Economic Times


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Economic Times

  1. 1. <ul><li>(Weekly Presentation - 23 rd Aug, 2010 to 28 th Aug, 2010 ) </li></ul>By: Arpit Gupta
  2. 2. Rainy August Washes out summer Sales <ul><li>The wettest August in a decade has taken a toll on sales of </li></ul><ul><li>soft drinks, air-conditioners and refrigerators. </li></ul><ul><li>With companies reporting 10-30% drop in demand for these </li></ul><ul><li>‘ summer products’. </li></ul><ul><li>Iincessant rains have also made people stay at homes, </li></ul><ul><li>affecting impulse buys of soft drinks. </li></ul><ul><li>The impact seems limited for packaged water industry. </li></ul><ul><li>Sales of Parle Bisleri of 1-litre pack have been impacted by </li></ul><ul><li>about 3-4% because people are not going out so much. But </li></ul><ul><li>sales in the Eastern part of the country remain good.  </li></ul>
  3. 3. Gitanjali to open 20 jewellery stores by December <ul><li>Gitanjali Group, the country’s biggest jewellery </li></ul><ul><li>retailer by volume, plans to open up to 20 large- </li></ul><ul><li>format ‘Maya by Gitanjali Lifestyle’ stores by </li></ul><ul><li>December, with an investment of `100 crore. </li></ul><ul><li>Most of these only-for-women departmental stores will come up in tier III and IV cities to get first movers advantage.  </li></ul><ul><li>“ 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. </li></ul>
  4. 4. Gitanjali to open 20 … ( Contd) <ul><li>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. </li></ul><ul><li>Gitanjali also plans to open Maya stores in other parts of the country. </li></ul><ul><li>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. </li></ul>
  5. 5. Sebi asks MF trustees to update client information <ul><li>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) </li></ul><ul><li>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. </li></ul>
  6. 6. Cabinet nod to DTC bill; exemption limit upped to Rs 2 lakh <ul><li>The Cabinet approved Direct Taxes Code (DTC) Bill, clearing decks for tabling the legislation in the Monsoon Session of Parliament. </li></ul><ul><li>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). </li></ul><ul><li>Under the EEE mode, the tax exemption is enjoyed at all the three stages--investment, accumulation and withdrawal.  </li></ul>
  7. 7. Cabinet nod to DTC bill… (Contd) <ul><li>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. </li></ul>
  8. 8. PNB launches cross-border remittance solution <ul><li>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.  </li></ul><ul><li>Besides, the bank also launched RET AD, an online reporting system meant for bank branches authorised to deal in foreign exchange.  </li></ul><ul><li>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.  </li></ul>
  9. 9. PNB launches cross-border… ( Contd) <ul><li>World Travel will be available in three currencies--Dollar, Euro and Pound, it said.  </li></ul><ul><li>PNB has more than 4,900 branches in more than 750 cities, including extension counters and overseas offices. </li></ul>