Category Archives: Business

Hero MotoCorp and FIH Launch Global Partnership to Boost Hockey

Bengaluru, August 03, 2024: The International Hockey Federation (FIH) is delighted to announce a new partnership with Hero MotoCorp, the world’s largest manufacturer of motorcycles and scooters, for a period of five years.

With this massively important agreement for hockey’s development, Hero MotoCorp becomes FIH’s Global Leadership Partner, and confirms their strong, long-term engagement with global hockey that has spanned over the past 15 years.

This strategic alliance aims to elevate the sport to new heights, drive hockey’s global growth and inspire future generations of hockey enthusiasts worldwide.

Dr. Pawan Munjal and Tayyab Ikram met on the side-lines of the ongoing Paris Olympics to discuss the collaboration.

Commenting on the agreement, Dr. Pawan Munjal, Executive Chairman, Hero MotoCorp said: “As the world gathers for the Olympic Games, I am proud to announce the renewal of our partnership with the International Hockey Federation (FIH) for the next five years. This collaboration highlights one of the most significant international sports alliances. In India, hockey symbolizes national pride and heritage.

“As champions of sports, we recognize its profound impact on transforming lives and communities. Hockey, our national sport, deeply resonates with our cultural values. I congratulate Tayyab Ikram, President of FIH, for the sport’s remarkable evolution through innovative tournaments and formats. These efforts have broadened hockey’s appeal and engagement with future generations.

“Hero MotoCorp is committed to elevating hockey’s prominence, with upcoming global events in India playing a pivotal role. We aim to inspire youth worldwide with values of respect, equality, diversity, sustainability, and fair play, ensuring hockey’s spirit shines brightly across the globe.”

FIH President Tayyab Ikram said: “This renewed partnership with Hero MotoCorp represents a tremendous support for the development of hockey – FIH’s number one mission – all around the world.

“As we have embarked on a new path to grow and professionalise our sport like never before through our Empowerment and Engagement strategy launched last year, this agreement comes at a very significant time.

“Thanks to Hero MotoCorp’s support, we will be able to expand our ambitions and objectives, for the good of hockey.

“In my personal name and on behalf of FIH, I would like to express the sincerest gratitude of the global hockey community to Hero MotoCorp, and in particular its Executive Chairman Dr. Pawan Munjal, whom we had the pleasure to welcome at the Paris 2024 Olympics hockey events.

“This partnership confirms Hero MotoCorp’s trust in FIH, and in our sport’s potential. We share the same vision of sports, fostering physical exercise, uniting people and developing communities. Together, we will grow!”

The partnership starts immediately and includes all FIH events for the next 5 years, including the FIH Hockey World Cup, the FIH Hockey Pro League, the FIH Indoor Hockey World Cup, the FIH Hockey Junior World Cup, the FIH Hockey5s World Cup or the FIH Hockey Nations Cup.

Powers Insurance & Risk Management Adds Two Team Members

Brittany Gaglioti and Contina Hester join the growing insurance agency.

(St. Louis, Mo., Aug. 3, 2024) Powers Insurance & Risk Management, one of the largest family owned and operated independent insurance agencies in the bi-state region, recently hired Brittany Gaglioti as a Commercial Account Manager and Contina Hester as a Personal Lines Marketer.

Gaglioti’s responsibilities include overseeing all aspects of the renewal process for the agency’s commercial lines clients and assisting with new business sales. She will also manage current client accounts to ensure their needs are met promptly.

Gaglioti brings nearly 10 years of experience in the insurance industry to her new position. Prior to joining Powers, she worked as a Commercial Lines Account Manager for a Delaware-based insurance agency. Gaglioti holds a Certified Insurance Service Representative (CISR) designation from the National Alliance for Insurance Education and Research, the nation’s premier provider of insurance and risk management education.

Hester’s responsibilities as Personal Lines Marketer include directing marketing efforts toward contracted carriers while supporting both the agency’s team and clients. She has five years of insurance industry experience, having previously served as a Licensed Account Manager for an insurance company in Wisconsin. Hester holds licenses in Life Insurance, Property & Casualty, and Insurance Producer. She earned her Bachelor of Science degree in Business Administration from DeVry University in Chicago, Illinois.

Founded in 1991, Powers Insurance & Risk Management provides personal and business insurance, surety, risk management, and employee benefits. Founded in 2006, sister company Valley Insurance Agency Alliance is a cohesive family of over 160 independent insurance agencies in Missouri and Illinois that generates more than $600 million in written premium. VIAA is the regional founding member for SIAA – The Agent Alliance, a $12.5 billion national alliance. The companies are headquartered at 6825 Clayton Ave. For more information, call (314) 725-1414 or visit www.powersinsurance.com.

Toyota Kirloskar Motor Reopens Booking for Innova Hycross ZX & ZX (O) Grades

Bangalore, 2nd August 2024: Toyota Kirloskar Motor (TKM) announced the re-opening of bookings for the Innova Hycross ZX & ZX (O) models, effective 1st August 2024. Since its launch (Nov 2022), the Innova Hycross has received overwhelming customer response, appreciated for its proportions & poise of an SUV with the spaciousness of an MPV. The versatile Innova Hycross, available in both self-charging strong hybrid electric variant [SHEV] as well as gasoline variant, is celebrated for its glamor quotient, advanced technology, comfort, safety features and a thrill to drive.

Owing to high demand situation, the bookings for the top end grades were put on hold temporarily. During this period, bookings for other grades of the Innova Hycross, both hybrid and gasoline, continued unabated. With the streamlining and enhanced supply, the waiting period has been reduced & the bookings of Innova Hycross top end grades has commenced.

Commenting on the announcement, Mr. Sabari Manohar – Vice President, Sales-Service-Used Car Business – Toyota Kirloskar Motor, said, “We are thrilled to announce the re-opening of booking for top-end grades of the Innova Hycross, ZX and ZX (O), effective August 1st, 2024. This reflects our commitment to provide access to our varied product choices to cater to the customer desires. The Innova Hycross has become a highly sought-after model, appreciated for its unmatched comfort and convenience. With its advanced technology, strong hybrid electric system, and robust design, the Innova Hycross has set new benchmarks in the market. We are truly humbled by the strong acceptance and confidence entrusted by our customers on this product.

We deeply appreciate the patience of our valued customers during the temporary halt period and regret any inconvenience. We are confident that the re-opening of the bookings of the Innova Hycross top-end grades will further enrich our customers’ driving experiences and fulfil their mobility aspirations.”

Based on Toyota New Global Architecture (TNGA), the Innova Hycross celebrates Toyota’s globally recognized Quality, Durability and Reliability and reflects the brand legacy. It is powered by a 5th Generation Self-Charging Strong Hybrid Electric System, featuring a TNGA 2.0-litre 4-cylinder gasoline engine and a monocoque frame with an e-drive sequential shift, delivering a maximum power output of 137 kW (186 PS). This provides rapid acceleration and best-in-segment fuel economy that makes the Innova HyCross a wise choice for a greener tomorrow.

Designed for family needs, the feature-laden Innova Hycross is a vehicle for every occasion, offering glamor, toughness, comfort, safety, and advanced technology. Drawing inspiration from Toyota’s rich global SUV heritage, the Innova Hycross boasts a muscular and tough design with ample space, providing flexible and comfortable seating for all. This versatile vehicle is perfect for families wanting a car that can handle rough roads while delivering a seamless, fatigue-free drive.

Indegene reports robust profit growth for Q1FY25

New Delhi, India, 02 August 2024: Indegene Limited, a leading digital-first commercialization services company, announced financial results for the quarter ended June 30, 2024.

• Achieved revenue of INR 6,765 million in Q1FY25 with growth of 11.4% vs Q1FY24
• Robust EBITDA growth of 14.5% in Q1FY25 vs Q1FY24
• Became a zero-debt company

1. Based on average exchange rate of ₹83.4 per USD for quarter ended June 30, 2024, ₹83.0 per USD for quarter ended March 31, 2024, and ₹82.2 per USD for quarter ended June 30, 2023, respectively.
2. Based on INR revenue. YoY growth for quarter June 30, 2023, based on unaudited financials.
3. Earnings before interest, taxes, depreciation and amortization (“EBITDA”) represents profit/(loss) for the period before income tax expense, finance costs, depreciation and amortization expense, interest income and any exceptional items.

“In Q1FY25, we achieved revenue growth of 11.4% and robust EBITDA growth of 14.5% vs Q1FY24. We continue to see momentum and growth with our largest client and a few of our Top 20 clients with increased activity and volume levels tracking the larger pipeline of impending new product launches”, said Manish Gupta, Chairman and CEO, Indegene Limited. “Based on our conversations with our top clients, we anticipate similar momentum across the industry. Further, compared to last year, our pipeline is heathier and the quality of conversations with clients is much better, which gives us confidence about driving robust growth in the medium term.” 

“Our Q1FY25 EBITDA margin of 19.6% and PAT margin of 13.0% is an improvement of 50 bps and 170 bps vs Q1FY24. Indegene is now a zero-debt company with repayment of loans, and we anticipate the financial leverage to drive stronger PAT growth going forward”, said Suhas Prabhu, CFO, Indegene Limited. “Also, we continue to strengthen our technology and automation initiatives, which we believe will have a positive impact on the margin in the future. Further, we anticipate that the EBITDA margin would have a similar trajectory as FY24 with a stronger H2 compared to H1.”

Resolution nods under IBC up by a record 42% in fiscal 2024

The Insolvency and Bankruptcy Code (IBC) clocked the highest ever resolutions in fiscal 2024, with 2691 cases getting the National Company Law Tribunal (NCLT) nod for resolution plans, a 42% growth over 189 in fiscal 2023.

Of the 269 cases, ~88% are from the backlog of earlier years’ admissions. This has been driven by greater investor interest in turnaround of stressed assets as seen in the resolution plan submissions. Appointment of new NCLT members has also aided in higher number of resolution cases.

The moderation in recovery rates2 and stretched timelines played spoilsport, though. The year saw resolution plans with recovery rates of ~27% of admitted claims, lower than ~36% realised in fiscal 2023. Resolution timelines stretched to ~850 days compared with ~825 days in the previous fiscal (see chart 1 in annexure).

With demand durability likely across most sectors, the number of acceptable resolution plans received by lenders under NCLT has increased. Real estate and manufacturing contributed to ~65% of total plans approved for fiscal 2024.

Resolution count in the real estate and manufacturing sectors increased by ~200% and 22%, respectively, in fiscal 2024, compared with fiscal 2023. In the real estate sector, healthy demand growth for residential real estate in fiscal 2024 and expectation of healthy growth over the next two fiscals have sparked interest among resolution applicants. In manufacturing, resolutions for mid-sized and small companies3 were in focus as many larger companies are already resolved.

Says Mohit Makhija, Senior Director, CRISIL Ratings, “The higher case resolution momentum is a result of continuous efforts to improve the resolution throughput rate of IBC through structural reforms, the most prominent being the appointment of 15 additional NCLT members in the later part of fiscal 2023. Progress on other initiatives announced in recent budget, like implementation of unified IT platform for data storage and dissemination through common dashboards to all stakeholders will help in strengthening the data management structures necessary for enhancing higher resolution capabilities over the medium term.”

At the same time, delays in admission of cases by NCLT due to the burden of ongoing cases, along with multiple cross litigations between stakeholders, objections filed by promoters and deferred case hearings, are stretching the resolution timelines.

One of the hurdles in maximising recovery and reducing resolution timelines is the load of ongoing cases at NCLT — ~4,400 cases as of March 2024. Lack of a common mediation platform for both promoters and lenders to discuss and find solutions for a quicker settlement was another hurdle

To reduce the resolution timeline, the Insolvency and Bankruptcy Board of India (IBBI) is mulling the introduction of formal out-of-court solutions such as Insolvency Mediation4, as per the recommendation of the expert committee constituted by IBBI in January 2024. This process would entail mediation pre- and post-admission to seek consensus among stakeholders for settlement, thereby preserving the business value of the stressed company through faster resolutions.

Says Sushant Sarode, Director, CRISIL Ratings, “Delay in resolution not only impairs the asset value but also reduces the chance of its revival. Resolutions over the past three fiscals indicate that a one-year delay in resolution depletes the recovery rate by 800-1,000 bps (see chart 2 in annexure). Hence, initiatives such as Insolvency Mediation and increasing NCLT benches are steps in the right direction towards reducing timelines for resolution, and thereby enhancing recovery rates for lenders.”

Dubai Welcomes A Record 9.31 Million Visitors in H1 2024

National, 2nd August 2024: Dubai welcomed 9.31 million international overnight visitors from January to June 2024, a 9% increase over the 8.55 million tourist arrivals in the first half of 2023, according to data published by Dubai Department of Economy and Tourism (DET).

Following a landmark 2023, when the city hosted 17.15 million international overnight visitors, Dubai maintained its robust tourism momentum into the first six months of this year, putting the city on track for a record performance in 2024. Driven by DET’s efforts in collaboration with stakeholders and partners, the growth in international visitation aligns with the overarching objective to make Dubai the best city to visit, live, and work in.

Global accolades and industry events

The rise in international visitation during H1 is the result of citywide strategies established across key tourism pillars, created, and implemented in partnership with stakeholders across the public and private sectors. Starting 2024 on a high note, Dubai was named the No.1 global destination for an unprecedented third successive year in the Tripadvisor Travellers’ Choice Awards in January, making it the first city to achieve this unique accolade.

From January to June 2024, South Asia has emerged as a major source market, with 1.62 million visitors (17%). North-East and South-East Asia grew from an 8% share at the beginning of the year to a 10% share (896,000) of the total visitors by the end of H1 2024.

Hotels and hospitality

World-class hotels and accommodation continue to be one of the core pillars of Dubai’s destination offering, and adding to the city’s appeal for global visitors, H1 saw a number of high-profile openings including: The Lana, Dorchester Collection’s first Middle East property; SIRO One Za’abeel, Dubai’s first fitness hotel; and Hilton Dubai Creek Hotel & Residences.

Issam Kazim, CEO of the Dubai Corporation for Tourism and Commerce Marketing (DCTCM), said: “Dubai has continued to stay ahead of the curve by further elevating standards with innovative and distinctive world-class infrastructure, experiences and attractions. An exceptional quality of life, safety, and accessibility have been consistently recognised across multiple global indices and we are committed to leveraging partnerships between the public and private sectors to showcase Dubai as a must-visit destination. The unwavering support of our partners and stakeholders will be crucial in driving our strong global and market-specific campaigns this summer, as we look to build on this positive growth throughout the rest of 2024.”

Partnerships, collaborations and campaigns

In collaboration with its stakeholders and partners, DET continues to create new pathways to growth beyond traditional tourism, through investment, entrepreneurship, and attracting global talent, ensuring the city remains a hub of creativity, innovation, and technological advancement.

Among the major attractions to open in the first half of the year was Real Madrid World at Dubai Parks and Resorts, the first theme park in the world to be operating under the branding of the famed Spanish football club. The opening aligns with wider collaborative efforts between the club and Dubai, including a multi-year agreement signed between DET and Real Madrid in October 2023.

Dubai has also established ongoing partnerships with major names in the music and entertainment fields, including Academy Award-winning composer Hans Zimmer, who has become a vocal supporter of the emirate.

A global culinary and cruise hub

Dubai’s position as a world gastronomy capital was further reinforced after the third edition of the MICHELIN Guide Dubai was unveiled in July. The guide featured 106 restaurants, up from 90 in 2023, including four that were awarded two stars, 15 with one star, three with a green star, 18 Bib Gourmands, and 69 MICHELIN-selected restaurants.

International events destination

Dubai’s status as a global entertainment hub is bolstered by a year-round calendar of business, leisure and sporting events, which continue to attract international tourists. Organised by Dubai Festivals and Retail Establishment (DFRE), some of Dubai’s biggest annual events were held during the first half of the year, including Dubai Shopping Festival, Chinese New Year, Ramadan in Dubai, Eid in Dubai, and Dubai Food Festival. The ongoing Dubai Summer Surprises is one of Dubai’s major shopping and entertainment events which makes the city as lively and vibrant in the summer season as it is during all other times of the year, further reinforcing Dubai’s position as a leading summer destination for families. Upcoming events throughout the rest of 2024 include Dubai Fashion Season Fall/Winter, Dubai Fitness Challenge, golf’s DP World Tour Championship, Emirates Dubai 7s, and UAE Union Day.

Sustainability initiatives

The UAE’s ‘Year of Sustainability’ was extended into 2024 and Dubai’s tourism and hospitality sectors continued to spearhead the city’s ecotourism strategy. Released by DET in May, the inaugural ‘Dubai Sustainability Report’ highlighted the development plans and achievements that support global objectives such as the United Nations’ Sustainable Development Goals 2030, and country-wide strategies including the UAE’s Net Zero 2050 initiative.

As part of DET’s ongoing Dubai Sustainable Tourism drive, the Dubai Sustainable Tourism Stamp was awarded to 70 hotels in January, with more to be named in the coming months. The stamp recognises hotels with the highest level of adherence to DET’s ‘19 Sustainability Requirements’, through a three-tier scheme with categories Gold, Silver and Bronze.

Another major citywide sustainability initiative is Dubai Can, which is aligned with efforts to transform the emirate into a leading sustainable destination and the best city in the world to visit, live and work in. Since its launch in February 2022, the Dubai Can initiative, through its ‘Refill for Life’ campaign, has seen the reduction in the usage of an equivalent of more than 20.4 million 500ml single-use plastic water bottles and 10.5 million litres of water dispensed via 50 water fountains located throughout the city. A major milestone for Dubai’s sustainability drive in H1 2024 was the launch of Dubai Reef’s pilot reef modules in April. Part of Dubai Can, Dubai Reef is the world’s largest marine reef development project, with 20,000 modules set to be deployed across 600 square kilometres of Dubai’s waters by 2027.