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How have household expenses in India increased over the years?
short by Pragya Swastik / on 25 Feb 2024,Sunday
The average Monthly Per Capita Consumption Expenditure (MPCE) in 2022-23 was ₹3,773 in rural India and ₹6,459 in urban, according to the government's Household Consumption Expenditure Survey 2022-23. In 2011-12, the expenditure was ₹1,430 in rural areas and ₹2,630 in urban areas. The data showed that Indian household spending has more than doubled in over a decade.
short by Pragya Swastik / 12:52 pm on 25 Feb
Indians are spending less on food, particularly staples like rice and wheat, and more on discretionary items like processed food, clothing, and entertainment, as well as durables like televisions and fridges, government consumption data showed. The data showed that the average rural consumer spending rose to ₹3,773 a month per person in 2022-23. Average urban consumer spending rose to ₹6,459.
short by Pragya Swastik / 12:49 pm on 25 Feb
Actor and stand-up comedian Vir Das criticised IndiGo after he experienced a delay, allegedly for the fifth time in a row. "When did IndiGo turn into the 'board you on time, but keep you on the flight and depart when you're supposed to land' airline?" he asked. In response, IndiGo said delay happened due to traffic congestion at Mumbai airport.
short by Shalini ojha / 02:53 pm on 25 Feb
Yohan Poonawalla buys Queen Elizabeth II's Range Rover
short by Pragya Swastik / on 25 Feb 2024,Sunday
Poonawalla Group's Yohan Poonawalla has bought the Range Rover used by the late Queen Elizabeth II for an undisclosed amount. The car still retains the same registration number, OU16XVH, used by the Queen. The Loire Blue car with Ivory Leather Interior had a reserve price of over ₹2.25 crore on Bramley's website but Poonawalla chose to purchase the car privately.
short by Pragya Swastik / 02:51 pm on 25 Feb
Disney, Reliance sign pact to merge media ops in India: Report
short by Ashley Paul / on 25 Feb 2024,Sunday
Walt Disney and billionaire Mukesh Ambani-led Reliance Industries Limited have signed a binding pact to merge their media operations in India, Bloomberg reported, citing people familiar with the matter. Reliance Industries and its affiliates are likely to own at least 61% of the merged entity, while Disney will hold the rest. The deal will likely be announced in few days.
short by Ashley Paul / 05:38 pm on 25 Feb
Iranian authorities have traced Kourosh Company's head Amir Hossein Sharifian, who is accused of cheating people willing to buy iPhones of over ₹290 crore. Due to US sanctions on Iran, Apple isn't allowed to directly sell iPhones in Iran. Sharifian used fake half-priced deals and celebrity endorsements to lure customers, who didn't eventually receive the iPhones they'd paid for.
short by Ashley Paul / 01:09 pm on 25 Feb
MoS IT Rajeev shares clip comparing Nvidia, Intel mcaps over 10yrs
short by Ashley Paul / on 25 Feb 2024,Sunday
Minister of State for IT Rajeev Chandrasekhar shared an X user's video comparing market capitalisations (mcaps) of chipmaker Nvidia and tech major Intel over 10 years. The video shows Nvidia's mcap at $9.3 billion and Intel's at $128.3 billion on January 2, 2014. Around September 2015, Nvidia's mcap saw exponential growth due to rising craze of Bitcoin and Ethereum mining.
short by Ashley Paul / 04:22 pm on 25 Feb
How two MBA friends built a millet muesli business
short by Rashmi / on 25 Feb 2024,Sunday
When Poojitha Turumalla and Keerthi Kabra were completing their graduation in Agriculture and Rural Development, little did they know that they would one day set up a millet breakfast enterprise with global buyers. Millet Mantra, their bootstrapped startup, sells millet-based muesli in multiple flavours in India and abroad and is set to cross Rs1 crore in revenues.
short by Rashmi / 02:23 pm on 25 Feb
Dharavi residents won't get full ownership of houses: MLA Gaikwad
short by Debaroti Adhikary / on 25 Feb 2024,Sunday
Dharavi MLA Varsha Gaikwad on Saturday alleged Dharavi residents won't get full ownership of their houses after Adani Group's redevelopment as large part of the land belongs to Railways. "[It's] most sophisticated land grab in history...We have already exposed how this ill-conceived project will cause displacement of over seven lakh people who Dharavi," the Congress leader added.
short by Debaroti Adhikary / 12:46 pm on 25 Feb
Ambanis facilitate new temple complex in Guj before Anant-Radhika wedding
short by Debaroti Adhikary / on 25 Feb 2024,Sunday
Ahead of Anant Ambani and Radhika Merchant's wedding, the Ambani family has facilitated the construction of several new temples in Jamnagar, Gujarat. The temple complex, overseen by master sculptors, will reportedly also showcase the talents of local artisans. Anant Ambani and Radhika Merchant got engaged last year and are set to get married in July.
short by Debaroti Adhikary / 05:54 pm on 25 Feb
ED summons Hiranandani promoters over Forex violations
short by The Hawk Editor / on 25 Feb 2024,Sunday
ED summons Hiranandani Group's Niranjan and Darshan Hiranandani for questioning in a foreign exchange violation case. Searches conducted in Mumbai linked to FEMA. The probe includes a BVI-based trust and foreign transactions. The group pledges cooperation, amid separate accusations involving TMC leader Mahua Moitra and the Adani Group.
short by The Hawk Editor / 06:54 pm on 25 Feb
Billionaire Anne sells 50% Miss Universe stake amid bankruptcy
short by Debaroti Adhikary / on 25 Feb 2024,Sunday
Thai celebrity media tycoon Anne Jakrajutatip has sold 50% of Miss Universe ownership to Legacy Holding Group of Mexico owned by Raul Rocha Cantu, multiple reports claimed. This comes as the transwoman billionaire filed for bankruptcy amid fraud allegations. She had acquired Miss Universe Organization for $20 million in 2022.
short by Debaroti Adhikary / 03:59 pm on 25 Feb
Disney and Reliance sign pact to merge India operations
short by The Hawk Editor / on 25 Feb 2024,Sunday
Walt Disney Co. and Reliance Industries Ltd. have merged their media operations in India, creating a major force in the entertainment sector. Controlled by Mukesh Ambani, Reliance will own 61% of the merged entity, with Disney holding the remainder. This strategic partnership aims to tackle the competitive Indian market, with further details expected soon.
short by The Hawk Editor / 06:01 pm on 25 Feb
ED summons Niranjan Hiranandani, son Darshan in FEMA case: Report
short by Debaroti Adhikary / on 25 Feb 2024,Sunday
The Enforcement Directorate (ED) has summoned Hiranandani Group's Founder Niranjan Hiranandani and his son Darshan Hiranandani in a Foreign Exchange Management Act (FEMA) case, a report said. This comes after ED reportedly conducted raids at multiple premises of the real estate giant in Mumbai. The promoters have been asked to appear before ED officials on February 26 (Monday).
short by Debaroti Adhikary / 04:59 pm on 25 Feb
Berkshire's eye-popping performance is over: Warren Buffett
short by Debaroti Adhikary / on 25 Feb 2024,Sunday
Warren Buffett in his annual letter to shareholders said, "Berkshire is built to last." He added his conglomerate has virtually "no possibility of eye-popping performance" in the years ahead. "Berkshire now occupies nearly 6% of the universe...Doubling our huge base is simply not possible within, say, a five-year period, particularly because we are highly averse to issuing shares," he added.
short by Debaroti Adhikary / 01:10 pm on 25 Feb
Confused between shares of ITC and HUL? Check shares price target
short by Prashant Singh / on 25 Feb 2024,Sunday
The fast-moving consumer goods (FMCG) industry continues to see sales growth led by pricing intervention in the last one year, according to ICICI Direct. However, the FMCG market volume growth was negative for a third consecutive quarter. The report added that the intensity of decline was less in Q3 compared to H1FY23.
short by Prashant Singh / 02:07 pm on 25 Feb
Odoo's billionaire Belgian CEO Fabien Pinckaers, who moved to India to expand his business, said he has been close to bankruptcy for a few years to the point that he delayed salary payments. "Nobody was thinking about...what we should do. We were all just trying to survive...And then from one...year to another...things started to be super good," Pinckaers added.
short by Ashley Paul / 02:33 pm on 25 Feb
Blackstone CEO Schwarzman's pay declines 29% to $897 million
short by Debaroti Adhikary / on 25 Feb 2024,Sunday
Blackstone CEO Stephen Schwarzman's pay stood at $896.7 million (₹7,432 crore). This marks around 29% decline from his record pay of $1.26 billion (₹10,443 crore) in 2022. He received $777 million as dividend payouts in 2023 for 231.9 million shares of Blackstone. Schwarzman's compensation also fell 53% to $119.8 million.
short by Debaroti Adhikary / 04:46 pm on 25 Feb
9 small-cap stocks are a favourite of Mutual Funds, AIFs and ULIPs
short by Prashant Singh / on 25 Feb 2024,Sunday
Discover 9 small-cap stocks favored by mutual funds, AIFs, PMS, and ULIPs. These top picks showcase promising opportunities for investors seeking growth potential in diverse sectors of the market. Small-cap stocks refer to companies with relatively small market capitalizations, typically less than Rs 5,000 crores. Economic Times has compiled these 9 small-cap stocks using data of Finalyca.
short by Prashant Singh / 01:29 pm on 25 Feb
Berkshire Hathaway Chairman Warren Buffett said his longtime friend and the firm's former Vice Chairman late Charlie Munger said buying Berkshire was a "dumb decision" but assured that he'd help him correct his "mistake". Munger "promptly advised me...'Abandon everything you learned from your hero, [financial analyst] Ben Graham. It works but only when practiced at small scale'," Buffett recalled.
short by Ashley Paul / 12:48 pm on 25 Feb
Sanjiv Bhasin on PSU stocks: Ace investor's BIG take - Sell?
short by Prashant Singh / on 25 Feb 2024,Sunday
Ace investor Sanjiv Bhasin, on Friday said that valuations of Public Sector Undertaking (PSU) stocks are stretched. Commenting on the recent rally of PSU stocks, Bhasin said that investors, who were invested in PSU stocks so far must also learn to book profits. He also commented on Maruti and Oil Marketing Companies in an exclusive interaction on ET NOW.
short by Prashant Singh / 02:46 pm on 25 Feb
Earth riding on US: Kotak on 7 most-valued firms now & 10 yrs ago
short by Ashley Paul / on 25 Feb 2024,Sunday
Billionaire Uday Kotak reacted to data showing valuations of seven most-valued firms in the US 10 years ago and now. "[It] shows the US power in the world...Planet Earth is riding on them over all else for now!" Kotak said. "While the US$ as a reserve currency and military power are important, the strength is [US'] relentless creativity," he added.
short by Ashley Paul / 03:19 pm on 25 Feb
HIIT, Exicom Tele-Systems among 6 IPOs opening next week
short by Ashley Paul / on 25 Feb 2024,Sunday
Six IPOs are due to open next week along with the listing of five companies. Highways Infrastructure Investment Trust (HIIT) will open its ₹2,500-crore IPO on February 28 while Exicom Tele-Systems' ₹429-crore IPO will open on February 27. IPOs of Platinum Industries (₹235.32 crore), MVK Agro (₹65.88 crore), Owais Metal (₹42.7 crore) and Purv Flexipack (₹40.2 crore) will also open.
short by Ashley Paul / 12:27 pm on 25 Feb
Coca-Cola taught to stick with a truly wonderful business: Buffett
short by Debaroti Adhikary / on 25 Feb 2024,Sunday
Warren Buffett recently spoke about Berkshire's investments in American Express and Coca-Cola. "Both companies tried expanding into unrelated areas over the years and both found little success," he said. "But each was hugely successful in its base business...The lesson from Coke and AMEX [is] when you find a truly wonderful business, stick with it. Patience pays," he added.
short by Debaroti Adhikary / 01:35 pm on 25 Feb
West innovating for 100 years, we’re innovating now: Sanjiv Bajaj
short by Debaroti Adhikary / on 25 Feb 2024,Sunday
Bajaj Finserv MD Sanjiv Bajaj said public investment in infrastructure has helped the Indian economy as it has a multiplier effect. "More cement gets sold, more trucks get sold, more employment is generated," he said. "India innovating for the world...We are not copying what was done in the West...The West has been innovating for 100 years," he added.
short by Debaroti Adhikary / 02:43 pm on 25 Feb
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