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ITC acquires 100 percent stake of Sunrise Foods

25May By PriyankaNo Comments

ACQUISITION

ITC acquires 100 percent stake of Sunrise Foods

Indian business entity ITC acquired 100 percent equity of spices manufacturer Sunrise Foods Private Ltd (SFPL). While the company did not disclose the value of the deal, but sources said it is valued around $237 million to $263 million (around Rs 1,800 crore to Rs 2,000 crore). The company said it has signed a share purchase agreement (SPA) with SFPL which will augment its product portfolio and is also aligned to its aspiration to significantly scale up its spices business and expand its footprint across the country. "Sunrise is a clear market leader in eastern India in the fast-growing spices category with a rich heritage and brand legacy of over 70 years," ITC said in a statement. Over the years, the brand has built a loyal consumer franchise, anchored on a differentiated pro...

Three of Top 10 Indian Firms lost Rs 1 trillion in m-cap

15Oct By Gauri SinghNo Comments

BUSINESS

Three of Top 10 Indian Firms lost Rs 1 trillion in m-cap

Three of the top 10 and India’s most valued companies together saw a dissolution of ₹1,07,026.12 crore in market capitalisation last week where IT major TCS took the biggest knock. The three companies that witnessed the same were Tata Consultancy Services (TCS), ITC and Infosys. The firms suffered a decline in their valuation for the week ended on Friday. On the other hand, RIL, HDFC Bank, Hindustan Unilever Ltd (HUL), HDFC, SBI, Kotak Mahindra Bank and Maruti Suzuki India ended with gains. Altogether, the erosion suffered by the three companies was higher than the combined gain of Rs 97,498.38 crore that was made by the rest of the seven firms. The valuation of TCS plunged by Rs 85,330.17 crore Rs 7,19,857.48 crore. On the other hand, the market cap of Infosys slumped ₹18,696.68 ...

Reliance Jio Sets An Eye At E-Commerce, Head-On With Paytm, Flipkart

15Nov By RishabhNo Comments

BUSINESS

Reliance Jio Sets An Eye At E-Commerce, Head-On With Paytm, Flipkart

After disrupting the telecom industry in India, Reliance Jio is now set to launch an ecommerce platform, leveraging its penetration and millions of subscribers. As per the reports by ET the company is working with kirana stores and consumer brands to let people buy locally using coupons via Jio Money platform or even text messages. The project is currently ongoing in Mumbai, Chennai and Ahmedabad, the report said. Having witnessed the huge success of Jio and the fact that it touched a 132 million+ subscribers base in about a year, now its entry in the e-commerce segment could be a very bad news for digital wallet and e-commerce players like Paytm and Flipkart. Although having investors like Softbank behind their back, this head-on battle will be interesting to watch. The online...

Paytm, Savlon Express Trains on Tracks Soon

14Apr By PriyankaNo Comments

News

Paytm, Savlon Express Trains on Tracks Soon

Paytm Express and Savlon Swachh Bharat Express will soon chug along the tracks as the Indians Railways roll out brand trains. Brands will find prominence on trains as the railways have offered the inside and the outside of compartments for showcasing products. Coaches of premier trains will be used for vinyl advertising of various brands including mobile e-company Paytm and Savlon of ITC, a railway official said. In an attempt to shore up its non-tariff revenue, railways will award advertising contracts of all Rajdhani, Shatabdi and Duronto Express shortly. Railways, which has earned Rs 10,181 cr from non-fare revenue sector in the 2016-17, set an ambitious target of Rs 14,000 cr in the current fiscal. Earnings from advertising on rail over bridge, rail under bridge, station...

ITC to Sell Entire Stake in US Subsidiary For $24 Million

10Oct By NitishNo Comments

BUSINESS

ITC to Sell Entire Stake in US Subsidiary For $24 Million

Diversified group ITC will sell its entire stake in US-based wholly owned subsidiary 'King Maker Marketing' for USD 24 million (about Rs 160 crore). King Maker Marketing, registered in the state of New Jersey, USA, is engaged in the distribution of ITC manufactured cigarette products in the US market. The Corporate Management Committee has approved divestment of company's entire shareholding in King Maker Marketing, Inc, USA, a wholly owned subsidiary, along with assignment of certain trademarks owned by the company," ITC said in a BSE filing. It further said: "An agreement for this purpose has been entered into on October 8, 2016... The consideration to be received is estimated around USD 24 million in terms of the share purchase agreement and subject to regulatory approvals and ...