Business News

·        Rakesh Singh CEO of Aditya Birla Finance

·        ITC rules out hike in food prices

·        Sony India sees sales growth slowing

Rakesh Singh CEO of Aditya Birla Finance

Aditya Birla Finance (ABF), a subsidiary of Aditya Birla Nuvo, on Tues day announced the appointment of Rakesh Singh as chief executive officer.

Prior to his appointment at ABF, Singh was associated with Standard Chartered Bank for 15 years and was part of its global leadership.

ITC rules out hike in food prices

Multi business conglomerate ITC Ltd that makes food products under brands such as Sunfeast and Bingo on Tuesday said raw material costs are likely to go up by around 3% in he next two three months, but ruled out any major price hike for consumers.

While stating that raw material costs are under control at present, the company said value added tax (VAT) on food items is a cause of concern.

“I believe in the next two three months, input costs will go up by up to 3%, “ ITC Foods chief executive officer Chitranjan Dhar said.

Sony India sees sales growth slowing

Sony India, a unit of Japan's Sony Corp., expects sales growth in the current fiscal to slow down by nearly a quarter from a year earlier as stubbornly high inflation and rising interest rates dent demand, a top official said.

The electronics giant sees overall India sales growth falling to 35% from 46% in this fiscal year as consumers cut back on purchases, Masaru Tamagawa, managing director of Sony India said on Tuesday.

Sony Corp. counts China, India, Brazil and Russia as key markets to drive growth.