BUSINESS
Reliance Retail begins appointing super-stockists to distribute its private label products in multiple FMCG categories
Reliance Retail already has a wide range of private labels across several entry-level food and non-food FMCG categories and will likely acquire more brands. "We believe own FMCG sales can add a margin layer to the overall Jiomart business", the report said. In its AGM held on August 29, 2022, Reliance Retail announced its foray into the FMCG business, by developing and delivering high quality products at affordable pricing.
Industrialist Cyrus Mistry killed in road crash at Maharashtra's Palghar
According to officials, Mistry, who heads the Shapoorji Pallonji Group, was traveling from Ahmedabad to Mumbai when his car hit a road divider near Charoti. There were four people in the car out of which two, including Mistry, succumbed to injuries in the road crash which left the vehicle badly damaged. The other two injured, whose identity was not clear, have been admitted to a local hospital in Kasa.
After a volatile week expect markets to remain rangebound
The Indian Rupee gained 6 paisa or 0.08 per cent to close at Rs 79.80 to the US Dollar. Dow Jones continued to remain under pressure and lost on four of the five trading sessions. It lost 964.96 points or 2.99 per cent to close at 31,318.44 points. It is now down 13.81 per cent on a year-to-date basis. On a similar comparison, the Indian benchmark indices are up about one percent.
Global EV powertrain systems market to reach $107 bn by 2029
The EV production will grow at a CAAGR (compound annual average growth rate) of 26 per cent over 2021 to 2026, with volumes approaching 54.1 million units by 2029, reports global research firm Strategy Analytics. This, in turn, will drive demand for xEV powertrain electronics systems to reach $107 billion by 2029 -- a CAAGR growth of 37 per cent. The push to electric vehicles is being dictated by consumer awareness and government regulations and mandates related to climate change and the need to reduce emissions and reverse the impacts of global warming.
Price war in the sky: Mumbai-Ahmedabad ticket at Rs 1.4K, Mumbai-Bengaluru at Rs 2K
This has now become possible as cut-throat competition in the aviation sector has led to a price war among the airlines to attract fliers. A close look at air fare disclosed that a ticket from Mumbai to Ahmedabad is costing Rs 1,399 on Go First and Rs 1,497 on new entrant Akasa Air for a journey on September 9. IndiGo, the largest domestic airline, is offering ticket on the same route for Rs 1,609. Similar is the case on the Mumbai-Bengaluru route with tickets available in the range of Rs 2,000 to Rs 2,200. While Akasa Air is offering a ticket for Rs 1,997 for a journey on September 9, a ticket on IndiGo is available for Rs 2,208.
China missing among nations driving India's foreign fund inflows
However, China is a notable absentee in the list and what is all the more interesting is that it has not been there in the list of main contributors to India's foreign inflows since 2017-18, according to Reserve Bank of India (RBI) data. In the list of country-wise FDI inflows into India in 2021-22, Singapore was the leading contributor with $15.9 billion worth of inflows, followed by the United States at $10.5 billion and Mauritius at $9.4 billion.
India set to become 3rd largest economy by 2029
Interestingly, India had surpassed UK as the 5th largest economy as early as December 2021 itself and not recently as is being claimed. "The path taken by India since 2014 reveals India is likely to get the tag of 3rd largest economy in 2029, a movement of 7 places upwards since 2014 when India was ranked 10th. India should surpass Germany in 2027 and most likely Japan by 2029 at the current rate of growth," the report said.
Nikon enters metal printing race, acquires Germany's SLM for $620 million
With this transaction, Nikon aims to become a leading global player in metal additive manufacturing (AM), offering innovative manufacturing solutions, said Toshikazu Umatate, President of Nikon Corporation. "SLM has supplied more than 750 metal AM that use a molding method called Laser Powder Bed Fusion to more than 150 leading companies around the world, including in the aerospace and automotive industries," Umatate said in a statement.
ED raids PayTM, Razorpay and Cashfree in Chinese loan apps case
"During the search operation, it was noticed that the said entities were generating proceeds of crime through various merchant IDs/accounts held with payment gateways/banks. They were also not operating from the addresses given on the MCA website/registered address. An amount of Rs 17 crore has been seized in merchant IDs and bank accounts of these Chinese-owned entities," said an ED official.
CBDT issues refunds of over Rs 1.14 lakh crore
It also said that income tax refunds of Rs 61,252 crore have been issued in 1,96,00,998 cases and corporate tax refunds of Rs 53,158 crore have been issued in 1,46,871 cases. "CBDT issues refunds of over Rs 1.14 lakh crore to more than 1.97 crore taxpayers between April 1, 2022 to August 31, 2022. Income tax refunds of Rs 61,252 crore have been issued in 1,96,00,998 cases and corporate tax refunds of Rs 53,158 crore have been issued in 1,46,871 cases," the CBDT said.
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