Indian Stock Market News 29th August 2024
As Godfrey Phillips’ Annual General Meeting (AGM) on September 6 approaches, Samir Modi, part of the company’s promoter group and recently ousted from directorship, hopes shareholders will focus on the value he has added over his 30-year tenure. Speaking to Moneycontrol, Modi expressed confidence that shareholders would see through the “corporate drama” and vote in favor of his and his mother Bina Modi’s reappointment.
The remaining resolutions also consist of the reappointment of Bina Modi as managing director through six different resolutions, among them five being ordinary resolutions whereas one is a special resolution. Modi sounded confident that shareholders would vote on merit as already advisory firm Glass Lewis has recommended voting against their removal.
The Supreme Court on Friday stayed a notification issued by the AYUSH Ministry on July 1, removing Rule 170 of the Drugs and Cosmetic Rules, 1945, which prohibited misleading advertisements of Ayurvedic, Siddha, and Unani drugs. This is among developments in a legal fight that the Indian Medical Association has been waging, accusing such leading figures, including the yoga guru Ramdev, of conducting a smear campaign against allopathy.
Then directed the Ministry to file a reply to the order and said it would be indefinite. While hearing, the Court also pulled up IMA Chief RV Asokan for an apology inadequately saying so, by questioning the legibility of his published statements and ordered publication with a clear print.
Zomato recently launched another vertical, Zomato For Enterprise. It caters to the aim of making food expenses management in companies a breeze. According to an announcement by CEO Deepinder Goyal, ZFE will make ordering business-related food directly billable to the corporate employee’s employer, hence avoiding the painful reimbursement process.
Already used by over 100 leading companies, ZFE allows companies to govern budgets, set rules of ordering, and regulate expenses in a fully transparent manner. Launch comes a few weeks after the company brought back its ‘Intercity Legends’ service – part of the continued drive to expand Zomato’s corporate-facing services.
Global QSR chain McDonald’s recently launched its Signature Collection premium line of burgers from outlets in North and East India at upwards of ₹225. The gourmet-style line of burgers is the first major market shift in a long time, tapping into a premium segment for the burger chain under intense competitive pressure.
Sanjeev Agrawal, Chairman of McDonald’s India-North and East, said though value meals would remain the company’s core focus, introducing premium offerings was a well-thought-of strategy to meet the demand of the fast-changing consumer landscape. This is part of the larger strategy in place across the southern and western parts of the country, where premium offerings have already been introduced.
Meituan, inspired by the prospect of defeating broader economic challenges, said second-quarter revenue rose 21% year-over-year. Meituan’s income rose to 82.3 billion yuan, or $11.55 billion, trumping analyst expectations as it reaped benefits from sales of low-value and discounted products during China’s plodding economic recovery.
Accordingly, Meityan core local commerce aggressively expanded 18.5%, including food delivery, along with other services like Instashopping. While total segment operating profit and margin increased significantly, Meituan continued to realize notable success in navigating the hostile market landscape.
Trent, led by Noel Tata, is set to launch its first Zudio store outside India, opening in Dubai’s Silicon Oasis Mall next month. This marks a significant milestone for the value fashion brand as it tests international waters, targeting Dubai’s large Indian community.
Zudio, now contributing over a third to Trent’s revenues, is the chain with the highest expansion at over 550 stores across the country. The group is likely to continue with international expansion with more such launches following the Dubai launch as part of the strategy for global diversification and growth of its brand portfolio.
Coupled with the growing interest in sustainable fashion globally, India’s textile sector too is placing more emphasis on developing skills and practices that are eco-friendly. “Skill development is required on sustainable materials, water usage, and waste minimization,” JD Giri adds, underlining the bigger move towards ethical production. This trend is also not just driven by changing consumer preferences but also by economic and social imperatives. The employment of millions in the textile industry-both directly and indirectly-makes this sustainable practice drive very significant for future growth and global competitiveness within the sector.
This has pushed various government ministries toward an early assessment of the impact made by quick-commerce platforms on traditional kirana stores. Still at early discussion stages, senior functionaries are closely looking at how rapid expansion in this sector is hitting the small retailer with no policy interventions in sight.
Trade Minister Piyush Goyal had recently said that while the market was largely e-commerce, it was not at the expense of being detrimental to other kinds of businesses. In fact, quick commerce continues to be under the watchful gaze of the government, with a list of regulations up its sleeve.
The jewelry retailer, along with the De Beers Group, a diamond giant, is planning to collaborate for three years in order to uplift the sales of natural diamonds across the country. The partnership is likely to leverage India’s growing market, now representing 11% of global demand for diamond jewelry, due to improved demand of natural diamond jewelry. It’s also a very big potential for both companies, considering the influx of women joining the Indian workforce and wanting to invest in precious stones. Further, this new partnership will place Tanishq and De Beers to benefit from shifts in consumer trends and further consolidate positions in the premium jewelry sector.
According to Counterpoint’s latest research, Apple is set to breach more than $400 billion in global revenues for the first time in 2024 on the back of strong growth in hardware and services segments. Hardware sales of Apple, in categories new to old like the iPhone 16 series, next-gen AirPods, are projected to bounce back in 2024 after contracting in 2023. That also means that the service segment, that includes the much hyped Apple Intelligence will grow at a faster pace. As this tech giant keeps launching new products and expanding the product line, this company is destined to see massive growth in revenue in the coming years and cements itself at the top spot.
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Krystyna Pyszkova, Representing The Czech Republic, Crowned Miss World 2024!
Source: Google
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