(Weekly Presentation - (Weekly Presentation - 2323rdrdAug, 2010 to 28Aug, 2010 to 28thth Aug, 2010 Aug, 2010))

By: Arpit Gupta

Rainy August Washes out summer Rainy August Washes out summer SalesSales

The wettest August in a decade has taken a toll on sales ofThe wettest August in a decade has taken a toll on sales of soft drinks, air-conditioners and refrigerators.soft drinks, air-conditioners and refrigerators. With companies reporting 10-30% drop in demand for theseWith companies reporting 10-30% drop in demand for these ‘ ‘summer products’.summer products’. Iincessant rains have also made people stay at homes,Iincessant rains have also made people stay at homes, affecting impulse buys of soft drinks.affecting impulse buys of soft drinks. The impact seems limited for packaged water industry.The impact seems limited for packaged water industry. Sales of Parle Bisleri of 1-litre pack have been impacted bySales of Parle Bisleri of 1-litre pack have been impacted by about 3-4% because people are not going out so much. Butabout 3-4% because people are not going out so much. But sales in the Eastern part of the country remain good.  sales in the Eastern part of the country remain good. 

Gitanjali to open 20 jewellery stores Gitanjali to open 20 jewellery stores by December by December

Gitanjali Group, the country’s biggest jewelleryGitanjali Group, the country’s biggest jewellery retailer by volume, plans to open up to 20 large-retailer by volume, plans to open up to 20 large- format ‘Maya by Gitanjali Lifestyle’ stores by format ‘Maya by Gitanjali Lifestyle’ stores by December, with an investment of `100 crore.December, with an investment of `100 crore. Most of these only-for-women departmental stores Most of these only-for-women departmental stores

will come up in tier III and IV cities to get first will come up in tier III and IV cities to get first movers advantage. movers advantage. 

““These cities have good amount of disposable income These cities have good amount of disposable income and exposures of various brands and we will have and exposures of various brands and we will have first mover’s advantage,” says Mehul Choksi, first mover’s advantage,” says Mehul Choksi, chairman and MD of Gitanjali Group.chairman and MD of Gitanjali Group.

Gitanjali to open 20 … Gitanjali to open 20 … ( Contd)( Contd)

The company will convert the outlets of retail chain The company will convert the outlets of retail chain Salasar Retail, in which it acquired a majority 76% Salasar Retail, in which it acquired a majority 76% stake last year, into Maya by Gitanjali Lifestyle stake last year, into Maya by Gitanjali Lifestyle stores. stores.

Gitanjali also plans to open Maya stores in other parts Gitanjali also plans to open Maya stores in other parts of the country. of the country.

Gitanjali Gems, which has brands such as D’Damas, Gitanjali Gems, which has brands such as D’Damas, Asmi, Sangini and Gili in its portfolio, plans to invest Asmi, Sangini and Gili in its portfolio, plans to invest around `100 crore by end of the year. around `100 crore by end of the year.

Sebi asks MF trustees to update Sebi asks MF trustees to update client information client information

Sebi had made it mandatory for mutual fund houses Sebi had made it mandatory for mutual fund houses to maintain a copy of all investor documentation, to maintain a copy of all investor documentation, including know-your-client (KYC) details, and power including know-your-client (KYC) details, and power of attorney (PoA) of attorney (PoA)

Trustees have been set a deadline of November 22 to Trustees have been set a deadline of November 22 to submit a confirmation report on completion of the submit a confirmation report on completion of the process of updating of investor related documents. process of updating of investor related documents.

Cabinet nod to DTC bill; exemption Cabinet nod to DTC bill; exemption limit upped to Rs 2 lakh limit upped to Rs 2 lakh

The Cabinet approved Direct Taxes Code (DTC) Bill, The Cabinet approved Direct Taxes Code (DTC) Bill, clearing decks for tabling the legislation in the clearing decks for tabling the legislation in the Monsoon Session of Parliament.Monsoon Session of Parliament.

It is proposed to provide the EEE (Exempt- Exempt-It is proposed to provide the EEE (Exempt- Exempt-Exempt) method of taxation for Government Exempt) method of taxation for Government Provident Fund (GPF), Public Provident Fund (PPF) Provident Fund (GPF), Public Provident Fund (PPF) and Recognised Provident Funds (RPF).and Recognised Provident Funds (RPF).

Under the EEE mode, the tax exemption is enjoyed at Under the EEE mode, the tax exemption is enjoyed at all the three stages--investment, accumulation and all the three stages--investment, accumulation and withdrawal.  withdrawal. 

Cabinet nod to DTC bill… Cabinet nod to DTC bill… (Contd)(Contd)

The revised draft puts pensions administered The revised draft puts pensions administered by the interim regulator PFRDA, including by the interim regulator PFRDA, including pension of government employees who were pension of government employees who were recruited since January 2004, under EEE recruited since January 2004, under EEE treatment.treatment.

PNB launches cross-border PNB launches cross-border remittance solution remittance solution

Public sector lender Punjab National Bank, has Public sector lender Punjab National Bank, has launched 'PNB NRI REMIT-India', an online cross-launched 'PNB NRI REMIT-India', an online cross-border remittance solution to send money from the US border remittance solution to send money from the US to India, in association with The Bank of New York to India, in association with The Bank of New York Mellon, New York. Mellon, New York. 

Besides, the bank also launched RET AD, an online Besides, the bank also launched RET AD, an online reporting system meant for bank branches authorised reporting system meant for bank branches authorised to deal in foreign exchange. to deal in foreign exchange. 

The bank also launched the World Travel Card in The bank also launched the World Travel Card in association with MasterCard. The PNB World Travel association with MasterCard. The PNB World Travel Card has been designed as a pre-paid wallet for Card has been designed as a pre-paid wallet for persons travelling abroad that can be used outside persons travelling abroad that can be used outside India. India. 

PNB launches cross-border… PNB launches cross-border… ( Contd)( Contd)

World Travel will be available in three currencies--World Travel will be available in three currencies--Dollar, Euro and Pound, it said. Dollar, Euro and Pound, it said. 

PNB has more than 4,900 branches in more than 750 PNB has more than 4,900 branches in more than 750 cities, including extension counters and overseas cities, including extension counters and overseas offices.offices.