Jaguar Land Rover Inaugurates New 3S Retailer Facility in Bengaluru

 New 3S in the city

* Jaguar Land Rover unveils new state-of-the-art 3S (Sales, Service and Spare parts) Retailer Facility on New Airport Road

* Spread over a total area of over 4 160 m2, the facility offers a showroom display of a wide range of products from Jaguar and Land Rover’s portfolio, and a fully equipped service workshop with 19 service bays. 

* Jaguar Land Rover India distribution network is spread across 27 outlets in 24 major cities across India.

Jaguar Land Rover India today announced the opening of a new 3S Retailer facility in Bengaluru by Marqland in a fast developing area on New Airport Road.

This new 3S Retailer facility in the prominent location of New Airport Road complements the Boutique showroom in City Centre on Cunningham Road to offer exceptional Customer Experience and Convenience. Marqland previously operated its 3S facility on Hosur Road.

This Retailer facility is spread over 4 160 m2 and is designed to provide the highest quality of sales and after-sales service. It provides an enhanced premium customer experience, displaying a wide range of products from the Jaguar and Land Rover portfolio, and has an impressive handover bay for delivering vehicles to customers. 

This facility also has a Jaguar Land Rover approved pre-owned car section and showcases a wide range of Jaguar Land Rover branded accessories and merchandise for its discerning customers. It also has a fully equipped workshop, with state-of-the-art tools and equipment and highly trained technicians and staff to provide the highest quality after-sales experience. 

Rohit Suri, President & Managing Director, Jaguar Land Rover India Ltd (JLRIL), said, “Post the opening of the Boutique Showroom in City Centre in  2019, this new, ultra-modern integrated 3S facility on New Airport Road will further strengthen JLR’s presence in the Bengaluru area. It will ensure that our customers are able to enjoy world-class sales, service, and spares under-one-roof from a location that is convenient and easily accessible.”

Customers can even book their cars by visiting the online booking platform at www.findmeacar.in for Jaguar and www.findmeasuv.in for Land Rover..

Brigade Group Announces Q1 FY21 Financial Results Operational Highlights (Q1FY21)

Residential

Achieved 0.4 mn sq ft. of new sales in Q1 FY21 valued at Rs. 250 Crore vs 1 mn sq ft. valued at Rs. 593 Crore in the corresponding quarter of the previous year

Realization per sft has gone up by 14% compared to the same period in the previous year

Jasper Block at Brigade El Dorado of 0.62 mn sft launched during the quarter

Strong pipeline of 16.24 mn sq ft. and upcoming 2.06 mn sq ft. to be launched in FY21

Lease rental:

Leasing segment for offices remains stable with over 95% collections

Construction of the Brigade Twin Towers development has commenced

Hospitality:

All hotels are operational with Ministry of Home Affairs and State Government protocols in place

Average occupancy of 11% due to impact of COVID-19 & lockdown

All non-essential capital expenditure and renovation has been deferred to reduce cash outflows

Various cost saving measures taken including reduction of manpower costs of about 40% and reduction of about 70% in other overheads during the quarter

Financial Highlights:

Consolidated Performance Q1FY21 vs Q1FY20: 

Total Revenues at Rs.214 crores vis-à-vis Rs. 717 crores

EBITDA at Rs. 58 crores vis-à-vis Rs. 191 crores

EBITDA margin at 27%

PAT/(Loss) after Minority Interest at Rs. (53 crores) vis-à-vis profit of Rs. 41 crores

Commenting on the results, Chairman & MD Mr. M.R Jaishankar said, “While this quarter was  impacted by COVID-19, our continued focus on digital marketing,  online booking of apartments  and collections have yielded results even though most of the first quarter was under lockdown.    Despite the pandemic, our total collections for the quarter was Rs. 376 crores. The rental collections from Office in the Leasing Segment is stable. Although the biggest impact has been in the hospitality and retail segment, all efforts are being taken to improve their performance and we are positive that these segments will normalize soon.”

COVID-19 Impact & Outlook

Company outlook:

Construction has resumed at 30% labour strength post unlock 1.0 & has now crossed 50%. We expect to reach 100% by end of Q3 FY21

Green shoots are visible in residential business with a pickup in enquiries and sales

Office business remains stable with 95% collections, retaining a positive outlook

Business in malls and hotels will pick up gradually along with the improvement in economy

Brigade has a strong balance sheet and is in a good position to manage operations while maintaining liquidity to meet business obligations

Industry outlook:

Rate reduction by RBI and consequent low rate of interest for housing loans is a big positive

Adequate liquidity in the economy has helped restrict the damage

Recent announcement by RBI to allow banks to restructure loans in impacted sectors is a step in the right direction

Economy is expected to rebound in the later part of the calendar year; however, GDP contraction is expected for the financial year

Operational Impact:

Construction activity was impacted because of intermittent lockdowns

Lower revenue recognition in real estate segment was due to government office shutdowns

Malls and Hotels underperformed because of the lockdown, travel restrictions and weak consumer sentiment

Collections were impacted because of the reasons mentioned above though partially mitigated by prudent capital expenditure and reduction in overheads

Relief & Efforts:

John’s Health Centre at Brigade Meadows was inaugurated on June 24, 2020

Donation for purchase of an ambulance by St. John’s

Donation for purchase of prefabricated 5 bed ICU module to K C General Hospital

Donation for purchase of ventilator to Sri Vasavi Hospital

Dry ration to more than 3000 families in Bangalore

Sustenance allowance provided to migrant workers and supported them with ‘dry rations

80,000 Meals provided during lock down period

Workers engagement programmes viz. exercises, aerobics, yoga, as well as workers’ counselling

Awards and Recognitions:

Brigade Enterprises Ltd. has been recognised as one of India’s Top 100 Best Companies to Work For 2020, in one of India’s largest workplace study conducted by the Great Place to Work®️ Institute and The Economic Times.

This year, Brigade Enterprises Ltd has been "Ranked 43", in the coveted Top 50 category, across companies. Brigade Enterprises Ltd also has the distinction of being among India’s Top 100 Best Companies to Work For, 10 years in a row.

Brigade Hospitality Services Ltd. has been ranked 3rd amongst India’s Great Mid -Size Workplaces in 2020 by the Great Place to Work Institute and The Economic Times.

Godrej & Boyce Wins Trademark for Unique Retail Format – 1st Indian Company to Set Benchmark

 

Godrej & Boyce, the flagship company of the Godrej group announced that its brand - U&US - had become the first Indian company to have its specialised retail store format - U&Us Home Design Studio - registered as a trademark for its distinct character and concept with additional trademarks for its innovative layout, format as well as appearance and ambience.

Part of G&B’s business unit, Godrej Interio, U&Us delivers a world-class co-creation experience for with an end-to-end solution for designing and building home interiors. Present in Mumbai, Thane, Pune, Bangalore and Hyderabad, U&Us Home Design Studios are equipped with state-of-the-art digital technologies and dedicated Design Experts.  Using design thinking at the core of its customer-centric framework, U&Us Home Design Studios creates a seamless journey for consumers using collaborative design choices, high quality materials and project management tools, backed by innovative and patented technologies.

Anil S Mathur, Chief Operating Officer, Godrej Interio, a key business unit of Godrej & Boyce said, “Today’s top global retailers have seamlessly harmonised their physical and digital presence to render a distinctive personality to their retail operations through similar trade dress registrations. U&Us’ retail store design trademarks is a first in India and it not only sets the benchmark for specialised retail formats and puts us at par with leading global blue-chip peers but also is another milestone in our customer-centric journey.”

Manoj Rathi, Head, U&Us Home Design Studio added, “The U&Us trademark will help set new standards in collaborative and personalised retail in India. At our studios or through virtual consultations, consumers can work with Design Experts to convert their dream homes into a customised reality and remain engaged through virtual renditions of their final designs with detailed space layouts, décor and furnishings with help of technology.”

The U&US home design studio brings together a team of Design Exerts and local skills to collaborate with the consumer and co-create personalised spaces that are agile, contemporary and fit for the customer’s purpose.

About U&Us Design Studio

Godrej Interio brings to you a novel concept in furniture designing through its U&US Design Studio. Our product innovations, expertise and valuable customer insights have helped identify furniture ‘Co-creation’ as the need for the hour. At U&Us, we offer our customers an opportunity to create their own furniture designs by combining their ideas and our expertise at a state-of-the-art Design Studio. We employ an innovative and socially responsible business model to train and provide a perennial source of income for the carpenters, leading them towards a sustainable means of livelihood.

U&Us Design studio is aimed at using state-of-the art technology to create lasting customer experience in retail. Resultant was a retail space that uses augmented reality to its best, offering customers a real-life experience of spaces they configure and create.

Jaguar Land Rover Announces New Retailers in Lucknow City

 * Jaguar Land Rover India has appointed JSV Motors as its new Retailer Partner, operating from the 3S facility located in the prime area of Amar Shaheed Path

* The fully integrated state-of-the-art 3S (Sales, Service and Spare parts) facility is spread over a total area of over 3 500 m2 with 08 cars display and 10 service bays

* Jaguar Land Rover India distribution network is spread across 27 outlets in 24 major cities across India  

Jaguar Land Rover India today announced the appointment of JSV Motors as its new Retailer Partner in Lucknow, with Jatin Varma as its Director. JSV Motors has started operating from the fully integrated 3S facility at Amar Shaheed Path, near the airport area of Lucknow.

This Retailer facility is spread over 3 500 m2 and is designed to provide the highest quality of sales and after-sales experience for its customers. The premium 3S facility displays a wide range of products from the Jaguar and Land Rover portfolio. The facility also displays Approved Pre-owned cars, and showcases a whole range of Jaguar Land Rover branded accessories and merchandise. It has a fully equipped service workshop and state-of-the-art tools and equipment to handle all service needs. The service facility is manned by a team of highly trained staff, including technicians and other service personnel to offer unmatched customer delight.

Rohit Suri, President & Managing Director, Jaguar Land Rover India Ltd (JLRIL), said: “We are pleased to announce that we have partnered with JSV Motors to service our customers in Lucknow and adjoining areas. With its convenient location and an ultra-modern facility with sales, service and spares under one roof, our customers can now enjoy a world class experience of owning a Jaguar Land Rover product in this region.”

Customers can even book their cars by visiting the online booking platform at www.findmeacar.in for Jaguar and www.findmeasuv.in for Land Rover.

For more information on Jaguar and Land Rover product range in India, please visit www.jaguar.in and www.landrover.in

Jaguar Product Portfolio in India

The Jaguar range in India includes XE (starting at ₹ 46.64 Lakh), XF (priced at ₹ 55.67 Lakh), F-PACE (priced at ₹ 66.07 Lakh) and F-TYPE (starting at ₹ 95.12 Lakh). All prices mentioned are ex-showroom prices in India.

Land Rover Product Portfolio in India

The Land Rover range in India includes the Range Rover Evoque (starting at ₹ 58.67 Lakh),  Discovery Sport (starting at ₹ 59.99 Lakh), the New Defender (starting at ₹ 69.99 Lakh) the Range Rover Velar (priced at ₹ 73.30 Lakh), Discovery (starting at ₹ 75.60 Lakh), Range Rover Sport (starting at ₹ 87.02 Lakh) and Range Rover (starting at ₹ 196.74 Lakh). All prices mentioned are ex-showroom prices in India.

Jaguar Land Rover Retailer Network in India

Jaguar Land Rover vehicles are available in India in 24 cities, through 27 authorized outlets in Ahmedabad, Aurangabad, Bengaluru (2), Bhubaneswar, Chandigarh, Chennai, Coimbatore, Delhi (2), Gurgaon, Hyderabad, Indore, Jaipur, Kolkata, Kochi, Karnal, Lucknow, Ludhiana, Mangalore, Mumbai (2), Noida, Pune, Raipur, Surat and Vijayawada.

Gurguram Based Used Car Retailing Platform Spinny Acquires its Mumbai Based Rival Truebil

With the onset of COVID-19, an unprecedented global crisis, a lot of industries are seeing a significant reduction in customer demand, whereas the used car market has gained momentum globally due to a change in personal transport preferences in a COVID impacted the world. The effect can also be seen in the context of the Indian used car market witnessing consolidation and rapid growth among players. In the most recent development, Spinny - Gurugram headquartered full stack used car platform - has acquired rival Truebil - Mumbai headquartered. Truebil operated a C2C managed used car marketplace along with a full-stack direct retail program as Truebil Direct. Truebil served in Mumbai, Bangalore, and Delhi NCR, and was clocking INR 250 Cr+ in annual sales before the COVID outbreak. Truebil was founded in early 2015 by IIT Kharagpur and IIT Bombay alumni Suraj Kalwani, Ravi Chirania, Shubh Bansal, Rakesh Raman, and Ritesh Pandey. Through its journey, Truebil managed to raise a total of USD 24 Mn in funding, including USD 4 Mn in debt funding. Its major institutional investors include Kalaari Capital (India), Shunwei Capital (China & India), Kae Capital (India), Inventus Capital (US & India), and Spiral Ventures (Japan & Singapore) and in early 2019, Truebil had closed its Series B round of funding.

Gurugram headquartered Spinny currently offers its services across Delhi NCR, Bengaluru, Hyderabad, and Pune. Spinny, which operates through a full-stack online-to-offline retail platform model, has seen significant tailwind in its business post-COVID-19 outbreak. Spinny initially started in mid-2015 through the C2C managed marketplace model, in mid-2017, it pivoted entirely to its current full-stack platform model after realizing the need to control the entire value chain to provide the best quality and a premium experience to its customers. During March 2020, Spinny announced the completion of a USD 43 Mn+ series B round led by Nandan Nilekani's venture fund The Fundamentum Partnership: the round saw participation from existing investors Accel and SAIF Partners. Accel and SAIF Partners had co-led the company's USD 13 Mn+ Series A round in April 2019. The latest Series B round of Spinny also saw participation from other new investors which include US-based General Catalyst and South Korea based KB Group, other than the lead investor Fundamentum. Blume Ventures led Spinny’s seed round along with Russia's Simile Ventures. Many angel investors, along with the IAN group investors, were provided exit by the company during its Series A round of funding last year.

While both Spinny and Truebil have refrained from commenting on the commercials and exact details of the deal, Truebil's Co-founder and CEO Suraj Kalwani did share his experience of building Truebil and the reasons behind his decision of selling out the company to Spinny. "At Truebil, we have built a technology-driven retail platform enabling trust and seamless consumer experience for used car buyers. Truebil thrived in building consumer-centric products aided by technology and data science, helping consumers make objective decisions in their used car purchase. We were operating across three major cities in India and our endeavor to scale our services across the country; we were excited to share a similar vision as Niraj and team at Spinny. We realized that by augmenting each other's capabilities, we could accelerate towards building the country's largest and the most trusted used car brand". Spinny's Co-Founder and CEO Niraj Singh said, "We like and respect the capabilities Suraj and his team have built at Truebil and find certain merit in that for Spinny, so this deal was a natural move for us. But given Spinny is still in its early days, we will let the Truebil platform keep operating as an independent brand for now. We will reassess merging within the Spinny brand umbrella after some time."

With this acquisition, Spinny becomes the only used car startup in India that follows a full-stack retail platform model and operates on the organized side of the market. Other peers like Cars24, CarDekho, OLX, etc. provide their services mostly in the unorganized classifieds and dealer ecosystems side of the market. Commenting on Spinny’s plans, Niraj further added that building capabilities for best in class quality and customer experience has always been our top focus area. We will keep doubling down on our efforts there. Meanwhile, we will also keep going deeper into our existing markets and soon activate a few more markets.

Looking at how similar modeled players have performed across the globe, the used car market is poised to grow and emerge stronger than before from the COVID crisis. US-based online used car player - Carvana’s stock price has seen a 5x jump this quarter to an all-time high value. Not only existing listed players are reaping the benefits of these tailwinds, but also new stock market entrants are making the most of the situation. Another similarly modeled player, Vroom (US), entered the public markets in Jun’20 and saw a massive interest, so much so that it overshot its initial raise plans by ~4.5x. Its valuation almost doubled on the day of the IPO. Looking at the public market performance of such companies in the US, investors have taken an eye out for similar players across global markets. UK based Cazoo announced a new funding round that values the company at over a billion dollars, making it the latest startup to attain unicorn status in this segment and making Cazoo the fastest unicorn in the UK.

About Spinny

Spinny is a full-stack car-buying platform for the young Indian, enabling a car buying experience that is simple and delightful. Though in the early stages, Spinny has been appreciated by its customers with an above 4.5 out of 5 ratings from Spinny car owners – and a 78% NPS and 35% referral purchases. Headquartered in Gurgaon, Spinny employs over 500 people across 6 cities India.

https://www.spinny.com/home-test-drive/

An IIT-Delhi alumnus, Niraj Singh (Founder & CEO) is a serial entrepreneur and investor. Spinny was born out of his desire to deal with a core area that directly addresses the customer’s challenge; in this case a car. He noticed the absence of a platform that offers a completely trustworthy and premium experience to people purchasing second-hand cars, even though they are spending a significant amount and the purchase being a very aspirational one for them. He was determined to solve this problem by eradicating the distrust and making the process simple and straightforward for the customer.

Assure Bring Out Germ Protection Soap to the Indian Market

Hygiene was always important, but Covid-19 has made it integral to people’s lives more than ever. In the “new normal” scenario where in we require a heightened focus on cleanliness, the skin needs the right care. Hence, picking the right product is of prime importance. 

Vestige introduces Assure Germ Protection Soap, a perfect solution for the family’s everyday hygiene needs. It ensures two-fold care for you and your loved ones. Assure Germ Protection Soap not only removes germs to protect you from common communicable diseases, it also ensures that the repeated use of the soap does not have any adverse impact on your skin.

Net Content: 75 g

MRP   Description: Description: Image result for rupee sign small image 55.00 incl. of all taxes.

Home Credit India Offers Easy Smartphone Loan Options in Unlock 3.0

Smartphone Loans

* Own a smartphone sitting at home with customer-friendly schemes from Home Credit

* Customers can now process loans from their homes with the help of Home Credit’s robust online program

As the nation sees ease in lockdown, businesses have also started to open. Having been closed for business for over two months, retailers are still unsure about customer walk-ins and how to service their demand. Home Credit India, a local arm of the international consumer finance provider with operations spanning over Europe and Asia, is focused to strengthen its partnership with offline retailers. The company has been functioning business actively in Bangalore with 940 key retailers. Big retail chains like Sangeetha Mobiles, Pai International, Devi International and standalone retailers like Colors Mobiles, Hanuman Telecom, Uday Electronics etc. are now open with all the necessary precautions and adhering to govt guidelines.

The retailers have witnessed 75% footfall in comparison to pre-Covid era. Most of the customers are venturing out for key purchases only and are following social distancing guidelines

In the given times, Home Credit has also built a robust online program for customers who choose to not venture out fearing COVID-19. Customers can now own a smartphone and get their KYC/loan approval procedure executed from the ease of their home without being physically present at the retail shop. Post the formalities, the mobile phone is delivered to their doorstep. Online outreach is further supporting the retailers in their sales during these challenging times. 

On the occasion, Mr. Ankush Khosla, Chief Sales Officer, Home Credit India said; “These unprecedented times have brought in significant behavior change among customers. With the country easing lockdown with restrictions, it is time that the Corporates come forward and take innovative steps towards supporting economic revival in the country. Home Credit is extending full support to its retail partners across the country with the hope to support our customers in every possible way, to make their loan taking journey less stressful even during these anxious times.”  

Home Credit India has resumed its operations country wide based on Government directives. The company has its operations spread over 350 cities across 22 States in India with a strong network of around 31,500 points-of-sale (PoS) and a customer base of around 11.3 million customers. 

PNB MetLife Broadens its Product Portfolio with Three Unique Offerings for Retail Customers

Portfolio

* A guaranteed savings plan, which allows customers the flexibility of pay-out as a lumpsum or supplementary income

* A combined plan, assuring life and health insurance protection, with coverage against Covid-19

* A new Unit Linked Insurance Plan (ULIP), which offers whole life cover along with tailor-made solutions for wealth creation

PNB MetLife Insurance is expanding its product portfolio with three new unique offerings: PNB MetLife Guaranteed Future Plan; Mera Mediclaim Plan and PNB MetLife Smart Platinum Plus. At PNB MetLife customer centricity is the cornerstone that binds all functions. These offerings complement the Company’s concept of “Circle of Life”, which assesses the needs of the customers and offers them with solutions on varied financial needs including - Child Education, Family Protection, Long Term Savings and Retirement.are testament to this approach and was designed keeping in mind the evolving needs of customers across different segments. 

PNB MetLife Guaranteed Future Plan, a guaranteed savings life insurance plan that offers dual advantages of long term guaranteed benefits and financial protection to the family in case of adversities. The plan offers complete control to customer and helps customize the savings schedule based on customer’s needs and affordability. It allows customers the flexibility to choose their future guaranteed pay-out as a lumpsum, income or a combination thereof which will help meeting financial requirements for various goals.

The company, in partnership with Religare Health Insurance, has launched - Mera Mediclaim Plan – that combines benefits of health and life insurance under a single policy. The new solution gives customers access to quality healthcare, cashless hospitalization, along with life insurance coverage.

Additionally, the company has also received approval from the Insurance Regulatory and Development Authority of India (IRDAI) to launch PNB MetLife Smart Platinum Plus, a whole life savings-oriented unit-linked insurance plan (ULIP). The plan also offers life insurance cover to protect ones family in case of an unfortunate demise as well as provides with tailor-made solutions to achieve ones goals, including an option where wealth creation doesn’t take a back seat even during critical illness.

Ashish Kumar Srivastava, MD & CEO, PNB MetLife, said “At PNB MetLife, we believe in “Customer Centricity’ and continuously work towards providing solutions in line with our mantra. As a part of our ‘Circle of Life’ approach, which has been conceptualized to deliver need-based solutions that provide financial wellbeing to the customers during their lifetime, the new products will address the need for life and health protection as well as wealth creation.  PNB MetLife also declared bonus for its participating polices which remains consistent even in these uncertain times. We will continue to invest our efforts in product innovations and introduce more products that will serve the life-stage needs of our valued customers.”  

PNB MetLife Guaranteed Future Plan offers four different options to create a corpus to meet one’s financial goals. The plan comes with a guaranteed income ranging from 103% to 245% of the annualized premium.  Annual premiums higher than Rs.30,000 also receive High Premium Reward ranging from 4% - 12% of annualized premiums.  Besides one can opt for Income plus booster options that will give them an additional income pay-out at specified intervals ranging from 30%-406%. The plan allows customers to time the receipt of maturity amounts on special occasions like birthdays or anniversaries. The policyholder will also be eligible to avail income tax benefit on premiums paid and benefits received under 80 (c) and 10(10d).

Mera Mediclaim Plan offers coverage for comprehensive health and hospitalisation insurance along with life insurance.  The plan features cashless hospitalization cover across Religare Health Insurance’s network of more than 7,500 hospitals. The plan also covers more than 540 Day Care Treatments, alternative treatments such as Ayurveda, Unani, Siddha and Homeopathy and offers a no claim bonus which helps cover to increase upto 220% over two years and 250% over five years. This unique plan provides a cost-effective solution for customers by offering a discount of 7.5% on both life and health insurance premiums, plus dual tax benefits under both section 80 (c) and 80 (d)

PNB MetLife Smart Platinum Plus is a whole life protection and savings oreinted Unit Linked Insurance Plan.  The plan features an unique Care Benefit which helps customers secure their goals against health exigencies and the insurer pays all future premiums in case of diagnosis of any of the listed five critical illnesses. The plan provides additional allocations through features like Return of Fund Management charges of 1st 5 years and Fund booster which is paid at the end of 10th year which enhance the fund value and also incentivise the customers to stay invested for longer. This holistic plan offers the policyholder with the freedom to choose from the benefits, duration of premium payment, the sum assured multiple and also maximise their wealth creation potential through a choice of portfolio strategies and variety of funds. It also offers flexibility of switching between different fund depending on the risk appetite and partially withdrawing money from the fund value after the lock-in period.  The company so far has 22 unit-linked funds in its portfolio of which PNB MetLife Virtue Fund II and PNB MetLife Virtue Fund has been ranked amongst the top 10 in the Insurance Large Cap Category (as of June 30, 2020) by Morningstar, a leading independent investment research organization. This ranking is testimony to the company’s strong fund management prosess and reaffirm the commitment to deliver value accretive growth to its customers investing through market-linked products. 

This trio of products launched by PNB MetLife holistically fulfils the advanced needs and demands of the consumer. Amongst the three products, Mera Mediclaim Plan and PNB MetLife Guaranteed Future Plan are available across PNB MetLife’s bancasurance, agency as well as online channels. As the masses settle to the new normal where protection of health and life and wealth creation have assumed a level of importance like never before, PNB MetLife strives to serve its customers at every new juncture of their lives through its dynamic and ever-evolving approach to customer satisfaction.

About PNB MetLife India Insurance Company Limited

PNB MetLife India Insurance Company Limited (PNB MetLife) has as its shareholders MetLife International Holdings LLC. (MIHL), Punjab National Bank Limited (PNB), Jammu & Kashmir Bank Limited (JKB), M. Pallonji and Company Private Limited and other private investors, with MIHL and PNB being the majority shareholders.

ALTBalaji, Pay Point India Partner for Digital-Assistance and Offline Subscription Payment

Intending to deepen existing market presence and penetrate new markets, ALTBalaji and PayPoint India have entered into a strategic partnership. This initiative is primarily for the rural and semi-rural markets with a set of viewers who require digital-assistance and offline subscription payment options.  

With PayPoint’s 45,000 plus tech-enabled retailers across India wherein more than 80 percent of its customers are spread across in rural and semi-rural markets, the partnership helps ATLBalaji acquire untapped customers by making content more accessible. For the ALTBalaji fans, the PayPoint offline stores provide seamless assistance for activation as well, along with paying for subscription and renewals in cash and access the program at the convenience of their homes.

In the current pandemic,  ALTBalaji, which is an alternative for mainstream entertainment, has witnessed an increased audience in rural areas. PayPoint, a leading offline-to-online (O2O) company operating Pan India for the last 10 years, will provide access to its retail outlets to collect cash on behalf of ALTBalaji and allow the consumers to watch the fresh, original, and engaging contents on the over-the-top (OTT) platform.

Ketan Doshi, Managing Director of PayPoint India, said, “For ALTBalaji like alternatives to mass entertainment, there is a huge fan following in the rural districts of India. However, for lower digital-savvy fans activating the service, and doing an offline recharge is a hindrance. This partnership will be a boon for the population to do an instant activation and renewal recharge.”

“The offline recharge for such video-on-demand OTT service is the first of this kind and one such industry initiative. The association will help ALTBalaji achieve higher subscriber’s base, while PayPoint will be adding one of its kind product to the kitty of services that it is providing to the customers across the length and breadth of India, ” Ketan added.

The association will enable ALTBalaji to take the OTT space to the masses and aggressively increase its viewership by reaching every corner of the country. Available across multiple interfaces ranging from desktops, laptops, tablets, smart-phones to internet-ready television, the subscription-based video on demand (SVOD) service marries state-of-the-art technology with gripping storytelling. 

PayPoint is a trusted partner for Last-Mile Delivery of Fast-Moving Consumer Services. It offers more than 100 services like bill payment, recharges, DTH, Travel booking, ATM withdrawals, Wallets, and many more. Technology-enabled Retailers brings benefit to the end customers in terms of accessibility, convenience in the neighborhood.

About ALTBalaji

ALTBalaji is a subsidiary of Balaji Telefilms Limited, a subscription-based video on demand (SVOD) service, which has marked the Group’s foray into the Digital Entertainment space. After conquering television and making a strong mark in films, Balaji Telefilms aims to reach out directly to specific audiences, by providing them with original, exclusive shows, that they can access at their fingertips. ALTBalaji offers fresh, original, and unique stories. Tailored especially for Indians, across the globe, the platform hosts premium, high-quality shows featuring famous celebrities, acclaimed writers, and award-winning directors, making ALTBalaji a true alternative to mainstream entertainment.

About PayPoint India

PayPoint is a technology-enabled Distribution network of Financial Services. The company's digitally connected network of 45000+ offline stores offers various Financial services like Banking (PMJDY accounts), micro-ATM services, Wallets (Paypointz), Remittances, Bill payments, insurance, Merchant QR and many more. Apart from Financial services, PayPoint also offers consumer services to the underserved like Travel booking, Recharges, Amazon assisted shopping, Gift Cards, etc. through its strong network of retail stores spread across the country. The company’s retailer-driven assisted model helps customers make an informed decision for availing services from their trained partners and its digital platform.

PayPoint offers a bouquet of services through its plug-and-play platform. More than 100 Services providers are plugged into the company's system and interact with them on a real-time basis catering to more than 5 million customers month on month. The primary objective is to bridge the financial inclusion gap between developed urban India and under-served rural India.

Dell-Acer is attractive merger, feel analyst

The personal computer industry may be ripe for a wave of consolidation, with a marriage of Dell Inc and Acer Inc seen as a particularly smart deal, according to an influential Wall Street analyst.

"Among the 10 top PC vendors, we believe that a Dell/Acer combination makes the most sense," Sanford C. Bernstein & Co analyst Toni Sacconaghi said in a client note on Friday.

If Dell were to buy Acer for a 20 percent premium, or about $5.7 billion, it would boost Dell's annual revenue growth sharply and add 12 cents a share to annual profit, he said.

The PC industry is commoditized and remains fragmented. Consolidating could help companies score better pricing from component vendors and contract manufacturers, as well as cost savings in areas such as human resources, he said.

"We view PC vendors as analogous to retailers, where our research suggests that the largest and operationally most efficient have garnered outsized profits relative to their peers," Sacconaghi wrote in his report.

Acer has a strong share of the portable computer market outside the United States, which would provide Dell with exposure to faster growth markets, he added.

Sacconaghi said buying Acer might also be beneficial to top PC maker Hewlett-Packard Co, but not as much as it would to Dell.

"While an HP-Acer combination might provide similar scale and synergy benefits, end market complementarity would not be as high," he said.

According to research firm Gartner, Dell and Acer were in a virtual tie for second place in the first quarter in market share in the United States.

Agencies

Indian unorganized retail sector to grow to $496 bn in four years

The unorganized retail sector is expected to grow at about 10 percent per annum to reach $496 billion in 2011-12 despite the steady expansion of organized retailers, a study released Wednesday said.

The report on the impact of organized retail on small shop owners, released in parliament by the Delhi-based think tank Indian Council for Research on International Economic Relations (Icrier), said the retail business in the country would grow at 13 percent annually from $322 billion in 2006-07 to $590 billion in 2011-12.

The unorganized retail industry was valued at $309 billion in 2006-07.

However, given the relatively weak financial state of the unorganized retailers and the space constraints on their expansion prospects, this sector alone will not be able to meet the growing demand, the report said.

Hence, the organized retail that now constitutes a small four percent of the total industry is likely to grow at a much faster pace of 45-50 percent per annum and quadruple its share in total retail trade to 16 percent by 2011-12, the Icrier said.

However, the Icrier added that small shop owners in the vicinity of organized retailers have experienced a decline in their volume of business and profit after the entry of bigger players.

According to the report, consumers have gained with the entry of organised retailers and their overall spending has also gone up.

While all income groups saved through organized retail purchases, the report revealed that lower income consumers saved more.

Moreover, the report said farmers benefit significantly from the option of direct sales to organized retailers.

Profit realisation for farmers selling directly to organized retailers is about 60 percent higher than that received from selling in local markets.

The study made certain recommendations like facilitation of cash-and-carry outlets, like Metro, for selling farmers' produce to unorganized retailers.

It also urged for encouraging cooperatives and associations of unorganized retailers for direct procurement from suppliers and farmers.

Also, simplification of the licensing and permit regime for organized retail and a move towards a nationwide uniform licensing regime in the states to facilitate modern retail have been recommended.

Source: Agencies

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Retailers tighten belts at Dubai shopping festival

Some big Dubai retailers, accustomed to giddy spending in the Gulf Arab tax-free haven, are grappling with a drop in sales as consumers worry about the impact of the global financial crisis on their wallets.

The Gulf has not been as heavily hit by the credit crisis as Europe and the US, but the contagion has led to stock market routs, tight lending conditions and a range of government and central bank attempts to mitigate its impact.

In the United Arab Emirates, home to the glitzy financial hub of Dubai where shopping is virtually a national sport, a frisson of fear has seeped into consumers' minds.
"Business is 20 per cent down in the last week in retail," Mohi-din Bin Hendi, president of Bin Hendi Enterprises, told Reuters.

"In the beginning, people did not take it seriously. When they start to get their ATM cards refused from the bank, that's when sense come back ... that this is serious."

Bin Hendi, whose retail-based conglomerate operates in the Gulf Arab region and India and offers everything from jewelry to sofas, said the firm would take steps to ready for a further decline in consumer spending and would "cut the desirables, go to the essentials."

Asked whether he would cut jobs, he said: "Absolutely. We have not come to a figure as yet."
"People with wise moves won't suffer as much as those who think this is only a cloudy day and it'll clear up tomorrow. It won't clear up tomorrow that easily.

"We have to sit tight, cut down our costs and be smart."

Dubai consumers have begun to see uncomfortable signs on the crisis' toll on the city, long known for spending excesses.

Companies are quietly shedding jobs or not hiring, according to recruiters, while the Arab world's biggest listed developer, Emaar Properties EMAR.DU recently gave buyers more time to pay for new homes given difficulties in obtaining mortgages.

The UAE's biggest bank has stopped lending to foreigners who work for top Dubai property firms on fears a slowdown could jeopardize their jobs and income and an Islamic mortgage lender, Amlak AMLK.DU, has suspended new loans altogether for now.

Less spending per person
"There is less footfall in the stores, people are tightening their belts," said a retail manager who declined to be identified. "It's never been like this before."

The global financial meltdown came just as the world's biggest mall opened in Dubai and nearly each week has seen the announcement of one lavish retail exercise after another.

This week, British luxury retailer Burberry said it had created a new firm with its UAE franchisee, Jashanmal, that would manage all its retail and wholesale operations in the Gulf Arab region.

Jashanmal Group President Gangu Batra said forming the joint venture made business sense given its long ties to the British firm but the timing could have been better.

"Now all we can say is I hope it doesn't affect us too much. There will be some effect and we will see that effect in the course of time," he told Reuters.

Batra said same-store sales on a yearly basis were steady at the retailer, which operates department stores, booksellers and franchises for brands like Calvin Klein, but the firm was bracing for a slowdown in the wider economy in coming months.

"People are still there but spending per person has gone down," he said. "I don't think our country will be immune to these problems.

"I can see some slowdown when I go to restaurants and hotels. The view is, so far, there's no reduction in the tourists but then when they do the booking, they do so months in advance."
According to a 2007 annual country report, visitors to Dubai represent 69 per cent of all luxury retail and leisure spending.

Batra said spending levels were likely to decline even further once the current wave of vacationers head home.

Caution has seeped into every aspect of consumer spending. One Dubai-based dentist said business had fallen about 40 percent this year. "People see it as cosmetic rather than essential," she said.

Source: Reuters