Brands
Senco strikes gold with record Rs 1,700 Cr festive sales
MUMBAI: Talk about glittering results! Senco Gold & Diamonds has struck festive fortune, clocking record-breaking sales of over Rs 1,700 crore in October, the highest in its 85-year history. The sparkle came courtesy of Diwali and Dhanteras, as buyers flocked to stores undeterred by sky-high gold prices.
The jewellery giant reported a 56 per cent year-on-year jump in sales, with gold value surging 60 per cent and diamonds glittering 32 per cent higher compared to last October. Even as gold touched a record Rs 132,294 per 10 grams on October 31, Senco managed to grow both in volume and value, with a 4 per cent uptick in gold volume, 5 per cent in diamonds, and 8 per cent in silver.
New design launches, buoyant consumer sentiment, and irresistible festive offers kept cash registers ringing across Senco’s 185 stores in India and online platforms.
“These record numbers reflect a very positive customer sentiment,” said Senco Gold & Diamonds managing director and CEO Suvankar Sen. “We are geared up to meet the strong demand through the upcoming wedding season and beyond. Our focus remains on new design innovation, operational efficiency, and enhanced returns for our stakeholders.”
The company also expanded its footprint in October with new showrooms in Etawah, Bikaner, and Dehradun, while maintaining steady growth momentum with a 25 per cent year-on-year retail value increase across Q1, Q2, and October.
With 185 showrooms in India, two in Dubai, and eight Sennes lifestyle stores, Senco’s festive sparkle shows no sign of dimming. Even as gold prices reach dizzying heights, it’s clear that for Indian shoppers, love for gold never loses its shine.
Brands
Jubilant FoodWorks faces Rs 47.5 crore GST demand, plans appeal
Tax authorities flag alleged misclassification of restaurant services
MUMBAI: Jubilant FoodWorks Limited has landed in a tax tussle after receiving a GST demand of Rs 47.5 crore from the office of the additional commissioner of CGST and central excise in Thane, Maharashtra.
The order, issued under the provisions of the Central Goods and Services Tax Act, 2017, relates to an alleged incorrect classification of certain services under the category of restaurant services. According to the tax authorities, this classification resulted in a short payment of goods and services tax for the period between the financial years 2019-20 and 2021-22.
The demand includes Rs 47.5 crore in GST along with an equal amount as penalty, in addition to applicable interest. The order was received by the company on March 13, 2026.
In a regulatory filing to the BSE Limited and the National Stock Exchange of India Limited, the company said it disagrees with the order and believes its arguments were not adequately considered.
The company is preparing to challenge the decision and plans to file an appeal. It added that once the redressal process is complete, the demand is likely to be dropped.
Despite the sizeable figure attached to the notice, the company said it does not expect any material impact on its financials, operations or other activities.
The disclosure was signed by Suman Hegde, EVP and chief financial officer, who confirmed that the company received the order at 19:06 IST on March 13 and has already initiated steps to contest it.
The development places the quick service restaurant major in the middle of a tax debate that could hinge on how certain restaurant-linked services are classified under GST rules. For now, the company appears ready to take the matter from the tax office to the appeals desk.
