The maker of Real juice and Vatika shampoo said the moderation was because consumers deferred buying as they awaited goods and services tax -linked price cuts. Distributors and retailers, too, focused on liquidating existing higher-priced inventory, the company noted in its quarter update.At a consolidated level, The company said the brands that were not impacted by "Retail offtakes continued to be resilient, enabling us to sustain market share gains in over 90% of our portfolio," it said.Live Events"Dabur ...

Group 1: Monetary Policy and Economic Outlook - The Reserve Bank of India (RBI) maintained its policy rate at 5.5%, aligning with economists' expectations [1] - Inflation has moderated significantly in the first quarter, but growth may decelerate in the second half of the financial year due to global trade uncertainties [2] - The RBI had an opportunity to cut interest rates to stimulate growth, especially after inflation data undershot the target band of 2% to 6% [2] Group 2: Impact of U.S. Tariffs - The U.S. imposed an additional 25% tariff on Indian imports, raising total duties to as high as 50%, significantly affecting sectors like textiles, gems, jewelry, and marine products [3] - Exports to the U.S. account for approximately 2% of India's GDP, with labor-intensive sectors facing potential job losses due to deteriorating business conditions [3] Group 3: Government Response and Domestic Consumption - To mitigate the impact of U.S. tariffs, the Indian government reduced the goods and services tax (GST) on several items to boost domestic demand ahead of the festive season [4] - India's domestic consumption constitutes over 60% of GDP, making it less reliant on exports, and the GST cuts are expected to alleviate the effects of U.S. tariffs [5] - Goldman Sachs raised its real GDP growth forecast for India to 7.1% for calendar year 2025 and 6.7% for fiscal year 2026, following a better-than-expected GDP growth of 7.8% in the June quarter [5]

Core Viewpoint - ICICI Bank has received a Show Cause Notice (SCN) demanding GST of Rs 216.27 crore related to services provided for maintaining specified minimum balances in customer accounts [1][5]. Group 1: Show Cause Notice Details - The SCN was issued on September 29, 2025, by the Additional Commissioner of CGST and CEx, Mumbai East Commissionerate [1][5]. - The notice includes a demand for GST amounting to Rs 216,27,31,316, which encompasses tax, interest, and penalties where applicable [1][5]. - ICICI Bank is currently involved in litigation regarding similar issues raised in previous orders and SCNs, but this matter is disclosed due to the amount exceeding the materiality threshold [1][4]. Group 2: Market Reaction - On the day of the announcement, shares of ICICI Bank closed flat at Rs 1,348.05 on the BSE [5].

Core Insights - India's Light Vehicle (LV) wholesale figures rose by 9% month-on-month (MoM) in July, reaching 398k units, with a modest year-on-year (YoY) increase of 2% [1] Wholesale and Retail Sales - The total LV sales comprised 339k Passenger Vehicles (PVs) and 59k Light Commercial Vehicles (LCVs), with PV volumes increasing by 8% MoM and 1% YoY, while LCV sales surged by 13% MoM and 8% YoY [2] - Retail sales of PVs and LCVs also saw a 9% MoM increase to 374k units in July, up from 342k units in June and 347k units in May, with PV retail sales growing by 10% MoM [4] - LCV retail sales increased by 3% MoM, contributing to a total of 2.9 million LV sales in the first seven months of 2025, reflecting a 1% YoY increase [5] Market Dynamics - Demand in rural areas significantly bolstered sales despite lackluster urban market performance, aiding recovery from the MoM decline in June [3] - PV inventory levels remained stable at 55 days at the end of July, indicating balanced supply and demand [4] Tax Policy Impact - The government's decision to reduce the Goods and Services Tax (GST) from 28% to 18% on vehicles shorter than four meters is expected to stimulate sales of Mini Cars, Sub-Compact Cars, and Sub-Compact SUVs [6] - Larger vehicles will now be taxed at a flat rate of 40%, down from a previous higher rate of about 50% [6] - The tax reductions will take effect on September 22, coinciding with the peak festival period, traditionally a favorable time for vehicle purchases [7] Future Projections - The forecast for India's LV wholesales remains unchanged, with a conservative 1% YoY increase anticipated to 5 million units this year, including a 1% YoY rise in PV sales and a 3% YoY expansion in LCV sales [7] - There is potential for upward revision of this projection in the next report, reflecting the expected sales boost from the upcoming GST rate reduction [8]