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Posted On:
12-07-2024

FMCG major Dabur India to kickstart fourth phase of added sugar reduction

Indian fast-moving consumer goods (FMCG) major Dabur India will work towards an average 3 per cent reduction in added sugars across two-thirds of its beverage portfolio, it said in its annual report. In 2019, the company had adopted a phased reformulation approach to reduce sugar levels across its Real juice portfolio, and has “implemented three phases of sugar reduction in the top eight variants of juices by reducing a total of 20.95 per cent of added sugar.” “In our Foods & Beverages division, we are committed to reducing sugar content in our products without compromising on taste or quality. This demonstrates our commitment to promoting healthier options for our consumers,” the report stated. Talking about driving growth and deepening distribution, the maker of Hajmola candy plans to increase its rural footprint to 1.3 lakh villages by the end of FY25. The company currently covers 1.22 lakh villages with over 7.9 million retail outlets across the country. Of this, the company has added two lakh outlets in FY24 itself. Meanwhile, for the urban consumer cohort, it plans to expand its portfolio of premium offerings and look at entering adjacent categories.
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Posted On:
13-07-2024

Nearly 20,000 employees to be trained in GenAI every quarter: TCS

IT services giant HCLTech in its Q1 earnings call said that the company plans to train and upskill around 20,000 employees in Generative AI (GenAI) every quarter, with an overall target to train around 1 lakh employees in GenAI skills by the end of FY25. Ramachandran Sundararajan, chief people officer, HCLTech said, “I think the biggest thing is the traction that we are seeing in GenAI. Last quarter, we reported the investments we are making in upskilling our people for GenAI skills. If you recall, last year we trained and certified about 42,000 employees.” “Our plan this year is to be able to continue that momentum, which typically means that every quarter we need to add incrementally about 20,000 people trained and certified so that at the end of the year we will cross the 100,000 mark. So we are on course to do that,” he added.
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Posted On:
13-07-2024

Fitch revises Tata Steel outlook to negative amid UK biz uncertainty

Fitch Ratings on Friday revised its outlook on domestic steel major Tata Steel to negative on account of uncertainty surrounding the turnaround of the company's operations in the UK. However, the expected robust growth in Tata Steel's India operations and likely earnings before interest, taxes, depreciation, and amortization (EBITDA) profits at Dutch operations in FY25, may offset any losses at UK operations, Fitch Ratings said in a report."Fitch Ratings has revised the Outlook on India-based Tata Steel Limited's (TSL) Issuer Default Rating (IDR) to Negative, from Stable, and affirmed the IDR at 'BBB-'."We have also affirmed the rating on the USD 1 billion notes due July 2024 issued by TSL's subsidiary ABJA Investment Co. Pte. Ltd. and guaranteed by TSL, at 'BBB-'," the statement said, adding that the negative outlook reflects uncertainty surrounding turnaround of the UK operations. The rating agency further said that the change in the UK government and labour union's actions to save job losses at TSL's UK operations may delay its plan to reduce losses through FY25. Tata Steel owns 3 million tonne per annum (MTPA) at Port Talbot plant in South Wales and employs around 8,000 people across all its operations in that country.
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Posted On:
13-07-2024

India Inc files ECB intent worth $4.28 billion in May, shows RBI data

Indian firms, including non-banking financial companies, have filed an intent in May 2024 with the Reserve Bank of India (RBI) to raise $4.28 billio­n through External Commercial Borrowings (ECBs). Out of this, the intent for fund raise through the automatic route amounted to $ 3.66 billion and that via approval route was $ 343.2 million, according to RBI data. Amongst the prominent firms which have filed intent in May with RBI include Adani Green Energy Twenty Five for $300 million, Gold loan firm Manappuram Finance for $ 350 million, and Mahindra & Mahindra Financial Services for $ 200 million, RBI data showed.
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Posted On:
15-07-2024

Indian AC industry likely to double in next four years: Blue Star

The air-conditioning industry, valued at around Rs 27,500 crore ($ 3.3 billion), is likely to double in the next four years, Blue Star has said in its annual report. The Indian HVAC&R (heating, ventilating, air conditioning and refrigerating) is poised for exponential growth, said Blue Star Chairman & Managing Director Vir S Advani.The company is optimistic about its future business outlook, given the changing weather pattern, resulting in hotter summers coupled with a new and resilient product portfolio in residential and commercial air-conditioning. Blue Star has rolled out a 3-year strategic plan to strengthen its core capabilities, acquire new capabilities, build new processes, and adapt innovative technologies, Advani added. It also specifies details of investments to support these growth plans. In FY25, the Company will continue to focus on growing faster than the market, margin improvement initiatives through a comprehensive Total Cost Management programme, prudent management on financial capital, leadership development and succession planning, it said.
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