs 2,038 crore during the September quarter of 2023-24, while total income for the quarter stood at Rs 2,514 crore.

In the domestic market, Marico’s revenue decreased by 3.37% to Rs 1,832 crore in the September quarter, compared to Rs 1,896 crore in the same period last fiscal. Demand trends in the domestic FMCG sector were in line with the preceding quarter, with a slower-than-expected recovery in rural demand due to factors like food inflation and uneven rainfall distribution.

“During the quarter, demand trends in the domestic FMCG sector stayed largely in line with the preceding quarter. While urban sentiment improved sequentially, instances of higher food inflation and uneven rainfall distribution led to a slower-than-expected pace of recovery in rural demand,” said Marico.

While Parachute Rigids and Saffola Edible Oils showed modest volume growth, value-added hair oils grew by 1% in value terms. Marico Packaged Foods continued to experience healthy growth, outpacing other personal care categories.

However, Marico Packaged Foods, given its high urban salience, maintained a healthy growth trajectory and continued to outpace mass home and personal care categories. “Foods continued its steady growth trajectory with 25% value growth YoY. The franchise is largely on course to reach its FY24 revenue aspirations,” it said.

Similarly, its personal care business delivered a “steady performance” and Marico’s digital-first portfolio clocked an ARR (Annual recurring revenue) of over Rs 350 crore in Q2. “The share of Foods and Premium Personal Care was at about 20% of domestic revenues in Q2,” it said.

However, revenue from international went up 7.33% to Rs 644 crore. “Bangladesh clocked 2% constant currency growth amidst ongoing macroeconomic headwinds. Vietnam grew 13% in CCG terms with a steady performance in both the HPC and Foods portfolios. MENA (Middle East and North Africa) delivered 34% CCG and South Africa posted 23% CCG,” it said.

On the result, MD & CEO Saugata Gupta said the domestic and overseas businesses have delivered a fairly resilient performance amidst a challenging operating environment in the first half of the fiscal. “We have made substantial progress towards achieving the diversification objective set for the year with Foods and Digital-First portfolios scaling up on expected lines. We are also on course to deliver robust gross and operating margin expansion this year,” he said.

Over the outlook, Marico said in the domestic market commodity inflation is largely in check and price cuts are implemented across categories. “We remain optimistic about a gradual recovery in sectoral volume growth, aided by range-bound retail inflation, the onset of the festive season and continued government spending,” it said.

On a consolidated basis, Marico expects revenue growth to move into positive territory in the second half of the year. “Gross margin is expected to expand by 350-400 bps, which is higher than earlier envisaged, in view of the H1 performance and continued input cost tailwinds. We will also sustain aggressive brand-building investments towards strengthening the equity of the core and new franchises to drive growth. Consequently, we expect operating margin to expand by 200 bps in FY24,” it said.

Shares of Marico Ltd on Monday settled at Rs 534.50 apiece on BSE, down 0.62% from the previous close.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Sadhana Nitro Chem gets Maharashtra Pollution Control Board’s nod to produce para aminophenol

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Sadhana Nitro Chem has received approval from Maharashtra Pollution Control Board (MPCB) to establish the production of Para Aminophenol (pAP), the company said in a release. The company has transited to commercial production at its Para Aminophenol (pAP) plant, now operating in a continuous mode.

Remarkably, this facility is the world’s second plant to manufacture pAP from Nitrobenzene, the firm said. pAP is used for producing Paracetamol, amongst other prescription drugs

Producing pAP from Nitrobenzene, as against its manufacturing from Para Nitro Chloro Benzene (PNCB), offers several significant benefits. The PNCB method is marked by substantial effluent production, while the Nitrobenzene approach aligns with green chemistry principles, generating zero effluent.

Notably, the PNCB process results in various chlorine-based contaminants, notably Para Chloro Aniline (PCA), a substance facing increasing restrictions due to its detrimental effects. In contrast, the Nitrobenzene method avoids using any chlorine-based ingredients, ensuring a product free from PCA and other harmful impurities.

To ensure the plant’s stability and product quality, the company conducted over 100 batch runs while transitioning to continuous production mode. The switch from batch to continuous production necessitated adjustments in vessel alignment, piping, and instrumentation, a process that spanned six months.

Upon initiating continuous mode, the company said it achieved success, stabilising the plant and meeting its previously targeted throughput and quality standards.

Talking about this achievement, Abhishek Javeri, MD, Sadhana Nitro Chem said, “We’ve garnered product approvals from customers in regions like Europe, Japan, Turkey, among others and continuously working towards adding more customer approvals to our portfolio. We are optimistic that subsequent scaling efforts will be significantly more efficient, both in terms of time, space, and capital expenditure.”

Established in 1973, Sadhana Nitro Chem is a manufacturer specialising in intermediate specialty chemicals. It operates from its state-of-the-art manufacturing facility situated in Roha. Sadhana Nitro Chem Ltd. Serves an extensive client an portfolio of multinational conglomerates such as L’Oreal, Bayer Crop Science, Huntsman Advanced Materials, Teijin, with applications spanning various industries, including Hair Colors, Dyes, Aerospace, Electronic Chemicals, Thermal Paper Intermediates, and more.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Ethnic Andaz enters Goa by signing up with three multi-brand outlets

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Ethnic Andaz, a homegrown jewellery brand, has entered Goa and signed up with three multi-brand outlets. The brand is already present pan India and also ships its product to the international market, targeting majorly US, UK and Dubai market. The brand will be soon signing deals with a few  located in Dubai.

The brand was founded by friend duo Vidhi Lal and Nidhi Lalla in 2019. They primarily make premium 24k gold-plated jewellery.

Vidhi Lal, CO-Founder of Ethnic Andaz said, “The jewellery market is changing at a fast pace. We not only provide a livelihood to the local artisans but also assist in improving their quality of life.”

Headquartered in Mumbai, Ethnic Andaz co-founder, Nidhi Lalla said, “We want to expand both nationally and internationally. In the near future, we will be aggressively partnering up with different MBOs both nationally and internationally to increase the brand presence. The sales of the current Goa store have been really good.”

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow