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Hindustan Times
an hour ago
- Hindustan Times
July liquor sales hit by 50% rise in excise duty
Mumbai: Liquor sales dropped significantly in July compared to the first quarter of the 2025-26 financial year on the back of a 50% hike in excise duty in the last week of June. Representational image (Getty Images) The hike pushed up prices of Indian made foreign liquor (IMFL) and country liquor by nearly 60% and 20% respectively, while sales of IMFL and country liquor in July dropped by 10.9% and 9.70% respectively compared to average monthly sales in the April to June quarter. Beer sales, generally low during the monsoon months, too registered a 30% dip in July. Officials from the excise department, however, said the dip in sales would not affect revenues as the quantum of increase in excise duty was much more than the hike in retail prices. 'Our additional revenue target for the 2025-26 financial year was ₹14,000 crore,' said an excise department official requesting anonymity. 'Since the implementation started at the fag end of the first quarter, we expect to generate ₹10,500 during the remainder of the financial year despite a further dip in sales likely in August, when the old stock with lower prices is completely exhausted from the market.' Another official from the department said they expect IMFL consumers to shift to Maharashtra Made Liquor (MML), a new category introduced by the state government to promote domestic manufacturers. 'The excise duty on MML has been kept significantly low to give them a level-playing field,' the official said. However, Sanjit Padhi , chief executive officer of the International Spirits and Wines Association of India (ISWAI) said the shift to MML would hit revenue collection and the government would fall short of its target for the year. 'We reiterate that the rise in prices needs to be reviewed at the earliest,' Padhi said. Vinod Giri, director general, Brewers Association of India, said sales of beer were likely to go up significantly later this month and in September as older stocks of IMFL with lower prices get exhausted. 'We had a mild summer and good monsoon this year so beer sales were hit significantly,' he said.
Time of India
an hour ago
- Time of India
Hyd & B'luru bagged 50% of tech sector leasing in H1 of 2025 driven by GCC boom
1 2 Hyderabad: Even as the tech sector continues to dominate India's Grade A office space market, along with large-sized deals of over 1 lakh sq ft, Hyderabad, along with India's Silicon Valley—Bengaluru, retained their position as the top drivers of tech sector leasing in the first half of 2025 (H1 2025) thanks to the GCC boom. The two top IT hubs accounted for nearly half (5.3 million sq ft) of the total 10.8 million sq ft of office space absorbed by the tech sector in H1 2025, according to realty consulting firm Colliers. While Bengaluru clinched the largest chunk of 28% with 3 million sq ft, Hyderabad was second with a 21% share or 2.3 million sq ft of the total office space leasing by tech companies in H1 2025 across the top seven cities. The two were followed by Delhi-NCR, Chennai, and Pune with 1.6 million sq ft (15%), 1.5 million sq ft (14%), and 1.2 million sq ft (11%) in H1. In 2024, Bengaluru had a 34% share of the total 16.6 million sq ft tech leasing in the top markets with 5.7 million sq ft, while Hyderabad had a 25% share with 4.2 million sq ft. In 2022 too, which clocked the highest tech sector leasing since 2020. You Can Also Check: Hyderabad AQI | Weather in Hyderabad | Bank Holidays in Hyderabad | Public Holidays in Hyderabad | Gold Rates Today in Hyderabad | Silver Rates Today in Hyderabad Colliers said while Bengaluru continues to be the epicentre of India's tech sector thanks to its deep talent pool, mature IT ecosystem, and robust office infrastructure, Hyderabad is beefing up its position as a major tech centre in India and globally on account of its competitive costs, supportive govt, and high-quality office space. "The tech sector continues to demonstrate remarkable resilience, even amid global uncertainties and workforce adjustments. Since 2020, tech occupiers leased close to 85 million sq ft of conventional office space across the top seven cities and accounted for the bulk of the large-sized transactions. In H1 2025 alone, the sector drove 43% of the large-sized transactions," Arpit Mehrotra, Managing Director, Office Services, Colliers India, said. "Despite current headwinds, we expect technology occupiers to maintain the leasing momentum throughout 2025 and fuel commercial real estate in India, mainly supported by the expansion of GCCs. Meanwhile, a strong IT talent pool and cost arbitrage will continue to be the differentiating factors for the Indian office market," Mehrotra added. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area. Get the latest lifestyle updates on Times of India, along with Happy Krishna Janmashtami Wishes ,, messages , and quotes !
Time of India
2 hours ago
- Time of India
CUMTA to roll out app to integrate metro, bus, last-mile connectivity
Chennai: Chennai unified metropolitan transport authority (CUMTA) will roll out a single ticketing app in the first week of September to integrate Metro Rail, MTC buses, Namma Yatri autos, and cabs. MRTS and suburban trains will be added later this year. While cities like Mumbai and Bengaluru already have integrated ticketing for buses and metros, Chennai's app will make it the first initiative in India to bring cabs, autos, buses, metros, and trains onto one platform. For example, a commuter travelling from Nandanam to VR Mall can open the app, whose name is yet to be finalised, enter start and end points, and receive the best route. This could mean taking the metro to Koyambedu and then a Namma Yatri auto to the mall, with a single QR code generated for the entire journey. Once the commuter exits at Koyambedu, the auto will be booked automatically, with payment for the auto made separately. You Can Also Check: Chennai AQI | Weather in Chennai | Bank Holidays in Chennai | Public Holidays in Chennai | Gold Rates Today in Chennai | Silver Rates Today in Chennai The project, costing around 8.75 crore in labour and establishment expenses, is backed by a primary contract with Namma Yatri and MoUs with MTC and CMRL. Agreements with Southern Railways for MRTS and suburban trains are in the pipeline. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like American Investor Warren Buffett Recommends: 5 Books For Turning Your Life Around Blinkist: Warren Buffett's Reading List Undo CUMTA aims to promote 'Mobility as a Service', encouraging people to choose public transport. With MTC's 34.5 lakh daily riders, suburban and MRTS rail's 9.27 lakh, Metro's 3.3 lakh, and over 7,000 Namma Yatri trips a day, the service will unite all modes in five phases. Phase two will integrate fares, and phase three will extend the service beyond the city. The app, initially called 'Anna-Ride Booking', will get its official name and logo next month after a meeting with chief minister M K Stalin and CUMTA's chairperson. Commuter Rithvik K, at Thousand Lights Metro, said, "This is great if implemented without bugs. Half the time I fear cancellations from drivers of cab aggregators. If this app books an auto automatically, that worry is gone." Principal architect in Urban Design Collaborative, Nirmal S John Britto, said, "Cities like London have a similar app called Citymapper, so this is a first for India. But like Google Maps, it must adapt to Indian realities. In the West, apps give real-time updates on road closures or repairs. We don't have that here. It should also recognise micro-streets in areas like Sowcarpet or Royapettah, which add historical value for first-time commuters. Without that, it may fall short." Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area. Get the latest lifestyle updates on Times of India, along with Happy Krishna Janmashtami Wishes ,, messages , and quotes !
