CoinSwitch releases Proof of Reserves report
As of March 31, the company's total reserves stood at Rs2,764.20 crore, compared to customer holdings of Rs2,138.64 crore creating a surplus of Rs625.56 crore. This surplus reflects the company's prudent asset and liquidity management, providing reassurance to its growing investor base not only in large metros but also in smaller towns across the country. According to the comapny's recent How India Invests 2024 report, Hyderabad ranks among the top Tier-2 cities leading crypto adoption in India.
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Time of India
2 hours ago
- Time of India
Bihar's GSDP grew at 14.47 % in fiscal 2023-24: CAG
Patna: The state finances audit report of the Auditor and Comptroller General of India (CAG) on the govt of Bihar, tabled on the floor of the state legislature on Thursday, mentioned that during the financial year 2023-24, the GSDP of the state grew by 14.47 per cent over the previous year. The report said that during the same financial year, the liabilities of the state increased by 12.34 per cent over the previous year, with internal debt contributing 59.26 per cent of the total outstanding liabilities of the state. Net liabilities under internal debt increased by 13.51 per cent over the previous year, it said. As per the report, the committed expenditure, including interest payments, salaries, and pensions, constituted 36.89 per cent of the revenue expenditure and 36.35 per cent of the revenue receipts of the state during 2023-24. The committed expenditure increased at an average rate of 8.86 per cent, from Rs48,477.72 crore in 2019-20 to Rs70,282.32 crore in 2023-24, the report said. If the report is to be believed, the state's outstanding liabilities to GSDP ratio ranged from 33.24 per cent to 40.01 per cent during 2019-20 to 2023-24. The major component of the liabilities was internal debt (70.99 per cent during the current year), which included market borrowings. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Top 15 Most Beautiful Women in the World Undo The CAG report also mentioned that during the same period, the state had a revenue surplus of Rs2,833.06 crore over the revenue deficit of Rs11,288.20 crore during the previous year. "The fiscal deficit of the state decreased to Rs35,659.88 crore in the financial year 2023-24 from Rs44,823.30 crore in 2022-23," it said. According to the report, the revenue receipts of the state increased by 11.96 per cent over the previous financial year. Similarly, the contribution of the state's share in union taxes and duties and own tax revenue increased by 18.95 per cent (Rs18,094 crore) and 9.87 per cent (Rs4,343 crore) respectively, over the previous year. Similarly, the non-tax revenue increased by 27.14 per cent, whereas grants-in-aid from GoI decreased by 9.99 per cent over the previous year. The CAG report stated that the total budget of the state was Rs3,26,230.12 crore for the financial year 2023-24, but the state spent only 79.92 per cent of the total budget, which was less than its original budget. It said the state surrendered 36.44 per cent of its total savings of Rs65,512.05 crore. It added that the state incurred excess expenditure of Rs39.47 crore over the budgetary provisions in two grants. The report further highlighted that savings under 08 grants constituted 42 per cent of the total savings. "Most of the savings pertained to rural development, health, rural works, disaster management, and agriculture departments. In 17 grants, there were significant savings of more than 30 per cent," said the CAG report.
Time of India
a day ago
- Time of India
Tilaknagar Industries acquires Imperial Blue from Pernod Ricard
Tilaknagar Industries has signed an agreement to acquire the Imperial Blue whisky brand in India from France's Pernod Ricard for about Rs4150 crore in an all-cash deal, entering the whiskey segment which accounts for about two-thirds of India's spirits market. Tilaknagar, which sells Mansion House brandy, said the deal includes Rs282 crore which will be paid in four years after completion of the transaction. It also said it will raise upto Rs6500 crore, including upto Rs2,500 crores in equity or equity linked securities and the remaining in debt securities in one or more tranches. Explore courses from Top Institutes in Please select course: Select a Course Category Cybersecurity Degree Design Thinking Product Management healthcare Data Science others CXO Healthcare Others PGDM Data Science Data Analytics Digital Marketing Technology Public Policy Artificial Intelligence Management Operations Management Finance MBA MCA Leadership Project Management Skills you'll gain: Duration: 10 Months MIT xPRO CERT-MIT xPRO PGC in Cybersecurity Starts on undefined Get Details Pernod said the transaction to part with India's third biggest whiskey brand is due to its continuous assessment of its strategic opportunities, and the sale will enable the business to fully tap into premiumization trends and support sustained, profitable growth. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Morocco: Unsold Sofas Prices May Surprise You (Prices May Surprise You) Sofas | Search Ads Search Now Undo 'By exiting the admix value segment, this disposal will allow Pernod Ricard India to unlock further profitable growth and sharpen its focus on premiumization and innovation. It will also enable the company to allocate resources more effectively toward high-growth brands," said Jean Touboul, CEO of Pernod Ricard India. The proposed sale by the world's second biggest distiller is part of a broader global restructuring exercise initiated by Pernod Ricard—owner of best-selling brands like Absolut vodka and Jameson whisky—since last year. This includes a portfolio reshuffle, job cuts, and splitting its global brands into two blocks. Imperial Blue's sales have lagged in recent years as many Indian consumers moved to upgrade to premium brands over mass or prestige offerings. Live Events "With the acquisition, the company will become one of the leading players in brandy and whiskey, the two largest IMFL categories. Imperial Blue shall serve as a base for the company's premium portfolio strategy. This acquisition would also strengthen the distribution network of the company," said Tilaknagar in a statement. Imperial Blue operates in the 78-million-case per year deluxe whisky category, a bridge between the mass and premium segments. It sold 22.2 million cases in 2024, a meagre 0.5% from the year before with revenues of Rs3067 crore. A blend of Indian grain spirits and imported Scotch malts, the brand was launched in India in 1997 by Seagram, which was acquired by Pernod in 2002. With a market share of 8.6%, Imperial Blue trails McDowell's and Royal Stag in 2024, as per latest IWSR report. For Pernod, it accounts for one-third of its total whisky sales by volume globally even though sales have been declining steadily over the past few years, falling 4% between 2019 and 2024. With annual sales of 260 million cases in 2024, India is the largest whisky market in the world by volume. "This transaction represents a win-win for all stakeholders involved, both at the global and local level. It fuels our ambition to succeed even further in one of our top markets. This will further streamline our operations as we continue to invest in India's outstanding growth," said Alexandre Ricard, Chairman and CEO of Pernod Ricard. The company's Indian business also outpaced that of China to be the parent's second-largest market globally after the US. Founded in 1933 as Maharashtra Sugar Mills, Amit Dahanukar-led Tilaknagar is among India's ten largest distillers. Earlier this week, the company was named in a chargesheet filed by the Andhra Pradesh police in an ongoing inquiry into alleged malpractices and kickbacks of estimated Rs 218 crore.
Time of India
a day ago
- Time of India
Tilaknagar acquire Imperial Blue from Pernod Ricard
Tilaknagar Industries has signed an agreement to acquire the Imperial Blue whisky brand in India from France's Pernod Ricard for about Rs4150 crore in an all-cash deal, entering the whiskey segment which accounts for about two-thirds of India's spirits market. Tilaknagar, which sells Mansion House brandy, said the deal includes Rs282 crore which will be paid in four years after completion of the transaction. It also said it will raise upto Rs6500 crore, including upto Rs2,500 crores in equity or equity linked securities and the remaining in debt securities in one or more tranches. Explore courses from Top Institutes in Please select course: Select a Course Category PGDM Public Policy others Healthcare Data Science MBA Degree Operations Management Cybersecurity Digital Marketing Management Others Data Science Technology Project Management MCA CXO Product Management Leadership Design Thinking healthcare Data Analytics Finance Artificial Intelligence Skills you'll gain: Financial Analysis & Decision Making Quantitative & Analytical Skills Organizational Management & Leadership Innovation & Entrepreneurship Duration: 24 Months IMI Delhi Post Graduate Diploma in Management (Online) Starts on Sep 1, 2024 Get Details Pernod said the transaction to part with India's third biggest whiskey brand is due to its continuous assessment of its strategic opportunities, and the sale will enable the business to fully tap into premiumization trends and support sustained, profitable growth. 'By exiting the admix value segment, this disposal will allow Pernod Ricard India to unlock further profitable growth and sharpen its focus on premiumization and innovation. It will also enable the company to allocate resources more effectively toward high-growth brands," said Jean Touboul, CEO of Pernod Ricard India. The proposed sale by the world's second biggest distiller is part of a broader global restructuring exercise initiated by Pernod Ricard—owner of best-selling brands like Absolut vodka and Jameson whisky—since last year. This includes a portfolio reshuffle, job cuts, and splitting its global brands into two blocks. Imperial Blue's sales have lagged in recent years as many Indian consumers moved to upgrade to premium brands over mass or prestige offerings. "With the acquisition, the company will become one of the leading players in brandy and whiskey, the two largest IMFL categories. Imperial Blue shall serve as a base for the company's premium portfolio strategy. This acquisition would also strengthen the distribution network of the company," said Tilaknagar in a statement. Imperial Blue operates in the 78-million-case per year deluxe whisky category, a bridge between the mass and premium segments. It sold 22.2 million cases in 2024, a meagre 0.5% from the year before with revenues of Rs3067 crore. A blend of Indian grain spirits and imported Scotch malts, the brand was launched in India in 1997 by Seagram, which was acquired by Pernod in 2002. With a market share of 8.6%, Imperial Blue trails McDowell's and Royal Stag in 2024, as per latest IWSR report. For Pernod, it accounts for one-third of its total whisky sales by volume globally even though sales have been declining steadily over the past few years, falling 4% between 2019 and 2024. With annual sales of 260 million cases in 2024, India is the largest whisky market in the world by volume. "This transaction represents a win-win for all stakeholders involved, both at the global and local level. It fuels our ambition to succeed even further in one of our top markets. This will further streamline our operations as we continue to invest in India's outstanding growth," said Alexandre Ricard, Chairman and CEO of Pernod Ricard. The company's Indian business also outpaced that of China to be the parent's second-largest market globally after the US. Founded in 1933 as Maharashtra Sugar Mills, Amit Dahanukar-led Tilaknagar is among India's ten largest distillers. Earlier this week, the company was named in a chargesheet filed by the Andhra Pradesh police in an ongoing inquiry into alleged malpractices and kickbacks of estimated Rs 218 crore.
