L&T Construction gets significant orders

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March 15, 2022

Larsen & Toubro’s (L&T) construction subsidiary has received “substantial” orders for its power transmission and distribution business.

According to the company, significant orders include those worth between ₹1,000 crores and ₹2,500 crores.

The company’s renewable energy division has been awarded a contract to build a 245 MW solar power facility in Rajasthan.

Another order was to construct a solar photovoltaic cum storage project in Gujarat’s Kutch district. The large-scale, grid-interactive green energy storage project will feature a solar capacity of 35 MW (AC) and a Battery Energy Storage System (BESS) with a capacity of 57 MWh.

The company has received turnkey orders in the Middle East to supply and install shunt reactors in 132 kV substations. These reactive power compensation parts will be introduced to Dubai’s electricity infrastructure’s 132kV network, providing voltage regulation and assisting in maintaining the highest levels of availability, reliability, and efficiency.

Ongoing transmission line projects have resulted in further orders.

Larsen & Toubro is an Indian multinational company specializing in EPC projects, manufacturing, and services. It has operations in more than 50 countries throughout the world.

Eaton India intensifies hiring of women engineers

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March 15, 2022

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Eaton, a power management firm, has increased its recruiting of female engineers in various fields. More than 54% of the total campus recruits hired by the organization in 2021 were female engineers. According to a statement, this is a 19% year-over-year increase over 2020.

Data analytics, computer science, information technology, mechanical, electrical, electrical and communications, automation, power electronics, and aerospace engineering were all employed by women engineers.

During university recruitment, Eaton has experienced a diverse pool of candidates. According to the statement, the company wants to continue increasing its footprint across campuses and incorporating new universities in niche skills recruiting.

Ashish Kapoor, Director – Human Resources, Eaton India, said, “We aim to make Eaton a great place to work where the uniqueness of each individual is valued. In lines with our goal to become a model of inclusion and diversity in our industry, we remain committed to ensuring that Eaton continues to be an equal opportunity employer. Eaton’s success is dependent on our ability to identify, attract and groom diverse people with the brightest minds.”

Eaton, founded in 1911 and listed on the New York Stock Exchange for nearly a century, serves customers in over 170 countries. In 2021, the company recorded $19.6 billion in revenue.

Tata Mutual Fund introduces Nifty India Digital ETF

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March 14, 2022

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Tata Mutual Fund has introduced the Tata Nifty India Digital Exchange Traded Fund, an open-ended ETF that replicates/tracks the Nifty India Digital Index.

The NFO’s subscription period began today and will end on March 25. There is no entry or exit load in this scheme. The minimum subscription amount is ₹5,000 and multiples of ₹1 thereof.

Meeta Shetty will manage the fund, and its performance will be benchmarked against the Nifty India Digital Index. According to the fund house, the value of each unit on the allotment will be approximately 1/100th of the underlying index.

The Nifty India Digital Index is designed to follow the performance of a portfolio of stocks that generally represent the digital theme in core areas such as software, e-commerce, IT-enabled services, industrial electronics, and telecom services. NSE Indices pick the largest 30 stocks from eligible primary industries based on their 6-month average free-float market capitalization at the end of January and July cutoff dates. The free-float market capitalization of the stocks in the index determines their weight. Each sector’s weight is capped to 50%, while each stock’s weight is limited to 7.50%.

As of February 28, 2022, the index’s top constituents by weightage are Bharti Airtel, TCS, Indian Railway Catering and Tourism, HCL Technologies, Infosys, Tata Communications, Info Edge, Tech Mahindra, Wipro, and Honeywell Automation India.

This Tata Mutual Fund ETF is distinct from the Tata Digital India Fund, an open-ended fund that invests in the information technology sector. The latter fund’s core portfolio consists of large and mega IT services corporations, while the satellite portfolio consists of rising technologies and services firms.

Residential realty is being driven by the ultra-rich

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March 14, 2022

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According to a survey by property consultant Knight Frank, a new generation of self-made ultra-rich Indians is investing in the country’s residential real estate. India’s ultra-high-net-worth individuals (UHNWIs) purchased a residential property at a 29% higher rate in 2021 than the previous year, Knight Frank said in a report.

Entrepreneurs are increasingly investing in second homes, as the residential sector has rebounded sharply since the Covid-19 epidemic. An Indian UHNWI – a person with a net worth of $30 million or more – currently owns two homes on average.

Shishir Baijal, managing director of Knight Frank India, said: “Investment in the real estate sector in India has grown in recent times, especially in the wake of the pandemic, as real estate was viewed as a safe and tangible investment option amid the economic volatility. Further, at attractive valuations, real estate continued to drive institutional demand.”

UHNWIs are actively looking to buy a new home in 2022, according to property brokers. These individuals choose to invest in domestic properties first, followed by the UK, UAE, and the US markets.

“We are seeing a 2x jump in the share of real estate in our UHNI clients’ overall investment portfolios. In the last two years, stocks have performed well, and there has been a rise in salaries in the IT sector – both these factors have led to a good flow of Investment in real estate since it’s considered the most stable and safest investment option,” said Bhavesh Kothari, founder of Property First, a luxury-property broking firm.

The number of self-made UHNWIs in India has increased, owing to a surge in the startup industry. Many of these businesses receive high-value funding from venture capital firms and other investors. According to the report, the number of UHNWIs in India will increase by 11% in 2021. Bengaluru saw the fastest increase in UHNWIs among major Indian cities, rising 17.1% to 352 in 2021. Delhi (12.4 % and 210) and Mumbai (12.4 % and 210) came in second and third, respectively (9% and 1,596).

After the US and China, the report said that India was ranked 3rd in terms of billionaires’ population in 2021. “There is an indication that the desire to upgrade homes will be a big motivator in 2022 due to the hybrid work model. We have been witnessing strong sales momentum, especially in the last 12 months, with almost 90% sold inventory now,” said Ashwinder R Singh, CEO (residential) of Bhartiya Urban, a Bengaluru-based real estate development company.

Justa launches the Justa Morjim Beach Resort, Goa

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March 14, 2022

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The Justa Morjim reveals its exquisite and refreshing hospitality for all discriminating travelers with its quiet and serene atmosphere. The Justa Morjim Beach Resort, Goa, is as close as luxury can get to wetting its feet on the gorgeous Morjim beach, with feet burrowing into the soft sand and water almost kissing your feet.

The resort features enchantingly appointed rooms with exquisite and peaceful décor and a layout that matches and blends with the natural surroundings. Sun decks, sit-outs, private beach access, gardens, and other amenities abound at the beach resort.

Take a dip in the large pool, stroll down the soft sandy path to the beach, play various indoor games, or relax with a refreshing yoga session at the yoga shala. The Wire Room is an ornately decorated restaurant that serves both local and international food to groups of up to 80 people. Patrons from Morjim and beyond are already raving about the food at the Wire Room.

Enjoy a luxury spa massage with natural ingredients derived from traditional Asian therapies and contemporary beauty recipes.

Morjim is renowned for its dolphin and Olive Ridley Turtle sightings and bird watching for nature lovers from all over the world, in addition to its beautiful coastline and lush environs.

Burger Singh opens 80 outlets in tier-2 and tier-3 cities

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March 12, 2022

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Burger Singh is expanding into India’s tier-2 and tier-3 cities, with plans to open 80 new locations by the end of FY-23. Cities like Jabalpur, Guwahati, and Saharsa and existing cities like Chandigarh, Lucknow, and Gurgaon are all on the brand’s expansion radar.

During the pandemic, the QSR chain established its 50th location in December 2021, signalling a rapid increase in brand growth, with annual revenue increasing 400%.

“We are looking for young, hungry entrepreneurs who are interested in partnering with us in promoting Indianised burger brands, thereby creating a legacy of Indian burgers,” said Kabir Jeet Singh, founder and CEO, Burger Singh.

The annual spending of middle-class households on fast-food restaurants in India’s tier-2 and 3 cities has increased by 108% in the previous two years, according to the Associated Chambers of Commerce and Industry of India (Assocham) (from INR 2,500 to INR 5,200).

“Due to the increase in nuclear families, infrastructure growth, higher disposable incomes, working women and changing lifestyles, there is a steep rise in QSR spending patterns in these cities. In many ways, they are the future of the Indian fast food industry, and we aim to bring our unique offerings of Indian fusion burgers to this new consumer cohort,” said Singh.

Burger Singh has seen strong business in tier-2 cities, lower operating costs and dine-in orders exceeding online orders. Because there are no commissions connected with discounting, sales in physical stores are higher. With three locations and a food truck in London, the brand also has a global market presence.

IIFL Securities introduces primary markets investment platform OneUp

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March 11, 2022

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IIFL Securities launched ‘OneUp,’ India’s first primary markets investment platform for IPOs, non-convertible debentures (NCDs), and sovereign gold bonds (SGBs), among other things.

According to the brokerage, IPO applications are accepted on the OneUp platform 24×7, up to three days before the IPO bidding commences. Another distinguishing element of the OneUp platform is that it allows investors to put bids on behalf of others, such as friends or family members, potentially increasing the chances of allotment.

Customers of IIFL Securities and non-IIFL Securities can use the platform without signing up.

Commenting on the OneUp product launch, Nandkishore Purohit, the chief digital officer at IIFL Securities, said, “Today investors go to multiple websites to gather facts and recommendation (subscription status, company health, experts view, listing gains) about the IPO, followed by transaction on a separate platform. Through OneUp, investors can now discover, research, transact and manage new investment opportunities, all on one single platform.”

Furthermore, online orders are not restricted to amounts of up to Rs. 2 lakh. Online IPO bidding for more than 2 lakh can be done in real-time. ASBA forms will be pre-filled for users. Investors will be able to examine live IPO subscriptions, application status, and payment status of bidding with prospects of listing gains, as well as all previous primary applications and their positions in one place with only one click.

Easy tax filing with Quicko, GoCharting and TradingView integration for better customer trading experience on charts with one click, ETFy providing curated ETF baskets based on solid fundamentals, basket investing through multiple partners such as Smallcase and WealthDesk and global equity investment through Stockal, and options house to make options trading easier for first-time investors are just a few of the key digital initiatives.

IIFL Securities has over 23 lakh customers and handles over Rs.1.32 lakh crore assets. The daily trading turnover of IIFL Securities is ₹83,500 crore.

Unacademy opens experience stores to help students and parents

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March 11, 2022

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Unacademy, an edtech company, has opened a physical store to help students learn more about the platform’s offerings. Counsellors will be on hand in the Unacademy Store, and students will be able to purchase subscriptions after that counselling and browsing the content offerings.

“We have received tremendous feedback on our products and services and recognise that a physical experiential touchpoint will benefit them in the long term by fostering trust and confidence,” said Gaurav Munjal, co-founder & CEO, Unacademy Group, in a statement.

Unacademy is now planning to open four stores that will serve as an experience zone for students and parents to learn about the company’s offerings and subscription models. The stores will focus on new users interested in enrolling in Unacademy courses. Existing Unacademy students can also visit these locations to meet their teachers.

These efforts to get more students to come at a time when, after two years of the pandemic, edtech platforms aimed at schools and students for both online and offline courses have grown in popularity.

“We believe online education is the future. However, we think people need awareness on why online will work. It is not so much about hybrid learning but more about an omnichannel presence. We have no plans of entering a hybrid-learning model yet,” said Munjal.

“The idea of having top educators host sessions at these stores is to ensure that learners also do get a connect. Usually, sessions from some of these top educators on Unacademy is attended by 10,000 students,” added Munjal.

In New Delhi, Unacademy has already opened its first experience store. Over the following six weeks, it expects to launch three new stores in Kota, Jaipur, and Lucknow.

Unacademy has announced the launch of subscription-based learning programmes with industry experts.

Fintech startup Planify plans to double its present workforce

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March 11, 2022

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Planify, a fintech company, plans to hire about 100 individuals in the first half of 2022, nearly doubling its present workforce. The company already employs more than 50 employees and expects to hire around 200 more in the coming year.

According to a statement, the organisation is looking for fresh and experienced millennial talent, particularly those between the ages of 25 and 35, with areas of competence in financial analyst, valuation analyst, Python Developers, Frontend Developers, Android & iOS Developers.

Ishima Singla, Chief Valuation Officer, Planify, said, “Every day, a new startup is formed, increasing the demand for fundraising and company valuations, and every day, there are additions to companies trading in the Private Equity market, increasing the demand for their analysis. Planify aspires to provide high-quality valuation and analysis services to its clients while also expanding its service offering. We have a great team, and we are currently looking to grow it by 4-5 times by hiring passionate and dedicated individuals.”

Singla further said, “Our primary focus is on building a robust talent pool with strong digital skills who will strengthen our existing team to fulfil the demand surge.”

Planify has grown by 1000% year on year and now has a revenue of Rs 150 crore in the current fiscal year. The FinTech firm expects a rise in business over the next 10-12 months, which has resulted in new job openings.

FreshToHome to open retail outlets in Bengaluru

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March 10, 2022

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FreshToHome, an online fish and meat retailer, has announced the opening of 20 FreshToHome-powered retail outlets in Bengaluru. To expand its customer base and provide rapid access, FreshtoHome has opened outlets in Kempapura, Boopasandra, Koramangala, Brookefields, and TC Palya, among other locales. In addition, to boost micro-entrepreneurship and small enterprises, the brand will open around 100 additional outlets and partner with delivery partners in these cities.

Over 150 towns across Punjab, NCR, Uttar Pradesh, Rajasthan, Kolkata, Maharashtra, Karnataka, Andhra Pradesh, Telangana, Tamil Nadu, and Kerala will benefit from the company’s product expansion. In addition, FreshToHome has a network of over 3000 fishermen and farmers spread throughout 300 coasts and farms in India.

“Enabling delivery of fresh fish and meat that is preservative-free and free from any form of chemicals is the core of our brand vision. The retail store launch further strengthens our vision to have an omnichannel presence and deliver convenience to our customers and quality. Soon, we will be opening doors to customers in more locations,” said Shan Kadavil, founder, FreshToHome.

“Given the market’s great potential and the rise in demand for quality meat and seafood, we aim to provide customers with products at affordable rates and at their convenience,” Kadavil said. He went on to say that chicken is the most popular product among customers in major Indian cities.

FreshToHome’s technology-enabled commodities exchange network cuts out the middleman, allowing fishermen and farmers to electronically auction their catch to vendors who sell it within 24 to 36 hours after sourcing. In addition, the company maintains an end-to-end cold supply and 120 quality checks that include standard chemicals, antibiotics, and preservatives.

The company claims to be the largest fully vertically integrated e-commerce platform for fresh fish and meat globally, delivering over two million orders per month in India and the UAE.

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