Reliance Retail launches FMCG brand

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⭐ Reliance Retail launches FMCG brand 

Reliance Consumer Products, a FMCG arm of Reliance Retail, has announced the launch of a package goods brand, Independence. The company will be selling products ranging from staples to processed food and other daily essentials under the new FMCG brand. 

⭐ Hindustan Foods acquires new plant 

Hindustan Foods, which provides shared manufacturing services to the FMCG sector, has acquired a new manufacturing facility in Himachal Pradesh from Reckitt Benckiser Health India. The company will pay ₹156 crore for the deal which will be completed by the second half of 2023. The acquisition will help the company further expand its product offering in the healthcare  and wellness segment. 

⭐ Bank Of England hikes rate 

Bank of England has once again raised its interest rate by 0.5%, taking the effective rates to 3.5%, the highest level in 14 years. This is the ninth consecutive rate hike but this time the pace was toned down. It mirrors the action by the US Federal reserve.

Global markets (at 8:00 AM today)

Fact of the day

Apple is planning to allow its users to install third-party app stores on their device.

Source: Bloomberg