Archives April 2023

Hyderabad, April 21, 2023: As it aims to expand its operations at GIFT City, Bank of Baroda (Bank), one of India’s leading public sector banks and India’s international bank, announced that the Bank’s International Financial Services Centre Banking Unit (IFSCBU) in GIFT City has inaugurated its new state-of-the-art premises today at Brigade International Financial Centre in GIFT IFSC, Gandhinagar. The Bank will set up International Treasury operations, a Centralised Trade Finance hub and Capital Markets business and scale up its Foreign Exchange and Derivatives Trading activities at GIFT IFSC.

On the occasion, the Bank’s IFSC Banking Unit has also listed the Bank’s existing Dollar denominated Medium Term Notes (MTN) on BSE’s India INX and NSE IFSC exchanges. Both exchanges are international exchanges operating in GIFT IFSC.

The inauguration of the new facility and the listing ceremony was carried out in the August presence of Shri Injeti Srinivas, Chairperson, International Financial Services Centres Authority (IFSCA); Shri Tapan Ray, Managing Director & Group CEO, GIFT City; Shri Sanjiv Chadha, Managing Director & CEO, Bank of Baroda and Shri Lalit Tyagi, Executive Director, Bank of Baroda. Officials from India INX & NSE IFSC were also present at the listing ceremony.

Inaugurating the new premises, Shri Sanjiv Chadha, Managing Director & CEO, Bank of Baroda said, “Bank of Baroda was one of the early entrants in GIFT IFSC, We started our journey on 24th November, 2017 by opening our offshore IFSC Banking Unit, which currently contributes significantly to the Bank’s total international business. To promote, develop and reap the advantages of India’s own International Financial Services Centre (IFSC), Bank of Baroda is looking to significantly scale up its global business and strengthen the team at GIFT City, and for this purpose, we have established a new, bigger facility with state-of-the-art infrastructure built on international standards.”

“Bank of Baroda is also delighted to list its existing foreign currency Medium Term Notes on India INX and NSE IFSC exchanges. The listing framework and the seamless process being offered at GIFT IFSC are at par with any other Global Financial Centre. We look forward to a long-term association with both these international exchanges at GIFT IFSC,” added Shri Chadha.

Shri Injeti Srinivas, Chairperson, IFSCA, and Shri Tapan Ray, MD & Group CEO, GIFT City extended their appreciation to the Bank of Baroda for their significant contribution to GIFT City and the International Financial Services Centre (IFSC) and congratulated the Bank on the inauguration of the new premises.

Now, after the US, UK and UAE, the IFSC Banking Unit has become the 4th largest overseas branch of the Bank’s International operations. It provides a range of global banking solutions, locally to retail and corporate customers, such as Foreign Currency Current, Savings and Fixed Deposit Accounts, External Commercial Borrowing Loans, Trade Finance Facilities, Loans in Foreign Currency/ Syndication Loans and Transaction-based Internet Banking facility. The Bank also offers loans against NRE/FCNR Deposits and Loans against Deposits at the IFSC Banking Unit.

Kochi: Bandidos Pitstop, one of the most respected brands among retail and online destinations for mid-range and premium motorcycle accessories in India, has announced the launch of its new manufacturing company, Metalverse. Metaverse aims to revolutionize the motorcycle accessories industry by providing riders with unique designs and custom-made accessories that they can install themselves.

The new company will focus on producing premium quality motorcycle accessories with a mission to enhance motorcycles’ safety along with riders’ safety. Metalverse has set up a state-of-the-art facility in Coimbatore with modern technology to manufacture a range of accessories.

“We are excited about the launch of Metalverse and the opportunity to revolutionize the motorcycle accessories industry. Our focus on unique designs, DIY installation, strategic analytics, and rider engagement will set us apart from the competition and make Metalverse the go-to brand for motorcycle enthusiasts,” said Mr. Murshid Basheer, Founder.

Metaverse plans to launch its products in India and export them to international markets, with a focus on markets that prioritize safety and premium quality products. The founders believe that their experience in the motorcycle racing industry and their passion for premium quality products will set them apart from their competitors.

One of the key features that set Metalverse apart is its commitment to developing unique designs for each bike model that allows riders to install the accessories themselves. This not only saves riders money but also empowers them to customize their bikes according to their preferences.

Another key strategy that Metalverse will employ is categorizing its products based on strategic analytics to enhance the brand’s approachability. By analyzing relevant data, Metaverse aims to develop a categorization system that enables riders to quickly and easily find the accessories that are best suited for their bikes.

In addition, Metaverse is committed to connecting with end-users and promoting interaction between riders and the brand. By engaging with riders, Metaverse aims to better understand their needs and preferences, which will help the company develop new and innovative products.

“We want to empower riders by giving them the tools they need to customize their bikes in a way that reflects their personality,” said Mr. Mahesh V M, the co-founder, and National Supercross champion.

In 2014, Bandidos was founded by a group of five enthusiastic riders who shared a diverse range of motorcycling experience, including professional racing, stunt shows, adventure riding, touring, and training. From its humble beginnings as a brick-and-mortar store in Thrissur, Kerala, Bandidos Pitstop has since grown to become one of India’s most reputable brands among retail and online destinations for mid-range and premium motorcycle accessories.

Mumbai Maharashtra, 21 April 2023 – Dassani Brothers, India’s finest designer jewelry manufacturing brand established in 1984 is proud to announce that they have been awarded the ‘ICONIC MANUFACTURER IN POLKI, KUNDAN JADAU’ award at the prestigious JewelBuzz Iconic Awards 2023 held on 7th April 2023 at Hotel Sahara Star, Mumbai.

The JewelBuzz Iconic Awards recognizes and celebrates outstanding achievements in the jewelry industry. This year’s event brought together some of the industry’s leading designers, retailers, and manufacturers from around the world. Dassani Brothers were honored with the ‘ICONIC MANUFACTURER IN POLKI, KUNDAN JADAU’ award in recognition of their exceptional craftsmanship, innovative designs, and commitment to quality. The award is a testament to the company’s dedication to excellence in the jewelry industry.

“We are thrilled to receive this prestigious award from JewelBuzz,” said Sumit Dassani, Partner at Dassani Brothers. “It is an honor to be recognized among some of the best jewellery manufacturers in the industry, and we are grateful to our talented team and valued customers for their ongoing support. We showcased one of our prominent jewellery pieces, an exquisite bridal necklace set. Since it is detachable, it may be carried out in three unique ways, which makes it stand out among the customers. The necklace is adorned with syndicate quality uncut Diamonds (Polki) ,round brilliant cut Diamonds , Ruby beads, Ruby cabochon, Emerald mani , zambian Emerald cabochon, fresh water Pearls & culture Pearls. Approximately 275 man-hours have been invested to bring this exemplary piece to life. For over 35 years, we have been adorning the glorious legacy of Dassani Brothers, continually refining our visions and skills by keeping up with ever-changing demands and establishing new trends with our highly qualified in-house team of designers and skilled artisans.”

Bengaluru, April 21, 2023: In order to revolutionise the CNG market, Tata Motors will soon launch the Altroz iCNG, India’s first twin-cylinder CNG technology. Tata Altroz, which is India’s safest premium hatchback is open for bookings in its much-awaited iCNG avatar, from today. With this vehicle, Tata Motors aims at increasing the acceptance of CNG cars in India, similar to petrol and diesel cars.

The Altroz iCNG was unveiled at the Auto Expo 2023 in January 2023 and it received a tremendous response from customers for being India’s first twin-cylinder CNG technology – a revolutionary technology bringing practical usable boot space to CNG owners, a feature that is unavailable in all current CNG cars. Customers can now book the Altroz iCNG at INR. 21,000. With deliveries commencing in May 2023, the Altroz iCNG is a strong testament to Tata Motors’ successful multi-powertrain strategy, making it the fourth powertrain option in the Altroz range now.

In addition to the above, the Altroz iCNG will also offer

Innovative Twin Cylinder Technology with a total water capacity of 60 litres (Each cylinder has 30 litres capacity) is placed below the luggage area to ensure a large usable boot space.
Single Advanced ECU – It ensures a seamless and jerk-free drive experience while shifting from petrol to CNG mode or vice versa
Direct start in CNG mode – Altroz iCNG will start directly in CNG mode to ensure a hassle-free experience and no worries on switching the fuel mode
Additional safety features – thermal incident protection, gas leak detection feature and micro switch to ensure the car is switched off at the time of refuelling.
Complete peace of mind with a standard warranty of 3 years/ 100,000 km

Altroz iCNG will be available in four variants – XE, XM+, XZ and XZ+ and in four colour options- Opera Blue, Downtown Red, Arcade Grey and Avenue White. The Altroz iCNG will also boast of aspirational features like leatherette seats, iRA-connected car technology, cruise control, and automatic headlamps amongst others.

BAINBRIDGE, Ga., April 21, 2023 – Danimer Scientific, Inc. (NYSE: DNMR) (“Danimer” or the “Company”) CEO Stephen Croskrey rang the closing bell at the New York Stock Exchange on Monday, April 17, to mark the beginning of Earth Week.

Croskrey was joined on the podium by members of Danimer’s management team and board members past and present.

“We were privileged to ring the closing bell at the NYSE, both in honor of Earth Week and to celebrate Danimer’s accomplishments as a company that makes environmental responsibility our highest priority,” Croskrey said. “As interest continues to grow in alternatives to conventional petroleum-based plastics, we envision a bright future ahead for our sustainably sourced bioplastics, which have a wide variety of practical food-contact applications and are 100% compostable, helping to meaningfully combat the plastic waste crisis.”

Danimer Scientific is a pioneer in creating environmentally responsible and natural alternative solutions to traditional petroleum-based resins. The Company’s signature polymer, Nodax (TM) PHA (polyhydroxyalkanoate), is a 100% biodegradable, renewable, and sustainable plastic produced using canola oil as a primary feedstock. The Company began trading under the ticker symbol DNMR on the New York Stock Exchange on Dec. 30, 2020.

A video of the ceremony can be viewed at https://www.nyse.com/bell, with additional videos and photos from during and after the ceremony available on the NYSE’s social media channels: YouTube, Facebook, Instagram, LinkedIn, and Twitter.

Bengaluru/India – 21 April 2023: ELGi (BSE: 522074 NSE: ELGIEQUIP), one of the world’s leading air compressor manufacturers, today unveiled, at Hannover Messe, its portfolio of oil-free, oil-lubricated compressors, and accessories designed to address European customers’ needs for low life cycle cost compressed air solutions. On display at the ELGi stand D31 in Hall 4 were ELGi’s oil-free screw air compressor with an integrated heat recovery system and the improved efficiency oil-lubricated screw compressor with a new permanent magnet synchronous motor. ELGi’s first two-stage oil-lubricated screw air compressor enabling the industry-leading low total cost of ownership and increased reliability, also premiered at the show.

“Today, our portfolio on display at Hannover Messe reaffirms our commitment to playing a leading role in responding to customers’ needs for a step-change in energy efficiency. In the journey towards sustainability and net zero operations, customer requirements are evolving from lower energy consumption to thorough life cycle cost assessments. While air compressors consume approximately 10% of Europe’s overall industrial electrical energy demand, over 70% of a compressor’s lifecycle costs are made up by the energy used during operations.” said Dr. Jairam Varadaraj, Managing Director, Elgi Equipments, while speaking at the tradeshow. “For over 60 years, we have been committed to developing compressed air solutions that contribute to driving down the total cost of ownership with class-leading energy efficiency, process improvements, new products, and processes. Moreover, our compressed air experts put the customer at the core of every decision and activity, ensuring an #alwaysbetter customer experience over the entire life of their ELGi compressors.”

Chris Ringlstetter, President ELGi Compressors Europe, commented, “We remain committed to partnering with our European customers as they face an incessant rise in energy costs, regulatory and value chain demands for lower emissions, and the continued need to improve operational costs and more importantly, energy efficiency. Today ELGi’s compressed air solutions deliver class-leading energy efficiency to our European customers across various industrial verticals. Our people and channel partners, with their expertise, experience, and distribution, ensure our customers have complete peace of mind with their production operations. Significant process improvements have resulted in enhanced reliability of products and industry-leading customer warranties for our customers. And our relentless focus on technology and IoT has resulted in digitized, compressed air systems that provide our customers with the tangible cost of ownership benefits. We’re just getting started, and how!”

For over 60 years, ELGi’s pioneering products and compressed air solutions have served various applications across industries ranging from manufacturing, food & beverage, construction, pharmaceuticals, and textiles in over 120+ countries. Powering a 400+ product-strong portfolio, ELGi’s state-of-the-art global manufacturing facilities, spanning three continents, are committed to carbon neutrality, water conservation, and circular waste management.

Bangalore, Wednesday, April 21, 2023 – ICICI Securities, a part of the ICICI Group and India’s leading wealth-tech firm, meeting the complete financial lifecycle needs of its customers across investments, insurance and loan needs, today declared its financial and operational performance for the Financial and Quarter ending 31st March 2023 (FY23 and Q4FY22).

Despite a challenging external environment in Q4FY23, the company reported a 5% growth in Retail revenue to ₹ 778 crore, against the corresponding quarter last year. Overall revenue fell 1% YoY to ₹ 885 crore due to weakness in the Equity Capital Market (ECM).

Within the Retail business, Equities and Allied revenue for the quarter came in at ₹ 492 crore, down 6% YoY, Distribution income was ₹193 crore, up 14% YoY, and Private Wealth Management (PWM) revenue was ₹255 crore, up 1% YoY.

Profit After Tax (PAT) for the quarter stood at ₹ 263 crore, down 23% YoY. This was on account of increase in finance cost which was only partially passed on to the customers, and continued investments towards technology and other franchise value enhancing initiatives. During the quarter, the company recognized a one-time provision of ₹ 16 crores pertaining to margin penalties passed on to clients from October ‘21 to November ’22.

The company declared a final dividend of ₹9.25/ share, taking the full year dividend to ₹19/share.

The company continued to diversify its revenue base, thereby reducing dependance on cash broking, which by nature is cyclical. During the quarter, proportion of cash broking in overall revenue decreased to 20% from 50%+ few years back. Derivatives revenue now contribute 15%, Allied revenue 26%, and Distribution business 22% to the company’s overall revenue. All these are relatively less cyclical and market dependent.

In Q4FY23, the company strengthened its marketshare across several parameters. Retail cash equity market share improved from 10.0% to 11.0% YoY, and Retail derivative market share improved from 3.3% to 3.6% YoY on the back of initiatives like introduction of new age digital tools and brokerage plans targeted at derivatives traders. Commodity market share, where the company is a relatively new entrant, rose from 4.1% to 6.1% YoY. Mutual Find Market share in SIP flow at 3.1%.

During the quarter, the company added 3.7 lakh clients added during the quarter, taking its overall customer base past 90 lakh mark. As on 31st March 2023, total client assets on icicidirect.com stood at ~₹5.9 Lakh crore, up 4% YoY, of which PWM AUM stood at ₹3.2 Lakh crore, up 13% YoY.

Commenting on the results and financial performance, Mr. Vijay Chandok, Managing Director and CEO of ICICI Securities said: With continued diversification taking root in the company’s business model, we are becoming more of a structural play on the India opportunity. As we look back and look ahead, we see that we are on track to achieve our stated aspiration. We strongly believe that the medium to long term story for the industry remains intact and we are well placed strategically to harness this opportunity by making relevant investments in key focus areas viz. F&O, distribution of loan and insurance products, and wealth management.

Gurgaon, April 21, 2023: Tripclap in collaboration with IIM Lucknow, today revealed its latest findings on the challenges faced by small hotel businesses in the aftermath of the Covid-19 pandemic. In its new research report, the company also analyzes the Management Research Problems (MRP) : the activities of small hotels in terms of their business operations, aspirations, and market needs, while also presenting the major challenges encountered by these businesses, and recommendations that can be used for effective management.

To have a deeper insight into small hotels’ activities in terms of their business operation, Gaurav Gupta from Tripclap under the supervision of Prof. Satya Bhushan Dash, IIM Lucknow performed qualitative and quantitative studies, wherein sample sizes from hotels of almost all parts of India were taken (including Hill Stations, Metros, and Non-Metros).

The study highlights that hotels in hilly areas devote the majority of their time in branding rather than hiring skilled staff. At the same time, hotels in Metro devote an average time in doing digital marketing for generating bookings. However, more than 80% of hoteliers from non-metro are saying there is no change in their activities post covid 19. Hotel branding includes identity creation like logo, taglines, etc; positioning; pricing; promotion in different travel events like SATTE, OTM etc; building B2B networks in order to ensure future sustainability and business. Although digital marketing brings more direct sales for a hotel, owners focus more on the branding of hotels by participating in different events and sponsorships. Securing future revenues and long-term growth is more important than the short-term gains for the hotels in metro areas. Though the world has changed a lot, hoteliers are still performing the same activities for managing their properties.

Adding further to the report, Gaurav Gupta from TripClap said, “Post Covid-19, a lot of small and medium-sized hotels were crying foul on the viability of their business due to the absence of a relief package from the government of India. After analyzing the data, we accepted and rejected some hypotheses and ultimately found that the business is back to the same as before COVID-19. No significant changes have happened in the activities of the hotel. There are many barriers/challenges to managing these hotels; however, the major ones are lack of quality/trained staff, absence of digital marketing staff, and last but not least, needing their website. When the world talks about Web 3.0, 40% of hoteliers do not have a website. It is important to note that having a hotel classification helps. This gives all the more reasons for the authorities to increase the set-off period of business losses for this capital-intensive hotel industry.’’

There is also not very clear demarcation between small, medium and large hotels. Only 1880 hotels have taken star classification in India, of which majority is 3 star hotels i.e 564. However, more than 40,000 hotels have listed themselves on Nidhi 2.0 portal. This shows that hotels are not taking star classification for 1 of various reasons. Mr.Jaison Chako (Chief Secretary of FHRAI) says there would be estimated more than 80,000 hotels in India and many of them are in oblivion and are looking for the right platform for generating more sales. Small Indian hotels are underrepresented in the Indian economy as there is no direct mechanism of knowing their contribution. Lot of time studies are conducted around 5 star, 4 star hotels, and the challenges of small hotels remain unknown. Efforts of small hotels get cumulatively added in the SME Service sector of India and don’t get the right recognition. Aiming further at understanding the barriers and facilitators for small hotels in India, the study identifies the inaccessibility of hotels, lack of basic amenities such as water, poor infrastructure, expensive amusement tax, insufficient government support, and natural disasters as key obstacles.

The report concludes that the Hospitality industry faces similar challenges irrespective of the star ratings they have taken from the Ministry of tourism (MOT). MOT has to work more in order to reduce the challenges of operating a hotel in India. They should be whitelisted by financial authorities and there should be more branches of banks in hilly areas as hotels there want easy availability of loans. Moreover, uniformity in GST will help them invest their saved energy & money in more important activities like hiring, training, and branding. Not having its own IT team is the major challenge in managing a business in post covid era. Hotels prefer long-term growth rather than short-term. Therefore it is important for authorities too to invest time in this industry which is so serious about sustainability.

TripClap Platform provides technology solutions, visibility, compliance, and segmentation and satisfies the needs of both travelers and travel companies.

Gurgaon, April 21, 2023: Tripclap in collaboration with IIM Lucknow, today revealed its latest findings on the challenges faced by small hotel businesses in the aftermath of the Covid-19 pandemic. In its new research report, the company also analyzes the Management Research Problems (MRP) : the activities of small hotels in terms of their business operations, aspirations, and market needs, while also presenting the major challenges encountered by these businesses, and recommendations that can be used for effective management.

To have a deeper insight into small hotels’ activities in terms of their business operation, Gaurav Gupta from Tripclap under the supervision of Prof. Satya Bhushan Dash, IIM Lucknow performed qualitative and quantitative studies, wherein sample sizes from hotels of almost all parts of India were taken (including Hill Stations, Metros, and Non-Metros).

The study highlights that hotels in hilly areas devote the majority of their time in branding rather than hiring skilled staff. At the same time, hotels in Metro devote an average time in doing digital marketing for generating bookings. However, more than 80% of hoteliers from non-metro are saying there is no change in their activities post covid 19. Hotel branding includes identity creation like logo, taglines, etc; positioning; pricing; promotion in different travel events like SATTE, OTM etc; building B2B networks in order to ensure future sustainability and business. Although digital marketing brings more direct sales for a hotel, owners focus more on the branding of hotels by participating in different events and sponsorships. Securing future revenues and long-term growth is more important than the short-term gains for the hotels in metro areas. Though the world has changed a lot, hoteliers are still performing the same activities for managing their properties.

Adding further to the report, Gaurav Gupta from TripClap said, “Post Covid-19, a lot of small and medium-sized hotels were crying foul on the viability of their business due to the absence of a relief package from the government of India. After analyzing the data, we accepted and rejected some hypotheses and ultimately found that the business is back to the same as before COVID-19. No significant changes have happened in the activities of the hotel. There are many barriers/challenges to managing these hotels; however, the major ones are lack of quality/trained staff, absence of digital marketing staff, and last but not least, needing their website. When the world talks about Web 3.0, 40% of hoteliers do not have a website. It is important to note that having a hotel classification helps. This gives all the more reasons for the authorities to increase the set-off period of business losses for this capital-intensive hotel industry.’’

There is also not very clear demarcation between small, medium and large hotels. Only 1880 hotels have taken star classification in India, of which majority is 3 star hotels i.e 564. However, more than 40,000 hotels have listed themselves on Nidhi 2.0 portal. This shows that hotels are not taking star classification for 1 of various reasons. Mr.Jaison Chako (Chief Secretary of FHRAI) says there would be estimated more than 80,000 hotels in India and many of them are in oblivion and are looking for the right platform for generating more sales. Small Indian hotels are underrepresented in the Indian economy as there is no direct mechanism of knowing their contribution. Lot of time studies are conducted around 5 star, 4 star hotels, and the challenges of small hotels remain unknown. Efforts of small hotels get cumulatively added in the SME Service sector of India and don’t get the right recognition. Aiming further at understanding the barriers and facilitators for small hotels in India, the study identifies the inaccessibility of hotels, lack of basic amenities such as water, poor infrastructure, expensive amusement tax, insufficient government support, and natural disasters as key obstacles.

The report concludes that the Hospitality industry faces similar challenges irrespective of the star ratings they have taken from the Ministry of tourism (MOT). MOT has to work more in order to reduce the challenges of operating a hotel in India. They should be whitelisted by financial authorities and there should be more branches of banks in hilly areas as hotels there want easy availability of loans. Moreover, uniformity in GST will help them invest their saved energy & money in more important activities like hiring, training, and branding. Not having its own IT team is the major challenge in managing a business in post covid era. Hotels prefer long-term growth rather than short-term. Therefore it is important for authorities too to invest time in this industry which is so serious about sustainability.

TripClap Platform provides technology solutions, visibility, compliance, and segmentation and satisfies the needs of both travelers and travel companies.

Get ready to put your best foot forward as the iconic footwear brand Regal Shoes launches its newest footwear store at Shop no. 7 – 10, Nirala Bazar. Whether you need shoes for work, play, or a special event, the Regal Shoes store has something for everyone. The store brings the latest in premium footwear styles that you won’t find anywhere else, housed in a beautifully designed concept store that is a pleasure to shop in.

The new Regal Shoes store brings you a collection of fashion-forward footwear and bags that cater to every style and preference. From men’s and women’s work wear, loafers, sneakers, flats, ethnic styles, and party wear – this new collection has it all. The store also boasts a wide array of Indian and international brands such as Birkenstocks, Florsheim, Clarks, and Skechers, making this the ultimate one-stop footwear destination.

Since 1955, Regal Shoes has carved a niche for fashion enthusiasts and trendsetters across India. Through its collections of premium footwear and accessories, they have been delivering style and elegance to Indian customers through stores across Indian cities and a website that ships across India.

Regal Shoes is widely acknowledged as a legacy brand that is India’s first premium footwear destination. With the addition of this store, more fashion is accessible to the discerning Regal customers. So step up your fashion game and upgrade your shoe collection with designs that are not only comfortable but stylish.

Imran Virji, CEO and MD, of Regal Shoes says, ‘Regal Shoes has been serving style-savvy shoppers across India – including in Mumbai, Pune, Nagpur, and Nashik – for decades and we are now extremely proud and honoured to announce the inauguration of our Regal store in Nirala Bazar.’