Titan Co. Ltd is already working on the succession planning to replace its managing director Bhaskar Bhat who is set to retire by 2019-end. The board is considering external as well as internal candidates as part of a formal search to succeed Bhat. Bhat has helmed India’s largest jewellery and watch retailer for more than 16 years. The retirements of senior executives is not a concern as Titan has been working to build a strong leadership team just below the top management for the past three years, Bhat said. Jewellery is the company’s biggest revenue earner.
Hectic schedules and lifestyles are turning an increasing number of Indians to online food delivery apps like Swiggy for their everyday meals. In 2017, 17% of discretionary spending was made on eating in restaurants and ordering food. A report by FICCI and Technopak projected the rate to reach 19% by 2020. According to Poorna Banerjee, a Kolkata-based food writer and restaurant critic, the entire culture of eating out or ordering food has changed with the advent of delivery services like Swiggy due to convenience and reliability. They eliminate the time barrier, and guarantee timely food delivery, she said.
Final placements of students of top management schools, including some of the IIMs, have started on a strong note. Some institutions even reported 100% placements for their students with a hike in the average salary offered and the number of offers. Companies from consulting, information technology, and banking and financial sectors have shown greater interest in hiring. The number of offers given to students of the Indian School of Business (ISB) went up by 46% compared with last year. The average salary at ISB also went up to Rs 25.08 lakh against Rs 23.4 lakh last year.
Foreign portfolio investors (FPIs) have pulled out more than Rs 4,000 crore from the Indian capital markets so far in January, indicating their cautious approach. According to data available with the depositories, FPIs withdrew a net amount of Rs 3,987 crore from equities and a net sum of Rs 53 crore from the debt market, taking the total outflow to Rs 4,040 crore during January 1-18. FPIs had invested a collective net inflow of over Rs 17,000 crore in the Indian equity and debt markets during November and December while pulling out a staggering Rs 38,905 crore in October.
Though The US and China have the highest number of millionaires currently, but Wealth-X in its research has found that Africa, Asia, and Europe are most likely to attain the fastest growth in their wealthy population by 2023. The report took into account current wealth levels, population growth estimates, and anticipated future investment opportunities to ascertain which countries would witness the fastest growth in millionaire populations. Nigeria topped the list with a 16.3% growth rate in its wealthy population. Others in the order are Egypt at No. 2 followed by Bangladesh, Vietnam, Poland, China, Kenya, India, Philippines, and Ukraine.
Shree Cement’s net profit for December quarter fell 10% year-on-year (YoY) to Rs 301.3 crore from Rs 333 crore during the same quarter of last year. The revenues rose 21% at Rs 2,781 crore against Rs 2,302.7 crore in the year-ago period. Segment-wise, its cement business grew 16% at Rs 2,559 crore, while power segment rose 44% at Rs 502.6 crore. At 13:46 hrs on Tuesday, the stock was quoting at Rs 15,720.00, up Rs 35.65.
Jana Small Finance Bank is offering 9.75% p.a. interest on fixed deposits for its senior citizen customers, the bank said in a statement. The lender is offering a Jana Bankable Debit Card to its customers while opening a fixed deposit account, which includes welcome benefits worth Rs 15,000 on top brands. The offer starts from January 23 and will end on January 28.
South India's leading two wheeler maker, TVS Motor Company, on Tuesday reported 16% rise in standalone net profit at Rs 178.4 crore for the third quarter ended December 31, 2018 against a net profit of Rs 154.3 crore in the October-December 2017 quarter. The company's revenue increased to Rs 4,664.6 crore in the October-December period, over Rs 3,703.1 crore in the same quarter a year ago. During the quarter ended December 2018, the overall two-wheeler sales of the company including exports grew by 18.9% to 9.50 lakh units from 7.99 lakh units in the quarter ended December 2017.
PM Narendra Modi is considering offering low-cost loans and free accidental insurance coverage to several small businesses, government sources said. Small and medium businesses have been adversely affected by the double whammy of demonetization and a hastily implemented GST. The government is planning to offer a discount of 2% on loans for businesses with annual sales of less than Rs 5 crore. The government would compensate the banks for the cost. The government is also planning to provide free accidental insurance coverage of up to Rs 10 lakh to small businesses with annual sales of up to Rs 10 crore.
With the Budget 2019 due to be presented on February 1, construction, infrastructure, real estate & housing, are the likely sectors to receive special attention this year. Water and sanitation along with a focus on rural projects are also expected to receive boost. Fertilizer, as an industry, may see some good news since a lot of focus will be seen on improving the present circumstances in the agricultural sector. These sectors are driven, mainly based on government policies and rely on the subsidised and favourable environment.
Top officials at the Ministry of Finance and Corporate Affairs will meet lenders today to discuss the financial issues plaguing the public sector banks (PSBs). The discussion will hover around issues such as liquidity and challenges being faced by PSBs in making provisions for their exposure to the debt-laden IL&FS. The high committee meeting will be attended by Injeti Srinivas, corporate affairs secretary; Shubhash Chandra Garg, economic affairs ministry; financial services secretary Rajiv Kumar along with State Bank of India's chairman Rajnish Kumar among others, the report said.
Shares of metal companies were trading under pressure with most of the frontline stocks like Tata Steel, Jindal Steel and Power (JSPL), Steel Authority of India (SAIL), Coal India and Hindustan Zinc touched their respective 52-week lows. The Nifty Metal Index, the largest loser among sectoral indices, was down 2.55% on Tuesday after the Chinese economy reported its slowest growth rate in the last 28 years. After witnessing a robust double-digit growth for three decades, the Chinese economy has been on a downturn over the years as the country deals with bad debts and a decline in exports, IANS reported.
L&T Finance Holdings, unit of engineering firm Larsen & Toubro, Monday posted an 81% rise in consolidated net profit to Rs 581 crore during the third quarter ended December 31, 2018. The company's consolidated net profit stood at Rs 325 crore in the year-ago period.
Total income of the company also increased to Rs 3,516.38 crore during the quarter under review as against Rs 2,594.62 crore in the year-ago period. Average assets under management (AUM) increased to Rs 69,080 crore from Rs 60,313 crore in the corresponding quarter a year ago, the company said.
Oil prices fell on the back of signs of an economic slowdown stoking concerns over the future demand for oil. International Brent crude oil futures were at $62.26 per barrel at 0410 GMT. "After two years of solid expansion, the world economy is growing more slowly than expected and risks are rising," IMF Managing Director Christine Lagarde told reporters. Singapore-based brokerage Phillip Futures on Tuesday said that supply cuts by OPEC would, however, provide a base price support.
Shares of Sun Pharma jumped 5.1% to Rs 418.70 in the early trade on BSE after the company issued a series of clarifications. The company informed that the company’s domestic formulation distribution shall be transitioned from Aditya Medisales, the current distributor, to a wholly-owned subsidiary of Sun Pharma with effect from Q1FY20. Further, Sun Pharma also confirmed that neither any loans nor guarantees have been given to Suraksha Realty. Last Friday, shares of the company crashed to a six-year low after a news report suggested new whistleblower complaints filed with SEBI.