Tata Motors Group Global wholesales At 3,77,432 In Q4 FY24

The Tata Motors Group global wholesales in Q4 FY24, including Jaguar Land Rover** were at 3,77,432 nos., higher by 8%, as compared to Q4 FY23.

Global wholesales of all Tata Motors’ commercial vehicles and Tata Daewoo range in Q4 FY24 were at 1,11,591 nos., lower by 6%, over Q4 FY23. 

Global wholesales of Tata Motors passenger vehicles* in Q4 FY24 were at 1,55,651 nos., higher by 15% as compared to Q4 FY23. 

Global wholesales for Jaguar Land Rover** were 1,10,190 vehicles, higher by 16%. Jaguar wholesales for the quarter were 13,528 vehicles, while Land Rover wholesales for the quarter were 96,662 vehicles.

*Tata Motors passenger vehicles includes sales of electric vehicles.

**JLR number does not include CJLR volumes (CJLR – It is a JV between JLR and Chery Automobiles and is an unconsolidated subsidiary for JLR).

FICCI Celebrates 97th Foundation Day, Felicitates First 33 Past Presidents 1927-1959

* Chamber Pays Tribute to Mahatma Gandhi at Raj Ghat, Reaffirms Commitment to Inclusive Growth

* FICCI’s second NECM for 2023-24 and Foundation Day celebration concludes in Mumbai

The Federation of Indian Chambers of Commerce and Industry (FICCI), India's apex and oldest business chamber, celebrated its 97th Foundation Day on 7 April by paying tribute to Mahatma Gandhi at Rajghat, New Delhi. The event commemorated the historic address delivered by the Father of the Nation at FICCI's 4th AGM on this day in 1931. The celebrations continued in Mumbai, where FICCI felicitated the descendants of 33 of its past presidents from the years 1927 to 1959.

The grand celebrations in New Delhi and Mumbai reflect FICCI's glorious past and set the stage for a promising future as the Chamber moves closer to its centenary in 2027. The Chamber's journey has been illuminated by its illustrious presidents, whose visionary leadership shaped India's business landscape.

Addressing the felicitation ceremony in Mumbai, Dr Anish Shah, President, FICCI said, “FICCI Foundation Day is an inspiring tribute to our visionary leaders. It is an honour to felicitate the Presidents from 1927 to 1959 and commemorate their pivotal role in India's economic rise. As we stride towards FICCI’s centenary in 2027, let's uphold their governance values and advance towards a progressive future."

On occasion, Mr Harsh Pati Singhania, Past President of FICCI, said, "FICCI’s history is closely linked with India's struggle for independence, followed by the path of industrialisation and subsequent liberalisation that has culminated in India emerging as a significant player in the global economy."

Mr KV Kamath, Chairperson, National Bank of Financing Infrastructure and Development (NaBFID), in a conversation with FICCI President Dr Shah, noted, "Typically, we look at only the young people being the driver of the demographic dividend, but I will add that it will also be the older people who will drive the demographic dividend because they are going to skill/upskill themselves."

Concurrently, FICCI organised its second National Executive Committee Meeting (NECM) for 2023-24, attended by over 125 industry members. The meeting focused on four key pillars. President Dr Shah encouraged attendees to share transformative ideas for accelerating India's development and urged sector committee chairs to align industry action with government priorities while incorporating the viewpoints of MSME sector leaders.

Mr SK Pathak, Secretary General of FICCI, also spoke on occasion.

As India progresses to become the world's third-largest economy, FICCI reaffirms its commitment to the nation's inclusive growth and global integration. The focus for 2024 and beyond rests on four key pillars: championing indigenous manufacturing and innovation through 'Make in India', empowering farmers and boosting agricultural productivity, fostering women's entrepreneurship and leadership, and promoting sustainability and green growth.

List of FICCI Past Presidents (1927 – 1959) felicitated in Mumbai:

Dinshaw M Petit -1927

Sir Purshotamdas Thakurdas - 1928

GD Birla -1929

Sir Shri Ram - 1930

M Jamal Mohammed Sahib - 1931

Walchand Hirachand – 1932

Nalini Ranjan Sarker - 1933

Kasturbhai Lalbhai - 1934

Sir Padampat Singhania - 1935

D P Khaitan - 1936

Sir Rahimtoola M Chinoy – 1937

Jamshed NR Mehta - 1938

Dewan Bahadur C S Ratnasabapathi Mudaliar -1939

Amrit Lal Ojha – 1940

Sir Chunilal B Mehta - 1941

Gaganvihari L Mehta - 1942

Dr. Rajah Sir Muthiah Chettiar of Chettinad - 1943

J C Setalvad - 1944

Sir Badridas Goenka – 1945

Gurusharan Lall - 1946

MA Master - 1947

Lalji Mehrotra - 1948

K D Jalan – 1949

Tulsidas Kilachand - 1950

C M Kothari - 1951

Shanti Prasad Jain - 1952

Sir R G Saraiya - 1953

B M Birla - 1954

Shantilal Mangaldas - 1955

Lakshmipat Singhania - 1956

Babubhai M Chinai – 1957

Sir BP Singh Roy - 1958

Madanmohan R Ruia -1959

Wipro's Thierry Delaporte Resigns, Srini Pallia Takes Over With Immediate Effect

BUY

TARGET PRICE (Rs) : 500

Wipro has appointed Srini Pallia as the CEO and MD with effect from 7-Apr-24 for five years after Thierry Delaporte tendered his resignation to pursue his passions outside the workplace. Srini has been with Wipro for over three decades and most recently served as the CEO for Americas 1 (~31% of revenue), where he oversaw diverse industry sectors, established their vision, and implemented growth strategies. The appointment of Srini, a Wipro veteran, will confirm a smooth transition and sustain current growth strategies with only some tweaking to ensure better execution. Srini will find him in action from day 1 as the company is facing its own challenges in addition to broader industry headwinds like muted demand, weak discretionary spending, Gen AI disruptions, uncertain macros, and uncertainties linked with election year in key markets. We retain our estimates and await more clarity on leadership transition and any tweaking in growth strategies. We maintain ADD with a TP of Rs500 at 19x its Mar-26E EPS. 

Thierry Delaporte resigns, Wipro appoints Srini Pallia as CEO and MD

Wipro has appointed Srini Pallia as the CEO and MD, with effect from 7-Apr-24 for five years. He succeeds Thierry Delaporte, who, after spearheading a significant transformation at Wipro for almost four years, is stepping down to pursue passions outside the workplace. Thierry joined Wipro in Jul-20 and resigned about a year before his term completion. Thierry will continue until the end of May-24, working closely with Srini and Rishad Premji to ensure a smooth transition. Srini has been with Wipro for over three decades and most recently served as the CEO for Americas 1 (contributed ~31% to Q3FY24 revenue). He will be based in New Jersey and report to Rishad Premji.

Top-level exits partly reflect limited success; execution improvement key to narrow down growth differential

Wipro has seen steady churn at the top level (8 CEOs) since the turn of the century, the highest among India-based IT services firms. These include Vivek Paul, Azim Premji, Girish Paranjpe and Suresh Vaswani (joint CEOs), TK Kurien, Abidali Neemuchwala, Thierry Delaporte, and now Srinivas Pallia. Wipro has underperformed its peers for a long time on account of poor execution, leadership churn, portfolio challenges, and mediocre M&A record. Wipro has done significant restructuring under Thierry’s leadership to simplify organizational structure, drive decision-making agility with empowered GAEs, strengthen relations with partner ecosystems, and augment capabilities with some bold M&As like Capco. Wipro has been seeing an influx of talent from various countries and companies along with the departure of long-standing Wipro veterans, which may have led to some cultural differences and a sense of disconnect within the organization. Srini is likely to garner better acceptance internally and take swift actions to arrest churn at senior levels and re-energise employee morale. We believe strong execution will address growth underperformance issues and Srini is likely to garner the required support from the rest of leadership team, founders, and the board to ensure swift corrective actions.

Brief about Srini Pallia

Srini joined Wipro in 1992 and has held many leadership positions, including President of Wipro’s Consumer Business Unit and Global Head of Business Application Services. Most recently, he served as the CEO for Americas 1. In this role, Srini led a wide range of industry sectors and was responsible for establishing their vision, as well as shaping and implementing growth strategies. Srini holds a bachelor’s degree in engineering and a master’s degree in management studies from Indian Institute of Science, Bangalore. He graduated from Harvard Business School’s leading Global Businesses Executive Program and the Advanced Leadership Program at McGill Executive Institute.

BMW India Launches Summer Service Campaign Across Indian Market

BMW India has announced the launch of BMW Summer Service campaign across its dealer network. This special initiative will be held across India and will ensure complete car readiness for the summer season.

Mr. Vikram Pawah, President, BMW Group India said, “At BMW, our aspiration is to ensure a relaxing ride, offering maximum comfort and peace of mind at all times. Proactive Care is our new service promise. ‘Sheer Driving Pleasure’ is guaranteed when you own a BMW. Regular service through preventive checks of vehicles ensures smooth functioning and performance of a BMW. This special service campaign is designed to identify and address all technical service issues, for a hassle-free drive during the harsh Indian summer season. With a dedicated team of trained technicians, specialised workshop technologies and original BMW Parts, we ensure you can enjoy relaxing journeys.”

BMW Summer Service camp is conceptualized to offer customers useful information and tips on effective vehicle management, on-time maintenance and overall understanding of BMW vehicles. The program provides customers with a complementary vehicle check and get basic Condition-Based Service performed on their cars ensuring that their beloved BMW is in top condition. The service is conducted by certified BMW technical experts. Customers can book prior appointments for car servicing at the workshop. Customers will also be able to check and update their personal details to receive special promotions and offers from their dealer.

Following are the Complimentary Services that will be carried under the BMW Summer Campaign:

- Free General Checkup

- AC Filter Check

- Air Filter Check

- Tyre Condition Check

- Up to 10% off on AC Fumigation

- Complimentary Battery Check

- Upto 25% off on labour on any AC related repair

- Upto 10% off on any VAS

BMW India regularly conducts periodic service campaigns across the country to ensure that a BMW is always ready. Cars older than 5 years would get a special discount under the “BMW Joy Rewards” campaigns. Assured engine oil service is also available at just INR 9,999.Details of the offer and other vehicle checks would be available at the service camps.

Tata Tea Chakra Gold Hosts Grand Finale of Suvarna Avakasham Contest With Rashmika Mandanna

~ Engages with Tata Tea Chakra Gold fans in Hyderabad over a cup of tea ~

Tata Tea Chakra Gold, the second largest tea brand in South India, celebrated for its rich taste in every sip, today concluded the highly anticipated Suvarna Avakasham Contest, a 90-day contest across Telangana, Andhra Pradesh, and Karnataka, in the presence of brand ambassador Rashmika Mandanna.

The "Suvarna Avakasham" initiative, which translates to “Golden Opportunity” in English, was more than just a celebration of tea; it encapsulated a celebration of moments, flavors, and the sheer joy of unexpected rewards. Consumers could engage in the contest by purchasing any offer pack of Tata Tea Chakra Gold and sharing the unique code found in the pack by giving a missed call or scanning the QR code on the pack, ensuring a hassle-free experience.

The culmination of the Suvarna Avakasham contest brought together 25 excited winners, accompanied by their guests to meet the actor who often reminisces her journey. The event by Tata Tea Chakra Gold provided the winners with a memorable opportunity to engage personally with Rashmika Mandanna, infusing an extra touch of glamour into their remarkable experience. Apart from the captivating meet and greet session with Rashmika, Tata Tea Chakra Gold also presented 500 lucky winners with exquisite gold coins as well.

At the heart of this memorable event was the spirit of Tata Tea Chakra Gold, serving as the enabler in making the meet and greet session with Rashmika Mandanna possible. As the chosen beverage of discerning tea lovers, Tata Tea Chakra Gold added warmth and connection to the gathering, fostering genuine interactions and cherished moments over cups of tea.

Reflecting on the success of the event, Mr. Puneet Das, President - Packaged Beverages, India & South Asia, Tata Consumer Products, shared, “Tata Tea Chakra Gold has continuously endeavored to delight consumers by addressing their evolving needs through innovation. We are thrilled to have Rashmika Mandanna join us today. Rashmika’s journey, from ordinary beginnings to becoming an iconic figure in the entertainment industry, perfectly mirrors the values of perseverance, authenticity, and quality that Tata Tea Chakra Gold embodies. Collaborating with Rashmika for the Survana Avakasham initiative amplified our brand's connection with the consumers. We believe this association will further deepen our connection with consumers, inspiring them to make choices that lead to a fulfilling life, much like Rashmika and the winners of our Suvarna Avakasham contest have done.”

Rashmika Mandanna, the brand ambassador for Tata Tea Chakra Gold, shared her excitement about the collaboration, stating, " I am a big tea fan. I feel my day hasn’t started till I enjoy my cup of Tata Tea Chakra Gold and it doesn’t get better than sharing a cup with my fans. Much like the remarkable winners of the Suvarna Avakasham contest, whose journey mirrors the values exemplified by Tata Tea Chakra Gold, I believe that authenticity, hard work, and the pursuit of excellence pave the path to success. Meeting my fans today has been an absolute delight, as their infectious excitement and unwavering support reaffirm the importance of staying true to oneself. I extend my heartfelt thanks to Tata Tea Chakra Gold for facilitating this memorable experience. As my choices have led to my success, I hope they inspire and guide you on your journey as well.”

Tata Tea Chakra Gold remains dedicated to its legacy of offering tea enthusiasts premium quality blends and creating moments of celebration through initiatives like the Suvarna Avakasham contest.

Flipkart Expands Its Footprint In Travel Offerings; Launches Bus Bookings On Its App

* With an availability of 10 lakh bus connections, Flipkart will operate 25,000+ routes across India

Flipkart, India's homegrown digital commerce ecosystem has announced the launch of bus services on its App. In collaboration with multiple state transport corporations and private aggregators,  Flipkart will offer customers the choice of choosing from  10 lakh bus connections with connectivity to 25,000+ routes across India. This is in addition to the flight and hotel booking services that have been available under the Flipkart Travel banner.

This launch is a step towards Flipkart’s plan to meet the evolving travellers’ needs in the segment. With immense synergy between the existing customer base of Flipkart and bus travelers in general, the company’s proposition to enable affordable travel will be a game changer in the competitive landscape. Redemption of Supercoins for Bus bookings is a unique value-added element that is available on Flipkart for new and existing customers.

Key features of the bus booking service on Flipkart include access to great deals, no convenience fees or hidden charges, offers through supercoins redemption up to INR 50 and a 24/7 voice helpline. As part of the launch offer, customers can enjoy a flat 15% off along with a 5% additional discount on SuperCoins for every bus booking made until 15 April 2024.

Speaking on this new development, Ajay Veer Yadav, Senior Vice President, Flipkart, said, “The addition of buses to Flipkart's wide array of services marks a significant milestone in our journey towards becoming the ultimate destination for all consumer needs including travel. With Flipkart’s strong presence in tier-2 and tier-3 markets, this move has enabled us to provide customers with a convenient and reliable solution for their inter-city travel needs. As a commitment to our customers, we will continue to serve them with value-added facilities, simplifying their travel experiences in the future.”

Flipkart Flights and Hotels have steadily been growing since its launch in 2019. With an extremely positive outlook for travel at an overall industry level, Flipkart will continue to provide value to consumers across the board.

About the Flipkart Group

The Flipkart Group is one of India’s leading digital commerce entities and includes group companies Flipkart, Myntra, Flipkart Wholesale, Flipkart Health+, and Cleartrip.

Established in 2007, Flipkart has enabled millions of sellers, merchants, and small businesses to participate in India's digital commerce revolution. With a registered user base of more than 500 million, Flipkart's marketplace offers over 150 million products across 80+ categories. Today, there are over 1.4 million sellers on the platform, including Shopsy sellers. With a focus on empowering and delighting every Indian by delivering value through technology and innovation, Flipkart has created thousands of jobs in the ecosystem while empowering generations of entrepreneurs and MSMEs. Flipkart has pioneered services such as Cash on Delivery, No Cost EMI, Easy Returns, and UPI. These customer-centric innovations focus on enhancing digital payment offerings for all customers while making online shopping more accessible and affordable for millions of Indians.

CredAble Achieves A Milestone Aggregate Throughput of USD 8 Billion Across Its Working Capital Finance Platforms

~ CredAble's annual aggregate throughput has grown by 128% in the last financial year

~ Aims to grow 2x by the end of FY25

~ Accelerated the average invoice period by 73 days and managed over 2.5 million invoices across its platforms

CredAble, India’s largest working capital tech platform, announced a record-breaking milestone aggregate throughput worth USD 8 billion for the financial year 2023–24. The company maintains an industry-leading average invoice period accelerated by 73 days, with over 2.5 million invoices processed on its platforms.

CredAble's licensed software serves over 125 large corporates, offering an end-to-end supply chain financing platform with multi-bank integrations. They also have long-standing relationships with key financial institutions globally. CredAble has implemented fully digital supply chain financing solutions for leading private banks in India. Further, its end-to-end digital underwriting system has been instrumental in streamlining the MSME lending process, significantly improving the unsecured business loans program for India's leading financial institutions.

Recently, the company secured partnerships with major banks across the MENA and APAC regions. By adopting CredAble’s advanced product stacks, the banks can unlock benefits including streamlined digitisation of onboarding, multi-faceted underwriting, and LMS processes.

Commenting on this milestone, Mr. Nirav Choksi, Co-founder and CEO of CredAble, said, “Presently, CredAble stands among the world's most trusted entities in the working capital financing space, delivering technology-enabled solutions. We've also partnered with global banks to implement end-to-end LOS and LMS platforms and to digitise their operations with our full-stack supply chain financing suite.”

Mr. Ram Kewalramani, Co-founder and MD at CredAble, said, “This milestone strengthens our commitment to pushing boundaries and shaping the future of working capital financing. Backed by our expanding team of industry specialists and global delivery frameworks, we aim to double our growth by the end of FY25.”

The company's operational framework is structured around distinct business verticals, each catering to specific needs, including licensed software tailored to support enterprises, suppliers, dealers, banks, and financial institutions. CredAble is set to release its low-code/no-code platforms, empowering global financial institutions with pre-built financial modules and integrations, ensuring unmatched deployment time for new banking products. Beyond financing, the company accelerates automation, leveraging existing integrations with leading ERP providers.

About CredAble:

Established in March 2017 by Nirav Choksi and Ram Kewalramani, CredAble is India's largest working capital technology platform enabling more than USD 8 billion annually in working capital for India Inc. which includes large, mid, emerging corporates, MSMEs, and financial institutions. CredAble’s platform hosts over 125 corporate customers, over 3,00,000 small business borrowers, and over 35 large financial institutions and banks. By leveraging technology built in-house, expertise in big data analytics, trade finance, and partnerships with capital providers, CredAble leads the working capital space while witnessing over 500% year-on-year growth.

Backed by well-known investors such as Oaks Asset Management, Plutus Wealth Management LLP, and Axis Bank Limited, the company was granted an NBFC (BBB Stable) license by RBI in 2019 and offers post-invoice discounting and other working capital finance products. Apart from catering to the financial needs of the SME segment, the company offers financial services through its platform products to customers such as Large Corporates, Mid-Market and Emerging Corporates, and Financial Institutions.

CredAble was recently awarded with the company of the year for best multi-cloud adoption along with best digital platform at the Bharat Fintech Summit 2024. Furthermore, it got recognised with Product Innovation of the year at SME Finance Forum 2023. CredAble also won the fintech startup of the year 2022 at The Asset Triple A Digital Awards 2022 followed by “The Best Banking Tech of the Year” at the Asia Fintech Award 2022 for building a tech stack that is robust & agile which has transformed the working capital landscape in the country.