Month: October 2023

Delhi HC issued notices to CCI on GST profiteering quantum

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

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The battle between the government and the industry on profiteering matters seems to be getting tougher with the Delhi High Court (HC) issuing notices to the Competition Commission of India (CCI). The High Court has asked CCI to rely on the prescribed methodology that has been devised to judge the quantum of profiteering. The High Court issued notices with respect to a show cause notice issued by CCI to determine profiteering by a real estate company for a particular real estate project.

The Delhi High Court has given four weeks time to CCI to respond to the notices.

CCI is the authority now appointed to determine profiteering after it gets a detailed report from the Director General for Anti Profiteering (DGAP). Prior to the appointment of the CCI, National Anti-Profiteering Authority had been in existence to hear matters on complaints filed by citing profiteering under the GST rules.

The real estate company – Salarpuria Group, which claims to have presence in eight cities and has completed 140 completed projects and is currently working on 24 under construction projects, had questioned the quantum of profiteering being calculated and presented in the show cause notice issued by CCI, in absence of any given formula in the prescribed methodology.

The Delhi HC was hearing this matter between Salarpuria Group’s project Salarpuria Signum and Union of India, CCI and others.

Abhishek A Rastogi, founder of Rastogi Chambers, while arguing for the petitioners raised the issue and questioned the constitutional validity of the anti-profiteering provisions in the absence of methodology.

DGAP had concluded that the developer will be liable for Anti Profiteering with respect to a joint development transaction.

The show cause notice has been issued for determining the profiteering with respect to the transaction between the land owner and the developer, the transaction between the developer and the home buyers and thirdly the transaction between the landowner and the homebuyers.

The counsel for the petitioner, Abhishek A. Rastogi, questioned that the methodology issued by CCI is not sufficient to determine the quantum of profiteering and hence the proceedings may be meaningless in absence of such a methodology.

Justice Vibhu Bakhru and Justice Amit Mahajan have now listed the matter for next hearing after six weeks.

To watch out for is the response by CCI and how this matter sets a precedence for the other pending profiteering matters before several courts.

Also Read:Tax uncertainty is back, say experts; arbitrary notices by DGGI to online gaming cos & casinos after 5 yrs not acceptable

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

Shaheen Afridi becomes the quickest Pakistani and third fastest player overall to pick 100 wickets in ODIs

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

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Pakistan’s speedster Shaheen Afridi became the fastest Pakistani player and the third fastest player to pick 100 wickets in ODIs. Afridi reached this milestone in the ICC Cricket World Cup 2023 match against Bangladesh as he dismissed the young Bangladesh opener, Tanzid Hasan, for a five-ball duck in the first over of the match.  

Shaheen Afridi grabbed 100 wickets in ODIs in 51 matches, only behind Nepal’s Sandeep Lamichhane (42 matches) and Afghanistan’s Rashid Khan (44 matches). Afridi overtook his compatriot Saqlain Mushtaq, who took 53 wickets to reach the milestone. 

Here are the 10 quickest players to reach the milestone.

Rank

In the first innings, he dismissed Tanzid Hasan, bowling him four out-swingers on the good length outside the off stump and then delivering a ball that nipped in after pitching in the line of the leg stump to trap Hasan in front of the stumps.   

ALSO READ: NZ vs SA World Cup 2023 preview: New Zealand and South Africa out to prove why they deserve to be champions

In his next over, he picked the wicket of Bangladesh vice captain Najmul Hossain Shanto, pitching the ball in the leg stump line that Shanto looked to flick but got caught by Usama Mir at the mid-wicket to put Bangladesh in deep trouble with only six runs on the board.

In the middle overs, he also picked up the wicket of set batter Mahmudullah, who scored a half-century. Shaheen bowled the first three balls from over the wicket, and on the fourth ball, he switched sides and bowled a beauty of a ball bowled on full that swung away to run into the middle and leg stumps, leaving Mahmudullah stunned. 

With Mahmadullah’s wicket, he jointly became the highest wicket taker in the tournament with Adam Zampa, with 16 wickets.

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

As head of International Solar Alliance, India calls for derisking climate finance to boost energy transition

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

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President of the International Solar Alliance (ISA) Assembly and India’s Minister for Power and New and Renewable Energy, RK Singh, has called for the derisking of private investments in renewable energy to speed up the energy transition across the world. Speaking at the sixth session of the International Solar Alliance (ISA) Assembly in New Delhi, he pointed out that the move to raise VGF (viability gap funding) from the existing 10% to 35% is aimed at increasing the flow of investments into renewable energy, particularly solar energy.

While a fund has been set up with components of payment security and insurance to ensure the availability of green finance, solar cold storage and cold chains for vaccines have also been inaugurated. Despite working with over 120 member countries and with most multilateral development banks (MDBs) as partners, Singh pointed out that 733 million people in the world still don’t have access to electricity, and it’s high time ISA emerged as a force for good. However, he refused to specify country-specific energy transition targets for ISA members, citing the differences in circumstances among several countries, while adding that targets should rather be aspirational.

With the COP 28 conference slated to take place in Dubai in a month, the ISA Assembly’s co-president and France’s Minister of State for Development, Francophonie, and International Partnerships, Chrysoula Zacharopoulou said that the challenge was to lower the cost and drive investment into solar energy, clarifying that the same solar fund can’t be expected to finance projects in the OECD countries as well as Africa.

The four following ISA-funded projects were inaugurated at the assembly:

• Solarisation of the parliament building of the Republic of Malawi
• Solarisation of two rural health care centres in the Republic of Fiji, with an 8-kW solar PV system and 20-kWh battery storage capacity for each health centre
• Installation of 1 solar-powered cold storage of capacity 5 MT for the benefit of agricultural stakeholders at La Digue Island, Republic of Seychelles
• Solarisation of the Nawai Junior Secondary School (JSS) in the Republic of Kiribati, with a 7 kW Solar PV rooftop system paired with a 24-kWh BSS

While the ministerial representative from Malawi stressed the need for green and affordable energy as the lack of refrigerators in his country’s rural areas was leading to the spoiling of vaccines, the ministerial representative from Zimbabwe said that solar energy currently contributes the lowest in the country’s energy mix, and despite its huge scope, a demand deficit is deterring private investment. He pointed out that the country’s mineral resources of lithium are very critical for the energy transition.

Director General of the ISA, Dr. Ajay Mathur, said that while the solar industry expects 380 billion dollars of investment this year, payment guarantees and insurance mechanisms are aimed at getting investment, as he pointed out efforts to fund 20 startups in the renewable energy sector in Africa. The ISA is now focusing on the next challenge in the solar energy transition: propagating the use of hydrogen as a fuel where carbon can’t be used.

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

Maratha Quota: Maharashtra initiates process of issuing Kunbi certificates amid violent protests

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

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Despite the Maharashtra government on Tuesday, October 31, kicking off the process of issuing Kunbi caste certificates to Marathas in the Marathwada region, pro-Maratha quota protesters have intensified their protests.

The Maharashtra government has accepted the first report of a committee appointed to decide the procedure for granting Kunbi caste certificates to the Marathas in the Marathwada region. The Kunbi community is eligible for reservation in the OBC category.

The state Cabinet also decided that the OBC Commission will collect fresh empirical data to assess educational and social backwardness of the Maratha community. The Cabinet also decided that a three-member panel headed by retired judge Dilip Bhosale and retired judges Sandeep Shinde and Maroti Gaikwad would be formed to advise the government on the legal issues related to the Maratha quota demand, it added.

Pro-Maratha quota protesters intensify protest

Pro-Maratha quota protesters have blocked the Mumbai-Bengaluru Highway in Pune and burnt tyres to press for the demand for reservation, police said.

#WATCH | Pro-Maratha reservation agitators continue their protest on the Pune-Bengaluru highway near Navale bridge in Pune city pic.twitter.com/dp9HBWb4Q2

— ANI (@ANI) October 31, 2023

“…Our government is trying to maintain law & order in the state. The government is paying full attention to those who are trying to instigate and disrupt the law and order in the state. It is the government’s duty to give Maratha reservation that is full proof and within the ambit of law. We are working at war footing. The government is positive about giving reservations to Marathas…” Chief Minister Eknath Shinde said.

“A group of protesters blocked the road at Navale bridge on the Mumbai-Bengaluru Highway this afternoon, shouted slogans and set seven to eight tyres on fire,” an official from Sinhgad Road police station told PTI.

#WATCH | Pro-Maratha reservation protestors burn tyres on Pune-Bengaluru highway near Navale bridge in Maharashtra’s Pune city. The movement of vehicles is affected near the site of the protest. pic.twitter.com/4OGsSGcRhe

— ANI (@ANI) October 31, 2023

The police have beefed up security outside the houses and offices of politicians belonging to the Maratha community in Pune. On Monday, NCP MLA Prakash Solanke’s residence was vandalised and set on fire in the Beed district.

A curfew has been imposed in Dharashiv district and parts of Beed district after large-scale violence and arson.

Maratha quota activist Manoj Jarange has been continuing his indefinite fast in support of the reservation demand at Antarwali Sarati village in Jalna district since October 25.

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

Why Zerodha founder Nikhil Kamath is worried consumption may slow down in India

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

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Nikhil Kamath, Co-Founder of Zerodha, on Tuesday, October 23, said we need to be a little cautious on the India consumption story, considering global challenges. Speaking during a panel discussion following a high-level CNBC-TV18 India Business Leadership Awards (IBLA) 2023 jury meeting, Kamath said India is better placed compared to other countries and shed insight on the evolving Indian market.

Contrarian Views on Indian Consumption

Kamath’s stance on India’s consumption story may seem contrarian compared to the prevailing sentiment, but he said it is founded on a global perspective. He acknowledges that India’s economic growth, like many parts of the world, has faced challenges due to higher global interest rates. The United States and Europe have seen signs of economic slowdown, and the world watches India in relative terms. From this standpoint, Kamath believes that India’s growth has not been as negatively impacted as other major economies.

Kamath also credited the Indian government for effectively marketing the India story to the world over the past decade. The narrative that has been crafted by the government has painted India as an attractive investment destination, and this positive perception has contributed to the country’s resilience in the face of global economic challenges, Kamath said.

Impact of Interest Rates

Interest rates play a pivotal role in economic performance. While the US has seen a substantial increase in interest rates, India has also witnessed rate hikes, albeit to a lesser extent. Kamath acknowledged that these interest rate increases may not have yet had a significant impact on consumption, but he cautioned that the higher cost of capital, if sustained, is likely to lead to a slowdown in consumption across various sectors, starting with real estate.

Relative Performance Matters

Kamath’s assessment centered around the concept of relative performance. While India may face challenges, as long as it continues to fare better than other global economies, it is in a strong position, he said, adding that comparison with other slowing economies puts India’s performance in a more positive light.

Investment Strategies

When asked about his investment strategies and the sectors he’s eyeing, Kamath emphasised the need for India to allocate more resources towards research and intellectual property (IP) creation. He said he believes that much of the innovation and IP generation is still happening outside of India, and the country should shift its focus towards fostering more homegrown innovation.

Kamath also commented on the ongoing transition in the automotive sector, where electric vehicles (EVs) are gaining prominence. He highlighted the competition between established industry giants and new players like Ola Electric, based in Bangalore. This sector represents a dynamic growth opportunity, and Kamath suggests that keeping a close watch on EV developments is a wise investment move — will legacy players cash in, or will it be upstarts like Ola, Ather, etc?

In conclusion, Kamath emphasised the importance of relative performance, the impact of interest rates on consumption, and the need for India to focus on creating intellectual property. The discussion highlights the dynamic nature of the Indian market and the opportunities it presents for investors and businesses alike.

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

Reliance Retail partners with SBI Card to launch Reliance SBI Card — fees, benefits, other details here

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

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Reliance Retail on Tuesday (October 31) announced its partnership with one of the country’s leading credit card players, SBI Card, to launch the Reliance SBI Card. This credit card promises to unlock rewards and benefits for its holders while transacting at Reliance Retail stores.

In a joint press release, the companies said benefits available to users include rewards and benefits while transacting at Reliance Retail, ranging from fashion and lifestyle products, consumer electronic items, furniture and jewellery products, among others.

Reliance SBI Card holders will get “exclusive rewards on their expenditure, ranging from special welcome benefits to tailor-made travel and entertainment benefits, as well as special spends-based milestone rewards like renewal fee waiver and Reliance Retail vouchers for transacting across the Reliance Retail network.”

Through this partnership, Reliance Retail aims to leverage the extensive network of SBI Cards with the vast consumer reach.

 “Our co-branded credit card with SBI Card is one more step towards this commitment. We are excited to partner with SBI Card, a leader in the card industry, to offer Reliance SBI Card with a wide range of benefits, exclusive discounts and rewards for shopping with us online and at all our stores. Together with SBI Card, we hope to continue to exceed expectations and bring joy to our customers,” V. Subramaniam, Director, Reliance Retail Limited, said.

Abhijit Chakravorty, MD and CEO, SBI Card, said, “At SBI Card, we have always believed in delivering products to our customers that offer strong value while addressing their lifestyle needs. Reliance SBI Card has been developed as a holistic product that is relevant for major consumer segments. It is a powerful addition to our robust co-brand portfolio, and we expect this to become a popular credit card given the universal usage avenues that it offers.”

Keeping up with their adoption of environment-friendly practices, the companies announced that the card is made of recycled plastic and has been introduced on the RuPay platform as well for user convenience.

The annual renewal fee of Reliance SBI Card PRIME is ₹2,999 plus applicable taxes and Reliance SBI Card is ₹499 plus taxes. Cardholders will have an option to avail renewal fee waiver upon achieving the annual spends milestone of ₹3,00,000 on PRIME card and ₹1,00,000 on Reliance SBI Card.

Also Read:SBI Cards shares slip below IPO price after Q2 results; one-third of the analysts have a “sell” rating

Disclaimer: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

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

RBI Governor on Crypto | ‘How will you regulate it, whom will you regulate, what will you regulate?’

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

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Reserve Bank of India (RBI) Governor Shaktikanta Das on Tuesday (October 31) said cryptocurrencies are a serious threat to financial stability for all countries, especially for emerging market economies.

The RBI governor’s message centred on the necessity to view cryptocurrencies within the context of macroeconomic stability. “Cryptocurrencies present a serious financial stability risk that must be properly addressed,” he said, while speaking at an event.

“How will you regulate it, whom will you regulate, and what will you regulate?” he asked those tasked with regulating this burgeoning industry. He referred to a recent International Monetary Fund (IMF) paper, which acknowledged the need for countries to consider imposing additional restrictions on cryptocurrencies as and when required.

Das also expressed his scepticism about the larger purpose served by cryptocurrencies. He asserted, “I have yet to come across any credible explanation of what larger purpose cryptocurrencies serve.” In the same vein, he questioned, “What can cryptos do that central bank digital currencies (CBDCs) cannot do?” The implication being that governments and central banks worldwide may not be entirely comfortable with the idea of private currencies.

He made it clear that these fundamental issues need to be comprehensively understood before embarking on any regulatory framework for cryptocurrencies. He said, “The whole issue has to be carefully addressed.” He assured the audience that the RBI’s intent is not to stifle innovation, rather, “all innovations must be supported and promoted if they serve a public good,” he said.

Also Read: India to frame cryptocurrency regulations through global consultations: Economic Affairs Secretary Ajay Seth

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

RBI Governor message to financial sector: Please play long term, play like Rahul Dravid

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

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Reserve Bank of India (RBI) Governor Shaktikanta Das reiterated macroeconomic concerns around cryptocurrencies, highlighted the importance of governance in banks, spoke about why he remains confident of India’s growth prospects, and a lot more in a candid fireside chat at the Business Standard BFSI event in Mumbai on Tuesday. Here are key highlights.

Expanding investor base in securities market
Governor Das highlighted the RBI’s efforts over the past few years to expand the investor base in the securities market, with a particular emphasis on Government Securities (GSecs). He noted that the inclusion of India in the J.P. Morgan bond index is a vote of confidence in India’s economy and financial markets. He recognised that passive investors, influenced by index weightage, can cause both inflows and outflows, but he reiterated the RBI’s track record in handling such situations.

Governor Das discussed India’s macroeconomic stability and the country’s increasing contribution to world economic growth, stating that India is expected to become the third-largest economy globally. As a result, he emphasised the need for the Indian Rupee to have a more prominent presence in international transactions, especially in trade with India’s partners. However, he clarified that this isn’t an attempt to challenge the dominance of the US Dollar but rather to enhance India’s global footprint.

Cryptocurrencies and financial stability
Governor Das reiterated his oft-repeated serious concerns about cryptocurrencies, highlighting their potential threat to financial stability, especially in emerging market economies. He referenced an IMF paper that suggests countries might need to impose additional restrictions on cryptocurrencies as necessary. He called for a comprehensive perspective on the macroeconomic stability risks posed by cryptocurrencies and questioned their larger purpose compared to central bank digital currencies (CBDCs).

Bank Governance and IT Systems
Discussing the health of the Indian banking sector and non-banking financial companies (NBFCs), Governor Das assured that both are currently robust and healthy at aggregate and individual levels. He attributed this stability to the focus on good governance, emphasising that underlying financial numbers must not mask basic deficiencies. He stressed the RBI’s commitment to working with banks to address issues and maintain their stability. He also mentioned that the RBI pays close attention to bank IT systems and encourages corrective measures when necessary.

Private sector bank salaries and core team building
Governor Das clarified the RBI’s role in approving compensation packages for Whole Time Directors (WTD) of private banks. He noted that beyond setting fixed to variable pay ratios, the RBI does not interfere in private bankers’ compensations. High attrition rates in certain private banks are also a point of scrutiny, with Governor Das suggesting it’s the responsibility of each bank to build a core team that stays with it. He highlighted the stricter norms for upper-layer NBFCs due to their size and complexity.

Geopolitical risks and economic growth
Geopolitical risks, according to Governor Das, pose the most significant threat to global growth. However, he expressed confidence in India’s ability to deal with such challenges effectively. On a positive note, Governor Das expected India’s Q2 GDP numbers to surpass forecasts, potentially surprising everyone on the upside.

Lastly, when asked for his message to the financial sector stakeholders, Das ended with, “Please play long term, play like Rahul Dravid.”

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

Key infra sector growth slows down to 4-month low of 8.1% in September

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

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The growth of eight key infrastructure sectors slowed down to a 4-month low of 8.1% in September 2023 against 8.3% a year ago, according to the official data released on Tuesday. The growth rate in the output of refinery products, fertiliser, cement and electricity during the month under review has decelerated, while it was negative in the case of crude oil.

The previous low was in May, when the growth rate of these sectors stood at 5.2%. Crude oil output dipped by 0.4% in September as against a contraction of 2.3% in the same month last year, the data showed.

The core sector growth in August was 12.5%, which was highest since June 2022, when it was 13.2%. The output growth of the eight sectors was also lower at 7.8% in April-September 2023-24 against 9.8% in the year-ago period.

In September, coal, natural gas, and steel production rose by 16.1%, 6.5% and 9.6%, respectively. The growth rate in the production of refinery products, fertiliser, cement and electricity slowed down to 5.5%, 4.2%, 4.7% and 9.3%, respectively, in September this year against the last year’s corresponding figures of 6.6%, 11.8%, 12.4% and 11.6%.

Icra Ltd Chief Economist Aditi Nayar said a pick-up in rainfall expectedly flattened the core sector expansion in September to a four-month low from 12.5%, amid the slowdown in growth of seven of the eight constituent sectors barring fertiliser output. “The year-on-year growth in cement production decelerated sharply to six-month low of 4.7% in September…The IIP (index of industrial production) growth is likely to moderate to high single digits in September taking a cue from the core sector’s trajectory,” she said.

These eight industries account for 40.27% of IIP.

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

Tata Consumer Q2 Results: Net profit at ₹359, revenue rises 11%, exceeds estimates

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

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Tata Consumer Products Ltd reported its earnings for the quarter ended September 2023, on Tuesday, October 31. The Tata Group in an exchange filing said that its revenue from operations for the period under review rose 11% to ₹3,734 crore. This was above CNBC-TV18 poll of ₹3,725. 

According to the company, the revenue was driven by underlying growth of 11% in India business, 8% in international business and 3% in non-branded business.  

The company’s net profit came at ₹375 crore, a 24% rise from the year-ago period.  For the July-September quarter, the earnings before interest, taxes, depreciation, and amortisation of the company jumped 30% to ₹569 crore.

The company’s India Packaged Beverages business reported a 5% rise in revenue, and 3% volume growth. The company witnessed a 17% year-on-year revenue jump in the coffee segment. During the quarter, the company introduced new products including Tata Coffee Quick filter decoction coffee, Tetley Premium black leaf tea, alongside other health and wellness beverages.

The Indian food business reported a 16% year-on-year rise in revenue and 6% growth in volume. The growth was driven by the company’s value-added salt portfolio, expansion of the Tata Sampann brand, and the launch of a range of new products, including cold-pressed oils. Tata Consumer also expanded its distribution network and experienced growth in alternate channels like Modern Trade and E-commerce.

In the international markets, the company witnessed a 13% revenue growth during the July-September quarter.

Tata Starbucks recorded 14% jump in revenue for the period under review. Store expansion and product offerings were the driving factors behind the growth, according to the company. Tata Starbucks opened 22 new stores, bringing the total store count to 370 across 49 cities.

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