DABUR

Sept 24 (Reuters) - Dabur India Ltd DABU.NS:

• DABUR INDIA - TAX DEMAND CONFIRMED AT 2.72 BILLION RUPEES WITH PENALTY

• DABUR INDIA LTD - NO IMPACT ON COMPANY OPERATIONS DUE TO TAX ORDER

Source text: ID:nBSE9FChk8

Further company coverage: DABU.NS

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By Praveen Paramasivam

CHENNAI, Sept 5 (Reuters) - Dabur DABU.NS, Indian rival of Colgate-Palmolive, is making its toothpaste a test of nationalism by asking consumers to shun American brands, as companies intensify promotion of local goods amid worsening trade ties with the United States.

Prime Minister Narendra Modi on Thursday reiterated his call to use "Swadeshi", or made-in-India goods. Children should "make a list" of foreign-branded goods, Modi said, while teachers should push them to not use them.

U.S. President Donald Trump last week imposed tariffs of up to 50% on imported Indian goods, prompting Modi's supporters to start a WhatsApp campaign to boycott American brands including McDonald's MCD.N, Pepsi PEP.O and Apple AAPL.O.

Consumer goods company Dabur, valued at $11 billion, took out a front-page newspaper advertisement this week carrying photos of unbranded toothpaste packs that resemble Colgate packaging. Without naming its rival, the ad said India's favourite toothpaste brand was American, and Dabur was the "Swadeshi" choice.

"Born there, not here", it said, referring to the unnamed toothpaste, in a font styled with the red, white and blue of the American flag.

Dabur declined to comment on the advertisement, and Colgate did not respond to queries from Reuters.

Colgate CL.N has a 43% share of India's toothpaste market, followed by the Indian unit of Unilever ULVR.L, home to Pepsodent brand in the country. Dabur is in third place with a 17% share, according to Euromonitor data for 2024.

India's population of 1.4 billion is a major market for American consumer goods, often purchased from U.S. online retailer Amazon.com AMZN.O, and over the years the reach of U.S. brands has expanded deep into smaller towns.

The Dabur ad in the Times of India newspaper even carried a QR code that took consumers to a shopping link on the Amazon India website, which captures about a third of domestic online sales.

Karthik Srinivasan, a communications consultant, called the advertising strategies of Dabur and others "moment marketing".

"How can we gain from that sentiment at least for this week and next? That's literally what all these brands are doing," he said.

Others using a similar tactic included Amul, India's largest dairy, which has published cartoons featuring "Made in India" products on its social media accounts, with one animated ad showing its mascot holding an Indian flag and a slab of butter.

Indian e-mail provider Rediff, popular years ago before the rise of Yahoo and Google Mail, also took out a newspaper ad calling its service the "mail of India" that helps to keep customers' business intelligence local.

(Reporting by Praveen Paramasivam in Chennai; Editing by Aditya Kalra and Tom Hogue)

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Adds new quotes

Sept 4 (Reuters) - India late on Wednesday announced tax cuts on hundreds of consumer items ranging from soaps to small cars to spur domestic demand, and simplified its complicated goods and services tax structure to two rate slabs from four, with some exceptions for luxury and "sin" goods.

The benchmark BSE Sensex .BSESN and Nifty 50 .NSEI rose 0.8% each in early sessions.

Here is how the industry has reacted so far:

ANISH SHAH, GROUP CEO & MD, MAHINDRA GROUP

"The next-generation GST reforms... mark a defining moment in India's journey towards building a simpler, fairer, and more inclusive tax system.

At Mahindra, we view these reforms as transformative. They simplify compliance, expand affordability, and energise consumption, while enabling industry to invest with greater confidence."

SAURABH AGARWAL, PARTNER & AUTOMOTIVE TAX LEADER, EY INDIA

"The rationalization of GST rates on automotive vehicles and parts is a truly welcome and significant development. By making vehicles more affordable across all segments, this move will not only boost consumer spending but also simplify complex classification disputes that have long burdened the industry."

SAMIR SHAH, EXECUTIVE DIRECTOR & CFO, HDFC ERGO GENERAL INSURANCE COMPANY

"The GST Council decision to exempt individual health insurance from GST is a welcome development. This move aligns perfectly with the broader ambition of the regulator of 'Insurance for All by 2047,' providing a tangible step forward in that direction.

While it is anticipated that there will be lowering of the premiums due to lowering of the taxes, we are yet to understand the extent of this reduction as this will also depend upon availability of the input tax credit, which will become clearer over the coming days.”

NILESH SHAH, MANAGING DIRECTOR, KOTAK MAHINDRA ASSET MANAGEMENT CO

"The GST announcement lowers inflation, increases growth, boosts consumer sentiment, doesn't disturb the path of fiscal consolidation, improves ease of doing business and partially offers adverse effects of tariffs."

SHAILESH CHANDRA, PRESIDENT SOCIETY OF INDIAN AUTOMOBILE MANUFACTURES

"This timely move is set to bring renewed cheer to consumers and inject fresh momentum into the Indian Automotive sector. Making vehicles more affordable, particularly in the entry-level segment; these announcements will significantly benefit

first-time buyers and middle-income families, enabling broader access to personal mobility."

C S VIGNESHWAR, PRESIDENT, FEDERATION OF AUTOMOBILE DEALERS ASSOCIATIONS

"The 56th GST Council meeting marks a watershed moment for India's automobile retail industry. This is a decisive step that will boost affordability, spur demand, and make India's mobility ecosystem stronger and more inclusive.

One area that may needs earliest clarification is about levy and treatment of cess balances currently lying in dealers' books, so that there is no ambiguity during transition."

SANJEEV ASTHANA, CEO, PATANJALI FOODS LIMITED.

"At Patanjali Foods, we are fully committed to passing on these benefits to our consumers. This initiative will not only enhance FMCG penetration across urban and rural India but also act as a catalyst for broader economic revival by lifting consumption and supporting allied sectors.

Our categories such as ghee, soaps, biscuits, noodles, honey, and chyawanprash will benefit from this reduction."

RADHIKA RAO, SENIOR ECONOMIST AT DBS BANK IN SINGAPORE

Lower GST rates will be positive for growth in the second half of the year and FY27, besides improving operational efficiency and expanding the size of the formal economy.

GARIMA KAPOOR, ECONOMIST, INSTITUTIONAL EQUITIES, ELARA SECURITIES, MUMBAI

"We expect GST related demand boost to add 100 to 120 bps to the GDP growth over next 4-6 quarters, thereby nullifying the negative impact of higher tariffs on exports to US. We remain constructive on the uptick in consumption demand in the economy as multiple policy levers turn favourable for the first time in a decade."

SHRIPAL SHAH, MD & CEO, KOTAK SECURITIES

"The GST rate cuts come at the right time which is just ahead of the festive season and against the backdrop of US tariff tiffs. Lower taxes on essentials, FMCG products, autos and cement will leave consumers with more money in hand.

This should directly boost demand, help traders and businesses see higher volumes, and may even favourably impact next quarter's earnings. It also carries the potential to ease inflation. The key will be how quickly companies pass on the benefits to customers."

DEVARSH VAKIL, HEAD OF PRIME RESEARCH AT HDFC SECURITIES

"The GST reforms represent a paradigm shift toward economic rationality, with rate reductions on essentials like dairy, medicines, and food directly benefiting consumers due to their inelastic nature.

Combined with RBI rate cuts, FY26 income tax rebates, and moderating inflation, these reforms create multiple stimuli for consumption and economic growth."

(Reporting by Chandini Monnappa, Bharath Rajeswaran and Manvi Pant in Bengaluru; Editing by Mrigank Dhaniwala and Nivedita Bhattacharjee)

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Rewrites throughout, updates stock moves

By Kashish Tandon and Chandini Monnappa

Aug 18 (Reuters) - Indian auto and consumer stocks rallied on Monday, with the auto index .NIFTYAUTO jumping nearly 5% to a 10-month high after the government's plans of sweeping tax cuts, including lower goods and services tax (GST) on small cars.

The government's plan to lower GST on small cars to 18% from 28%, among other changes, as part of tax reforms unveiled by Prime Minister Narendra Modi on Friday, is expected to spur demand and boost consumer spending.

The plans are likely to be announced by Diwali, a major, five-day Hindu festival in October and India's biggest shopping season as households traditionally splurge, leading to the country's consumption cycle peaking around the festival.

"These are strong tailwinds for the market with potential to take it higher," said VK Vijayakumar, chief investment strategist at Geojit Investments, calling the timing of the next major GST reforms a "big positive".

"Sectors like autos and cement, which are presently in the 28% tax slabs, are expected to benefit," he said.

Urban consumers have been tightening their belts in recent quarters, squeezed by high living costs and sluggish income growth. A cut in GST on small cars, the auto-market's most price-sensitive segment, could fire up festive season demand, giving middle-class buyers a break.

Auto stocks .NIFTYAUTO led sectoral gains on the Nifty 50 .NSEI index, and were set for their best day since June 5, 2024.

Maruti Suzuki MRTI.NS and Hyundai Motor India HYUN.NS jumped 8% and 9%, respectively, to a record high.

Additionally, the simpler two-rate structure - slabs of 5% and 18%, with the 12% and 28% slabs scrapped - would make a host of products cheaper, from butter and fruit juices to dry fruits, offering a lift to consumer goods firms and shoppers.

Consumption stocks such as Hindustan Unilever HLL.NS, Nestle India NEST.NS and Dabur DABU.NS gained between 4% and 7%, powering the FMCG index .NIFTYFMCG 1.8% higher.

(Reporting by Kashish Tandon and Bharath Rajeswaran in Bengaluru; Editing by Mrigank Dhaniwala and Janane Venkatraman)

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July 31 (Reuters) - Dabur India DABU.NS reported first-quarter profit above estimates on Thursday, benefiting from steady demand for its namesake honey and personal care items.

The company reported a consolidated net profit of 5.14 billion rupees ($58.69 million), compared to 5 billion rupees a year ago. Analysts, on average, were expecting a profit of 4.95 billion rupees.

($1 = 87.5850 Indian rupees)

(Reporting by Ananta Agarwal and Chandini Monnappa in Bengaluru; Editing by Harikrishnan Nair)

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** Dabur India DABU.NS expects Q1 operating profit growth to lag consol rev growth, which is expected in low single-digit pct range

** Post-close on Friday, consumer goods maker noted improving urban demand spurring volume uptick

** Shares up 3% to 513 rupees on Monday

UNDERPERFORMANCE CONTINUES

** Nomura ("buy", TP 550 rupees) says underperformance vs peers continues; believes both sales, vols down marginally

** "Despite having significant exposure to rural, and rural continuing to perform well for the industry, we note Dabur is not benefiting from the trend" - Nomura

** Morgan Stanley ("underweight", TP 396 rupees) says weak earnings growth seen continuing

** Adds, co's top-line growth largely in line, had estimated 1% growth

** Macquarie ("neutral", TP 480 rupees) says continued weakness in beverages "make us concerned about near-term growth rates"

(Reporting by Hritam Mukherjee in Bengaluru)

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July 4 (Reuters) - Dabur India Ltd DABU.NS:

• Q1 CONSOLIDATED REVENUE EXPECTED TO GROW IN LOW SINGLE DIGITS

• Q1 OPERATING PROFIT GROWTH TO LAG REVENUE GROWTH

• INTERNATIONAL BUSINESS EXPECTED TO POST DOUBLE-DIGIT GROWTH IN Q1

• EXPECT REVENUE GROWTH TO REGAIN MOMENTUM AND TREND HIGHERINTHE COMING QUARTERS

• INDIAN FMCG SECTOR SEES RECOVERY WITH URBAN VOLUME GROWTH

• BEVERAGE PORTFOLIO WAS IMPACTED DURING QUARTER DUE TO UNSEASONAL RAINS AND SHORT SUMMER

Source text: ID:nBSE4S8tTY

Further company coverage: DABU.NS

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** India's Trent TREN.NS, Titan TITN.NS, Dabur DABU.NS are among companies that will benefit from reported indirect tax cut plan, says Goldman Sachs

** Broadcaster India Today reported, citing sources, that the government plans to cut 12% GST on certain items to 5% or eliminate the 12% tax slab altogether

** GST council did not immediately respond to Reuters' request for comment

** GST is the abbreviation for Goods and Services Tax, an indirect tax implemented in 2017

** 12% GST applies on apparel priced above 1,000 Indian rupees ($11.7), footwear priced below $11.7, confectionery, fruit drinks, jam, toothpowder and eyewear, among others - GS

** Brokerage also adds Bata India BATA.NS, Nestle India NEST.NS in beneficiary list

** Says reported tax cut plan could help improve consumer demand for branded products, potentially accelerating volume-led growth

** NEST up 0.5%, DABU rises 0.4%; TREN, TITN and BATA down 0.8%, 0.2% and 0.15% respectively

($1 = 85.6820 Indian rupees)

(Reporting by Hritam Mukherjee in Bengaluru)

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** Consumer staples producers Colgate-Palmolive India COLG.NS and Dabur DABU.NS rise 1.67% and 0.6%, respectively

** Indian government considering eliminating the 12% goods and services tax slab and reclassifying many items taxed at that bracket into the lower 5% bracket, NDTV reports

** Restructuring would target items such as toothpastes, umbrellas, sewing machines, kitchen utensils, report says

** Government believes lower prices could boost sales, and ultimately increase long-term GST collections, adds report

** YTD, COLG shares down 8.6% while Dabur down 4.2%

(Reporting by Ananta Agarwal in Bengaluru)

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May 26 (Reuters) - Dabur India Ltd DABU.NS:

• DABUR - APPROVED SCHEME OF AMALGAMATION OF SESA CARE WITH CO

Source text: [ID:]

Further company coverage: DABU.NS

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May 8 (Reuters) - India's consumer goods sector reported an 11% growth in value in the March quarter, as rural growth outpaced that in urban areas for the fifth straight quarter, market research firm NielsenIQ said on Thursday.

Rural areas - which account for just over a third of overall consumer goods sales - have become a bright spot for an industry that is struggling with higher living costs and slow wage growth in large cities.

"Rural markets continue to drive growth, whereas urban metros continue to see a shift toward E-commerce," Roosevelt Dsouza, head of customer success for consumer goods at NielsenIQ, said.

Although rural consumption growth slowed in the March quarter, with volumes rising 8.4% compared to 9.2% in the previous three months, it still outpaced urban demand, where growth decelerated to 2.6% from 4.2%.

Price increases also contributed to the overall value growth, with the cost of staples such as edible oil rising 5.6% during the quarter, compared with just 0.3% in the same period a year ago.

Low base, rural growth, and easing inflation are helping smaller players, which saw 17.8% growth in value, outpacing the broader FMCG market, the report said.

Indian consumer goods maker Marico MRCO.NS reported fourth-quarter profit above analysts' expectations, boosted by improving rural demand and price increases for its key packaged oil brands—underscoring the strength of non-urban markets.

The company also said it plans to expand its presence in villages across India.

Smaller manufacturers are driving consumption compared to larger players, whose volume growth has halved compared to the December quarter, NielsenIQ said.

Hindustan Unilever HLL.NS and Nestle India NEST.NS reported weaker fourth-quarter profits, with Hindustan Unilever cutting its margin forecast amid high commodity costs and sluggish urban demand.

Going ahead, NielsenIQ said revised tax slabs and a favorable monsoon forecast could further lift consumption in the coming quarters.

(Reporting by Ashish Chandra in Bengaluru; Editing by Sonia Cheema)

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BENGALURU, May 7 (Reuters) - Diary of India economic, corporate events on May 7

ECONOMIC, CORPORATE .BSE500 EVENTS:

NTS - 'No time scheduled'

(Compiled by Bengaluru Newsroom)

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** Shares of Dabur India DABU.NS fall 7.2% to 460.15 rupees, heads for fourth straight session of losses

** Consumer goods major flagged a drop in India FMCG business growth due to "delayed and truncated winters and a slowdown in urban markets"

** Consolidated revenue expected to be flattish during the quarter

** Expects Q4 operating profit margin to contract by around 150-175 basis points y/y

** Emkay Global cuts PT for DABU to 450 rupees - 9.3% below previous close - from 500 rupees; keeps "reduce" rating

** Emkay sees need for aligning with evolving consumption trend for topline recovery

** DABU down ~9% so far in 2025

(Reporting by Vijay Malkar)

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April 1 (Reuters) - Dabur India Ltd DABU.NS:

• INCOME TAX AUTHORITY RAISED DEMAND OF 1.10 BILLION RUPEES

Further company coverage: DABU.NS

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March 17 (Reuters) - India's Religare Enterprises RELG.NS on Monday said its board is seeking a governance review of the company and its units, and has also approached the billionaire Burman family for funding support after they took control of the company last month.

The Burman family, who founded and control consumer goods conglomerate Dabur India DABU.NS, acquired control of the financial services provider in February after a 17-month takeover battle.

The objective is to review past operating practices, suggest improvements and to identify any potential instances of misconduct by certain current and/or former employees of Religare and its units, the company said in an exchange filing.

Religare also said it observed a "cash-flow gap" over the next few months and has decided to approach the Burmans for immediate funding support to sustain the operations of the company.

The company did not specify details regarding the extent of the funding.

Previously, Religare, under former executive chairperson Rashmi Saluja, had sought to prevent the Burmans from raising their stake in the company. Saluja was ousted from the board in February as her reappointment did not go through.

(Reporting by Ashish Chandra in Bengaluru; Editing by Janane Venkatraman)

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Feb 6 (Reuters) - Solid demand in rural areas, as well as higher prices of staples including edible oil and wheat flour, helped the consumer goods sector report a 10.6% sales growth in the December quarter, market researcher NielsenIQ said on Thursday.

India's rural areas - which account for just over a third of consumer goods sales - have proven a bright spot for an industry struggling with an inflation-led spending slowdown in large cities.

"Rural markets (continued) to lead the charge, outpacing urban consumption (during the December quarter)," Roosevelt Dsouza, head of customer success for consumer goods at NielsenIQ, said in a statement.

Sales volume jumped 9.9% in rural areas in the December quarter, up from 5.7% in the previous quarter - double the 5% increase in urban centers, NielsenIQ said. But it added urban pockets also improved from the September quarter's 2.6% growth.

Rural areas have outperformed urban locations for the last four quarters, benefiting from income support schemes rolled out by several Indian states, while slowing salary increases in cities have squeezed consumer spending.

In the October-December quarter, overall volume rose by 7.1% - the highest in over a year - driven by demand for laundry products and edible oil, even as prices rose by 3.3%, according to NielsenIQ.

Dabur India DABU.NS and Hindustan Unilever HLL.NS reported a higher December-quarter profit on recovering rural demand.

However, large consumer goods makers, with topline exceeding 50 billion rupees ($571.2 million) are also facing stiff competition from smaller rivals, whose sales increased roughly twice as fast during the festive quarter, NielsenIQ said.

Consumer goods makers have also raised product prices to counter price increases in commodities such as copra and cocoa, with cooking oil maker Adani Wilmar ADAW.NS and Hindustan Unilever warning of further hikes.

Indians also preferred smaller product packs during the quarter, NielsenIQ said, echoing comments from Hindustan Unilever.

($1 = 87.5400 Indian rupees)

(Reporting by Praveen Paramasivam in Chennai; Editing by Eileen Soreng)

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Jan 30 (Reuters) - Dabur India Ltd DABU.NS:

• Q3 CONSOL NET PROFIT 5.22 BILLION RUPEES; IBES EST. 5.15 BILLION RUPEES

• Q3 CONSOL REVENUE FROM OPERATIONS 33.55 BILLION RUPEES; IBES EST. 33.61 BILLION RUPEES

Further company coverage: DABU.NS

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By Aditya Kalra

NEW DELHI, Jan 25 (Reuters) - India's Religare Enterprises RELG.NS said a U.S. businessman has made a proposal to acquire a 26% stake in it, the latest twist in the battle for control of the financial services company which has rejected another bid as being priced too low.

The Indian billionaire Burman family, which has founded and controls consumer goods conglomerate Dabur India DABU.NS, raised its stake in Religare to nearly 25% in September 2023, triggering a so-called open offer to buy more shares.

Through the open offer process, which starts on Jan. 27, the Burmans plan to buy around 26% more of Religare to bolster their presence in India's rapidly growing financial services sector, but Religare's independent directors flagged this week the offer price of 235 rupees per share was too low.

In a stock exchange disclosure late on Friday, Religare shared a letter from U.S. entrepreneur Digvijay "Danny" Gaekwad's firm requesting permission from Indian market regulator SEBI to make an open offer of 275 rupees per share for the Indian company, a 17% premium to the current offer.

A representative of the Burman family, Mohit Burman, and the market regulator SEBI did not immediately respond to requests for comment on Saturday. Florida-based Gaekwad did not immediately respond to a Reuters' email seeking comment outside of normal U.S. business hours.

Religare shares closed at 249.40 rupees on Friday, giving it a market value of 81.83 billion rupees ($949.30 million).

The Burmans, if they win control of Religare, will find themselves pitted against other Indian billionaire families in the financial services business, including Mukesh Ambani's Jio Financial Services JIOF.NS and family-controlled Bajaj Finance BJFN.NS.

But the Burmans' Religare bid has faced regulatory and legal challenges.

Earlier this week, Religare disclosed that a minority shareholder had approached the Delhi High Court, and was seeking to stop Burmans' open offer bid.

Legal papers show that the shareholder holds 500 shares in Religare, and the court on Tuesday issued a notice to Burmans and SEBI and said any subsequent action - such as an open offer - "shall be subject to the outcome" of the lawsuit.

($1 = 86.2000 Indian rupees)

(Reporting by Aditya Kalra and Siddhi Nayak; Editing by Muralikumar Anantharaman)

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Jan 13 (Reuters) - Dabur India Ltd DABU.NS:

• RECEIVES DEMAND ORDER FROM ADDITIONAL COMMISSIONER, CGST & CX, KOLKATA

• ORDER DEMANDS TOTAL OF 34.8 MILLION RUPEES

Source text: ID:nBSE91Zb95

Further company coverage: DABU.NS

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** Shares of Dabur India DABU.NS down 3%, set to fall for the first session in five

** Co estimates Q3 rev growth in low single-digit pct range vs analysts avg est of 4.8%, per LSEG data

** Estimates operating profit was flat

** BOBCAPS expects that to translate to a 1% rev shortfall and 2% operating income miss vs consensus estimates

** Stock among top pct losers on the Nifty FMCG index .NIFTYFMCG, which is down 0.3% on the day

** At least 3 of 38 covering analysts cut their rating, per LSEG data; avg rating is equivalent of "buy"

** CLSA flags slower-than-expected recovery, sharp rise in input costs, increasing competition as key risks; keeps "hold"

(Reporting by Hritam Mukherjee in Bengaluru)

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Jan 3 (Reuters) - Dabur India Ltd DABU.NS:

• DABUR - ANTICIPATE FLATTISH OPERATING PROFIT GROWTH IN Q3

• DABUR - EXPECT FMCG GROWTH TO REVIVE GOING FORWARD

• DABUR - EXPECT SEQUENTIAL IMPROVEMENT IN DEMAND GOING FORWARD

• DABUR - DURING Q3, RURAL CONSUMPTION FOR FMCG WAS RESILIENT, CONTINUED TO GROW FASTER THAN URBAN

• DABUR- CONSOL REVENUE EXPECTED TO REGISTER LOW SINGLE DIGIT GROWTH IN Q3

• DABUR - CONSOLIDATED REVENUE EXPECTED TO REGISTER LOW SINGLE DIGIT GROWTH DURING Q3

• DABUR - INFLATIONARY PRESSURE WITNESSED IN SOME SEGMENTS IN Q3 AND MITIGATED VIA PRICE INCREASES

• DABUR - INTERNATIONAL BUSINESS EXPECTED TO REGISTER DOUBLE DIGIT GROWTH IN CONSTANT CURRENCY TERMS IN Q3

• DABUR - RURAL CONSUMPTION CONTINUED TO GROW FASTER THAN URBAN IN Q3

Source text: ID:nBSENRfCn

Further company coverage: DABU.NS

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Clarifies source is exchange filing in paragraph 1, adds details from RBI's letter, stock's closing price in paragraph 5-6

Dec 10 (Reuters) - The Reserve Bank of India (RBI) has approved billionaire Burman family's plan to buy more shares in financial services provider Religare Enterprises RELG.NS, the company said in an exchange filing on Tuesday.

The Burmans, who founded and control consumer goods conglomerate Dabur India DABU.NS, raised their stake in Religare to nearly 25% in September last year, triggering a so-called open offer to buy more shares.

They planned to buy around 26% more of Religare to bolster their presence in the rapidly growing financial services sector, but Religare refused to apply for regulatory approvals for the open offer.

Religare sought to prevent the Burmans from raising their stake, saying the offer was "riddled with irregularities and statutory violations and cast serious doubts on the fit and proper status of the acquirers".

The Burmans then approached the Securities and Exchange Board of India (SEBI), which, in June, asked Religare to apply for regulatory approvals for the open offer to go ahead.

The RBI's nod is subject to the acquirers submitting a "concrete" consolidation plan with specific timelines, and the acquisition completing within a period of one year, the regulator's letter showed in the filing sent to exchanges.

Religare's shares closed 3.5% higher on Tuesday and have gained 35% so far this year.

(Reporting by Sethuraman NR; Editing by Savio D'Souza)

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Dec 6 (Reuters) - Dabur India Ltd DABU.NS:

• DISSOLUTION OF DABUR TUNISIA LIKELY BY 31ST DECEMBER 2025

• RESPONSE FROM RESERVE BANK AND TUNISIAN AUTHORITIES STILL AWAITED

Source text: ID:nBSE8L8RdZ

Further company coverage: DABU.NS

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Nov 26 (Reuters) - Dabur India Ltd DABU.NS:

• DABUR INDIA LTD - RECEIVES TAX ORDER CONFIRMING DEMAND OF 3.21 BILLION RUPEES

• DABUR INDIA - ADDITIONAL COMMISSIONER DROPS PENALTY ON CO IMPOSED UNDER EARLIER INTIMATION

Further company coverage: DABU.NS

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By Praveen Paramasivam, Shivangi Acharya

CHENNAI/NEW DELHI, Nov 13 - India's city dwellers are cutting spending on everything from cookies to fast food as persistently high inflation squeezes middle class budgets, threatening the country's brisk economic growth.

Slowing urban spending over the past three to four months has not only hurt the earnings of largest consumer goods firms, it has raised questions about the structural nature of India's long-term economic success.

Since the end of the pandemic, India's economic growth has been driven in large part by urban consumption, however, that now seems to be changing.

"There is a top end – the people with money are spending like that is going out of style," Nestle India Chairman Suresh Narayanan said.

"There used to be a middle segment, which used to be the segment that most of us fast moving consumer goods (FMCG) firms used to operate in, which is the middle class of the country, that seems to be shrinking."

Nestle India, which makes Kit Kats and other well-known goods, reported its first quarterly revenue drop since the COVID-hit June quarter in 2020.

While there is no officially defined income bracket for Indian middle class households, they are broadly estimated to account for a third of India's 1.4 billion people.

They are considered a key demographic both economically and politically, with middle class frustration seen as a significant factor behind Prime Minister Narendra Modi's weaker election performance this year.

Asia's third-largest economy is expected to expand 7.2% in the financial year ending March 2025, the fastest among its major peers.

Belying those rosy projections, however, are signs of a sharp slowdown in the household sector.

Indian urban consumption hit a two-year low this month, according to an index published by Citibank that captures indicators such as airline bookings, fuel sales and wages.

"While some of the fall could be temporary, the key macro drivers remain unfavourable," Citi's chief India economist Samiran Chakraborty said.

Growth in inflation-adjusted wage costs for listed Indian firms - a proxy for earnings of urban Indians - has remained below 2% for all the three quarters of 2024, well below the 10-year average of 4.4%, data from Citi showed.

Chakraborty cites this as a key factor impacting urban consumption, along with declining savings and tighter rules for personal loans.

Headline inflation has averaged 5% over the past 12 months, but food inflation has held above 8% as weather shocks elevated prices of vegetables, cereals and other essential foods. In October, retail inflation hit a 14-month high of 6.2% while food prices jumped to 10.9%.

Anecdotal data suggests retail sales rose close to 15% year-on-year during the 2024 festive season, which runs from August to November, Nomura said in a note last week, about half last year's pace.

"During this festival season, we have not spent at all," said Rajwanti Dahiya, 60, who survives on her husband's monthly pension of 30,000 Indian rupees ($356.76).

"Savings are low, barely there."

A 'SHRINKING' MIDDLE

India's central bank expects 7.2% GDP growth for the fiscal year ending March 2025 on the back of improved rural demand and a strong services sector.

Higher government investment could also support demand, said Rahul Bajoria, head of India and ASEAN economic research at Bank of America.

"If government spending kicks in, that probably does have some multiplier effects on private consumption spending as well," said Bajoria, who expects GDP growth at 6.8% in the current financial year.

Some are less optimistic with Citi and IDFC First Bank economists expecting GDP growth in the July-September quarter to miss the central bank's projected 7%, weighed by slower urban consumption.

That pessimism has hit consumer stocks with the Nifty FMCG index .NIFTYFMCG declining 13% since Oct. 1, compared with a 7.4% drop in the benchmark Nifty 50 .NSEI.

Of the FMCG index's 15 constituent firms, only one reported a pickup in sales volume growth in the September quarter.

Consumers in large cities are swapping branded items from hair oil to tea for cheaper unbranded alternatives, reflected in the first sales volume decline in 11 quarters for the foods and refreshment group at Hindustan Unilever.

"We see the growth in big city standing down, although in smaller cities and in rural the growth continues to be good," Hindustan Unilever chief executive Rohit Jawa said last month, after reporting lower than expected earnings.

Consumers are also cutting back on dining out.

Fast-food chains such as McDonald's, Burger King, Pizza Hut and KFC posted same-store sales declines, earnings showed.

While people are still coming, they are choosing cheaper meals, Rajeev Varman, CEO at Burger King operator Restaurant Brands Asia RESR.NS said after posting a 3% drop in quarterly same-store sales.

"We prefer budget-friendly stores that give good deals and discounts to manage our monthly expenditure," said 37-year old Avinash Crasto, a Mumbai marketing and sales executive who has a family of four and identifies as middle class.

($1 = 84.0640 Indian rupees)

(Reporting by Praveen Paramasivam in Chennai and Shivangi Acharya in New Delhi; Editing by Sam Holmes)

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** Shares of Dabur DABU.NS fall 1% to 540 rupees

** Co reported lower-than-expected profit in Q2, hurt by weaker demand in urban areas and above-average rains

** Nineteen of 39 analysts covering the stock cut PT after results- LSEG data

** Avg rating on the stock is "buy", median PT is 616.5 rupees - LSEG data

** Median PTs on peers Marico MRCO.NS, Hindustan Unilever HLL.NS at 722.5 rupees and 2,900 rupees, respectively, with "buy" rating

** Rising competition in beverages segment, delay in rural recovery key concerns - Bob Capital Markets

** Acquisition of debt-laden hair care company Sesa Care to address portfolio gap is unlikely to improve organic growth - Emkay Research

** DABU down 13% so far this month, set for biggest monthly fall since June 2008

** DABU down 5% YTD vs ~4% rise in Nifty FMCG index .NIFTYFMCG

(Reporting by Ashna Teresa Britto in Bengaluru)

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Oct 30 (Reuters) - Dabur India Ltd DABU.NS:

• HAS ENTERED INTO IMPLEMENTATION AGREEMENT WITH SHAREHOLDERS OF SESA CARE

• SHALL ACQUIRE 51% OF PAID UP CUMULATIVE REDEEMABLE PREFERENCE SHARES OF SESA

• DEAL FOR 125.9 MILLION RUPEES FOR PURCHASE OF 51% OF TOTAL PAID UP CRPS OF SESA

• AS PART OF MERGER, SHARES OF CO WILL BE ISSUED IN EXCHANGE OF SHARES, REMAINING 49% CRPS OF SESA CARE

• COMPLETION OF SESA CARE MERGER IN 15 TO 18 MONTHS SUBJECT TO REGULATORY APPROVALS

Source text: ID:nBSE4zyZQ1

Further company coverage: DABU.NS

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Adds details in paragraph 4, analyst comments in paragraph 8, 9

Oct 3 (Reuters) - Shares of Dabur India DABU.NS fell as much as 7.8% on Thursday, after the consumer goods maker forecast its first quarterly revenue decline in four years, citing weak demand in its food and beverages segment.

The stock was last down 5.4%, on track for its worst day since mid-March 2022, and was the top loser on the Nifty FMCG index .NIFTYFMCG which was down 1%.

Dabur on Tuesday said it expects revenue to fall in the mid-single digit percentage range for the quarter ended Sept. 30 as heavy rain and floods across parts of the country impacted "out of home" consumption.

The food and beverage segment contributes around 30% to Dabur's revenue. This would mark the company's first decline in revenue since the quarter ended June 2020, according to LSEG data.

The company faced a buildup of inventory and had to reduce channel inventory to boost distributor interest, said analysts at Antique Stock Broking.

Further, Dabur maintained its investment in brands, leading to a decrease in its operating margin to the mid-to-high teen percentage, the analysts said.

Dabur has "relatively underperformed" compared to its rivals, said analysts at Emkay Research, adding that they expect the underperformance to continue in the near term.

Marico MRCO.NS said on Wednesday it expects second-quarter consolidated revenue to grow in high single-digit percentage.

Despite destocking likely to be a one quarter phenomenon, it materially impacts Dabur's fiscal year 2025 growth and margin outlook, said analysts at Systemetix Institutional Equities.

(Reporting by Ashna Teresa Britto in Bengaluru; Editing by Varun H K)

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Adds details throughout from paragraph 2-8

Oct 2 (Reuters) - Parachute oil maker Marico MRCO.NS said on Wednesday it expects second-quarter consolidated revenue to grow in high single-digit percentage, as price hikes kept domestic demand steady while it saw currency headwinds in some overseas markets.

The consumer goods maker expects its consolidated revenue to grow in double digits during the second half of fiscal year 2025.

Marico said its core Parachute coconut oil business recorded near mid-single digit percentage volume growth in the second quarter, owing to price hikes it had implemented in the beginning of 2024.

The company said it further hiked prices of its Parachute oil products at the end of the quarter due to the sequential rise in prices of copra, a key raw material, which rose ahead of Marico's internal forecasts in the second quarter.

Its Saffola oils segment, which houses cooking oils such as sunflower and rice bran, posted a low single-digit percentage revenue growth as rise in import duty pushed the prices of vegetable oil higher.

The company's Bangladesh operations, which had been impacted due to the political unrest in the country in August, saw high single-digit percentage growth as the challenging operating environment "largely stabilized".

Marico said the consumer goods sector saw stable demand trends, with rural volume growth outperforming urban demand on a year-on-year basis for the third quarter in a row.

Rival consumer goods maker Dabur India DABU.NS said on Tuesday it expects a decline in its second-quarter revenue, which would be its first drop in more than four years, due to weak demand in its food and beverages segment.

(Reporting by Ashna Teresa Britto in Bengaluru; Editing by Shreya Biswas)

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Oct 1 (Reuters) - Dabur India Ltd DABU.NS:

• EXPECTED TO POST A MID-SINGLE DIGIT DECLINE IN CONSOLIDATED REVENUE FOR SEPT-QUARTER

• HEAVY RAIN, FLOODS ACROSS INDIA IMPACTED OUT OF HOME CONSUMPTION, CONSUMER OFFTAKE DURING Q2

• OPERATING MARGIN EXPECTED TO DECLINE IN RANGE OF MID TO HIGH TEENS IN Q2

• LOWER PRIMARY SALES TO IMPACT PROFITABILITY IN Q2

• INTL BUSINESS EXPECTED TO REGISTER DOUBLE DIGIT CONSTANT CURRENCY GROWTH IN Q2 TOPLINE

Source text for Eikon: ID:nBSEbXGvcV

Further company coverage: DABU.NS

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