Two Indian State Firms Pull Bond Sales as RBI Moves Spark Swings
Refiner Indian Oil Corp. on Wednesday withdrew plans to sell as much as 30 billion rupees ($351 million) of five-year notes despite strong demand, while Power Finance Corp. on Monday canceled a 20-billion rupee sale of bonds due in July 2035.
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India's inflation cools to 2.1% in June, extending slide to more than 6-year lows
India's consumer inflation continued to ease in June to 2.10%, government data showed on Monday. The headline inflation rate extended its slide after dropping to a more than six-year low in May as growth in food prices continued to decline. Economists polled by Reuters had forecast June inflation at 2.5%. The consumer price index dropped for an eighth straight month in June. Inflation data offers more room to the RBI to continue relaxing its monetary policy, after its outsized rate cut of 50 basis points in May. RBI Governor Sanjay Malhotra said in May that record wheat production and a higher harvest of key pulses in the spring crop season "should ensure adequate supply of key food items," raising the prospects of a further decline in food inflation. "Aided by a good weather outcome, we expect inflation to average about 2.5% over the next six months. A high base over the last three years and strong cereal production will help keep food inflation lower for longer," HSBC said in a note on June 30. "A good monsoon will help contain inflation, boost real wages, and raise the purchasing power of informal sector consumers," HSBC said. The increase in domestic consumption would accelerate India's economy after it posted a faster-than-expected growth of 7.4% in the quarter ended March. Malhotra, however, has warned that the country needs to be watchful of weather-related uncertainties, as well as concerns around tariffs and their impact on global commodity prices. India has been negotiating with the U.S. to strike a trade deal before President Donald Trump's tariff deadline of Aug. 1, failing which the country would invite import duties of 26%. Indian media reported last week that a trade delegation was expected to travel to Washington for talks, after Trump restarted sending out tariff letter to countries early last week. New Delhi earlier this month proposed retaliatory duties against the U.S. at the World Trade Organization, Reuters reported, saying Washington's 25% tariff on automobiles and some auto parts would affect $2.89 billion of India's exports.
Business of Fashion
an hour ago
- Business of Fashion
Prada Eyes ‘Made in India' Collaboration After Sandal Scandal
Prada is looking to collaborate with 'artisanal footwear' makers in India in a partnership, it said on Friday, two weeks after the Italian luxury group triggered a controversy by debuting ethnic sandals resembling 12th-century Indian ones. After viral photos from a Milan fashion show drew criticism from Indian artisans who make the sandals - named after the historic city of Kolhapur in Maharashtra state - Prada was forced late last month to acknowledge that its new open-toe footwear was inspired by ancient Indian designs. The furore even saw sales of Indian sandals boom, with sellers and artisans seeing the controversy as a way to promote the heritage craft by tapping into nationalist pride. Prada said in a statement to Reuters that it held talks remotely on Friday with the Maharashtra Chamber of Commerce, which represents 3,000 Kolhapuri sandal artisans, and discussed potential opportunities for future collaboration. 'The next step will be for Prada's supply chain team to meet a range of artisanal footwear manufacturers,' the company said. The Maharashtra Chamber of Commerce said that Lorenzo Bertelli, son of Prada's owners and head of its corporate social responsibility, joined the talks on Friday. The chamber of commerce said that during the talks Prada said it aimed to launch a limited-edition 'Made in India' Kolhapuri-inspired collection of sandals in partnership with Indian artisans. India's luxury market is small but growing, with the rich splurging on designer fashion, top end sports cars and pricey watches. Prada does not have any retail stores in India, and its products are usually reserved for the super rich who shop overseas. The sandal scandal left the social media abuzz for days with criticism and sarcastic memes, with Indian politicians, artisans and the Maharashtra Chamber of Commerce demanding due credit to Indian heritage. By Dhwani Pandya, Elisa Anzolin, Abinaya Vijayaraghavan; Editors: Aditya Kalra, Susan Fenton Learn more: After Prada 'Sandal Scandal,' Indian Sellers Tap Nationalist Pride to Boost Sales Sales are surging for the 'Kolhapuri' sandals that garnered global attention after Prada sparked a controversy by showing a similar design on the runway without crediting its origin.
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Apollo Pipes begins commercial production of uPVC Doors & Windows at Dadri facility
Apollo Pipes Limited (APL), one of India's top six piping solution providers, has officially commenced commercial production of its 'uPVC Doors & Windows' at its manufacturing facility in Dadri, Uttar Pradesh. This launch marks APL's strategic entry into the premium home improvement space, expanding its product portfolio and reinforcing its commitment to quality-driven innovation. The new line adds over 250 SKUs and offers a total capacity of 4,000 tonnes per annum. With a focus on the northern Indian market, APL aims to capture demand in the high-value uPVC segment. Backed by strong infrastructure and technical expertise, the company plans to deliver efficient, durable, and cost-effective solutions. Sameer Gupta, Chairman cum Managing Director, Apollo Pipes (APL), stated, 'This strategic investment reflects our commitment in diversifying our product portfolio and strengthening our presence in high-value segments like the window and door market, which offers higher EBITDA margins. As a result, this expansion is expected to be value accretive. With this move, APL will become one of the few manufacturers in India with capability to produce specialized windows and doors, positioning itself amongst an elite group of technologically advanced players. The new production line will allow us to introduce over 250+ SKUs, greatly enhancing our ability to serve complex and customized infrastructure needs. Supported by our well-established distribution network and strong execution capabilities, we are confident in our ability to rapidly scale up this segment.' This move positions Apollo Pipes to compete in a niche but growing category with fewer players, helping it strengthen its brand presence across the home improvement segment. Ahmedabad Plane Crash Aman Shukla is a post-graduate in mass communication . A media enthusiast who has a strong hold on communication ,content writing and copy writing. Aman is currently working as journalist at
