Nestle India to consider issuing bonus shares
June 19 (Reuters) - Nestle India (NEST.NS), opens new tab will consider issuing bonus shares at a board meeting scheduled on June 26, the consumer goods company said on Thursday.
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Diageo India buys maker of 'Greater Than','Hapusa' gins
June 19 (Reuters) - India's United Spirits ( opens new tab said on Thursday it is buying the maker of popular craft gins 'Greater Than' and 'Hapusa' in a deal valued at 1.3 billion rupees ($15.2 million), including debt, in a bid to boost its premium portfolio. The Indian arm of spirits maker Diageo (DGE.L), opens new tab added that the company, NAO Spirits, has been part of the portfolio of its investment arm, Ventures. NAO was launched in 2017. Its brand 'Greater Than' was India's first craft gin, said United Spirits. The deal comes at a time when rising disposable income among the upper middle class and richer Indians has led to higher demand for more expensive liquor, in tandem with more openness towards casual drinking and experimental offerings. Local and authentic craft-oriented brands are well placed to cater to these trends, said United Spirits. Hapusa, for example, can be priced at more than 3,000 rupees and according to United Spirits, is one of the few craft gins in the world made with foraged Himalayan juniper and other botanicals. Demand for premium liquor helped boost United Spirits' standalone profit in the fourth quarter by 17% to 4.51 billion rupees ($52.72 million). Net sales value in the segment rose faster than overall sales growth.
Reuters
3 hours ago
- Reuters
India's TCS says none of its systems were compromised in M&S hack
BENGALURU, June 19 (Reuters) - Tata Consultancy Services ( opens new tab said none of its "systems or users were compromised" as part of the cyberattack that led to the theft of customer data at retailer Marks and Spencer (MKS.L), opens new tab, its client of more than a decade. "As no TCS systems or users were compromised, none of our other customers are impacted" independent director Keki Mistry told its annual shareholder meeting. "The purview of the investigation (of customer) does not include TCS," Mistry added. This is the first time India's No 1 IT services company has publicly commented on the cyber hack. M&S did not immediately respond to a request for comment. TCS is one of the technology services providers for the British retailer. In early 2023, TCS reportedly, opens new tab won a $1 billion contract for modernising M&S' legacy technology with respect to its supply chain and omni-channel sales while increasing its online sales. The "highly sophisticated and targeted" cyberattack which M&S disclosed in April will cost about 300 million pounds ($403 million) in lost operating profit, and disruption to online services is likely until July. Last month, Financial Times reported that TCS is internally investigating whether it was the gateway for a cyberattack. Mistry presided as the chairman at the company's annual shareholder meeting as Tata Group Chairman N Chandrasekaran skipped it due to "exigencies". The chairman's absence comes as the Group's airline Air India plane with 242 people on board crashed after take-off in Ahmedabad last week, killing all passengers except one.
Reuters
4 hours ago
- Reuters
Indian central bank rationalises provisioning for infrastructure loans
MUMBAI, June 19 (Reuters) - The Reserve Bank of India was rationalising the standard asset provisioning requirement for all under-construction projects, it said on Thursday, but these would gradually increase in case of deferment. The standard asset provisioning requirement would stand at 1% for all projects under construction which would gradually increase for each quarter of date of commencement of operations deferment, the central bank said in a statement on its website. The provisioning requirement for under-construction commercial real estate exposures will be slightly higher at 1.25%. Indian banks saw large defaults across infrastructure loans starting in 2012-2013 on account of exuberant lending, which strained the country's banking system. The Reserve Bank of India had last year proposed to lenders to set aside higher provisions for under-construction infrastructure projects and asked them to ensure strict monitoring of any emerging stress.
