Three things to know for #TejiMandi investors on 08, October 2020
London-based Kalrock Capital says it has won the bid for Jet Airways
Kalrock Capital, a London-based the asset management company said it, along with UAE investor Murari Lal Jalan have been chosen as the new owners of the bankrupt airline Jet Airways
Jet, India’s oldest private carrier, stopped operations in April last year due to cash crunch and piling debt. It was dragged to India’s bankruptcy court in June, by its lenders, to whom it owed more than Rs 8,000 crore.
ITC's Savlon brand to touch Rs 1,000 crore sales this fiscal
ITC Ltd’s health and hygiene brand Savlon is growing at 3-4 times as compared to last fiscal and is going to touch the Rs 1,000 crore sales mark this year, according to divisional CEO of personal care products business.
Savlon will be the first brand in the personal care business division to touch this revenue milestone. The brand had reported Rs 250 crore sales in 2019-20.
Savlon has now become 15-16 times more valuable than the sum paid by ITC to acquire Savlon. When ITC had acquired Savlon, along with Shower to Shower brand, from Johnson & Johnson five years back, the brand used to clock just Rs 50 crore in sales.
Google, Netflix, Adobe pay up 2 per cent additional Equalisation Levy
The government had imposed a 2% tax in the budget for FY21 on the sale of goods or delivery of services through a non-resident E-commerce operator. The first instalment of the levy became due on July 7 for the April-June quarter.
Google has paid the 2% additional equalisation levy on digital transactions after holding it back initially. Netflix and Adobe have also paid up. This is expected to put pressure on the others such as Facebook, LinkedIn, Ebay and Uber that haven’t paid the levy, citing lack of clarity.