Category: Business

I always believed that Atul Bakery will become Surat’s biggest bakery brand: Atul Vekariya

Surat:  Cake is an integral part of any celebration, but there are very few bakers, who can bake the best cake. Surat based Atul Bakery is known for its cakes and pastries. Very few people know that Atul Vekariya, Managing Director of Atul Bakery, once owned a pan shop.

Sensing that Surat needs a brand that can resonate with cakes and pastries, Atul Vekariya laid the foundation of Atul Bakery. Today, lakhs of Surtis celebrate the special moment with cake from Atul Bakery

“I owned a pan shop and later jumped into the restaurant business. During my stint as restauranter, I sensed that Surat doesn’t have a brand that is associated with cakes, pastries and other bakery products. After this, I launched Atul Bakery in January 2007,” says Atul Vekariya, who now produces 5 tons of bakery products daily.

Besides producing the best cakes, Atul Bakery is known for having the largest chain in the entire Gujarat. It has branches in the entire Gujarat and the network of the bakery is increasing day by day.

Vekariya adds,  “I always believed that one day Atul Bakery will become the biggest bakery brand in Surat. Since

day one, I worked hard to achieve this dream and today, I can say that Atul Bakery has set a new milestone in the bakery business. We are the only bakery that has pan Gujarat presence. We have 120 plus branches in Gujarat.”

So how has Atul Bakery achieved such a grand success?

“We always do research and micro-analysis of our business module. Our sole objective is to give something new to the customers. Since 2007, Atul Bakery has managed to do this and even today, we constantly work to provide innovative products to the customers. Quality is the second most important part for Atul Bakery,” adds Vekariya.

Atul Vekariya says that success of a company is based on the investment made on its employees. Atul Bakery  firmly believes that a good employee always pays back to his/her employer and company.

Atul Bakery‘s main strength is its employees, who constantly work hard to give something new to the customers. We always work as a team, which gives us strength to achieve desired results. We as a team of Atul Bakery is clear in its vision and future plans,” Vekariya further adds.

Speaking about future goals, Atul Vekariya said that he plans to make Atul Bakery a global brand having outlets and franchisee in the entire world. At present, Atul Bakery has presence in 9 countries.” By 2030, we want to have branches in at least 90 countries. We are working for it. Our short term goal is to develop Atul Bakery’s branches in Madhya Pradesh, Maharashtra and Rajasthan. We will also expand our presence in other parts of Gujarat,” adds Vekariya.

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India stocks trade mixed after faltering at a technical barrier – business news

Rising and falling shares had been evenly matched on the important thing India indexes, with the benchmark gauge once more testing a technical hurdle that it fell again from on Tuesday.

The S&P BSE Sensex climbed 0.2% to 34,037.95 as of 9:52 a.m. in Mumbai, whereas the NSE Nifty 50 Index additionally gained 0.2%. Each measures have climbed greater than 30% from their lows in March to ranges final seen earlier than the coronavirus-related lockdown was imposed.

“We’re in a interval the place it’s greatest to do extra opportunistic, short-term trades till there’s extra readability within the coming months,” mentioned Deepak Jasani, head of retail analysis at HDFC Securities Ltd. in Mumbai.

The Sensex on Tuesday didn’t climb above its 100-day shifting common, seen as a key threshold for gauging whether or not a rally fueled by optimism over India’s financial re-opening can final. The nation’s shares are nonetheless buying and selling almost 19% beneath this yr’s January peak.

Eleven out of 34 Nifty 50 corporations which have reported quarterly outcomes to this point have crushed or matched analyst estimates.

The yield on essentially the most traded 6.45% 2029 bond was little modified at 5.99%, whereas the rupee rose 0.2% to 75.4912 towards the greenback.

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Iran pushes South Korea to release billions of dollars of oil export revenue – business news

Iran is escalating its strain on South Korea to launch billions of {dollars} of oil-export income, arguing that Seoul is buckling to strain from its US ally and illegally withholding funds wanted to counter the Center East’s worst coronavirus outbreak.

Abdolnaser Hemmati, the top of the Central Financial institution of Iran, mentioned the actions of banks in South Korea have been stopping Iran from utilizing the cash to purchase meals and medicines, commerce that’s exempt from US sanctions.

“It’s appalling to see that Korean banks have conveniently uncared for their obligations, frequent worldwide monetary agreements, and determined to play politics and observe unlawful and unilateral US sanctions,” Hemmati mentioned in a written response to questions. Iran may launch authorized motion to achieve entry to the funds, he mentioned, with out naming the lenders in query.

Hemmati additionally didn’t elaborate on the plan of action that Iran could take. After sanctions have been lifted beneath the 2015 nuclear deal, Iran the next 12 months managed to unlock over $6.four billion of oil funds trapped in Indian accounts, utilizing European banks as a clearing agent. The central financial institution has additionally filed lawsuits in Europe in opposition to monetary firms which have withheld its cash on the premise of court docket orders issued within the U.S.

Virus Resurgent

Iran introduced earlier this month that it had obtained medicines valued at $500,000 from South Korea after two years of negotiations. On the time, Iran’s International Ministry mentioned the deal was permitted by Washington. It additionally mentioned South Korea was about $7 billion in arrears for oil exported earlier than the Trump administration final 12 months reimposed penalties on Iran’s crude gross sales.

In response to the International Ministry in Seoul, the medication shipped have been for the remedy of genetic illnesses. This month, South Korea plans to ship Covid-19 take a look at kits price $2 million, it mentioned.

“We’ve got been consulting with the U.S., Iran and the banks holding the frozen funds, looking for to make progress on this problem,” mentioned Koh Kyung-sok, a International Ministry official. “Thus far, we’ve been in a position to make the most of among the funds to increase humanitarian commerce with Iran, and can proceed to hunt methods to extend such exchanges,” he mentioned by cellphone.

Iran reported a significant outbreak of the coronavirus in late February and phased in restrictions to regulate the illness. The financial shock pressured authorities to hunt Worldwide Financial Fund help for the primary time since 1960.

S. Korea Asks US to Assist With Its Commerce Relations With Iran

Dealing with a widening price range deficit, and with its important oil revenues drastically decreased by US sanctions, authorities eased the curbs on each day life and companies on April 11. Infections have surged once more, and the pathogen has now killed greater than 8,000 individuals within the nation.

Hemmati declined to say whether or not he had obtained an replace from the IMF on the mortgage software. He mentioned Iran is “weathering” the impression of the virus and even expects to see “reasonable” financial development by the top of the 12 months.

Returning to South Korea, he mentioned the 2 international locations have been engaged on a particular commerce car, just like that established with the European Union, which might permit Iran to finish humanitarian transactions utilizing the cash locked in Korean banks.

The US, which deserted the 2015 nuclear deal two years in the past, has sought to “stonewall” the plan, in response to Hemmati. President Donald Trump’s so-called “most strain” technique in opposition to Iran goals to drive its leaders into renegotiating the nuclear accord and ending their assist for Hezbollah and Iraqi militias.

The EU mechanism — often known as Instex — supplies European firms with a buying and selling car to promote items and companies to Iran with out utilizing {dollars}, routing transactions via US banks, or shifting cash throughout the Iranian border. However its impression has been restricted as a result of firms’ fears over the attain of American penalties.

“Ought to Korean banks not adhere to their worldwide agreements with us, we reserve our rights to take authorized actions beneath worldwide legal guidelines,” Hemmati mentioned.

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Hero MotoCorp shares decline over 2% after Quarter 4 earnings – business news

Shares of Hero MotoCorp on Wednesday dipped over 2 per cent after the corporate reported a 26.46 per cent decline in consolidated revenue after tax (PAT) for the fourth quarter ended on March 31, 2020.

The inventory declined 2.25 per cent to Rs 2,331.85 on the BSE.

On the NSE, it dipped 2.39 per cent to Rs 2,330.20.

The nation’s largest two-wheeler maker Hero MotoCorp on Tuesday reported a 26.46 per cent decline in consolidated revenue after tax (PAT) at Rs 613.81 crore for the fourth quarter ended on March 31.

The corporate, which had posted a PAT of Rs 776.23 crore in the identical quarter a yr in the past, mentioned it has rationalised capex spends for the present monetary yr by half.

Income from operations in the course of the quarter underneath assessment stood at Rs 6,333.89 crore as in opposition to Rs 8,120.73 crore in the identical quarter a yr in the past, Hero MotoCorp mentioned in a regulatory submitting.

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World economy to contract at least 6% in 2020 due to Covid-19: Report – business news

The worldwide financial system will contract at the very least six % this yr on account of financial shutdowns to include the coronavirus outbreak, the OECD stated Wednesday, warning that restoration shall be “sluggish and unsure”.

Within the case of a second wave of contagion later within the yr, world financial output may shrink by as a lot as 7.6 % in 2020, it stated.

This may be adopted in 2021 by GDP progress of between 2.eight and 5.2 %.

“By the tip of 2021, the lack of earnings exceeds that of any earlier recession over the past 100 years outdoors wartime, with dire and long-lasting penalties for folks, companies and governments,” the Organisation for Financial Co-operation and Improvement stated in its newest outlook, entitled “World Financial system on a Tightrope”.

“Personal debt ranges are uncomfortably excessive in some nations and enterprise failure and chapter dangers loom massive.”

In a earlier report in March, by when the outbreak had hit China however not but the world’s different massive economies, the OECD slashed its international progress forecast by half a proportion level to 2.four %, which might have been the worst efficiency because the 2008 monetary disaster.

So long as there is no such thing as a vaccine or therapy in opposition to the coronavirus, which has killed greater than 400,000 folks worldwide to this point, policymakers will proceed strolling a tightrope, the report stated.

Bodily distancing to stop contagion, testing folks for the virus, and tracing and isolating these contaminated, would be the foremost devices to struggle the pandemic.

“However these sectors affected by border closures and people requiring shut private contact, similar to tourism, journey, leisure, eating places and lodging won’t resume as earlier than,” it stated.

These steps could not even be sufficient to stop a second outbreak, it warned.

“Governments might want to adapt assist and accompany the transition, permitting quick restructuring processes for companies.

“World cooperation to deal with the virus with a therapy and vaccine and a broader resumption of multilateral dialogue shall be key for decreasing doubt and unlocking financial momentum,” it stated.

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Indian economy to grow at 9.5% in next fiscal year, says report – business news

After a contraction within the present monetary 12 months, India’s financial system is forecast to bounce again with a pointy development price of 9.5 per cent subsequent 12 months offered it avoids additional deterioration in monetary sector well being, Fitch Rankings stated on Wednesday.

The coronavirus pandemic will result in shrinking of the already slowing financial system in 2020-21 that began in April. Fitch Rankings forecast a 5 per cent contraction within the GDP within the ongoing monetary 12 months.

“The pandemic has drastically weakened India’s development outlook and laid naked the challenges brought on by a excessive public-debt burden,” Fitch Rankings stated in its APAC Sovereign Credit score Overview launched on Wednesday.

“After the worldwide disaster, India’s GDP development is more likely to return to greater ranges than ‘BBB’ class friends, offered it avoids additional deterioration in monetary sector well being because of the pandemic,” it stated forecasting a 9.5 per cent actual GDP development subsequent 12 months.

India on March 25 instituted the world’s largest lockdown to fight the novel coronavirus, halting nearly all financial actions.

The lockdown has been repeatedly prolonged, though some restrictions have been eased from Might four in zones with fewer infections.

“Nevertheless, new circumstances have continued to rise,” it stated.

To assist the financial system, the Reserve Financial institution of India (RBI) has eased financial coverage by reducing coverage charges and offering liquidity by way of long-term repo operations. Prudential necessities for banks have additionally been eased to unencumber liquidity for lending.

“The federal government has introduced stimulus measures amounting to 10 per cent of GDP, of which the fiscal part of about 1 per cent of GDP is considerably lower than lots of India’s friends,” the score company stated.

Basic authorities debt already stood at 70 per cent of GDP in 2019-20, properly above the ‘BBB’ score median of 42 per cent. India’s ratio of public debt/GDP is predicted to rise to 84 per cent of GDP in 2020-21 – up from a forecast of 71 per cent when Fitch Rankings affirmed the ‘BBB-’ score in December 2019.

“That is primarily based on our expectation of slower financial development in FY21 and wider fiscal deficits, assuming that the federal government’s fiscal response stays restrained,” it stated. “The credit score profile is strengthened by relative exterior resilience stemming from strong foreign-reserve buffers, however weakened by some lagging structural elements, together with governance indicators and GDP per capita.” Itemizing positives for India, Fitch Rankings stated there was larger confidence in a sustained discount generally authorities debt over the medium time period to a stage nearer to the ‘BBB’ peer median. Additionally, there’s a chance of upper sustained funding and development charges with out the creation of macroeconomic imbalances, comparable to from profitable structural reform implementation.

Among the many negatives was a fabric improve within the fiscal deficit, inflicting the gross normal authorities debt/GDP ratio to be positioned on a sustained upward trajectory. Different adverse was unfastened macroeconomic coverage settings that trigger a return of persistently excessive inflation and widening current-account deficits, which might improve the chance of exterior funding stress, it stated.

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