Archive: June 28, 2023

Housing Sales Hit New Peak in Q2 2023 – Over 1.15 Lakh Units Sold in Top 7 Cities

Mumbai, 28 June 2023: Despite spiraling home loan rates in the recent past and global economic headwinds including layoffs by several large and small corporates, the bull run in the Indian housing market continued in the second quarter of the year.

Quarterly housing sales are at an all-time high with approx. 1,15,100 units sold in Q2 2023 across the top 7 cities, reveals the latest ANAROCK Research data. This is a 36% yearly rise as against approx. 84,940 units sold back in Q2 2022.

MMR and Pune accounted for over 51% of the total sales in the top 7 cities, with Pune witnessing the highest 65% yearly jump. As many as 58,770 units were sold altogether in these cities.

Meanwhile, new launches across the top 7 cities once again breached the one lakh mark and witnessed 25% yearly rise – from 82,150 units in Q2 2022 to over 1,02,610 units in Q2 2023. Interestingly, MMR and Pune again saw the maximum new supply, accounting for 63% of the total new launches across the top 7 cities. Individually, the two cities saw a 31% and 29% yearly increase in their new supply, respectively.

Anuj Puri, Chairman – ANAROCK Group, says “The housing market is yet to feel the impact of the home loan rate hike early this year and of the global economic headwinds. It continues to be on a roll with the momentum remaining strong even in the second quarter of 2023. Housing sales in the top 7 cities broke the previous high record of Q1 2023 and stood at more than 1.15 lakh units in Q2 2023. Pune and MMR were the only two cities to see a quarterly rise in housing sales – of 4% and 10% respectively while other cities saw some dip. But on a yearly basis, most top 7 cities saw a significant jump in housing sales.”

New Launch Overview

The top 7 cities recorded new launches of around 1,02,610 units in Q2 2023 against 82,150 units in Q2 2022, increasing by 25% over the previous year’s corresponding period. The key cities contributing to new launches in Q2 2023 included MMR (Mumbai Metropolitan Region), Hyderabad, Pune, and Bengaluru, together accounting for 84% supply addition.

• MMR saw approx. 43,390 units launched in Q2 2023 – increasing by 31% over Q2 2022. More than 61% of new supply was added in the sub-INR 80 lakh budget segment.
• Pune added a new supply of approx. 21,350 units in Q2 2023 compared to 16,560 units in Q2 2022 – an increase of 29%.
• Hyderabad added approx. 10,470 units in Q2 2023, a yearly decline of 51% over the corresponding period last year. Over 43% of new supply in Q2 2023 was added in the high-ticket price segment priced >INR 1.5 Cr.
• Bengaluru added approx. 11,440 units in Q2 2023, declining yearly by 9%. Approx. 68% new supply was added in the mid-range and premium segments combined, i.e., the INR 40 Lakh – INR 1.5 Cr. price bracket.
• NCR saw an increase of 52% in new launches against Q2 2022 with approx. 8,460 units launched in Q2 2023.
• Chennai added approx. 5,040 units in Q2 2023, a yearly increase of a whopping 71% over Q2 2022.
• Kolkata added approx. 2,460 units in Q2 2023, an increase of 22% over Q2 2022. Approx. 76% new supply was added in the mid-segment priced between INR 40 lakh – INR 80 Lakh.

Overall Sales Overview

Approx. 1,15,110 units were sold in Q2 2023 across the top 7 cities – an increase of 36% over Q2 2022. NCR, MMR, Bengaluru, Pune, and Hyderabad together accounted for 90% sales in the quarter.

• Pune witnessed housing sales of 20,680 units sold in Q2 2023, increasing by 65% over Q2 2022.
• NCR is the only city to see just a single-digit yearly growth (of 7%) in housing sales among all cities – from 15,340 units in Q2 2022 to nearly 16,450 units in Q2 2023.
• Housing sales in Kolkata increased by 20% over Q2 2022, with approx. 5,780 units sold in Q2 2023.
• MMR and Bengaluru saw housing sales increase by 48% and 31% respectively in Q2 2023 against Q2 2022, with approx. 38,090 and 15,050 units sold, respectively.
• Chennai saw approx. 5,490 units sold in Q2 2023 – increasing by 44% against Q2 2022.
• Hyderabad recorded sales of approx. 13,570 units in Q2 2023, a spike of 21% over Q2 2022.

61% of the population in Tier 1 & 75% of the population in Tier 2 plan to invest in Life Insurance – Future Generali India Life Insurance’s study

Mumbai, 28th June 2023: Future Generali India Life Insurance Co. Ltd., one of India’s leading insurance providers, conducted an insightful study on the perceptions and preferences surrounding life insurance in honor of National Insurance Awareness Day. The report highlights key hurdles consumers face when purchasing life insurance or enhancing their coverage, especially the rising discontent amongst Gen-Z policyholders who remain unenthused by the lack of transparency, trust, and commitment displayed by life insurers during the policy period.

Apart from covering perceptions around life insurance products and providers, the study also delves into important details such as major expectations from life insurance products, key influencers in the decision-making process, barriers to investing, and the triggers for purchasing life insurance. The report also analyses the main intentions behind increasing policy coverage as well as the preferred channels and modes for purchasing life insurance. With 72% of respondents being existing life insurance policyholders and the remaining being non-owners or intenders, the survey throws up interesting consumer insights that serve to underscore the focus areas for insurers in the country.

The policy also highlights a few intriguing insights:

While securing their family against future financial challenges remains the main driver for 83% of the respondents, more than 70% of life insurance consumers believe that they could secure their child’s education and medical emergency expenses with adequate insurance coverage.

• Also, despite 89% of the participants viewing life insurance as an instrument to achieve future financial security, more than 50% believe it to be an appealing savings product that also offers superlative tax benefits.
• More than a third (39%) of those in the 45+ yrs age group have opted for life insurance to secure lump sum or regular pay-outs, indicating changing purchasing preferences as consumers age.
• Across the younger respondents though, aspects such as income protection and the potential to generate better returns than traditional saving instruments remain the top drivers to purchase life insurance products.

Speaking on the major opportunities presented by the study, Mr. Bruce de Broize – MD & CEO – of Future Generali India Insurance elaborated,” For a country that is pegged to become the third largest economy by 2027-28, improving life insurance penetration can act as an important driver for overall economic development. To bring India on par with the global average, addressing the top barriers preventing the country’s citizens from securing themselves with life insurance is pertinent. Unsurprisingly, 44% of our survey’s respondents confessed to not having sufficient funds to invest, while nearly 40% cited their lack of knowledge about the benefits of life insurance and the increasing product complexity as the top reasons for not investing in a suitable life insurance cover. What’s more, a sizeable number alluded to poor customer care and tedious claim processing negatively impacting their perceptions of the trustworthiness, transparency, and commitment of life insurance companies. Recognizing these challenges and perceptions, insurers ought to spruce up their technology investments to reduce operational inefficiencies and introduce new-age financing models, supported by an enthusiastic team of customer service agents with a clear focus on supporting the IRDAI initiative of ‘Insurance for all by 2047’.”

Based on responses collected from 1300 respondents belonging to different age groups, income groups, genders, and key markets, the study also emphasized the growing popularity of online channels like websites and mobile applications amongst the intended target group, mainly due to the increased transparency and benefits on offer. Moreover, with ~70% of existing life insurance purchasers inclined to increase their coverage, insurers need to improve their customer outreach initiatives and capitalize on the immense opportunities presented by the country’s booming working population.

NSE vide Circular Ref. No: 88/2023, dated June 06, 2023, moved the expiry day for Nifty Bank F&O contracts to Friday from Thursday

Mumbai, June 2023: The National Stock Exchange of India Limited (NSE) vide Circular Ref. No: 88/2023, dated June 06, 2023, moved the expiry day for Nifty Bank Future & Options (F&O) contracts to Friday from Thursday, effective from the trade date of July 7, 2023, with all existing contracts with Thursday expiry will be revised to Friday on July 6 by the end of the day. The first Friday expiry will be on July 14.

The proposed Friday expiry of Bank Nifty coincides with the expiry of the Sensex/ Bankex F&O contracts that were relaunched by BSE with effect from May 15, 2023. BSE, based on market feedback feels that this can potentially impact the growth of Sensex/Bankex derivatives. Considering the need for balanced market development and avoidance of concentration risk in the market, BSE has requested NSE to consider shifting the Bank Nifty expiry to any day other than Friday. This will help in growing this complementing Sensex/Bankex derivatives and thus de-risk the market.

Based on this, NSE, in the interest of market development has decided to withdraw the Circular Ref. No: 88/2023 with immediate effect. Members are hereby advised to note the following revision. Any further change will be duly notified by NSE.

BSE will continue to strive hard in its endeavor to continue to provide innovative and complementary products to the market.

Tata Steel Among Most Attractive Employers in India: Randstad Employer Brand Research (REBR)

National, June 2023: Tata Steel has once again been recognised as one of the most attractive employer brands in India. In the recently announced Randstad Employer Brand Research (REBR) 2023, Tata Steel has secured a position among the top 3 companies, reaffirming its commitment to fostering a culture of trust, growth, and care for its employees. Tata Steel was among India’s top 10 most attractive employer brands by REBR in 2022 and has now moved to the esteemed top 3 rankings.

The REBR analysis delves deep into the perception of India’s 150 largest employers and evaluates various factors such as the employee value proposition and employer attractiveness. This year’s research covered 32 global markets and gathered insights from an extensive survey of 163,000 respondents. The report reveals that work-life balance, good reputation, and attractive salary & benefits are the 3 most important Employee Value Proposition (EVP) drivers for the Indian workforce when choosing an employer.

Atrayee Sanyal, Vice President, Human Resource Management, at Tata Steel, expressed her enthusiasm about the Company’s achievement, stating, “We are delighted to be ranked among the top three most attractive employer brands in India by Randstad Employer Brand Research 2023. This recognition reflects our unwavering commitment to fostering a workplace that inspires and empowers our employees. At Tata Steel, we prioritise creating a compelling employee value proposition and cultivating an inclusive environment that drives growth and innovation. This accolade motivates us to continue investing in our talented workforce and reinforces our position as a leading employer brand, dedicated to shaping a brighter future together.”

Tata Steel is committed to providing its employees with a remarkable professional journey and a rewarding personal life. Striving for balance, Tata Steel believes in empowering individuals to thrive in all aspects of their lives.

Over the last 115+ years, Tata Steel has emerged as one of the most employee-friendly companies in the world and is known for creating industry standards in the field of human resources. The Company has been a pioneer in employee welfare schemes and community initiatives, even before the legislation mandated them. A few of these include the 8-hour workday, Leave with Pay, and Workers’ Provident Fund Scheme, all of which were adopted by the International Labour Organisation and enacted by the Law in India. The journey of institutionalising pioneering policies and initiatives continues with additions like Extended maternity leave, Surrogacy leaves, Child-care leave, Equal opportunity & anti-discrimination policy, New-born parental leave, Adoption leave, Raahat-Menstrual leave, Take Two Policy – work avenues for women with a career break, GIG model of contracting, and more.

Aligned with its steadfast commitment to diversity, equity, and inclusion, Tata Steel has taken the lead in driving transformative programs such as the inclusion of transgender individuals and women in core mining operations. Furthermore, Tata Steel has championed equal HR benefits for LGBTQIA+ partners, setting new industry benchmarks.

Tata Steel’s Industry-leading policies and concerted efforts earned the Company the “Great Place to Work” certification by the Great Place to Work® Institute for the sixth consecutive year. Its pioneering role in fostering an inclusive workplace that values human capital was recognised with the “GOLD” award for the second consecutive year by the India Workplace Equality Index (IWEI) 2022 and acknowledged as a Global Diversity, Equity & Inclusion Lighthouse by the World Economic Forum.

Tollywood Movie Mayaa is all set to release on 7th July

Kolkata, June 2023: Mayaa by Raajhorshee De is a film adapted from Macbeth and revolves around the prominent theme of greed, ambition, sin, and corruption. The film, with several characters and subplots within the main plot, carries forward the message of how ambition, greed, heartlessness, and the pursuit of absolute power drive each of the characters to behave in the way they did. This is the first-ever adaptation of Macbeth by William Shakespeare for Bengali Cinema. The official Press Conference of the film took place today at Double Down Brewpub & Cafe, Kolkata in the presence of the entire cast and crew of the film.

Presented by DSR Entertainment House and Produced by Debdas Banerjee and Rohit Banerjee, this film has 19 top actors from Bengal including Rafiath Rashid Mithila who is a superstar in Bangladesh. This is her first film in India and she is also known as the wife of celebrated filmmaker Srijit Mukherjee. Directed by Raajhorshee De, this is his next release after the huge success of Abbar Kanchanjangha. The film is based on the perspective of women’s empowerment.

This film has a stellar star cast and crew of Rafiath Rashid Mithila, Tanusree Chakraborty, Richa Sharma, Koneenica Banerjee, Sudipta Chakraborty, Ranieeta Dash, Ratasree Dutta, Devlina Kumar, Sudiptaa Banerjee, Sayantani Guhathakuta, Kamaleswar Mukherjee, Gaurav Chakrabarty, Gourab Chatterjee, Rahul Arunoduoy Banerjee, Anindya Chatterjee, Ishan Mazumder, Rohit Banerjee, Ashim Roy Chowdhury, and Kan Singh Sodha.

Speaking to the media, Mr. Raajhorshee De, Director said, “It was my toughest film to date but I feel most fortunate that I got the opportunity to work with the best of actors in our industry. It is a very different adaptation. It’s a subversion of Macbeth from a woman’s perspective. In all my films I tried to convince my audience that feminism isn’t about making women stronger. Women are already strong, it’s about changing the way the world perceives that strength.”

Mayaa is Written by Ebong Ipsita and Rajhorshee De and Produced by Debdas Banerjee and Rohit Banerjee. The Music is composed by Ranajoy Bhattacharjee and Sung by Rupankar, Somlata, and Ujaan. The film is getting released this summer. Music is coming exclusively on Saregama. The film is all set to release at the theatres on 7th July 2023.

India’s bestselling EV – the Nexon EV celebrates 50,000 Sales milestone

Bengaluru, June 2023: Tata Motors, India’s leading automobile manufacturer and the pioneer of the EV evolution in India, today announced the achievement of the 50K sales mark for India’s bestselling EV, the Nexon EV. Since its launch in 2020, the Nexon EV has revolutionised the EV market in India by offering people first-hand EV experience as the vehicle of choice in their house, capable of covering long distances. The Nexon EV was launched to break all barriers to EV adoption for the Indian customer, and in turn, has become the product that has enabled India’s journey to electrified mobility.

The Nexon EV is currently being sold in over 500 cities across India and has been driven over 900 million km and counting, across varying terrains. This shows the confidence of the 50 K-strong Nexon EV community, who are taking long trips to as far as 1500 KM in a stretch. On average, Nexon EV owners are driving around 6.3 million km in a month on intercity & outstation trips ranging from 100 to 400 km. This was also powered by India’s growing charging infrastructure – which has seen a growth of over 1500% between FY21 and FY23. Today, we have over 6,000 charging stations in the country – demonstrating how barriers towards public adoption of EVs are breaking.

Commenting on this milestone, Mr. Vivek Srivatsa, Head, Marketing, Sales, and Service Strategy, at Tata Passenger Electric Mobility Ltd., said, “The Nexon EV was introduced as India’s own electric SUV with the aim of offering a cool, stylish, practical and real-world solution for faster EV adoption in India. The Nexon EV customers have grown to 50K in just 3 years. This is a testament to how India has embraced EVs as the mobility of the current times. We would like to thank the early adopters, who believed in the promise of the Nexon EV and in turn, allowed the EV ecosystem to build and become what it is now. We hope more people experience the promise of an EV and evolve to electric.”

Powered by an enhanced range of 453km, the Nexon EV successfully entered the India Book of Records by covering the ‘Fastest’ Kashmir to Kanyakumari drive in an EV. It completed the drive of 4003km in just 95 hours and 46 minutes (under 4 days), successfully proving its ability to undertake multi-city trips. During the drive, the Nexon EV, which was driven just like any other car across challenging terrains and extreme weather conditions, delivered an average real-world range of 300+km with ease. A total of 25 records were achieved in this record-breaking drive.

The Nexon EV contributes up to 15% to the total Nexon brand sales and is available in Prime, Max, and #Dark variants, with prices starting from INR 14.49 lakhs. As per the sales trend, many young buyers are opting for the Nexon EV.

Tata Motors recently introduced the upgraded Nexon EV MAX XZ+ LUX at a starting price of INR 18.79 Lakh (ex-showroom, All India for the 3.3 kW AC charger). Enhanced with a superior and high-tech feature upgrade, this top-of-the-line variant of the MAX boasts of a 26.03 cm (10.25 inch) Touchscreen Infotainment system by HARMAN, high resolution (1920X720) High Definition (HD) display with a slick response, Android Auto™ & Apple Carplay™ over WiFi, High Definition Rear View Camera, Heightened audio performance with sharp notes & extended Bass performance, Voice assistant in 6 languages, 180+ voice commands in six languages (English, Hindi, Bengali, Tamil, Telugu, Marathi), along with a new User Interface (UI).

The Nexon EV has best-in-class features like leatherette ventilated seats, a wireless charger, an electric sunroof, auto-dimming IRVM, multi-drive modes, and multi-regen options. The product is also packed with safety features like ESP with iVBAC, an electronic parking brake with auto hold, dual airbags, and all-disc brakes. The Nexon EV supports multiple charging options – 3.3 kW AC charging, 7.2 kW AC fast charging, and is compatible with DC fast charging.

Scott Rea Joins eMudhra as Senior Vice President – Global Strategic Advisor

June 27, 2023, Bangalore, India: eMudhra, a world-renowned Trust Service Provider specializing in Public Key Infrastructure (PKI), digital identity, digital signatures, and trust services, proudly announces the appointment of industry veteran Scott Rea as its Senior Vice President – Global Strategic Advisor. Rea will be based in Utah, North America, and his role will focus on expanding eMudhra’s presence and influence in the PKI and digital signing domain in North America and Europe.

With over 25 years of experience in managing relationships and fostering business opportunities with pivotal government and industry clients, Rea’s expertise in digital transformation and managed PKI projects is unparalleled. His leadership and insights will play an instrumental role in driving eMudhra’s growth and reinforcing its standing in the global PKI and signing domain.

“Scott’s appointment comes at a pivotal moment as we continue to evolve our portfolio and expand our global footprint in the PKI and digital signing sector,” said V. Srinivasan, Executive Chairman of eMudhra. “His extensive knowledge, strategic thinking, and established track record in the industry make him an invaluable addition to our team.”

Prior to joining eMudhra, Rea held a distinguished career leading DigitalTrust, the United Arab Emirates National PKI provider, where he was responsible for the design and implementation of the UAE National Digital ID (UAEPASS) and other national PKIs in the Gulf region. His previous roles also include serving as Senior Vice President of Trust Services at DarkMatter, Senior PKI Architect at DigiCert, and Senior PKI Architect for Dartmouth College.

In his new role at eMudhra, Rea will provide strategic and technical direction on product roadmaps across the PKI and Signing portfolio, ensuring the products maintain global relevance and are poised for future expansion. His deep understanding of the industry, coupled with his strategic leadership, will be critical in shaping eMudhra’s products and services and positioning them for success in the global markets.