Economic Times
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Economic Times Economic Times Presentation Transcript

    • (Weekly Presentation - 23 rd Aug, 2010 to 28 th Aug, 2010 )
    By: Arpit Gupta
  • Rainy August Washes out summer Sales
    • The wettest August in a decade has taken a toll on sales of
    • soft drinks, air-conditioners and refrigerators.
    • With companies reporting 10-30% drop in demand for these
    • ‘ summer products’.
    • Iincessant rains have also made people stay at homes,
    • affecting impulse buys of soft drinks.
    • The impact seems limited for packaged water industry.
    • Sales of Parle Bisleri of 1-litre pack have been impacted by
    • about 3-4% because people are not going out so much. But
    • sales in the Eastern part of the country remain good. 
  • Gitanjali to open 20 jewellery stores by December
    • Gitanjali Group, the country’s biggest jewellery
    • retailer by volume, plans to open up to 20 large-
    • format ‘Maya by Gitanjali Lifestyle’ stores by
    • December, with an investment of `100 crore.
    • Most of these only-for-women departmental stores will come up in tier III and IV cities to get first movers advantage. 
    • “ These cities have good amount of disposable income and exposures of various brands and we will have first mover’s advantage,” says Mehul Choksi, chairman and MD of Gitanjali Group.
  • Gitanjali to open 20 … ( Contd)
    • The company will convert the outlets of retail chain Salasar Retail, in which it acquired a majority 76% stake last year, into Maya by Gitanjali Lifestyle stores.
    • Gitanjali also plans to open Maya stores in other parts of the country.
    • Gitanjali Gems, which has brands such as D’Damas, Asmi, Sangini and Gili in its portfolio, plans to invest around `100 crore by end of the year.
  • Sebi asks MF trustees to update client information
    • Sebi had made it mandatory for mutual fund houses to maintain a copy of all investor documentation, including know-your-client (KYC) details, and power of attorney (PoA)
    • Trustees have been set a deadline of November 22 to submit a confirmation report on completion of the process of updating of investor related documents.
  • Cabinet nod to DTC bill; exemption limit upped to Rs 2 lakh
    • The Cabinet approved Direct Taxes Code (DTC) Bill, clearing decks for tabling the legislation in the Monsoon Session of Parliament.
    • It is proposed to provide the EEE (Exempt- Exempt-Exempt) method of taxation for Government Provident Fund (GPF), Public Provident Fund (PPF) and Recognised Provident Funds (RPF).
    • Under the EEE mode, the tax exemption is enjoyed at all the three stages--investment, accumulation and withdrawal. 
  • Cabinet nod to DTC bill… (Contd)
    • The revised draft puts pensions administered by the interim regulator PFRDA, including pension of government employees who were recruited since January 2004, under EEE treatment.
  • PNB launches cross-border remittance solution
    • Public sector lender Punjab National Bank, has launched 'PNB NRI REMIT-India', an online cross-border remittance solution to send money from the US to India, in association with The Bank of New York Mellon, New York. 
    • Besides, the bank also launched RET AD, an online reporting system meant for bank branches authorised to deal in foreign exchange. 
    • The bank also launched the World Travel Card in association with MasterCard. The PNB World Travel Card has been designed as a pre-paid wallet for persons travelling abroad that can be used outside India. 
  • PNB launches cross-border… ( Contd)
    • World Travel will be available in three currencies--Dollar, Euro and Pound, it said. 
    • PNB has more than 4,900 branches in more than 750 cities, including extension counters and overseas offices.
  •