Business

Oriflame, the pioneering Swedish wellbeing brand, has announced the appointment of Edyta Kurek as its first female head in India. This significant leadership change marks a new chapter for Oriflame as it focuses on empowering the next generation with wellbeing and financial freedom. At a recent seminar held at the Jio Centre in Mumbai, Oriflame celebrated its brand partners' achievements and launched a strategic initiative targeting India's vibrant youth. Over 1,200 brand partners attended, highlighting the success of Oriflame's innovative social selling model. This model promotes micro-entrepreneurship by providing necessary skills and training, tackling social issues like unemployment and income disparity. Edyta Kurek, Senior Vice President and Head of India and Indonesia, emphasized...

Paytm's revenue from operations declined 2.8 percent year-on-year (YoY) to Rs 2,267.1 Crore from Rs 2,464.6 Crore in the same quarter of FY23.According to the company's regulatory filing, fintech firm One97 Communications Ltd, owner of Paytm, has widened its loss to Rs 550 Crore in Q4FY22. The company had incurred a consolidated loss of Rs 167.5 Crore in the same period a year ago.Paytm's revenue from operations declined 2.8 percent year-on-year (YoY) to Rs 2,267.1 Crore from Rs 2,464.6 Crore in the same quarter of FY23.However, the company's loss narrowed to Rs 1,422.4 Crore in FY24 compared to Rs 1,776.5 Crore in FY23. For FY24, Paytm's annual revenue grew by nearly 25% to Rs 9,978 Crore from Rs 7,990.3 Crore in FY23.The company has estimated a loss of Rs 300-500 Crore due to the Reserv...

Data shared by the Ministry of Commerce and Industry on Monday showed that the maximum residue level (MRL) for EtO in Singapore was 50 mg/kg, while in the EU it was 0.02 to 0.01 mg/kg and in Japan it was 0.01.The Spices Board of India is carrying out inspections at several MDH and Everest processing plants in the country to ensure that spice exports meet the requirements of the respective export destination, senior government officials said on Monday, adding that they have also suggested corrective action such as the use of steam sterilization, Also added actions. The focus is on technology and tracking of the food supply chain to prevent future rejections.This comes after Hong Kong on April 5 asked its citizens not to consume four products from Indian manufacturers MDH and Everest Food P...

Upstox, a leading wealth management platform in India, has announced its expansion into the insurance distribution sector. Upstox, known for its stock, F&O, and mutual fund offerings, has expanded its wealth-building platform with the introduction of Insurance. Today, Upstox is a one-stop-shop for a wide array of financial instruments including Stocks, IPOs, F&O, Commodities, Currencies, Fixed Deposits, P2P Lending, Government Bonds, T-Bills, NCDs, Gold, Insurance and much more. Upstox is launching a platform to revolutionize India's insurance market by providing a simplified, transparent, and customized insurance experience. The platform currently offers Term Life Insurance and plans to roll out Health, Motor, and Travel Insurance soon. HDFC Life is among the first insurers to...

United Breweries Limited (UBL), a prominent player in the beverage industry and a subsidiary of the HEINEKEN Company, has announced its latest offering, Queenfisher Lager Beer, in the burgeoning markets of Assam and Meghalaya. Building on its successful debut in Goa earlier this year, Queenfisher aims to tap into the vibrant culture of these northeastern states, celebrating the essence of sisterhood and inclusivity. The official launch event, held on May 18th at the prestigious Exotica Green in Guwahati, marked a significant milestone for Queenfisher's expansion strategy. Attendees were treated to a glimpse of the brand's unique calendar, now known as The Galendar, which showcases authentic stories of women captured by acclaimed photographer Avani Rai. Each page of The Galendar feature...

Brokerage firm Elara Securities has upgraded defense PSU stock Hindustan Aeronautics Limited (HAL) to 'Buy' from 'Accumulate'. The company has upgraded Hindustan Aeronautics Limited (HAL) to 'Buy' from 'Accumulate'. -Its net profit for the fourth quarter results (Q4 FY24) increased year-on-year to ₹4,308.7 crore. The brokerage firm has also raised the target price of the PSU defense stock to ₹5,590 from ₹4,100. “As we move forward, we progress to buy from Accumulate, with a higher TP of Rs 4,100 to Rs 5,590 based on 45x (from 35x) March 2025E P/E. Our revised TP is driven by a new stream of export business, growth in inflows to Rs 1.6 trillion, expanding margins and expectations of sustained double-digit earnings growth, Elara Securities said in a note. It said that, “We believe in ...

The United Nations has revised India's growth projections for 2024, with the country's economy now projected to grow about seven percent this year, driven mainly by strong public investment and resilient private consumption.“India's economy is projected to grow by 6.9% in 2024 and 6.6% in 2025, driven mainly by strong public investment and resilient private consumption,” said the World Economic Situation and Prospects to mid-2024 released on Thursday. "Even though weak external require will continue to weigh on merchandise export growth, exports of pharmaceuticals and chemicals are expected to expand strongly". The mid-year update projected economic growth of 6.9% for India is higher than the 6.2% GDP forecast made by the United Nations in January this year. The UN World Economic Situatio...

Endurance Technologies' share price rose more than 14% in Friday's session following the company's strong Q4 results. The company's consolidated profit after taxes (PAT) for the quarter ended March rose 54% year-on-year to ₹210.2 crore from ₹136.5 crore, according to exchange filings. Endurance Technologies' consolidated total income grew 20% year-on-year to ₹2,255.2 crore from ₹2,711.3 crore. Share price of Endurance Technologies opened at ₹2,202.25 on BSE today, the stock touched an intraday high of ₹2,317.55 and an intraday low of ₹2,166.45.According to Ruchit Jain, Principal Research Analyst at 5paisa, the share price of Endurance Technologies is forming a higher top higher bottom structure and hence the trend remains positive. For the short term, the stock has support around ₹2,000-2...

After Singapore and Hong Kong, Nepal has also took a decision to ban the consumption and sale of spices made by Everest and MDH amid concerns over traces of harmful chemicals in the products. Nepal's Department of Food Technology and Quality Control has began testing the spices from the two Indian brands for ethylene oxide, a cancer-causing pesticide, ANI reported. "Everest and MDH brand spices have been banned from import... we also have banned the sale of them on the market. This comes after the news about traces of harmful chemicals in the spices," Mohan Krishna Maharjan, spokesperson of Nepal's food technology department, told ANI. "Tests are underway for the chemicals in the spices of these two particular brands. The ban will remain in place until the final report comes up,"...

PhonePe on Wednesday(15, May 2024) joined hands with LankaPay to allow its users to pay using UPI across Sri Lanka. To mark the partnership, PhonePe said its app users traveling to Sri Lanka can do payments using UPI across LankaPay QR merchants. The transactions will be promoted by the UPI and LankaPay National Payment Network. Users can now scan LankaQR code to make secure and quick payments without carrying cash or calculating currency conversions. The amount will be debited in INR, displaying the currency exchange rate. PhonePe's CEO, International Payments, Ritesh Pai, said the partnership with LankaPay offers unparalleled convenience to Indian tourists who can now use a familiar and secure payment method while travelling and paying across LankaQR merchant points.