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CCI approves Nestle’s acquisition of Pfizer nutrition biz: reports
The Competition Commission of India has approved the proposed combination of global FMCG major, Nestle SA, with pharmaceutical major, Pfizer, according to reports.
Reports stated that the proposed combination relates to the acquisition of the global nutrition business of Pfizer by Nestle in April this year.
Nestle had acquired the infant nutrition and nutritional supplement products, maternal supplements and adult nutrition products for $11.85 bn, says report.
Wadias to recover royalty from group companies: reports
Britannia Industries, Bombay Dyeing and Go Airlines will have to pay royalty to the parent for using the ‘Wadia Group’ brand name and for sharing common services, according to reports.
Reports state that both royalty and shared service costs will be paid to the group holding company, Nowrosjee Wadia and Sons Ltd. (NWS).
Each Wadia group company, whether listed or unlisted, will pay the family 0.1% of its net sales towards royalty and up to 0.25% for accessing shared services and group expertise, totaling no more than 0.35% a year.
Tatas charge 0.25% to their blue-chip group outfits, payable to holding company Tata Sons. The charge was introduction in 1996 by Ratan Tata.
The Wadia group has four listed companies - Bombay Burmah Trading Company, Bombay Dyeing, Britannia Industries and National Peroxide. They had combined net sales of Rs. 136.96bn and net profit of Rs. 3.94bn last fiscal.
At 0.35% of the net sales, the outgo on account of the royalty and other charges will amount to Rs. 480mn for these four companies, according to reports.
The initiative has been given a formal name - Wadia Brand Equity & Business Promotion and Shared Services Scheme.
Each Wadia group company has signed a deal with Nowrosjee Wadia & Sons Ltd.
The Wadia group has interests in Aviation, Retail, Healthcare, Auto Components, Plantations, Engineering, Chemicals, Food and Retail.
Result
Emami Q1 cons turnover at Rs3.39bn
The Board of Directors of Emami Limited met to consider unaudited financial results of the company for the quarter ended June 30, 2012.
While consolidated turnover at Rs. 3.39bn in the first quarter grew by 14.1%, consolidated EBITDA at Rs. 460mn grew by 14.0% over the corresponding quarter in previous year.
The quarter witnessed good summer season and as a result our summer Brands performed exceptionally well leading to a growth of 22.2% in our Domestic business. Navratna Oil, Navratna Cool Talcum Powder and Boroplus Prickly Heat Powder grew aggressively during the quarter. Other Brands like Boroplus Antiseptic cream, Zandu and Menthoplus Balm also grew satisfactorily.
Healthcare Division comprising of the OTC, ethical and generic products performed credibly in the quarter, registering strong growth.
Mohan Goenka - Director added : “Emami has recorded substantial profitable growth from its power brands like Navratna Oil, Boroplus Antiseptic Cream, Zandu and Menthoplus Balm. Navratna Cool Talcum Powder and Prickly Heat Powder also registered strong growth aided by strong summer season.
We have sustained our sales momentum, at a time when input costs and inflationary pressures were high. Continued growth in urban demand and rapid expansion in rural areas have helped the Company to maintain double-digit top-line growth. Consumer sentiment has been good and demand for our products continue to be robust”
Britannia Q1 net profit at Rs434mn
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Domestic News
Emami plans to set up plant in Assam
Emami Ltd reportedly seeks opportunities for greenfield expansion of its personal and healthcare products in Assam. The company plans to invest close to Rs. 500mn for the project.
N.H. Bhansali, Chief Executive Officer, Finance, Emami was quoted as saying, “We are in the process of identifying land. We hope to finalise by the end of this year.”
The company is setting up manufacturing units in Egypt and Bangladesh which would be operational by the end of this year, reports stated.
“Overseas business accounts for 13 per cent of our total sales. We expect it to remain stable at 14-15 per cent on an increased turnover this year,” Bhansali added.
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Keventer now exports Sesame to Mexico
Marico’s Saffola Oats wins Gold and Parachute Advansed Ayurvedic Silver at Appies 2012
Nokia unveils two new smartphones in Asha series
Pioneer India unveils high-end LX Series AV Receivers
Prestige introduces ‘Veggie Cutter’ – A little kitchen wonder!!
Quantum launches DXi8500 appliances with mass storage density and power savings
TI Cycles launches 2012 range of ‘Montra’ Bicycles
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HP Design jet Z6200 & L26500 to offer indoor and outdoor printing solutions
iBall ropes in Kareena Kapoor as brand ambassador for its mobile phone range
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AGM Speech - Emami Group
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Global News
Thai firm challenges Heineken's bid for APB: reports
Dutch brewer Heineken NV may face a battle for control of Asia Pacific Breweries Ltd. after Thai company made a bid for a stake in the maker of Tiger beer, according to reports.
Reports stated that Thailand's Kindest Place Groups Ltd. has made an unsolicited 1.03 bn Singapore dollar (US$831 million) offer to buy Fraser & Neave Ltd.'s direct 7.3% stake in APB.
The offer comes after F&N's board recommended its shareholders accept Heineken's US$4.1 bn offer for the Singapore conglomerate's stake in APB,report says.
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Tyson profit falls
Nestle Sales Rise 6.6%