1.Emami Buys Kesh King for Rs 1,651cr – TOI
Emami, one of the leading FMCG companies in India, has acquired Sanjeev Juneja’s Kesh King for Rs 1,651 crore. The Kesh King acquisition, biggest for the Kolkata-based company, marks Emami’s foray into the ayurvedic hair & scalp care segment, which is growing at a rapid pace.
Kesh King is the leader in hair and scalp therapy oil market of Rs 800 crore. It has a marketshare of 35% with over Rs 300 crore turnover.
Read the rest of the Times of India article here.
2.ITC Names Rajesh Food Biz Head – ET
ITC has elevated VL Rajesh as its foods business head, in line with the tobacco-to-consumer goods major’s recent trend of appointing younger professionals in leadership roles.
Rajesh, 47, will replace Chitranjan Dar who will take over as the corporate group head for central projects organisation, which executes all the firm’s projects, and R&D to develop newer products across businesses, as per Economic Times.
Read the rest of the Economic Times article here.
3.SBI Takes the Lead, Cuts Base Rate By 15 bps – ET
State Bank of India, the country’s largest bank, took the lead in lowering its base rate by 15 basis points (bps) to 9.70% soon after Reserve Bank of India (RBI) governor Raghuram Rajan nudged banks to do so while announcing the monetary policy.
Among other banks, Allahabad Bank reduced lending rates by 30 bps to 9.95%, Dena Bank and Punjab & Sind Bank followed with a 25 bps cut to 10% each on Tuesday . Following the reduction in rates, SBI’s new home loan borrowers will be charged 9.75% while women borrowers would be charged 9.70% irrespective of the loan amount.
Read the rest of the Economic Times article here.
4.Sensex Tanks 661 pts on RBI’s Cautious Stance, Drought Fears – PTI
The benchmark BSE Sensex plunged by 661 points to 27,188.38 as RBI took a cautious stance on the economic recovery even as it cut policy rates by 25 bps, while forecast of a deficient monsoon added to the rout. The Reserve Bank cut interest rate by 0.25 per cent for the third time this year but hinted there may not be any more cuts in the near-term sending stock markets in a tizzy. Meanwhile, monsoon is expected to be “deficient” as the Met department today gave “below normal” forecast for rains in the country, which is likely to trigger fears of a drought.
5.BHEL Bags its Largest Order Worth Rs 18,000 crore in Telangana - PTI
Power generation machinery maker BHEL has bagged its largest order amounting to Rs 17,950 crore from Telangana State Power Generation Corp (TSGENCO) to set up a 4,000 MW plant at Yadadri.
TSGENCO has entrusted BHEL with this order for setting up the 5x800 MW thermal power plant, on engineering, procurement and construction (EPC) basis, at Damaracherla in Nalgonda District of Telangana, named as Yadadri Thermal Power Project
6.RBI Rate Cut Not Enough to Revive Growth: India Inc – BS
The Reserve Bank of India’s 0.25 per cent rate cut is not enough to revive economic growth and much on the interest rate cycle will depend on external factors such as the monsoon and on global factors, say India Inc leaders.
This is not enough. Trade and industry were expecting a higher rate cut to make a success of the Make in India campaign. Since the economy is moving in the right direction and inflation is coming down, the RBI governor should initiate higher rate cuts in the next policy.
– said Venugopal Dhoot, chairman of the Videocon group, as per Business Standard.
Read the rest of the Business Standard article here.
7.Mutual Funds Added 2.2 mn Accounts in FY15 - BS
The Rs 12 lakh crore mutual fund (MF) sector added around 2.2 million new investors during 2014-15, However, the bulk opted for only the top five asset management companies (AMCs). The top five are HDFC Mutual Fund, ICICI Prudential, Birla Sun Life, Reliance MF and UTI MF. These account for nearly 80 per cent of the sector’s assets under management (AUM).
ICICI Prudential had the highest growth in client base, a little over 25 per cent.
8.Air India Express to Report profit for First Time in FY15- FE
For the first time in a decade of its existence, Air India Express, the fully-owned low-cost subsidiary of national carrier Air India, is slated to report a profit for financial year 2014-15. The Kochi-headquartered airline, which flies to Middle-East and south-east Asian destinations, is slated to post a profit of Rs 100 crore for 2014-15, against a loss of Rs 300 crore it reported in the same period of the previous year, senior Air India officials told Financial Express.
Read the rest of the Financial Express article here.
9.Senior SpiceJet Executives Shown the Exit Door - HT
Three senior SpiceJet executives, including the airline’s chief of flight safety, have been asked to leave in the last one month. Sandeep Verma, senior vice-president and chief of the Boeing 737 fleet, and Captain Vinod Khosla, SpiceJet’s chief of flight safety, were asked to leave last week. Last month, Virender Malhotra, senior vice-president, operations and head of the Q400 fleet was asked to go.
– Sources to Hindustan Times
Some more “overpaid” executives could be on their way out as the airline embarks on a transformation exercise under its new promoter Ajay Singh, according to Hindustan Times.
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