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Economic Times
8 minutes ago
- Economic Times
Mcap of 7 of top-10 valued firms erodes by Rs 1.35 lakh cr; TCS biggest laggard
The combined market valuation of seven of the 10 most valued firms eroded by Rs 1.35 lakh crore last week, with Tata Consultancy Services (TCS) taking the biggest hit. ADVERTISEMENT Last week, the BSE benchmark tanked 863.18 points or 1.05 per cent. TCS, Bharti Airtel, ICICI Bank, State Bank of India, Infosys, Life Insurance Corporation of India (LIC) and Bajaj Finance faced a combined erosion of Rs 1,35,349.93 crore from their market valuation last week. However, Reliance Industries, HDFC Bank and Hindustan Unilever saw an increase in their mcap. Together, these three firms added Rs 39,989.72 crore in market valuation. The valuation of TCS tumbled Rs 47,487.4 crore to Rs 10,86,547.86 crore. The market capitalisation (mcap) of Bharti Airtel eroded by Rs 29,936.06 crore to Rs 10,74,903.87 crore. ADVERTISEMENT Bajaj Finance's valuation tanked Rs 22,806.44 crore to Rs 5,44,962.09 crore and that of Infosys dropped by Rs 18,694.23 crore to Rs 6,10,927.33 crore. The mcap of State Bank of India declined by Rs 11,584.43 crore to Rs 7,32,864.88 crore. ADVERTISEMENT ICICI Bank faced an erosion of Rs 3,608 crore to Rs 10,50,215.14 crore from its market valuation while LIC lost Rs 1,233.37 crore to Rs 5,59,509.30 crore. However, Hindustan Unilever Ltd added Rs 32,013.18 crore, taking its valuation to Rs 5,99,462.97 crore. ADVERTISEMENT The mcap of HDFC Bank jumped Rs 5,946.67 crore to Rs 15,44,025.62 crore and that of Reliance Industries Ltd climbed Rs 2,029.87 crore to Rs 18,85,885.39 crore. Reliance Industries remained the most valued firm, followed by HDFC Bank, TCS, Bharti Airtel, ICICI Bank, State Bank of India, Infosys, Hindustan Unilever, LIC and Bajaj Finance.
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Business Standard
8 minutes ago
- Business Standard
Decathlon India eyes $1 bn sales in 5 years with double-digit growth
French sports goods retailer Decathlon plans to reach nearly a billion-dollar sales in the Indian sports market over the next five years, helped by the expansion of its retail channels and product portfolio and growing sports culture in the country, its India Chief Executive Officer Sankar Chatterjee has said. Decthlon, which currently operates 132 stores in 55 cities across India, plans to expand its retail footprint to over 90 cities by 2030 and plans to register a revenue of around Rs 8,000 crore by then. "We are looking towards a double-digit growth in terms of our revenue year by year. After having a double-digit growth for the next five years, we believe that we will be able to get a significant market share in the sports market in India," Chatterjee said. In FY24, Decathlon Sports India Pvt Ltd reported its revenue from operations at Rs 4,008.26 crore and returned to profitability. When asked whether Decathlon Sports India aspires to be billion billion-dollar company in the next four to five years, the chief executive said: "That's our target". "In the next five years, we will be looking towards a number (revenue) which is a little more than Rs 7,500 crore and 8,000 crore," he said. Stating that the current market condition is very agile, he said Decathlon has started navigating for the very long run in the country. "But at the same time, we are looking towards a consistent double-digit growth in the Indian segment in the next five years, which will help us to reach a significant number, and take more market share in the sports segment for India," he added. According to Chatterjee, Decathlon has "big plans for India", where it has increased local sourcing to 70 per cent, intending to step it further to 90 per cent by 2030. "India is an important country for Decathlon, we are looking towards a double-digit growth year by year, over the next five years, and at the same time, we are scaling with 10 to 15 stores in a year," he said. Though as per its retail growth strategy, it is not only focusing majorly on metropolitan cities, especially the top seven, but also entering into smaller tier II and III cities, which have a good sports culture. The company has opened stores in small places as Prayagraj (UP), Kolhapur (Maharashtra), Solan (Himachal Pradesh), Udaipur (Rajasthan), besides in metro cities like Phoenix Marketcity in Kurla, Mumbai and Pondy Bazaar, Chennai. "So, we are looking towards opening in different cities, also concentrating on existing cities and scale up," he said, adding that "we are opening more stores, penetrating more with digital at the same time, opening new geography". Decathlon is focusing on places where sports awareness is high, such as Panipat in Haryana and Chandigarh, where it has opened stores. Besides, it is also planning to open more stores in the Northeast region. "We believe that the top 50 cities of India have a real potential for sports, where the government wants to penetrate, and we have quite a lot of success in those new geographies," he noted. Besides, Decathlon is also looking at the omnichannel system, strategically integrating its online platforms and offline retail stores. When asked about the growth of online and brick and mortar channels, he said Decathlon expects a right share of growth by each channel to take more market share. Over the expansion of the product portfolio, he said, now in India, the company is witnessing an increase in the expertise level of products in many sports. "It could be Mountain Sports, it could be sports of running. It could be racket sports like pickleball, which is picking up very well," said Chatterjee. Moreover, to make its products more affordable, Decathlon has also started a circular business model in the country, where it is offering repair services, sale of refurbished products at its stores and buyback of used equipment. "Second Life (resale), buyback and also selling those products, we have a very good response," he said, adding that "today, we have a limited typology of the products, but it could be expanded in a much bigger way in terms of usage for circularity". The company entered India by starting production in 1999 and retail operations in the country in 2009. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
New Indian Express
8 minutes ago
- New Indian Express
Coimbatore farmers flag reduced subsidy to build underground water tanks
COIMBATORE: Farmers are aggrieved as the subsidy for constructing underground water tank has been reduced from Rs 350 per cubic metre to Rs 125. "Under the Supplementary Water Management Activities (SWMA), subsidies are being provided by the central and state governments to install drip irrigation systems, with the aim of reducing water requirement for agriculture, increasing the yields and income of farmers. Due to the current decline in groundwater levels, water available in agricultural borewells is less and at lower pressure, and cannot be used directly for drip irrigation," K Balakrishnan, a farmer from Sulur taluk. "To overcome this, the SWMA project has been providing subsidies for constructing underground water tanks, which are used to store water for drip irrigation. It costs a maximum of Rs 40,000 to build a tank, Rs 10,000 to lay pipes and Rs 15,000 to install a pump set. Many farmers showed interest in this project and benefited from it. Meanwhile, this subsidy was reduced and now, Rs 125 per cubic metre is provided to construct a tank with clay or polythene sheet under the National Horticulture Mission," he added. "If a farmer constructs a cement tank, it costs around Rs 1,000 per cubic metre, totalling Rs 4 lakh for a tank with 1.14 lakh litre capacity. The government provided subsidy of Rs 350 earlier, which was useful. But the current subsidy is very less," he said. PK Selvaraj, founder of Kaushika Neer Karangal said, "The subsidy of Rs 125 per square cubic metre is not feasible. The subsidy for constructing clay tanks is not appropriate for the current technology. Constructing tanks with polythene sheets is not a permanent solution. Polythene sheets are quickly damaged due to heat, and also by animals. In case of clay tanks, water penetrates into the ground." P Siddharthan, deputy director of horticulture department said, "The cost for constructing cement tank is higher than clay or using polythene sheets. The present scheme is planned in a manner that beneficiaries can get up to Rs 75,000 as subsidy per tank. As farmers feel cement structure is a permanent solution, a proposal will be given to the government."
