Indian Stock Market News 28th August 2024
Japan’s Suntory Holdings is setting its sights on increasing its share in the U.S. canned cocktail market, leveraging its spirits expertise to achieve its goal of becoming a global leader in the ready-to-drink (RTD) segment by 2030. Although Suntory is widely recognized for its whisky, the company sees significant growth potential in the RTD market, aiming to double its annual revenue in this category to approximately $3 billion by 2030.
Suntory currently holds the second position in the global RTD market, mainly due to its stronghold in Japan, but it lags behind the market leader, Mark Anthony Group, maker of White Claw. The U.S. market, where Suntory is not even in the top five, presents a substantial growth opportunity. Kay Oh, Senior General Manager for RTDs at Suntory, underscored further that moving to extend their presence in the U.S., especially within spirits-based canned RTDs and cocktails, was an essential move to key platforms for future growth.
A group of ministers (GoM) focused on GST rate rationalization is conducting a detailed review of rates across various product categories, including those currently taxed at 12% and 18%. Despite discussions, the plan to restructure the slabs has been deferred for now, largely due to political considerations and the reluctance to increase taxes in certain brackets.
The 12% bracket encompasses numerous items, but it contributes relatively little to overall revenue compared to the 18% bracket, which accounts for 73% of GST collections. Given the current environment, ministers opted to maintain the existing slabs, with any changes to specific goods and services expected to be presented at the GST Council meeting on September 9.
Apple Inc. is cutting around 100 jobs within its digital services division, reflecting a shift in priorities within one of the company’s key growth areas. This marks another round of layoffs in 2024, following earlier job cuts associated with the shutdown of Apple’s self-driving car project and a microLED display initiative.
Apple’s services division, which includes digital content, apps, and subscriptions, has been a significant revenue driver, contributing over 22% of the company’s sales in the most recent fiscal year. However, the company’s decision to downsize this segment underscores shifting focus areas amid broader industry adjustments.
Amazon has launched Rufus, an AI-powered shopping assistant designed to enhance the online shopping experience for Indian customers. Currently available in beta, Rufus allows users to ask product-related questions, compare items, and discover new products seamlessly within the Amazon platform.
Following its success in the U.S., where it has answered millions of customer queries, Rufus is expected to significantly improve the shopping journey in India. From broad research questions to specific product comparisons, Rufus integrates AI to provide a more intuitive shopping experience that simplifies decision-making for customers.
Karnataka’s premium liquor prices were set to drop by around 20% due to recent changes in the state’s excise policy, but the implementation of these new rates will take longer as updated rate cards are yet to be announced. Wine merchants have reported delays in receiving liquor supplies under the new pricing regime.
The rate revision is aimed at rationalizing the tax slabs, making Karnataka’s liquor more competitive in price compared to neighboring states. Though the policy changes were notified as coming into effect from August 27, their actual rollout will depend upon the issuance of new rate cards in the coming week.
In a high-profile case of misguiding advertisements filed by Patanjali, the Supreme Court rapped Indian Medical Association – IMA President RV Asokan on the quality of his published apology. The court declared the apology illegible as the font size used for the published statement was too small.
A bench led by Justices Hima Kohli and Sandeep Mehta directed Asokan’s counsel to submit physical copies of the newspaper editions featuring the apology within a week, highlighting the court’s dissatisfaction with how the apology was presented. The court’s demand underscores its insistence on accountability in cases involving public misrepresentation.
Fashion-tech startup Virgio, founded by former Myntra CEO Amar Nagaram, is shifting towards a house-of-brands strategy as it diversifies into multiple fashion categories, including ethnic wear. Nagaram stated that Virgio is building the foundational elements of a fashion-tech company and is on track to open its first physical store in Bengaluru by the end of the year.
Founded in 2022, Virgio is committed to sustainable fashion and primarily sells women’s western wear through its website and marketplaces. The company’s offline expansion marks a significant step in its journey to establish a stronger brand presence in the Indian fashion market.
Superstar Amitabh Bachchan’s family office has bought a small stake in quick-commerce and food delivery giant Swiggy, picking up shares from its employees and early investors. This comes at a time when public markets-bound tech firms, especially in the quick-commerce space, have been drawing great attention from high-net-worth individuals.
Motilal Oswal Financial Services Chairman Raamdeo Agrawal has also invested in Swiggy and quick-commerce firm Zepto, reflecting growing investor interest in this rapidly expanding sector. As quick-commerce continues to thrive, these investments highlight the sector’s appeal to prominent investors.
The Directorate General of Goods and Services Tax Intelligence (DGGI) has issued tax notices to several large chocolatiers and bakeries across India, accusing them of underpaying GST from July 2017 to March 2023. The DGGI contends that these companies, which were paying GST at a 5% rate, should have been taxed at 18% as they do not qualify as restaurants. The notices have rung alarm bells in affected businesses, which may now see themselves liable for back payment and lawsuits. This is a new signal towards closer scrutiny of the food and beverage industry tax compliance issue in India.
Reports Market Competition Bharti Airtel is set to shut down its music streaming app Wynk Music, with plans to absorb all employees currently working on the platform. This decision comes as Airtel shifts focus to its partnership with Apple Music, offering special access deals to its customers. The move reflects the competitive pressures in India’s music streaming market, where players like Spotify, Apple Music, and Amazon Music dominate. Despite offering various subscription plans, Wynk struggled to find a sustainable monetization model, leading to its planned closure in the coming months.
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