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.

Retail sector to grow at 28% during 2008-12 in India

During 2008-2012, the IT market in the Indian retail sector is likely to grow at an estimated compound annual growth rate (CAGR) of 23 percent; reaching $1.4 billion by 2012, says a report. According to the report titled as 'IT in the Indian Retail Industry: Emerging Trends and Market Opportunities' brought out by Springboard Research; software is estimated to grow at a CAGR of 28 percent for the period under review, while hardware will grow at 19 percent.

Springboard Research is an IT market research and advisory firm. The firm has brought out this report after interviewing leading IT vendors operating in the retail sector and 152 Chief Information Officers from both large and mid-sized retail companies across India. According to Nilotpal Chakravarti, Senior Research Analyst, Springboard Research, although the recession has affected retailers' profitability, it opens a window of opportunity for IT vendors as retailers turn to technology to address the challenging economic scenario. "Many retailers are eschewing curtailing their long-term IT projects, while they remain cautious with short-term IT spending and new investments," he added.

Nearly half of the CIOs in the retail sector interviewed, indicated large format stores/hypermarkets as the top business opportunity in the sector, while competition is named as the biggest business challenge by a majority of the CIOs. Inventory management has emerged as the top strategic IT focus areas for the CIOs, followed by supply chain management (SCM). Enterprise resource planning (ERP) topped the list of business applications in terms of actual deployments in the last 24 months.

According to Springboard's data, POS (Point of sales) is the top preferred store solution that Indian retailers have deployed in their stores. CIOs revealed that a large number of retailers mentioned price as a key determinant in external IT vendor selection, while strong service and support came in the second place on the list of priorities. Other influencers like vendor reputation and existing relationship rank much lower in the priority hierarchy. Springboard also found that local IT vendors have a sizeable foothold in the retail space because they provide low-cost, industry-specific solutions.

According to Springboard's data, SAP, Microsoft and Oracle hold the largest market share in the Indian retail sector, while HCL is the leading local vendor in the retail space. IBM is also named as among the leading vendors in this space.

"Best-of-class retail solutions like RFID, intelligent shelves, and kiosks still remain out of reach for the Indian market because of their high cost. IT vendors should look to address this gap by rationalizing costs, along with clearly defining ROI benefits for clients," said Chakravarti.

Agencies