The Economic Times
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NEW DELHI: Leading basmati rice firm LT Foods Ltd is targeting to double its turnover to Rs 6,000 crore by 2020 and is looking for growth organic as well as inorganic routes to become a FMCG company. LT Foods has presence in over 65 countries with revenue of nearly Rs 3,000 crore last fiscal. Its two major brands 'Daawat' and 'Royal' registered strong volume growth of about 25 per cent both in domestic and overseas markets in 2015-16. "We expect a 8-10 per cent growth in our turnover during this fiscal. In volume terms, the growth is estimated at 20-25 per cent," LT Foods Chairman and Managing Director VK Arora told PTI. Out of the total turnover expected this fiscal, he said about 60 per cent would be from exports. "US is our biggest export market. We have become undisputed leader in American market with 45-50 per cent share in basmati trade," he said, adding that the company sells about 70,000 tonnes of basmati rice in US.
The Economic Times
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NEW DELHI: Dairy firm Kwality Ltd today said it has signed an agreement with Bank of Baroda for providing Rs 4,000 crore loans to the former's one lakh farmers from whom the company procures milk. In a filing to BSE, Kwality said it "has signed an MoU with Bank of Baroda...to disburse Rs 4,000 crore of loans to its one lakh farmers in initial phase out of its established network". The company has a network of about 3.25 lakh across about 4,500 villages in Uttar Pradesh, Haryana and Rajasthan which are amongst the largest milk producing states of India. Kwality Ltd would cover the remaining farmers in subsequent phases over a period of time. "The funds would be available at preferential rate and shall be utilised primarily towards purchasing of milching animals, smartphone and two wheelers," it said. The scheme is aimed at providing financial assistance to improve socio-economic lives of farmers and steer them towards digitisation.
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NEW DELHI: With a larger share of the economy captured in tax net post demonetisation, government should improve liquidity in the market and also lower income tax slab, said Pushpa Bector, DLF Premium Malls. "The budget this time is expected to have measures that will improve liquidity in the market. Post demonetization, there is a strong expectation on reduction in income tax slab, which will further aid disposable income. A better tax structure will directly have a positive impact on retail," said the Executive Vice President & Head, DLF Premium Malls. "Implementation of GST will be a big step that will impact retail. Most categories are expected better margins which may be passed on to consumers leading to higher sales. GST would be the sweeping reform for retail." It is expected, she added, there will be a further move towards a cashless economy will improve plastic economy and world over has aiding retail spending.
The Economic Times
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By Saritha Rai Apple Inc. is willing to start making iPhones in India, but it wants a big helping hand from Narendra Modi’s government first. The Cupertino, California-based company is scheduled to meet with officials in New Delhi next week to discuss the prospects for setting up manufacturing facilities in the country this year. Apple, the most valuable company on Earth, is asking for a long list of financial concessions from India, one of the poorest countries. Among the requests, the company is seeking a 15-year tax holiday on imports of components and equipment, according to a person with direct knowledge of the matter. "We would like Apple to set up base in India," Ravi Shankar Prasad, minister for information technology said on Wednesday, without disclosing the company’s negotiating stance. Apple wants to boost business in India as the country of 1.
The Economic Times
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NEW DELHI: A section of bank trade unions have threatened to go on a day-long nation-wide strike on February 7 to press various demands including complete removal of restrictions imposed during demonetisation period and safeguarding the autonomy of the Reserve Bank of India. "It was expected that the government and the RBI would take necessary steps to mitigate the problems faced by the banks and the public but even now, we find that there is acute shortage of cash supply to the banks with the result that branches are not able to honour even the restricted payment of Rs 24,000/100,000 per week," AIBEA General Secretary C H Vekatachalam said. Apart from All India Bank Employees' Association( AIBEA), other unions which will be part of the strike are All India Bank Officers' Association (AIBOA) and Bank Employees Federation of India. Unions are also demanding publishing names of individuals who have defaulted in paying loans of Rs 1 crore and above so that stringent measures could be taken to recover bad loans.
The Economic Times
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By Saritha Rai Apple Inc. is willing to start making iPhones in India, but it wants a big helping hand from Narendra Modi’s government first. The Cupertino, California-based company is scheduled to meet with officials in New Delhi next week to discuss the prospects for setting up manufacturing facilities in the country this year. Apple, the most valuable company on Earth, is asking for a long list of financial concessions from India, one of the poorest countries. Among the requests, the company is seeking a 15-year tax holiday on imports of components and equipment, according to a person with direct knowledge of the matter. "We would like Apple to set up base in India," Ravi Shankar Prasad, minister for information technology said on Wednesday, without disclosing the company’s negotiating stance. Apple wants to boost business in India as the country of 1.
The Economic Times
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NEW DELHI: Air India has grounded 57 cabin crew members, mostly air hostesses, for being overweight. Unless these crew members can get back in shape quickly, they will be assigned ground jobs permanently . “These crew members had a higher-than-permitted body mass index (BMI, the ratio of weight and height of an individual). They were asked to lose weight and given deadlines. When they could not do so, they were assigned ground jobs last month,“ said a senior Air India official. A ground job means loss of flying allowance -between Rs 35,000 and Rs 50,000 a month. Overweight cabin crew are declared temporarily unfit for six months. And if they do not meet the BMI requirements in 18 months, they are termed permanently unfit. The Directorate General of Civil Aviation (DGCA) had more than two years ago introduced strict requirements for cabin crew's weight, vision and hearing.
The Economic Times
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NEW DELHI: Cement demand has slowed down post demonetisation and prices have slumped, which will get reflected in the December quarter earnings of cement companies. It is likely that some of the top cement stocks would take a hit following the penalty imposed by the Competition Commission of India, which has held seven cement companies guilty of rigging and cartelisation and imposed a total fine of nearly Rs 206 crore on them. But analysts say investors should use any dip of up to 5-10 per cent to accumulate quality cement stocks with a two-year kind of horizon. Demand took a knock in the December quarter, but it is on the cusp of a turnaround, experts said. This optimism is largely based on hopes of some sops in the forthcoming budget, they said. "A number of cement stocks have fallen significantly over the past two to three months, and a few of them have become attractive.
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NEW DELHI: Clamping down on unfair business practices, Competition Commission today slapped more than Rs 2 crore fine on three companies as well as three officials for rigging bids with respect to tenders floated by Indian Railways. The matter, pertaining to tenders floated by the Indian Railways for procurement of brushless DC fans in 2013, was taken up by the regulator based on information received from CBI. After a detailed investigation, Competition Commission of India (CCI) found that the firms had shared the market by way of allocation of tenders of Indian Railways for brushless DC fans amongst themselves. The three companies indulged in "bid rigging/ collusive bidding", the regulator said. "The anti-competitive conduct of the firms has been established based on exchange of rates to be quoted in upcoming tenders amongst the errant firms, numerous calls amongst the key persons of these firms before and during the period of the tenders," it said in a release.