Business Today 29 September 2024

When Hina Nagarajan took charge of Diageo India (incorporated as United Spirits Ltd) in 2021, her task was cut out. After the $27-billion UK-based alcobev giant Diageo plc acquired United Spirits from controversial liquor baron Vijay Mallya in 2014, the business was on a weak footing owing to continuing legal tangles, mounting debt, and increasing competition from the likes of Pernod Ricard. Diageo India MD & CEO Nagarajan, 59, the only woman CEO of a liquor firm in India, began putting in place a turnaround plan. Key to this was a move towards premiumisation and the decision to get away from the ‘popular’ category. The mission was to be among the country’s top-performing packaged consumer goods brands and take advantage of the growing number of aspirational customers. Consequently, in September…

SOURCE CMIE ECONOMIC OUTLOOK 5.8 MILLION HECTARES The area under sugarcane crop as of August 12, 2024, from 5.6 million hectares a year ago 16.4 PER CENT Increase in income expected for sugarcane farmers in FY25; the previous year had recorded a fall of 5.7% income 80 PER CENT Contribution of Maharashtra, Karnataka, and Uttar Pradesh to India’s total sugarcane production…

NET SLOWDOWN FOLLOWING FOUR CONSECUTIVE QUARTERS OF DOUBLE-DIGIT GROWTH, THE COMBINED NET PROFIT OF NIFTY 50 FIRMS INCREASED BY ONLY 5% YOY IN THE JUNE 2024 QUARTER NOTE COMPANIES THAT WERE A PART OF THE NIFTY 50 AS OF AUGUST 28, 2024, HAVE BEEN CONSIDERED SOURCE ACE EQUITY 7.8% GROWTH (YEAR-ON-YEAR) IN SALES REPORTED BY COMPANIES THAT ARE PART OF BSE MIDCAP AND BSE SMALLCAP IN Q1FY25 4.7% GROWTH (YOY) IN OPERATING PROFIT REGISTERED BY NIFTY 50 COMPANIES IN THE JUNE 2024 QUARTER, WHICH IS THE SLOWEST SINCE DECEMBER 2020 43% OF COMPANIES MISSED EARNINGS ESTIMATES IN Q1FY25, WHILE 29% REPORTED BETTER-THAN-EXPECTED RESULTS AT THE PAT LEVEL, ACCORDING TO MOFSL 1% DOWNWARD REVISION SEEN FOR NIFTY EPS FOR BOTH FY25 AND FY26, ACCORDING TO BROKERAGE FIRM SHAREKHAN SOFTENING GROWTH THE…

IN A MOVE that will cover over 2.3 million employees, the Centre has announced a fresh pension scheme to quell concerns about the uncertainties of retirement incomes under the existing National Pension System or NPS, originally known as the New Pension Scheme. The Union Cabinet, on August 24, approved the Unified Pension Scheme (UPS) that would provide an assured pension of 50% of the average basic salary drawn over the last 12 months before retirement, for employees with 25 years of service. A minimum monthly pension of ₹10,000 is assured for those who serve the government for at least 10 years. The scheme, which will kick in from April 1, 2025, would see increased contribution from the Centre at 18.5% of the employee’s basic salary and dearness allowance, as against…

BELEAGUERED ONE97 Communications, which runs fintech major Paytm, is under the regulatory scanner yet again. This time, for issuing employee stock option plans (Esops) to its Founder and CEO Vijay Shekhar Sharma, who does not fall under the promoter classification. The company has received a show-cause notice from the markets regulator, the Securities and Exchange Board of India (Sebi). The issue dates back to FY22, when the company granted 21 million Esops to Sharma prior to the initial public offering (IPO), with the intention of vesting them equally over the next five years. The scrutiny now centres on Sharma’s classification as a public shareholder, considering his role and influence within the company. This is critical because Sebi’s regulations strictly forbid promoters from receiving Esops. The company has stated that it…

THE CENTRAL GOVERNMENT, looking to address the widening skills gap in the Indian workforce, is considering partnering with the University Grants Commission (UGC) to address this pressing need. Jayant Chaudhary, Minister of State for Skill Development and Entrepreneurship, said recently that his ministry is in talks with the UGC to upskill under-graduates. “We are in talks with UGC to upskill undergraduates to build a strong domestic workforce,” he said at the Business Today India@100 Summit. The question of employment and skilling featured heavily in the General Elections earlier this year and was echoed in the Union Budget 2024-25 that was presented in the polls’ aftermath on July 23. Explaining the plan, UGC Chairman M. Jagadesh Kumar says his organisation will offer emerging technology courses like artificial intelligence (AI), data analytics,…