Archives January 2024

Mumbai 9th January 2024. Vihang Group, a leading and homegrown real estate brand from Thane, has unveiled four real estate projects with a substantial investment of over INR 850 crore to cater to the housing aspirations of Thane. The upcoming projects in various micro-markets of Thane aim to introduce over 5 million sq ft, emphasizing a revenue potential of over INR 2,000 crore, and will cater to the aspirational housing segment of Thane.

While speaking on the development, Director Vihang Sarnaik of Vihang Group expressed, “We are dedicated to crafting aspirational spaces that embody sophistication and comfort for ambitious professionals and millennials who want to call Thane their home. In this pursuit, our vision is not just to offer homes but to create a lifestyle ecosystem in Thane that will align with the city’s future development and offer desirable and conceptualized living for home buyers.”

“As a responsible brand that was part of Thane’s growth story, we are adapting to the consumer-driven market by providing impetus to sustainability, eco-friendly living and community wellbeing by offering housing as a service industry model at a rational and competitive pricing. Our upcoming projects are strategically aligned to cater to the aspiring class and millennials, reflecting the company’s unwavering commitment to providing exclusive living experiences that epitomise modernity and affordability,” he added.

Sarnaik further revealed that the funding for the forthcoming projects, amounting to INR 850 crore, will be derived from a blend of equity, working capital, and customer advances. With an eye on future, the company plans to complete these developments before 2027, with a substantial 80 percent of the projects dedicated to residential spaces at an attractive and reasonable price with the best lifestyle ecosystem. The remaining 20 percent of the development will be on lifestyle, hospitality and educational spaces.

Sarnaik also shed light on the intricacies of the ongoing projects, revealing diversity within their portfolio, which includes integrated townships, greenfield development and redevelopment projects in Thane. The company also anticipates an additional expenditure of INR 2,500 crore over the next five years. Additionally, the company has a good presence in other emerging micro markets of the MMR, like Mira-Bhayander and Titwala, catering to the diverse housing needs across the city.

The announcement comes amidst a highly encouraging response from the Thane market, particularly in the last quarter, where they have sold over 600 units in a mere 90 days.

Vihang Group has witnessed a surge in interest, especially in their aspirational housing product range between INR 45 lakh to INR 90 lakh segments, indicating a growing demand for mid-income residential spaces. The company has also noted a shift in preferences among millennials, emphasising a desire for quality living spaces that align with modern lifestyles.

9th January 2024– Vedanta Aluminium, among the world’s largest producers of aluminium – has become the newest member of the International Aluminium Institute (IAI). The International Aluminium Institute is the only body representing the global primary aluminium industry. Vedanta Aluminium is also India’s largest producer of metal, manufacturing 2.29 million tonnes of aluminium in FY23, nearly 60% of the nation’s aluminium. This places the company among the world’s top 10 biggest producers of the metal, widely acknowledged as the ‘metal of the future’ for enabling the world’s energy transition while supporting key engineering technologies and sustainable applications.

VedantaAluminium operates in markets across the globe with customers in over 60 countries. Its products find critical applications across a vast gamut of industries such as automotive, building &construction, electricals, consumer goods and packaging, sunrise sectors such as electric vehicles, renewables, high-tech manufacturing, aerospace and defence.

Commenting on the membership, Mr John Slaven, CEO, of Vedanta Aluminiumsaid, “We are thrilled to be joining the International Aluminium Institute (IAI) towards strengtheningour unwavering commitment to advancingsustainability within the aluminium industry. In this pursuit, we are alsofocused on leveragingthe latest innovations and technology to enhance our operations. As a member, we willcollaborate with IAI and other industry leaders to promote and contribute to a more sustainable future for the entire aluminium value chain. We are excited about this partnership and look forward to making a meaningful impact together.”

Mr. Miles Prosser, IAI Secretary General said,“Vedanta aligns with the IAI’s values and goals for a safe, fair and sustainable global aluminium industry, and so we are delighted to welcome them into our membership. As one of the world’s top aluminium producers, Vedanta Aluminium’s membership strengthens the global voice of the IAI and that of a sustainable aluminium industry.”

The IAI aims to promote a wider understanding of the aluminium industry’s activities, encourage responsible production, and highlight the potential benefits to be realised through aluminium’s use in sustainable applications. Established in 1972, the current IAI membership includes the leading bauxite, alumina and aluminium companies globally.

Vedanta Aluminium, a business of Vedanta Limited, is India’s largest producer of aluminium, manufacturing more than half of India’s aluminium i.e., 2.29 million tonnes in FY23. It is a leader in value-added aluminium products that find critical applications in core industries. Vedanta Aluminium ranks 2nd in the Dow Jones Sustainability Index (DJSI) 2022 world rankings for the aluminium industry, a reflection of its sustainable development practices. With its world-class aluminium smelters, alumina refinery and power plants in India, the company fulfils its mission of spurring emerging applications of aluminium as the ‘Metal of the Future’ for a greener tomorrow. www.vedantaaluminium.com

Mumbai, 9th January 2024 – The Body Shop, the pioneering British-born ethical beauty brand announces a significant milestone: it has become the world’s first global beauty brand* to achieve 100% vegan product formulations across all ranges including skincare, body care, hair care, makeup, and fragrance. The entire product formulation portfolio has been certified by the Vegan Society**. The trailblazing beauty retailer has achieved the ambitious target it set itself in 2021 when 60% of its products already carried the Vegan Society trademark.

Globally, the vegan cosmetics industry is predicted to grow with a 6.31% compound annual growth rate between 2023-28 and reach $24 billion by 20281. In nations like India, there is a growing demand for vegan cosmetics as a result of increased awareness of animal abuse. The Vegan Society represents the global gold standard in vegan certification across multiple industries, providing a trusted trademark for The Body Shop products. The certification process is extremely thorough, with a meticulous assessment of every supplier and manufacturer of raw materials within the product catalog. For The Body Shop, this meant over 4000 ingredients had to be validated for over 1000 products to carry the stamp.

Harmeet Singh, VP of Marketing E-commerce & Product, Asia South, The Body Shop, comments: “Achieving 100% of our products formulations being vegan has been a massive project for The Body Shop. This commitment reflects our deep understanding of the growing importance of vegan beauty for our customers, especially in India. Now, more than ever, shopping at The Body Shop means being part of a movement towards a more sustainable vision of beauty.”

The Body Shop was also the first beauty retailer to campaign against animal testing in cosmetics in 1989, with a fundamental belief that animals should not be harmed in the pursuit of beauty. While the fight continues for a worldwide ban on animal testing in cosmetics, for The Body Shop, a fully vegan product range is the next milestone in cruelty-free beauty.

New Delhi, 09 January 2024: The Souled Store, India’s largest online brand for officially licensed merchandise, today announced a partnership with Simpl – India’s foremost Checkout Network, to strengthen its e-commerce platform to provide an enhanced e-commerce experience as millions of customers make Direct-to-Customer (D2C) platforms their primary fashion retail channel.

Through this partnership, consumers can access lakhs of official merchandise, available on The Souled Store platform (App & Website) through Simpl’s 1-Tap Checkout. This judicious mix of The Souled Store’s wide selection of products, delivered across the country, combined with Simpl’s 1-Tap convenience, will play a crucial role in enabling a seamless e-commerce experience for customers while enhancing conversions, minimizing transaction failures, cash-on-delivery transactions, and reducing product returns which are important pain points for the industry.

Speaking of the partnership, Vedang Patel, Co-Founder of The Souled Store, said, “The Pop fashion ecosystem in India is maturing at a rapid pace with millions of customers from across the country taking to e-commerce and D2C platforms to fulfill their evolving fashion needs. As a customer-focused platform, we felt the need to provide greater convenience to our customers, particularly millennials and Gen Z, across the board for whom e-commerce has become the primary retail channel. In this endeavor, we are delighted to partner with Simpl to offer a 1-Tap Checkout for lakhs of our merchandise to over seven million of our customers across the country. With Simpl, we find synergies in our collective vision of empowering customers through greater convenience online quickly and seamlessly.”

The Souled Store generates over 90% of its sales through its e-commerce platform, necessitating the need to enhance customer experience on its platform. The company experienced a 5X growth compared to the average business during the Black Friday sale last November. The top demands were in the winter wear categories, followed by oversized t-shirts and denims.

Speaking of the partnership, Nitya Sharma, Founder and Chief Executive Officer of Simpl, said, “Fashion e-commerce marketplaces and Direct-to-Customer platforms are becoming the primary retail channels for new age customers who are looking for a more convenient and hassle-free way of accessing products online. Simpl, as an organisation, is committed to bringing enhanced convenience and building customers’ trust on merchants online through its proprietary 1-Tap Checkout. We are delighted to partner with The Souled Store, which is one of the early movers in the D2C space, to enhance the checkout experience of millions of their customers across the country. This partnership also expands our presence in the fashion e-commerce sector with hundreds of merchants serving millions of customers, choosing Simpl as their preferred checkout partner checkout”.

Currently, thousands of small, medium, and large fashion, accessory, and beauty merchants across the country use Simpl’s 1-Tap Checkout and Simpl Checkout solutions. They have witnessed over a 70x increase in transactions, respectively, over the last 1 year. Overall, over 26,000 merchants and millions of customers across the country opt for Simpl’s Checkout options to increase conversions, reduce returns, and enhance convenience.

According to a joint report by Bain&Co and TMRW, Fashion is one of the largest and fastest-growing categories online, driven largely by Gen Z customers. The total contribution of e-commerce to fashion is expected to increase to 30% over the next five years from the current 10-12%. This growth will propel the size of the fashion e-commerce market in India, currently around $8-10 billion, to approximately $30 billion, growing at a rate of 35% in the next five years. This spells immense opportunities for D2C merchants looking to reach out to millions of young customers across the country by enabling quick and easy checkout through Simpl’s 1-Tap Checkout.

New Delhi, 9th January 2024: In the last 17 years, if one looks at the top performers in the stock markets by market cap, large caps were the top performers in 7 years, mid-caps were the top performers in 3 years while small caps were the top performers in 7 years. The same is the story between growth and value style of investing with both styles outperforming during different periods. This underscores the point that winners in the stock markets keep changing. The opportunities to invest in companies belonging to certain industries are also present only among certain market cap levels, requiring flexibility to invest across market caps.

DSP Mutual Fund announced the launch of DSP Multicap Fund, an open-ended scheme that offers investors the flexibility to invest across large-cap, mid-cap and small-cap stocks, investment styles and industries. With dedicated market cap exposure to mid and small caps along with timely rebalancing, the multicap strategy offers investors better diversification and improvement in performance compared to the Nifty 500.

Despite investing in the same set of stocks, the multicap strategy has outperformed the Nifty 500 almost 8 out of 10 times over 5-year rolling periods between April 1, 2005, and November 30th, 2023.

The asset allocation of the scheme can be a minimum of 75% and a maximum of 100% in equity and equity-related securities of which large, mid, and small caps can account for a minimum of 25% exposure and a maximum of 50%. The scheme can also have up to 25% exposure to equity and equity-related overseas securities and Debt & Money Market Instruments and up to 10% in units issued by REITs and InvITs.

Currently, Small and midcap stocks have outperformed large-cap stocks by a wide margin and are also now more expensive on a trailing basis. This leaves the possibility for relative underperformance of the small & mid cap segment versus large caps in the near term. Historically, a fall in mid & small cap stocks have been excellent opportunities to collect more units which resulted in better returns when the market went up eventually. Hence, investors are recommended the SIP route which has shown to be a better strategy during market peaks as well as flat markets. The New Fund Offer for DSP Multicap Fund will open for subscription on January 8th, 2024, and will close on January 22nd, 2024.

“We believe, in the long-term, equity funds earn more than inflation and help us in growing our purchasing power. Equity investing has become popular in recent times via direct stock investing, mostly in small caps. We also believe that intermittently markets get exuberantly priced, especially currently in small & mid-caps. These are times to be prudent. Believe in the long term but play defense in the near term. That’s where we would encourage the addition of 50% large caps – some global stocks too as there are opportunities in these two buckets and investors are ignoring these pockets.

Mostly, NFOs encourage lumpsum one-time investments. However, we believe these are times to invest via SIP and STPs – basically spreading the investment over the next few years. Hence, we are launching a SIP-focused DSP Multi Cap Fund. It adds more importance to large cap/global stocks to the current popular craze of small and mid-caps. Apart from market caps, there are different phases when the growth style does well and then long stretches when value style does well. We will blend both these styles in our multi-cap fund to ensure investors don’t need to time them and create tax efficiency,” says Kalpen Parekh, MD & CEO, of DSP Mutual Fund.

Las Vegas, USA,9th January 2024 Technology company Continental is showcasing its Crystal Center Display for the first time at the Consumer Electronics Show 2024. In a world-first, the premium automotive display is fully embedded in stylish crystal housing – opening up completely new possibilities to integrate minimalist luxury into car interiors with its frameless and semi-transparent look. The 10-inch display is based on the latest microLED technology that enables unprecedented levels of brightness and contrast. The image-generating microLED panel is suspended in an artfully composed crystal body, creating the illusion that the content displayed is floating. The unique combination of the automotive display and real crystal was developed in collaboration with Swarovski Mobility. For this solution, the technology company Continental was honored with a CES Innovation Award Honoree for outstanding product design.

“With the Crystal Center Display as a key component, we want to turn the world of interior design on its head and create an innovative focal point for premium vehicles of the future – one that grabs attention and stirs emotions. We are moving away from the straightforward display of information and elevating it to a highly personalized user experience,” said Dr. Boris Mergell, head of the User Experience (UX) business area in Continental.

The focal point of the vehicle interior: exquisite design meets state-of-the-art display technology

The three-dimensional crystal form turns heads with its unique facet cut developed in-house by Swarovski Mobility and underlines the elegant appearance of the Crystal Center Display. The eye-catching arrangement of the central information display gives automotive designers exciting new ways to interpret the minimalist aesthetic in luxury car interiors.

The Crystal Center Display, as the key control element, is at the heart of the operating concept and information playback. Its innovative design blurs the boundaries between technology and intuitive interaction, as the semi-transparent and floating display brings in-car virtual assistance systems to life in a way that has never been seen before. This puts the interaction between humans and vehicle (the so-called human-machine interface) at the heart of an emotionalized brand experience.

Technology and design in symbiosis: collaboration with Swarovski Mobility

To bring this unique combination of technology and aesthetics to life, Continental has entered a collaboration with Swarovski Mobility. This will allow the two companies to pool their resources and leverage their expertise into a product that breaks new ground in terms of both design and technology. Particular focus was placed on the volumetric crystal panel, which features distinctive faceting created using special grinding techniques. The experts at the traditional Austrian company succeeded in conceiving a delicate yet extremely durable crystal housing that meets the optical and technical challenges of in-vehicle use. The tinted crystal element, striking and transparent, allows the driver and passengers to see right through to the center console behind it. The elegant overall look underscores the unique character and design.

“The Crystal Center Display is the result of a combination of production and process technologies which together with Continental we implemented into an innovative new design element – one that is as impressive visually as it is technically,” explained Peter Widmann, Senior Vice President B2B and Managing Director at Swarovski Mobility. He continued: “In this way, our crystal becomes much more than just an interior design element – users experience it as a key interaction interface in the vehicle.”

Cutting-edge microLED display technology for remarkable visual performance

A particular challenge faced by the engineers at Continental was to project the display into the tinted crystal panel and merge everything into a seamless unit. This creates the illusion that the content being displayed is floating freely in the crystal. To achieve this, the Crystal Center Display employs advanced microLED technology. MicroLED displays feature self-illuminating pixels and offer much greater brightness and superior contrast than comparable technologies. With the next-generation screen technology built into the Crystal Center Display, Continental is paving the way for exciting new luxury interior concepts that could define cars of the future.

CES 2024 Innovation Award honoree for the Crystal Center Display

The symbiosis of premium crystal and leading-edge display technology was a big hit when the Crystal Center Display debuted at the Consumer Electronics Show (CES) 2024 in Las Vegas. The world-first from technology company Continental was short-listed as a CES 2024 Innovation Award honoree in the category of “vehicle tech & advanced mobility”. The jury was impressed by the innovative and minimalist design combined with the technical features of the display.

Continental at CES 2024

Continental will showcase its latest technologies at a private structure exhibit in Central Plaza across from the Las Vegas Convention Center from Tuesday, January 9 through Friday, January 12. The technology company has numerous solutions that highlight mobility innovations, from the road to the cloud.

Continental develops pioneering technologies and services for sustainable and connected mobility of people and their goods. Founded in 1871, the technology company offers safe, efficient, intelligent and affordable solutions for vehicles, machines, traffic and transportation. In 2022, Continental generated sales of €39.4 billion and current

New Delhi,9th January 2024: Elista, India’s leading manufacturer of electronics, home appliances, IT & mobile accessories products, has introduced a new range of portable speaker category with the launch of three dynamic Bluetooth-enabled speakers. The new range brings feature-packed MusiStrom 1600 and MusiKing 1600 portable yet power-packed wireless speakers, accompanied by the sleek and stylish MusiBar 1000 Soundbar for a sophisticated audio experience.

Designed to redefine on-the-go parties, these portable speakers seamlessly blend style, utility, and performance to offer the most comprehensive wireless music streaming performance in the sub-10K price-point. Elista’s latest portable Bluetooth speakers are available through its extensive network of channel partners and e-commerce platforms- Amazon.in and Flipkart.com.

Commenting on the launch, Mr. Pawan Kumar, CEO of Elista, said, “Elista remains dedicated to innovation, presenting an audio experience that transcends the ordinary. Our latest lineup of portable wireless speakers caters to audiophiles seeking both portability and immersive sound on a budget. Featuring top-tier speaker systems and an array of connectivity options, these Bluetooth-enabled speakers are tailored for today’s tech-savvy music enthusiasts who desire a portable party experience. The latest line-up exemplifies our commitment to providing cutting-edge technology at competitive prices, where our dedication to affordability seamlessly meets innovation.”

ELS-MusiStrom 1600 (Rs 2,199/-)

Boasting a remarkable total power output of 8W + 8W (16W) and a 6.5″ Hi-Fi Speaker, the ELS-MusiStrom 1600 delivers immersive sound, making every musical note come alive. The addition of RGB Lights up front creates a vibrant ambiance, syncing with the music to turn any space into an instant party zone. Elevating the entertainment factor, the wired MIC enhances karaoke sessions and interactive fun.

Designed for both power and portability, this Bluetooth speaker ensures uninterrupted music playback for up to 5-hours (3600mAh rechargeable battery) at 70-80% volume on a single charge, making it perfect for on-the-go parties. The speaker seamlessly connects with smartphones, tablets, and laptops/PCs via Bluetooth v5.0 technology, offering a range of up to 10 meters.

The ELS-MusiStrom 1600 eliminates disconnection woes with its Multi-connectivity modes, including USB, TF, AUX, FM Radio, and TWS. The full-function remote handset and mobile phone holder provide user-friendly control and convenience. Available in three exclusive colors—Black, Blue, and Red—this portable speaker is a stylish addition to your audio collection.

ELS-MusiKing 1600 (Rs 1,799/-)

With a robust power output of 8W x 2 (16W) and a 5″ Hi-Fi Speaker, this speaker ensures a powerful audio experience, featuring thumping bass, clear treble, and unparalleled clarity. Equipped with Bluetooth v5.0 technology, the ELS-MusiKing 1600 guarantees seamless wireless music streaming across multiple devices, including smartphones, tablets, and laptops/desktops, with a range of 10 meters.

Immerse yourself in uninterrupted audio bliss with its potent 3000mAh rechargeable battery, providing up to 5-hours of playback at 70-80% volume. Designed for utility and entertainment, the speaker boasts Multi-connectivity options (USB/TF/AUX/FM/Bluetooth), a convenient Mobile stand, and a Wired MIC for engaging karaoke sessions.

The ELS-MusiKing 1600 is available in sleek Black, vibrant Blue, and bold Red color options.

ELS-MusiBar 1000 (Rs 1,399/-)

For those who prioritize impeccable sound quality alongside unmatched design aesthetics, the ELS-MusiBar 1000 stands as the epitome of sophistication in soundbars. Despite its budget-friendly price, this sleek soundbar masters music output with its 5W x 2 (10W) speaker configuration. The carefully tuned sound ensures distortion-free music, even at maximum volume.

Connecting seamlessly to your Smart TV, smartphones, laptops, desktops, and tablets, the ELS-MusiBar 1000 utilizes Bluetooth v5.0 for a wireless range of up to 10 meters, facilitating uninterrupted music streaming. Don’t fret if a smart device isn’t at hand; this feature-rich soundbar also supports USB/TF/AUX/FM and TWS functionality.

With a 2400mAh rechargeable battery, revel in extended playtime for up to 5-hours at 70-80% volume, ensuring your entertainment lasts for hours.

Navi Mumbai, 9th January 2024: The hospitality market in India is experiencing exponential growth, opening up tremendous job opportunities. As a result, the demand for skilled professionals is also seeing an upswing. To meet this need, NMIMS School of Hospitality Management (SoHM) offers a BBA program in Hospitality Operations and management.

The NMIMS School of Hospitality Management has officially opened admissions for its 2024 intake for the 3-year BBA program in Hospitality Operations and management, offering a golden opportunity for those aspiring to thrive in the hospitality industry.

Focused on practical experiences and essential skill development, NMIMS SoHM provides a holistic learning environment through lectures, capstone projects, internships, and industry visits. The program positions students for enhanced opportunities in the industry through an innovative curriculum and experiential learning approach. The forward-looking operations and management curriculum equips students with a future-proof skill set and an entrepreneurial outlook, preparing them for the global market.

Furthermore, the school provides exclusive internships and executive placements through robust industry partnerships, international experience in a global industry, and helps in the development of customer service skills through hospitality roles and opportunities for career advancement in constantly growing and evolving industries.

In terms of awards and recognition, in 2023, the School of Hospitality Management (SoHM) has achieved a milestone of excellence by securing the prestigious 1st rank in the Emerging University category of the Times of India Ranking 2023 for Hospitality/Hotel Management category. In 2022, was recognized by The Knowledge Review as one of the top institutions for hospitality management education.

A degree in hospitality management opens up diverse and lucrative career avenues, including positions in hotels, fine dining restaurants, airlines, cruise liners, retail, PR, events, venue management, luxury retail and sales, luxury lifestyle services, health and wellbeing sectors, and hospitals, among others.

Dr Ruchita Verma, Dean of the NMIMS School of Hospitality Management said, “Our BBA program in Hospitality Operations and Management is focused on preparing the students for the global market. It opens doors to a wide range of career opportunities, thanks to our comprehensive curriculum which also imparts fundamental business principles, making the students adaptable and versatile across sectors.”

Eligibility:

● Candidates who have passed 10+2 or equivalent examination in any stream with a minimum of 50%

● Students passing Diploma Engineering with a minimum of 50% aggregate marks can apply.

● Candidates who has passed 10+2 or equivalent examination from the IB Board should have either an IB certificate or DP or CP awarded with a minimum of 24 credits, having passed 3 HL with a minimum of 12 credits & 3 SL with a minimum of 9 credits is mandatorily from any stream.

● Candidates appearing for their final 10+2 or equivalent examination can apply if they meet minimum cut-off marks.

Admission Process:

Students can register at https://shm.nmims.edu/
Pay the initial registration fees and complete the process
Download the call letter and upload the required documents for the test & PI
Appear for the entrance test and personal interview
Students will be selected based on their performance in the entrance test and personal interview.
Selected Candidates have to confirm their provisional admission by filling up the e-admission form & uploading the required document and paying fees within the given timeline.

India, 9th January 2023: Tata CLiQ, India’s leading e-commerce platform, is partnering with Rediff.com, a pioneering news, entertainment, and shopping portal, for an exclusive collaboration allowing Rediff users easy access to shopping on Tata CLiQ starting January 5, 2024. With this strategic move, Tata CLiQ aims to target a much wider and newer cohort of consumers, thus strengthening its reach further.

As part of this partnership, the shopping icon on Rediff’s homepage will lead users to a Rediff shopping site powered by Tata CLiQ. Users can browse and shop from a wide range of curated and trendiest products from leading brands across fashion and lifestyle, unlocking the magical shopping experience.

Gopal Asthana, Chief Executive Officer, Tata CLiQ, said,”We are thrilled to embark on this exciting partnership with Rediff. Our objective in joining forces with them goes beyond collaboration; it is about creating a symbiotic relationship that benefits the end consumer. In expanding Tata CLiQ’s reach through this tie-up by targeting new customers in India and abroad, we are also offering shoppers a fresh, immersive way to discover and access our diverse range of products. The partnership with Rediff validates the brand’s commitment to delivering a magical shopping experience through innovative collaborations for our consumers. We are looking forward to this partnership and making it a fruitful one.”

Ajit Balakrishnan, Chairman & CEO, of Rediff.com India Ltd. added, “With this partnership, we are excited to offer our users, across geographies, a delightful shopping experience and discovery of the latest trends in fashion and lifestyle from two of the most trusted names in the media and digital commerce space in India. The shared commitment to brand-safety, innovation, customer-centricity, and elevating the online shopping experience makes this partnership a significant step forward in the ever-evolving e-commerce landscape.”

9th January’24, Hyderabad/New Delhi, BHARAT: The Federation of Automobile Dealers Associations (FADA) today released Vehicle Retail Data for Dec’23 and CY’23.

December’23 and CY’23 Retails

Commenting on December’23 and CY’23 Auto Retails, FADA President, Mr. Manish Raj Singhania said, “December’23 was an overall good month for Indian Auto Retail, as total retail during the period saw a growth of 21% YoY. All categories closed in green, with 2W, 3W, PV, Trac, and CV growing on a YoY basis by 28%, 36%, 3%, 0.2% and 1.3% respectively.

Similarly, for CY’23, the year ended with double-digit growth as total retails during the year saw an increase of 11% YoY. Here also, all categories closed in green, with 2W, 3W, PV, Trac and CV growing on a YoY basis by 9.5%, 58.5%, 11%, 7% and 8% respectively.

In the 2W category, key drivers included an abundance of marriage dates and the distribution of harvest payments to farmers, which enhanced purchasing power. Additionally, the availability of a wide range of models and variants, coupled with favorable weather conditions and a generally positive market sentiment, contributed to this robust growth. Enhanced product acceptance, particularly among the youth, and lucrative financial options, coupled with the anticipation of price increases in January 2024, spurred purchases.

The CV category experienced positive growth as increased industrial activity and infrastructure development continued to fuel demand for M&HCVs. The bus segment also saw a rise, particularly in tourism and transportation, aided by orders from various state transport departments. Additionally, robust liquidity in rural areas and the financial boost from crop sales supported customer purchases, although retail cases remained somewhat subdued despite some pre-buying in bulk.

In the PV category, SUVs in particular saw strong demand, with extended waiting periods for key models. This surge was fuelled by aggressive year-end promotions and the introduction of new models. However, a significant concern was the high inventory levels, reflecting over-supply. This ongoing issue of high PV inventory, despite a slight decrease by the year’s end, remains a critical area for OEMs to address, emphasizing the need for further moderation in inventory management.”

Short Term Outlook

 For January 2024, the auto retail sector displays a cautiously optimistic outlook across 2W, CV and PV categories:

1. 2W: The sector anticipates a positive trend post-mid-January, with all models available and increased marketing efforts. The upcoming election is expected to stimulate spending in this category. Improved customer sentiment, buoyed by factors like good crop prices and potential fuel price reductions, should enhance demand. Festivals and a robust marriage season are also likely to contribute to increased sales.
2. CV: January is poised for growth with strong demand continuing, especially after mid-January. Good advance bookings and positive market sentiments, coupled with government policies and infrastructural projects, are expected to bolster sales. The passenger carrier segment, in particular, shows promise with increased rural mobility with good highways now in place.
3. PV: The focus will be on clearing pending bookings and launching new 2024 models. Despite concerns over high inventory levels and the impact of year-end discounts, positive market sentiments and the introduction of new models are likely to drive growth. However, challenges remain in terms of supply constraints for higher variants and shifting consumer demands towards SUVs.

In summary, the impending Kharmas period, extending from 16th December’23 to 15th January’24, is forecasted to bring about a phase of reduced demand. Despite this anticipated slowdown, the industry maintains a stance of cautious optimism, buoyed by the launch of new models which are expected to sustain a high level of market enthusiasm. It is imperative to focus on the effective management of supply and inventory, particularly in the PV category. This strategic approach will be a critical factor in determining the industry’s success during this upcoming period. Furthermore, an increase in the interest rates for auto retail finance could potentially act as a moderating factor in market dynamics.

Long Term Outlook

 For CY’24, the auto retail sector anticipates a positive trajectory across categories:

1. 2W: The sector expects a boost from new model launches, especially in the first half of the year, and an overall better economic condition coupled with higher EV participation. Improved customer sentiments, due to factors like lower fuel prices and crop payments to farmers, are likely to drive demand.
2. CV: A positive outlook is driven by expectations of increased government spending due to elections, infrastructural projects and demand in key industries like coal, cement, and iron ore. The market is also expected to benefit from the replacement of older vehicles.
3. PV: PVs are expected to see growth with new product launches and stable market sentiments. The market is hopeful about improved vehicle availability and demand driven by new models with many OEMs launching their EVs. However, caution should be exercised regarding excess inventory as well as the need to match production with actual market demand.

In light of the recent developments, the Indian consumer sentiment, as indicated by the CMIE Index of Consumer Sentiments for December 2023, has shown a remarkable rebound, reaching levels unseen since before the national lockdown in March 2020. This index has now eclipsed the figures last observed in February 2020, just a month prior to the government’s imposition of the lockdown aimed at containing the Covid-19 pandemic. With this resurgence in consumer confidence, the forecast for CY’24 is decidedly optimistic. Each sector within the auto retail industry is positioned for growth, navigating through the dynamic market conditions. Nonetheless, the pivotal role of meticulous supply and inventory management cannot be overstated. These elements will be key in fully leveraging the positive trends that the new Calendar Year promises!

Key Findings from our Online Members Survey

 Inventory at the end of Dec’23

• • Average inventory for Passenger Vehicles ranges from 55-58 days
  • Average inventory for Two – Wheelers ranges from 15-20 days
• Liquidity
• • Good                   44.76%
  • Neutral              39.16%
  • Bad                      16.08%
• Sentiment
• • Good                   47.55%
  • Neutral              36.01%
  • Bad                      16.43%

 Expectation from January

• • Growth               58.74%
  • Flat                      33.92%
  • De-growth         07.34%

Chart showing Vehicle Retail Data for Dec’23 and Calendar Year 2023

All India Vehicle Retail Data for Dec’23

Source: FADA Research

All India Vehicle Retail Data for Calendar Year 2023

Source: FADA Research

 Disclaimer:

1. The above numbers do not have figures from TS & LD.
2. Vehicle Retail Data has been collated as on 06.01.24 in collaboration with Ministry of Road Transport & Highways, Government of India and has been gathered from 1,355 out of 1,442 RTOs.
3. Commercial Vehicle is subdivided in the following manner
   1. LCV – Light Commercial Vehicle (incl. Passenger & Goods Vehicle)
   2. MCV – Medium Commercial Vehicle (incl. Passenger & Goods Vehicle)
   3. HCV – Heavy Commercial Vehicle (incl. Passenger & Goods Vehicle)
   4. Others – Construction Equipment Vehicles and others
4. 3-Wheeler is sub-divided in the following manner
   1. E-Rickshaw – Passenger
   2. E-Rickshaw – Goods
   3. 3-Wheeler – Goods
   4. 3-Wheeler – Passenger
   5. 3-Wheeler – Personal

December’23 category-wise OEM market share can be found in Annexure 1, Page No. 06