Archive: August 31, 2023

Dollar Industries Limited Announces Q1 FY23-24 Results

Kolkata, 30th August, 2023: Dollar Industries Limited, one of the leading Garment & Hosiery companies in the country has announced its financial results for the quarter ended 30th June, 2023.

“The financial results for the first quarter of FY23-24 indicate that the Company has given favorable margins as compared to the previous quarter Q4FY23. The year 22-23 was very challenging for the hosiery industry due to volatile raw material prices and high-cost inventory and it had an impact on our Q1FY24 financial results as well if we compare it with Q1FY23. But things have started to stabilize now and the effect of the same can be seen in our margins which have improved from the previous quarter. Overall, we expect FY24 to be good with increased demand for the products and controlled raw material prices will help us to maintain our margins. Our commitment to sustainability remains a top priority. We continue to implement environment-friendly practices throughout our operations, focusing on reducing our carbon footprint and promoting responsible manufacturing processes. For this company has planned a capital expenditure of Rs 35 crore towards power generation capacity through Solar Power which would generate 6 MW of power. This capital expenditure would help us in reducing our operational cost and will improve margins”, said, Mr Vinod Gupta, Managing Director, Dollar Industries Limited.

The company’s flagship Project Lakshya has done well and has increased the share of revenue contribution from 19% in FY23 to 27% in Q1FY24. It has shown volume growth of 13% on a Y-o-Y basis. The company has added 20 distributors in Q1FY24 under project Lakshya. The company has also started rollouts of Distributors in Tamil Nadu and Kerala. We are

confident of our long-term growth on the back of Project Lakshya, industry, and economic drivers”, said Mr Ajay Kumar Patodia, Chief Financial Officer.

Dollar is poised to open 125 Exclusive Brand Outlets mostly in Tier 2 & Tier 3 cities by 2025. These outlets are a one-stop destination for all Dollar products and will cater to the hosiery needs of men, women, and kids. Currently, 17 such EBOs are operational.

Randstad unveils Randstad Digital: a premier digital enablement partner transforming business for today and tomorrow

Bengaluru, August 2023: Today Randstad, the world’s largest talent company, announced the launch of a new organization, Randstad Digital, which specializes in meeting the technology talent needs of multinational companies across a wide range of industries. In this dynamic business environment, Randstad Digital is uniquely positioned to help companies accelerate and enable enterprise-level transformations at scale, by providing access to premier talent, services, and solutions across four specialized domains: customer experience, cloud & infrastructure, data & analytics, and digital & product engineering. Randstad Digital with its refreshed strategy and globally integrated organization will be led by Venu Lambu who was appointed in January 2023.

“The world of work is defined by three trends: talent scarcity, evolving client needs, and rapid digitization. That’s why Randstad’s ambition is to become the world’s most equitable and specialized talent company. Positioned to support organizations with specialized talent needs, we will be their preferred partner, offering diverse solutions and expert advice for business growth. A growing client need is digital transformation support, driving us to consolidate our digital talent services into one global offering. We’re confident in expanding our technology for clients and becoming the preferred destination for digital talent through Randstad Digital, our new global organization.” said Randstad CEO, Sander van ‘t Noordende.

Randstad Digital is the consolidation of decades of digital experience and know-how bringing together existing global capabilities under one unified brand. This approach allows for an enhanced capabilities strategy and scaling of our nearshore and offshore capabilities to drive greater access to talent and increased flexibility.

“Businesses trust Randstad with their toughest challenges, and now I’m confident that Randstad Digital’s agile model can constantly adapt to evolving client needs and business demands,” said Venu Lambu, CEO of Randstad Digital. “The organization is uniquely positioned to guide clients through the uncharted waters of transformation, leveraging its comprehensive toolkit of capabilities to steer projects toward success. At Randstad, we see talent first, digital-first as dual priority becoming a key differentiator as businesses enter the next phase of their transformation. And our ambition is to provide them with the talent-driven digital solutions and services they will need to succeed.”

Randstad Digital’s Offering for Business

Randstad Digital is not a one-size-fits-all approach to transformation, but a global enablement partner with customized solutions that will ensure future readiness. With deep capabilities across four service lines, Randstad Digital partners with clients on a local and global level, no matter the project complexity whether augmenting your current workforce, leveraging Randstad Digital’s global talent centers for specialized skills, or delivering managed solutions. Through its global talent centers, clients can quickly scale their operations up or down by tapping into a diverse pool of skilled professionals from different parts of the world when they need to expand their teams. This access to a broader talent base enables companies to find specialized expertise that might be scarce in their home country.

Randstad Digital is a hub for tech talent with specialized expertise and capabilities. For professionals in the technology space, the organization offers opportunities for skilling, upskilling, and training through its Randstad Digital Academy as well as career progression as part of an agile, high-performing team of innovators and problem solvers, running leading-edge global projects.

“Randstad Digital’s promise is not confined to the present but extends to the future of business transformation. With a profound understanding of the nuanced challenges faced by modern enterprises, Randstad Digital offers a transformative partnership that equips businesses to thrive in the face of uncertainty and change,” said Lambu.

PhonePe announces the launch of its Stock Broking platform Share(dot)Market

Bengaluru,  August 2023: PhonePe, today announced its foray into stock broking with Share(dot)Market, under its subsidiary PhonePe Wealth Broking Pvt. Ltd. Share(dot)Market elevates discount broking by providing market intelligence, quantitative research-based WealthBaskets, a scalable technology platform, and great customer experience for investors and traders alike. Share(dot)Market is available as a mobile app and a dedicated web platform, enabling retail investors to Buy Stocks, do intra-trades, buy Curated WealthBaskets and Mutual funds.

SEBI’s Initiatives like easy onboarding through Aadhaar/ Video KYC, faster settlement times and regulatory interventions safeguarding customer funds, have resulted in explosive growth of retail investors believing in the power of Stock Markets to grow their wealth. This is also evidenced by the steady growth in Demat accounts and Mutual Fund SIPs. Share(dot)Market will bring in a new dimension to Stock Broking by providing quantitative research along with execution, a proven technology platform, at a competitive discount broking price. This will help in creating an investing journey focused on wealth creation on a sustained basis, by taking a customer-first approach. PhonePe’s reach and distribution capabilities coupled with its ability to provide a secure and high trust transaction system, and great customer experience at scale will help a lot of Indians build wealth.

Share(dot)Market will provide a wide spectrum of investment products allowing investors across different demographics to build a well-rounded and balanced portfolio. Share(dot)Market offers stocks (intraday and delivery), Mutual Funds, Exchange-Traded Funds (ETFs), and WealthBaskets. WealthBaskets are curated collections of stocks/investment products by SEBI registered intermediaries that align with specific themes, sectors, or market trends enabling active equity portfolio building with great convenience, and at low costs.

Investors and traders will gain access to wealth-building opportunities powered by real-time, value-rich insights and intelligence, embedded into products and DIY tools deeply integrated with execution experience, enabling them to make informed decisions. The platform will also host a dedicated Markets section to track the stock market, Indices, Stocks, and Sectors with an intuitive Watchlist tracker. PhonePe users can install the app as well access the web platform by using their PhonePe-linked mobile numbers. Once they login, they can complete the KYC process to activate their Broking and Demat accounts.

Speaking on the launch, U jjwal Jain, Chief Executive Officer (CEO), Share(dot)Market, “We are delighted to launch Share(dot)Market which further enables our vision of driving Financial Inclusion at a population scale. In the last few years, we have seen an increase in the percentage of savings going into Equities in a big way. There is a vibrant growth in the active trading community which trades with different objectives. We believe Share(dot)Market will propel this growth with the backing of our technological prowess, reach, seamless onboarding, and superior product experience. Our goal is to offer the benefits of Discount Broking while creating lasting value for our customers as they invest and trade. We will continue to invest in advanced technology, data, research, and immersive experiences to offer these benefits at scale and drive this new era of Value led Discount Broking coupling intelligence with Broking.”

Sujit Modi, Chief Investment Officer (CIO), Share(dot)Market added, “Share(dot)Market will bring newer demographics into Broking helping them get started on their investing journey with off-the-shelf Quant research-led offerings including WealthBaskets. With our user-friendly interface which will integrate global standard quant research based Wealth Solutions with Broking for research led guidance, we aim to reshape the way investors and Traders engage with the stock market.”

Ansys and Venture Center at NCL Innovation Park Collaborate to Create a Startup Simulation Center of Excellence

Pune, August  2023 —Venture Center, a not-for-profit technology business incubator hosted by CSIR’s National Chemical Laboratory, is collaborating with Ansys Software Private Limited (Ansys, NASDAQ: ANSS) in India, a leading engineering simulation software company, to provide support for technology startups. Ansys and Venture Center have signed an MoU to solidify their collaboration. As per the terms of the MOU, Ansys will make available a pool of Ansys simulation software licenses to eligible startups, and Venture Center will provide the appropriate computing infrastructure and setup required. Ansys has also extended support to Venture Center under its Corporate Social Responsibility program to support startups.

“The Ansys Startup Program has helped numerous successful startups globally to design innovative products. Startups in the program have benefited in several ways – from accelerating innovation at a limited cost to securing additional funding for future projects. Engineering startups in India have demonstrated strong potential to innovate and scale up for both India and the global market. The Ansys Startup Program provides early-stage startups access to multiphysics simulation software along with the deep expertise of Ansys staff in solving complex problems,” said Rafiq Somani, Area Vice President ‒ India and South Asia Pacific, Ansys. “As one of India’s leading business incubators dedicated to promoting and backing technology innovation and science entrepreneurs, we are delighted to partner with Venture Center to provide support to early-stage technology startups.”

The Ansys Startup Program provides early-stage startups with access to multiphysics simulation software, coupled with high-performance computing to help them tackle their engineering challenges quickly and cost-effectively. Since the program’s inception, over 1,950 startups from 58 countries have joined the program, spanning the autonomous, high-tech, energy, aerospace & defense, automotive, communications, healthcare, and other industries.

Venture Center is a national award-winning technology business incubator that is dedicated to promoting and supporting technology innovation and technology entrepreneurs/startups. Venture Center specializes in supporting technology startups in the areas of materials, chemicals, and biological sciences & engineering, and offers a range of services, high-end resource centers, and state-of-the-art scientific facilities under one roof. Since its inception in 2007, Venture Center has supported over 600 entrepreneurs and is home to more than 70 resident startups at any time, making it India’s largest science business incubator.

“Our aim at Venture Center is to empower and enable scientists and engineers in pursuing technology, innovation, and entrepreneurship objectives in the Pune region,” said Dr. Premnath Venugopalan, Director- of Venture Center and head- of NCL Innovations. “In 2023, Pune is ranked closely with Chennai and Delhi in terms of startup funding, and Ansys’ multiphysics simulation software, coupled with high-performance computing, is the right technological push for early-stage startups here to be on par with the rest of the country.”

With Ansys’ multiphysics simulation software, Venture Center can provide technical mentoring and product ideation support to the Venture Center-affiliated incubator companies during their ideation stage. Startups can benefit from using engineering simulation to assess and speed up product design and development, accelerating time-to-market.

Nextiva Welcomes Senthil Velayutham as Chief Product and Technology Officer

Bangalore, India – August 30, 2023 – Nextiva, the leading business conversation platform, today announced the appointment of Senthil Velayutham as Chief Product and Technology Officer (CPTO).

Velayutham brings high-growth product and technology experience and joins Nextiva to lead the company’s global engineering, product and technology teams.

Most recently, Velayutham was Chief Product & Technology Officer at Trader Interactive, a Goldman Sachs and Eurazeo portfolio company, now acquired by carsales.com. Before that, Velayutham held various leadership roles at Microsoft, including for Microsoft Teams, Skype for Business, Microsoft Search & AI, and Microsoft Roundtable. As CTO/Chief Architect for Microsoft Teams, Velayutham helped scale the product from zero to 13 million daily active users in 53 languages, and across more than 180 countries.

“Nextiva is on a mission to transform how businesses connect and engage with their customers and teams,” said Tomas Gorny, Co-founder and CEO, Nextiva. “As we look to the next phase of growth, Senthil is the right leader with a real passion for customer driven innovation, and an impressive track record of building market leading products and leading highly effective, global teams.”

“Nextiva believes that customer experience is the key to business success. In the next phase of transformation, Nextiva will provide industry leading solutions that enable businesses to understand, engage and delight their customers across multiple channels,” said Velayutham. “I am really excited to join Tomas and the team to deliver Nextiva’s vision to businesses of all sizes around the world.”

Earlier this year, Nextiva announced its acquisition of Simplify360, an AI customer experience platform. The acquisition opens the door to the Asia-Pacific market for Nextiva, as the company expands to support more businesses globally. Nextiva raised $200M from Goldman Sachs Asset Management in its first ever funding round at a $2.7B valuation in late 2021.

Building Robust Safety Ecosystem for EVs in India

New Delhi, India: UL Standards & Engagement, in collaboration with the U.S. Commercial Service, Bureau of Indian Standards, WRI India, NITI Aayog, and the Council on Energy, Environment and Water (CEEW), convened the ‘Constructing a Resilient Electric Vehicle Safety Ecosystem in India’ conference this week. The event put forward solutions to address safety concerns for the growing Electric Vehicles (EVs) market in India.

With the surge in electric vehicle sales, India’s EV industry is poised for substantial growth in the coming years. However, recent incidents of EV-related fires have raised concerns, underscoring the urgent need for prompt safety measures.

Stakeholders proposed strategies for establishing a safer, more secure, and sustainable EV ecosystem in India. Participants also discussed challenges faced by the country’s EV sector, including adapting electric vehicles to tropical climates, developing a supporting infrastructure, and ensuring competence across the entire supply chain, from raw materials to maintenance.

The importance of adopting global best practices and investing in research and development was highlighted as a critical component to effectively address these challenges. The conference also ensured the pivotal role in steering towards the future of electric vehicles in India that is safe, secure, and environmentally conscious. The importance of establishing a strong quality framework for EVs, building consumer confidence, and the necessity for a skilled workforce was underscored during the two-day session.

Nitin Gadkari, Minister of Road Transport and Highways of India, stated, “The automotive industry is a vital contributor to our country’s economy. With the increased adoption of electric vehicles in India, it’s evident that we must take steps to support their development, including charging infrastructure and hydrogen filling stations, alongside greater investments in EVs. Our path towards a sustainable future requires affordable and versatile vehicles that are embraced by everyone.”

Eric Garcetti, United States Ambassador to India added, “Amidst this transformative era, where climate concerns are significant, we are not merely engaged in engineering vehicles; we are dedicated to making people’s lives better. We’re working hard to set standards and accelerate this change during a time of significant shifts due to climate concerns. Our commitment resonates in the expanding global electric car sector, where India emerges as a frontrunner, and the United States seeks a partnership to further this cause. I believe investment in innovations can help us take this ahead.”

Sudhendu Sinha, Advisor – Infrastructure Connectivity – Transport & Electric Mobility, NITI Aayog, stated, “In our ongoing journey, it’s crucial to identify safety gaps. Through establishing and enforcing standards, we guarantee consistent safety measures. With numerous Indian states aspiring to elevate manufacturing and mobility, we strive to foster an environment of innovation and progress. Enduring and meaningful impact demands our products to embody these aspirations and adhere to established standards. This alignment of ambition and compliance defines our success narrative.”

David Steel, Executive Director of UL Standards & Engagement, expressed, “The collective expertise shared over the last few days moves India closer to a safe, reliable, and sustainable electric vehicle ecosystem for future generations. The potential of EVs is inextricably linked to safety. Standards are a critical part of capitalizing on that potential, allowing for greater global sustainability in concert with safety.”

Madhav Pai, CEO, WRI India, added, “For creating a safe and robust EV ecosystem in India, we need a collaborative approach among government, industry, and academia. There is a huge opportunity to encourage innovation and bring in new battery chemistry, technologies and startups into the mainstream. The Open Battery Management System platform initiated by NITI Aayog, and supported by WRI India, has brought together more than 50 academic institutions and industry leaders to develop basic BMS stack for both software and hardware components which ensures that two-wheeler and three-wheeler EVs are safe.”

Durra Elmaki, Commercial Attaché, U.S. Commercial Service, commented, “We are thrilled to announce that the U.S. Commercial Service has teamed up with UL Standards & Engagement to host an exciting conference on standards for electric vehicles. The event promises to shed light on the various perspectives held by stakeholders regarding EV standards and to assess how these views can be aligned. It is vital to understand these differences, and events like this are an important part of the process towards achieving understanding and alignment. We look forward to seeing the insights that will be shared at the conference.

Rishabh Jain, Senior Programmes Lead CEEW, stated “A robust EV safety ecosystem is the most crucial element as India tries to electrify its automobile sector. Multiple stakeholders, including government departments – at the national and sub-national level – vehicle and battery manufacturers, labs and academic institutions, need to come together to not only design standards but also implement them in full spirit. Upskilling of the workforce and development of design, testing and implementation infrastructure will be critical for the safety of EVs. Only through a regular consultative process between the industry and government, India will be able to make the EVs safer and accelerate the process of decarbonisation of its transport sector,”

Muthoottu Mini Financiers reports 103% QoQ Profit Growth for Q1FY24

Kochi, August 30, 2023: Muthoottu Mini Financiers, one of India’s leading NBFCs, has today reported strong profit growth of 103% quarter-on-quarter for the quarter that ended on June 30, 2023. Depicting a growing demand for gold loans in the market, Muthoottu Mini Financiers, which hails from the renowned Muthoottu family, also reported a robust quarter-on-quarter revenue growth, reporting a total revenue of INR 156.20 Crores during the quarter, compared to INR 114.07 Crores during the previous year Q1.

During the quarter, the company’s asset quality remained robust with a net NPA of 0.44%. The company’s profit after tax (PAT) increased by 103% from 10.82 Crores in Q1 FY23 to 21.98 Crores in Q1 FY 24, while the profit before tax (PBT) stood at INR 30.43 crore. The firm’s consolidated Assets under Management (AUM) also rose significantly by INR 593 crore from Q1 of the previous fiscal.

Over the course of the last year, Muthoottu Mini Financiers expanded its footprint across the country by opening 50 new branches. As a result, the company’s network now spans an extensive footprint with a total of 871 branches, enabling greater accessibility to its financial services for customers across various regions. The company aims to mark the milestone of having 1,000+ branches by the end of FY24.

Commenting on the result, Mr. Mathew Muthoottu, Managing Director, Muthoottu Mini Financiers, said, “We are delighted to see Muthoottu Mini achieve a remarkable start to the FY24 fiscal year. Our quarterly profit increase of 103% is a testament to the dedication of our team and our customer-centric approach. The gold loan sector in India is currently experiencing major growth, driven by the increasing popularity of gold loans as a convenient and affordable way to meet short-term financial needs. Muthoottu Mini is well-positioned to capitalise on this growth, given our strong brand reputation and a wide network of branches across the country. We are committed to providing our customers with the best possible gold loan experience and are confident that we will continue to be a leader in the market. We are confident that we can continue to provide our customers with outstanding financial services by being innovative and adaptable.”

P E Mathai, Chief Executive Officer, of Muthoottu Mini, added, “We are pleased with the growth numbers of this quarter, as they augur well with our plans to record substantial growth for this financial year. We have taken steps to improve our digital platform and customer service, and the strong growth in our key metrics is a testament to our customers’ trust in Muthoottu Mini. We are committed to providing our customers with the best possible experience, and remain committed to continuously innovating and improving our services”.

Steelbird Launch New Campaign Protech Your Sister

New Delhi, August 30, 2023 – As the festival of Rakshabandhan approaches, Steelbird Helmets, a pioneer in helmet manufacturing, is launching a heartfelt campaign to protect sisters on the road.
Under the tagline “PROTECT YOUR SISTER,” the campaign emphasizes the importance of ensuring the safety of sisters while they are riding pillion or at the helm of their own two-wheelers. In a gesture that transcends tradition, Steelbird Helmets encourages brothers to go beyond mere symbolic protection and truly safeguard their sisters by gifting them certified helmets. On the special occasion of Rakshabandhan, Steelbird has presented exclusively designed helmets for women – BELLA, AVA, and SBH 16

These helmets, designed with elegance and style, are a perfect blend of safety and fashion. With a range of colors including magenta, red, cream, black, and more, these helmets not only ensure safety but also add a touch of prestige to the rider. The campaign resonates with the sentiment behind Rakshabandhan, the festival where brothers pledge to shield their sisters from harm.

This Rakshabandhan, Steelbird Helmets urges brothers to take this pledge to heart and gift their sisters an invaluable present – an ISI-certified helmet that guarantees protection on every ride. “The safety of our loved ones is paramount, and our sisters are an integral part of our lives. Rakshabandhan is the perfect occasion to show our commitment to their well-being,” said Rajeev Kapur, MD at Steelbird Helmets. “Our collection of BSI-certified helmets specially designed for females is a testament to our dedication to safety and style. We believe that sisters deserve the best, not just for the festival, but for every day they ride.”

These helmets are available for purchase on popular e-commerce platforms like Amazon and Flipkart, as well as in Steelbird’s own retail outlets. The prices start at just Rs 1099, making safety an affordable and essential investment.
As we celebrate Rakshabandhan, let us remember that true protection goes beyond the thread tied around the wrist. This year, let the gift of safety speak volumes about the bond between siblings. Let Steelbird Helmets be the symbol of love and care that ensures sisters ride confidently and securely.