Category Archives: News

Toyota Kirloskar Motor Continues to Steer Growth with Best Ever Sales of 31,656 Units in July 2024

Bangalore, 01 August 2024: For the second consecutive month, Toyota Kirloskar Motor has outperformed its sales achievement by registering best-ever monthly wholesale of 31,656 units in July 2024. While domestic sales accounted for 29,533 units, exports totalled to 2,123 units during the month. This marks a remarkable growth of 44% compared to July 2023, when 21,911 units were sold.

In the previous month of June 2024, TKM sold 27,474 units.

In the first seven months of CY 2024, TKM sold 1,81,906 units, marking a remarkable 46% increase compared to the same period in CY 2023, which recorded sales of 1,24,282 units.

Sales Performance:

 commenting on the strong performance, Mr. Sabari Manohar – Vice President, Sales-Service-Used Car Business, Toyota Kirloskar Motor said, “We are thrilled to announce another key milestone with our highest-ever sales performance for July 2024. Demand for all our models remains at an all-time high, especially in the SUV and MPV segments. Our formidable presence in these categories, with models like the Innova Crysta, Innova Hycross, Urban Cruiser Hyryder, Rumion, Taisor, Fortuner, Legender, Hilux, and the LC 300, offers robust choices to customers. In addition, our diverse lineup, including the Glanza, Camry Hybrid, and Vellfire, is strategically designed to cater to the evolving and varied needs of our customers, reflecting our commitment to delivering vehicles that align with their preferences and lifestyles.

 Our operational enhancement strategy, including the addition of a third shift, is supporting strong demand. For certain models, especially in the case of Urban Cruiser Hyryder, a streamlined supply situation has also led to a reduction in waiting periods. Moreover, there is an increasing understanding and appreciation for newer and greener technologies among customers. Our commitment to sustainability, safety, and advanced technology remains at the forefront of our efforts to meet and exceed customer expectations.

 We are also constantly innovating to offer new experiences to our valued customers. We have expanded our car detailing business, “T GLOSS,” to the Toyota Used Car Outlet (TUCO). Customers can now enjoy quality car care solutions delivered in a highly professional manner, ensuring a delightful ownership experience even for used cars.

 We are deeply grateful for the trust and loyalty of our customers and remain committed to delivering high-quality vehicles that meet their diverse needs. This success underscores our dedication to providing exceptional products and services, and we look forward to continuing this positive momentum in the coming months.”

Boston Oncology and King Fahd Medical City (KFMC) Partner to Advance Localized Cell & Gene Therapy in Saudi Arabia

August 01, 2024,Riyadh, Saudi Arabia & Cambridge, Mass., United States :In a landmark initiative poised to transform healthcare in the Kingdom of Saudi Arabia, Boston Oncology and King Fahd Medical City (KFMC) have signed a Letter of Intent to collaborate on the localization of Cell & Gene Therapy.

The signing ceremony, attended by His Excellency Eng. Abdulaziz AlRamaih, Deputy Minister of Health for Planning and Development, marks a significant step forward in advancing the Kingdom’s medical capabilities and achieving the ambitious goals set forth in Vision 2030.

A Milestone in Healthcare Transformation

Dr. Fahad Al-Ghofaili, KFMC CEO, expressed his enthusiasm: “Localizing Cell & Gene Therapy in KFMC is an important step to increase local capabilities in advanced treatments and medical technologies, contributing to the goals of the Healthcare Transformation Project.” [Translated from Arabic]

Impact for Patients

Boston Oncology, renowned for its customer-centered model, brings extensive expertise in localizing technology. Laser-focused on the real-world needs of patients and hospitals, Boston Oncology is positioned to provide cutting-edge technologies and Cell & Gene Therapies through this partnership. This collaboration will establish a local treatment option, relieving bottlenecks in therapy provision and improving patient outcomes. The resulting Research & Development and clinical trials will significantly contribute to innovative advancements in the healthcare sector of Saudi Arabia.

Dr. Abdullah Baaj, CEO of Boston Oncology, described the partnership: “KFMC brings world-class clinicians and infrastructure, making it a destination for patients throughout the region. Joining forces to localize Cell & Gene Therapy is a transformative step towards our mission to impact the lives of one billion patients.”

CLIRNET Launches Global Division: Revolutionizing Scientific Publishing and Market Research with AI

Mumbai, 01st August 2024: CLIRNET, a leading digital Continuing Medical Education (CME) platform established in 2017, is excited to announce the launch of its new business division dedicated to serving clients worldwide with premier medical and scientific content publishing and market research services. This expansion caters to a diverse clientele, including academic and research organizations, life sciences industries, public health agencies, and more. The CLIRNET platform serves 550,000+ doctors globally with medical content featuring over 1,000,000 multimedia articles across 30+ specialties. Its proprietary AI-driven MedWiki® are collated from real-world medical discussions with support from a team of over 500 scientists and researchers, providing comprehensive and current clinical insights. CLIRNET has been featured as a case study in Philip Kotler’s ‘Marketing Management,’ and has received numerous awards and recognitions from domestic and international institutions.

In our new division, the key levers shall be quality and accuracy, deep domain knowledge, market research capabilities, and customization. We will leverage CLIRNET’s legacy of expertise in scientific content generation, quality compliance, and efficiency to address the specific needs and pain points of our diverse customer base. We emphasize our comprehensive understanding of regulatory requirements and ability to deliver high-quality content within tight deadlines. CLIRNET’s ability to conduct market research across its extensive network of global healthcare professionals in Asia and Africa, will allow us to gather and analyze valuable insights that drive informed decision-making and strategic planning for our clients.

A significant percentage of medical and clinical content projects fail due to poorly understood requirements. CLIRNET addresses this challenge with our proprietary InsightFirst™ Prototyping model, which ensures validated requirements. The Framework includes deep requirement validation, detailed prototyping, an iterative feedback loop, offering peace of mind with a focus on quality and reliability.

The new business division will be led by Mr. Abhinav Bhargav, an accomplished entrepreneur and professional with over 17 years of expertise in Business Management, Sales & Marketing, Account Management, and Recruitment. He has managed multi-million-dollar P&L responsibilities and driven strategic growth across international teams in Asia Pacific, Europe, and the USA. An MBA and engineering graduate and a Cornell University alumnus, Mr. Bhargav excels in building relationships, managing finances, and driving revenue growth. His commitment to continuous learning and adaptability positions him as a trusted leader and strategic thinker in the business landscape.

Saurav Kasera, Co-Founder of CLIRNET, stated, ‘With the launch of our new business division, we are poised to set new benchmarks in the field of medical and scientific content publishing and its use of market research. Our comprehensive approach, leveraging cutting-edge technology and deep domain expertise, will provide unparalleled value to our clients globally.’

Rents increase 2.6% QoQ across 13 key cities

New Delhi, August 1, 2024: Magicbricks, India’s leading real estate platform, released its flagship Rental Update (April-June 2024), revealing a 14.6% YoY and 2.6% QoQ surge in rents across 13 major Indian cities, to an average INR 33.3 psf per month.

Navi Mumbai (6.2% QoQ), Hyderabad (4.2% QoQ), and Ahmedabad (4% QoQ) exhibited the most significant increase in average rents. In Navi Mumbai, the average rent increased from INR 28.99 psf per month in Q1 2024 (Jan-Mar 2024) to INR 30.78 psf per month in Q2 2024 (Apr-Jun 2024). Similarly, average rents in Hyderabad increased from INR 22.01 psf to INR 22.93 psf per month, while in Ahmedabad, rents rose from INR 17.25 psf to INR 17.94 psf per month.

The report observed a significant 14.8% QoQ increase in rental demand during this period, following a 16% QoQ increase in the previous quarter. However, the supply has decreased by 2.2% QoQ across the mapped cities due to high absorption rates, leading to a rise in rents.

The highest rents are in cities of Mumbai (INR 82.28 psf per month), Delhi (INR 33.72 psf per month) and Thane (INR 29.84 psf per month). The Report further observed that average rents in Greater Noida is INR 14.52 psf per month, INR 20.10 psf per month in Noida and INR 28 psf per month in Bengaluru.

Explaining the dynamics, Abhishek Bhadra, Head of Research, Magicbricks, elaborated, “With economic activity peaking, we anticipate continued growth in both rental demand and rents in the short to medium term. Additionally, the supply of rental units is expected to improve as the stock of under-construction properties nears completion. Overall, the current landscape presents a promising opportunity for landlords and investors, encouraging greater participation in the rental market.”

With high rental demand and rents, residential real estate continues to be a lucrative investment market. While across the top 13 cities, the average rental yield is 3.6%, investments in Ahmedabad, Pune and Kolkata demonstrated the highest rental yields (3.8%), observed the report.

Noventiq Renews and Expands Collaboration with Coca-Cola Beverages Vietnam

India, 1 August 2024 – Noventiq, a global leader in digital transformation and cybersecurity solutions and services provider, announced the renewal of a project collaboration with Coca-Cola Beverages Vietnam for Microsoft Azure Services and Modern Work for the next 5 years. This development marks a significant step forward in a project that began in 2016, evolving into a cornerstone of digital strategy and operational excellence for Coca-Cola Beverages Vietnam.

Coca-Cola Beverages Vietnam, which became part of Swire Coca-Cola since 2023, the fifth-largest bottling partner of The Coca-Cola Company, initially partnered with Noventiq to enhance their operations in Vietnam and Cambodia. Over the years, this collaboration has grown into a deep, multifaceted alliance, driving both innovation and significant technological advancements within Coca-Cola Beverages Vietnam’s operations.

Hervé Tessler, CEO of Noventiq, commented: “Noventiq is committed to supporting Coca-Cola Beverages Vietnam’s pursuit of excellence through advanced technology solutions. Our successful engagement has led to significant operational improvements and technological advancements for Coca-Cola Beverages Vietnam, achieved through our strategic partnership in data security and process automation technology initiatives.”

Ilya Anzhiganov, VP of Noventiq APAC, commented: “We are incredibly proud of our enduring relationship with Coca-Cola Beverages Vietnam. The renewal and expansion of our collaboration are testaments to the hard work and dedication of both our teams in driving digital transformation.”

Rahul Shinde, CIO Coca-Cola Beverages Vietnam, remarks: “Our partnership with Noventiq has been crucial in our digital transformation journey. Their expertise has enabled us to navigate the complexities of technological advancements successfully. We look forward to continuing this journey and exploring new horizons together.”

Kalyan Jewellers’ Pledges Rs 5 Crore to Kerala Chief Minister’s Distress Relief Fund

Chandigarh, 1 August 2024: In response to the devastating flash floods and landslides that have tragically struck Wayanad, Kerala, TS Kalyanaraman, Managing Director of Kalyan Jewellers, has pledged Rs. 5 crores to the Kerala Chief Minister’s Distress Relief Fund (CMDRF). This contribution aims to provide much-needed support to the rescue, relief and rehabilitation efforts in Wayanad.

“As a company with roots in Kerala, it is heart-wrenching to see our fellow Keralites suffering due to these unexpected landslides and floods. The devastation in Wayanad has not only claimed numerous lives but also displaced families, destroyed homes, and disrupted livelihoods. Our thoughts and prayers are with those affected during this challenging time,” said Mr Kalyanaraman.

Kalyan Jewellers has a long-standing tradition of giving back to the community, and this contribution is a continuation of its ongoing efforts to support disaster relief and recovery initiatives in the state. The recent natural disaster has resulted in significant loss of life and property, with over 160 reported deaths and many more injured and missing. Rescue operations are ongoing, with multiple agencies working tirelessly to assist those in need.

“Kerala is our home and we are committed to standing with our people and contributing to the relief efforts. This is a small token of our solidarity and support to providing immediate assistance, and we are prepared to do more if the need arises,” Mr Kalyanaraman added.

The Kalyan Jewellers team extends their deepest sympathies to the families who have lost their loved ones and those who are struggling to cope with the aftermath of this disaster. They also extend their gratitude to the government authorities, rescue teams, and volunteers who have been working tirelessly to mitigate the impact of the disaster and provide relief to those in distress. The company remains committed to supporting these efforts and stands in solidarity with the people of Wayanad during this difficult period.

Mumbai witnesses 19% YoY Surge in Property Registrations in July 2024

In July 2024, the Mumbai real estate market witnessed a significant growth of over 19% in property registrations, with the numbers reaching 12,160 compared to 10,221 registrations recorded in the same month last year, as per data from Knight Frank. June 2024 also saw strong activity, with 11,673 properties registered. Additionally, stamp duty collections experienced a robust increase of more than 27%, rising to ₹1,055 crore in July 2024 from ₹832 crore in July 2023. The collections for June 2024 were ₹1,014 crore, highlighting sustained momentum in the market.

Here are a few comments from the industry experts:

Mr. Prashant Sharma, President, NAREDCO Maharashtra
“The sustained growth in property registrations in Mumbai, reflected in the impressive year-on-year increase in July 2024, underscores the resilience and robustness of the city’s real estate market. The figures demonstrate not only a strong buyer confidence but also the effectiveness of various policy initiatives and economic factors that have stimulated demand. The corresponding rise in stamp duty collections further highlights the ongoing momentum in property transactions, indicating a healthy market appetite. As we move forward, it is crucial to continue fostering an environment that supports this growth, ensuring that the real estate sector remains a key driver of economic progress in Maharashtra.”

Mr. Pritam Chivukula, Co-Founder & Director, Tridhaatu Realty and Vice President, CREDAI-MCHI
“The substantial increase in property registrations and the rise in stamp duty collections in Mumbai for July 2024 reflect a robust market rebound and growing consumer confidence. The shift towards larger residential units is indicative of evolving home buyer preferences. This trend underscores the market’s resilience and the ongoing demand for more spacious living options in Mumbai. We continue to remain optimistic about the continued growth and stability of the real estate sector in the region.”

Mr. Vedanshu Kedia, Director, Prescon Group
“The substantial increase in home sales highlights the strong demand for home ownership and the priority buyers place on it. This trend is bolstered by robust economic growth, favorable mortgage rates, and a rising preference for luxury living. The appeal of upscale amenities and high-end features has particularly driven momentum in the housing market, leading to bigger homes and higher sales figures in the luxury segment.”

Angel One invests Rs 250 cr in wealth management arm

Mumbai, August 1, 2024: Angel One Wealth Limited (AOW) is redefining wealth management for India’s affluent HNI and UHNI clientele through a synergy of domain expertise and innovative tech application. Strategically backed by Angel One, AOW is developing an omnichannel wealth-tech platform comprising three integrated business verticals – HNI, UHNI and Alternate Assets. This platform merges sophisticated investment strategies with seamless service delivery by a team of wealth managers, market strategists and technology specialists.

 The landscape of wealth management is rapidly evolving, with a 16% CAGR of India’s HNI population, projected to grow to 1.65 million by 2027, as per industry reports. AOW’s strategy rests on three key pillars tailored to meet the unique needs of HNI and UHNI segments – comprehensive investment products across diverse asset classes, technology-driven accessibility for clients and support of relationship managers and top-tier talent equipped with deep market insights. By adopting this approach, AOW aims to overcome industry challenges such as barriers to innovation in investment strategies, high operational cost and higher fees using new-age tech infrastructure. The Rs 2.5 billion capital infused by Angel One will be strategically deployed to develop core technological infrastructure, leveraging AI and analytics, expand presence in key markets and develop curated, expert-led product strategies and suites.

 Dinesh Thakkar, Chairman and Managing Director, Angel One Limited, said, “Through Angel One Wealth we aim to cater to an expansive spectrum of clients, by leveraging technology and stay at the forefront of innovation. The seasoned investment professionals’ team, led by Srikanth, brings strong domain knowledge enables us to capitalise on the evolving wealth landscape.”

 Srikanth Subramanian, Managing Director & CEO, Angel One Wealth Limited, said, “We want to reimagine wealth management for India’s HNIs and UHNIs on the bedrock of deep domain expertise and the power of technology. We are happy to have the strategic backing of Angel One in this journey, leveraging their technological prowess. We are building an omni-channel solution that will enhance the value of a trusted wealth manager through digital infrastructure and new-age technology.”

 Since the Rs 2.5 billion capital infusion, AOW has begun laying the groundwork for growth.

 Key milestones include:
• To further leverage the 100 plus man-years of its in-house domain experience – An Advisory Council comprising of industry thought leaders to provide strategic guidance, a Think Tank with sector experts offering insights on macro trends and asset class positioning, a Product Approval Committee driving competitive edge and an Investment Committee overseeing investment policies and fund performance has been formed
• ~60-member team of wealth managers, investment professionals and tech experts
• 30% diversity and average age of 32yrs fostering an inclusive work culture.
• In-house fintech stack for wealth consolidation, analytics, portfolio governance and transaction execution, alongside an AI Innovation Lab to explore and implement new use cases.