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ITC chief Sanjiv Puri said listing of the proposed demerged hotel entity, ITC Hotels, will take 12-15 months to complete the regulatory process, while the shareholding structure of the company will provide stability to the hotels business and allow ITC to leverage the institutional strengths to build its fast-moving consumer goods (FMCG) business. Addressing shareholders in the company's 112th annual general meeting held virtually on Friday, chairman amd MD Puri said the listing of ITC Hotels would take 15 months or more or less, since there are multiple steps in the regulatory process.

Anusandhan National Research Foundation (NRF) Bill that aims to create a financially viable research ecosystem was tabled in Parliament last Friday. The proposal to create an NRF comes at a time when the world is witnessing rapid innovation in the development of AI-based systems, models and applications. Recent developments in superconducting under ambient conditions, too, throw open the possibility for further acceleration in areas such as quantum computing.

Covid-19 pandemic and a Russian invasion of Ukraine, the world faces unprecedented changes. Furthermore, the convergence of technological transformations with climate change and geopolitical tensions has also unleashed a wave of disruptions in business operations. During these times of heightened unpredictability, trust becomes an antidote, a differentiator, a value creator and a necessity for survival and advancement.

NEW DELHI : Ad industry veteran Bobby Pawar, chairman and chief creative officer of Havas India, will step down at the end of his five-year stint in September, the company said. Pawar, who has had a career over 30 years, will also leave the advertising industry. The company said that Anupama (Anu) Ramaswamy, who joined as chief creative officer last year, will head Havas Worldwide.

World Bank is mulling local currency lending in countries like India to help borrowers save on costs, a senior official said on Friday. «How do we do local currency lending for a country like India is also something we are trying to think of at a price which is advantageous to this country,» Anshula Kant, the Managing Director and Chief Financial Officer of the World Bank, said.

Electric vehicle sales in the country are expected to hit the 10 lakh annual sales mark by the end of the decade, Tata Motors, which anticipates green vehicles to account for 50 per cent of its total sales by that period, said on Friday. The Mumbai-based auto major, which crossed 1 lakh cumulative EV sales milestone, currently gets 14-15 per cent of its overall sales from electric models on a quarterly basis. «Five years back, electric vehicles used to sell just 90 units a month. Today these sell 8,500 to 9,500 units a month, which is like 100 times more...five years back the industry had sold about 2,000 cars and we are talking about already an annualised run rate this year of more than one lakh units so it's a 50 times growth,» Tata Motors Passenger Vehicles Managing Director Shailesh Chandra told reporters. Chandra, who also heads the company's passenger electric mobility vertical, noted that with enhanced charging infrastructure and with other automakers also entering the EV space, the vertical is set for sustained growth.

India is seeking a consensus among G20 nations against fugitive economic offenders to ensure their faster extradition and asset recovery, Union Minister Jitendra Singh said on Friday. Ahead of the crucial G20 anti-corruption ministerial meeting in Kolkata on Saturday, he said economic offences have been a problem faced by many, especially when offenders flee the country's jurisdiction.

By Julie Cazzin with Allan Norman

Times are relatively tough for Canadian financial institutions, but even in an inflationary period marked by sharp interest rate increases, there can be little argument that running a bank in Canada is pretty much a licence to print money. The country’s handful of large, dominant banks have weathered low oil prices, real estate dips, the Great Financial Crisis and even the pandemic, not only remaining profitable but also steadily expanding their reach.

Here is your Pro Recap of the biggest analyst cuts you may have missed since yesterday: downgrades at Plug Power, Wolverine Worldwide, Cano Health, and Stanley Black & Decker.

Here is your Pro Recap of the biggest analyst picks you may have missed since yesterday: upgrades at Rivian Automotive, DigitalOcean, Global Payments, and Harmonic.

Also Read: PM Modi says invest in PSUs; Here's how HAL to LIC have performed, experts explain Meanwhile, it expects broad-based rally to be led by sectors such as BFSI, IT and Telecom, while Metal, Infra, Power and PSU Banks are expected to generate alpha. The technical charts for Bank Nifty indicate the structural uptrend and leadership is intact.

ITC Limited on Friday said the FMCG business has immense potential for growth with its brands commanding an annual consumer spend of Rs 29,000 crore. Speaking at the 112th AGM of the company, ITC chairman Sanjiv Puri told shareholders in his address that the FMCG brands are being exported to several countries and the business vertical has immense growth potential due to the rising per capita income of the people. «The ITC Next strategy for the FMCG business is to build a future-ready portfolio.

₹50,000 crores in fixed deposits (FDs) in July 2023, making it country’s largest deposit taking NBFC (non-banking financial company). This is a significant milestone for Bajaj Finance, which has been growing its FD book at a rapid pace in recent years. The company's fixed deposits book has grown by over 46% in the last year, and it now has over 5 lakh depositors.

₹200 crore for the first quarter of FY24, registering a growth of 34.7% from ₹148 crore in the same quarter of previous fiscal. The company had posted a net loss of ₹503 crore in the March quarter (Q4FY23). Info Edge’s standalone revenue from operations in Q1FY24 increased 15.1% to ₹584.2 crore from ₹507.6 crore in the year-ago period.

Ord Minnett wants to cover a greater slice of the small- and mid-cap stock market, and is growing its institutional equities and research team to do it.

«The growth driver for the company has to be your FMCG business and the second one could be the IT services. So, I think these are the two big drivers where the size in terms of the opportunity, in terms of the top line which they are driving today and during the next 5-10 years can be materially different from what it has been in the past,» says Amnish Aggarwal, Prabhudas Lilladher.What do you make of the ITC management's AGM commentary that is going on? What could be their next strategy and growth in terms of the plans ahead? What is your analysis on the same? The main thing is that if you look at ITC as a company, then now with hotels being demerged from the company, you basically have got four divisions.

ITC Ltd chairman Sanjiv Puri said the company’s continued shareholding in the proposed demerged hotel business entity is to provide stability to the business, assure stakeholders and to allow ITC to leverage the institutional strengths to build its other businesses. Addressing shareholders in the company’s 112th annual general meeting virtually on Friday, Puri said the continued interest of ITC in the new entity (demerged hotel business) will provide “long term stability and instill a sense of assurance among partners, investors and employees, while enabling the new entity to leverage ITC’s institutional strengths including the timeless goodwill, world-class brands and governance processes.” Puri said for ITC, “the reorganisation will sharpen capital allocation, improve asset efficiency ratios, unlock value for its shareholders as well as enable leveraging of institutional synergies.

tomato prices have crashed in some Maharashtra mandis by a whopping 37 per cent. According to a report in The Times of India, in three mandis of Maharashtra's Nashik, tomato prices fell by Rs 650 per crate, or 37 per cent, in just one day. A crate contains 20 kilogrammes. As per the report, tomato prices fell to Rs 1,100 per crate on Thursday from Rs 1,750 per crate a day earlier, which translates into a mandi price of just Rs 55 per kilo! On August 3, the average wholesale price was Rs 2,400 per crate. The main reason for the huge fall in tomato prices is said to be oversupply.

New Delhi: Bobby Pawar, chairman and chief creative officer of advertising agency Havas India, has stepped down from his role and will move away from the advertising industry. Pawar has had nearly a five-year stint with the company and has been in the industry for three decades. He will complete his tenure in September 2023.

Joe Biden unveiled his latest weapon in America’s economic war with China. New rules will police investments made abroad by the private sector, and those into the most sensitive technologies in China will be banned. The use of such curbs by the world’s strongest champion of capitalism is the latest sign of the profound shift in America’s economic policy as it contends with the rise of an increasingly assertive and threatening rival.