2, Feb 2024
Honda Cars India registers 11% growth with 8681 units of domestic sales in January 2024
New Delhi, February 2, 2024: Honda Cars India Ltd. (HCIL), a leading manufacturer of premium cars in India, registered monthly domestic sales of 8,681 units in January 2024. The export numbers for HCIL stood at 4,531 units in Jan’24.
Commenting on the sales performance in January 2024, Mr. Yuichi Murata, Director of Marketing and Sales at Honda Cars India Ltd., said, “Entering the new year, our models have consistently contributed to our sales volume, reflecting a positive demand for our lineup. Honda Elevate maintains its strong performance, gaining growing preference and momentum month after month. Alongside Elevate, the unwavering success of the Honda City and Amaze has played a crucial role in sustaining our momentum.”
Honda Cars India Ltd had registered domestic sales of 7,821 units and exported 1,434 units in January ‘23.
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- By Rabindra
2, Feb 2024
Table Tennis wonder Grace and Carrom prodigy Faaiz Qureshi shine at Delhi SFA Championships
New Delhi, February 1st, 2024: In the quest to identify and empower budding talent across the nation, SFA Championships saw the incredible talent of U-12 Table Tennis player, Grace and U-18 Carrom champion Faaiz Qureshi.
Nine-year-old National-level Table Tennis player, Grace from Manav Sthali School shared, “I practice everyday for 8 hours and have competed at state and national levels. Competing against my friend at the SFA Championships and winning the gold medal in the finals was unique learning experience. The excellent tables made it even more enjoyable and thrilling for me”.
On the other hand Faaiz Qureshi from N. P. Boys Sr. Secondary School, with a 5th rank (nationally) in Carrom, shared his experience, “I started playing Carrom at the age of six, inspired by my father and brother. I aspire to play like the world champion, K. Srinivasan, and compete in international matches, to become the world’s best carrom player. I believe competitions like SFA Championships provide the well-needed exposure that helps us focus on our shortcomings in each match and thrive to play better.”
The fifth day of the SFA Championships in Delhi witnessed exhilarating kickoffs of Badminton, Carrom, and Table Tennis at the prestigious Indira Gandhi Sports Complex. Meanwhile, the Jawaharlal Nehru Stadium witnessed incredible talent in Football and Tennis. In the carrom arena, U-12 to U-18 boys exhibited remarkable precision, meanwhile, badminton saw young talents in the U-11 to U-19 categories, highlighting their skills and determination. The Table Tennis courts witnessed fierce battles among competitors in the U-10 to U-19 categories, and Football matches of U-10 to U-16 boys, unfolded with intense action and fierce rivalries. Simultaneously, the Tennis finals for U-10 to U-18 boys was a stunning experience for both, participants and spectators alike.
Results for Day 5
| SPORT : TABLE TENNIS | |||||||
| Age Category | Event | Gender | Gold (School Name) | Silver (School Name) | Bronze (School Name) | Bronze (School Name) | |
| U-10 | Singles | Girls | Myra Manish (Shiv Nadar School, Noida ) 3-0 |
Kaavya Sareen (Lovely Public International School) 0-3 |
– | – | |
| U-10 | Singles | Boys | Mehransh Singh Bhatia (Delhi Public School, RK Puram) 4-3 |
Keshva Raghunath Vasudev (Shiv Nadar School, Gurugram) 3-4 |
Yatharth Pundir (Sophia Public Junior High School ) 2 |
– | |
| U-12 | Singles | Girls | Grace Sukhija (Manav Sthali School, New Ranjendra Nagar) 3-1 |
Siddhi Singh (Manav Sthali School, New Ranjendra Nagar) 3-1 |
Anika Aggarwal (Shiv Nadar School, Noida) |
Anika Kapoor (Manav Sthali School, New Ranjendra Nagar) |
|
| U-12 | Singles | Boys | Vivaan Khanna (Manav Sthali School, New Ranjendra Nagar) 3-1 |
Vian Khosla (PM Shri Kendriya Vidyalaya) 3-1 |
Akul Goswani (Delhi Public School, RK Puram) |
Arhaan Dharwarkar (MBS International School, Dwarka Sector) |
|
| U-15 | Singles | Girls | Dhaani Jain (Manav Sthali School, New Ranjendra Nagar) 3-0 |
Anika Aggarwal (Shiv Nadar School, Noida) 3-0 |
NIKITA RATHEE (Delhi Public School, Sec -24 Rohini) |
Danya Jain (Gaurs International School, Noida) |
|
| U-15 | Doubles | Boys | Nimay Gogia & Swarit Singhal (DPS International) 3-0 |
Nivaan Ahuja & Manvik Agarwal (Delhi Public School, RK Puram) 3-0 |
– | – | |
Anticipation continues for Day 6, which promises excitement with the commencement of Chess and Karate matches, along with the eagerly awaited final results of Football.
2, Feb 2024
Mphasis Gross revenue grew 1.6% QoQ in Q3 FY24
Mumbai, 02 February 2024:
Mphasis Limited (BSE – 526299; NSE – MPHASIS), an Information Technology (IT) solutions provider specializing in cloud and cognitive services, today announced its financial results for the quarter ended 31st December 2023.
Quarter ended 31st December 2023
· Gross Revenue grew 1.6% QoQ and declined 5.2% YoY in Q3 FY24 on reported basis and grew 1.0% QoQ and declined 6.8% YoY in Constant Currency
· Direct revenue grew 2.0% QoQ and declined 3.3% YoY on reported basis and grew 1.3% QoQ and declined 5.0% YoY in Constant Currency
· New TCV wins USD 241 million in Q3 FY24 in Direct; of which 85% in new-gen services. FYTD TCV wins of USD 1,203 million, grew 20% YoY
· Net profit margin at 11.2% at ₹ 3,736 million in Q3 FY24
· Reported EPS at ₹ 19.8.
“We are witnessing signs of stability, despite seasonal softness in Q3 FY24. While we are still in the midst of macro headwinds, clients are also accelerating towards newer sources of value such as AI to stay ahead. Building on our track record of strong pipeline to total contract value (TCV) conversion, we continue to focus on converting TCV to revenue,” said Nitin Rakesh, Chief Executive Officer, and Managing Director, Mphasis.
Deal wins:
· A leading American telecommunications major has engaged Mphasis to lead its vendor consolidation and partnership strategy across enterprise technology solutions, digital and cyber security
· A leading American financial services company has chosen Mphasis to help engineer, enable, and leverage the cloud
· A leading American financial services company is engaging Mphasis as part of a multi-year deal to lead centralized
· production support services. Mphasis’ capabilities around AI-led transformation were key in securing this win.
Awards and Recognitions:
· Mphasis recognized by BusinessWorld in India’s Most Sustainable Companies (IMSC)
· Recognized as one of the Best Tech Brands 2023 | The Economic Times
· Wins Bronze Stevie in the Business Technology category under Product Management & New Product Awards at the 21st Annual American Business Awards®
· Secures gold from Brandon Hall Group for the Hi-Tech, Hi-Touch and Hi-Trust Candidate Experience Model.
· Wins Talent Board the Candidate Experience Award for EMEA and North America
· Wins GOLD at the Meytier Equitable Hiring Awards for equitable and inclusive hiring practices.
2, Feb 2024
ELGi unveils upgraded line of portable screw compressors at India StoneMart 2024
Bengaluru, India, February 2nd, 2024: Elgi Equipments (BSE: 522074 NSE: ELGIEQUIP), one of the world’s leading air compressor manufacturers, today introduced the game-changing PG 550-215 trolley-mounted portable screw air compressor at the 12th edition of India Stonemart 2024 at the Jaipur Exhibition and Convention Centre (JECC), Rajasthan, India. Also displayed at the ELGi booth 6, in the outdoor machinery area B, were ELGi’s electric-powered PG110 E, PG 55 E, and PG 75 E portable air compressors for the mining industry. The 2024 edition of the International Stone Industry Trade Fair is expected to witness over 30,000 visitors and key decision-makers from the stone industry across the globe.
The newly introduced PG 550-215 is designed to deliver better performance, reliability, and profitability for customers in the construction and mining sectors. The compressor’s 3-stage air filtration system enables optimal performance while the integrated control panel ensures improved safety, reliability, and driller-friendly operations. The compressor’s Uptime design, which comprises large doors and a robust canopy, ensures easy maintenance, enhanced durability, and protection from extreme climatic conditions. In addition, ELGi’s pan-India network of service centers and trained service technicians ensure seamless operations for every customer.
The PG 110 E, 55 E, and 75 E series of electric-powered compressors, also on display, have been extensively adopted in standard pressure applications throughout the marble, granite, and blue metal quarries, where electricity is accessible and emission-free processes are required.
ELGi is committed to delivering high-performance portable compressed air solutions to construction and mining industry customers. With superior customer support and over 63 years of experience in compressed air technology, ELGi is today present across 120+ countries, offering a complete range of compressed air solutions from oil-lubricated and oil-free rotary screw compressors, oil-lubricated and oil-free reciprocating compressors and centrifugal compressors to dryers, filters, and downstream accessories. With state-of-the-art manufacturing units and a product portfolio of 400+ compressed air systems, ELGi redefines reliability, efficiency, and cost-effectiveness across 2+ million installations worldwide.
2, Feb 2024
Q3FY24 results of Aptus Value Housing Finance Limited
Chennai: February 01, 2024: Aptus Value Housing Finance India Limited, a leading Housing Finance Company has declared its financial results for the third quarter and nine months ended December 31, 2023.
Key Performance Metrics for 9 months FY 24 (Consolidated)
| Rs (in Crs) | |||
|
Particulars |
9M FY 24 |
9M FY 23 |
Y-o-Y |
|
AUM |
8,072 | 6,307 |
28% |
|
PAT |
448 | 368 |
22% |
|
Gross NPA (%) |
1.19% | 1.44% |
Decrease by 25 bps |
|
RoA (%) |
8.06% | 8.53% |
Maintained above 8% |
|
RoE (%) |
17.10% | 16.02% |
Increase by 108 bps |
Performance Highlights
· Disbursements for 9M FY 24 was at Rs. 2,159 crores – 25% increase Y-o-Y
· 12 new branches added in Q3 FY 24 and 31 branches opened YTD with a total distribution network of 262 branches as on 31st December 2023
· Net worth of over Rs.3,700 crores
· Strong liquidity to support future growth
Commenting on the results, Mr. P. Balaji, Managing Director, said,
“During the 9 months FY24, we opened 31 branches and have widened our presence through a strong network of 262 branches assuring best service to all our customers. We disbursed 2,159 crores registering a growth of 25% year on year. We continued to grow consistently and delivered an AUM growth of 28% year on year.
Digital adoption has been strong with steady improvement in business generation through leads generated from customer referral app, eco partners app and social media channels. Our customer-centric digital platform and AI/ML supported credit evaluation process ensures timely loans to our customers.
We consistently maintained low levels of NPAs over the years and continue to focus on good quality of assets with Gross NPA at 1.19% as on December 31, 2023.
PAT has grown by 22% on y-o-y and 6% on q-o-q basis. Our ROA and ROE remained solid at 8.06% and 17.10% respectively.
As on December 31, 2023, we have maintained a sufficient liquidity of Rs. 961 crores including undrawn sanctions of Rs. 300 crores from NHB and Rs. 310 crores from various banks. The Company is well capitalized with a net worth of over Rs. 3,700 crores.
To take the Company to the next level of growth, middle management viz. sales, credit, collections and IT have been strengthened.
As we move forward, we will remain focused on expanding our customer base both in existing and new geographies and further strengthen our position as a leading affordable housing finance company in the country.”
2, Feb 2024
Shriram Life Partners With Telangana Traffic Police for Road Safety Awareness
Hyderabad February 02, 2024: Shriram Life Insurance Company, the lead life insurer for Telangana in partnership with Society for Cyberabad Security Council (SCSC) and Cyberabad Traffic Police conducted a Road Safety and Financial Security and Insurance Awareness Event followed by a bike rally at Wipro Circle in Hyderabad.
The team at Shriram Life Insurance and the traffic volunteers displayed placards underscoring the importance of adhering to traffic rules, road safety, and financial security. The campaigners interacted with motorists and drivers, advising them on traffic laws and outlining the financial consequences of accidents, thus emphasising the need for insurance.
G. Ranaveer Reddy, ACP Madhapur Traffic Division conducted a road safety awareness session, emphasizing on the reasons for accidents and how they impact families and capsize their financial lives. Reddy led the event along with S. Rajasekhar Reddy, Inspector Gachibowli Traffic PS, Naved Khan, Co-Leader Traffic Forum at SCSC, and Keshav Bhandari from SCSC and Gachibowli Traffic PS Staff.
Representatives from Shriram Life Insurance including Ravi Kumar, Head of Compliance, and Sunitha Sambaraju, Head of Projects attended the event. It also included distribution of helmets to riders as well as a session emphasising the importance of helmets for safety and insurance for financial stability.
Sunitha Sambaraju, Head of Projects, Shriram Life Insurance said, “Road accidents take hundreds of lives every day according to India’s official road accident report. This points to the need for greater awareness among the public on the importance of safety as well as insurance. As lead life insurer for Telangana, we want to sensitize people on how accidents can render one’s family vulnerable. So the need for prevention and insurance plays a crucial role in people’s lives.”
2, Feb 2024
Budget Reaction – SK Chaudhary, Founder Director, Safex Chemicals
SK Chaudhary, Founder Director, Safex Chemicals
“The decision to step up value addition in the agriculture sector, reduce post-harvest losses and boost farmers’ incomes by improving productivity is commendable. We believe that the move to help micro food processing enterprises via 2.4 lakh SHGs and individuals through credit linkages and promoting of public and private investment in a range of post-harvest storage solutions will not only give a fillip to faster growth but will also benefit domestic agri players.
Further, formulation of a strategy to achieve self-reliance in oilseeds is laudable since this will be backed by research on high-yielding varieties, value addition, deployment of modern farming practices, crop insurance and other measures.”
2, Feb 2024
Post-budget reaction of Mr. Prabhakar C, Director, Gopalan Group
Post-budget reaction on behalf of Mr. Prabhakar C, Director, Gopalan Group
“Finance Minister Nirmala Sitharaman’s interim budget speech today lays a commendable foundation for the final budget and the year ahead. The focus on agriculture, defense, infrastructure, and education demonstrates a clear commitment to India’s growth and well-being. While the specifics will be eagerly awaited in the main budget, the interim measures outlined paint an encouraging picture. The emphasis on strengthening rural infrastructure and enhancing productivity through schemes like PM Kisan Samman Nidhi is a welcome step that bolsters the backbone of our economy. Continued investment in infrastructure development creates employment opportunities and lays the groundwork for sustained economic progress.
Prioritizing the modernization of our armed forces is crucial for national security, and the budgetary allocation towards this objective sends a strong message and the proposed allocation for indigenous defense production aligns with the goal of self-reliance, a crucial aspect of national security. The government’s plan towards investing in education will sow the seeds of empowerment for our youth, further nurturing a future where a skilled generation will build a stronger India. While a holistic analysis awaits the final budget, this interim speech instills optimism for a future focused on development, security, and inclusivity. We eagerly await the final budget for a more comprehensive picture of the government’s vision for India’s future.”
2, Feb 2024
2023 marked a terrific year for Marriott International in the Asia Pacific region with over 80 deals signed…
India, 2nd February 2024 – Following the recent announcement by Marriott International, Inc. (Nasdaq: MAR) of its strong global net rooms growth and record year of organic signings in 2023, the company highlighted the remarkable surge in hotel and residences openings and signings in the Asia Pacific excluding China (APEC) region, particularly in key travel markets such as Japan, India, and Vietnam. At the close of 2023, Marriott set a milestone in APEC with over 60 properties added to its portfolio during the year, bringing the company’s presence in the APEC region to more than 560 operating hotels and residences, and exceeding 10 percent net rooms growth compared to 2022. The company also sealed a record of over 80 deals signed across 13 markets, representing approximately 18,000 rooms.
As tourism recovers in APEC and the travel landscape evolves, Marriott has continued to focus on strategically providing the best-in-class offerings to owners, franchisees, and guests. At the end of 2023, Marriott’s APEC development pipeline stood at over 320 hotels with over 69,000 rooms, showcasing the company’s dedication to providing world-renowned brands and diverse experiences, aligning with the evolving preferences of travelers across the region.
Luxury continues to play a pivotal role in the growth of Marriott, and 25 percent of Marriott’s global luxury rooms pipeline is represented in APEC. In 2023, 15 percent of the deals signed in APEC were in the luxury segment. A record nine luxury hotels were opened in the region in 2023 — including The Ritz-Carlton, Melbourne— Marriott’s 1,000th hotel in the Asia Pacific region. The JW Marriott Goa debuted the brand in Goa and was the company’s 150th hotel to open in South Asia, and added The Singapore EDITION, the first EDITION in Southeast Asia.
“With our record year of growth at Marriott International in APEC, we remain committed to meeting the demands of modern travelers underscored by our diverse portfolio of brands and strategic presence in new destinations,” said Rajeev Menon, President, Marriott International, APEC. “2023 has positioned us as a thriving and desirable region in the global landscape. I am excited about our momentum as we focus on being where our customers want us to be and connecting people through the power of travel.”
Marriott Bonvoy – Marriott’s award-winning travel program— has helped fuel interest in the company’s regional portfolio. In APEC, the Marriott Bonvoy membership base has surged by 50 percent since 2019. This momentum is attributed to the unique and unforgettable experiences the program offers, including exclusive access to prestigious events like the Australian Open and Formula 1. Beyond hotel stays, Marriott Bonvoy continues to redefine the regional travel landscape with strategic partnerships with Singapore Airlines, Rakuten and co-branded credit cards in Japan, Korea, and India. The company’s commitment to delivering exceptional experiences, coupled with the strength of Marriott Bonvoy, positions Marriott as a leader in shaping the future of travel and hospitality across the APEC region.
2, Feb 2024
Vidarbha successfully concluded the 1st edition of Khasdar Industrial Mahotsav – Nagpur
Hyderabad/Nagpur 2nd February 2024: The Association of Industrial Development (AID) concludes the first edition of the ‘Khasdar Industrial Mahotsav – Advantage Vidarbha’ in Nagpur. The event was inaugurated by Shri Nitin Gadkari, Union Minister for Road, Transport, and Highways, Shri Devendra Fadnavis Deputy Chief Minister Maharashtra, and other dignitaries Shri Narayan Rane Minister MSME Government of India, Shri Sudhir Mungantiwar Minister of Forests of Maharashtra,Shri Ajay Bhat Minister of State for Defence GOI,Shri Girish Mahajan Tourism Minister of Maharashtra along with senior leadership from central and state politics, as well as business industry stalwarts.
‘Khasdar Industrial Mahotsav – Advantage Vidarbha’ was a three-day event that took place in Nagpur from January 27th to January 29th, 2024. The event focused on promoting industrial development in the Vidarbha and Maharashtra regions, creating a unified platform for Vidarbha industries to showcase their business potential, and exploring opportunities for expansion and collaborations. Over 250 exhibitors participated in the expo, with 90% of them representing the Vidarbha industry.
“The issue of carbon emissions due to vehicles running on petrol and diesel, and the resultant pollution has become a growing concern today. Alternative fuels like ethanol, methanol, and other components can be used to address this, reducing both carbon emissions and the dependence on oil imports. The time has come to prioritize coal gasification and reconsider royalties. Moreover, if electricity is generated nearer to the mines, it would not only save transportation costs but would also increase the capacity for energy generation,” – Union Minister Shri Nitin Gadkari said on the sideline of Advantage Vidarbha Expo
Speaking on the occasion Ashish Harshraj Kale, President, Association for Industrial Development (AID) said “It was a pleasure for all of us at AID to host the senior government delegates along with senior industry stalwarts. On behalf of the association, I express gratitude to each of them for their vision for the region. The region has immense potential to make a stronger and consistent contribution to the nation’s growth drive.
This three-day expo marked great success with varios panel discussions in the presence of stalwarts of the sector. The startups, given that India is a developing country, have made incredible contributions. We are pleased to see a larger set of startups emerging from the region. The level of support and mentorship provided by the industry will be a milestone in this journey.
Our honorable Union Minister Shri Nitin Gadkari Ji has been the torchbearer of the development drive in the nation, and it is his vision that has made this landmark expo a reality. The expo witnessed the participation of over 250 exhibitors, representing a diverse range of 43 business sectors in the region.”
He further added, “This is just the beginning, and we have a long way to go. As an industry, we are committed to the vision of our leadership.”
Vidarbha in Maharashtra, known for its rich biodiversity and resources, is emerging as a promising hub for industrial and tourism investment. Comprising 11 districts including Nagpur and Gadchiroli, it boasts excellent infrastructure and a high mineral contribution. The ‘Advantage Vidarbha – Khasdar Audyogik Mahotsav’ event marked a significant step in this direction, with over 25 MOUs signed between angel investors and regional startups. Major investors like Haldiram and Nuwals pledged not just financial support but also mentorship. This initiative is crucial as Maharashtra, contributing 20% of India’s startups and 25% of its unicorns, is seeing a startup boom beyond metros, with tier 2 and 3 cities gaining momentum. Advantage Vidarbha is set to play a key role in nurturing young talent and startups in the region.
The three-day event featured diverse sessions and panel discussions covering various sectors such as education, defence, aviation, startups, MSME, bamboo, IT & ITES, pharmaceuticals, real estate, steel & PEB, finance, logistics & warehousing, mining equipment, coal gasification, fisheries, Ayurveda, dairy, and more. Senior Ministers from the State and Central Government, industry stalwarts across sectors, and renowned educational institutions, experts, and think tanks came together to discuss the potential challenges and their solutions to create a seamless business ecosystem and ensure the developmental growth of the region.
The inaugural day of the event centered its discussions on exploring the region’s potential, the availability of skilled manpower, geographical advantages, and efforts to promote and raise awareness about the initiative. Additionally, the focus was on attracting investors to invest in the region. The day of the event witnessed keynote addresses and sessions on the startup ecosystem of the region, education, aviation, defense, gem and jewelry, and the food processing industry. The first day concluded with the signing of 25 MoUs with angle investors, providing financial support to startups in Vidarbha.
The second day of the event concluded with in-depth discussions, including sessions and panel discussions, regarding the advancement of the bamboo sector and the exploration and creation of business opportunities for MSMEs, startups, pharmaceuticals, IT & ITES, real estate, and steel & PEB. There was a particular emphasis on the significance of coal gasification, efforts to reduce carbon emissions, and the transition towards alternative fuel options.
On the final day, there was a brainstorming session and panel discussions focused on tapping into the region’s potential for the expansion of fisheries and fish farming, dairy, and Ayurveda. The conversations also addressed themes like training local youth for job creation and the development of various sectors, encompassing mining equipment, logistics & warehousing, IT & ITES, and finance. The event concluded with the unveiling of a Coffee Table Book showcasing the entrepreneurial success stories of Vidarbha. The book aims to highlight the significant contributions of these individuals to the region’s economic development.
