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<ul><li><keyword id="20068359" type="General" weightage="20" keywordseo="zee-entertainment" source="keywords">Zee Entertainment</keyword> has backed out from a $ 1.4 billion licensing agreement with <keyword id="19976118" type="General" weightage="20" keywordseo="disney-star" source="keywords">Disney Star</keyword> for the TV broadcast right for cricket matches.</li><li>This is reportedly a fallout of collapse of its merger deal with <keyword id="19914172" type="General" weightage="20" keywordseo="sony" source="keywords">Sony</keyword>.</li><li>Sony Corporation had on Monday announced the termination of the $ 10 billion merger.</li></ul> Zee Entertainment has backed out from a $ 1.4 billion licensing agreement with Disney Star for the TV broadcast right for cricket matches as a fallout of collapse of its merger deal with Sony, according to industry sources. Zee Entertainment Enterprises Ltd (<keyword id="20115912" type="General" weightage="20" keywordseo="zeel" source="keywords">ZEEL</keyword>), which has already missed the first instalment of around $ 200 million, will not move ahead, industry sources told PTI. The instalment to be paid to Disney Star was part of the $ 1.5 billion investment committed by Sony Group after its merger with ZEEL, said another industry source while confirming the development. Sony Corporation had on Monday announced the termination of the $ 10 billion merger agreement with ZEEL, while seeking $ 90 million for breach of conditions besides initiating arbitration. As per the merger agreement between ZEEL and Sony, the Japanese entity was supposed to invest $ 1.575 billion in the merged entity and have a majority stake. There were no immediate comments from ZEEL over the development. Three days after Sony called off the deal, ZEEL MD &amp; CEO <keyword id="20130441" type="General" weightage="20" keywordseo="punit-goenka" source="keywords">Punit Goenka</keyword> addressed a townhall meeting of around 3,000 employees across the globe, in which he asked them to move forward and chase new opportunities. "Our industry is witnessing rapid changes, and these winds of change are giving us a new shape. We have to mould ourselves to be well-positioned in order to capitalise on the opportunities coming our way. We have been leaders over the last 3 decades and have delivered value to our stakeholders, year on year," he said. On August 30, 2022, ZEEL had announced entering into a strategic licensing agreement with Disney Star for television broadcasting rights of the ICC Men's and Under-19 global events for a period of four years. Disney Star will continue to exclusively stream all ICC tournaments through its digital platform Disney+ Hotstar, a joint statement had said. This was done with the in-principle approval from the International Cricket Council (ICC). Disney Star bagged the broadcast rights of all ICC events for four years from 2024 to 2027 for the Indian market from the sport's global governing body. As per the agreement, ZEEL was supposed to have exclusive television rights for ICC men's events, including the ICC Men's T20 World Cup, which will be played in 2024 and 2026, ICC Men's Champions Trophy (2025), and the ICC Men's Cricket World Cup (2027), along with key ICC U-19 events, it said. ZEEL on Wednesday approached the National Company Law Tribunal (NCLT) to get Sony to honour a $ 10 billion merger deal. Sony had resisted the demand by Subhash Chandra's son Punit Goenka, who was investigated by Sebi over fraud allegations, to stay on after the merger. It has also initiated appropriate legal actions to contest the claims of $ 90 million (Rs 748.5 crore) filed by Sony Group before the Singapore International Arbitration Centre (SIAC). SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/webstories/oneplus-12-vs-oneplus-12r-heres-whats-different-between-the-two-devices/slidelist/107138750.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/oneplus-12-vs-oneplus-12r-heres-whats-different-between-the-two-devices/slidelist/107138750.cms" target="_blank">OnePlus 12 vs OnePlus 12R – What distinguishes the two new smartphones</a> <a href="https://www.businessinsider.in/business/auto/news/rolls-royce-spectre-rolls-out-as-indias-most-expensive-electric-car/articleshow/107051636.cms">Rolls Royce Spectre rolls out as India’s most expensive electric car</a> <a href="https://www.businessinsider.in/tech/news/global-pc-shipments-decline-for-the-eighth-straight-quarter-hopes-pinned-on-ai-to-drive-sales/articleshow/106981182.cms">Global PC shipments decline for the eighth straight quarter; hopes pinned on AI to drive sales</a>

Zee Entertainment backs out from $1.4 bn deal with Disney Star

<keyword id="564534" type="General" weightage="20" keywordseo="emami-limited" source="Orion">Emami Limited</keyword>, at a board meeting held on Thursday, announced that its founders, <keyword id="862121" type="General" weightage="20" keywordseo="R-S-Agarwal" source="Orion">R.S. Agarwal</keyword> and <keyword id="13094825" type="General" weightage="20" keywordseo="r-s-goenka" source="Orion">R.S. Goenka</keyword> have expressed their desire to step down from their current executive positions while continuing on the Board. Accordingly, the Board unanimously decided to appoint R.S. Goenka as Non-Executive Chairman while re-designating R.S. Agarwal as Chairman Emeritus effective 1st April, 2022. Both the Founders will not accept any emoluments from the Company for taking up their new positions. The decision comes in the wake of Board restructuring that was part of the succession planning of the FMCG business of the Group. The Emami Ltd Board also acceded to Sushil K. Goenka's desire to step down from his current position as the Managing Director of Emami Ltd as part of the transition process and has re-appointed him as a Whole-Time Director of the Company effective 1st April, 2022. <keyword id="195893" type="General" weightage="20" keywordseo="mohan-goenka" source="Orion">Mohan Goenka</keyword> and <keyword id="1935599" type="General" weightage="20" keywordseo="harsha-v-agarwal" source="Orion">Harsha V. Agarwal</keyword>, Whole-Time Directors of Emami Ltd., have been spearheading multiple functions and growing the business successfully thereby gaining immense exposure to steer the organisation forward. The Board therefore found them to be deserving candidates and re-designated Mohan Goenka and Harsha V. Agarwal and Whole-Time Directors as Vice Chairman-cum-Whole Time Director and Vice Chairman-cum-Managing Director respectively, effective April 1, 2022 to steer the organisation forward, subject to shareholders' approval. Commenting on the announcement, Founders, R.S. Agarwal and R.S. Goenka said, "We are happy to announce the re-designation of Mohan Goenka and Harsha V. Agarwal as Vice Chairman-cum-Whole Time Director and Vice Chairman-cum-Managing Director respectively. They have been in the forefront of running &amp; growing the organisation for over two decades and their ascension today is the formal recognition of their contribution by our esteemed Board." SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/chip-spending-increased-by-25-2-per-cent-in-2021-amid-global-shortage-gartner/articleshow/89322024.cms">Chip spending increased by 25.2 per cent in 2021 amid global shortage: Gartner</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/facebook-blames-prepaid-tariff-hike-in-india-for-slow-user-growth/articleshow/89321413.cms">Facebook blames prepaid tariff hike in India for slow user growth</a>

Emami founders step down from executive positions

The Indian Institute of Technology Madras (IIT-M) will be setting up an Innovation and Entrepreneurship fund of Rs 100 crore to support start-ups. The premier city-based institute said it is also planning to ensure that at least five of its Centers of Excellence rank among the top three in the world in their respective fields. "<keyword id="6354859" type="General" weightage="100" keywordseo="iit" source="Orion">IIT</keyword> Madras is going to establish an Innovation and Entrepreneurship fund of Rs 100 Crore to support student and faculty's efforts to establish start-ups." These were "among the top goals the institute has set for itself in the Strategic Plan for the Period 2022-27. The targets envisioned include creating an institute with a diversified group of faculty, students and staff, pursuing nationally relevant and internationally recognised basic and translational research," it said. IIT-M said it has been developing and following strategic plans periodically for more than two decades now. "By the end of this plan period, the institute will have significantly upgraded and augmented its infrastructure to support its ambitious programmes. The Discovery Campus, which is the satellite campus of IIT-M located about 36 km from main campus, will be home to an increasing number of specialised world-class research facilities," it said in a release. <keyword id="14247532" type="General" weightage="50" keywordseo="prof-v-kamakoti" source="Orion">Prof V Kamakoti</keyword>, Director of the institute, said, "in the next five years, we would like to realise an IIT Madras with a diversified group of faculty, students and staff actively pursuing nationally relevant and internationally-recognised fundamental and translational research. As part of this vision, we would like to have students from all parts of <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>, especially rural India to be associated with," them. Speaking about the Strategic Plan 2022-27, <keyword id="8730834" type="General" weightage="50" keywordseo="pawan-k-goenka" source="Orion">Pawan K Goenka</keyword>, Chairman, Board of Governors, IIT Madras, said it will usher in the next phase of the institution's quest towards global excellence. The institute is also planning new Programmes and Academic Outreach in the next five years. They include introducing hybrid and online postgraduate programmes and launching multidisciplinary PG programmes in current areas such as health policy studies, computational linguistics, disability studies, environmental humanities, digital humanities and medical humanities, it added. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/leaked-messages-show-googlers-are-taking-out-their-frustrations-over-layoffs-on-its-new-bard-ai-chatbot/articleshow/98221257.cms">Leaked messages show Googlers are taking out their frustrations over layoffs on its new Bard AI chatbot</a> <a href="https://www.businessinsider.in/entertainment/news/hbo-dropped-the-1st-teaser-trailer-for-succession-season-4-heres-what-to-expect-when-the-show-returns-this-march-/articleshow/97361611.cms">'Succession' will end with its 4th season. Here's what to expect when the show returns for its final episodes this March.</a> <a href="https://www.businessinsider.in/india/news/india-ranks-42-in-55-countries-on-international-ip-index/articleshow/98224833.cms">India ranks 42 in 55 countries on International IP Index</a>

IIT Madras to establish ₹100 crore Innovation & Entrepreneurship fund

<ul><li>ZEEL's domestic advertising <keyword id="45663" type="ORGANIZATION" weightage="20" keywordseo="Revenue">revenue</keyword> for Q3FY21 grew by 7.5% YoY and 43.6% QoQ.</li><li>Its international ad revenue and <keyword id="2212194" type="PERSON" weightage="20" keywordseo="subscription-revenue">subscription revenue</keyword> stood at Rs 577 million and Rs 1091 million respectively.</li><li>Its domestic subscription revenues reported a growth of 18% including revenue from its music business which has been reclassified as subscription revenue in this fiscal.</li></ul><keyword id="1417408" type="COMPANY" weightage="20" keywordseo="Zee-Entertainment-Enterprises-Limited">Zee Entertainment Enterprises Limited</keyword> announced that its domestic advertising revenue for Q3FY21 grew by 7.5% YoY and 43.6% QoQ. This sharp recovery post H1 is a reflection of a resurgence of consumer demand and spending, the broadcaster said in its statement. Its international ad revenue and subscription revenue stood at Rs 577 million and Rs 1091 million respectively. Its domestic subscription revenues reported a growth of 18% including revenue from its music business which has been reclassified as subscription revenue in this fiscal. Comparable growth of 9.3% in the domestic business was driven by both television and <keyword id="6245082" type="COMPANY" weightage="20" keywordseo="ZEE5">ZEE5</keyword>. ZEEL's all India viewership share stood at 18.2% in Q3. The network also launched 2 new channels – Zee Zest and Zee Vajwa, taking the network channel count to 47. ZEE5 global's MAUs and DAUs stood at 65.9 million and 5.4 million respectively in Dec’20 and it released 7 movies on ‘Pay Per View’ model. The report also stated that while its share is back to pre-COVID levels, overall network share has seen a decline due to FTA channels losing share and decline in the overall Hindi movie genre.

ZEEL's domestic ad revenue for Q3FY21 grew by 7.5% YoY

The Indian cricket board will be expecting the two new <keyword id="6354312" type="General" weightage="20" keywordseo="IPL" source="Orion">IPL</keyword> franchises to go for Rs 7000 crore to Rs 10,000 crore each after the bidding process begins here on Monday. It is still not clear whether the BCCI will announce the successful bidders on Monday itself after doing the technical evaluation of the bids. There are 22 companies which have picked up tender document worth Rs 10 lakh but with base price for new teams pegged at INR 2000 crore, there is expected to be only five to six serious bidders in fray. The BCCI is also allowing a consortium of up to three companies/individuals to bid for a franchise. However, in case of an individual or company, that particular entity's annual turnover should be minimum INR 3000 crore and in case of consortium, each of the three entities should have an annual turnover of INR 2500 crore. In this scenario, one of India's richest business tycoon <keyword id="111343" type="General" weightage="20" keywordseo="gautam-adani" source="Orion">Gautam Adani</keyword> and his Adani Group are expected to bid for the Ahmedabad franchise. Adani Group, if they finally put up a bid, are the favourites to own a new franchise. Similarly, RPSG group which is headlined by billionaire Sanjiv Goenka are also considered to be serious bidders for a new franchise. Whether RPSG would have any individual or other company as a part of consortium is still not known. "Gautam Adani and Sanjiv Goenka are the biggest names in the Indian industry. They will be serious bidders. Expect a minimum bid of INR 3500 crore from the potential bidders. Don't forget that IPL broadcast rights is projected around USD 5 billion (Rs 36,000 Crore). "So the economics will work accordingly as franchises get the TV revenue share equally," a BCCI insider tracking the developments told PTI on conditions of anonymity. For the record, Goenka owned the <keyword id="12377413" type="General" weightage="20" keywordseo="pune-franchise-rising-pune-supergiants" source="Orion">Pune Franchise Rising Pune Supergiants</keyword> (RPS) for two years and is also the owner of ISL franchise ATK Mohun Bagan. There has been buzz that Lancer group, which is owned by Manchester United owner Avram Glazer, has also picked up the bid document. The other notable companies which are in fray comprise Kotak group, pharmaceutical majors Aurobindo Pharma and Torrent group. The two cities that are favourites in terms of stadium capacity are <keyword id="10818893" type="General" weightage="20" keywordseo="narendra-modi-stadium" source="Orion">Narendra Modi Stadium</keyword> in Motera with more than 100,000 capacity while the other is Ekana Stadium in Lucknow with 70,000 capacity. The other cities in the hunt are Indore, Guwahati, Cuttack, Dharamsala and Pune. Former India cricketer may join one of the consortium A former India opener may join one of the consortiums which is expected to be serious bidders for the new franchises. "Yes, a former India opener is ready to shell out around INR 300 crore and buy a minority stake if the consortium he is part of is able to successfully bid for a new team. He comes from a business family and he does want to invest in a cricket team. "He is a distinguished player in his own right and also understands how the franchisee universe works," the BCCI source said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/gadgets/news/chip-shortage-hits-new-brands-in-tough-indian-laptop-market/articleshow/87234868.cms">Chip shortage hits new brands in tough Indian laptop market</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/petrol-and-diesel-prices-hiked-again-by-35-paise-for-fifth-consecutive-day-across-the-country/articleshow/87234812.cms">Petrol and diesel prices hiked again by 35 paise for fifth consecutive day across the country</a>

New IPL teams: BCCI expecting anything between ₹7,000-₹10,000 crore  with Adani, Goenka, Aurobindo in fray

<ul><li><keyword id="4511745" type="PERSON" weightage="20" keywordseo="too-yumm">Too Yumm</keyword>! that was launched its journey in 2017 roped in cricketer <keyword id="6354486" type="PERSON" weightage="20" keywordseo="virat-kohli">Virat Kohli</keyword> as its face pretty early in its journey.</li><li>Having Kohli as its face, along with various partnerships like <keyword id="6354312" type="COMPANY" weightage="20" keywordseo="IPL">IPL</keyword> and Inside Edge 2 have helped the brand stay visible. </li><li>Too Yumm! has expanded to many international markets and now is on its way to enter the kid’s category.</li></ul> The <keyword id="724092" type="COMPANY" weightage="20" keywordseo="RP-Sanjiv-Goenka-Group">RP-Sanjiv Goenka Group</keyword> (RPSG) ventured into the food and snacking category in 2017 with the launch of its low-calorie snacks brand, Too Yumm. The step was aimed at helping the group further its foray into the FMCG segment, which it considers to be a major growth driver. Since then, the brand has done its bit to make itself heard. It roped in Virat Kohli as a face of the brand, advertised heavily during IPL and recently partnered with Amazon Prime Video for the second season of its popular web series, Inside Edge. It has also recently came out with a high decibel campaign around four of its new flavors. Since its launch, the brand and done enough and more to stay in the public eye. Moreover, within 2 years of its launch, the brand has been able to scale its operations to reach a Rs 200 crore sales run rate in April 2019, becoming the country’s fastest growing healthy snacking brand in India. Following the reception it got in the country, it also spread to international markets including Singapore, Australia, Dubai, Oman, Bangladesh and Nepal. In a recent conversation with <keyword id="5831697" type="PERSON" weightage="20" keywordseo="Anupam-Bokey">Anupam Bokey</keyword>, CMO, RPSG, FMCG (<keyword id="4326807" type="COMPANY" weightage="20" keywordseo="Guiltfree-Industries">Guiltfree Industries</keyword>), we talk about all the brand has done so far in terms of marketing, and how it further plans to establish itself in a market that is still only opening up to the idea of healthy snacking. Edited excerpts: Q) Healthy snacking as an idea is slowly picking pace in India. Have you been able to convince consumers that healthy really means healthy and doesn’t really mean it won’t taste good? For over two years now, we have built our product around its core of healthy snacking. We waited to first successfully establish ourselves as a dominant player in the healthy snacking category before we could shift our focus to taste. By rolling out our recent flavors campaign, we have done just that. We have identified India’s favorite flavors and incorporated them into our snacks to provide an offering that ranks high on both taste and health benefits. I believe that through the flavors campaign, we will be able to convince our customers that leading a healthy lifestyle won’t mean compromising on taste. Q) Tell us a bit about the recently launched campaign and the thought behind it? Over the years, we have built our brand proposition around the health benefits of Too Yumm! Having established ourselves as a strong player in the category, we now wanted to shift our focus to what consumers tend to take into consideration, more often than not, when deciding between snacks. With our flavors campaign rolling out this year, we have identified India’s favorite flavors and incorporated them into our snacks. What makes our products stand out here is the fact that these flavors have been made specifically to cater to the Indian palete. Our new campaign ‘Har Craving ka Jawaab’ aims to position Too Yumm! as the perfect guilt-free solution to all cravings, irrespective of where or when they arise. The ad campaign reveals India’s favorite flavors according to Virat Kohli – Noodle Masaala, Dahi Pappdi Chaat, Chilli Chataka and Chilli Achaari. The TVCs deliver a strong message that no matter where or when a craving arises, it can be aptly satisfied by opening a pack of your favorite Too Yumm! flavor. Q) How has roping in Virat pretty early in your brand journey helped you build your brand image? We realized rather early on in our journey that to succeed in the healthy snacking category, we would need an influencer. With influencers picking only brands and causes that they support and can get behind, consumers take their opinions into consideration before making a purchase. For us, making Virat our health ambassador helped us successfully reach our target audience and convey the right message. Virat’s personality matches that of our brand and hence our consumers get the right idea. We make sure to rope in our health ambassador in most, if not all our communications with our consumers. Additionally, since he is an inspirational personality representing the most-loved sport of our country and falls within the target age bracket, the match seemed ideal. Being an inspiration to the youth of the country, Virat is admired for his fitness regime and healthy lifestyle. Keeping this in mind, when youngsters look at Virat endorsing and enjoying our brand, they immediately associate it to health and wellness. Our latest ad campaign built around the new flavours shows Virat satisfying his cravings by opening a pack of Too Yumm! Hence, making Too Yumm! an aspirational product for the millennial generation by default. Q) Are there any new categories that Too Yumm! is currently looking at entering? Our next aim is to expand our presence among kids. Since we have already established ourselves in the healthy snacking category and have the parents’ trust on our side, we believe now would be the right time to provide a greater variety of offerings to the children. Q) How was 2019 for brand Too Yumm? Can you share some growth figures? What are your targets for 2020, and how do you aim to achieve these numbers? 2019 has been a good year for us overall. We stayed true to the core of ‘Health’ for our brand and entrenched it further with the genres relevant to us – like sports, travel, music, humour, and health; associated with platforms such as Kumbh, IPL, Karare Strikers gaming, Amazon Prime – Inside Edge Season 2, Mughl-e-azam. In 2019, we also became the first and only FMCG brand to set a Guinness World Record at the Kumbh Mela 2019 by lighting the world’s largest diya as a symbol of good health. Within just 2 years of operation, we have managed to scale operations to reach a Rs 200 crore sales run rate by April 2019 – becoming the country’s fastest growing healthy snacking brand in India. Based on our success in India, we have also expanded distribution to International markets with Singapore, Australia, Dubai, Oman, Bangladesh and Nepal being some of the latest additions. From 5 variants and 15 flavours in the market, we aim to continue growing the healthy snacking market with the launch of newer variants and expansion to new markets. Our latest campaign focuses on the 4 hero flavors of Too Yumm! that are made to suit the India palate. Having established ourselves as a healthy snacking option, we want to introduce Too Yumm! in the kids market as well. So in totality, we have a lot of work and great plans in the pipeline for the brand. Q) How critical a role will your FMCG offerings play in RP <keyword id="6355523" type="PERSON" weightage="20" keywordseo="sanjiv-goenka">Sanjiv Goenka</keyword> Group’s overall growth? FMCG is just in its third year from a start-up; and in the very large RPSG group it’s a rather late entrant and small contributor currently. However it’s one of the most disruptive initiatives within the group that has a large vision and ambition for FMCG play with a very strong focus for the future. Q) What’s your primary media mix? We have a healthy media mix but a larger share of our communication is through TV and digital platforms as that provides us with requisite width to reach and engage our consumers. Q) Going ahead, what will be your broad marketing strategy to grow the brand further and capture a bigger market share? Our marketing strategy is more or less the same to reach our target audience – to provide our consumers with healthy yet tasty options for guilt free bingeing.

Having established itself in the healthy snacking category, Too Yumm! to foray into kid’s category soon

India Inc on Saturday termed the Budget as "growth provoking and welfare inducing" but said that urgent implementation of the measures proposed will be crucial for achieving desired outcomes, while acknowledging that Finance Minister Nirmala Sitharaman had "little room" to manoeuvre. Soon after Sitharaman unveiled the Union Budget for 2020-21 in Parliament woven around the themes of aspirational India, and economic development for all and caring society, India Inc took to Twitter to share views on the announcements.
 The finance minister proposed new slabs and reduced tax rates under them for an individual income of up to Rs 15 lakh per annum, if a taxpayer opts for foregoing exemptions and deductions.
 She also proposed to remove dividend distribution tax on companies, and henceforth the tax will be shifted to recipients at the applicable rate.
 "Amidst global turbulence and nations dealing with bushfires &amp; corona virus, FM Sitharaman has looked to craft a granular long-term strategy to focus on vital issues. The nation was requesting kuch 'caro na' to her, however she had little room to manoeuvre! (sic)," RPG Enterprises Chairman <keyword id="52673" type="PERSON" weightage="20" keywordseo="harsh-goenka">Harsh Goenka</keyword> tweeted. "FM promises end to tax harassment to India Inc. correcting companies act to decriminalise many non-compliances. A much needed message to infuse trust," Biocon CMD <keyword id="55796" type="PERSON" weightage="20" keywordseo="Kiran-Mazumdar-Shaw">Kiran Mazumdar Shaw</keyword> tweeted. PHDCCI President D K Aggarwal said the focus on economic development is the need of the hour to rejuvenate the growth momentum of the country.
 "Right areas of thrust for manufacturing - to be part of GVC, attract investment in electronics, focus on quality and facilitate export. Urgent implementation will be the key," Mahindra &amp; Mahindra Managing Director <keyword id="156418" type="PERSON" weightage="20" keywordseo="Pawan-Goenka">Pawan Goenka</keyword> tweeted. "Budget has put more disposable income in the hands of the common man by the rationalisation of the personal income tax slabs. Secondly, the removal of the dividend distribution tax is a welcome move and has great benefit for all those mutual fund investors who rely on dividend income from their mutual fund investments," Mahindra Mutual Fund MD &amp; CEO <keyword id="961366" type="PERSON" weightage="20" keywordseo="Ashutosh-Bishnoi">Ashutosh Bishnoi</keyword> said. Olectra Greentech Limited Executive Director Naga Satyam said the allocation of Rs 4,400 crore towards promoting clean air in the cities with 1 million plus population and steps to close the thermal power stations surpassing the permissible emission limits, reaffirms the government's commitment towards curbing pollution.
 "Sector specific allocations and reforms in direct tax will firmly handhold industry and startups in their economic pursuits. Budget envisages creating a caring society, greater trust in citizens and transparency in administration which is a sign of a matured economy," said Suraj Malik Partner, BDO India LLP.
 "DDT removal is good as it increases dividends received in the hands of the taxpayer - however, such receipts to now are taxable in their hands. Those above 20 per cent tax slab - will now face more tax on their dividend income," Archit Gupta, Founder, and CEO, <keyword id="2763190" type="PERSON" weightage="20" keywordseo="Cleartax">ClearTax</keyword> said.

India Inc acknowledges that FM had little room to manoeuvre

<ul><li>Creative Agencies to pay a nominal entry fee of INR 1,500/- per entry </li><li>Jury sessions to be conducted virtually </li><li><keyword id="3284582" type="PERSON" weightage="20" keywordseo="Kyoorius-Creative-Awards">Kyoorius Creative Awards</keyword> to donate 2,000 PPE kits on behalf of the advertising community of India to help health workers fight Covid-19. </li></ul> Kyoorius Awards are back – and changes with the times Earlier this year, much before the Coronavirus, it had announced significant changes to the Kyoorius Creative Awards in the context of the entry fee, an increasing burden in difficult economic times. “We understand and acknowledge the challenges faced by the entire creative fraternity and this disruptive step is being taken to enhance the participation levels while significantly reducing the award entry budgets,” <keyword id="599253" type="PERSON" weightage="20" keywordseo="Punit-Goenka">Punit Goenka</keyword>, Managing Director and Chief Executive Officer of <keyword id="1417408" type="COMPANY" weightage="20" keywordseo="Zee-Entertainment-Enterprises-Limited">Zee Entertainment Enterprises Limited</keyword>, the title sponsor, had said. The ongoing coronavirus is an added element of uncertainty and stress for the community and the rationalization of entry fees will be more welcome now. In addition to reducing the fees, Kyoorius Awards will donate a minimum of 2000 PPE kits to authorities in Mumbai, Delhi NCR and Bengaluru on behalf of the advertising community of India. The first consignment of 500 PPEs has been delivered in Mumbai. “Obviously, we debated whether the Award should, indeed, be held this year. After much thought, we decided that the Awards should be held, at the same size and scale as previous awards, but taking into account the realities of the post-coronavirus world that we live in,” says Rajesh Kejriwal, founder of Kyoorius. The entry fee will be a nominal Rs. 1,500/- per entry (exclusive of taxes). "The major change will be in the judging process. “While the quality and composition of the jury will be similar to previous years and will see both Indian and international practitioners assessing the work, the jury sessions will be online and virtual,” said Kejriwal. “It is a difficult time for all businesses including advertising, and we hope the Kyoorius Creative Awards plays a small role in the upliftment of the mood of the industry and all those who work in advertising and marketing, especially the younger professionals,” added Kejriwal. The key milestones and dates are as follows: <ul><li>Call for Entry Resumes – Monday, June 15th, 2020 </li><li>Entries Close - July 15th, 2020 </li><li>Jury Session </li><li>First Round – 31st July and 1st August 2020 o Final Round – 7th and 8th August 2020 </li><li>Awards Night – Friday, August 28th, 2020</li></ul>

Kyoorius Creative Awards are back, the seventh edition will be digital

Greater Noida, Feb 5 () Homegrown auto major Mahindra &amp; Mahindra on Wednesday introduced electric variant of its compact SUV KUV100 at starting price of Rs 8.25 lakh (ex showroon Delhi post FAME benefits) at Auto Expo here. The company claims that electric KUV 100 (eKUV 100) is India's most affordable passenger electric vehicle in the segmen. eKUV100 offers peak power output of 40kW, torque of 120 Nm and a range of 147 km, ideal for city commuters. It comes with automatic transmission and could be fast charged to 80 per cent within 60 minutes. Besides, the company showcased e-XUV300, which is expected to hit the market in the second half of 2021 to strengthen its position in the EV segment. The company, part of USD 20.7 billion Mahindra group has also showcased Aton, a new age urban mobility solution and Funster, a roadster electric concept with convertible rooftop. "It is our firm belief that shared mobility would drive large scale adoption of electric vehicles and hence our product offerings would continue to redefine shared mobility space. We intend to offer widest range of vehicles to meet the needs of shared mobility, " said Mahindra &amp; Mahindra Managing Director Pawan Goenka here. He further said " affordability" is the guiding principle of the company in EV category. Speaking on e-KUV 100, he said it was an ideal vehicle for shared mobility and personal mobility. Sharing the details of e-KUV 100, Mahindra's Head of Electric Vehicle Development Ashish Malik said it would give the thrill of driving an SUV and eco-friendly feeling at the same time. " It comes with a city friendly motor of 15.9 KV, which is perfect for city commute. It delivers power of 40 kw and torque of 120 Nm. The range is almost 150 km," he said. It can be fast charged to 80 per cent in 55 minutes. "It comes with a liquid cool battery pack and also offers the convenience and comfort of auto transmission and many connected car features as pre cool and switch it off and on remotely or even digital connected features which would be revealed at the launch," said Malik. While talking about eXUV300, Goenka said, "it would be launched in the second half of 2021." The eXUV300 is powered by a powerful motor and a large battery capacity ensures a long range. It has a new futuristic design with new features, smart and premium interiors with blue highlights to accentuate the new character of this SUV. It has been built on a platform that has 5-star safety rating from GNCAP. According to Goenka, the company has invested around Rs 1,700 crore on development of electric vehicles which includes technology, infrastructure and products. "Right now we are investing another Rs 500 crore to set up a new R&amp;D centre at Bengaluru and a new capacity which we are setting at Pune," he said. Goenka further said shared mobility would be the driver of growth as it would be commercially viable. "I do believe that in EV in India the primary segment for drive the growth would be shared mobility. The reason is that the EV would be commercially viable. They have to be driven 150 to 200 km in a day which cannot happen in personal use mobility," he said adding " that is the reason Mahindra is focussing on shared mobility before we get into vehicle like eKUV 100 or eXUV 300." The company also has plans to launch Treo.4 of its first lithium battery based three-wheeler auto. "This will have everything locally manufactured except lithium cell," he said adding "it would be coming out very soon". On the future of electric three-wheelers, he said: I wouldn't be surprised if in 3 to 5 years 50 per cent three-wheelers sold in India are electric three-wheelers." While talking about Funster, Goenka said it was designed at the company's own design studio at Mumbai. Funster offers an output of 230 kW with a top speed of 200 kmph, clocking 0 to 100 kmph in 5 seconds. Mahindra has showcased 18 vehicles in the Auto Expo and has one of the widest displays of EVs by an Indian OEM here. KRH ANUANU

Mahindra launches eKUV100 priced at Rs 8.25 lakh

New Delhi, Feb 7 () Homegrown FMCG major Emami Ltd on Friday reported a 5 per cent increase in its consolidated net profit at Rs 144.44 crore for the third quarter ended December 31, 2019 helped by rise in gross margins and cost control measures. It had reported a net profit of Rs 137.54 crore in October-December quarter a year ago, Emami said in a BSE filing. Its total income was at Rs 828.22 crore, up 1.02 per cent, during the quarter under review, as against Rs 819.83 crore in the corresponding period of the previous fiscal. The company posted resilient growth during the quarter despite ongoing challenges such as overall weak consumption environment in the domestic business, weak rural demand, liquidity concerns and hike in food inflation, Emami said in a post earning statement. "However, delayed onset of winters impacted the sales of winter portfolio leading to an overall flat revenue growth in Q3FY20 with consolidated revenues at Rs 813 crore," it added. Nearly 65 per cent of the portfolio (excluding winter products) grew by 8 per cent, Emami said. "While lower raw material costs helped the company to increase its gross margins, ongoing cost control measures are expected to aide profitability in the coming quarters," Emami Director Harsha V Agarwal said. Emami's total expenes was marginally up at Rs 548.62 in Q3/FY 2019-20 as against Rs 547.67 crore. "Our international business and modern trade channel continues to perform well and we are hopeful that in the next 2-3 quarters, the overall consumption environment will improve to drive offtake," said Emami Director Mohan Goenka. Shares of Emami Ltd on Friday were trading at Rs 301 on BSE in afternoon trade, down 0.64 per cent from the previous close. KRH DRR

Emami Q3 net up 5 pc at Rs 144 cr

New Delhi, Jan 22 () Tyre maker Ceat on Wednesday reported a marginal increase in consolidated net profit at Rs 52.5 crore for December quarter 2019-20.
The company had posted a profit of Rs 52.25 crore in the same period a year ago, Ceat said in a regulatory filing.
 Revenue from operations during the quarter under review stood at Rs 1,761.77 crore as against Rs 1,729.75 crore in the year-ago period, it added.
 "The company has performed well despite challenging business environment," Ceat Managing Director Anant Goenka said.
Ceat CFO Kumar Subbiah said the company's revenue growth and cost controls helped it deliver improved margins during the quarter. 
 "We continue to exercise dexterity in controlling our ongoing capex which has helped us to control our debt levels," he added. 
 The company said its board considered issuance of securities, including non-convertible debentures in one or more series/tranches, up to an amount of Rs 500 crore which has already been approved by shareholders in its last AGM in August 2019.
The board has authorised its Finance and Banking Committee to take such necessary steps in this regard, including finalisation of the terms of issuance of NCD or such other debt securities, it added.
 On the outlook, Goenka said, "We will be commissioning our Chennai and Nagpur plants in the fourth quarter and with the new capacities coming in, we are looking forward to growing the passenger segments." RKL

 RKL ANU
ANU

Ceat Q3 profit up marginally at Rs 52.5 cr

New Delhi, Feb 12 () Home textiles major Welspun India on Wednesday reported a 50 per cent increase in consolidated net profit at Rs 75.09 crore in the third quarter ended on December 31, 2019. The company had posted a consolidated net profit of Rs 50.08 crore in the same period last fiscal, Welspun India said in a regulatory filing. Revenue from operations for the said period stood at Rs 1,665.4 crore as against Rs 1,640.33 crore in the year-ago quarter, it added. The company said while the 'Welspun' brand has become one of the top two players in the value segment in home textiles, its emerging businesses collectively continue to grow by around 30 per cent. Flooring business reached 50 distributors and 450 dealers pan-India. Revenue from home textiles segment in December quarter stood at Rs 1,643.67 crore as compared to Rs 1,636.55 crore in the year-ago period. Flooring business for the quarter under consideration registered a revenue of Rs 21.82 crore as compared to Rs 3.81 crore in the third quarter of 2018-19, it added. Commenting on the company's performance, Welspun Group Chairman BK Goenka said, "our association with Amitabh Bachchan has not only had a positive impact on our flooring business, but has also catapulted the 'Welspun' brand to the top 2 position in the home textile value segment." He further said the company continues to build on differentiation strategy based on branding, innovation and sustainability. RKL RUJ

Welspun India Q3 net jumps 50 pc at Rs 75 cr

In order to grow its two-wheeler business, <keyword id="45224" type="CITY" weightage="100" keywordseo="Mahindra">Mahindra</keyword> Two Wheelers (a part of $16.5-billion Mahindra Group) has entered into a binding bid of Rs 216 crore to acquire 51% stake in Peugeot Motorcycles. This was announced yesterday after negotiations for several months. 
 <keyword id="156418" type="PERSON" weightage="80" keywordseo="Pawan-Goenka">Pawan Goenka</keyword>, executive director, Automotive business at M&amp;M said that the legal formalities will be done in three months, following which, the new board will have three nominees from Mahindra Two Wheelers and two from the PSA Group. 
 
Goenka said that Peugeot is a “good fit” to Mahindra Two Wheelers. "It is a strong brand, which can sit above Mahindra Scooters. The four areas M&amp;M-Peugeot will work on are building the brand - expedite global expansion, investing in product portfolio and bring together synergies in sourcing and selling," he said. 
 
"We can work together in helping them grow in emerging markets like India, and Africa. We are infusing money so they will have enough headroom to develop new products. They have a very strong technology centre with over 20% of its workforce dedicated for R&amp;D with good styling team, which can have a strong rub-off effect on M&amp;M," he added. 
 
Peugeot is the fifth largest two-wheeler maker in Europe with a market share of 9% and annual volume of 79,000 units.

Mahindra To Buy 51% Stake In Peugeot Motorcycle

New Delhi, Jan 21 () Media and entertainment firm Zee Entertainment Enterprises on Tuesday reported a 38 per cent fall in its consolidated net profit for October-December quarter at Rs 348.60 crore, mainly on account of decline in advertising revenue.
 The company had posted a net profit of Rs 562.76 crore in the same period a year-ago, Zee Entertainment Enterprises Ltd (ZEEL) said in a filing to the BSE.
 Its total income stood at Rs 2,119.60 crore during December quarter as against Rs 2,252.75 crore in the corresponding quarter last year. 
 "Third quarter is normally a strong growth period for us, however, the tough macro-economic environment led to a decline in our ad revenues," ZEEL MD and CEO Punit Goenka said.
 Most of our advertisers are going through a slow growth period and that has led to a cut in advertising spends, he added.
 "I believe that the worst phase is behind us and we will start seeing an improvement from the next quarter," Goenka said.
 Despite the slowdown, the company continues to make investments in businesses where it sees potential for growth, he added.
 ZEEL's advertisement revenue during the third quarter declined to Rs 1,230.82 crore from Rs 1,426.57 crore a year ago, the company said.
 Shares of Zee Entertainment Enterprises on Tuesday closed 4.86 per cent higher at Rs 283.95 per scrip on the BSE. AKT RVK

Zee Entertainment Enterprises Q3 net profit dips 38 pc to Rs 348.60 cr

New Delhi, Dec 5 () The ED has attached assets worth over Rs 4 crore in connection with its money laundering probe against a Bihar-based man who is alleged to have opened bank accounts in the name of shell or bogus firms, the agency said on Thursday.
Raj Kumar Goenka was booked by the police in Bihar and the case against him is registered at the Mithanpura police station in Muzaffarpur district.The Enforcement Directorate (ED) alleged that Goenka misused KYC (Know Your Customer) information of his employees and other people to deposit and transfer illegitimate funds.
KYC is a process through which banks obtain information about the identity of their customers so that its services are not misused.
The agency said in its probe it found that the Goenka had opened many bank accounts fraudulently in the name of his family members and employees. Illegal and unaccounted cash was deposited in these accounts without showing any genuine source of income, the ED said. 
"The proceeds of crime placed in these bank accounts have been claimed as business income from firms like Kanta Sales Corporation, Pooja Trading Company, Pooja Jewellers, Manish Jewelers etc though no real business have been carried out by these firms," the agency said in a statement. 
No records relating to business operations by these firms could be produced during investigation and when these locations were raided by ED sleuths in June "nothing related to any business activity was found", it said. 
"Investigation revealed that Income Tax Returns (ITRs) declaring business income were filed regularly to cover up the crime. Even the ITRs in the name of school going children with fraudulently obtained PAN were filed to disguise the illegal money as business income," it alleged. 
Proceeds of crime generated in cash have been siphoned off after being layered through several bank accounts of multiple shell companies, the ED said.
The agency has issued a provisional order against Goenka under the Prevention of Money Laundering Act (PMLA) attaching three houses, valued at Rs 3.13 crore, in Muzaffarpur, two vehicles worth Rs 18.57 lakh, bank balances worth Rs 23.34 lakh and a life insurance policies of Rs 98.57 lakh.
The total attachment value under the latest order is Rs 4.53 crore. Probe in the case is ongoing, it said. NES NES ANB
ANB

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