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• India has made ETO testing mandatory for export of all spices to Singapore and Hong Kong

  India’s Spices Board has made testing for ethylene oxide (ETO) mandatory for all spices being exported to Hong Kong and Singapore, where authorities last month stopped sales of some products of two Indian spice brands on the ground that they contained high levels of ETO, a carcinogen. Testing has been made mandatory from May 6.

  

• Titan Q4 net profit rises 7% YoY to Rs 786 crore

  Net sales in January-March 2024 advanced 17% YoY to Rs 10,047 crore, compared to Rs 8,553 crore in the same period last year. The Board has recommended a dividend of Rs 11 per equity share for FY24. The Board has also approved the reappointment of CK Venkataraman as the MD of the company for a further period with effect from October 2024 up to December 2025. EBIT for the fourth quarter rose 8% YoY to Rs 1,139 crore, while EBIT margins declined 95 basis points to 11.1%.

  

• Indian diamond jewellery market to grow to US$ 17 bn by 2031

  Nirav Bhansali, Convener of National Exhibitions at GJEPC, said, “In the gems and jewellery industry, we are not merely purveyors of luxury; we are guardians of tradition, custodians of culture, and champions of craftsmanship. But in order to honor our rich heritage, we must also embrace the winds of change. Today, we are surrounded by the brightest minds and the most promising talents of our industry."

  

• Raymond re-appoints Gautam Hari Singhania as MD

  On Friday, Raymond re-appointed Gautam Hari Singhania as the managing director of the company for a term of five years starting from July 1, 2024, as mentioned in an exchange filing.

  

• Apparel retailer rue21 files for third bankruptcy, will close all stores

  rue21 has attempted to sell its business, but no buyer appeared willing to pay more than the company would earn by liquidating its inventory in "going out of business" sales and shutting down its stores, the company said in documents filed in Wilmington, Delaware, bankruptcy court.

  

• Hugo Boss profit tops expectations, but China lags

  The German fashion house is on an expansion mission, increasing marketing spend and opening 102 new points of sale in 2023, but its shares have fallen this year as it warned of slower sales growth.

  

• Fizz on the Street: Coke bottler looks to uncork IPO plans

  Coca-Cola's bottling operations in India are handled by HCCB and half a dozen franchisees that manufacture and distribute fizzy drinks Coke, Thums Up and Sprite, juices Minute Maid and Maaza, and Kinley water. Bottling is split evenly between HCCB and the franchisees.

  

• Apple sets revenue records in India amidst overall slump, says CEO Tim Cook

  “We did grow strong by double-digit, and so we were very, very pleased with that. It was a new March quarter revenue record for us. As you know, as I’ve said before, I see it as an incredibly exciting market and it’s a major focus for us.” Cook said, commenting on India market performance during the company’s earnings call Friday.

  

• All our spices comply with the regulations set up by FSSAI for Indian markets, says Dabur

  Dabur India assured that all its spices meet the regulations set by the FSSAI for the Indian market and by the Spice Board of India for overseas markets. CEO Mohit Malhotra stated that export consignments undergo testing by the Spice Board before shipment, ensuring compliance with regulations. The company uses steam sterilization for export consignments and has established an in-house micro lab for microbial testing.

  

• Yoga pants inventor Lululemon Athletica plans to enter India

  Lululemon Athletica plans to enter India independently, focusing on locations in Mumbai, Delhi, and Bangalore. The company, known for yoga pants, aims to tap into the country's growing demand for fitness and athleisure wear.

  

• ADIA, KKR book a $1.5b space in Reliance Retail warehouse

  ADIA and KKR invest $1.5 billion in RRVL's warehousing assets, managed by RPPMSL. RRVL transfers assets to RLWH. Financial details include debt, NCDs, and equity. RRVL's growth supported by investments and strategic partnerships.

  

• SLN Coffee appoints HUL's Sahib Singh as CEO

  On his appointment, Singh said, "I am very excited to join SLN Coffee Group. Levista has already made significant strides in the market, and I am eager to build on this momentum. I aim to drive SLN Coffee Group towards becoming a successful multinational corporation with world-class operations, capitalize on the brand's strengths, and explore new avenues for growth."

  

• FSSAI to launch quality check of food items like dairy products, spices, fortified rice

  The Food Safety and Standards Authority of India (FSSAI) plans to conduct surveillance on various food items like fortified rice, dairy products, and spices sold in the domestic market. This comes after a probe into alleged violation of norms in branded spices. FSSAI is already taking samples of spices from all brands to check compliance with its norms. The number of samples analyzed by FSSAI has substantially increased over the years, showing efforts to enforce food safety regulations. Non-compliance can lead to penalties under the FSS Act, including fines and imprisonment.

  

• Go DESi raises Rs 41 crore from Avishkaar Capital, others

  "There are immense opportunities in the packaged food industry in India which is growing rapidly at 20-25 per cent. The funding partnership with Aavishkaar Capital will help Go DESi strengthen its product portfolio, accelerate marketing, rapidly scale our geographic focus and expand our distribution reach," Vinay Kothari, Founder, Go DESi, said.

  

• MoEngage’s Flagship Event #GROWTH Summit to be Held in Mumbai on 9th May

  #GROWTH Summit MumbaiMoEngage’s flagship event in Mumbai offers attendees actionable insights and takeaways from expert panelists. ~ Brand Connect Initiative

  

• Blue Star net profit drops 29% to Rs 159.71 crore in Q4 FY24

  Blue Star's total income increased to Rs 3,340.16 crore in Q4 FY24 as against Rs 2,830.48 crore in the similar period of the previous fiscal. Its total expenses also grew at Rs 3,126.38 crore in the fourth quarter of 2023-24, compared with Rs 2,485.46 crore in the corresponding period of the last year.

  

• Adani Wilmar food business should double for next 3-5 years: Angshu Mallick

  Adani Wilmar expects improved margins in FY25 with a focus on oil meal products and distribution efficiency. Angshu Mallick foresees doubling the food business volume to two million tonnes in the next four years.

  

• Mars Cosmetics eyes doubling its revenue this fiscal

  The brand is also planning to open 20 new kiosks in states like Rajasthan, UP, Gujarat, and West Bengal.

  

• Dabur's profit up 16.5% to Rs 341.22 cr in Q4 FY24

  Dabur's revenue from operations in FY24 was at Rs 12,404.01 crore, up 7.58 per cent, as against Rs 11,529.89 crore a year ago. "Strong execution of our Power Brand strategy, Increased premiumization, and distribution footprint expansion coupled with the benefit of our stringent cost reduction actions helped Dabur to report a steady performance during the fourth quarter and the full year 2023-24," it said.

  

• Agilitas appoints Nirdosh Chouhan as chief technology and product officer

  Nirdosh Chouhan is a member of the founding team at Agilitas Sports. He will lead tech at Agilitas.