Business News

Kolkata: Net remuneration of ITC chairman and three of its executive directors has jumped by 45% to 96% in 2023-24, and the conglomerate has proposed to increase the remuneration of three directors from October to make them "market competitive," the company's annual report and the notice for annual general meeting (AGM) said.ITC chairman and managing director Sanjiv Puri's net remuneration in FY24 jumped 80% to ₹13.11 crore (₹7.28 crore in FY23), while his gross remuneration was ₹28.6 crore. Puri's gross payout by way of performance bonus, long term incentives and commission went up from ₹12.86 crore in FY23 to ₹21.48 crore last fiscal.Among the executive directors, B Sumant's net remuneration went up 85% to ₹6.12 crore, while that of Supratim Dutta's jumped 96% to ₹3.51 crore. Sumant oversees the paperboards, paper, packaging, personal care, education and stationery products businesses of the company, besides the distribution vertical. Dutta is the chief financial officer.For executive director Hemant Malik, who is also the divisional chief executive of the foods business -- now the second largest after cigarettes -- the net remuneration jumped 45% to ₹3.07 crore. Malik became a director in August 2023, while Dutta in July 2022.ITC did not attribute any reason in the annual report for the rise in net remuneration of these executives in FY24. Analysts tracking the company said the increase in Puri's and the director performance bonus payout is linked to the financial performance of the company and improvement in ITC scrip price in the bourses. ITC share price was around ₹273 in June 2022 but touched a 52-week high of ₹499.6 last year in July. On Friday, it closed at ₹424.9 on the BSE.ITC's largest shareholder, BAT recently publicly praised the company and its senior management on growth and future potential.

The National Testing Agency today announced new dates for UGC NET June session.In a notification, it said, "This is to inform all concerned candidates that due to certain unavoidable circumstances, some of theNational Testing Agency (NTA) examinations were postponed/cancelled. Now, the fresh dates for these examinations have been finalized."As per the notification, the NCET 2024 is now to be held on 10 July 2024. The Joint CSIR-UGC NET will be held between 25 to 27 July 2024.The UGC NET June 2024 Cycle* is to be held between 21 August 2024 and 04 Septemeber 2024.All the three are computer based tests. Earlier, the UGC NET June 2024 Cycle examination was earlier held in Pen & paper (offline) mode. However, it will now be held in the Computer-Based Test (CBT) mode too.The All India Ayush Post Graduate Entrance Test (AIAPGET) 2024 will be held as earlier scheduled on 06 July 2024, NTA added..For more clarification regarding the NTA examinations, the candidates have been advised to contact at 011-40759000or e-mail at the respective e-mail ncet@nta.ac.in, csirnet@nta.ac.in, ugcnet@nta.ac.in, andaiapget@nta.ac.in.For further information, the Candidates are advised to visit the official website of NTA (www.nta.ac.in).About a week ago, the UGC-NET exam scheduled for June 18, 2024, was cancelled due to reported irregularities by the National Testing Agency (NTA). A high-level committee has been formed to seek feedback from students and parents to reform the NTA and enhance the examination process."There have been indications of irregularities in the examination conducted by NTA, due to which the UGC-NET 2024 held on June 18 stands cancelled. The exam will be rescheduled."A committee headed by former ISRO Chairman Dr. K. Radhakrishnan has been tasked with ensuring the transparent, smooth, and fair conduct of examinations amid the ongoing NEET and UGC-NET issues. The public is invited to submit suggestions and ideas through a dedicated website until July 7.The committee will focus on reforming the examination mechanism, enhancing data security protocols, and restructuring the NTA's functioning. It will also review the Standard Operating Procedures (SOPs) and protocols of the NTA.The committee aims to propose measures to strengthen these procedures and implement monitoring mechanisms to ensure compliance at every level."Earlier the ministry of education constituted a high-level committee of experts to ensure transparent, smooth and fair conduct of examinations amid the NEET and UGC-NET row."The committee's findings and recommendations are expected to bring significant changes to how the NTA conducts its entrance examinations in the future.

New Delhi: The government on Friday said the annual growth in India's coal imports has declined to just 2.49 per cent in the past decade until FY24 as the country moves towards becoming self-reliant in energy security. The compound annual growth rate (CAGR) of coal imports from 2004-05 to 2013-14 stood significantly at 21.48 per cent. However, the CAGR of coal import from 2014-15 to 2023-24 stood at 2.49 per cent only, the coal ministry said in a statement. "Moreover, CAGR of imported coal share stood at 13.94 per cent during the period from fiscal year 2004-05 to 2013-14 while the same figure plummeted to around -2.29 per cent" during the last decade, it said. With strategic focus on optimising indigenous coal resources and leveraging innovative technological solutions, India continues its journey towards self-reliance in energy security of the nation, the statement said. India, endowed with the fifth-largest coal reserves globally, stands as the second-largest consumer of dry fuel, it added.

New Delhi: Capital markets regulator Sebi on Friday proposed mandatory disclosure of 'risk-adjusted return' along with the return of a mutual fund scheme to help investors make informed investment decisions. Risk-adjusted return (RAR) of a scheme portfolio represents a more holistic measure of the scheme's performance because it quantifies the amount of return generated by a mutual fund scheme for each unit of risk taken to achieve that return. The current regulatory framework does not mandate the disclosure of RAR along with the returns of an MF scheme. Further, there is no uniform practice followed by asset management companies (AMCs) regarding disclosure of RAR of their scheme. The return on investment is a major factor attracting investors to invest in any MF scheme and is highlighted by the AMCs while marketing respective schemes. Considering the significance of volatility of performance in determining the suitability of MF schemes, it is desirable that the RAR of the scheme is disclosed along with disclosure of its scheme performance, Sebi said in its consultation paper. "Information Ratio (IR) is an established financial ratio to measure the RAR of the scheme portfolio. It is often used as a measure of a portfolio manager's level of skill and ability to generate excess returns relative to a benchmark, and it also attempts to identify the consistency of the performance by incorporating a tracking error or standard deviation component into the calculation," it added. To bring uniformity across different MFs, Sebi has also proposed a methodology for the calculation of IR for different categories of mutual fund schemes. The Securities and Exchange Board of India (Sebi) has sought comments from the public till July 19 on the proposals.

Nifty ended Friday’s session with a loss of 34 points and broke the four-day winning streak by forming a small-bodied red candle.Technically, the uptrend remains intact but the RSI on the hourly chart is indicating the possibility of a pullback move or a consolidation within an uptrend, say analysts.Having moved up sharply Nifty is currently facing hurdles at the resistance of 24,000-24,100 levels. Any dip from here is likely to be a buying opportunity. Immediate support is at 23,800 levels, said Nagaraj Shetti of HDFC Securities.What should traders do? Here’s what analysts said:Rupak De, LKP SecuritiesThe sentiment continues to remain strong as the index closed significantly above the critical moving average. However, after a continuous rally, the index looks a bit heavy and might attract profit booking if Nifty sustains below 24,000. On the lower end, the index might fall towards 23,850/23,700 in the short term upon a decisive fall below 24,000. On the higher end, resistance is visible at 24,200.Tejas Shah, JM Financial & BlinkXSome technical indicators are in overbought territory on the short term charts i.e. hourly charts that could lead to knee-jerk reactions, from time to time. The bulls are in full control of the markets at the current juncture and are using every intraday correction to create long positions. The short term moving averages are below the price action and should continue to support the indices on any decline. Support for Nifty is now seen at 24,000 and 23,750-800 levels. On the higher side, immediate resistance for Nifty is at 24,125 level and the next resistance is at 24,300 level.Om Mehra, SAMCO SecuritiesThe index reversed from the 2.618% Fibonacci retracement, which is near the 24,180 level. In the daily time frame, Nifty has formed a bearish inverted hammer. In the hourly chart, the 23.6% Fibonacci retracement level remains at 24,000. If this level is violated, it may extend to 23,850.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)