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Time of India
7 hours ago
- Business
- Time of India
HUL lowers prices of tea, homecare products but goes for hike in skincare segment
HUL has slashed prices of products in categories such as tea and homecare products due to lower commodity prices and competitive pressure, but raised the prices in the skincare segment on account of rising palm oil prices. The leading FMCG maker is keeping an eye on the price movements of palm and palm derivatives, a key input for its skin cleansing products, which are softening and will pass on the benefits to the consumers as it has done in other segments as tea, HUL CFO Ritesh Tiwari said in an earnings call. Explore courses from Top Institutes in Please select course: Select a Course Category MCA MBA Design Thinking CXO Data Science Digital Marketing Degree others Finance Project Management Management healthcare Technology Others Artificial Intelligence Data Analytics PGDM Data Science Operations Management Public Policy Product Management Leadership Skills you'll gain: Programming Proficiency Data Handling & Analysis Cybersecurity Awareness & Skills Artificial Intelligence & Machine Learning Duration: 24 Months Vellore Institute of Technology VIT Master of Computer Applications Starts on Aug 14, 2024 Get Details "Skin cleansing has seen a material increase in the last 6-12 months, in terms of palm and palm oil derivatives. Because of that, we have taken sequential price increases," he said. Going forward, HUL is seeing "some softening in palm and palm derivatives". "It remains volatile, so we will keep watching how that unfolds," Tiwari said, adding, "We will stay true to the principle of replenishment pricing when it comes to tea or, for that matter, when it comes to skin cleansing." Live Events The FMCG leader further said like previous quarters, the rural market has continued to grow ahead of urban markets in the June quarter, though urban markets have also improved sequentially and expects this recovery to be sustained. "Rural is ahead of urban, but urban has also improved. We have seen improvement and gradual recovery of the urban market," he said, adding, "We expect this recovery to be sustained." Factors such as lower inflation, improved liquidity in the country, taxation relief the government gave in the Budget, help urban areas to recover, he said. Tiwari said HUL's gross margins will improve, and invest that improvement in gross margin back into the business. The company will hold margins of 22 per cent for the next few quarters. Tiwari said the 25 per cent additional tariff imposed by the Trump administration on imports from India will have an "insignificant" impact on the company, as HUL has a very small amount of exports to the US. "So the impact is insignificant. Now that's the direct impact, the indirect impact of tariffs and what it happens in terms of the economy, etc, I think that's an area which we have to wait and watch as to how it unfolds, and as and when required, we take appropriate actions to ensure that our business keeps improving our performance," he said. On the outlook, HUL said the growth guidance remains unchanged. "We expect the first half of this financial year to be better than the second half of last financial year. If commodity prices stay within the current range, we anticipate low single-digit price growth," said Tiwary. Updating the progress of the demerger of the ice-cream business, Tiwari said a meeting for HUL shareholders will be considered to approve the demerger scheme on August 12, as per the direction of the National Company Law Tribunal (NCLT). Over direct-to-consumer (D2C) skincare brand Minimalist, HUL said it, along with the founders, is now working closely to chart the future course of growth trajectory of the company.
Time of India
15 hours ago
- Business
- Time of India
European shares edge higher amid earnings flurry, US tariff blitz
European shares edged higher on Thursday, helped by a slate of upbeat corporate updates, with investors keeping an eye on last minute trade deals after U.S. President Donald Trump issued a blitz of tariff announcements. The pan-European Stoxx 600 index was up 0.3% by 0715 GMT. It is on track to end the month 1.6% higher as easing trade worries, better-than-expected U.S. and European economic data and largely upbeat earnings reports bolstered sentiment. Explore courses from Top Institutes in Please select course: Select a Course Category Data Science Management Operations Management Cybersecurity Product Management MBA Leadership Degree Data Analytics PGDM Design Thinking MCA Public Policy Technology Project Management Digital Marketing Others others healthcare Healthcare Finance Data Science CXO Skills you'll gain: Data Analysis & Interpretation Programming Proficiency Problem-Solving Skills Machine Learning & Artificial Intelligence Duration: 24 Months Vellore Institute of Technology VIT MSc in Data Science Starts on Aug 14, 2024 Get Details Skills you'll gain: Strategic Data-Analysis, including Data Mining & Preparation Predictive Modeling & Advanced Clustering Techniques Machine Learning Concepts & Regression Analysis Cutting-edge applications of AI, like NLP & Generative AI Duration: 8 Months IIM Kozhikode Professional Certificate in Data Science and Artificial Intelligence Starts on Jun 26, 2024 Get Details by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Villas For Sale in Dubai Might Surprise You Villas in Dubai | Search Ads Get Info Ahead of the August 1 deadline, Trump released fresh levies ranging from updates on copper tariffs, goods from Brazil, South Korea and India as well as an end to exemptions for small-value overseas shipments. Euro zone banks continued their upward momentum, adding 1%, boosted by Societe Generale raising its annual profit target on Thursday. The French bank was among top gainers on the index, advancing 7%. Standard Chartered reported a higher-than-expected rise in first-half pretax profit, while Spanish bank BBVA reported a fall in second-quarter net profit. Live Events Energy giant Shell gained 2.9% after the company beat profit expectations for the quarter and kept buybacks steady. Rival BP rose marginally. Anheuser-Busch InBev shed 10.2% after the beer giant reported a fall in volumes, dragged back by weak sales in China and Brazil. Blowout results from Microsoft and Meta Platforms overnight are set to power Wall Street on Thursday, ahead of reports from Apple and
Time of India
17 hours ago
- Time of India
Malegaon blast case explained: The case against Sadhvi Pragya and why the court acquitted all 7 accused
A seventeen year hiatus came to an end on Thursday when a special National Investigation Agency (NIA) court pronounced its judgment in the 2008 Malegaon blast case . Special NIA Judge A K Lahoti acquitted all seven accused in the said case including former BJP MP Pragya Singh Thakur and Lt Col Prasad Purohit, both of whom were among the first individuals to be linked to what was later labelled by some as "saffron terror." Explore courses from Top Institutes in Please select course: Select a Course Category MBA Others PGDM Project Management Design Thinking Artificial Intelligence Technology Leadership Finance Management Public Policy CXO Healthcare Digital Marketing Cybersecurity Product Management healthcare Data Science Data Science others MCA Skills you'll gain: Analytical Skills Financial Literacy Leadership and Management Skills Strategic Thinking Analytical Skills Financial Literacy Leadership and Management Skills Strategic Thinking Duration: 24 Months Vellore Institute of Technology VIT Online MBA Starts on Aug 14, 2024 Get Details Skills you'll gain: Financial Management Team Leadership & Collaboration Financial Reporting & Analysis Advocacy Strategies for Leadership Duration: 18 Months UMass Global Master of Business Administration (MBA) Starts on May 13, 2024 Get Details Skills you'll gain: Analytical Skills Financial Literacy Leadership and Management Skills Strategic Thinking Duration: 24 Months Vellore Institute of Technology VIT Online MBA Starts on Aug 14, 2024 Get Details Here's a detailed explainer of the case, the charges, the investigation, and how the court finally ruled: What is the case and what happened on September 29, 2008? The case pertains to a bomb explosion that took place on September 29, 2008, in Malegaon, a communally sensitive town in Maharashtra's Nashik district. On the said evening an explosive device strapped to a motorcycle detonated near a mosque in Malegaon. The explosion occurred just after evening prayers during the month of Ramzan, killing six people and injuring over 100. The blast caused chaos in the area and was widely seen as a deliberate attempt to incite communal tensions. Live Events Also Read: Malegaon blast case- Court acquits all seven accused including Sadhvi Pragya and Lt Col Purohit It sent shockwaves through the country and sparked intense political and legal scrutiny. The trial, which began in 2018 and concluded earlier this year, had drawn national attention due to the nature of the allegations, the profile of the accused, and the prolonged delays in prosecution. How did the investigation begin in the Malegaon Blast Case? The probe was initially led by the Maharashtra Anti-Terrorism Squad (ATS). In its early stages, the ATS focused on various possible angles, including the role of radical groups. The investigation took a significant turn when the ATS arrested a group of individuals allegedly linked to right-wing organisations. Among them were Lt Col Prasad Purohit, Major (Retd) Ramesh Upadhyay, Sadhvi Pragya Singh Thakur, and others. The ATS claimed the motorcycle used in the blast was registered in Pragya Thakur's name. It further alleged that the accused were part of a conspiracy to target the Muslim community and create unrest. Why was the case transferred to the NIA? In 2011, the probe was handed over to the National Investigation Agency (NIA). The shift in agencies marked a turning point in the trajectory of the case. In 2015, special public prosecutor Rohini Salian alleged that she was directed by NIA officials to 'go soft' on the accused. This led to her being dropped from the case and the prosecution team being replaced. Subsequently, in its 2016 supplementary chargesheet, the NIA contradicted several key ATS findings. It accused the ATS of planting RDX traces to implicate Lt Col Purohit and dropped charges against several accused, including Pragya Thakur, citing lack of prosecutable evidence. However, the NIA court in 2017 overruled the agency's clean chit and ordered that all seven accused would face trial under the Unlawful Activities (Prevention) Act. Charges under MCOCA were dropped but those under UAPA and IPC, including murder and conspiracy, were retained. What were the charges? The seven accused – Pragya Singh Thakur, Lt Col Prasad Purohit, Major Ramesh Upadhyay, Ajay Rahirkar, Sudhakar Dwivedi, Sudhakar Chaturvedi, and Sameer Kulkarni – were charged under several sections of the Indian Penal Code and the Unlawful Activities (Prevention) Act. These included: Section 16 (committing a terrorist act) Section 18 (conspiracy to commit a terrorist act) of the UAPA Section 302 (murder), 307 (attempt to murder), 120B (criminal conspiracy), and 153A (promoting enmity between groups) of the IPC What happened during the trial? The trial formally began in 2018, a full decade after the blast. During the proceedings, the prosecution examined 323 witnesses. However, 37 of them turned hostile. The defence raised serious concerns over the credibility of the evidence and claimed there were contradictions in witness statements. In her final statement, Pragya Thakur said her implication in the case was 'totally illegal, bad in law and contrary to the law of the land and with malafide intention and ulterior motive.' She cited the testimony of ATS officer Mohan Kulkarni, who, according to her, 'clearly shows she is an innocent person.' Purohit argued there was 'no material evidence' linking him to the crime. He submitted that the prosecution's case was 'based on fabricated and contradictory witness statements' and claimed the investigation had 'serious procedural irregularities' that 'render the prosecution's case wholly speculative and unreliable.' The victims' counsel, however, maintained that 'each of the seven accused has advanced different and often conflicting defences which are contrary to each other's claim which itself strengthens the case of prosecution.' Why did the NIA court acquit all accused? Special Judge A K Lahoti, presiding over the NIA court in Mumbai, acquitted all seven accused in the 2008 Malegaon blast case on Thursday, stating that there was 'no reliable and cogent evidence' to convict any of them. In the verdict, the court said that 'mere suspicion cannot take the place of real proof' and underlined that in the absence of solid evidence, the benefit of doubt must go to the accused. The court also said, 'The overall evidence does not inspire confidence in the court to convict the accused.' On the question of motive and the religious angle, the judge stated that 'no religion teaches violence,' and added, 'Terrorism has no religion, but the court cannot convict on mere perception.' The court ruled that the provisions of the Unlawful Activities (Prevention) Act (UAPA) were not applicable in this case. It also observed that it was not proven that the motorcycle used in the blast was registered in Pragya Singh Thakur's name, nor was it established that the explosive was planted on that vehicle. Economic Times WhatsApp channel )
Time of India
17 hours ago
- Business
- Time of India
Trump tariff's impact on Indian businesses explained
US President Donald Trump on Wednesday announced the imposition of a 25 per cent additional import duty plus penalty on goods imported from India. The duty will come into effect from August 1. The unspecified penalty was imposed on India for purchasing crude oil and military equipment from Russia. The announcement was unexpected, given that both countries are in the midst of trade agreement negotiations. The following Q&A outlines the implications of the US decision. Explore courses from Top Institutes in Please select course: Select a Course Category MBA Public Policy Artificial Intelligence MCA Operations Management Degree Leadership others Healthcare Data Science Others healthcare Cybersecurity Management Digital Marketing Technology Data Analytics Product Management Design Thinking PGDM CXO Data Science Project Management Finance Skills you'll gain: Analytical Skills Financial Literacy Leadership and Management Skills Strategic Thinking Duration: 24 Months Vellore Institute of Technology VIT Online MBA Starts on Aug 14, 2024 Get Details Skills you'll gain: Financial Management Team Leadership & Collaboration Financial Reporting & Analysis Advocacy Strategies for Leadership Duration: 18 Months UMass Global Master of Business Administration (MBA) Starts on May 13, 2024 Get Details What is a tariff? These are customs or import duties imposed on the import of goods. The importer has to pay this duty to the government. Normally, companies pass on these taxes to end users. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Villas For Sale in Dubai Might Surprise You Villas In Dubai | Search Ads Get Rates Undo ALSO READ: Who's most at risk from Trump's 25% India tariffs How much tariff is announced on India? The US has announced to impose a 25 per cent tariff plus penalty for buying Russia's crude oil and military equipment. However, the US has not specified the quantum of the penalty and how it will be imposed. An executive order from the White House on the 25 per cent tariff plus penalty will give clarity on the duty structure. A 10 per cent duty (announced on April 2) applies to all goods. Live Events Besides, there is a 50 per cent tariff on steel and aluminium, and 25 per cent on auto and auto parts. These duties are imposed over and above the existing tariffs on Indian goods. For example, textiles attract a 69 per cent tariff at present, so after adding the 25 per cent, Indian textile goods entering the US from August 1 will attract a 31-34 per cent duty. A penalty could be added further on this. ALSO READ: India, Russia can take their 'dead' economies down together: Trump attacks New Delhi-Moscow ties amid US tariff move Why is the US imposing these tariffs? The US has alleged that it faces a significant trade deficit with India, blaming New Delhi for imposing high tariffs on American goods, which it says restricts US exports to the Indian market. What is bilateral trade between India and the US? Between 2021 and 2025, the United States remained India's top trading partner in goods. It accounted for nearly 18% of India's exports, 6.22% of its imports, and 10.73% of total bilateral trade. In 2024–25, trade between the two nations reached USD 186 billion, with India exporting USD 86.5 billion and importing USD 45.3 billion, resulting in a USD 41 billion trade surplus. ALSO READ: India oil refiners squeezed by anti-Russia push from US and EU In services, India exported an estimated USD 28.7 billion and imported USD 25.5 billion, adding a USD 3.2 billion surplus. Altogether, India ran a total trade surplus of about USD 44.4 billion with the US. However, according to think tank GTRI, the US runs a USD 35-40 billion overall surplus when revenues from education, digital services, financial activities, royalties, and arms trade are factored in. What are the major products traded between the two? In 2024, India's main exports to the US included drug formulations and biologicals (USD 8.1 billion), telecom instruments (USD 6.5 billion), precious and semi-precious stones (USD 5.3 billion), petroleum products (USD 4.1 billion), vehicle and auto components (USD 2.8 billion), gold and other precious metal jewellery (USD 3.2 billion), ready-made garments of cotton, including accessories (USD 2.8 billion), and products of iron and steel (USD 2.7 billion). Imports included crude oil (USD 4.5 billion), petroleum products (USD 3.6 billion), coal, coke (USD 3.4 billion), cut and polished diamonds (USD 2.6 billion), electric machinery (USD 1.4 billion), aircraft, spacecraft and parts (USD 1.3 billion), and gold (USD 1.3 billion). *What will be the impact of the tariffs on this trade? Import duty makes goods expensive in the importing country. Besides, a few other factors also play a role in this. For example, duty on India's competitor nations such as Bangladesh (35 pc), Vietnam (20 pc) and Thailand (36 pc); and quality and standards of items. According to exporters, Indian labour-intensive goods such as garments, leather and non-leather footwear, gems and jewellery, carpets and handicrafts may get impacted due to this duty. What will be the US tariffs on key Indian goods from August 1? Telecom - 25 pc; gems and jewellery - 30-38.5 pc (5-13.5 pc at present); food and agri goods - 29-30 pc (14-15 pc currently); apparel 12 pc plus 25 pc. Penalty component may also be there from August 1. Is there a substance to Trump's allegations that India has very high tariffs? The US also imposes high duties on items like dairy products (188 per cent), Fruits and vegetables (132 per cent), Coffee, tea, cocoa and spices (53 per cent), Cereals and food preparations (193 per cent), Oilseeds, fats and oils (164 per cent), beverages and tobacco (150 per cent), Minerals and metals (187 per cent), and Chemicals (56 per cent). India's average tariff rate of 17 per cent is higher than the US's 3.3 per cent, but similar to other major economies like South Korea (13.4 per cent) and China (7.5 per cent). (With PTI inputs)
Time of India
18 hours ago
- Business
- Time of India
India oil refiners squeezed by anti-Russia push from US and EU
Indian oil refiners are being hemmed in by both the US and European Union's stepped-up efforts to target Russian energy flows, with processors scrambling to buy crude from other sources. A major buyer of Russian oil, India is now finding itself blindsided by a more aggressive approach to the Kremlin from both Washington and Brussels. President Donald Trump criticized the country's purchases of Russian energy and weapons as he said the US would impose a relatively high import tariff of 25% on Indian exports from Friday. Explore courses from Top Institutes in Please select course: Select a Course Category MCA Cybersecurity Data Analytics Product Management Data Science Others Finance Operations Management Public Policy others MBA Data Science Leadership Digital Marketing Degree Management Technology Artificial Intelligence Design Thinking Healthcare CXO healthcare Project Management Skills you'll gain: Programming Proficiency Data Handling & Analysis Cybersecurity Awareness & Skills Artificial Intelligence & Machine Learning Duration: 24 Months Vellore Institute of Technology VIT Master of Computer Applications Starts on Aug 14, 2024 Get Details Even before Trump's announcement, state-owned refiners had been issuing purchase tenders for unusually prompt arrival dates. Indian Oil Corp ., the country's biggest processor of crude, issued a buy tender for oil arriving in late September to early October on Thursday, shortly after awarding a similar one for roughly the same delivery dates. ALSO READ: India, Russia can take their 'dead' economies down together: Trump attacks New Delhi-Moscow ties amid US tariff move Bharat Petroleum Corp . purchased Middle Eastern and West African crude varieties this week also for delivery in the late-September to early-October period. Typically, tenders issued at this time would be for crudes which are set to arrive in mid-to-late October. Live Events Refiners in India had already been hit by the EU's intention to ban imports of diesel made in the country from Russian crude. They're now having to cope with a White House that's become markedly more strident on Moscow's energy flows. The processors are currently seeking clarity from New Delhi as to how their oil purchases will be affected. India bought about 1.63 million barrels a day of Russian oil last year, more than a third of its total imports, according to ship-tracking data compiled by Bloomberg. Those volumes have largely held up so far this year. As well as the geopolitical challenges, Indian refiners are also having to deal with less crude coming from Russia, and rising prices.
