2. To combat Reliance Jio, Vodafone to offer free talk time with
Itel phones
Vodafone India has bundled voice plans and cash back with 2G feature phones
from China’s Itel in a first-of-its kind deal for India’s no. 2 telco. It is striving to
ring fence its voice-only user base from migrating to the Reliance Jio Infocomm-
backed 4G feature phone, pre-bookings for which started on Thursday.
3. India is now the largest two wheeler market globally, by volume, for
Japanese automobile major Honda. Honda Motorcycle & Scooter India's
(HMSI) volume contribution globally hit 32% in the first quarter of this
financial year -its highest ever so far.
According to top HMSI officials the company's two wheeler sales grew 20%
in the April-July period -compared to 9% growth clocked by the industry -
with scooters growing 19% and motorcycles growing 20% including
domestic sales
India becomes largest 2-wheeler market for Honda globally,
dethrones Indonesia
4. RBI to give details of fake notes deposited post demonetization
next week
The Reserve Bank of India's annual report likely to be released next week
would throw light on the amount of counterfeit currency notes that have found
their way into the banking system. While past data indicate minuscule amount,
the flood of currency due to demonetization may make it into hundreds of
crores of rupees though few hazard a guess on it. The lingering question is that
whether banks have to bear the costs or will it be borne by the RBI, or the
government may be in focus.
5. Petrol & diesel on the rise post daily price revisions
State oil companies have raised prices of petrol and diesel by a steep Rs 5.64
per litre and Rs 3.72 per litre respectively since July 1 through daily revisions
that have largely gone unnoticed.
In Delhi, petrol was being sold for Rs 68.73 a litre and diesel for Rs 57.05 a
litre on Wednesday, according to the website of Indian Oil Corp. On July 1, the
prices of petrol and diesel were Rs 63.09 and Rs 53.33 a litre respectively.
Prices in other states would vary due to local levies.
6. Sony India is targeting Rs 250 crores sales in the eastern region
during the festive season
Sony India is targeting Rs 250 crore sales in the eastern region as part of its
strategy to aim for 25% growth during the festive season. The Japanese
consumer electronics major has rolled out new product portfolio and
consumer promotions for this.
Sony India managing director Kenichiro Hibi said the company is hopeful of a
buoyant festive season sales with consumer demand returning as data from
the recently concluded Independence Day sales showed.
7. India launches flagship program to boost biopharma
production
India’s biopharmaceuticals industry has received a booster dose from the
government, with the Ministry of Science and Technology having finally
launched its $250-million program to promote the production of biological
drugs here. The program, first approved by the union cabinet in May, will
focus on development of new vaccines, bio-therapeutics, diagnostics and
medical devices to cater to India’s rising disease burden.
8. Raymond buys joint venture partner's stake in JK Ansell, owner
of Kama Sutra brand
Textile major Raymond has acquired remaining 50 per cent stake in joint
venture JK Ansell in an effort to scale up its consumer products business and
take its key brand KamaSutra globally.
As part of the deal, Raymond through JK Investo TradeBSE 0.42 % will buy
out the sexual wellness business for about Rs 19.3 crore and sell the gloves
business to its partner, Pacific Dunlop Holdings, an Ansell Group company
for RS 11.3 crore.
9. Patanjali to have competition from another guru,sri sri
Patanjali retail Empire has competition from other spiritual guru Sri Sri
Ravishankar,the following under the Art of Living Foundation will open 1000
retail stores to sell ayurvedic toothpaste soaps reflecting the demand of
herbal products in India
10. Branded apparel market in India may swell to Rs 250K crore by
2020
India’s lucrative fashion and lifestyle market that has attracted global bigwigs
like Zara and H&M is now enticing top brands from Russia to Brazil to tap the
growing market for western fashion products in India.
Turkey’s leading fashion brand Kigili has hired JLL India to scout for a local
partner. “We have received a request to find suitable retail partners for this
(Kigili) brand and are in the initial stages of the search,” said Pankaj Renjhen,
managing director for retail.
11. It's season of reshuffles in Rs 50,000 crore white goods
industry
It’s the season of reshuffles in the Rs 50,000-crore white goods industry
after almost a year, with expectations of improved business as festivities
draw near.
Prasoon Kumar, who was the sales head at Godrej Appliances, has quit and
joined Tata group’s VoltasBSE 2.23 % as business head for its home
appliances joint venture with Turkish brand Beko. Kumar had earlier been
in senior roles with LG, Videocon and Haier.
12. GST dries up working capital for auto component companies
Small manufacturers in Hosur's automotive cluster have begun sending
missives to original equipment manufacturers and suppliers about working
capital shortage due to the introduction of the goods and services tax.
These entrepreneurs have to foot a 10 per cent higher tax on products under
the new tax regime launched on July 1. They have to set this aside for
remittance every month, but payments from clients - who bear the higher tax
rate of 28 per cent - usually take 100 days,
13. RIL, BP to use floating system to produce deepest D6 gas find
Reliance Industries and its partner BP plc of the UK plan to use a floating
production system at high-sea in the Bay of Bengal to bring to production the
deepest gas discovery in the flagging KG-D6 block.
The MJ-1 gas find is located about 2,000 meters directly below the currently
producing Dhirubhai-1 and 3 (D1 and D3) fields in the eastern offshore KG-D6
block and is estimated to hold a minimum of 0.988 Trillion cubic feet (Tcf) of
contingent resource.
14. Jeff Epstein joins Moglix Board of Advisors
PUNE: Jeff Epstein, Operating Partner at Bessemer Venture Partners has
joined the Board of Advisors at b2b marketplace Moglix. Epstein, who is
based out of Bessemer’s Menlo Park office in the US and leads the
Venture’s CFO Advisory Board, specializes in marketplaces,B2B SAAS and
advertising technology companies and was the forner CFO at Oracle.
Rahul Garg, CEO, Moglix, said, “It is our privilege to have Jeff on board, his
expertise in B2B marketplaces and enterprise SaaS is second
15. RBI launches Rs 200 note; promises to ramp up supply
The Reserve Bank today launched the bright yellow Rs 200 notes and said
it will shortly ramp up the supply of the new currency note across the
country.
Long queues of people were witnessed at RBI offices today to get the new
Rs 200 currency note that has been introduced for the first time by the
central bank.
The RBI has launched the Rs 200 note with an aim to make it easier for the
common man to transact in lower denomination currencies..
16. Ceramic industry to double turnover to Rs 50,000 crore by 2020
India's ceramic industry is looking to almost double its turnover to Rs 50,000
crore by 2020, driven by rising domestic consumption and exports to the Middle-
East, Europe and other newer destinations.
The manufacturers are poised to compete with China in the global ceramic
market, which is a lead exporter with 40 per cent market share, by expanding
product portfolio and scouting for new geographies.
