Sun.Aug 06, 2023

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Maruti 3.0: Automaker aims to double production capacity in 9 yrs

CFO News

Maruti Suzuki India plans to double its production capacity to four million (40 lakhs) units in nine years from now, said Chairman RC Bhargava, hinting at what could be said to be the start of 'Maruti 3.0'. It took 40 years for it to create a capacity of 2 million units.

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The I Bond exit ramp is now open; proceed with caution

Tips Watch

Time redemptions to take full advantage of the recent 6.48% variable rate. By David Enna, Tipswatch.com First off, before I start talking about redeeming investments in U.S.

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Whistleblower policies driving compliance at companies

CFO News

A recent survey by law firm AZB & Partners shows that companies in India are increasingly focused on compliance and ethics as they look to attract investment and quality employees. According to the survey, 74% of respondents believe that the use of whistle-blowing mechanisms is crucial for uncovering ethical issues within organizations. While the report shows that efforts to establish whistle-blower mechanisms are paying off, it also suggests there is still a way to go.

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922: The Lessons We Learn | Dev Ahuja, CFO, Novelis

CFO Thought Leader

Among the learnings that Dev Ahuja has gleaned from his three-decade-long, globe-hopping finance career, perhaps none has delivered a more enduring instruction than that which followed his very first hop. By his own account, after Ahuja had reached the summit of Novartis’s finance executive ranks in India, the drug giant invited him to occupy an office at its Basel, Switzerland, headquarters.

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Elevating Accounting Practices: The Power of Outsourcing and Automation in the Digital Age

Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem

Join us for an enlightening webinar as we delve into the transformative realm of modern accounting practices. In today's digital age, the convergence of outsourcing and automation has revolutionized how businesses manage their financial operations. In this webinar we will explore the synergistic potential of these two strategies to streamline processes, enhance accuracy, save cost and drive strategic decision-making.

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RBI likely to hold rates, talk tough on managing price rise

CFO News

According to an ET Poll of 15 respondents, at the end of its August 8-10 meeting, the RBI's Monetary Policy Committee is seen keeping the repo rate unchanged at 6.50% and maintaining its prevailing stance of withdrawal of accommodation.

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Goal is to provide affordable green hydrogen as alternative to traditional fuels; Jio Financial Services to offer simple solutions, says Mukesh Ambani

CFO News

Reliance is among the largest global producers of grey hydrogen. The company has partnered with Denmark’s Stiesdal A/S to reduce costs and commercialise their Pressurised Alkaline Electrolyser technology.

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The 6 macro technology forces shaping tomorrow

Future CFO

There are six macro forces that shape business innovation, according to Deloitte. The post The 6 macro technology forces shaping tomorrow appeared first on FutureCFO.

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IT services majors may recruit 40% less in FY24

CFO News

IT services majors are estimated to hire between 50,000 to 100,000 employees during fiscal 2024, according to data from staffing firm Xpheno, a precipitous decline from the net hiring of over 250,000 by these companies in the previous year.

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10 Sunday Reads

Barry Ritholtz

Avert your eyes! My Sunday morning look at incompetency, corruption and policy failures: • This Is the Case : Special Counsel Jack Smith has sounded the call, but voters must answer it if they wish to preserve American democracy. ( The Atlantic ) • As EVs surge, so does nickel mining’s death toll : In the mineral-rich fringes of Indonesia, whose nickel will feed EV giants like Tesla, the deaths of miners continue to mount. ( Rest Of World ) see also ‘A Dangerous Combination’: Teenagers’ Acciden

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How to Build the Ideal HR Team

HR doesn’t exist in a vacuum. This work impacts everyone: from the C-Suite to your newest hire. It also drives results. Learn how to make it all happen in Paycor’s latest guide.

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DMart has to add greater number of stores to grow faster, says CEO Neville Noronha

CFO News

Avenue Supermarts’ first-quarter profit rose marginally but missed estimates, even as the profit margins shrunk owing to higher costs and weak demand in the discretionary category. “Overall gross margins are lower compared to same period in the previous year, primarily due to lower sales contribution of apparel and general merchandise,” said Noronha.

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Mukesh Ambani expects to list Jio Financial Services soon

CFO News

“The new entity is expected to unlock value for shareholders and give them an opportunity to be a part of a new growth platform,” Reliance’s billionaire chairman Mukesh Ambani in his message to shareholders in the annual report for the financial year that ended Mar. 31.

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SBI seeks buyers for its Rs 96,000 crore distressed loans

CFO News

The country’s largest bank circulated a list of 331 accounts comprising Rs 96278 crore loans to Future group, Anil Ambani promoted companies, Videocon group, and Jaypee group, among others, shows a copy of note circulated by the bank and reviewed by ET.

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Government appoints Sanjay Kumar Agarwal as new CBIC Chairman

CFO News

The CBIC has also appointed Senior IRS officer Surjit Bhujabal as member investigation, CBIC. An 1989 batch IRS officer, Bhujbal was working as Directorate General of GST Intelligence (DGGI) in November, 2022, an apex intelligence organization functioning under the CBIC, Department of Revenue, Ministry of Finance.

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Planning Your Restaurant's Path to Profitability

Speaker: James Kahler, COO of Full Course

Ever wondered where to splurge and where to safely conserve when it comes to operating and growing your restaurant? 🤔 Join James Kahler, COO of Full Course and industry visionary, in this new webinar where he'll talk all about best practices to invest in your restaurant's success! Whether you're a new business or an established restaurant, a seasoned pro or a rookie, you'll learn the keys to sustainable success in this competitive industry.

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Reliance hires 2.6L people in FY2022-23 as growth picks up

CFO News

This is a third consecutive year of Reliance reporting strong jobs growth. In FY 2021-22, the company had added a record 2.32 lakh jobs across businesses. Prior to that, in FY 2020-21, notwithstanding the COVID disruption, the company had added 75,000 new jobs.

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Reliance Retail crosses a billion transaction benchmark in FY23, to ramp up FMCG business

CFO News

Reliance Retail has crossed the milestone of a billion transactions in FY23 and its registered customer base reached 249 million, said the latest annual report of Reliance Industries. In FY23, Reliance Retail's digital commerce and new commerce businesses contributed to 18 per cent of its revenue, which stood at Rs 2.60 lakh crore.

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Edelweiss denies wrongdoing in Nitin Desai suicide case, says recovery efforts creditors' right

CFO News

Edelweiss denied allegations of wrongdoing in the case involving the suicide of Nitin Desai, an art director. The company stated that ECL Finance and Edelweiss Asset Reconstruction Company acted in full compliance with India’s Reserve Bank of India's regulatory framework for recovering non-performing asset accounts. Edelweiss elucidated the background of the NDAWPL, which defaulted on its loans after facing financial difficulties in 2019.

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In top manufacturing companies, women employees are a minority

CFO News

Top Indian manufacturing companies employ fewer than seven women per 100 employees on average despite initiatives that promote workplace gender diversity, data from constituent companies of S&P BSE India Manufacturing Index put together by ET show.

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How Automation is Driving Efficiency Through the Last Mile of Reporting

Speaker: Jamie Eagan

As organizations strive for agility and efficiency, it's imperative for finance leaders to embrace innovative technologies and redefine traditional processes. Join us as we explore the pivotal role of digitalization and automation in reshaping what is commonly referred to as the “last mile of reporting”. We’ll deep-dive into why digitalization is no longer a choice, but a necessity for finance departments to stay competitive in a fast-paced environment touching on: 2024 trends for the Office of

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India Inc walks the extra mile to keep employees healthy

CFO News

The addition of a chief fitness officer to the Zomato leadership reflects a growing commitment at India Inc — taking the health and fitness levels of employees very seriously.

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CBIC mulling organisational restructuring to make it more effective, do away with overlapping

CFO News

The CBIC is mulling a comprehensive restructuring of the organisation to make it more effective and remove overlapping, if any, as many of its functions have undergone transformation. The Central Board of Indirect Taxes and Customs or CBIC (formerly knows as Central Board of Excise and Customs) was set up in 1964.

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Daimler Truck finance chief dies in "tragic incident," company says

CFO News

The company said Sunday he was "decisively responsible for the successful spin-off" in 2021 of Daimler's truck division, which is the world's largest maker of trucks, from the rest of the company that renamed itself Mercedes-Benz Group AG.

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Corporate guarantees given to subsidiaries land many Indian holding companies in a GST pickle

CFO News

GST authorities hold the corporate guarantee given by a holding company to its subsidiary to be a free supply between related parties, thus falling within the ambit of a taxable ‘schedule-1’ transaction.

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Accounting Software and ERP Readiness Guide

In this white paper, we explore the factors to consider in deciding whether the time is right for your Company to consider a new ERP or accounting software, the total cost of ownership and plans necessary to make the potential leap to these systems.

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Australia's TPG Telecom appoints new CFO amid asset buyout offer

CFO News

The move comes amid a potential offer from Macquarie-backed rival Vocus to buy some of TPG's non-mobile fibre assets for about A$6.3 billion ($4.14 billion).

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Rate hikes, margin pinch put pay-later companies in a tough spot

CFO News

Rupifi, ePayLater and others in the online segment are feeling the heat, with eB2B marketplaces scaling down or tightening operations across categories.

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Biting the disruption bullet: CFOs say staying ahead of curve and being adaptable leads to business resilience

CFO News

CFO STARTEGY FOR BUSINESS RESILIENCE: At the ETCFO Digital Boardroom, leading India Inc CFOs share their insights about what makes a business resilient.

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IT hardware companies seek clarity on import licensing process

CFO News

The Indian IT hardware industry wants the government to provide clarity on operational details for import licenses so they are able to make contingency plans, senior executives have said. The current lack of clarity includes details around quota, validity of licence, whether there is demand for single or multiple licences for different ports, and whether exports and goods from special economic zones are exempt from needing the licence.

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Recruit and Retain New Blue-Collar Talent

Blue-collar jobs have a branding problem. One company, GEON, partnered with Paycor to find the solution. Learn how to attract, engage, and retain blue-collar employees, helping them build meaningful careers – and support your company’s goals.