1. Tata Global Removes Mistry as Chairman
Amidst the escalating stand-off between Ratan Tata and his estranged successor, group firm Tata Global Beverages on Tuesday replaced Cyrus Mistry with group veteran Harish Bhat as its chairman.
This is the second Tata group firm where Mistry has been removed from the post of chairman since he was ousted as the chairman of group holding firm Tata Sons on 24 October.
On 10 November, group’s crown jewel Tata Consultancy Services replaced Mistry with another group veteran Ishaat Hussain as interim chairman.
Source: Business Standard
2. Cabinet Schedules Union Budget on 1 February, Hikes MSP of Wheat, Pulses
In a respite to farmers in the top wheat growing states of Punjab and Uttar Pradesh, the union cabinet on Tuesday approved a modest 6.6 percent hike in the minimum support price (MSP) of wheat, the main spring harvest for which planting has begun.
The MSP hike of Rs 100 per quintal, the highest announced by the Narendra Modi-led government, comes ahead of assembly elections in Punjab and Uttar Pradesh, due in early 2017.
The government also decided to present the Union budget for 2017-18 on 1 February, instead of on the last working day of the month as has been the practice, in order to speed up the implementation of various schemes from the beginning of the financial year, according to two people familiar with the development, who asked not to be named.
Source: Livemint
3. Petrol Price Cut by Rs 1.46 per Litre, Diesel by Rs 1.53 per Litre
In response to global prices and currency fluctuations, the three state-owned oil marketing companies (OMCs) have decided to lower the prices of petrol and diesel from midnight Tuesday.
According to the Indian Oil Corporation (IOC), retail petrol price will be decreased by Rs 1.46 per litre and diesel would become cheaper by Rs 1.53 per litre, excluding state levies.
The current level of international product prices of petrol and diesel and INR-USD exchange rate warrant decrease in selling price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision.IOC statement
Source: Business Standard
4. Vodafone Hit by $5.5-Bn India Write-Down
Mobile telecoms group Vodafone reported a first-half net loss of Euro 5 billion ($5.5 billion) on Tuesday, after writing down the value of its Indian business by the same amount due to the start of a price war sparked by a powerful new rival.
Chief Executive Vittorio Colao said an improvement in its Euro pean markets was “modestly ahead” of expectations, led by Germany and Italy, but competition in India had intensified and was expected to hit its cash flow.
The three biggest players in the Indian market, leader Bharti Airtel, Vodafone and Idea Cellular, have seen the market thrown into turmoil by the arrival of Reliance Jio Infocomm.
Source: Business Standard
5. Unsung Heroes: Custodians of ATMs and Truck Drivers
Occasional rants from intemperate citizens about suffering over what Prime Minister Narendra Modi did to them may be occupying the mind space of television watchers and newspapers, but there are at least 40,000 truck drivers, custodians (who fill cash at ATMs) and security guards, who are silently working day and night inconveniencing their own families.
But a constant among them is pride — they believe they are doing something meaningful for a societal transformation.
Amritsar’s Harish Paliwal has two small kids, who are eagerly waiting for him to arrive home. He has promised them to come as soon as his task for ‘Modiji’ is done.
Source: Economic Times
6. Small's Beautiful: Coca-Cola to Phase out Bigger Bottles
Coca-Cola India is moving to sell half of the products across its portfolio in smaller packs to increase frequency of consumption which it hopes will spur slowing growth that has lately been stuck in low single digits. The beverage giant makes fizzy drinks Thums Up and Sprite, besides its marquee drink, and Minute Maid juices.
We are proactively shaping choices aimed at portion control, innovating on existing products that are lower in sugar content and calories per serving, and looking at offering a wider range of low sugar choices. It’s a process we are accelerating.Venkatesh Kini, Coca-Cola India President to ET
Source: Economic Times
7. Subbarao Warns RBI Against Taking Unclaimed Notes as Profit
Any move by the Indian government to treat currency that is not surrendered during the ongoing demonetisation process as a profit will be “ill-advised,” former Reserve Bank of India (RBI) governor D Subbarao has warned.
Speaking at MintAsia’s global banking conclave in Singapore, Subbarao cited speculation that the Indian government could use the currency that is not returned to solve its fiscal problems or to recapitalise banks, but pointed out that such a step would send out the wrong message.
“Then demonetisation will be viewed as being done with other motives, rather than fighting black money,” Subbarao said.
Source: Livemint
8. Demonetisation Impact: $1 Billion Worth of Gold Imported Since 9 Nov
A day after Prime Minister Narendra Modi announced that Rs 500 and Rs 1,000 currency notes would cease to be legal tender from the midnight of 8 November – a move aimed at cracking down on the flow of black money – those in possession of unaccounted wealth were seen rushing to jewellers to buy gold.
While these people were willing to pay huge premiums, jewellers were ready to accept old currency notes. The transactions took place on past-dated bills; even VAT was paid.
As a result of this rush, there was a sudden spurt in demand for gold. According to market estimates, as much as $1 billion worth of gold, or around 30 tonnes, has been imported since 9 November.
Source: Business Standard
9. Porsche Rolls out First Sub-₹1-Cr Car in India
Porsche launched its first sub-₹1 crore car, the Porsche Macan for ₹76.84 lakh on Tuesday in a glitzy launch event in Mumbai, promising that the low price-tag will not take away its premium characteristic.
The new Macan variant equipped with a 252-hp (185 kW) engine is the fourth variant in the Macan line-up in India.
The company has already been selling the 242-BHP Macan S diesel, the 396-BHP Macan Turbo petrol and the 434-BHP Macan Turbo petrol. However, all the previous models have been priced at about ₹1 crore.
Source: Hindu Business Line