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Godrej Properties signs a project in Mumbai

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Godrej Properties Ltd announced on Wednesday that it has signed a deal to redevelop a plot of property in Mumbai’s Wadala region.

The 7.5-acre project will offer approximately 1.6 million square feet of saleable space, principally residential apartments in various layouts.

“We are happy to add this important new project in Wadala. This marks our entry into an important micro-market within Mumbai and fits within our current strategy of adding large projects across the country’s leading real estate markets. We will seek to ensure this project delivers an outstanding lifestyle for its existing and future residents,” said Mohit Malhotra, managing director, and CEO, Godrej Properties.

Godrej Properties, located in Mumbai, is launching several projects across the country this year. It has also been progressively acquiring projects to add to its portfolio, primarily made up of residential developments.

In December, the property developer agreed to buy an 18-acre land parcel in Bengaluru’s Whitefield area outright for an undisclosed price.

The project has a development potential of 2.4 million sq ft of saleable area, with the majority of the units being residential apartments in various layouts. Before that, it has added two more projects in Mumbai and Bengaluru.

On the inauguration day of the second phase of its ‘Godrej Woods’ project in Noida in September, the business said it had sold 340 residences totaling half a million square feet for Rs 575 crore. 

Amazon introduces roaming robot

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The latest Amazon robot can hear, see, and follow you around the home, but it’s not Rosey the Robot.

Astro, Amazon’s version, doesn’t cook or clean like the animated character from “The Jetsons,” but it can check if the stove is on while you’re away and send an alert if someone it doesn’t recognise enters the house.

It avoids walls and dogs with the help of cameras, sensors, and artificial intelligence, and Amazon claims that Astro — which is also the name of the Jetsons’ dog — will only get wiser over time. It may carry snacks or a can of soda across the house.

Amazon announced a plethora of devices Tuesday as part of its annual event ahead of the holidays, including a $1,000 robot which will be sent out to customers later this year.

Astro, on the other hand, was the star of the show. During the virtual event, Amazon executive David Limp invited the 17-inch (43-centimeter) tall robot on stage and asked to beatbox. As it performs duties, its round digital eyes close and enlarge, giving it a human-like feel.

Amazon stated that only a limited quantity of Astros will be sold, but did not specify how many.

Aside from the robot, Amazon also introduced a picture frame-like screen with Amazon’s Alexa voice assistant embedded in that can be placed on a wall. According to the business, users will be able to see recipes, check their calendar, or watch a TV while cooking.

Also, on Tuesday, the Seattle-based business announced that its Echo listening devices will be installed in Disney hotel rooms next year, allowing customers to get towels from room service or inquire about the quickest route to a theme park.

Elon Musk becomes the Richest Person again

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On Monday, Elon Musk became the third person in history to be worth $200 billion, thanks to a surge in Tesla shares, which made him the world’s richest person. His achievement follows that of Amazon founder and space competitor Jeff Bezos, who crossed the $200 billion threshold for the first time in August 2020, and luxury billionaire Bernard Arnault, who did so briefly last month. Musk’s electric vehicle firm Tesla’s stock maintained its four-month rise, finishing up 2.2 percent at $791.36, the highest level since February. Musk’s net worth increased by $3.8 billion on Monday, to $203.4 billion at the conclusion of trading. He surpasses Jeff Bezos, whose fortune dropped $1 billion to $197.7 billion on Monday as Amazon shares lost 0.6 percent. Musk is now even wealthier than he was at Tesla’s high in January, when he temporarily became the world’s richest billionaire for the first time, thanks to fresh stock option awards that have boosted his ownership in the company; he now owns roughly 73.5 million Tesla options worth $53 billion.

L&T Infotech collaborates with eClinicalHealth

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Larsen & Toubro Infotech Ltd (LTI) and eClinicalHealth Ltd have signed a strategic partnership to drive digital innovation in the R&D Clinical Trials Management process for patient-centric drug development. By establishing new clinical research benchmarks, the alliance is expected to assist clients in decentralizing clinical trials.

The partnership is significant because an estimated 86% of clinical studies are delayed owing to patient engagement difficulties, mainly recruiting and retaining participants, which is a time-consuming and expensive procedure, according to LTI.

To solve this issue, eClinicalHealth recently launched Clinpal, a cloud-based patient-centric software-as-a-service (SaaS) solution that boosts patient participation throughout the clinical trial process.

LTI will accelerate collaborative go-to-market efforts and faster deployment for Clinpal adopters as part of this agreement. The solution will employ exponential technologies like analytics and artificial intelligence (AI) to improve patient engagement and speed up clinical research.

“Our endeavour with eClinicalHealth partnership is to accelerate and streamline the enablement of decentralized trials, to reduce patient burden and drive acceleration of clinical trials. With this partnership we aim to accelerate the development and deployment of eClinicalHealth’s Clinpal platform in clinical trials for the industry,” said Archana Ramanakumar, global delivery head – Life Sciences, Media, Consumer & Technology, LTI.

Adani Wilmar opens Fortune Mart stores

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Adani Wilmar, which sells edible oils and other foods under the Fortune brand, announced on Monday that it has launched 12 franchised stores in six states and wants to add more around the country.

“Adani Wilmar is opening physical stores under the name Fortune Mart which will exclusively sell Fortune and other Adani Wilmar brand products,” the company said in a statement.

In Jaipur, Jodhpur, Lalitpur, Gandhinagar, Surat, Gandhidham, Jabalpur, Vidisha, Gwalior, Kharghar, Akola, and Haldia, Adani Wilmar has opened 12 Fortune Mart outlets. Rajasthan, Uttar Pradesh, Gujarat, Madhya Pradesh, Maharashtra, and West Bengal are included.

According to the firm, Fortune Mart outlets will also open in the north and east of India in the next quarter.

“Fortune has become a household name and the most popular and preferred food brand in the country. The rollout of Fortune Mart stores aims to leverage the brand equity Fortune has established over the last two decades,” said Angshu Mallick, MD, and CEO, Adani Wilmar.

The Fortune Mart outlets will complement the company’s extensive retail presence, he added. 

“We aim to have a presence across the metros as well as tier I and II cities in the coming months,” Mallick said.

In addition to Fortune, the corporation sells food under different brands like King’s, Aadhar, Raag, Alife, and Wilshort.

Ford to create 10,800 jobs

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Ford and a partner business say they aim to build three big electric-vehicle battery plants and an auto assembly plant by 2025, a significant investment in the future of EV technology that will create 10,800 jobs and move Ford’s future manufacturing footprint to the South.

The plants, which will be built in Kentucky and Tennessee, will manufacture batteries for Ford and Lincoln’s next generation of electric vehicles manufactured in North America. They represent the 118-year-old company’s single largest industrial investment and are among the world’s largest factory investments.

Notably, the new factories will provide a large number of new employment with good compensation. The majority of the new jobs will be full-time, with only a small percentage being temporary to cover vacations and absent workers.

Ford says it would invest $5.6 billion in rural Stanton, Tennessee, with its battery partner, S.K. Innovation of South Korea, to establish a factory to produce electric F-Series pickups. BlueOvalSK, a joint venture, will build a battery facility near Memphis and twin battery factories in Glendale, Kentucky, near Louisville. Ford estimated Kentucky’s investment at $5.8 billion, with a $7 billion share overall.

Ford is investing heavily in a future in which most drivers switch to battery power from internal combustion engines, which have powered vehicles in the U.S. for more than a century.

The risk might affect the company’s financial line if the shift is disrupted or delayed. By 2030, Ford expects 40% to 50% of its U.S. sales to be electric. Only around 1% of automobiles on American roadways are currently powered by electricity.

Invesco in discussion to invest in Swiggy

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Swiggy is nearing the completion of a fresh fundraising round of $500-600 million, headed by US asset management Invesco, according to three sources familiar with the matter. The process is expected to boost the online food delivery company’s worth to as much as $10 billion, more than doubling the estimate given to the seven-year-old business just a few months ago. Swiggy will go public later this year after edtech startup Byju’s and finance behemoth Paytm and will rank among India’s most valuable privately held firms if the acquisition closes.

Swiggy’s fresh funding comes soon after arch-rival Zomato’s successful IPO and is being viewed as a re-rating exercise for the Bengaluru firm, currently valued at $5.5 billion.

According to the sources cited above, Invesco is expected to invest $150-200 million. The rest of the capital comes from existing Swiggy investors such as Falcon Edge, SoftBank Vision Fund, and Prosus (previously Naspers).

Other balanced funds (which invest in both public and private markets), such as Fidelity, T Rowe Price, and Ballie Gifford, have been banking on huge Indian internet startups, especially in the last year, as a slew of local ventures have lined up to tap the capital markets.

“As a direct competitor to Zomato NSE 5.16 % and being neck-and-neck in terms of market share, Swiggy is looking undervalued,” said another source. 

Zomato’s stock closed at Rs 143.55 on Monday, up around 5% on the BSE, with a market capitalization of around $15.16 billion (Rs 1.12 lakh crore).

Until press time Monday, emails were sent to Swiggy CEO Sriharsha Majety, and an Invesco spokesperson had not responded.

“We are going to go aggressive not just on discounting but also on our own investments in non-food and food. That was the plan, and that will be the plan,” Majety said.

IndusInd Bank associates with Vistara

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IndusInd Bank, a private lender, announced on Monday that it would introduce a co-branded credit card with full-service airline Vistara.

According to a statement from the bank, the Club Vistara IndusInd Bank Explorer credit card is designed to meet the needs of customers who prefer to be on the go.

“It provides the cardholder with a complimentary gold class membership to Club Vistara (CV), the frequent flyer programme of the airline under which, they can earn points on every flight. Cardholders can even redeem their earned CV points to avail award flights,” it said.

The card also comes with many other travel and lifestyle benefits, such as complimentary access to over 600 airport lounges worldwide, zero foreign currency mark-up, milestone rewards, and dining and entertainment-related rewards.

Soumitra Sen, head (consumer bank), IndusInd Bank, said, “With the world gradually opening up, Indians and especially millennials will look to travel for both business and pleasure. They seek a solution that offers them a combination of seamless consumer experience, best-in-class rewards, as well as world-class safety standards. This all-new card proposition fulfils each of those requirements, thereby providing customers with a hassle-free travel experience.”

According to Vistara’s chief commercial officer, Vinod Kannan, the airline hopes that passengers will see the Club Vistara IndusInd Bank Explorer Credit Card as a wonderful value and make use of its benefits while travelling.

Tupperware to start 1,000 retail stores

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Tupperware, a popular kitchenware brand, has devised aggressive expansion plans that include opening 1,000 retail outlets across the country over the next five years and boosting sales through a digital platform. Tupperware India Managing Director Deepak Chhabra recently announced the opening of the company’s 100th retail store in Chennai, with the Southern zone accounting for 35% of sales. “We are planning to open about 130 stores this year. We have inaugurated 100 stores, and as we speak, we should have opened two more, so 102 stores will be there right now. We intend to take it to 130 stores by the end of this year”, he told PTI.

He further said that the stores would be run on a “franchise” model and sell the brand’s most popular items.

“As an immediate expansion plan, we plan to open another 130 stores taking the overall number of stores in the country to over 250 by December next year (2022),” he said. “Over the next five years, our plan is to have 1,000 stores across the country, and major expansion would be in the South and West.”

In response to a query, he said that the South and West contributed 35% each to the company’s sales. The company’s business strategy included 80% direct selling, 12% retail, and 8% online mode.

“With the aggressive expansion plan, he said the current share of 80% contributed from the direct selling business would come down to 65% while business generated from retail stores would increase to 35% (from the existing 12%) and remaining from online (10%). In two-three years, about 65% of the business will be from direct selling, 35% from stores, and 10% through online”, he said.

Regarding the impact of the Covid-19 pandemic, Chhabra said that, like any other industry, the company experienced a surge in demand for its products because of the “work from home” trend.

“Pandemic has been a silver lining for us in terms of business because the consumption of these products was higher largely because everybody was at home and without any help from maids, people started cooking from home, and everybody was conscious about health and safety,” he noted.

He said the company has a world-class plant in Dehradun, Uttarakhand, that serves the domestic market and shipping to over 35 countries.

“The plant has an installed capacity, which is much more than what we sell in the country. We do export to many countries across the globe to our own Tupperware companies there. We actually export to about 35 countries”, the MD said.

Exports have remained stable, even increasing in the last two years. Tupperware has done well as a result of rising demand.

HDFC plans to expand its rural reach

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HDFC Bank, a private lender, plans to double its presence to two lakh villages in the next 18-24 months, covering a third of India’s villages. Currently, the bank serves a total of 1 lakh villages. The bank intends to expand its branch network and business correspondents, facilitators, and digital outreach platforms.

“India’s rural and semi-urban markets are under-served in credit extension,” said Rahul Shukla, Group Head – Commercial and Rural Banking, HDFC Bank. “They present sustainable long-term growth opportunities for the Indian banking system. Going forward, we dream of making ourselves accessible in every pin code.” 

HDFC Bank intends to hire 2,500 workers over the next six months as part of this business plan. The private lender now has over 550 districts where its products and services are available to micro and medium businesses. Its rural banking services are currently available in 1 lakh Indian villages, with plans to expand to 2 lakh by the end of the year.

“Our digital initiatives will play a big role in deepening our penetration in the remotest corners of India and help us extend credit to those who have remained financially excluded despite the progress of our nation,” Shukla added. 

In unbanked and under-banked areas, the bank already offers personalized loan products such as pre-and post-harvest crop loans, two-wheeler and vehicle loans, gold jewellery loans, and other customized loan products. It added that it will now tailor its services to the rapidly changing rural ecosystem.

“The Government of India through a variety of schemes is transforming rural economics. We believe in following the direction, as a responsible leader in the banking and financial services space, by making best-in-class banking products and services accessible to all sections of the society,” Shukla added.