Utkarsh Small Finance Bank opens its [700th branch] in Ulhasnagar, Maharashtra

Launches 9 Banking outlets, taking the count to 702 branches, across the Country

Ulhasnagar, July 30, 2022-: Utkarsh Small Finance Bank Limited (“Utkarsh SFBL” or the “Bank”), today announced the inauguration of its Ulhasnagar branch in Thane district- Maharashtra.  The bank inaugurated 9 banking outlets in all bringing the total branches to 702 branches across the country.  The 700th branch was inaugurated by Mr .Govind Singh, MD & CEO Utkarsh Small Finance Bank. .  With this, the Bank has reached 702 branches in 225 districts in the country spread across 22 states and union territories.

The launch of this branch in Ulhasnagar is aligned with the Bank’s strategy to extend its reach to offer various financial services. This includes wholesale lending, micro banking loans (JLG loans), MSME loans, housing loans, loan against property, commercial vehicle loans, commercial vehicles and construction equipment loans and gold loans along with current and savings accounts, fixed and recurring deposits, insurance and investment products to its customers.

Speaking on the occasion, Mr Parveen Kumar Gupta, Chairman, Utkarsh SFBL, said, "It is indeed a milestone for the Bank to have inaugurated its 700^th branching outlet in Ulhasnagar - the entrepreneurial hub of Thane district. The existence of our Branch will help pivot the financial requirements of the traders and entrepreneurs in this location which is known for its well-knit business community, that has been burgeoning over the years. We look forward to serve the community as well as the residential neighborhood with our services and products”.

Speaking on the inauguration, Mr. Govind Singh, MD & CEO, Utkarsh SFBL, said, “It’s a milestone for Utkarsh Small Finance Bank to have opened its 700^th branch. Maharashtra serves as a business and financial hub on various counts and it gives us immense pleasure to expand our footprint and inaugurate a milestone 700^th branch in this state. Ulhasnagar has been a hub of entrepreneurs that has significantly contributed towards the growth of trade and commerce. We are in a position to provide banking and financial services to these entrepreneurs. Our products and services are designed to cater to the needs of the general public across strata in Ulhasnagar”.

“The inauguration of the branch significantly improves the access to financial products that the Bank has to offer for the residents of Ulhasnagar. We look forward to expanding our presence in the city”, he added

Customers can now access banking services through multiple channels including banking outlets, ATM, internet banking, mobile banking, tab banking and call centre. As the Bank expands into newer markets and geographies, it continues to widen its customer base. The Bank provides facility to customers for opening a bank account without having to visit the branch through the tab-based application assisted model, “Digi On-Boarding”.

 

About Utkarsh Small Finance Bank Limited –

Utkarsh Small Finance Bank Limited (USFBL), incorporated on April 30, 2016, is engaged in providing banking and financial services with a focus on providing microfinance to the underserved and unserved sections of the country. The Bank’s lending activities are primarily focused in rural and semi-urban locations of the country while its other services are spread across the country. The Bank commenced its operations on January 23, 2017 pursuant to the small finance banking license granted by RBI on November 25, 2016.

 

The Bank extends microfinance loans based on Joint Liability Group (JLG) model to individuals, other retail asset loans including Micro, Small and Medium Enterprise (MSME) Loans, Housing Loans (HL), Personal Loans, Commercial Vehicle Loans, Construction Equipment Loans and Wholesale Lending to borrowers. 

 

The Bank offers a slew of digital services such as internet and mobile banking, Digi On-Boarding, UPI and an online account opening facility for clients, besides a range of ATMs and Micro ATMs for ease of transactions, amongst others.  The Bank is headquartered at Varanasi, Uttar Pradesh.

                                                                                                                                               

Utkarsh Small Finance Bank Limited is proposing, subject to receipt of requisite approvals, market conditions and other considerations, to make an initial public offer of its equity shares and has filed a draft red herring prospectus dated July 29, 2022 (“DRHP”) with the Securities and Exchange Board of India (“SEBI”). The DRHP is available on the website of the SEBI at www.sebi.gov.in as well as on the websites of the book running lead managers, ICICI Securities Limitedand Kotak Mahindra Capital Company Limited, at www.icicisecurities.com and www.investmentbank.kotak.com respectively, and the websites of the stock exchange(s) at www.nseindia.com and www.bseindia.com, respectively. Any potential investor should note that investment in equity shares involves a high degree of risk and for details relating to such risk, see “Risk Factors” of the red herring prospectus, when available. Potential investors should not rely on the DRHP for any investment decision.

 

The Equity Shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or any other applicable law of the United States and, unless so registered, may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. Accordingly, the Equity Shares are only being offered and sold outside the United States in 'offshore transactions' in reliance on Regulation S under the Securities Act and in compliance with the applicable laws of the jurisdictions where those offers and sales are made.

IDFC FIRST Bank Q1-FY23 Profit After Tax up 38% QoQ at Rs. 474 crore

Earnings

·         Net Profit grew to Rs. 474 crore in Q1-FY23 from Net Loss of Rs. 630 crore in Q1 FY22

·         NII grew by 26% on a YoY basis to reach Rs. 2,751 crore in Q1-FY23

·         Net Interest Margin improved to 5.89% in Q1-FY23 from 5.50% in Q1-FY22

·         Fee and Other Income grew by 100% YoY to reach Rs. 899 crore in Q1-FY23

·         Core operating income (excl. trading gains) grew by 39% YoY to Rs. 3,650 crore in Q1-FY23

·         Core operating profit (excl. trading gains) grew by 64% YoY and by 18% QoQ to reach Rs. 987 crore

·         Provisions other than tax were lower by 84% YoY basis at Rs. 308 crore in Q1-FY23 at 0.9% (annualized) of average funded assets.

 

Deposits

• Customer Deposits: Grew by 21% YoY to reach Rs. 1,02,868 crore
• CASA ratio: 50.04% as of June 30, 2022.

 

Assets

·         Funded Assets: Grew by 21% YoY to reach Rs. 1,37,663 crore. Retail Loan and Commercial loans grew to Rs. 1,01,309 crore, of which Home Loans grew by 61% YoY.

• Corporate Book (Non-Infrastructure) grew by 12% on YoY basis to reach Rs. 23,970 crore.
• Infrastructure Financing reduced by 35% YOY to reach Rs. 6,739 crore (reduced to 4.9% of funded assets)

 

Asset Quality

• Asset quality at Bank Level: GNPA and NNPA was at 3.36% and 1.30% respectively which is a YoY reduction of 125 bps and 102 bps and QoQ reduction of 33 bps and 22 bps respectively.

·         GNPA and NNPA of Retail and Commercial Finance book reduced to 2.12% (reduction of 174 bps YOY) and 0.93% (reduction of 89 bps YOY), (QoQ reduction by 51 bps and 22 bps) respectively

 

Capital Adequacy & Liquidity

• Capital Adequacy Ratio (incl. Q1 FY23 profits): Strong at 15.77%.
• Average Liquidity Coverage Ratio (LCR): Strong at 128% for Q1-FY23

 

Mr. V Vaidyanathan, Managing Director and CEO, IDFC FIRST Bank, said, “We have built a strong foundation for the bank, on the basis of which we can grow the loan book, deposits and profits comfortably from here on in a steady manner.

 

We have seen a steady growth of over 20% YoY, both on the lending side as well as the deposits side in Q1-FY23. Our ex treasury core operating profit has grown by 64% to touch nearly Rs. 1000 crore, which is a key landmark for us.  We have posted the highest ever Profit after Tax of Rs. 474 crore in Q1-FY23. Our return on assets has nearly touched 1% and we expect it to rise from here.

 

We are happy that even post the pandemic, our retail Gross NPA and Net NPA has reverted to 2.1% and 0.9% respectively which is our long-term experience. More importantly, the retail asset quality has normalized sooner than our earlier guidance of March 2023.”

  

Bank of Baroda announces Financial Results for the Quarter ended 30th June 2022

Key Highlights

• Bank of Baroda (BOB) Net profit for Q1FY23 grows by 79.3% to reach INR 2,168 crore

• Advances registered a strong YoY growth of 18% in Q1FY23 

• Organic Retail Advances grew by 23.2%, led by growth in high focus areas such as Home Loan (15.3%), Personal Loan (147.1%), Auto Loan (25.6%), Education Loan (20.5%)

• Domestic CASA ratio of the bank improved by 97 bps YoY to 44.18%.

• GNPA at 6.26% a reduction of 260 bps YoY 

• NNPA at 1.58% a reduction of 145 bps YoY in Q1FY23. 

• Provision coverage ratio (PCR) at 75.94% w/o TWO

• Net Interest Margins remains stable at 3.02% in Q1FY23. 

• Healthy Capital base – CRAR improved to 15.46% in Jun’22 from 15.40% in Jun’21

Business Performance

 Global Advances of the Bank increased to INR 8,39,785 crore, +18% YoY.

 Domestic Advances of the Bank increased to INR 6,95,493 crore, +15.7% YoY. 

 Global Deposits increased by 10.9% YoY to INR 10,32,714 crore. Domestic Deposits increased by 8.5% YoY to INR 9,09,095 crore in Jun’22.

 Domestic Current Account Deposits stands at INR 63,440 crore, registering a growth of 10% on a YoY basis. 

 Domestic Savings Bank Deposits grew by 11.1% to INR 3,38,182 crore. Overall Domestic CASA registered a growth of 10.9% on a YoY basis.

 Organic Retail loan portfolio of the Bank grew by 23.2% led by growth in Personal loan portfolio by 147.1%, Auto loan by 25.6%, Education loan by 20.5%, Home loan by 15.3% on a YoY basis.

 Agriculture loan portfolio grew by 14.4% YoY to INR 1,10,854 crore.

 Organic MSME portfolio grew by 11.1% YoY to INR 96,954 crore. 

Profitability

 Net Interest Income grew by 12% to INR 8,838 crore in Q1FY23.  

 Fee based Income for the quarter increased by 15.6% to INR 1,277 crore.

 Operating Income for Q1FY23 stands at INR 10,020 crore. 

 Cost of Deposits reduced to 3.46% in Q1FY23 as against 3.55% in Q1FY22. 

 Operating Profit for Q1FY23 stands at INR 4,528 crore.

 Core Operating Profit (ex-Treasury gains/losses and Interest on IT refund) grew by 11% YoY at INR 5,301 Cr in Q1FY23.

 Bank reported a standalone Net Profit of INR 2,168 crore in Q1FY23 as against a profit of INR 1,209 crore in Q1FY22.

 Global NIM stands at 3.02% in Q1FY23. 

 Return on Assets (RoA) improved to 0.68% in Q1FY23 from 0.42% in Q1FY22.

 Return on Equity (RoE) increased by 500 bps YoY to 13.63% 

 For the consolidated entity, Net Profit stood at INR 1,944 crore in Q1FY23 as against INR 1,187 crore in Q1FY22.

Asset Quality

 The Gross NPA of the Bank reduced to INR 52,591 crore in Q1FY23 from the level of INR 66,671 crore in Q1FY22 and Gross NPA Ratio improved to 6.26% in Q1FY23 from 8.86% in Q1FY22.

 The Net NPA Ratio of the Bank improved to 1.58% in Q1FY23 as compared with 3.03% in Q1FY22.

 The Provision Coverage Ratio of the Bank stood at 89.38% including TWO and 75.94% excluding TWO in Q1FY23.

 Slippage ratio decreased to 1.71% for Q1FY23 as against 3% in Q1FY22.

 Credit cost for the Q1FY23 stands at 0.75%.

Capital Adequacy

 CRAR of the Bank improved to 15.46% in Jun’22 from 15.40% in Jun’21. Tier-I stood at 12.97% (CET-1 at 11.24%, AT1 at 1.73%) and Tier-II stood at 2.49% as of Jun’22. 

 The CRAR and CET-1 of consolidated entity stands at 16.03% and 11.93% respectively

Business position

Particulars (INR crore) Jun 30, 2021 Mar 31, 2022 Jun 30, 2022 YoY (%) 

Domestic deposits 8,37,803 9,27,011 9,09,095 8.5

Domestic CASA 3,62,044 4,10,123 4,01,622 10.9

Global deposits 9,31,317 10,45,939 10,32,714 10.9

Domestic advances 6,00,970 6,84,153 6,95,493 15.7

Of which, retail loan portfolio (Organic) 1,19,729 1,40,399 1,47,535 23.2

Global advances 7,11,487 8,18,120 8,39,785 18.0

NIM Global % 3.04 3.08 3.02  

Financial result for Quarter ended 30th June 2022

Particulars (INR crore) Q1FY22 Q4FY22 Q1FY23 YoY(%)

Interest Income 17,053 18,174 18,937 11.0

Interest Expenses 9,161 9,562 10,099 10.2

Fee based Income 1,105 1,639 1,277 15.6

Net Interest Income (NII) 7,892 8,612 8,838 12.0

Operating Income 10,755 11,134 10,020 -6.8

Operating Expenses 5,154 5,499 5,492 6.6

Operating Profit 5,601 5,635 4,528 -19.2

Total Provisions (other than tax) and contingencies 4,006 3,736 1,685 -57.9

of which, Provision for NPA Bad Debts Written-off 2,557 5,200 1,560 -39.0

Profit before Tax 1,596 1,899 2,843 78.1

Provision for Tax 387 120 675 74.4

Net Profit 1,209 1,779 2,168 79.3

Key Ratios

Particulars Jun 30, 2021 Mar 31, 2022 Jun 30, 2022

CRAR (%) 15.40 15.68 15.46

Tier-1 (%) 13.06 13.18 12.97

CET-1 (%) 11.25 11.42 11.24

Gross NPA (%) 8.86 6.61 6.26

Net NPA (%) 3.03 1.72 1.58

PCR (with TWO) (%) 83.14 88.71 89.38

30th July, 2022 

Mumbai  

About Bank of Baroda  

Bank of Baroda (“The Bank”) established on July 20, 1908 is an Indian state-owned banking and financial services organization, headquartered in Vadodara (earlier known as Baroda), in Gujarat, India. Under the ‘Alternative Mechanism’ scheme, the Government announced the amalgamation of Vijaya Bank and Dena Bank with Bank of Baroda which came into effect on April 1, 2019. 

Bank of Baroda is one of India’s largest banks with a strong domestic presence spanning 8,163 branches and 11,475 ATMs and Cash Recyclers supported by self-service channels. The Bank has a significant international presence with a network of 94 overseas offices spanning 17 countries.  

Visit us at 

Website: www.bankofbaroda.com

Facebook:https://www.facebook.com/bankofbaroda/

Twitter:https://twitter.com/bankofbaroda

YouTube:   https://www.youtube.com/bankofbaroda

Instagram:https://www.instagram.com/officialbankofbaroda/  

LinkedIn:https://www.linkedin.com/company/bankofbaroda/   

For further details, please contact: 

Mr. Ian Desouza

Chief Financial Officer

Bank of Baroda 

Mumbai

Cfo.bcc@bankofbaroda.co.in

The 17th Annual FURA Retail Jeweller India Awards 2022 ‘Grand Jury Meet’ Unveils 400 + Win-Worthy precious jewellery pieces

After a Covid-break of two consecutive years, the Grand Jury Meet of the 17th edition of FURA Retail Jeweller India Awards 2022, India’s first recognition platform for Indian Jewellers, and the most prestigious awards, unveiled 400+ exquisite jewellery designs from top notch jewellery houses on 29th July at The Grand Hyatt, Mumbai. 

A yearly extravaganza of high jewellery and uncommon designs, this is where master jewellers showcase their design prowess to a distinctive panel of jurors, media and influencers. This year, as every year, the jury comprised of a select few individuals of longstanding professional experience from the worlds of art, fashion, media and business.

The jury had the honour of judging the latest masterworks of the Indian jewellery industry and make the final decision on top five finalists in 20 prize categories. In accord with the changing demographics of the consumers, the youth jury members represented a new voice for the evolving sensibilities of craft and design. The veterans, with their immense exposure to luxe lifestyle across the globe brought in the discernment of the finest degree while assessing the winning masterworks. 

Speaking at the Grand Jury Meet 2022, editor, The Retail Jeweller– India’s favourite business magazine for Jewellers and the organiser of The Retail Jeweller India Awards, said, “There is palpable excitement amongst jewellers about participating in the awards after a two-year gap. Jewellers have had to reimagine designs in the post–Covid era. The designs are imbued with greater value in terms of individuality, craftsmanship and usability.  The design submissions for this year reveal new rules of design that will meet the expectations of women in modern times.”

The Jury panel:

Nawaz Modi Singhania - Leading Fitness Trainer & Lifestyle Icon

Pria Kataaria Puri - Fashion Designer - Pria Kataaria Puri

Rina Dhaka – Fashion Designer

Suchhanda Chatterjee – Promotor Director Speciality Restaurant Ltd. & Producer Quest Films Pvt. Ltd. 

Sanjana Shah - Creative Director - Tao Art Gallery

Vaishali Shadangule - Fashion Designer, Vaishali S

Vidita Vithal Kamat - Kamat Group

About Retail Jeweller India Awards

Retail Jeweller India Awards has been overwhelmingly acknowledged as the undisputed yardstick for creative excellence for the Indian jewellery industry. The awards promise to bring to the fore the most Ingenious work of the Industry. Retail Jeweller India awards aims to create an opportunity for retailers to celebrate their creative brilliance and stake their rightful claim by showcasing their excellence in design and marketing at the most coveted and prestigious industry platform. 

Over the years, The Retail Jeweller India Awards has established itself as the most coveted, prestigious and the most sought-after awards for the Indian retail Jewellery industry. It has given a platform to showcase the creative brilliance of India’s leading and most renowned jewellery. The awards have attained the stature of Oscars for the jewellery industry.

About The Retail Jeweller

The Retail Jeweller – a bi-monthly business magazine for the jewellery industry. The magazine has been a runaway favourite business magazine of India’s jewellery retailer’s since its debut in 2004. Completely focused on the subject of jewellery retail, the magazine is well established as a thought leader in the industry.

V-Trans (India) Ltd elevates Mr. Mahendra Shah as the Chairman and Managing Director

Mumbai, July 29, 2022: V-Trans (India) Ltd, a preferred single window logistics solution provider announces the elevation of Mr. Mahendra Shah from MD to Chairman and Managing Director of V-Trans (India) Ltd group. 

A logistics veteran with 47 years of experience in the business, he had been instrumental in shaping the organization to its present scale and size. He is at the helm of things for the last 25 years, however, this enhanced role will add to his enthusiasm and zeal. 

Continuing the legacy, he will lead the long-term planning, business & expansion strategy, policy-making, providing direction to the board, and ensuring the longer-term objectives and priorities are taken forward. 

Commenting on his appointment as the Chairman and Managing Director, Mr. Mahendra Shah said, “I am glad for the enhanced role in leading the business, and I will endeavor to drive the company’s vision of providing logistics edge through efficient technologies and customized solutions, with added zeal. Being a family business the support of other family members, who are also the directors and board members, is very essential. We will work as a cohesive and collaborative team with the sole aim of delivering best-in-class integrated solutions that are customer-centric and lead to customer delight.” 

Earlier as the Group Managing Director, Mr. Shah, while steering the business and leading the organization, played the role of a “Change Agent”. Staying ahead of the game with his foresightedness and long-term thinking he ensured the growth of the organization and its evolution as per the changing business scenario. He trusts that in a manpower intense industry like logistics and transportation, human relationship, and service excellence are the key factors and Mr. Shah is a master at driving both.

Be it the brand image of the group, technology upkeep, T & D initiatives, business expansion, and all, he is the pioneering force behind all of these. Many of the initiatives are touted in the industry for being the best, and industry first. His untiring efforts on many fronts have earned the company many accolades and awards in various domains from overall logistics excellence, to training & developments to Sustainability and fair business practices etc.

Mr. Shah is a topper from the elite Rajkumar College, Rajkot, and a commerce graduate from Sydenham College, Mumbai. He is a health buff, an unvarying practitioner of Yoga & Meditation, a sports aficionado, and a leader with contagious enthusiasm.

About V-Trans (India) Ltd:

V Trans India Ltd is a preferred single window logistics solution provider. A 6-decade old company that has evolved from a traditional transport player to a national logistics solution provider company. 

V Trans group with its 3 business verticals, V Trans, V Xpress, and V Logis, provides all solutions of surface transport, multimodal express cargo movement, and warehousing & 3PL. Reach across the nation, the experience of diverse industry needs, and the solid ethical foundation provides V Trans group an unmatchable positioning. From small loads to ODC consignments, from single shipment to the requirement of full project handling or the complex 3 PL solution, our group has it all. 

Our intentions are to solve the business problems of our clients and to become their logistics edge. We consider our role more than a logistics service provider, and we act as a business partner to our clients.

Visit us – https://vtransgroup.com/

MAMAEARTH LAUNCHES EXCLUSIVE BRAND OUTLETS IN MUMBAI

Varun Alagh, CEO & Co-founder, Mamaearth and Ghazal Alagh, CIO & Co-founder, Mamaearth. Mamaearth Store launch in Mumbai

The new stores are located in Phoenix Market city, Kurla & Infiniti Mall s Malad

Mumbai, 29^th July’2022- Mamaearth, the fastest growing FMCG brand from the House of Honasa, launched its Exclusive Brand Outlets (EBO) in Mumbai at Phoenix Market City, Kurla and Infiniti Mall, Malad. The toxin free personal care brand will be retailing all the product ranges babycare along with beauty and personal care.

Being a consumer centric brand, that evolves along with its consumers, Mamaearth started as a toxin-free brand with babycare but due to consumer demand ventured into toxin-free personal care products for adults. Keeping a close eye on the consumers, with the increasing consumer demand for product availability offline, the brand decided to venture into offline formats. Understanding that exclusive brand outlets are a great way to communicate about the brand and its expanse of its offering, Mamaearth launched its exclusive brand outlets. The EBOs serve as a platform to induct the consumer into the brand ideology and giving an in-depth brand experience.    

The brand launched its first store in the capital city, they have launched 2 EBOs in Mumbai. The stores are present at two major locations of Mumbai: Infiniti Mall, Malad and Phoenix market city, Kurla with a spread of 380 sq feet and 197 sq feet area offering all 140+ SKUs of Mamaearth from skincare, haircare, personal care, and our new range of color care.

Commenting on the launch of the Exclusive Brand Outlet launch, Mr. Varun Alagh, CEO, Honasa Consumer Pvt. Ltd. Said, “Honasa Consumer is in the business of building brands and brands are built in the minds of the consumers. The mediums used to communicate with the consumers will continue to change and evolve. Being a digitally native company, digital platforms and technology are integral to our being, but the core objective is to stay connected with the consumer, and we need to follow the consumer’s journey. If the consumer wants to purchase you offline, you need to be present there. Understanding this need, we decided to venture into offline with Exclusive Brand Outlets and we truly wish that consumers show us the same love offline, as they did digitally.”

Mamaearth is a purpose-led brand that strongly believes in the principle of ‘Goodness Inside’ and is committed to furthering the goodness through its products and initiatives. Mamaearth believes that goodness starts with the small choices each of us make every day! The brand continues to live up to its belief by using only the best of nature and no toxins or harmful chemicals in their products. They are also animal cruelty-free, plastic positive, and have launched the Plant Goodness promise last year. As part of this, the brand links every order made on their website to a tree they plant and is set to plant 1 million+ trees by 2025.

-x-x-

ABOUT MAMAEARTH 

Founded by husband-wife duo Ghazal Alagh and Varun Alagh, Mamaearth is Asia’s first brand with  Made safe certified products that offer toxin-free; natural baby care, skincare, and hair care products.  Driven by innovation and using the best of science and ayurveda, the brand caters to all personal care  needs of young, aspirational, and increasingly conscious Indian consumers. In a short span of 5 years,  Mamaearth has created a product portfolio of 140+ products packed with goodness inside, has  reached over 5 million customers in 500 Indian cities servicing 14000 pin codes, and is the fastest growing FMCG start-up to hit a 500 Cr run rate in India. Mamaearth products are available on 

www.mamaearth.in, major eCommerce platforms like Amazon, Nykaa, Flipkart and over 30000 point  of sales across the country. 

ABOUT HONASA CONSUMER PVT LTD 

Honasa Consumer Pvt Limited (HCPL), is a digital-first consumer brands company creating the FMCG  conglomerate of the future. A company built on the values of Honesty, Natural ingredients and Safe  care, HCPL caters to the needs of millennial consumers through innovative products, evolved  propositions, direct to consumer marketing, and e-commerce fulfilment. Currently catering to over  500 cities in India with brands like Mamaearth & The Derma Co., HCPL is building an ecosystem that  helps benefit the consumers and community at large. Backed by Sequoia Capital India, Sofina SA,  Fireside Ventures, and Stellaris Venture Partners, HCPL is set to become a billion-dollar FMCG conglomerate in the next 5 years — spread across the globe but connected through a digital center of  excellence.

Swiggy announces permanent work-from-anywhere policy

July 29, 2022, Bangalore: Swiggy, India’s leading on-demand delivery platform has extended its Future of Work Policy and announced a permanent work-from-anywhere for majority of roles. The decision was arrived at based on team needs and feedback from several managers and employees who vouched for the flexibility and increased productivity working from home has given them in the last two years. Today, Swiggsters are working out of 487 cities in 27 States and 4 UTs across the country.

 

Under the policy, the corporate, central business functions and technology teams will continue to work remotely and converge once every quarter at their base location for a week to promote in-person bonding. The first Jamboree of the quarter was held in June 2022 and was a huge success with teams coming together after almost two years. Employees in partner-facing roles are however required to work from the office for a few days a week from their base locations.

 

“At the core of our Future of Work is Flexibility. Our focus was to enable employees with as much flexibility in their work life within the contours of their job. We observed global and local talent trends while also having our ears to the ground listening to the pulse from employees, managers and leaders. This led us to introducing ‘work from anywhere’ as a permanent option for employees giving them the convenience of flexible cycles of work and leisure wherever they may be. We will continue to actively invest in reimagining employee experience, innovations in work and workplace experience to build a truly remote-first organization”, said Girish Menon, HR Head at Swiggy.

 

Swiggy has always focused on purpose and passion – building a culture with a strong purpose to make a difference and passion to master the craft while nurturing a strong innovation mindset. Since 2020, Swiggy was among the first few organizations in the startup space to operate on a flexible working model for employees based on the nature of their work. Swiggy believes that the permanent work-from-anywhere policy will act as an enabler for its employees to work towards these goals.

 

 

About Swiggy: 

Founded in 2014, Swiggy is India’s leading on-demand convenience platform with a vision to elevate the quality of life for the urban consumer by offering unparalleled convenience. It connects consumers to over 2,00,000 restaurant partners and stores in over 500 cities. Its quick commerce grocery service Instamart is present in 29 cities. Using innovative technology, Swiggy provides a hassle-free, fast, and reliable delivery experience. Every order delivered by Swiggy’s delivery partners, ensures a host of customer-centric features like lightning-fast delivery, no minimum order value, live order tracking, and 24/7 customer support.

discovery+ in partnership with Neeraj Pandey and Manoj Bajpayee uncovers India’s untold story around the mystery of the world’s most precious diamond- ‘Kohinoor’ with its upcoming title – ‘Secrets of the Kohinoor’

 

~The second chapter from the fan-favorite franchise ‘Secrets’ docuseries premieres exclusively on discovery+ starting Thursday, Aug 4, 2022 ~

~Enriched with opinions from experts including Parliamentarian and Author, Dr. Shashi Tharoor, Historian Irfan Habib, renowned Archaeologist K.K.Muhammedand, Adv. J Sai Deepak and Prof. Farhat Nasreen amongst others, the docuseries sheds light on the history and the importance of one of the largest cut diamonds in the world, the Kohinoor~

Mumbai, 28th July 2022: For centuries, dark secrets and mystery shrouds one of the most beautiful and largest cut diamonds in the world- the Kohinoor. Retracing the story and controversies around what is inarguably India’s most prized possession that was wrongfully snatched during the British rule, discovery+ comes together with acclaimed director Neeraj Pandey – Friday Storytellers and the versatile National Award and Padma Shri-awardee Manoj Bajpayee for a fascinating docuseries in the ‘Secrets’ franchise, titled ‘Secrets of the Kohinoor, premiering on August 4, 2022. 

After the roaring success of ‘Secrets of Sinauli: Discovery of the Century’, discovery+ is expanding the ‘Secrets’ franchise to showcase one of the most contentious debates on the origins and ownership of the illustrious jewel. The docuseries uncovers aspects like how, over the years, since its discovery, the weight of the diamond has been slashed down to less than six times its original weight; or that the Kohinoor, which we want to call our own, might not be the same diamond Emperor Babur mentioned in his memoir. Featuring Parliamentarian and Author, Dr. Shashi Tharoor, Historian and AMU, Irfan Habib, Dr. Adrienne Munich, Prof. Farhat Nasreen, K. K. Muhammed, Dr. Manvendra Kumar Pundhir, Navtej Sarna, J Sai Deepak, Dr.Danielle Kinsey, Dr.Miles Taylor and Master Diamond Polisher Ms.Pauline Willemse. 

Directed by Raghav Jairath, the docuseries also uncovers the stories of multiple rulers and their insatiable desire for the Kohinoor which led to significant and very bloody wars, triggered agonizing mind games, and empowered rulers and ruined dynasties whilst exploring stories of powerful emperors whose lives intertwined with the diamond in unfathomable ways. Just like the Kohinoor with its timeless allure, Secrets of the Kohinoor through its sharp storytelling and creative treatment is expected to be just as riveting, serving as a guiding reference for enthusiasts, general audiences, and history connoisseurs in the years to come.

Speaking about the docuseries, actor Manoj Bajpayee, said, “The opportunity of presenting this particular series in the franchise has been a uniquely satisfying and a learning experience for me, and for that, I am truly grateful to discovery+ and Neeraj Pandey. This project marks my second collaboration with them. Despite being talked about for years, there are many facts about the Kohinoor that were unknown to me, and I am certain, they would be unknown to a majority of the world as well. The revelations made in the documentary took me by surprise and I cannot wait for viewers to explore this untold story and be just as surprised.”

Creator Neeraj Pandey, added, “The unseen, disguised and unknown historical facts have always intrigued and fascinated me to delve deep into the subject. After the amazing response to Secrets of Sinauli, the idea to explore the mystery of the Kohinoor excited us as it has been one of the most talked about diamonds in the history of time.” He further adds, “Our partnership with discovery+ has been great at bringing alive stories that are bigger, better, and bolder. Moreover, it is always a pleasure to work in collaboration with Manoj, who is a master of his craft and has taken the show to a whole new level with his striking storytelling expertise. The robust research, peppered with inputs from renowned scholars and experts, digs deep into the story of Kohinoor to surface lesser-known facets of its journey whilst narrating the importance of bringing it back to its homeland.”

Sai Abishek, Head of Factual & Lifestyle Cluster- South Asia, Warner Bros. Discovery, shared, “We’re pioneering the history genre with our distinctive offerings that appeal to audiences across age groups. We have added another Indian Originals IP to our already expansive history genre on the platform with the growing ‘Secrets’ franchise. Following the massive success of ‘Secrets of Sinauli: Discovery of the Century’, we realized the tremendous potential in the subject and thereby built on the successful collaboration with Neeraj Pandey and Manoj Bajpayee. The captivating history of Kohinoor and its unexplored aspects are even more prevalent now and need to be known by audiences across the globe.”

India’s untold story- ‘Secrets of the Kohinoor’ hosted by Manoj Bajpayee, will stream exclusively on the discovery+ platform starting Thursday, August 4, 2022. 

Link to the Trailer - https://youtu.be/O_1mIMDG0JU 

About discovery+ 

‘discovery+’, an exciting D2C streaming app is launched to satiate the unmet need of a differentiated product, offering premium real-life entertainment. Priced competitively at INR 399 per annum, the app is developed and curated specifically for India. Discovery+ offers thousands of hours of exclusive content across 55+ genres, including Science, Adventure, Food and Lifestyle, in 7 languages including Hindi, English, Tamil, Telugu, Malayalam, Kannada and Bengali. The premium subscribers have access to a pool selection of never-seen-before Premium Discovery titles, must-watch documentaries, India originals and exclusive acquisitions. Free users of the app have access to all-time favorites from the Discovery library.

Press Meet on 28th July 2022 at 12:00 hrs regarding launch of Express Cargo Service (Rail Post Gati Shakti Express Services)

 

Today Press meet in respect of launch of Express Cargo Service (Rail Post Gati Shakti Express Service), was conducted at Conference Hall, 1st Floor, GPO Building, Mumbai-400 001, Ms. Veena R. Srinivas, Chief Postmaster General, Maharashtra Circle briefed the media regarding the new initiatives of Department of Post and the future prospects of logistics in Maharashtra Circle. Shri. G V L Satya Kumar, DRM, Western Railways discussed about the extension of join collaboration throughout Maharashtra and beyond. Shri Amitabh Singh, Postmaster General (Mails & BD), brief the media about the operational details of Express Corgo Service.

To provide seamless connectivity for the Logistic movement of Goods & Parcel the “Rail Post Gati Shakti” is a major initiative by Govt. of India.

Department of Posts in collaboration with Indian Railways has developed a customized Logistics solution for e-Commerce players and MSMEs. The product is named as “Express Cargo Service”.

Today the First consignment of Express Cargo Service was despatched from Mumbai Central Railway Station at 5.45 hrs through Gujarat Express, Train no. 22953. The consignment was flagged off by Smt. Veena R Srinivas, Chief Postmaster General, Maharashtra Circle and Shri. G V L Satya Kumar, DRM, Western Railways. Shri. Amitabh Singh, PMG (Mails & BD) coordinated the operations between Department of Posts and Indian Railways.

The launch of this product will be beneficial for timely delivery of goods & cargo from the Industrial Hubs located in Mumbai, Navi Mumbai, Surat, Vadodara & Ahmedabad Regions.

YAS LINKS ABU DHABI TO HOST ‘4MOLES.COM GOLF RENDEZVOUS’ FINALE

One of top-ranked city golf courses in the world to welcome 55 finalists of the Asian luxury golf tour in November

India, 28th June 2022: 4moles.com, Asia’s biggest golfing platform, in collaboration with the Department of Culture and Tourism – Abu Dhabi (DCT Abu Dhabi), will host the final leg of the 4moles.com Golf Rendezvous in the UAE capital. The well-known Asian luxury golf tour will conclude at Yas Links Abu Dhabi in November this year after completing seven tournaments in India.    

Aimed at CXOs and corporate leaders, the finale allows participants to experience a top-rated golf destination outside India. Over 840 golfers are expected to participate in the tour this year and 55 winners from the seven tournaments held in India will travel to Abu Dhabi for the finale. The finalists will get to practice a round at the breathtaking Par 72 Saadiyat Beach Golf Club before they tee off at Yas Links Abu Dhabi - which was voted one of the world’s top city golf clubs by CNN Travel - for the grand finale. 

HE Saleh Mohamed Saleh Al Geziry, Director General for Tourism, DCT Abu Dhabi, said: “Abu Dhabi is excited and proud to host the tour’s finale and look forward to extending our warm Emirati hospitality to the finalists on Yas Island. The UAE capital is home to spectacular golf courses and Yas Links Abu Dhabi, the region’s first true links golf course, has breathtaking views of our city and shoreline. We are equally excited to be able to share our entertainment attractions and cultural hotspots with the finalists and the spectators, and we are confident every visitor to the emirate will find a destination that is exciting, restorative and culturally inspiring.”

Dinesh C. Thakur, Founder and CEO of 4moles.com, said: “Our core philosophy – a commitment to excellence and innovation – has remained steadfast since the beginning. As we celebrate 15 years of pioneering technologies and services in the golf terrain, we’re happy that we’ve been able to turn our dreams and goals into actionable strategies. The golf extravaganza continues to grow from strength to strength and garner large numbers of elite participants. The previous editions have seen stupendous response and like every edition, this year too we will see participation from the crème de la crème of corporate golfers, leaders from the golf industry, invitees of sponsors and also some national team players.”

Liam Findlay, CEO of Experience Hub, said, “We are thrilled to host the finals at Yas Links Abu Dhabi, one of the crowning jewels of Yas Island. With sporting events like this, we not only hope to strengthen our existing relationship with the Indian market, but also showcase Yas Island as one of the leading sports destinations and engage with golf enthusiasts from across the region.” 

Designed by renowned course architect Kyle Phillips, Yas Links Abu Dhabi is the first true links golf course in the Middle East. The Par 72 championship course stretches 7,450 yards, while a nine-hole Par 3 academy course, floodlit practice facilities and a luxurious clubhouse further complement the offering. 

“We are confident that everyone will have a memorable experience competing at Yas Links,” Findlay added.

As a leading sports hub in the region, Abu Dhabi holds a successful track record of hosting several high-profile and premier sporting events over the years, including the F1 Abu Dhabi Grand Prix, Mubadala World Tennis Championship and the ICC Men's T20 World Cup. 

For more information about Abu Dhabi, please visit https://visitabudhabi.ae/  

-ENDS-

Notes to the editor:

4moles.com Golf Rendezvous 2022 Schedule:

CITY GOLF COURSE MONTH

Mumbai Willingdon Golf Club June

Mumbai Willingdon Golf Club June

Bangalore KGA July

Bangalore KGA July

Pune Oxford Golf Resort August

Greater Noida Jaypee Greens October

Gurgaon Classic Golf and Country Club October

Abu Dhabi Yas Islands Golf Links November

About the Department of Culture and Tourism – Abu Dhabi:

The Department of Culture and Tourism – Abu Dhabi (DCT Abu Dhabi) drives the sustainable growth of Abu Dhabi’s culture, tourism and creative sectors, fuels economic progress and helps achieve Abu Dhabi’s wider global ambitions. By working in partnership with the organisations that define the emirate’s position as a leading international destination, DCT Abu Dhabi strives to unite the ecosystem around a shared vision of the emirate’s potential, coordinate effort and investment, deliver innovative solutions, and use the best tools, policies and systems to support the culture and tourism industries.

DCT Abu Dhabi’s vision is defined by the emirate’s people, heritage and landscape. We work to enhance Abu Dhabi’s status as a place of authenticity, innovation, and unparalleled experiences, represented by its living traditions of hospitality, pioneering initiatives and creative thought.

For more information about DCT Abu Dhabi and the destination, please visit tcaabudhabi.ae and visitabudhabi.ae  

 

For Abu Dhabi Calendar, please visit inabudhabi.ae  

About 4 Moles:

A brand subsidiary of Goldfish Information Technologies (P) Ltd, 4moles.com is Asia’s first golfing community and a media portal providing a complete portfolio of services that a golfer would need under a single roof. The company has become a first-mover, an influencer and a preferred name in the golfing industry. With 75,000+ golf members, 4moles.com stand to be Asia’s largest community that connects golfers. Goldfish is an India and Thailand registered company. They work with over 400 brands for targeted advertising and digital sponsorships.

About Yas Island:

Yas Island is one of the world’s fastest growing leisure and entertainment destinations, located on the golden shores of Abu Dhabi - just 20 minutes from downtown Abu Dhabi and 50 minutes from Dubai.  Yas Island offers holiday makers a diverse mix of award-winning leisure and entertainment experiences, from one-of-a-kind theme parks, world-class shopping and superb dining, to a links golf course, exciting water and motor sports, and spectacular musical, entertainment and family events… all within the 25 sq km Island. Today, Yas Island is home to the award-winning theme parks Ferrari World Abu Dhabi, Yas Waterworld Abu Dhabi, Warner Bros. World™ Abu Dhabi, the record-breaking CLYMB™ Abu Dhabi, Yas Marina Circuit (home to the FORMULA 1 ETIHAD AIRWAYS ABU DHABI GRAND PRIX™), Yas Marina, the award-winning Yas Links golf course, as well as Abu Dhabi’s largest mall, Yas Mall, Yas Bay Waterfront - Abu Dhabi’s vibrant day to night destination featuring Pier71, a three-kilometre Boardwalk, and a variety of world-class dining, leisure and entertainment brands.  With ten hotels, including W Abu Dhabi - Yas Island, Hilton Abu Dhabi Yas Island, The WB™ Abu Dhabi, the World's first Warner Bros. themed hotel, DoubleTree by Hilton Abu Dhabi Yas Island Residences, Crowne Plaza Yas Island Abu Dhabi, Yas Island Rotana, Centro Yas Island by Rotana, Radisson Blu Hotel Abu Dhabi Yas Island, Park Inn by Radisson Hotel Abu Dhabi Yas Island and Staybridge Suites Abu Dhabi Yas Island,  plus more than 165 dining experiences, the destination also features indoor and outdoor concert venues including WHITE Abu Dhabi and Etihad Arena - all of which are complemented by a range of visitor services that connect all attractions to one another.

IKEA’s third store in Mumbai opens tomorrow at R CITY, Mumbai

IKEA R CITY is the first in mall store in India

Mumbai, Maharashtra, 27th July 2022: IKEA (part of the Ingka Group), the world’s leading Swedish home furnishings retailer will open the doors to its third store in Mumbai at R CITY Mall,at 11:00 a.m. on Thursday July 28, 2022. The IKEA R CITY Store is IKEA’s fifth store in India.

IKEA started its retail journey in Maharashtra with the launch of its e-commerce services in 2019 followed by Navi Mumbai store launch in 2020 and IKEA’s first city store in Worli in 2021. With a planned investment of INR 6000 crores in Maharashtra, IKEA is expecting to attract close to 4 million visitors this year in Mumbai.

Spread across 72000 sq. ft., IKEA R CITY offers over 7,000 well-designed, affordable, good quality, functional, and sustainable home furnishing products. Customers will be able to place orders for 5000+ products that will be delivered to them, and they can buy 2000 products directly from the stores. The store will have the iconic 15 room sets for ideas and inspirations to live a better life at home. These room settings are inspired by the life of home in Mumbai.  The store will also house a 150-seater restaurant serving a mix of Swedish and Indian delicacies with many vegetarian options to choose from.

Susanne Pulverer, Chief Executive Officer & Chief Sustainability Officer at IKEA India said, “IKEA R CITY is a great example of our commitment to become more accessible, affordable and sustainable for the many people.  With our growing retail presence, Maharashtra becomes the strongest omnichannel presence market in India with a big format store, city stores and online platforms for our customers to shop from IKEA. We continue to stand by our vision ‘to create a better everyday life for the many people.’ We are happy to come closer to customers and showcase our home furnishing offerings and solutions to live a better life at home.”

Alan Buckle, Customer Meeting Point Manager, IKEA R CITY, said, “We are really excited to welcome the many people of Mumbai to our new IKEA store in R CITY. IKEA aims to offer home furnishing solutions that match the aspirations and dreams of the many people of Mumbai for a better everyday life at home. With the opening of our third store in Mumbai, we are now coming even closer to the homes of many more people and love to inspire them with great solutions for living in small spaces, living with children and also for organizing their living. With our unique and affordable IKEA range we aim to meet the needs and dreams of the whole family with our home furnishing offer for everyone.”

IKEA has employed 180 co-workers with 76% local coworkers and plans to hire more people from the local neighborhood. IKEA truly believes that it will create the best work environment for its many coworkers, offering equal pay and growth opportunities for all. With IKEA’s focus on local sourcing IKEA is working with 12 local suppliers in Maharashtra for food and home furnishing products.

ABOUT INGKA GROUP

Ingka Group, the largest IKEA franchisee operates 469 IKEA stores, shops, and planning studios in 63 markets, 47 Ingka Centres meeting places. With over 5 billion visits online and 775 million IKEA store visits, IKEA is truly reaching out to many more people in an omnichannel way. The Ingka revenue for FY21 is close to 42 billion euros. We are taking bold steps across our business to help achieve the IKEA commitment to become a climate positive and circular business by 2030. EUR 6.5 billion has been committed as investments in renewable energy. 

About IKEA India  

IKEA is growing in India. India is a prioritized market for the Ingka group for future growth. Our ambition is to reach many more people in India through a strong omni channel presence. We are today online in Mumbai, Pune, Hyderabad, Gujarat and Bengaluru. Three big format IKEA stores are operational in Hyderabad, Navi Mumbai and Bengaluru. A city center store opened in Mumbai in Dec 2021 and another one will open in 2022. Along with Retail, IKEA Purchasing, IKEA Foundation, IKEA investment, Ingka centres, Global Business operations (GBO) and other entities are investing in India to create an even bigger impact as ONE IKEA. IKEA remains invested and committed to India. IKEA has been sourcing from India for close to 40 years working with around 65 suppliers, 48,000 direct employees and 500,000 people in the supply chain in India producing for IKEA stores worldwide.

HSNC (State Cluster) University, Mumbai launches M.A. in Liberal Studies

University to offer the programme in its new Worli campus, admissions are now open

Mumbai, 27th July, 2022: HSNC (State Cluster) University comprising H.R. College; K.C. College; and Bombay Teachers’ Training College launches a two-year post-graduate degree in Liberal Studies. The programme, a one-of-a-kind intersdisciplinary programme is offered under the School of Interdisciplinary Studies. The admissions are now open for graduates across all disciplines and streams. The programme will be offered by the University starting Academic Year 2022-2023 and the first cohort will be of maximum 60 students.

The programme, M.A. in Liberal Studies, envisages the idea of holistic and integrated learning aimed at breaking disciplinary silos between pure sciences, social sciences and humanities. The programme seeks to re-imagine learning in ways that foster intellectual curiosity, ability to raise critical questions and most important to develop a sense of social justice, equity and empathy while engaging with complex global realities. The programme will also inform the students with multiple and holistic perspectives drawn from different disciplines so as to produce a richer understanding of complex social realities.

Across the two years (four semesters), the curriculum will cover both teaching and practicum courses. Some courses offered are: Design Studies, Science Studies, Gender and Women Studies, Audio and Visual, Development Studies, Culture Studies, Environmental Studies and more. The programme will also offer a strong research component through dissertation/thesis. Faculties from across disciplines, trained and experienced in interdisciplinary and transdisciplinary studies with their innovative pedagogic tools will enable a cohesive learning.

The programme is designed keeping in mind the global developments in liberal education and the local demands for transdisciplinary and interdisciplinary methods and approaches. On the launch of the programme, Dr Hemlata Bagla, Vice-Chancellor, HSNC University, says, “Globally, liberal education is propounded as a directionary tool for critical and analytical growth. With its critical and interdisciplinary ethos, it has brought about changes in disciplines and universities across the globe. Covid-19 and Climate Change have only proved the importance of interdisciplinary contextualization of social and national issues. The demand - both local and global - for graduates with inter and trans disciplinary skills is huge. The National Education Policy, 2020 has only concretised this need. The graduates will be employable in Academia and Higher Education, Research, development sector, public policy and think tanks, psychology, public health, journalism and communication, design, software and technology industry and more.”

The University centres social inclusion and diversity and urges marginalised aspirants across caste, religion, gender, sexuality, disability, geography to apply. Need-based fee-waiver will be provided to all applicants in need. 

About HSNC (State Cluster) University, Mumbai: HSNC University was established in 2020 under the Rashtriya Uchater Shikshan Abhiyan (RUSA) of Government of Maharashtra. The University comprises H.R.College, K.C.College and Bombay Teachers’ Training College. At present, it has three campuses, one each in Churchgate, Colaba and Worli.

Child Enrolment Lite Client (CELC ) service of Postal Department for enrolment of children upto 5 years of age to Baal Aadhaar

India Post Payments Bank (IPPB) is a subsidiary of India Post. IPPB is launched to provide basic banking facilities of Savings and current account through the vast network of Department of Posts to unbanked and underbanked population with motto of Accessibility, Affordability and Trust. 

For value addition the bank is providing various services like remittance, Life insurance and General insurance, utility bill payments etc. 

Apart from the above, the IPPB is also providing the service of CELC (Child Enrolment Lite Client) through which two major services are provided :-

1. Updation of Mobile and Email of a citizen.

2. Child enrolment to Aadhar (Baal Aadhaar) for children upto 5 years of age.

For providing these services, Postmen and Branch Post masters/ Gramin Dak Sevaks (GDS) are equipped with smart phones and portable Biometric devices with CELC apps installed in it. As of now 6,500 Postmen and Gramin Dak Sevaks in Maharashtra and Goa  are onboarded to provide CELC services. 

From April 2022 to till 25th July Maharashtra Circle has provided this service to 7.86 Lakh citizens including 1.08 lakh Baal Aadhaar. 

To promote this service across state, the Maharashtra Postal Circle has approached the 'State Government - Women and Child Development Department' to promote this service across the State. There are 1.08 lakhs Anganwadis in Maharashtra where camps are arranged for providing Baal Aadhaar to the children.

Made in India technology of Near-Infrared Imaging(NIFI) used for the first time in India for thyroid surgery by the CK Birla Hospital®

Delhi, 27th July 2022: Furthering the commitment to strengthening delivery of global standards of clinical excellence, the CK Birla Hospital®, recently treated a 59-year-old male patient for large thyroid swelling (goiter). The patient was suffering from thyroid swelling for many years and with time the entire right neck was affected, causing difficulty in neck movement. The patient had delayed the surgery for many years as he was apprehensive about the results and post-surgery complications. 

In thyroid surgeries across the best centers in world there is approximately 25% chance of calcium derangement due to accidental removal or injury to parathyroid glands (which control calcium levels in the human body and lie very close to thyroid gland) & 8% chance of injury to voice nerve i.e. Recurrent Larangeal Nerve also positioned just below the thyroid gland. 

Upon examination of the patient, Dr Mandeep Singh Malhotra, Director, Surgical Oncology, CK Birla Hospital®, and his team recommended thyroidectomy treatment using NIFI and nerve monitoring. NIFI uses Infra red technology to identify and preserve the parathyroid glands during thyroid surgery.  The use of NIFI offers significant benefits to patients by reducing the post thyroid surgery calcium derangement to <1%. The use of nerve monitor helps in identifying and preserving the voice nerve.

Commenting on the case, Dr Mandeep Singh Malhotra, Director, Surgical Oncology, CK Birla Hospital® said, "This technology was earlier available from abroad thus making it an expensive treatment option; but it is now available in Delhi, India at the CK Birla Hospital®, thus making treatment safer, accessible and affordable for Indian patients. A total of six thyroid surgeries have been performed using this advanced technology; three patients had thyroid cancer and three had large colloid goiters. All six patients had no calcium derangement post surgery.’

Near infrared imaging is an effective technology for identifying the parathyroid gland during surgery. With its availability in India, better clinical outcomes can be offered to patients. Adoption of this technology by the CK Birla Hospital® is a step towards the Make in India initiative by the Government of India.

Speaking on the occasion, Mr. Akshat Seth, Chief Executive Officer, CK Birla Healthcare, said, "We are committed to achieving our goal of providing global standards of healthcare by using advanced medical innovations and techniques for exceptional patient outcomes. The development of this medical technology in India is extremely helpful in saving lives. This case, like many others, is testimony to our legacy of delivering high-quality healthcare services.”

"Our centre at Delhi, Punjabi Bagh aims to take forward clinically reliable and patient-centric care that we stand for. The success of this case has been a milestone for us, reaffirming our state-of-the-art medical infrastructure and technology, clinical excellence, and our dedicated team of experts, said Mr. Vipul Jain, Chief Business Officer, CK Birla Hospital®.

About the CK Birla Hospital®:

The CK Birla Hospital® aims to transform the provision and culture of healthcare in India. It is a chain of world-class institutions focused on the healthcare needs of the family delivered with warmth, responsiveness, and sensitivity. The chain operates state-of-the-art, multispecialty centres in Delhi and Gurugram that offer exceptional clinical care in an ethical, compassionate, and patient-led environment. The core clinical specialities include Mother & Child, Advanced Surgical Sciences, Oncology, Orthopaedics, Family Health and Critical Care. 

It is a part of the $ 2.4 billion diversified CK Birla Group that has been at the forefront of serving India’s healthcare needs for over 50 years. Other healthcare establishments of the group include Calcutta Medical Research Institute & BM Birla Heart Research Centre in Kolkata, Rukmani Birla Hospital in Jaipur and Birla Fertility & IVF, a fast-growing national chain of fertility clinics. 

For more information, visit: https://www.ckbhospital.com

Despite headwinds, homebuyers depict optimism to buy properties in MMR: TruBoard Partners & CREDAI-MCHI’s House Purchase Sentiment Index

2 out of 3 buyers want to purchase a home in the next 3 to 6 months as they believe prices of properties will rise 

Mumbai, 27 July 2022: After establishing a strong momentum by the end of 2021, the current year has also built on the tide as homebuyers continue to stay optimistic despite the headwinds in the global economy. As per the House Purchase Sentiment Index (June 2022) released by CREDAI MCHI and TruBoard Partners, highlight 47% of prospective homebuyers in the Mumbai Metropolitan Region (MMR) are optimistic to purchase a home at the earliest predicting increased rates of loan and other commodities. The House Purchase Sentiment Index dipped by 9.5% quarter on quarter in Q1 FY23 compared to the previous quarter, but it still depicts optimism with a score of 65.5, above the pessimism threshold of 50. While rising policy rates have dented consumer sentiment compared to the previous quarter, 2 out of 3 home buyers surveyed expected prices will rise but also were certain to buy a home in the next 3-6 months. However, due to the quarter-on-quarter dip in optimism, the probability of sales conversion will remain strong in the next 6 months but may not surpass the robust momentum of H2 of FY22, owing to inflationary factors and sustained hikes in repo rate.

Despite affordability constraints like expected price rise and higher mortgage rates, homebuyers depict optimism encouraged by reviving economic outlook and higher future earnings potential. The Index indicates diversified opinions across various regions within MMR. Consumers in Eastern suburbs were the most optimistic while those in South Mumbai were most cautionary in their plans to buy a home in the next 3 to 6 months. 

Credai-MCHI’s President, Mr. Boman Irani stated, “The House Purchase Sentiment Index report truly highlights the industry’s resilience in the face of adversities. Despite uncertainty globally real estate in India continues to be the prime avenue to safeguard investments as homebuyers in MMR expect home loan rates to rise but will be banking on the stability of the real estate market’s performance over generations. Due to the current stock market fluctuations, physical assets like real estate are much more stable which has enabled salaried individuals to be more likely to invest in a home. Currently, buyers in Thane are more resilient towards planning purchases than the rest of MMR. CREDAI-MCHI is constantly working with the Government for better and evolving policies to help the real estate sector. 

Supporting stakeholders in India’s corporate and retail lending and investment ecosystem, Mr. Sangram Baviskar, MD – Real Estate, TruBoard Partners said, “The report highlights the perspective of prospective homebuyers, which has become a critical aspect now given the recent price hikes, increased repo rate, and loan rates. 1 out of every 4 customers aged 40-50 years who expect  prices and interest rates will go up in the next 6 months, are planning to buy a home, given the next few months seem like a good opportunity for the homebuyers. Despite future challenges, MMR will continue to grow. 

The report also hints at the high probability of low-risk buyers (aware of rising prices and loan rates and yet are planning to buy a home) closing deals in areas like BKC, Chembur, Lower Parel, and Powai which are emerging micro markets of MMR. In Chembur, 48% of prospective buyers are low-risk buyers while in BKC the percentage stands at 32%. Basis the industry trends and highlights of the report, CREDAI-MCHI anticipates that businessmen in eastern suburbs and Thane are more prone to this trend, compared to any other regions in MMR. Salaried people are more optimistic than business owners, however, business owners appear to have moved to the fence to gauge. 

About House Purchase Sentiment Index

The Index is based on a quarterly survey of 750 respondents. The survey questionnaire is designed by TruBoard and the surveys are executed on the field by MCHI. The survey is conducted by property sales agents across major residential sites in MMR. A score below 50 depicts pessimism among home buyers with majority respondents believing they will not buy or are uncertain about buying in the next 3-6 months. A score of 50 or above depicts optimism with majority respondents planning to buy a home in next 3-6 months.

About CREDAI-MCHI

CREDAI-MCHI is an apex body consisting of members from the Real Estate Industry in the Mumbai Metropolitan Region (MMR). With a strong Membership of over 1249 leading Developers in Mumbai, CREDAI-MCHI has expanded across MMR, having its own units in the region of Thane, Kalyan-Dombivli, Mira-Virar, Raigad, Navi Mumbai, Palghar-Boisar, Bhiwandi, Uran-Dronagiri, Shahapur-Murbad and recently had announced units in Alibag, Karjat-Khalapur-Khopoli, Pen. CREDAI-MCHI is the only Government recognized body for private sector developers in MMR and consistently working to make the industry more organized and progressive. CREDAI-MCHI under the aegis of CREDAI National which is an apex body of 13000 developers from across the nation had developed into a preferred platform with regard to a regional discourse on housing and habitat through its close and deep networking with the Government.

About TruBoard Partners

TruBoard is a financial services start-up registered with the Start-up India initiative of the Government of India. It provides bespoke asset/financial monitoring services and resolution of stressed assets for global and domestic capital providers including banks, NBFCs, Alternative Investment Funds (AIFs), mutual funds, Infrastructure Investment trusts (Invits), distress funds, pensions funds and private equity. TruBoard’s services are equipped to better manage client investments and optimise returns. It combines domain expertise and decision making tools and applies it to the mainstream of financial analysis, enabling time sensitive and efficient decision making. TruBoard’s services support stake holders in India’s corporate and retail lending and investment ecosystem.