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NEWS

Posted On:
24-04-2024

Airtel set sights on acquisition of Vodafone's 21.05% stake in Indus Towers

Bharti Airtel is currently engaged in discussions to purchase a 21.05 per cent stake in Indus Towers from UK-based Vodafone Group, the Economic Times (ET) reported. This potential acquisition might afford India's second-largest telecommunications company a controlling interest in Indus Towers. The report, citing industry experts, claimed that if Vodafone Plc proceeds with selling its stake in Indus to Airtel, it could inject some of the resulting funds into Vodafone Idea (Vi), its struggling telecom venture in India in partnership with the Aditya Birla Group.However, negotiations have hit a roadblock due to valuation disagreements. Airtel, led by Sunil Mittal, is hesitant to acquire Vodafone's stake at the current market price of Indus shares, which have surged by over 77 per cent since January. Instead, Airtel seeks a valuation closer to Rs 210-212 per share, aligning with the price at which US private equity fund KKR and Canadian pension fund CPPIB sold their shares in Indus in February 2024, ET said. As per Indus Towers' latest filing with the BSE, Airtel holds the largest stake at 47.95 per cent, followed by Vodafone Group at 21.05 per cent, with the remaining 30.97 per cent held by the public. If Airtel were to acquire Vodafone's stake, its ownership in Indus would rise to 69 per cent.
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Posted On:
24-04-2024

Global investors sell Unilever India stock as sales growth falters

Global investors have cut holdings of Hindustan Unilever Ltd. to a four-year low as the company grapples with weak consumer demand and rising competition.Foreign funds reduced their ownership of India’s largest staples company to 12.7 per cent at the end of March, down from as high as 14.5 per cent in June last year, according to data compiled by Bloomberg. The firm’s shares have slumped more than 9 per cent in the past 12 months, the second worst performer in the NSE Nifty 50 Index. Investors have sold Hindustan Unilever and its consumer-giant peers as they found it hard to justify the expensive valuations of the companies amid faltering sales growth. The firm has been facing competition from new-age brands, while lower agricultural yields have sapped demand among its rural customer base.“Overseas investors will look at the parent company trading at less than half the valuation multiple,” said Abhay Agarwal, a fund manager at Piper Serica Advisors Pvt. in Mumbai. Revenue growth has slowed significantly and the “three-year sideways movement in the stock during a rising market has brought in some wariness,” he said. While foreign funds have been selling, the proportion of Hindustan Unilever’s shares owned by domestic investors has risen to a record 13.2 per cent, data compiled by Bloomberg show. Parent Unilever Plc and other members of the group own just over 60 per cent, while retail investors have about 12 per cent.
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Posted On:
25-04-2024

Mamaearth parent bets on Made-for-India goods in fastest-growing beauty mkt

Honasa Consumer Ltd., the newly listed parent of India’s personal-care brand Mamaearth, is taking on global giants in the world’s fastest-growing beauty market with onion hair oil and curd-and-turmeric face masks. India’s consumers increasingly want products made from local natural ingredients and crafted specifically for them, Varun Alagh, co-founder and the chief executive officer of Honasa Consumer, said in an interview. International competitors, on the other hand, mostly offer Indian consumers products from their international portfolios, he said. Honasa’s products are made with India’s tropical weather and cultural nuances in mind, Alagh said. “That’s where we have an edge,” he said.One-third of the beauty and wellbeing brands made available in India by Hindustan Unilever Ltd., or HUL, are from Unilever Plc’s global portfolio of products, based on data from their websites. But companies like HUL — now marketing its own new personal-care products such as Simple and Love, Beauty and Planet — are switching gears. Estee Lauder Companies Inc. in March rolled out limited-edition lipsticks called “the colour story of India.” The strategy of adapting products to local tastes worked in next-door China — at least initially.
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Posted On:
25-04-2024

Spices Board inspects plants of MDH, Everest over alleged contamination

India is inspecting facilities of spice makers MDH and Everest for compliance with quality standards after Hong Kong halted sales of some of their products for allegedly containing high levels of a cancer-causing pesticide. Hong Kong this month suspended sales of three MDH spice blends and an Everest spice mix for fish curries. Singapore ordered a recall of the Everest spice mix, saying it contains high levels of ethylene oxide, which is unfit for human consumption and a cancer risk with long exposure.MDH and Everest spices are among the most popular in India and are sold in Europe, Asia and North America. Exports totaled $4 billion in 2022-23, according to the Spices Board, the industry regulator in India.
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Posted On:
26-04-2024

Kotak Mahindra Bank actively working to address RBI's concerns: CEO

A day after the severe action by the Reserve Bank of India (RBI), Kotak Mahindra Bank’s Chief Executive Officer and Managing Director Ashok Vaswani on Thursday said the len­der is “actively working” to addr­ess the concerns raised by the regulator. The private sector lender is in constant communication with the RBI to resolve any issues, he said in a statement posted on Kotak Mahindra Bank’s social media handles. On Wednesday, the RBI barred Kotak Mahindra Bank from onboarding any new customers through its online and mobile banking channels and also prohibited it from issuing fresh credit cards. The action was taken for repeated non-compliance with IT norms and after the discovery of “serious deficiencies” in Kotak Mahindra Bank’s IT risk management. In the communication addressed to customers, Vaswani, who assumed office in January this year, said it has “temporarily paused” the issuance of new credit cards and added that its operations continue uninterrupted for all the existing customers.
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