India’s Benchmark Index Sets Record

The S&P BSE Sensex climbed to record levels on strong corporate earnings and gains in Asian markets:  the index rose 0.6 percent to close above 30,000 for the first time; while the NSE Nifty 50 Index, advanced 0.5 percent.

BSE Sensex chart

Seven out of the nine Nifty-listed companies have either met or exceeded their earnings expectations for the January-March quarter, according to data compiled by Bloomberg. Out of the 13 sector indices compiled by BSE Ltd., fast-moving consumer goods surged the most, rising to its highest level since at least 2005. ITC Ltd., was the top performer on the Sensex, rising to a record high.

“Strong company results show that the market has broken away from the shackles of demonetization,” Jitendra Panda, managing director at Peerless Securities Ltd., in Kolkata said. “This milestone for the Sensex was long-awaited and with companies displaying momentum in the numbers, we expect better days ahead,” he added.

May 18, 2017   No Comments

MIT, Thompson Design to Propose 18 Riverways in India

A joint venture between the Infrastructure Architecture Lab of Massachusetts Institute of Technology, and the Boston-based Thompson Design Group has entered into a contract with the Inland Waterways Authority of India, a government body responsible for the development and regulation of inland waterways for shipping and navigation.

The U.S.-based consultants will identify suitable locations for the construction of 18 ferry terminals in six cities of India: Allahabad, Varanasi, Patna, Munger, Kolkata and Haldia, and prepare detailed project reports and tender documents for these 18 terminals.

a ferry

The development of waterways is part of the government’s plan to enable transportation of cargo through inland waterways so that road and rail networks are not over burdened. There is also the added benefit that this plan will be cost effective and environment friendly.

“The consultants will take into account commercial and passenger characteristics of each city with a goal of integrating transportation networks and facilities to each city,” the office of the Inland Waterways Authority of India, said.

 

 

 

January 4, 2017   No Comments

Credit Suisse: Commodity-Intensive Growth Has Started in India

Swiss financial services company, Credit Suisse recently spent time in India to ascertain the status of mineral resources and commodities. “India looks to be firing at last,” was one of the headings in the bank’s report. The investigators had meetings with government agencies and companies in Delhi, Kolkata and Mumbai, focusing on demand for bulk companies such as coal and iron ore,as also fertilizer and aluminum.

The bank remarked that the best opportunity for miners looking for market opportunities in India, was copper since India had limited supplies of the mineral. It  also warned against selling iron ore and coal to India since with problems of bulk commodity distribution being overcome, India was self sufficient in these minerals, reports Forbes.

Coal Excavators

“We came away convinced that India really is on the cusp of a major growth phase,” the bank said. “Companies pointed out the positives they see from government policies; an anti-corruption focus, a level playing field without favoritism, clear high level policies, and government ministries and State-owned companies driving to implement the policies, and overcoming many problems of the past.”

 

September 27, 2016   No Comments

India’s Emami Enters Rich Country CPG Market

Kolkata-based Emami Limited, a personal care and healthcare company, has acquired a 67% stake in Fravin Limited, an Australian organic cosmetics firm for an estimated $3.1 million.   (Aus $4million plus)

Fravin’s founder, Peter Francis, said “Emami’s plans are to build a $77 million (AUS $100 million) manufacturing business out of South Australia over the next decade through our company. It’s a strategic move by the Indian company, which has more than 260 products in its portfolio, to enter the premium organic care markets in India and overseas.”

Established in 1974 by two childhood friends R.S. Agarwal and R.S. Goenka who quit their accountant  jobs to start the company, the now diversified “fairness” product manufacturer Emami Group operates in more than 63 countries. Cosmetic products form one part of its business, which also includes making ball pen tips, edible oil, infrastructure and development, cement, biodiesel, and hospitals.

Founders R.S. Agarwal and R.S. Goenka

Founders R.S. Agarwal and R.S. Goenka

Emami’s investment deal will benefit Fravin – the Australian company will be able to expand its manufacturing capacity and access new export markets. Emami will benefit from the ‘green chemistry’ of the Australian firm, reports Organic Monitor.

June 25, 2015   No Comments

Hershey Considers India “Key for Continued Growth”

Global confectionery major Hershey has seen a strong quarter of growth in India, and says it is committed to investing in this emerging market.

Mydigitalfc.com reports that Hershey India, a subsidiary of The Hershey Company, operates both its confectionery and beverage lines from regional sales offices in Mumbai, Delhi, Chennai and Kolkata. The organization’s salesforce of 500 people reach more than a million retail outlets through 1,500 distributors spread across India. The Hershey brands Sofit, Hershey’s Syrup, Jumpin, Soft, and Jolly Rancher are popular with consumers.

“The scale and potential of India is key for our continued growth around the world and Hershey is committed to investing in India,” says Praveen Jakate, managing director of Hershey India.

April 29, 2015   No Comments