Category: Business

Business

Gautam Adani Buys This Company To Compete With Mukesh Ambani

HT News

Asia’s richest man Gautam Adani is looking for local and overseas acquisitions for his kitchen essentials firm, Adani Wilmar Ltd. He decided to expand into the food business weeks after Reliance Industries Ltd. announced its foray into the consumer goods business.

HIGHLIGHTS

• Big conglomerates trying to get a share of the $400 billion Indian food production industry
• Adani Wilmar Ltd. bought the Kohinoor cooking brand
• The company will invest INR 5 billion for expansion
• Reliance Retail Ltd. has already announced its foray into the FMCG business in August

What Is The State Of The Indian Food Production Industry?

The food and Agriculture Organization of the UN has pegged the food production industry at $400 billion and it is expanding. Recently Reliance Industries Ltd. announced its foray into the fastest-moving consumer goods (FMCG) business intending to deliver high-quality goods while maintaining affordability.

How Is Adani Wilmar Ltd. Doing In FMCG Business?

Adani Wilmar Ltd. Doing In FMCG Business

The company bought some 32 firms valued at about $17 billion last year. And many of these firms are outside of the coal and infra-related business. It also bought the Kohinoor brand that sells basmati rice and ready-to-consume curries and meals in India from McCormick Switzerland for an undisclosed amount.

Angshu Mallick, chief executive officer, and managing director at Adani Wilmar said that the company had earmarked $62.9 million (INR 5 billion) from its IPO for expansion. Mallick further said that the additional funding would come from internal accruals and the 30 billion rupees of planned capital expenditure for the next year starting in April. Mallick further said that the company’s share had more than tripled since its $486 million debut in February.

… Read the rest
Business News & Politics

Starbucks Corp Appointed Laxman Narasimhan Its CEO For This Reason

HT News

Laxman Narasimhan holds the reigns of beleaguered Starbucks Corp. He is named the next chief executive officer and he is expected to undertake a “reinvention” of the world’s biggest coffee chain.

HIGHLIGHTS

• Laxman Narasimhan has resigned from Reckitt to join Starbucks Corp
• Starbucks is facing a turbulent due to the business slowdown in China
• Mr. Narasimhan will utilize his experience in executing a reinvention plan for Starbucks

Who Is Laxman Narasimhan?

Laxman Narasimhan was previously associated with PepsiCo as its global chief commercial officer. He joined Reckitt as CEO in September 2019 and earned plaudits from Reckitt investors. His management style helped revitalize the company after a sales slump. His departure from Reckitt which makes Durex condoms, Enfamil baby formula, and Mucinex cold syrup resulted in a 4% fall in FTSE-listed Reckitt’s shares.

Why did Starbucks Corp Choose Laxman Narasimhan?

Starbucks Corp Choose Laxman Narasimhan

Starbucks is looking for a CEO who can execute its reinvention plan and Laxman Narasimhan is credited with revitalizing the maker of Lysol disinfectants. He led Reckitt through the pandemic by boosting its sales. Also, Mr. Narasimhan was instrumental in navigating a baby formula crisis in the United States, culminating in a raise in the annual forecast of Reckitt earlier this year.

In Starbucks, Mr. Narasimhan will face challenges related to employee dissatisfaction with better wages and work conditions. Also, more than 200 Starbucks stores in the US have unionized and COVID restrictions in China have slowed the business. China is the biggest overseas market for Starbucks.

Also, Starbucks is working on a reinvention model involving long visits to mobile pickup and delivery. It appointed Laxman Narasimhan as its CEO after considering … Read the rest

Top Celebrities Business

Amazon Releases “The Rings Of Power” To Win The Streaming Wars

HT News

The Rings of Power started on Amazon Prime is a 50-hour television is a big gamble but it is central to Amazon’s bid to stand out in the streaming, especially with HBO Max whose own “Game of Thrones” prequel has just been launched. But it is a big gamble for Amazon.

HIGHLIGHTS

• The Rings of Power characters are barely referenced in Tolkien’s trilogy
• The web series is funded by Jeff Bezos himself a fan of Tolkien
• Set in Tolkien’s “Second Age”, the story has characters largely unknown to creators

Why The Rings Of Power Is Called Amazon’s Gamble?

The show blindly follows the popularity of the books still voted the world’s best novels of all time and Peter Jackson’s Oscar-winning film adaptations. But populated by characters who are barely referenced in Tolkien’s trilogy, there is no doubting the scale of the gamble.

What Are The New Characters In The Rings Of Power?

The Rings Of Power

Princess Disa is the first female and first Black dwarf depicted on screen in Tolkien’s world. Sophia Nomvete who is playing the character said that it was quite nerve-wracking.

The young Isildur or the tragic hero, struggling with the death of his mother, overbearing pressure from his father, and a romantic yearning for adventure is also a new entry into the story. It is played by Baldry.

Younger elves such as Galadriel and Elrond from Jackson’s film are taken into the web series. But there is no Frodo, Gollum, or Aragorn in sight.

While most characters are appearing for the first time, some are created from the scratch simply to spice up the story.

What Is The Cost Of The

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Business

Gautam Adani’s Entry Into The Bloomberg Billionaires Index Raises Concerns

HT News

With a $137.4 billion fortune, Gautam Adani becomes the first to enter the top three of the Bloomberg Billionaires Index. Also, Mr. Adani (60) is even the first in Asia to join the prestigious billionaires’ group. He now trails only Elon Musk and Jeff Bezos of the US in the ranking.

HIGHLIGHTS

• Gautam Adani becomes the world’s third-richest person
• The group owns everything from data centers to cement, media, and alumina
• But concerns have grown over his rapid growth

What Is The Growth Story Of Gautam Adani?

A college dropout, Gautam Adani started with a diamond business but today he owns a coal-to-ports conglomerate. Also, his group is the largest private-sector port and airport operator, city-gas distributor, and coal miner in the country.

What Are The Concerns Surrounding His Rapid Growth?

In its latest report, CreditSights said that Mr. Adani’s deals spree had predominately funded with debt and his empire was ‘deeply over-leveraged’. Also, concerns are raised over the opaque shareholder structures and a lack of analyst coverage that allow Adani’s shares to soar up to 1000% since 2020 with valuations hitting 750 times. Environmentalists are also criticizing his Carmichael mine in Australia but Adani has pledged to invest $70 billion in green energy to become the world’s largest renewable-energy producer.

Who Is Helping Mr. Adani?

Mr. Adani is focusing on areas that PM Modi deems crucial for development. Also, he received investment from firms including Warburg Pincus and TotalEnergies SE. The surge in coal in recent months has further turbocharged his ascent. In 2022, Mr. Adani added $60.9 billion to his fortune which is five times more than anyone else. In February, he overtook Mr. Ambani … Read the rest

Business Technology

Will Toyota Urban Cruise Hyryder Go The Prius Way?

HT News

Japanese carmaker Toyota failed to impress Indian buyers with its pioneering Prius but learned a tough lesson that the buyers will love its hybrids as long as the price is right.

HIGHLIGHTS

• Toyota is gearing to launch its affordable hybrid Urban Cruiser Hyryder
• Toyota will make its hybrids in India to cut the manufacturing cost
• It will partner with Suzuki Motor to develop low-cost mild hybrid technology

Why Was Prius Failed?

Prius, the hybrid version of the Camry sedan, was launched in India in 2013, but the car failed to attract the attention of buyers partly due to its price tag. Its price was more than eight times the annual income of a middle-class family. Toyota discontinued Prius after struggling hard to increase its sales.

Which Is The Upcoming Hybrid Of Toyota?

Toyota Urban Cruise Hyryder

The Urban Cruiser Hyryder, a compact sports-utility vehicle (SUV), will be its first new hybrid to hit Indian roads. It will put Toyota in a comfortable position against popular midsize combustion-engine SUVs made by Hyundai Motor and Kia Motor which dominate the Indian auto market with 18% of car sales. The Indian auto market is the fourth-biggest auto market.

The full hybrid Hyryder will be 31% more fuel efficient than the Hyundai and Kia diesel models that offer an economy of 25 kmpl. Also, Toyota is collaborating with Suzuki to get its hybrid system Suzuki developed for subcompact cars, or one size smaller. Hyryder will be sold by Toyota and Suzuki. In 2023, Toyota will launch its next hybrid which will be a multi-purpose vehicle or people-carrier.

How Will Toyota Reduce The Cost Of Its Hyryder?

Toyota is working on … Read the rest

Business International

How Vehicle Import Plunged Bhutan Into Economic Crisis?

HT News

Bhutan government imposes a moratorium on the import of all vehicles to save its dwindling foreign reserve. But utility vehicles, heavy earthmoving machines, and agriculture machinery are kept out of the moratorium. Bhutan is facing a Sri Lanka-like economic crisis.

HIGHLIGHTS

• Bhutan bans vehicle imports for six months to strengthen its foreign reserves
• It is facing an economic crisis because of the Ukraine war, pandemic, and vehicle import
• It is mandated by its constitution to maintain foreign reserves

What Is The Crisis Situation In Bhutan?

Crisis Situation In Bhutan

The foreign reserves of Bhutan dwindled from $1.46 billion in April 2021 to $970 million at the end of December 2021. The data has been released by the Royal Monetary Authority of Bhutan. Also, the country is following a zero-COVID policy that has barred foreign tourists for the past two years. But the soaring oil and grain prices due to the Ukraine war aggravated the economic crisis in the country.

How Is Vehicle Import Responsible For The Crisis?

According to the daily Kuensel newspaper, vehicle import is the biggest factor in the economic crisis. The newspaper further said that the country imported more than 8000 vehicles till June and that depleted its foreign reserve to a critical level. But now the ministry of finance has put a moratorium on utility vehicles costing more than 1.5 million ngultrums ($20,000) through a notification. But the vehicles used for the promotion of tourism are exempted.

What Does Bhutan Constitution Say About Foreign Reserves?

Bhutan Constitution Say About Foreign Reserves

The constitution makes it mandatory to maintain reserves for at least 12 months of imports. The moratorium comes into force from Friday and will remain effective for six months. The government will … Read the rest

Business

Goodfellows Starts Its Services In Mumbai With The Help Of Ratan Tata

HT News

Ratan Tata supports Goodfellows, a startup that connects senior citizens with young people for meaningful friendships. The startup was founded by Shantanu Naidu (30) who also manages Ratan Tata’s startup investment portfolio.

HIGHLIGHTS

• Goodfellows that promotes “inter-generational friendships” gets support from Ratan Tata
• It is a subscription-based service for senior citizens who live alone
• Ratan Tata has backed up at least 50 startups since he retired from his executive job

What Is Goodfellows?

It is a startup working to find companions for senior citizens without families or whose kids have settled abroad. Lonely living poses a mental and physical health challenge for senior citizens but now they can find companions that are young, energetic, and intelligent. The young fellows can join seniors for going on a walk, watching movies, or simply having a conversation.

How Does Goodfellows Work?

The startup would connect 50 “grandpals” including men and women over 70 with “good fellows” in their twenties. The young fellows will be on the payroll of the startup. It has already selected an electric group of employees after several rounds of intense vetting and psychometric testing. Many of them are recent graduates in engineering, arts, and filmmaking.

What Are The Prospects Of Goodfellows?

Presently the service is started for Mumbai only but Mr. Naidu plans to expand it to Bengaluru as well. Talking about the prospects of Goodfellows, Mr. Naidu said that he knew that many non-profit models had failed because the unpaid volunteers didn’t commit for the long-term. Goodfellows has paid volunteers that can remain committed for the long term.

What Did Ratan Tata Say About Goodfellows?

Ratan Tata Say About Goodfellows

Ratan Tata said that people … Read the rest

Business

Who Will Hold The $4 Billion Stocks Of Rakesh Jhunjhunwala After His Death?

HT News

Rakesh Jhunjhunwala held stocks to the tune of $4 billion at the time of his death. His death has brought all his investments into focus. The self-made trader whose trades were closely scrutinized breathed his last at Breach Candy H ospital in Mumbai. PM Modi acknowledged the impact Rakesh Jhunjhunwala had on the investing community.

HIGHLIGHTS

• Rakesh Jhunjhunwala’s $4 billion investment is in focus after his death
• His portfolio includes jewelry, footwear, automobile, and online gaming
• PM Modi also acknowledged his impact on the industry

What Were The Stocks Of Rakesh Jhunjhunwala?

Stocks Of Rakesh Jhunjhunwala

The man known as India’s Warren Buffett invested in a wide range of established businesses with his wife. Their investment includes jewelry retailer Titan Co. which was their largest and most profitable investment making up for more than a third of their portfolio.

Also, they held stakes of more than 10% in Star Health, IT firm Aptech Ltd., and videogame maker Nazara Technologies Ltd. Their other top holdings by market include footwear maker Metro Brands Ltd. and automaker Tata Motors Ltd.

In addition to these investments, Rakesh Jhunjhunwala was also on the boards of several Indian firms. Considering his influence on Asia’s third biggest economy, he was called the Big Bull.

What Did PM Modi Say On The Death Of Rakesh Jhunjhunwala?

Prime Minister Narendra Modi acknowledged the impact Rakesh … Read the rest

Business

Ford India Pvt. Ltd. Sells Its Sanand Plant For Rs. 726 Crore To Tata Motors

HT News

Tata Motors is buying Ford Motor’s manufacturing plant in Gujarat for $91.5 million (Rs 726 crore). Tata Motors said that the deal will augment its production in the coming years.

HIGHLIGHTS

• Tata Motors signed a $91.5 million (Rs 726 crore) deal with Ford Motor’s
• The deal is for the acquisition of Ford’s Sanand manufacturing plant in Gujarat
• Ford Motors has stopped production in India last year
• Tata Motors will augment its production capacity with this deal

What Is The Deal Between Tata Motors And Ford Motors?

Tata Motors buy Ford Motors

Tata Passenger Electric Mobility Ltd (TPEML), a subsidiary of Tata Motors, signed a deal with Ford India Pvt Ltd (FIPL) to buy its manufacturing plant in Sanand, Gujarat. The Rs 726 crore deal includes land, assets, and all eligible employees.

What Is The Importance Of The Deal For Tata Motors?

Tata Motors released a statement soon after the deal. The Indian automobile giant said that with its manufacturing capacity nearing saturation, the acquisition was timely and a win-win situation for all stakeholders. The Jaguar Land Rover parent further said that the Sanand plant will boost its manufacturing capacity from 300,000 units per year to 420,000.

Why Is Ford Motors Selling Its Sanand Plant?

Ford India had been struggling to increase its sales and profit for more than two decades. But it gave up last year and closed production. At the time of closing its business, Ford Motors had less than a 2% share in the Indian passenger vehicle market.

Source:- https://bit.ly/3diMJ5a

… Read the rest

Business Today's Special

Google Shows ‘India Ki Udaan’ On 75 Years of Independence

HT News

Google Arts & Culture is celebrating 75 years of Independence with a vibrant online project named ‘India ki Udaan’. The project draws from rich archives and features artistic illustrations to highlight the milestones the country has achieved in its journey of 75 years.

HIGHLIGHTS

• Google unveiled the “India ki Udaan” project to celebrate 75 years of independence
• It also announced the Doodle4Google contest for 2022 for students of classes 1-10
• Winners of the contest will see their artwork on the Google homepage in India on November 14
• Google will select four group winners and 15 finalists and give them exciting prizes
• The tech giant will also create a special doodle on ‘Har Ghar Tiranga’ to encourage people’s participation

What Is ‘India ki Udaan’ Project?

India Ki Udaan’ On 75 Years of Independence

Available on the website of Google Arts & Culture, the project is a tribute to India’s rich cultural history. It features iconic moments since independence for the country to relive, experience, and be inspired.

Published in English and Hindi, the project contains a wealth of knowledge created by 10 artists. There are over 120 illustrations, 21 stories, and exhibitions from various institutions especially the Ministry of Tourism, Museum of Art & Photography, Heritage Directorate of the Indian Railways, the Indian Academy of Sciences, and Dastkari Haat Samiti.

What is Doodle4Google 2022 Contest?

Themed ‘In the next 25 years, my India will….’, is an open contest for students of classes 1-10. Google has announced a cash prize of ₹ 5,00,000 college scholarship, a ₹ 2,00,000 technology package for their school/non-profit organization, a recognition of achievement, Google hardware, and fun Google collectibles for the winner. Also, the winning Doodle will be featured on … Read the rest