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Dell laptops named TRA's 2024 Most Desired Brand, iPhone & Titan follow

NEW DELHI, Nov 4: Dell Laptops were voted the most desired brand in TRA's 2024 Brand Desire Report for the fourth consecutive year. The tenth edition of the report derived its rankings from in-depth interviews with more than 2,500 consumer influencers across 16 Indian cities. Apple iPhone came in second, followed by Titan Watches in third place.

The list of the top five most desired brands is headed by Dell Laptops, with Apple iPhone making an impressive rise of three spots to claim second place. Titan Watches holds the third position, while Sony Televisions saw a substantial jump, moving from eleventh to fourth. Life Insurance Corporation of India (LIC) completes the top five, advancing by eight ranks within the banking, financial services, and insurance (BFSI) sector.

Significant advancements were also made by Honda Motorcycles and Maruti Suzuki, which climbed 32 and 26 ranks, respectively, to secure spots in the top ten.

The report revealed that fast-moving consumer goods (FMCG) remains the largest super-category with 155 brands, followed by food & beverage (119 brands), automobile (106 brands), and personal accessories (72 brands). Together, these sectors make up over half (52.3 per cent) of the top 1000 list.

Additionally, seven categories garnered the most consumer interest: Air conditioners (19 brands), mobile phones (18), televisions (17), SUV brands (15), four-wheeler manufacturers (13), motorcycle brands-light (13), and skincare (13). Combined, these categories contributed 108 brands, indicating high competition in these sectors.

The biggest advancements in rankings were seen with Philips in the food processor category, which rose by 687 ranks. This was closely followed by Bella Vita in deodorants and perfumes, climbing 680 ranks, Arun in ice creams, advancing by 677 ranks, Tissot in premium watches with an increase of 674 ranks, and Tesla in electric cars, rising 653 ranks.

On the other hand, there were significant rank drops as well. Reliance Mall experienced the most substantial fall, dropping by 731 ranks. Other notable declines included Dabur Red Ayurvedic Toothpaste, which fell by 687 ranks, Godrej in the consumer electronics category with a decrease of 659 ranks, and Britannia Bread, which dropped by 561 ranks.

TRA Research’s CEO N Chandramouli noted that this list is a reflection of changing consumer desires and serves as a guide for businesses aiming to align with market trends. The report also noted 341 new brands debuting in the top 1000.

"In the ever-evolving landscape of consumer preferences, adaptability is paramount... This report not only highlights current market attitude but also serves as a valuable guide for businesses, enabling them to craft products and experiences that align deeply with consumer expectations," Chandramouli said.

Sebi asks Embassy REIT's manager to suspend its CEO Aravind Maiya

MUMBAI, Nov 4: The market regulator has asked Embassy Office Parks Management Services Pvt Ltd to suspend Aravind Maiya from acting as its Chief Executive Officer (CEO) and appoint an interim CEO with immediate effect.

Embassy Office Parks Management Services is the manager to Embassy REIT.

In an interim order passed on Monday, November 4, the Securities and Exchange Board of India (Sebi) stated that Maiya was debarred for the maximum permissible period by National Financial Reporting Authority (NFRA) for serious lapses, requiring Sebi to take note of the same in the context of Maiya's gross negligence resulting in securities market fraud at Coffee Day Enterprises Ltd (CDEL).

The Sebi order stated, "Mr. Aravind Maiya thoroughly failed the listed company (CDEL), users of its financial statements, standards of his profession as well as public interest, by failing to audit and report a fraud which was evident in all the financial information he was supposed to vet as Engagement Partner of the statutory auditor of the company. By failing to fulfil the fiduciary duties entrusted to him, he has displayed professional incompetence and lack of integrity."

NFRA had passed the order after investigating the case professional conduct of the statutory auditors of Coffee Day Enterprises during FY19; the auditors were led by their Engagement Partner, Aravind Maiya. An engagement partner is the person at the audit firm who leads the assignment.

NFRA had started its investigations following Sebi's investigations into fund diversion from CDEL.

GST collection ₹1.87 crore in October

NEW DELHI, Nov 2: Buoyed by festival demand, Goods and Services Tax (GST) collection of the Union and state governments shot up to ₹1.87 crores in October, the second highest reported so far since the new indirect tax regime was introduced in 2017, official data showed on Friday.

The highest ever GST collection of ₹2.1 trillion was reported in April.

GST revenue collection in October shows an 8.9% annual growth from what was collected in the year ago period. In September, ₹1.73 trillion was collected as GST, showing a 6.5% annual growth in that month.

Figures for the tax on consumption show that the ongoing festival season had a salutary effect on purchase of goods, which the industry was banking on. Tax received in October is for transactions in September.

The improvement in GST collection due to festival demand was expected by policy makers, who are optimistic about continued improvements in rural consumption. Policy makers are, however, watchful about what they see as a moderation in urban demand.

The monthly economic review of the finance ministry had pointed out that rural demand continues to improve, but any spillover effects of external factors like geopolitical conflicts could cause negative wealth effects, impacting household sentiments and altering spending intentions on durable goods.

India's forex reserves fall to $684.8 billion, down $3.4 billion as of October 25

NEW DELHI, Nov 1: India’s foreign exchange reserves have declined for the fourth consecutive week, following a remarkable run that saw them reach an all-time high last month.

According to data released by the Reserve Bank of India (RBI) on Friday, the forex reserves fell by USD 3.463 billion in the week ending October 25, bringing the total reserves to USD 684.805 billion. In the previous three weeks, reserves decreased by USD 3.7 billion, USD 10.7 billion, and USD 2.16 billion, respectively.

Prior to this downturn, India’s forex reserves peaked at a record USD 704.885 billion, driven largely by the RBI’s interventions to prevent a sharp depreciation of the Indian Rupee. A robust foreign exchange reserve acts as a crucial buffer, protecting the domestic economy from external shocks.

The RBI’s latest figures indicate that foreign currency assets (FCA), which comprise the largest segment of the forex reserves, currently stand at USD 593.751 billion. Additionally, gold reserves are reported at USD 68.527 billion.

Estimates suggest that India’s forex reserves are now adequate to cover approximately one year’s worth of projected imports. In 2023, the country added around USD 58 billion to its foreign exchange reserves, a stark contrast to the cumulative decline of USD 71 billion recorded in 2022.

Foreign exchange reserves are assets held by a nation’s central bank or monetary authority, typically denominated in reserve currencies such as the US Dollar, Euro, Japanese Yen, and Pound Sterling.

The RBI closely monitors foreign exchange markets and intervenes to maintain orderly conditions and mitigate excessive volatility in the Rupee’s exchange rate. The central bank does not adhere to a fixed target level or range but instead manages liquidity through strategies such as selling dollars to curb steep declines in the Rupee’s value.

Over the past decade, the Indian Rupee has transitioned from being one of the most volatile currencies in Asia to one of the most stable. The RBI’s strategy of buying dollars when the Rupee is strong and selling when it weakens has helped enhance the attractiveness of Indian assets to investors, offering improved performance and predictability.

 

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