Reliance, the country’s leading retailer, has announced its acquisition of the beauty retail business of Arvind Fashion, a company promoted by the Lalbhai family. This move marks Reliance’s expansion into the fast-growing Beauty and Personal Care (BPC) market. Arvind Fashion confirmed the Share Purchase Agreement (SPA) with Reliance Beauty & Personal Care Ltd, a subsidiary…
Denoting the philanthropic landscape in India, the EdelGive Hurun India Philanthropy List 2023 reveals the country’s top 10 generous billionaires. With a staggering 119 individuals having donated more than ₹5 crore in FY23, their combined contribution amounted to ₹8,445 crore. Taking third place on the list is Mukesh Ambani, India’s richest man. However, his philanthropic…
Indian benchmark equity indices, the Sensex and the Nifty, experienced a significant rebound of nearly 1% on Thursday after a two-day decline. This surge followed a rally in global markets, primarily driven by the US Federal Reserve’s decision to keep interest rates unchanged. The 30-share BSE Sensex soared by 489.57 points or 0.77%, settling at…
Charlie Munger, the vice-chairman of Berkshire Hathaway, recently expressed his cautious approach towards investing in the automotive industry. In a rare, in-depth interview on the Acquired podcast, Munger emphasized the challenges faced by the auto industry, including the uncertainty surrounding the rise of electric vehicles, evolving sales strategies, and labor union issues. Munger stated, “I…
Mangalore Refinery and Petrochemicals Ltd (MRPL) has announced a return to profitability in the July-September quarter, buoyed by an increase in refining margins. The company reported a net profit of Rs 1,059 crore in this quarter, compared to a loss of Rs 1,789 crore during the same period last year. This turnaround can be attributed…
Bajaj Auto, a prominent automotive company, has announced impressive sales figures for the month of October. According to a regulatory filing, the company witnessed a significant year-on-year increase of 19% in total sales, reaching a total of 471,188 units. This marks a substantial growth compared to the 395,238 units sold in October 2022. Notably, Bajaj…
China Leads Central Banks in Gold-Buying Spree Amid Economic Uncertainty Central banks worldwide are rapidly increasing their gold holdings, and China is at the forefront of this trend, according to the World Gold Council. This surge in gold purchases is motivated by a desire to diversify reserves away from the US dollar, as well as…
The official data released on Tuesday reveals that the growth of eight key infrastructure sectors has reached a four-month low of 8.1% in September 2023, compared to 8.3% in the same period last year. The growth rate in the production of refinery products, fertiliser, cement, and electricity has slowed down, while the output of crude…
In a special report, the World Bank has warned that if the Israel-Hamas war escalates into a wider regional conflict, crude oil prices could soar to as high as $140-$157 per barrel. This represents a 76% increase from the current price of crude oil. The World Bank compares this scenario to the initial disruption caused…
US stocks are predicted to have a lackluster performance in the coming years, according to Greg Davis, the chief investment officer at Vanguard. In an interview with CNBC, Davis estimated that the returns for stocks would be below average, averaging between 4.7% and 6.7% over 2024 and the following years. This is significantly lower than…
