Archives January 2024

DELHI- NCR 19th January 2024: Pacific World School celebrates a remarkable achievement as its students clinched resounding victories at the Model United Nations Under 20 (MU20) Summit hosted at Pathways School, Gurugram. The stellar performance of Pacific World School’s students in diplomatic negotiations at the summit has brought honour to the institution.

Noteworthy achievements by the students include Arsh Khanna securing the title of Best Delegate UNEP, Navya Vats earning the position of Best Delegate UNDP, and Sudeshna Dutta receiving recognition as the Best Delegate SOCHUM. Kyna Kohli received a Verbal Mention UNEP, while Shalviya Gupta was given an Honorary Mention UNEP.Viraj Singh received the award for Best Content Developer Challenge.

The students of Pacific World School showcased immense dedication, intellectual acumen, and diplomatic skills throughout the event, bringing laurels to their institution. The school has consistently fostered an environment that encourages critical thinking and global awareness, values evidently demonstrated by the victorious delegates.

Ms. Pooja Bose, Principal of Pacific World School, expressed her joy, stating, “We are immensely proud of the outstanding performance of our students at the MU20 Summit. This triumph is a testament to the hard work and determination of our students and teachers, as well as the quality of education provided at Pacific World School. It is truly gratifying to see our students excel at such a prestigious platform, showcasing not only their knowledge but also their ability to contribute meaningfully to global discussions”.

Hyderabad, 19th January 2024: Mitt Arv, a Singapore-based pioneering legacy tech platform, proudly announces the appointment of Avijit Das Patnaik as its Chief Executive Coach. Bringing over two decades (20+ years) of industry expertise and a distinguished professional background spanning Singapore, Hong Kong, Malaysia, Indonesia, and India, Mr. Patnaik is poised to play a crucial role in advancing Mitt Arv‘s innovative legacy tech solutions.  

As India’s pioneering legacy tech platform, Mitt Arv continually drives technological transformation. In his role as Chief Executive Coach, Mr. Patnaik will spearhead the formulation of the company’s leadership strategy, drive growth initiatives, and cultivate a culture of transformative innovation. 

Expressing enthusiasm about his new role, Mr. Avijit Das Patnaik stated, “Mitt Arv‘s commitment to innovation and its unique approach to legacy tech solutions set it apart. What drew me to this company is its unwavering dedication to pioneering solutions that redefine how we approach legacies. Additionally, I also run a government-sponsored Financial Literacy program, which drew me closer to the vision of Mitt Arv, i.e., to ensure that no one is left in financial or emotional chaos upon the passing of a loved one. 

Vishal Mehta, Founder at Mitt Arv, expressed confidence in Mr. Patnaik‘s leadership, stating, “We are thrilled to welcome Avijit onboard. His wealth of leadership experience, coupled with his dedication to financial literacy and notable contributions to projects such as the 4IR BIM Metaverse tech Ztudium, perfectly aligns with our objectives, steering us towards reshaping legacy technology solutions. Mr. Patnaik‘s commitment and collaborative spirit will undoubtedly greatly benefit Mitt Arv.” 

As the first Indian legacy tech company, Mitt Arv empowers users to store their emotional and financial legacies, revolutionizing legacy planning in India with its Emotional Will and Asset Vault products. Throughout the fiscal year, Mitt Arv has experienced rapid organizational growth, witnessing a remarkable 1.5x quarter-over-quarter increase in its workforce. Aligning with RBI’s UDGAM initiative for unclaimed bank deposits, Mitt Arv is poised to revolutionize legacy planning in India.

Mumbai 19th January 2024: The land acquisition spree of financially strong developers and entities continues, and 2023 was a stand-out year with several land deals closed. Latest ANAROCK data indicates that there were at least 97 separate land deals for over 2707 acres closed in 2023 across the country. Backed by strong residential sales momentum across cities, at least 72% of the total land area closed in 2023 is slated to be used for residential development.

In 2022, 82 land deals for 2508+ acres were closed across the country. This means that the last two years saw at least 179 land deals for a whopping 5215+ acres closed.

Land deals in 2023:

• Of 97 land deals closed in 2023, about 74 deals for over 1,945+ acres are proposed for residential development across tier 1, 2 and 3 cities
• Over 564.75 acres in 6 separate deals are earmarked for Industrial & Logistic Parks and Manufacturing
• 7 deals for over 126 acres are for mixed-use developments
• 5 deals for over 27.5 acres are for commercial and IT Parks
• Approx. 43.35 acres in 5 separate deals earmarked for other asset classes including retail, hospitality, and some are undecided

Source: ANAROCK Research

City-wise Breakup

Anuj Puri, Chairman – ANAROCK Group, says, “In terms of transaction size, Ahmedabad was the front-runner with the biggest land transaction in 2023. Land prices in the city are comparably still among the most affordable. With rising commercial and residential demand since the pandemic, developers and entities are making a beeline to Ahmedabad to close land deals here. In terms of total number of deals, MMR clocked the highest with 25 – however, these were for small land parcels covering approx. 289 acres. NCR came in second highest with 22 land deals closed in 2023.” 

Source: ANAROCK Research 

Source: ANAROCK Research

• Ahmedabad saw the highest land area transacted with 739 + acres in 3 separate deals and accounted for over 27% of the total land transacted in 2023. All 3 deals are for large township projects.
• Bengaluru sealed 11 separate deals accounting for a 16% share of the total land area transacted in 2023, with 424+ acres changing hands – 10 deals for residential development, and one for manufacturing.
• Land-scarce MMR saw the highest number of deals (25) for approx. 289 acres, earmarked largely for residential (20), 2 deals for mixed-use developments, and 1 deal each for an IT Park, hotel and retail developments
• NCR saw 22 separate land deals for 190+ acres, including 16 deals for 138+ acres in Gurugram, 3 deals for 19+ acres in Noida, and one deal each in Delhi, Faridabad and Greater Noida. The proposed developments in NCR include residential, retail, mixed-use, commercial, and plotted development.
• Hyderabad saw 9 separate deals for 69.5+ acres earmarked for residential development.
• Pune saw 6 separate deals for 49+ acres of land, proposed for residential and mixed-use developments.
• Chennai saw 7 deal for 198+ acres proposed for a township project, IT Park and residential development.
• Kolkata saw 3 land deals for 24.88 acres closed.
• Tier 2 & 3 cities, including Ludhiana, Nagpur Mysuru, Sanand and Dahej in Gujarat, among others, saw at least 10 land deals closed for 646+ acres closed in 2023. The proposed developments include residential development, township project, manufacturing, logistics park, and mixed-use.

South Indian Bank declared Net Profit of Rs. 305.36 Cr for Q3 FY 23-24 registering a growth of 197.19% compared to Rs. 102.75 Cr in Q3 FY 22-23.

Key Highlights

• Operating profit for the quarter increased by 137.87% from Rs. 203.24 Cr in Q3 FY 23 to Rs. 483.45 Cr in Q3 FY 24
• Net profit of the Bank for quarter increased by 197.19% from Rs. 102.75 Cr in Q3 FY 23 to Rs. 305.36 Cr in Q3 FY 24

• GNPA came down by 74 bps from 5.48% to 4.74% on Y-o-Y basis
• NNPA came down by 65 bps from 2.26% to 1.61% on Y-o-Y basis
• Return on Equity for the quarter improved by 996 bps from 6.42% to 16.38% Y-o-Y basis
• Return on Assets for the quarter increased by 68 bps from 0.39% to 1.07% Y-o-Y basis
• Provision Coverage Ratio (PCR) improved by 346 bps from 74.51% in Q3 FY 23 to 77.97% in Q3 FY 24

• Deposits 

• Retail Deposit grew by Rs. 6,428 Crore from Rs. 88,660 Crore to Rs. 95,088 Crore Y-o-Y showing an increase of 7.25% on Y-o-Y basis
• NRI Deposit grew by Rs. 1,272 Crore from Rs. 27,964 Crore to Rs. 29,236 Crore Y-o-Y showing an increase of 4.55% on Y-o-Y basis
• CASA grew by 2.83% on a Y-o-Y basis with growth in Savings Bank by 2.81% and CD by 2.96% respectively

• Advances

• Gross advances grew by Rs. 7,569 Crore from Rs. 70,117 to Rs. 77,686 Crore showing an increase of 10.80% on Y-o-Y basis
• Corporate Segment grew by Rs. 7,718 Crore from Rs. 22,174 Crore to Rs. 29,892 Crore showing an increase of 34.81% on Y-o-Y basis, in well rated borrower accounts
• Share of A and above rated accounts in large corporate segments stood at 96%
• Personal Loan book grew by Rs. 578 Crore from Rs. 1,609 Crore to Rs. 2,186 Crore showing an increase of 35.91% on Y-o-Y basis
• Gold Loan portfolio grew by Rs. 2,316 Crore from Rs. 13,053 Crore to Rs. 15,369 Crore showing an increase of 17.74% on Y-o-Y basis
• More than 3,77,000+ Credit Cards were issued with outstanding book of Rs. 1427 Crore as at December 2023

Y-o-Y growth                                                                                                                    Rs. in Crores

Mr. P R Seshadri, MD & CEO of the Bank, while announcing the results, stated that the strategy adopted by the Bank continues to enable the business performance. During the period, Bank registered growth in all the desired segments with a focus on quality asset across all verticals Corporate, SME, Auto Loan, Credit Card, Personal Loan, Gold Loan etc.

He also stated that, in line with the strategic intent of the Bank viz, “Profitability through quality credit growth”, the Bank could on board fresh advances with low risk profile.

Capital adequacy of the Bank stood at 15.60% in December 2023.

The Bank’s financial results include the financial results of its wholly owned subsidiary SIBOSL.

Pune 19th January, 2024: Poonawalla Fincorp Limited, a Cyrus Poonawalla group promoted non-banking finance company has been certified as a Great Place To Work®.  This Certification is a recognition of the company’s commitment towards fostering an exceptional workplace environment and prioritizing the well-being of its employees and satisfaction of all its stakeholders.  

In an era where workplace culture holds immense significance, Poonawalla Fincorp stands out as an employer of choice, earning the coveted Great Place To Work Certification™. This accolade reflects the company’s adherence to high standards of employee engagement, leadership effectiveness, and organizational values. 

Mr. Abhay Bhutada, Managing Director, Poonawalla Fincorp expressed his enthusiasm, “To receive this recognition is a huge testament to the combined efforts of all our employees. We believe in creating and sustaining a great workplace which will be an ongoing journey, and PFL is committed to keeping employee well-being at the forefront.”   

Poonawalla Fincorp expresses gratitude to its employees, whose dedication and contributions have played a pivotal role in achieving this esteemed certification. The company remains committed to maintaining and enhancing its positive workplace culture. 

New Delhi, 19th January 2024: A key player in India’s dairy enterprise, Nova Dairy, extends its needs for a glad Makar Sankranti and Lohri to all. Across India, Makar Sankranti indicates longer days and the withdrawal of the wintry climate. It is marked during the day as the sun shifts from the zodiac sign of Sagittarius to Capricorn. The Lohri festival, which is in particular celebrated around Northern India, commemorates the end of the winter solstice. Both are marked through celebrations, customs, and the pleasure of sharing scrumptious food with cherished ones.

Recognising the significance of these cultural events, Nova Dairy is extremely proud to be a part of the joyous occasions. Makar Sankranti, a time for indulgent sweets, is welcomed with the ageless scent of quality and tradition thanks to Nova Dairy’s superior Shudh Ghee. Savor the traditional tastes of tilgul and rewri, made with their pure, rich ghee, which brings out the flavor of these sesame and jaggery-based treats.

To create a rich and smooth focal point for your Makar Sankranti celebrations, Nova Dairy suggests using its fresh and pure milk to make kheer, a rich rice pudding that embodies the nutritious flavor and smooth texture that are exclusive to the company’s dedication to excellence.

During Lohri, when bonfires light up the sky, Nova Dairy invites you to use its premium low-fat paneer to explore the depths of Punjabi desserts. Savor the harmonious blend of tastes and textures in the classic Gajar ka Halwa or Paneer Burfi, where the paneer from Nova Dairy elevates these classic desserts.

The manufacturer’s versatile dairy products, such as yogurt and cream, are ideal for creating innovative desserts like Shrikhand or Rabri, adding a modern twist to your Lohri celebrations. These desserts not only highlight the diversity of dairy products but also cater to the changing tastes of the modern celebrant.

“Makar Sankranti and Lohri are moments of joy, togetherness, and reflection,” stated Mr. Ravin Saluja, the Director of Nova Dairy, in expressing his delight on the occasion. “At Nova Dairy, we work hard to make these moments even better with our carefully and lovingly crafted premium dairy products. With the goodness of our dairy treats, we wish everyone a prosperous and happy Makar Sankranti and Lohri.”

Allow Nova Dairy to enhance kitchens with the goodness of its dairy delights during this joyous occasion. Wishing everyone a joyous and prosperous celebration infused with the sweetness of Nova Dairy!

amág Beauty, a leading name in the Indian beauty industry, has launched their latest innovation, the Porefect Nanoblurr Face Primer. This revolutionary product promises to transform your skincare and makeup routine, delivering a flawless and velvety complexion like never before.

The Porefect Nanoblurr Face Primer is a gel-based primer designed to reduce pores and blur lines, providing a professional skin refiner for touch-ups or the perfect base for any makeup application. With its matte and slightly tinted formula, this primer effortlessly glides onto the skin, creating a smooth canvas for a seamless makeup finish.

What sets this Primer apart is its unique formulation enriched with a blend of smart Elastomers, ensuring an advanced smoothing effect that adapts to any skin imperfection. The result is a complexion that appears flawlessly refined and velvety. Users can expect a noticeable reduction in the appearance of pores and fine lines upon application. To enhance the overall skincare benefits, Porefect Nanoblurr Face Primer is infused with a powerful combination of vitamins E and C. These antioxidants not only contribute to the primer‘s nourishing texture but also provide anti-oxidant and moisturising effects. The lightweight formula ensures a comfortable wear throughout the day, leaving your skin feeling refreshed and revitalised.

The Primer is also infused with the brand’s signature BLIP Technology and protects the skin from the harmful effects of blue light emitted from our devices.

Whether you use it as a stand-alone beauty essential for touch-ups or as the perfect canvas for your makeup masterpiece, the Porefect Nanoblurr Face Primer is set to become a staple in every beauty enthusiast’s collection.

The Porefect Nanoblurr Face Primer is now available for purchase at amág Beauty’s official website.

New Delhi, 19th January, 2023: After the successful launch of the first phase of Golfland at VANAHA, Shapoorji Pallonji Real Estate (SPRE), one of India’s most trusted real estate developers, announces the launch of its second phase in Golfland at its flagship project ‘VANAHA’ near Bavdhan, West Pune. To date, the company has sold over 1800 apartments worth Rs. 1500 crores across mid-segment (Yahavi and Springs) and premium developments (Golfland phase 1).

With an estimated revenue potential of Rs. 600 crore, the second phase of Golfland responds to the growing demand for upscale residences in Pune. Through this project, SPRE wants customers to experience luxury like never before. The project hosts configurations of 2BHKs, 3BHKs + i Room (study), 4BHKs ∞ (pooja + study + staff room), and Townhouses. 276 of these bespoke homes are available to buyers at prices starting at Rs. 1.48 crore.

Positioned within India’s largest townships, spanning over 1000 acres with 350+ acres dedicated to open spaces, VANAHA is a magnificent mixed-use development comprising residential, commercial, and retail spaces. Along with a lavish lifestyle, residents can enjoy amenities such as a clubhouse, gym, spa, multi-purpose court, beautifully landscaped gardens, and breathtaking views of the prestigious Oxford Golf Course, recognised as one of India’s premier golf and leisure destinations and home to Pune’s sole 18-hole private golf course.

Commenting on the launch, Mr. Nirav Dalal, Business Head and Chief Investment Officer, Shapoorji Pallonji Real Estate, stated,“The remarkable success of VANAHA has only strengthened our resolve to deliver outstanding products while reflecting the trust and confidence that customers place in the brand. Golfland Phase 2 exemplifies Shapoorji Pallonji Real Estate’s commitment to redefining Pune’s skyline and lifestyle. We are optimistic that it will set new benchmarks in the realm of luxury living. The continued support from our customers motivates us to continue delivering excellence and exceeding expectations.”

He further added, “Over the last few years, Pune’s real estate industry has seen a steady increase in launches of luxury and premium residences. We believe that in 2024, the Pune real estate market is likely to flourish, with the potential for continued growth. Also, due to strong demand, we have seen good price appreciation in the Pune market, and hence, we feel it is the right time for home buyers to invest in a property.”

Strategically positioned near major IT hubs like Hinjewadi, Mahalunge-Mann Hi-Tech City Park, and Baner, VANAHA holds immense appeal for professionals. Moreover, the development is surrounded by a well-established social and civic infrastructure, including renowned educational institutions like Flame University and Symbiosis International University, hospitals, and commercial centres. The presence of the acclaimed Oxford Golf Course, ranked among Asia’s top 5, further adds to the allure of this exceptional project.

VANAHA strikes a perfect balance between tranquillity and connectivity to the city centre, offering residents a rejuvenating environment with over 400 species of flora and fauna in the valley. The meticulously planned homes contribute to a revitalising atmosphere, complemented by the strategic location along the Mumbai-Bengaluru Highway, proximity to Hinjewadi and Baner IT hubs, and connectivity to well-established social and civic infrastructure, including educational institutions, hospitals, commercial centres, retail zones, and shopping malls.

Enhancing connectivity further, upcoming infrastructure projects like the metro line (No. 2) from Chandni Chowk to Viman Nagar, the proposed 10-lane National Mumbai-Bangalore Highway, the proposed 6-lane Paud-Mahad National Highway, the proposed 8-lane flyover at Chandni Chowk, and the proposed 14-lane wide Ring Road are poised to elevate accessibility for residents.

Mumbai, 19th January 2024:  The Sleep Company has announced the appointment of Gaurav Shah as Chief Financial Officer effective from 26th December, 2023.

Shah has over 18 years of experience working as a Chartered Accountant. In this role, he will work closely with all stakeholders aligning them with the organization’s goals and objectives to drive financial performance and efficiency. He will also shape the financial narrative of the company’s evolving business model and contribute significantly to the network’s growth trajectory. He aims to identify the right set of tools and technology that provides valuable insights and enables the right decision making. His focus will be on driving the EBITDA for the organization and emphasizing on improving gross margins will be an immediate priority. Additionally, ensuring that the company is a world class process driven organization.

“Gaurav’s appointment aligns with our vision for strategic and operational foresight. His financial leadership will play a crucial role in realizing our goals. We are thrilled to welcome him onboard to this exciting journey towards continued growth and success, “added Priyanka Salot, The Co-Founder of The Sleep Company.

Commenting on his appointment Mr. Gaurav Shah, CFO, The Sleep Company said, “The Sleep Company is very uniquely poised in India in the comfort tech category through superior innovation and Smart GRID technology. Indian customers have discretionary spending and are upgrading their lifestyle wherever they see value in any product which is important to capitalize on. The Sleep Company has a strong presence in reaching customers through various channels and social media and has state-of-the-art experience stores across the country wherein the customers can visit and experience the products with the help of quality trained staff which is a very big differentiator. I am very excited to be part of this space and take the Company forward by leveraging my experience”

Prior to joining The Sleep Company, Shah has served as a CFO for Wellness Forever in India. His career includes pivotal milestones at organizations such as filing DRHP with SEBI for the IPO of Wellness Forever and getting SEBI clearance for the same. Being part of the Core founding team for Tata Starbucks in India in 2012 and building the company for 4 years. He has also been a part of several rounds of funds raised be it equity or debt. where he has consistently played a key role in financial success and strategic direction.