Lakme Sunscreen Ad Sparks Legal Fight Between Honasa and Hindustan Unilever

Lakme’s new ad campaign has landed its parent company, Hindustan Unilever Ltd (HUL), in legal trouble. Honasa Consumer Ltd, the company behind Mamaearth and The Derma Co., has taken the issue to the Delhi High Court. Honasa says Lakme’s “SPF Lie Detector Test” ad wrongly targets and misleads people about its sunscreen products.

What Is the Dispute About?

According to Honasa, the Lakme ad uses misleading visuals and messaging to cast doubt on the SPF claims of competing sunscreens. One of the products shown in the ad is said to resemble packaging from The Derma Co., a popular brand under the Honasa umbrella. The ad portrays a dramatic “hit and run” scenario to suggest that some sunscreens fail to deliver on their SPF promises.

Honasa argues that the ad misleads consumers by unfairly questioning the effectiveness of rival products, including its own. The company has accused HUL of using a campaign that damages the credibility and trust Honasa has built with its customers.

HUL Defends Its Campaign

Hindustan Unilever responded by saying the Lakme ad is based on in-vivo SPF testing, which is a trusted global method. They said many online brands make false SPF claims, but Lakme has used in-vivo testing since 2015 to help ensure Indian consumers get safe and reliable sunscreens.

The company emphasised the health risks of ineffective sunscreens, including pigmentation and premature ageing, saying their intention was to highlight the need for trustworthy sun protection.

Delhi High Court Looks into the Matter

After the first hearing, the Delhi High Court said the ad looked clearly negative and asked HUL to reply. Honasa wants the ad removed quickly, saying it harms the image of its brands. The case is scheduled for the next hearing on April 17, 2025, where both sides will present their arguments.

A Growing Rivalry in Indian Skincare

Mamaearth co-founder Ghazal Alagh also weighed in, calling out long-standing FMCG brands for becoming complacent. She credited startups like Mamaearth and The Derma Co. for pushing innovation and transparency, especially around ingredient safety and product claims.

As the battle heats up in court, it also reflects the growing competitiveness in India’s skincare market—and the power of advertising in shaping consumer trust.

 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

PwC Exits Multiple Countries Amid Scandals and Global Audit Failures

Global accounting giant PricewaterhouseCoopers (PwC) is pulling out of more than a dozen countries as it faces growing pressure from scandals, regulatory fines, and internal conflicts. The move marks a significant shift in PwC’s global strategy as it aims to rebuild trust and tighten control over its operations.

Scaling Back to Avoid Risk

According to the Financial Times, PwC is closing down operations in several smaller and riskier markets that were either unprofitable or exposed to greater regulatory scrutiny. These exits come after mounting disagreements with local partners and increasing pressure from global leadership to cut ties with high-risk clients.

In several of these countries, local leaders shared that they lost more than a third of their business after being asked to drop clients considered risky. The result has been not just shrinking revenue but also layoffs and a growing list of dissatisfied partners.

Major Audit Failures Trigger Reforms

PwC’s decision comes on the heels of two major audit failures that shook the firm’s global reputation. In China, PwC’s mainland unit was fined $62 million and handed a six-month suspension after audit lapses tied to the $78 billion Evergrande fraud. In the UK, the Financial Reporting Council fined the firm £4.5 million for audit failures involving Wyelands Bank.

These scandals have raised serious questions about audit quality, internal controls, and oversight within one of the world’s most prominent accounting firms.

Strategic Exit from Africa and Beyond

PwC recently announced its exit from Sub-Saharan Francophone Africa following a strategic review. The firm is also working to repair relationships in key markets like Saudi Arabia, where the kingdom’s $925 billion sovereign wealth fund suspended business with PwC over transparency concerns.

Conclusion

While PwC has not commented directly on the scale of its global retreat, the message is clear—regaining credibility and enforcing stricter global standards is now a top priority. By withdrawing from risky and low-margin markets, the firm aims to protect its brand image and rebuild trust with regulators and clients worldwide.

As one of the Big Four accounting firms, PwC’s move could influence how other global firms handle risk and stay accountable in today’s challenging business world.

 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

FIR Filed Against OYO and Ritesh Aggarwal Over ₹2.66 Crore GST Fraud in Jaipur

A major controversy has hit hospitality giant OYO as a Jaipur-based resort has filed a criminal complaint, leading to a formal FIR against the company and its founder Ritesh Aggarwal. The complaint revolves around alleged fake bookings which have triggered a massive ₹2.66 crore Goods and Services Tax (GST) notice.

The Complaint That Sparked It All

The complaint was filed by Madan Jain, associated with Samskara Resorts in Jaipur. According to Jain, OYO entered into a one-year agreement with the resort on April 8, 2019, to facilitate both online and walk-in bookings. However, things took a turn when Jain received a GST notice for ₹2.66 crore – a figure he claims is based on fake bookings shown by OYO.

As per the FIR filed at Ashok Nagar police station, Jain alleges that OYO falsely reported a turnover of ₹22.22 crore over 3 financial years (FY-2018–2021), despite the resort operating only in FY-2019–2020 and recording genuine business worth just ₹10.95 lakh. This misrepresentation, he says, has left his resort facing steep GST liabilities and penalties.

Serious Charges Under theBharatiya Nyaya Sanhita

The FIR doesn’t hold back. OYO and its founder Ritesh Aggarwal have been accused of cheating, criminal breach of trust, forgery, and criminal conspiracy under the newly introduced Bharatiya Nyaya Sanhita (BNS). The resort claims that OYO’s actions were not just unethical but illegal, with intent to deceive both the resort and tax authorities.

A Pattern of Disputes with Hoteliers

This incident is reportedly not an isolated one. Several hoteliers across Rajasthan have faced similar issues with OYO, receiving inflated GST notices linked to exaggerated bookings. Hussain Khan, President of the Hotel Federation of Rajasthan, mentioned that OYO’s relationship with hotels has long been strained.

According to Khan, “OYO has always had transparency issues,” and he recalled a statewide protest from 4 years ago where over 125 hotels displayed signs refusing to accept OYO bookings.

Conclusion

As the FIR gains attention, questions arise around OYO’s booking practices and financial reporting. With legal action now underway, this case could have far-reaching implications for how aggregator platforms handle partnerships and regulatory obligations. This developing story continues to attract scrutiny, especially as more hotels come forward with similar complaints.

 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

HDFC Bank Share Price Moves Closer to 52-Week High Mark

The HDFC Bank share price witnessed a strong upward move on April 15, contributing significantly to the broader market’s gains. On Tuesday, April 15, 2025, the stock climbed nearly 4% intraday, emerging as one of the top contributors to the rise in the Nifty 50 index, adding close to 100 points by itself. With this momentum, the HDFC Bank share price is now nearing its 52-week high of ₹1,880.00.

Savings Rate Cut Sparks Market Interest

The recent rally in the HDFC share price follows the lender’s decision to reduce its savings account interest rate by 25 basis points to 2.75% for deposits below ₹50 lakh. This marks the first rate cut since June 2020 and reflects a strategic move aimed at balancing deposit growth and margin pressures.

The rate adjustment is seen as a shift in line with broader market expectations and monetary trends. The decision comes at a time when savings deposit growth across the industry remains muted, with customers increasingly exploring more efficient avenues for returns.

Technical Indicators Show Positive Momentum

On the technical front, the Relative Strength Index (RSI) for HDFC Bank stands at 58.2, suggesting moderate strength in the ongoing uptrend. Typically, an RSI between 30 and 70 reflects a balanced zone, indicating neither overbought nor oversold conditions.

QuarterlyEarnings Update on the Horizon

Investors are also closely watching the upcoming quarterly earnings announcement, scheduled for April 19, 2025. Market participants expect key updates on business performance, loan growth, and margin trends, which could further influence the HDFC share price in the near term.

Year-To-Date Gains Build Confidence

On Tuesday, April 15, 2025, the HDFC Bank share price closed at ₹1,864.90, touching an intraday high of ₹1,875.90. The stock has gained 5% year-to-date. The current market capitalisation of the stock is at ₹1,427,062 crore. As the stock edges closer to its 52-week high of ₹1,880.00, market attention remains high, especially ahead of the upcoming results.

 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

India and US Finalise Terms of Reference to Address Trade Tariff Barriers

India and the United States have taken a major step forward in strengthening their trade ties. The two nations have finalised the Terms of Reference (ToR) to launch the first phase of a bilateral trade agreement (BTA), focusing on reducing tariff and non-tariff barriers. This move marks a fresh chapter in their growing economic partnership.

Aiming for $500 Billion in Trade by 2030

The agreement comes with an ambitious vision—to take bilateral trade to $500 billion by 2030. With trade secretary confirming India’s decision to follow a path of trade liberalisation with the US, the foundations for deeper cooperation are now in place. This liberal approach aims to ease restrictions, open markets, and boost smoother trade flows between the two countries.

Talks Kick Off Virtually, In-Person Meetings in May

Initial discussions will begin virtually this month, followed by an in-person meeting in the second half of May 2025. According to the additional secretary in the trade ministry, these talks are set to lay the groundwork for a phased trade agreement that both countries hope to finalise by the end of 2025.

Focus on Tariff and Non-Tariff Barriers

A key focus of the upcoming discussions is the removal of both tariff and non-tariff barriers that currently hinder trade. India sees this as an opportunity to unlock smoother market access and simplify regulatory processes. By easing these restrictions, businesses in both nations can benefit from greater flexibility and fewer trade obstacles.

Reciprocal Tariffs Under Review

While the US had earlier announced reciprocal tariffs to take effect from April 2, these have now been put on hold. The Indian Commerce Ministry has stated that it will assess any potential impact of these tariffs on India’s trade performance, especially since goods typically take 40–45 days to reach the US.

Conclusion

This trade dialogue signals a strong commitment from both sides to deepen economic engagement. If successful, the India-US bilateral trade agreement could open new growth opportunities and set the stage for a robust, long-term partnership.

 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

March Retail Inflation Falls to 5-Year Low in India; Food Inflation at 2.69%

India’s retail inflation dropped in March 2025 to its lowest level in 5 years, bringing some relief to both consumers and the government. The Consumer Price Index (CPI) showed annual inflation easing to 3.34%, down from 3.61% in February, marking the lowest figure since August 2019. A sharp drop in food prices largely contributed to this decline, with food inflation softening to 2.69%, the lowest since November 2021.

Falling Food Prices Lead the Way

The standout factor behind the falling inflation rate has been the significant decline in food prices. March saw vegetable prices drop by 7.04% year-on-year, a sharp change to the 1.07% increase in February. Prices of other essentials like pulses, cereals, meat, and milk also witnessed moderation.

For example, pulses fell 2.73% in March compared to a 0.35% fall the previous month, while cereals rose by a modest 5.93%, slightly down from 6.1% in February. This decline in food inflation is a good sign for households, especially those in lower-income groups, as food makes up a large portion of their monthly expenses.

Rural vs Urban Inflation

In rural areas, inflation saw a sharper fall. Headline inflation dropped to 3.25% in March from 3.79% in February. Rural food inflation also fell significantly to 2.82% from 4.06%.

Urban areas, on the other hand, saw a marginal increase in overall inflation from 3.32% to 3.43%, though food inflation still fell to 2.48% from 3.15%. This suggests that while cities are experiencing some price pressures, food prices remain under control across the board.

What It Means for Interest Rates?

The steady decline in inflation has opened the door for more interest rate cuts by the Reserve Bank of India (RBI). In early April, the RBI already cut its key policy rate for the second time this year. Many economists believe that if the current trend continues, two more rate cuts could follow in 2025. Lower interest rates could help boost consumer demand and investment, both of which are crucial to supporting India’s growth amid global uncertainty.

Core Inflation and Other Key Trends

Core inflation, which excludes food and fuel, rose slightly to around 4.1%, reflecting moderate domestic demand. Other essential categories also saw small increases:

  • Housing inflation rose to 3.03% from 2.91%
  • Health inflation moved to 4.26% from 4.12%
  • Education inflation edged up to 3.98% from 3.83%
  • Transport and communication saw an increase to 3.30% from 2.93%
  • Fuel and light inflation showed a recovery too, jumping from -1.33% in February to 1.48% in March.

Items with the Highest and Lowest Inflation

In terms of individual items, coconut oil (56.81%), coconut (42.05%), gold (34.09%), silver (31.57%), and grapes (25.55%) recorded the highest inflation rates in March. Conversely, prices of items like ginger (-38.11%), tomato (-34.96%), cauliflower (-25.99%), jeera (-25.86%), and garlic (-25.22%) dropped significantly.

Conclusion

The fall in retail inflation, especially in food, is a positive signal for India’s economy. With the RBI expecting normal monsoon rains this year, agricultural output may improve further, helping keep inflation under control. While global uncertainties still pose risks, the current trend offers optimism.

 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

TCS Appoints Aarthi Subramanian as First Woman COO, from May 1, 2025

Tata Consultancy Services (TCS), India’s largest IT services firm has announced the appointment of Aarthi Subramanian as its new Executive Director – President and Chief Operating Officer (COO), effective from May 1, 2025. She will hold the position for a 5-year term until April 30, 2030. This marks a major leadership change at TCS, with Subramanian becoming the company’s first-ever woman to hold the COO position.

A Career Built Within the Tata Group

Aarthi Subramanian’s association with TCS began in 1989 when she joined as a graduate trainee. Over the years, she has held several key roles within the organisation, including project manager, account manager, and senior executive. Her journey within the Tata Group is a testament to consistent growth, leadership, and dedication. 

She is currently serving as the Group Chief Digital Officer at Tata Sons, the holding company of all Tata enterprises. In this role, she has been leading the digital transformation initiatives across various Tata companies, ensuring they stay competitive in an increasingly tech-driven world.

Educational and Professional Background

Subramanian holds a bachelor’s degree in computer science from the National Institute of Technology, Warangal. She later earned a master’s degree in engineering management from the University of Kansas in the USA. With over three decades of experience in technology, operations, and business transformation, she is widely respected in the IT industry.

She has served in various senior capacities across the Tata Group, including stints as Executive Director and Global Head of Delivery Excellence at TCS, as well as key leadership roles at Tata Capital, Tata AIA Life Insurance, and Tata Digital. She also oversaw the operations of Croma through Infiniti Retail Ltd.

More Than Just a Leader

Outside the boardroom, Aarthi Subramanian is known for her love of music, fitness, movies, and reading. Her balanced approach to life and leadership makes her a role model for aspiring professionals across industries.

With her rich experience and deep understanding of digital transformation, Subramanian is well-positioned to lead TCS’s operations into a new era of innovation and excellence.

 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

India Could Overtake China and Brazil in Iron Ore Output, Says Vedanta Chairman

India’s iron ore industry is witnessing strong momentum, and according to Vedanta Group Chairman Anil Agarwal, the country could soon overtake Brazil and China to become the world’s second-largest iron ore producer. The statement comes at a time when India’s iron ore output continues to show steady growth, thanks to its vast reserves and rising global demand.

A Steady Rise in Production

India’s iron ore production during April 2024 to January 2025 reached 236 million metric tonnes (MMT), marking a 3.5% increase from the same period last year. As per the Ministry of Mines, the provisional total for the financial year 2023–24 stands at around 275 MMT, showing a 7.5% year-on-year growth.

Vedanta’s Chairman Anil Agarwal believes that with the right focus and effort, India could raise its annual production to 700 million tonnes. “With our huge reserves, this target is very much achievable,” he said. “It would make India the second-largest iron ore producer in the world, after Australia.”

Abundant Reserves and State Contributions

India is rich in iron ore reserves, with an estimated 33 billion tonnes beneath its soil. Odisha continues to lead the pack, contributing 54% of the country’s total iron ore output. Karnataka and Chhattisgarh follow with 16% and 15%, respectively. Major producers include NMDC, SAIL, Odisha Mining Corporation, and Tata Steel.

Agarwal highlighted that tapping into these resources could drive large-scale development in mineral-rich states such as Chhattisgarh, Jharkhand, and Odisha. “These states currently have per capita incomes below the national average. But with their underground wealth, they could potentially double that average,” he added.

Iron and Steel: The Backbone of Growth

Iron is essential to modern life. From construction and automobiles to electronics, iron and steel are used everywhere. Agarwal stressed that India, currently the fourth-largest iron ore producer globally, has a unique opportunity to rise in the global rankings. “Only Australia, Brazil, and China are ahead. We are well placed to climb up.”

Vedanta’s Role in India’s Iron Ore Ambition

Vedanta Group’s firm Sesa Goa Iron Ore is actively involved in iron ore mining and processing across Goa, Karnataka, and Odisha. The company plays a crucial role in contributing to India’s growing output and supporting its ambitions on the world stage.

Conclusion

With rising production, strong reserves, and supportive policy frameworks, India is well positioned to strengthen its presence in the global iron ore market. As Agarwal Fittingly puts it, “Let us be visionary and think big.” This could indeed be a defining chapter in India’s mining story.

 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

ArcelorMittal Nippon Steel India Withdraws Coke Import Request After Government Approval

In a key development for India’s steel industry, ArcelorMittal Nippon Steel India (AM/NS India) has withdrawn its plea in the Delhi High Court after receiving the central government’s approval to import metallurgical coke, commonly known as met coke. This marks the end of a legal tussle that had sparked debate around trade restrictions and industry needs.

Initial Rejection of Coke Import Orders

The matter began when ArcelorMittal Nippon Steel India’s request to import 168,300 metric tonnes of met coke from Indonesia and Poland was turned down by the Indian government. Authorities stated that the company already had sufficient stock, and thus, no additional imports were necessary. In response, AM/NS moved the Delhi High Court challenging the decision, pointing out the impact it would have on operations and global contracts.

Why Met Coke Matters?

Metallurgical coke is a key raw material used in steel production. It is made by heating coking coal at high temperatures in the absence of air, a process called carbonisation. The quality of met coke directly affects steel production efficiency and output. ArcelorMittal Nippon Steel India had highlighted that local met coke didn’t meet their production quality needs, which is why overseas imports were essential.

Government’s Policy Shift and Approval

In January 2025, the Indian government had introduced import restrictions on low-ash met coke, allowing country-specific quotas. The move aimed to protect domestic producers. However, global steelmakers operating in India, like ArcelorMittal Nippon Steel India and JSW Steel, expressed concerns about these curbs impacting production.

Following the backlash, the government softened its stance. It eventually permitted AM/NS India to import 71,500 metric tonnes of met coke from Poland and allowed the redirection of an 88,000 metric tonne quota (originally for Russian imports) to Poland. With these approvals in hand, AM/NS India decided to drop its petition.

Legal Battle and Industry Reactions

Earlier, the Delhi High Court had issued a notice to the government seeking its response after ArcelorMittal Nippon Steel India filed a writ petition. The steel giant argued that the restrictions contradicted India’s free trade stance, particularly for orders placed before any policy change.

In the petition, AM/NS warned that delays would cause major financial damage. The company estimated potential losses of $25 million per consignment, along with vessel detention charges of over $27,004 per day. The steelmaker also highlighted risks of breaching supplier and customer contracts.

Not Alone in the Fight

ArcelorMittal Nippon Steel India wasn’t the only one to challenge the import rules. JSW Steel and Trafigura’s India unit had also approached the court over similar issues, underlining the widespread industry concern.

Conclusion

With the government’s revised approval, AM/NS India’s concerns seem to have been addressed, at least for now. The episode highlights the delicate balance between supporting domestic industries and maintaining open trade channels. For steelmakers, access to quality raw materials like met coke remains a top priority.

 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

UBS Report Predicts India’s Semiconductor Demand to Hit ₹9.3 Lakh Crore by 2030

India’s semiconductor industry is all set for a major leap, with end-demand revenues expected to reach ₹9.3 lakh crore (US$ 108 billion) by 2030. According to a recent UBS report, this growth will be driven by strong electronics demand, favourable policies, and the country’s growing digital economy.

Rapid Growth Expected by 2030

India’s semiconductor demand is projected to double between 2025 and 2030. As per the report, revenues are estimated to increase from ₹4.6 lakh crore (US$ 54 billion) in 2025 to ₹9.3 lakh crore (US$ 108 billion) by the end of the decade. This marks a 15% compound annual growth rate (CAGR), which is faster than the global average.

This rapid expansion is fuelled by India’s young population, increased use of smart devices, and rising demand for advanced technologies across businesses.

Localisation and Global Opportunities

The report also highlights that localisation will contribute significantly, with potential revenues of ₹1.1 lakh crore (US$ 13 billion) by 2030. While this is a positive sign, India still represents a small share of the global semiconductor landscape—just 0.1% of wafer capacity and around 1% of equipment spending.

Still, India makes up about 6.5% of global semiconductor end-demand, showing its strong position as a consumer market.

Shift in Global Supply Chains

With ongoing trade uncertainties, global tech companies are rethinking their supply chain strategies. Many are adopting the “China plus one” model, exploring alternate manufacturing bases like India. This shift is opening new doors for India to become a key player in the global semiconductor ecosystem.

India’s Key Strength: Talent Pool

India’s biggest strength lies in its skilled talent pool. About 20% of global chip designers work in India for leading multinational firms. While China remains dominant in hardware manufacturing, India holds an edge in software and chip design capabilities.

This talent base, combined with supportive government initiatives, makes India a favourable destination for future semiconductor investments.

Conclusion

Despite its current limitations in manufacturing capacity, India is on the right path to becoming a semiconductor hub. With rising domestic demand, global supply chain realignment, and a strong digital workforce, the country has a clear opportunity to scale new heights by 2030.

The coming years could see India move beyond just being a consumer of semiconductors to becoming an integral part of the global supply chain.

 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.