Business News

The National Consumer Dispute Redressal Commission has dismissed the Central government's plea against Nestle India alleging indulgence in 'unfair trade practice' by selling Maggi noodles, the company said on Thursday.The Department of Consumer Affairs had filed the complaint in 2015 before the NCDRC alleging that the company indulged in unfair trade practices by manufacturing and selling hazardous and defective goods to the publicNCDRC dismissed the plea in favour of Nestle India on April 2, 2024.At the time, the government had sought compensation of Rs 285 crore and punitive damages of Rs 355.41 crore.In its 47-page complaint in the consumer court, the Centre had claimed that Nestle, in a bid to augment profit, had risked the health and well-being of millions of consumers. "To add further insult to injury, the opponent (Nestle) has deliberately misled the consumers of the quality, standard and accreditation/approval of Maggi Noodles," it had said. Nestle Maggi's case in IndiaPreceding Centre's move to file a complaint was the FSSAI action. India's food safety regulator Food Safety and Standards Authority of India (FSSAI) too acted against Maggi in 2015 as it found excess levels of lead in the samples it tested. It also found no appropriate label declaration of monosodium glutamate (MSG), commonly known as ajinomoto. Some tests in India and abroad subsequently showed that the noodles were safe. Basis FSSAI action, Maggi was banned and the company took a hit of Rs 450 crore. It had to destroy over 30,000 tonnes of Maggi noodles.This was followed by Centre filing a complaint with the NDCRC.Government's move against Nestle India was the first time the Consumer Affairs Ministry dragged a company to NCDRC using a provision in the nearly four-decade-old Consumer Protection Act. NCDRC usually acts based on complaints by consumers. However, a section of the Consumer Protection Act, 1986 allows the government to register a complaint.The government in its petition accused Nestle of misleading Indian consumers by claiming that Maggi was a healthy food product through its slogan 'Tasty Bhi, Healthy Bhi."However, Maggi was back in the market soon as the government authorities cleared the brand five months after it was banned.

Aurobindo Pharma, part of the pharma space, has rallied more than 100% in FY24 but found some resistance above Rs 1,100 levels in January 2024.The stock underwent price wise correction since January 2024 and is now showing signs of bottoming out which suggests that bulls are ready to take the charge again.Short-term traders can look to buy the stock now for a possible target above Rs 1,300 levels in the next 3-4 weeks, suggest experts.The pharma stock rose from Rs 518 recorded on March 31, 2023, to Rs 1,112 as on 1st April 2024 which translaates into a rise of more than 114%.Tracking the momentum, the stock hit a record high of Rs 1,177 on 30th January 2024, but it failed to hold on to the momentum.The stock witnessed a mild selloff but managed to find support above Rs 1,000 levels in February and then again in March 2024 which resulted in a double bottom formation on the weekly charts.In terms of price action, the stock is trading above crucial short- and long-term moving averages such as 5,10,30,50,100 and 200-DMA on the daily charts which is a positive sign for the bulls. 109032064The daily Relative Strength Index (RSI) is at 64.4. RSI below 30 is oversold and above 70 is considered overbought, Trendlyne data showed. The daily MACD is above its center and signal line, this is a bullish indicator.“Aurobindo Pharma has maintained a robust price structure, displaying a clear uptrend since February 2023, characterized by consistent higher highs and higher lows,” Vidnyan S Sawant, Head of Research, GEPL Capital, said.“After a healthy retracement from January 2024 following a sharp upward move, the stock has found support on the 26-week exponential moving average, suggesting a mean reversion scenario,” he said.“Additionally, a change of polarity has been observed, where the resistance of May 2021 now acts as a strong support, signaling a continuation of the upward momentum,” highlighted Sawant.“On the daily scale, the stock has formed a double bottom formation, indicating alignment between lower and higher timeframes for an upward trajectory,” recommended Sawant.(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)

The largest private lender, HDFC Bank, gave a solid push to deposit mobilisation in the fourth quarter of FY24, resulting in 7.5% growth or Rs 1.6 lakh crore in the last quarter alone, according to disclosures made by the bank to the exchange.Its total advances rose 55% while aggregate deposits were up 26% on a year-on-year basis, but the share of low-cost deposits fell to 38% from 44% a year ago, the bank stated.The bank's shares rallied by 2.8% to close at Rs 1524 following the bank's disclosures. The BSE Sensex was up 0.27%.A report by Macquarie released soon after HDFC Bank disclosed the numbers to the exchange said, "For a large bank like HDFC Bank to deliver 7.5% QoQ deposit growth, Rs 1.7 trillion deposit mobilisation in a single quarter, and even improve CASA growth – CASA growth was higher than overall deposit growth – All a fantastic outcome."The share of the current and savings account, which constitutes low-cost deposits and is referred to as CASA, fell due to the bank's merger with the parent housing finance company HDFC, which was effective July 1, 2023.Aggregate deposits rose to Rs 23.8 lakh crore as of March 2024. In the fourth quarter alone, it mobilised Rs 1.6 lakh crore in deposits; of this, the share of retail deposits was Rs 1.28 lakh crore, while wholesale deposits were Rs 38,000 crore.Retail deposits grew 27.8% over March 31, 2023, and around 6.9% over December 31, 2023; Wholesale deposits rose 19.4% over March 31, 2023, and around 10.9% over December 2023. In absolute terms, the bank's CASA deposits stood at Rs 9.09 lakh crore as of March 31, 2024, up 8.7% over the previous year. In four quarter alone it rose 73,400 crore, of which, the share of retail Casa was Rs 47,900 crore.Its gross advances stood at Rs 25.08 lakh crore for March 2024, as against RS 16.14 lakh crore a year ago.Retail loans rose by 109%, commercial and rural banking loans rose by 24.6%, and corporate and other wholesale loans rose by 4.1% over the end of March 2023. The report states that the stock is traded at 2x FY25E P/B (core), much lower than its historical averages."We believe this is a great time to add a quality franchise like HDFC Bank," Macquarie report said." Key risk is the inability to execute the merger well resulting in lower loan growth and/or profitability in the long run," it added.