Stock Radar: New bullish phase for Abbott India? stock clears key resistance with volume surge
Abbott India Ltd, part of the pharma sector, breaks out from a rectangular pattern on weekly charts in May 2025 which has opened room for the stock to head higher and might even hit fresh record highs.Medium-term traders can look to buy stock for a target of Rs 36,000 in the next 1-2 months, suggest experts.The stock hit a high of Rs 31,900 March 4, 2025, but it failed to hold the momentum. It has been moving in a range since February 2024 where
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Time of India
42 minutes ago
- Time of India
Food safety lapses: Brands tighten quick commerce terms
MUMBAI: Following incidents of food safety violations at dark stores operated by quick commerce platforms, brands are renegotiating and tightening their terms of contract with them to ensure that such instances are kept under check. "Clauses related to storage, handling and hygiene are being renegotiated, especially in the context of dark stores and last-mile are also keeping legal options open particularly where negligent handling could trigger consumer claims or regulatory scrutiny," Chandan Goswami, partner at law firm AT & Partners told TOI. At least half a dozen brands including Marico, ITC, Godrej Consumer Products and Dabur declined to comment. Queries sent to Zepto, Swiggy and Zomato-owned Blinkit did not elicit any responses. Earlier this month, the Maharashtra Food & Drug Administration department had suspended food business licences of Zepto's Dharavi dark store and another managed by Blinkit in Pune's Balewadi area over food safety violations and regulatory non-compliance. The licences have been reinstated following inspection by authorities and adherence to compliance by the platforms. Brands are now negotiating representations and warranties (as part of the contract), asserting compliance with FSSAI norms and accurate food handling procedures. They are also incorporating robust indemnity clauses to shield themselves from losses or reputational harm arising from platform lapses besides seeking audit rights to get access to dark stores and fulfilment centres for verification, said Dheeraj Nair, partner at JSA Advocates & Solicitors. "Quick commerce operators can no longer be treated as mere facilitators; they are increasingly viewed as co-custodians of regulated goods. Brands, in response, are revising contracts to force accountability through precise compliance standards and legal safeguards," said Nair. To be sure, the FSSAI e-commerce guidance and advisories require formal written agreements between brand owners and platforms affirming compliance with FSSAI regulations, legal experts said. The market for quick commerce or 10-minute deliveries is rapidly growing in India, particularly in the metros where, pressed for time, consumers do not mind paying a bit extra to get groceries and other products delivered at their doorstep in minutes. The space has expanded to cover a whole host of non-grocery categories including toys, jewellery, electronics and select apparel. A recent report by Kearney said that the quick commerce market is expected to triple between 2024 and 2027 touching Rs 1.5-1.7 lakh crore. Pursuant to recent developments, both brands and quick commerce platforms are likely to increasingly scrutinise the representations and warranties which form a part of their agreements. This will ensure requisite licences, including those under the Food Safety and Standards Act, 2006 have been obtained and maintained, said Sahil Narang, partner at Khaitan & Co. "The focus will also be on compliance protocols, especially in relation to perishable goods where hygiene and storage standards are critical," Narang said. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
42 minutes ago
- Time of India
Ahmedabad plane crash: Tata Sons to set up Rs 500 crore trust for victims' families
MUMBAI: The main owner of Air India, following the devastating flight 171 crash that became the most severe aviation disaster in a decade, will set up a welfare trust for affected families. Tata Sons , which owns about 74% of Air India, intends to allocate Rs 500 crore to the foundation, to be called AI171 Trust. Sources indicate that Tata Trusts, the largest shareholder of Tata Sons, is expected to contribute an equivalent sum. The crash claimed over 250 lives, with 241 passengers on board and 19 individuals on the ground. Tata Sons and Air India have previously announced a joint financial assistance of Rs 1.25 crore to the families of the deceased. Apart from Tata Sons, Singapore Airlines owns around 25% of Air India while the employee trust holds the remaining 1%. Sources said the Tata Sons board approved the welfare trust proposal on Thursday. The next steps involve legal procedures, including registration of the public charitable trust, and formation of the board of trustees. Tata Sons chairman N Chandrasekaran is expected to lead the AI171 Trust, which will include non-Tata members. This initiative mirrors Indian Hotels' (Taj chain) response to the 26/11 Mumbai terror attacks. The company established the Taj Public Service Welfare Trust in Dec 2008 to assist victims, families, security forces, and affected employees. The Taj Mahal Palace hotel lost 36 individuals, including staff members, during the attacks. The Taj Public Service Welfare Trust subsequently broadened its scope beyond 26/11 victims, extending support to injured and specially-abled soldiers and to migrant workers, frontline staff and healthcare professionals during the pandemic. The unscheduled Tata Sons board meeting on Thursday comes two days after its director and Tata Trusts chairman Noel Tata visited the crash site and injured patients in Ahmedabad. The meeting took place 29 days subsequent to its previous board assembly. During the May 29 meeting, the board had approved the financial statements for Q4 and fiscal year ending March 31, 2025, while also approving capital investments over Rs 30,000 crore for new businesses, including semiconductor projects and Air India. Chandrasekaran, who is also the chairman of Air India, has increased his involvement in the airline's operations after the incident. His engagement includes interactions with govt officials, supervising safety assessments and aircraft maintenance. Total compensation claims arising from the Air India crash could reach $475 million, driven by liability payouts estimated at $350 million, due to the involvement of over 50 foreign passengers. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
an hour ago
- Time of India
Panchkula mayor loses Rs 42.5L as conmen fool bank using fake WhatsApp letter
1 2 3 Panchkula: In a stunning breach of trust and protocol, Panchkula mayor Kulbhushan Goyal fell victim to a sophisticated cyber fraud , losing a staggering Rs 42.5 lakh after Punjab and Sind Bank officials allegedly acted on a forged letter sent via WhatsApp and transferred the amount to imposters' bank account. The letter bore neither mayor's signature nor had proper authorisation. Instead, it contained forged signatures resembling those of his younger brother. Despite this, the bank proceeded with the transaction without verification. The scam came to light nearly four-and-a-half hours later when mayor received a call from his son, Mayank Goyal, who was currently travelling in Europe. Mayank noticed the large debit while checking the company's bank statements, and immediately contacted his father to confirm the transfer. A stunned Goyal denied authorising any such transaction and launched an internal inquiry. According to sources, the fraudsters contacted bank officials on Thursday morning via WhatsApp, using a profile that featured Kulbhushan Goyal's name and his company's (ANA Group) logo. They initially lured the bank with a promise of a Rs 1 crore fixed deposit, exploiting the mayor's high social standing to gain trust. Soon after, they sent a forged letter instructing the bank to release funds to specified accounts. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Top 5 Dividend Stocks with Growth Potential Seeking Alpha Read Now Undo The letter had only one signature — which was not the mayor's — but imitated the style of his younger brother. Despite the company's protocol that mandates two authorised signatures for any transaction, bank officials proceeded without verification. When the bank delayed the transaction, the fraudster repeatedly called and pressured them, questioning the delay in processing the RTGS transfer. Surprisingly, at no point did the bank verify the legitimacy of the letter or confirm the request with the mayor's office — a standard procedure in large transactions. Upon discovering the fraud, the Panchkula's first citizen immediately contacted the bank officials, who revealed that the transfer was made based on the WhatsApp message. Goyal clarified he did not send any such letter and accused the bank of serious negligence. Realising the gravity of the fraud, he filed a complaint with Chandigarh cyber police. "It is shocking and a new kind of cyber fraud where I personally had no involvement and despite that, I stand to lose my money. Hope it gets transferred back to me soon," Goyal told TOI. MSID:: 122095675 413 |
