Archive: November 8, 2022

XTEP, a global sports fashion label expands its presence in Mumbai

November 2022: XTEP, a world-class sportswear brand is launching its first store in Mumbai on 8th November 2022 at Malad Infinity Mall. XTEP International Holdings Limited is a comprehensive sports goods company that primarily manufactures and sells clothing, footwear, and sports equipment. Its products include sports fashion in categories such as running, training, basketball, outdoor football, and so on. XTEP works hard to expand its international market and that’s what makes it a global brand.

XTEP products are developed following a thorough R&D process, making it a one-of-a-kind brand. To provide maximum comfort, the XTEP Technology includes Dynamic Foam, Reactive Coil, High-Quality Soft Pad, and Multiple Air Cushion Structures. Their range of products includes shoes, shorts, T-shirts, hoodies, and so on. XTEP apparel offers sweat resistance, polar ice fiber, UV protection, and antibacterial and easy-to-clean material that feels good on the skin.

XTEP is now officially listed on the Hong Kong Stock Exchange (1368. HK). In 2019, XTEP acquired several international brands overseas, paving the way for a multi-brand and international expansion strategy. They established an Indian Branch Company and a Vietnam Branch Company with clients from over 20 countries. The distribution networks span the globe, including Saudi Arabia, Ukraine, Kazakhstan, Uzbekistan, Nepal, Thailand, and Pakistan. They intend to provide professional fashion sports products to customers all over the world.

Talking about the brand Antone Liu – General Manager India of XTEP shared, “We are thrilled to open our stores in India, especially now that we will be serving a massive market that is rapidly expanding. As a sports label, XTEP has a lot to offer in a variety of categories. XTEP has grown to be a leading sporting goods company with high-quality products after more than 30 years of development.”

Hybrid model scores high among Indian employees: HP Study

New Delhi, November 8, 2022- Indian employees are unwilling to go back to the office full-time as they are relishing the hybrid work model, which became a necessity in the last two years, due to the pandemic. According to HP’s global study, Indian employees strongly favor a hybrid work model as they believe it improves their productivity and gives them a much-needed work-life balance. Employers too have something to cheer about as Indian employees indicate a higher probability of staying in their current job if given a hybrid work option.

HP Inc. commissioned a global hybrid work survey that offers key insights into Indian employees’ workplace attitudes, career growth, and retention issues. The survey had a total of over 10,000 respondents, including over 1000 from India, across the ages of 18-50+ years. The participants worked in various industries full-time or part-time or were business owners or self-employed.

Ketan Patel, Managing Director – of HP India Market said, “Hybrid work in India is here to stay. Organizations need to re-evaluate a hybrid workplace culture that offers flexibility and work-life balance while encouraging inclusivity, engagement, and a sense of well-being among employees. Most importantly, monitor employee satisfaction to boost productivity at large. Based on the survey findings, we are happy to see employees recognizing their priorities and organizations working towards supporting them through new policies and tech tools.”

Hybrid Work leads to better work-life balance

The hybrid model is seen to amplify employees’ chance to prioritize personal well-being. Most of the responders prefer working from the office for two-three days a week.

Findings reveal that everyday individuals working in India believe in a higher retention capacity, owing to the hybrid model.

Hybrid Working allows increased productivity along with work efficacy

According to the survey, the hybrid model increases productivity, makes employees focus better, and provides more flexibility to get the work done. 47% of respondents believe that home productivity with office visibility gives them a better chance of promotion and gives them more opportunities to demonstrate their abilities and build relationships with their team members.

The survey also suggests that Indian respondents feel more open to constructive collaborations in the hybrid work model. In a remote-only setting, establishing this human connection and socialization is challenging. 42% of respondents believe they can have better and more engaging conversations in-person while 62% find it easier to work with other people in the office.

Technological tools are crucial for a successful hybrid work environment

Technology should act as an enabler for firms to empower their employees fully for hybrid work.

51% of respondents agree that laptops help them carry out tasks more productively and 43% agree that they have a more enhanced collaborative process through laptops.

According to the Survey, firms must provide access to better tools while conducting adequate training, to further boost productivity. Additionally, promoting a culture of trust within the workplace leads to inclusivity in a hybrid work environment.

Way forward for hybrid work

The survey further reveals that there is still much work to be done in ensuring a truly equitable and collaborative future of work. The concept of Technology Shame is one that often hinders acceptance (of hybrid work?) and a holistic work approach. Potential embarrassment from tech failures is causing more than a third of younger respondents to purchase their own equipment.

In India, 30% of the respondents believe that internet connection is one of the major disruptions. To further improve productivity, 13% of Indian respondents believe that they need access to better tools and accessories such as headsets, monitors, and webcams.

Methodology

The global survey was commissioned across 10,182 respondents, including 4097 respondents from Asia. In India, 1006 respondents were surveyed across 28 cities, from the age group 18-50+ years including the new workforce – GenZs and Millennials. The participants were from various industries including employed (full-time and part-time), business owners, and self-employed.

MFIN releases 2nd Edition of India Microfinance Review FY 2021-22

New Delhi, November 8, 2022: Microfinance Institutions Network (MFIN), the industry association for Microfinance and RBI-recognized self-regulatory organization launched the 2nd edition of Micro Matters: Macro View – India Microfinance Review FY 2021-22 on 4th of November in Mumbai. Dr. Alok Misra, CEO, and Director of MFIN welcomed the audience in a packed hall, set the context of the report, and shared some key highlights. This was followed by the unveiling of the report by Deputy Governor of RBI, Shri M. Rajeshwar Rao in the presence of Mr. Sivasubramanian Ramann, CMD-SIDBI, and members of MFIN’s Board.

Speaking on the release, Shri M. Rajeshwar Rao, Deputy Governor of RBI said, “At the Reserve Bank, we strive to ensure that the measures introduced to increase economic well-being and financial inclusion reach those at the bottom of the pyramid. In this context, microfinance serves as an important tool to assist the underprivileged in improving their economic and societal situation. The focus of revised microfinance regulations is customer protection while according to operational flexibility to institutions. We expect the new regulatory changes would enable lenders to form transformational relationships with their customers and grow responsibly.”

Addressing the various Microfinance institutions, investors, and lenders at the gathering, Mr. Sivasubramanian Ramann, Chairman and Managing Director – of SIDBI said, “The microfinance sector has navigated various adverse events and progressed over the last ten years and I am pleased that SIDBI has contributed in this journey. We are now geared to assist the sector in its next phase of progression through mainstreaming of informal micro-enterprises that would be the real engines of growth. Starting with PM Svanidhi and now with the help of MFIs, several informal micro-enterprises will soon have their Udyam numbers which will enable them to not only access formal financial services but also get benefitted under various government schemes for MSMEs. The proposed new initiative of Vyapar Credit Card to provide easy access and regular flow of finance to MSMEs will further help the sector. As it is important to support the small and medium-sized MFIs, SIDBI introduced the ‘India Microfinance Equity Fund’. MFIN also took various initiatives like the Impetus Platform to assist small MFIs to raise funds. SIDBI will be happy to partner with MFIN and its members to take forward these various measures.”

Dr. Alok Misra – CEO & Director, of MFIN said, “The second edition of this report is designed to provide 360-degree insight based on data and our experience as an industry SRO. It shows a picture of the resilience of microfinance clients and draws attention to the vast credit demand, likely to reach 17 lakh crore in a moderate scenario. Findings of the NCAER study show that microfinance contributes 2.3% to India’s GVA and sustains 1.2 crore jobs. In the new regulatory paradigm, it is imperative for lenders to adhere to a code of conduct in letter and spirit and thereby further strengthen the building of a responsible finance industry.”

Mr. Devesh Sachdev, Chairperson of MFIN said, “For India and Bharat to progress together towards becoming a global powerhouse, Financial Inclusion or empowerment of every Indian with access to formal financial services is very critical. Therefore, the future growth of the sector is imperative for the inclusive growth of India and our pursuit of a $5 trillion economy. “

The launch event was held in partnership with HSBC Bank, M-SWASTH by M-insure, a technology-driven company focusing on digital health inclusion, and Craft Silicon, a leading financial and technology solutions provider.

Microfinance Institutions Network (MFIN)

MFIN is a premier industry association comprising 56 NBFC-MFIs and 43 Associates including Banks, Small Finance Banks (SFBs), and NBFCs. By virtue of bringing all microfinance entities under one common umbrella, MFIN acts as a bridge between them and the regulators to build a dialogue for greater transparency, better policy frameworks, and stronger client protection standards for responsible lending, thus enabling the microfinance industry to partake in meeting the larger financial inclusion goals.

Virtual reality: quietly revolutionising career exploration

Authored by Sushma Sharma, Global Leader-Counselling Solutions, LaunchMyCareer

As Confucious famously said, “Tell me and I will forget, show me and I may remember; involve me and I will understand”, the centuries-old wisdom continues to resonate in myriad ways as the world of education undergoes metamorphic changes. The real purpose of education is to nurture children into responsible, happy, and successful global citizens. As technology sweeps the world in unprecedented ways, it comes as no surprise that it is transforming the leap from education to careers to create a flux of opportunities for young people.
How virtual reality is transforming career navigation
Although virtual reality has been in existence since the 1990s, its uses have been fairly limited, mostly confined to high-tech gaming consoles. With growing awareness and far-reaching industrial applications, this technology is creating ripples beyond mere entertainment. The scope of virtual reality in applications like training and education, design and prototyping, marketing, travel, therapy, and more is way higher than one can fathom. Its infinite reach lies in the immersive environment it offers, allowing users to feel fully immersed in the virtual world that stimulates all the senses of smell, sound, taste, touch, and sight. In such changing paradigms, career exploration is no longer limited to conventional routes. Navigating the world of virtual reality allows learners to fight some of the biggest challenges that come their way while choosing a career.

Access to real-world on-the-job experiences

On the path to discovering the right career, it is essential to have an understanding of what actually happens in a job, the roles and responsibilities, and the expectations of employers. Virtual reality allows students to deep dive into a virtual world where they can immerse in the environment of a dream job. Immersive career experience programs powered by VR allow learners to understand what they can expect in a potential profession. The opportunity to access and experience the real world at a young age helps them to gain a previously unseen look into the world of work, thus enhancing their understanding of various careers. With the help of VR, young people can gauge their compatibility with particular careers and hone skills which can enhance their chances of career success. Employers are increasingly seeking out candidates who possess the necessary skills to take on workforce challenges along with being productive. VR enables learners to get closely acquainted with the work environment, thus giving them a better grip on workplace readiness.

Exploring the untapped world of career opportunities

One of the biggest challenges learners accost while choosing a career path, is limited knowledge about the rapidly evolving careers landscape. Getting to know about diverse careers and multitudinous opportunities through VR opens up new vistas of knowledge and awareness. Exploring new-age careers in augmented reality paves the way to a better understanding of future possibilities besides helping young people to make better and informed career decisions. Experiencing a real environment in a virtual dimension has opened unlimited avenues for exploring lesser-known careers. Virtual reality has unlimited potential in preparing students for potential careers and embracing the world of work with amplified clarity.

The benefits of virtual reality are far-encompassing; it provides access to an active experience rather than receiving passive information, simplifies complex concepts, boosts creativity, and expands learners’ efficacy to gain knowledge. With the advantages of futuristic technologies like VR springing into prominence, the way youngsters perceive and understand concepts, and apply them to their day-to-day challenges has transformed the way students brace for the future. The way VR brings concepts to life and boosts fascination is revolutionizing the way youngsters navigate career pathways. Virtual reality has become a game changer in career exploration, from helping youngsters learn about the expanding universe of careers to enabling them to experience the work environment closely, thus empowering them to stride confidently into the future.

Revenues for quarter grew by 9.1% QoQ; improvement in EBITDA by 98 bps QoQ; MDF plant commissioning work near Vadodara is progressing well

Mumbai, November 8, 2022: Greenply Industries Limited, India’s leading manufacturer of Plywood and allied products today announced its financial results for the quarter and half-year that ended September 30, 2022. Below are the key financial highlights for the same:

Consolidated – H1 FY23

· Revenue at Rs 948.3 crores, grew by 36.8% on a y-o-y basis

· Adjusted Core EBITDA (excluding non-cash ESOP cost of Rs 7.9 crores) was Rs 96.9 crores; grew by 40.6% on the y-o-y basis with margins of 10.2%

· Profit after tax (PAT) was at Rs 44.3 crores; a growth of 23.4% on a y-o-y basis

· Net debt was at Rs 479.7 crores and the net debt-equity ratio was at 0.83 times

Consolidated – Q2 FY23

· Revenue at Rs 494.7 crores, grew by 14.4% on a y-o-y basis

· Adjusted Core EBITDA (excluding non-cash ESOP cost of Rs 4.0 crores) was Rs 52.9 crores; grew by 0.3% on the y-o-y basis with margins of 10.7%

· Profit after tax (PAT) was at Rs 23.6 crores; a decline of 26.1% on a y-o-y basis

*Excluding non-cash ESOP cost Rs 4.0 crores in Q2 FY23 and Rs 7.9 crores in H1 FY23

New Project Status Updates

The company is setting up a greenfield MDF board manufacturing unit, with a capacity of 800 CBM per day, near Vadodara, Gujarat. Major machinery despatches have been completed, and installation is in progress. Civil construction work is going as planned. The expected COD of the plant is Q4FY23.

Commenting on the performance for Q2 FY23, Mr. Manoj Tulsian, JMD & CEO, Greenply Industries Ltd. said “We delivered good volume growth in the quarter backed by commissioning of Sandila unit and improved demand momentum due to festivities. The macro-environment has been challenging with continued increases in timber prices, partially offset by the ease in some chemical prices. The situation remains volatile. We expect the demand scenario to remain favorable with continued momentum in the real estate sector, especially in semi-urban and rural areas.

Our Green Platinum brand launched in June 2022 is gaining good demand traction. Also, to cater to the new age customer segment, we have introduced 10ft x 4ft extra-large plywood sheets first time in India with grandness in structure and aesthetics. These new introductions will enhance our brand portfolio propositions.

Our expansion plans are going as scheduled in our upcoming MDF unit at Vadodara, Gujarat. Further, we are focusing on increasing our reach and brand presence to make the most of the emerging opportunities.”

Sayaji Pune appoints Sonu Singhal as the new Executive Chef

Pune, 08 November 2022: Sayaji Pune is pleased to announce the appointment of Sonu Singhal as the new Executive Chef. Having started his journey as Commis Chef at The Park Hotel Hyderabad in 2013, Chef Singhal has come a long way since then. With his vast experience, Chef Singhal has developed a strong repertoire to deliver a memorable experience to his diners.

With a penchant for cooking, Chef Singhal uses the kitchen as his blank canvas to paint it wild with his unstoppable passion and innovative flavors that will linger on in your memory.

With 9 years of experience, Chef Singhal has gained great exposure in the culinary field. Prior to joining Sayaji Pune, Chef Singhal has been associated with several renowned hospitality brands such as Hyatt Hotel Hyderabad, Holiday inn Resort Goa, Royal Orchid Hotel Goa, and Grand Hyatt Doha to name a few. His last stint was with The Pride Hotel Nagpur.

Chef Singhal has participated in several competitions in the past. Along with specializing in Continental and Middle Eastern cuisines, his responsibilities include, taking care of guests’ special requests, monitoring hygiene and safety at work, curating special occasion menus, supervising the entire operation of restaurant & banquet events, and overlooking overall culinary operations. Chef Singhal will also be accountable for maintaining high standards of discipline among his associates and mentoring them.

Commenting on his appointment, Chef Singhal said, “I am delighted to join the team at Sayaji Pune. I look forward to elevating the dining experience for guests and developing a great rapport with my team”.

An accomplished culinary professional, Chef Singhal looks forward to creating magic through innovation and experimentation with dishes to deliver a memorable dining experience for guests. The Sayaji Pune team is stoked to have him on board.

Pre-Bookings for the All-New Grand Cherokee now open as Jeep India Starts Production of the Global premium SUV

Chennai, 08^th November: Jeep India announced the start of production of the 5^th generation Grand Cherokee at its manufacturing facility in Ranjangaon, Pune making it the Brand’s fourth nameplate to be made in India. Already synonymous for its contemporary styling and unrivaled capability, the most awarded SUV has become the byword for Jeep luxury. With a suite of next-generation Advanced Driving Technologies and signature capability in a luxurious & comfortable interior, the all-new Grand Cherokee offers a truly remarkable & engaging driving experience.

The 5th generation Grand Cherokee has an all-new architecture and sculpted aerodynamic body style combined to improve vehicle performance, safety, and reliability. Designed to maximize overall passenger safety, comfort and convenience, the all-new Grand Cherokee is packed with next-generation features and technologies that make it stand out in the full-size luxury SUV segment.

Speaking at the start of the production ceremony, Nipun J Mahajan, Head of Jeep Brand India, said, “The all-new Grand Cherokee promises an exceptional experience for the driver as well as the passengers. The Jeep Grand Cherokee has been developed and engineered to deliver legendary capabilities, class-leading spaciousness, and excellent safety, making the 5th-gen model a global icon in the luxury SUV segment. The generous mix of content and features blended to a legendary offering compliments the premium and exemplary lifestyle of our customers.”

The contemporary luxury SUV draws from its legacy of previous generations of Grand Cherokee, which debuted 30 years ago establishing the segment as we know it. The all-new Jeep Grand Cherokee exudes refinement, thanks to its modern and new-age design, brand-new interior and packed with numerous premium and lifestyle features including

• FULL SUITE – Advanced Driving Assistance System (ADAS) with features like Full-Speed Forward Collision Warning Plus Pedestrian Emergency Braking, Adaptive Cruise Control with Stop and Go, Blind Spot and Cross Path Detection, Passive Pedestrian Protection, Drowsy Driver Detection, Active Lane Management System, and Intersection Collision Assist System.
• Active Noise Control System
• 3 Point seatbelt and Occupant Detection for all 5 passengers
• Multiple options to customize user experience
• Full Connectivity package with remote functions
• 24×7 Dedicated Assistance
• The interior front panel featuring slim HVAC vents, a re-aligned center stack with a comfort entry feature for greater driver accessibility and 10” Heads up display, 10.1-inch (25.6-cm) touchscreen radio, 10.25-inch (26-cm) instrument cluster panel as well as a segment-first available 10.25-inch (26-cm) front passenger interactive display
• All 5 seats offer premium Capri leather with perforated inserts
• A lowered, tapered roof improves the Grand Cherokee’s aerodynamic performance and efficiency without sacrificing cargo spaciousness and utility, and an impressive road presence.
• The lowered beltline and the expansive glass around the vehicle including the large panoramic sunroof allow more light into the cabin and increase outward visibility

Another one of the 5th generation Jeep Grand Cherokee’s notable features is the Quadra-Trac I 4×4 System coupled with the Selec-Terrain traction management system offers the choice between on- and off-road settings to ensure optimum 4×4 performance. The all-new Grand Cherokee is, a combination of sophistication, advanced technologies, elegance, powerful performance, and an unmatched ability to take on a variety of terrain.

Bookings now open

Bookings for the all-new Jeep Grand Cherokee is now open on the Jeep India website (jeep-india.com) and at select Jeep dealerships across the country. The SUV will go on display in showrooms soon while deliveries will start by the end of the month.

Jeep® Brand:

Built on 80 years of legendary heritage, Jeep is the authentic SUV with capability, craftsmanship and versatility for people who seek extraordinary journeys. The Jeep® brand delivers an open invitation to live life to the fullest by offering a full line of vehicles that continue to provide owners with a sense of security to handle any journey with confidence. Jeep® Wave, a premium owner loyalty and customer care program that is available to the entire Jeep line-up, is filled with benefits and exclusive perks to deliver Jeep owners the utmost care and dedicated 24/7 support.

In India, the Jeep vehicle line-up consists of the Wrangler, Compass, Meridian and the soon-to-be-launched Grand Cherokee. India is the first country for Jeep outside of North America to make 4 models locally and also for exports to other right-hand drive markets around the world Jeep is part of the portfolio of brands offered by leading global automaker and mobility provider Stellantis.