Author: Rabindra

All India Rubber Industries Association Re-Elected Shashi Singh as the President of AIRIA For 2024- 25

Mumbai, October 08, 2024: All India Rubber Industries Association (AIRIA) established in 1945, an apex body for rubber industries in India and dedicated to promote its interest, has unanimously elected the office bearers for the year 2024-25 in Annual General Meeting held on 25th September 2024 in Mumbai.

Mr. Shashi Kumar Singh – President – M/s Osaka Rubber Pvt. Ltd., Mumbai

Mr. Anay Gupta – Sr. Vice-President – Vinko Auto Industries Ltd, South Delhi

Mr. K Ganesh– Vice President – M/s MRP Autorub Group of Companies, Chennai

Mr. Shashi Kumar Singh has been re-elected as President, having previously served in this role with distinction. Mr. Singh is a prominent figure in the rubber industry, bringing over 20 years of extensive experience to his role. He is also actively involved in several other industries, including cement and construction, serving as Director for Chunar Churk Cement Ltd., Hi-Span Developers (P) Ltd., and Shree Salasar Developers (P) Ltd. He served the Association in different capacities such as Chief Convener of Western Region’s National Rubber Conference in 2019. He was member of Core committee at India Rubber Expo 2024 a marque event of the Association. Furthermore, he has been contributing to the industry by serving as a Governing Council member of IRMRI and currently holds the position of Chairman at RCPSDC, New Delhi. As the Director of Osaka Rubber Private Limited, Mr. Singh has been instrumental in transforming the company into one of the leading manufacturers of extruded rubber profiles and sealant tapes in India. With extensive experience in the rubber industry, he has a solid track record in project execution, equipment selection, and modernization. His technical skills in process and compounding, along with expertise in production and procurement, have led him to develop numerous sealant compounds as substitutes for imports.

Commenting on this occasion Mr. Shashi Singh, President of All India Rubber Industries Association, said “I am honored to continue serving as President of AIRIA. I am deeply grateful to the members of AIRIA for their unwavering support and trust in my leadership. Together, we will focus on enhancing collaboration, innovation, and sustainability within our industry, ensuring that we meet the evolving needs of our members and contribute to the growth of the rubber sector in India. I’m grateful for this opportunity to serve and collaborate for our collective growth and success. We will continue to forge a promising future for AIRIA and the rubber industry as a whole”

Mr. Anay Gupta, who has been a driving force at Vinko Auto Industries Ltd. has been elected as Senior Vice-President of the All India Rubber Industry Association. With a Bachelor of Engineering in Computer Science from San Jose State University, Mr. Gupta began his career in 1993 as Executive Director at Vinko and thereafter rose through the ranks to become Managing Director in 2017. His strategic vision and expertise in export marketing have significantly enhanced Vinko’s market position. Additionally, Mr. Gupta has served on the AIRIA’s Managing Committee since 2017 and previously held the position of Chairman for AIRIA (NR) during the fiscal years 2020-21 and 2021-22. He is committed to fostering growth, innovation, and marketing excellence for the organization.

Mr. K. Ganesh has been elected as Vice President, bringing with him a wealth of knowledge from his role as Managing Director of MRP Autorub Group of Companies in Chennai. With an MBA from Madras University, Mr. Ganesh has been with the company since its inception in 1979, guiding it to become a respected supplier of rubber components, with nearly 40% of its turnover generated through exports. An active member of AIRIA for over 15 years, he has held various roles, including Regional Chairman and Convener of NRC.

Appreciate Becomes the First Company to Enable Mutual Fund Investments on ONDC Network

Mumbai, 8th October 2024: In a significant milestone for India’s financial services sector, Appreciate carried out the first low-ticket mutual fund transaction on the Open Network for Digital Commerce (ONDC) Network. Appreciate is one of the first buyer apps to go live on ONDC Network offering mutual fund (MF) investments via Appreciate integrated investment platform.

The launch forms part of Appreciate and ONDC Network’s broader strategy to democratize access to investment products across India, especially in regions underserved by traditional financial services. Appreciate, acting as a buyer app, facilitates seamless interaction between AMCs and customers, with Nippon India AMC being the first AMC to accept investments through the ONDC protocol.

Aligned with ONDC’s vision of financial inclusion, Appreciate also enables sachet-sized investments, making it possible for users to invest small amounts and begin their wealth-creation journey. Additionally, Appreciate intends to add mutual funds to its growing embedded finance solutions stack – available for use by other fintech, retail and marketplace businesses – supporting the continued expansion and penetration of this asset class.

ONDC Network, initially designed to boost e-commerce in India, is now diversifying its services to include a full range of financial products. Its entry into the mutual fund space comes on the heels of its successful digital lending services, which went live in August 2024, offering paperless loans processed in just six minutes. Insurance offerings are also expected to follow soon, further expanding ONDC Network’s financial services portfolio.

Subho Moulik, Founder & CEO of Appreciate said, “Appreciate is proud to partner with ONDC Network to have made the first mutual fund transaction happen on its protocol, a stepping stone for us towards enabling access of investment products across a wider geography in India. With our investment products portfolio and partnerships, we remain fully committed to our mission of making wealth creation a reality for 1.4 billion people.”

T Koshy, MD & CEO of ONDC, commented, “This integration with Appreciate marks a significant leap in making financial services more accessible and inclusive through the ONDC Network. By enabling low-ticket mutual fund investments, we are not only diversifying the types of services offered on the network but also making strides towards deepening financial inclusion in India. Our vision is to democratize financial products in the same way as we’ve approached e-commerce, ensuring that individuals from every corner of the country can access and benefit from investment opportunities.”

CRISIL Ratings: Fee income of educational institutes to grow 12-14% this fiscal

Schools and colleges will report 12-14% revenue growth this fiscal, riding on higher enrolments, which allows for upward fee revisions, and students scouting for new course offerings. The growth will be despite the high base following three consecutive years of high-teen growth.

Improved enrolments and better utilisation of assets should cover increasing salary costs for faculty and other ancillary expenses for new courses and, thereby, aid in maintaining the operating margin at around 28%.

Additionally, as existing courses and seats remain highly utilised, educational institutes will continue to make capital expenditure (capex) to improve infrastructure and enhance intake capacities. However, strong cash flow (from higher revenue and timely realisation of fees) limits reliance on debt for capex and supports the credit risk profile.

An analysis of 96 educational institutes rated by CRISIL Ratings, accounting for almost Rs 20,000 crore fee income, indicates as much.

Enrolments for the educational institutes in the K-12 segment, largely schools, will continue to rise due to two reasons – rising demand for high-quality education and improved affordability as income levels rise.

The government aims to increase the gross enrolment ratio1 for higher education to 50% by 2035, from under 30% currently, by promoting new institutions while expanding and improving current institutions and increasing penetration among the addressable population. Even as intake capacity increases, utilisation rates for schools and higher-education institutes may improve to 86-87% by this fiscal from 85% last fiscal.

Says Himank Sharma, Director, CRISIL Ratings, “Occupancies in Computer Science courses in engineering colleges remained healthy in fiscal 2024 despite subdued placements. Moreover, new courses on Artificial Intelligence, Data Science and Machine Learning were in high demand. Occupancies in these courses will be further boosted by better hiring signals for fiscal 2025. Medical colleges and schools, too, continue to register high enrolments, driving fee income growth. Hence, educational institutes have the flexibility to undertake periodic fee revisions, which will result in fee income being higher by 12-14% in the current fiscal.”

Despite the increase in fee base, working capital requirement will remain minimal as fee receivables have been controlled at 45-50 days over the past few fiscals. Further, gearing and interest coverage ratio will improve to around 0.41 time and 7.0 times, respectively, this fiscal, as against 0.46 time and 6.2 times last fiscal (refer Chart 1 in Annexure).

Says Nagarjun Alaparthi, Associate Director, CRISIL Ratings, “Strong cash generation by educational institutions led to capex spends increasing by 18-20% of existing gross blocks, reaching an all-time high in fiscal 2024. Even in the current fiscal, schools and colleges will continue to expand their capacities by investing heavily in land and infrastructure, around 14-16% of existing gross blocks, while adding various new courses to their portfolio. Yet, credit profiles of education institutes will remain stable as leverage continues to be low.”

Lighting Up Diwali Safely: Tips to Stay Cybersafe and Protect Your Festive Celebrations Online

As the Diwali season approaches, the festival of lights is also casting a glow on increased cyber risks. Historically, cyber attacks spike during the holiday season, with cyber criminals taking advantage of reduced vigilance and the festive focus on celebrations, during a time for gifting and sharing. Cyber criminals leverage holiday themes in phishing attacks, disguising malicious emails as festive greetings or enticing offers designed to lure individuals into clicking harmful links. Such emails can lead to financially motivated cyber crimes or the theft of sensitive personal information. Financially motivated crimes comprised 85% of the 7,000 daily cybercrime complaints in May 2024 according to the Indian Cyber Crime Coordination Centre (I4C).

Swapna Bapat, Vice President Product Management, Palo Alto Networks says “As we approach the festive season, it is important for individuals to remain vigilant about online safety. Cyber criminals become most active at such times as most of them try to dupe people who would be distracted by the fun and excitement of celebrations. Financially motivated cyber attacks like phishing, malware or identity theft are some of the severe cyber threats that prevail during festivities in the digital world. However, many of these can be easily avoided by practicing smart online safety habits. With a bit of awareness and caution, we can enjoy the celebrations without falling victim to cyber crime.”

For a safer shopping experience, here’s Palo Alto Network’s guide to circumnavigating the digital world during the Diwali season and offers:

1. Take a Moment Before You Click: Trust but verify any link before clicking on it or responding to messages about Diwali deals. Take a moment to stop and think. Scammers often create a sense of urgency to push you into quick action. By pausing and carefully checking, you can protect yourself from falling for their tricks and keep your personal information safe while you shop.
2. Check for Spelling and Accuracy: Thanks to Gen AI – phishing emails seldom have spelling errors, poor grammar, or strange punctuation. Therefore, be extra vigilant in checking the sender’s email address for domain validity.
3. Approach Social Media Ads with Caution: Ads you come across on platforms like Instagram and Facebook may lead to fake websites pretending to offer Diwali deals. Always verify the legitimacy of the website before making any purchases.
4. Verify the Sender’s Domain: Ensure that any emails you receive come from official domains, such as addresses ending with the company’s official website. Scammers often use fake email addresses that look similar to legitimate ones to deceive shoppers and malicious websites are also used to hold on to an individual’s session tokens/login details.
5. Protect Your Personal Information: Avoid sharing sensitive details like your date of birth or Aadhaar/PAN card number in response to unsolicited messages. Legitimate businesses will not request this information without a valid reason. Make sure your parents, aunts, and uncles know the dangers of sharing personal information when shopping online.
6. Be Wary of Suspicious Messages: Phishing emails may resemble authentic order confirmations or shipping notices. Instead of clicking links within these emails, visit the retailer’s website directly by typing the address into your browser. This allows you to safely check your orders and account details.
7. Check Account Status Messages: If you receive a message claiming there’s an issue with your account, go directly to the company’s website to review your account status. This way, you can verify any problems without clicking on potentially harmful links.
8. Add multi-factor authentication (MFA): Turn on multi-factor authentication (MFA) on all services that allow it, including your email, for extra security. This helps protect your accounts even if someone gets your password.

New Ronald McDonald Family Room Opens in Chhatrapati Sambhajinagar for Pediatric Cancer Support

Chhatrapati Sambhajinagar (Aurangabad) – October 8, 2024: Ronald McDonald House Charities (RMHC) India proudly announces the opening of its second Family Room at the Government Cancer Hospital, Chhatrapati Sambhajinagar (Aurangabad), Maharashtra. Building on the success of its first Family Room at Bai Jerbai Wadia Hospital for Children in Mumbai, which has been serving thousands of families with kids suffering from cancer for over 8 years, this new facility advances RMHC India’s mission of providing a compassionate and supportive environment for families of paediatric cancer patients.

RMHC India is the Indian chapter of RMHC Global that has been working for 50 years to positively impact the health and well-being of children and their families. Operating in 62 countries and regions, RMHC supports more than 1,000 programs worldwide, with over 270 such Family Rooms globally, benefiting millions of families every year.

The new Family Room, located on the first floor of the paediatric department at the Government Cancer Hospital, will offer a peaceful place for families while their children receive treatment, ensuring they can stay close to their loved ones in a comforting space. Equipped with a comfortable waiting area, rest zones, and clean and hygienic child-friendly play areas, the Family Room is designed to ease the emotional and physical burdens of long hospital stays. This space allows families to recharge, rest, and prepare themselves to remain strong for their child’s recovery journey.

This expansion, made possible through a collaboration with the Government Cancer Hospital, strengthens RMHC India’s presence and outreach in the country. This facility will make a significant difference in the lives of paediatric cancer patients and their loved ones who visit this hospital for critical care.

Smita Jatia, Chairwoman, RMHC India said, “Our expansion to the Government Cancer Hospital in Chhatrapati Sambhajinagar is a key milestone in our commitment to provide critical support to families in need. By establishing this Family Room, we can extend care and resources to even more children and their families, especially in Tier 2 towns and hinterlands of Maharashtra and neighbouring regions. This initiative reinforces our mission to ensure that care is not just limited to medical treatment but extends to the emotional well-being of both patients and their families.”

The Government Cancer Hospital, which serves over 9,000 patients annually from regions such as Marathwada, Vidarbha, and North Maharashtra, as well as border districts of Andhra Pradesh and Karnataka, plays a pivotal role in providing specialized care. Its Paediatric Oncology department caters to approximately 500 children every year.

Dr. Shivaji Sukre, Dean – Government Cancer Hospital, emphasized the importance of this partnership and added, “The collaboration with RMHC India is a crucial step in enhancing the care we provide to paediatric cancer patients and their families. The Family Room is a much-needed space where families can find comfort and take a break during difficult times. By creating a playful and cheerful environment, this space will not only ease the stress families face but also contribute positively to the healing process for the children as they undergo treatment.”

RMHC India’s first Family Room at Bai Jerbai Wadia Hospital in Mumbai has been a beacon of hope for families since its establishment in 2016. Inspired by the success of this initiative, RMHC India is now committed to further extending its support to hospitals in more cities across the country, ensuring that more families benefit from the same level of care and compassion. Over the next three years, RMHC Family Rooms will serve thousands of children suffering from cancer and their family members, by offering a nurturing environment during their hospital visits. This new facility stands as a testament to RMHC India’s dedication to expanding its footprint and positively impacting more lives across India.

Citi Launches India Chapter of Armed Forces Veterans’ Network

Citi announced the launch of the Citi Salutes India Chapter, the 18th in the global Citi Salutes network and the first such network outside of the US and the UK. The Citi Salutes network seeks to create career opportunities for Armed Forces Veterans who have voluntarily retired from service and are seeking a transition into the corporate sector.

The launch of the India chapter was presided over by Rear Admiral Sundeep K. Verma, Naosena Medal, and Major General Ajay Singh Chauhan Shaurya Chakra, Sena Medal (Retd), Ashu Khullar, Citi India CEO and India and Indian Subcontinent & Banking Head, and Aditya Mittal Head-HR, Indian Subcontinent, and India Chief HR Officer.

Over the last few years, the HR and talent acquisition teams have made concerted efforts towards increasing the representation of veterans at Citi India, offering them a range of careers that go beyond conventional roles in operations and administration. In 2022, Citi and the Indian Naval Placement Agency (INPA) signed an MoU to explore opportunities for the recruitment of naval ex-servicemen at CSIPL. As on date, Citi has over 60 Armed Forces Veterans across its India employee base.

Veterans’ inclusion is an integral part of Citi’s Diversity Equity and Inclusion (DEI) mandate. Apart from the Citi Salutes India Network, Citi India has dedicated networks focused on ensuring inclusion and equity for women.

In a joint statement released to commemorate the launch of the India Citi Salutes Network, the Co-Leads of Citi’s Diversity Inclusion Network Steering Committee Edward Skyler, who is also Global Head of Enterprise Services and Public Affairs at Citi, and Michael Steinbach, who is Global Head of GCB Fraud Prevention, said: “With the launch of this new chapter, we are not only growing our Salutes membership worldwide, but also creating opportunities for robust engagement with our Veteran colleagues in India. It will provide valuable support for the retention and long-term growth of Armed Forces Veterans in the country.”

Commenting on the occasion, Ashu Khullar said: “We truly value the skills and expertise that Armed Forces Veterans can contribute when they take on a corporate role. These skills have been garnered and honed during their stints with the Indian Armed Forces, which is an institution widely respected for its unwavering commitment to excellence. We will do everything necessary to ensure that more of them are able to join our ranks in the coming years.”

Fabindia to Partner with ITC Sunfeast Baked Creations in Select Cities

Bengaluru| 8th October 2024: Fabindia, a homegrown lifestyle brand, and ITC Sunfeast Baked Creations have announced a partnership to establish dine-in cafes at select stores across India. Fabindia, founded in 1960, is one of India’s largest and most respected apparel and homeware retailer with 358 stores in 129 locations across the country, 11 international outlets and a long-standing, proven commitment to sustainability-based business practices.

ITC Sunfeast Baked Creations allows Indian consumers to indulge in their love for quality baked products while innovating on taste and textures suited for the Indian palate. Baked goods are synonymous with cakes and patisseries and ITC marries their top-notch expertise with convenience, especially in the food-delivery space, leaving customers to not miss out on experiences that the world of baking has to offer.

Some of the highlights of this dine-in café include a diverse and eclectic menu that includes pull-apart bagels, croissants and gourmet breads, and a wide selection of beverages. Besides, customers can enjoy Birthday celebration, Bulk Ordering, Diwali Gifting & Kitty parties opportunities at ITC Sunfeast Baked Creations Café.

According to a Fabindia spokesperson, “We are super excited to partner with ITC Sunfeast Baked Creations. When you step into a Fabindia Experience Centre, it’s about more than just retail, it’s about the total experience. Our joint commitment to quality and freshness is in step with similar values both shares. Health, nutrition and quality are of equal importance and Fabindia has always been about maintaining a balance between taste, ethically sourced ingredients and our customer’s choices.”

According to an ITC spokesperson: “We are thrilled to partner with Fabindia, a pioneer in not just the retail space, but in the craft space as well. Offering the best food, prepared with the finest ingredients has always been our ethos. ITC Sunfeast Baked Creations is privileged to be working with Fabindia and has a chance to reach out and touch more customers in many more places across the length and breadth of India.”