Tesco completes stake buy in Trent subsidiary
Trent said on Wednesday that Tesco completed its proposed purchase of part of equity shares held by Trent in Trents subsidiary, Trent Hypermarket (THL). Consequently, Trent and Tesco will each hold a 50% stake in THL. This share purchase agreement was initially announced on March 21, which had also pegged the purchase amount at R150 crore. The agreement also said that Tesco would separately subscribe to additional THL equity shares for approximately R700 crore
IICA, Grant Thornton to help firms implement CSR
The Indian Institute of Corporate Affairs and tax advisory firm Grant Thornton have entered into a pact to develop capacity of domestic firms for effective implementation of corporate social responsibility (CSR) rules laid down under the new Companies Act. The memorandum of understanding (MoU) was signed on Tuesday. With the notification of the rules, the agenda has been set for knowledge and awareness building and to show the corporates what they can do for national development, IICA DG & CEO Bhaskar Chatterjee said.
Glenmark Pharma opens facility in Switzerland
Glenmark Pharmaceuticals on Wednesday opened a new manufacturing facility in Switzerland for supply of clinical trial material. Glenmark Pharmaceuticals SA (GPSA), a wholly-owned subsidiary of the company has opened its new cGMP compliant monoclonal antibody manufacturing facility in La Chaux-de-Fonds, Switzerland. This manufacturing facility supplements Glenmarks existing in-house discovery and development capabilities and will supply material for clinical development, it added.
Triumph eyes three-fold jump in sales in 2 years
British cult bike maker Triumph is aiming for a three-fold increase in its sales in India targeting to sell around 2,700 units in two years. The company, which launched operations in India last year, has sold 450 units and expects to touch the 500-mark by the end of this month. We expect to sell a total of around 1,200 units in 2014-15 and looking to retail 1,500 units in 2015-16, Triumph Motorcycles India MD Vimal Sumbly said. The company, which on Wednesday opened its first dealership in North India, aims to take the number of outlets to around 12 by March 2016.
Tata AIG posts 54% rise in profit to R162 cr in FY14
Tata AIG General Insurance posted a net profit of R162 crore in FY14, up 54% over the previous fiscal, on the back of higher growth in retail business. The company had a gross underwritten premium of R2,456 crore during the reporting fiscal. According to the company, consumer line of business contributed 64% of the total business showing substantial increase over the previous fiscal. Its commercial line of business had a premium collection of R860 crore, up from R743 crore a year earlier.
India smartphone sales to touch 80.57 m in 2014: IDC
As a large chunk of Indian users is migrating to affordable smarter devices from feature phones, smartphone sales in India are expected to reach 80.57 million units by the end of this year, research firm IDC said. Also, the sales would continue to grow at a CAGR of about 40% over the next five years, it said. According to IDC, India witnessed the highest rate of growth over 186% in smartphone sales in the Asia Pacific region during January-March 2014, outshining countries like China. The overall mobile phone market in the country grew by just 1% to about 61.07 million units in Q1 2014 compared to the previous year. On sequential basis, the numbers declined 10%.
IBHA for stringent steps to check counterfeits
To curb the growing menace of counterfeit brands, Indian Beauty and Hygiene Association (IBHA) is introducing stringent measures to detect and catch counterfeit manufacturers.We plan to work closely with multiple customs authorities to detect counterfeits. We will be making a strong representation to the government to address our issues, said Dinesh Dayal, president of IBHA. The association plans to share its best practices with custom authorities and law enforcement forces in India. A recent report by FICCI stated a figure of R4,646 crore as revenue losses for the government in the personal care goods industry due to counterfeiting and grey products.