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<keyword id="12341832" type="General" weightage="20" keywordseo="dakshin-haryana-bijli" source="Orion">Dakshin Haryana Bijli</keyword> Vitran Nigam (<keyword id="80255" type="General" weightage="80" keywordseo="dhbvn" source="Orion">DHBVN</keyword>) has announced to waive surcharge on electricity bills of more than 30,000 consumers in <keyword id="11900977" type="General" weightage="100" keywordseo="gurugram" source="Orion">Gurugram</keyword>, officials said. These connections were disconnected by the department for non-payment of bills till June 30. To get the surcharge waived, consumers will have to apply by November 30, they added. In Gurugram, more than 30,000 consumers in both the circles of DHBVN have outstanding bills of ₹190 crore. This includes a surcharge of about ₹35 crore. After waiving the surcharge by the department, the consumers will have to pay around ₹155 crore. After waiving the surcharge, the department will restore their connection on depositing at least 25 per cent of the original electricity bill. The outstanding amount can be paid in instalments. According to the officials, consumers with domestic, non-domestic, agricultural and industrial connections are included in the category of non-deposit of electricity bill, but the arrears on domestic and non-domestic consumers are more. "The department has taken initiative to give relief to the consumers. Consumers can apply for waiver of surcharge till November 30," DHBVN Chief Engineer, K.C. Agrawal said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/iex-lt-infotech-ttk-prestige-and-two-other-stocks-that-have-ignored-the-market-mood-to-hit-a-one-year-high/slidelist/87132594.cms">IEX, L&amp;T Infotech, TTK Prestige and two other stocks that have ignored the market mood to hit a one-year high</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/mestastop-raises-1-3-crore-funding-from-iim-ahmedabad-incubator/articleshow/87131734.cms">IIM-Ahmedabad incubator invests in an under-trial AI startup that can possibly predict cancer and lead to drug discovery</a>

Surcharge on power bills of 30,000 consumers to be waived in Gurugram, say officials

IEX, L&T Infotech, TTK Prestige and two other stocks that have ignored the market mood to hit a one-year high

<ul><li><keyword id="186975" type="COMPANY" weightage="20" keywordseo="TTK-Prestige">TTK Prestige</keyword>'s chairman <keyword id="531945" type="ORGANIZATION" weightage="20" keywordseo="TT-Jagannathan">TT Jagannathan</keyword> in <a href="https://twitter.com/CNBCTV18Live/status/1326372055789559809?s=09">an interview </a>revealed that the company saw a 15% jump in its sales in October and would have seen ₹75 crore more sales had it not run out of stock. </li><li>Jagannathan said the cookers didn't do well this time and the sales were down 20% in August September and October </li><li>The company's revenues from e-commerce channels grew at the fastest rate, with the overall share rising to 25% in the first quarter up from 12% earlier. </li><li>The chairman also revealed that the company is looking to double its capacity by April next year. </li><li>There are at least three emerging trends visible in the company’s experience. </li></ul>India's largest kitchen appliances maker TTK Prestige saw a staggering demand for its products in October. The company's chairman TT Jagannathan in <a href="https://twitter.com/CNBCTV18Live/status/1326372055789559809?s=09">an interview with CNBC TV18</a> revealed that the company saw a 15% jump in its sales in October and would have seen ₹75 crore more sales had it not run out of stock. The company’s latest quarterly report showed a 18% drop in profit but things may now be turning around. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TTK Prestige </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">July-Sep 2021 </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Growth over same period last year </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Revenue </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹644.22 crore </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.17% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Profit </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹65.44 crore </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-18.54% </td></tr></tbody></table> Not surprisingly, the company is looking to double its capacity by the end of the financial year in March 2021. "What we are making, we are up to 100 percent now. In the month of November, even in October, we had problems with part shortages, handles, and packaging, and so no. Now we are on speed, but it is not the same thing with our vendors, they are still coping," Jagannathan said There are at least three emerging trends visible in the TTK Prestige experience. <ul><li>On the positive side, e-commerce has come to the rescue of a legacy business at a time when supply chains have been disrupted. The company's revenue from e-commerce channels grew at the fastest rate, with the overall share rising to 25% in the first quarter up from 12% earlier. That has also led to a smaller margin, which has shrunk by 260 basis points, according to a JM Financial report. 100 basis points make for a percent. </li></ul><ul><li>What people buy online has been different: TTK Prestige is known for its pressure cookers but it sold more of other appliances in recent months. "Cookers didn't do well; it is a base effect. August, September, October cooker sales were 20% lower," he added.</li></ul> <div type="image" title="TTK Prestige portfolio" msid="79169414" hostid="261"></div> <ul><li>The supply disruption from China continues to hurt companies. "We have shifted all procurement from China to India, that is why we were having shortages in stock. The market is booming, we could have sold ₹75 crore more in September if we had the stock," he added.</li></ul>There may be more gains on the way The share price of TTK Prestige has gained over 18% since the beginning of this fiscal year. The arrival of Dhanteras and Diwali is also expected to bring more business to the company, making the analysts believe that the stocks can gain more in the near future. <div type="image" title="TTK Prestige share" msid="79169430" hostid="261"></div> “The company continues to be virtually debt-free and have substantial free cash worth | 300 crore. With earnings in the short-term expected to be negatively impacted, TTK, through its strong promoter pedigree and brand patronage, is expected to tide over the current situation better than smaller peers," the ICICI report dated August 11 said. SEE ALSO: <a href="https://www.businessinsider.in/thelife/news/the-worlds-longest-flight-just-quietly-touched-down-in-new-york-heres-why-you-havent-heard-anything-about-it-/articleshow/79161300.cms" data-type="tilCustomLink">The world's longest flight just quietly touched down in New York. Here's why you haven't heard anything about it.</a> <a href="https://www.businessinsider.in/stock-market/news/samvat-2077-bharti-airtel-infosys-icici-bank-sbi-varun-beverages-and-can-fin-homes-stocks-are-among-the-top-diwali-picks/articleshow/79167128.cms" data-type="tilCustomLink">Samvat 2077: Bharti Airtel, Infosys, ICICI Bank, SBI, Varun Beverages and Can Fin Homes stocks are among the top Diwali picks</a>

India's largest kitchen appliances maker ran out of stock despite factories operating at full capacity

<ul><li>Essential fuels like petrol and diesel are already too expensive.</li><li>The <keyword id="1881337" type="PERSON" weightage="20" keywordseo="rise-in-food-prices">rise in food prices</keyword> is relatively low compared to last year but still rising fast.</li><li>From <keyword id="6357252" type="DOMAIN" weightage="20" keywordseo="Hero-MotoCorp">Hero Motocorp</keyword> to <keyword id="6912" type="LOCATION" weightage="20" keywordseo="maruti">Maruti</keyword>, from Havells to Blue Star, from <keyword id="186975" type="DOMAIN" weightage="20" keywordseo="TTK-Prestige">TTK Prestige</keyword> to Finolex, companies are looking to hike prices to meet rising costs.</li><li>Meanwhile, falling savings and rising household debt, coupled with an uncertain future due to the second wave of COVID-19 infections, is likely to put severe pressure on people’s finances and their confidence.</li></ul>The year 2020 was bad but 2021 has hardly been a relief for Indian families. The second wave of COVID-19 cases has filled WhatsApp chats (and other social media) with fearful exchanges about the possibility of yet another lockdown. The possible dent in consumer confidence, which improved in January, may take a further knock from rising cost of everyday essentials. What makes this threat to people’s livelihood even worse are the rising prices of daily essentials and the depleted savings. To top up the miserable feeling, the salaried class in the private sector is going to see a fall in take home pay due to <a href="https://www.businessinsider.in/personal-finance/news/your-take-home-salaries-could-shrink-sharply-in-april-with-indias-new-definition-of-wages/articleshow/81631662.cms#:~:text=India's%20new%20labour%20codes%2C%20which,like%20gratuity%20and%20leave%20encashment.">the new definition of wages that kicks in</a> from April 1. Food and fuel are already taking a big chunk out of people’s earnings Essential fuels like petrol and diesel are already too expensive. At 8.76%, food inflation was already high in February 2020. So compared to that a 4.25% rise in food prices in February this year may seem slower but it is still significant. <div type="image" title="B3FC84F1-0AB9-4D7E-BB9E-EB94502CE6E9_edited" msid="81667538" hostid="261" caption="&amp;lt;p&amp;gt;Attendant shows price of fuel at a petrol pump in Nagpur&amp;lt;/p&amp;gt;"></div> While the Reserve Bank of India (RBI) expects prices to be stable hereon, any supply disruption due to measures taken to curb the spike in COVID-19 cases will only make it worse. Raw materials such as palm oil, copra and edible oils have risen sharply. Since price hikes have been quite limited over the past two years, Dabur has room to raise prices this year, the management told analysts recently. The company sells everyday items like toothpaste and fruit juices to branded honey and mosquito repellents. Soap makers have already hiked prices by 5–6%, and another round of a 3% hike is likely, an Edelweiss report dated March 19 said. Crude oil prices are up 26% compared to a year earlier, which makes nylon more expensive. That, in turn, will increase prices of cotton that is a competing commodity. Wholesale prices of cotton are already up 24% between October 2020 and February this year. And that could, eventually, reflect in the prices of textiles and apparels. Hooked to WhatsApp, Facebook, Instagram or Youtube? Prepare to shell out more The glory days of India’s famous dirt-cheap mobile data plans are well behind us. The market is shrinking, effectively, into <a href="https://www.businessinsider.in/business/telecom/news/how-the-latest-spectrum-auction-may-affect-your-mobile-phone-bills-and-quality-of-network-service/articleshow/81325496.cms">a duopoly between Airtel and Reliance Jio</a>. While Vodafone Idea is getting relegated to the margin, the Aditya Birla Group company may have to increase tariff to stay in the game, allowing Mukesh Ambani and Sunil Mittal to follow suit. So mobile bills are going to get more expensive. <div type="image" title="man on mobile phone_edited" msid="81667557" hostid="261" caption="&amp;lt;p&amp;gt;The market is shrinking, effectively, into a duopoly between Airtel and Reliance Ji0, which could result in a hike in prices of data&amp;lt;br&amp;gt;&amp;lt;/p&amp;gt;"></div> Cost of metals like steel, aluminium, palladium, platinum and rhodium are up 30% in the last six months, according to JM Financial. These are key inputs for automobiles and the rise in prices reflect in the cost of buying with a lag of a few months. No wonder, India’s largest motorbike maker Hero MotoCorp just announced <a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/b4e500a3-9a79-4dc6-b18d-ec23916af252.pdf">a hike of up to ₹2,500 per unit from April 1</a>. Other major players in the two-wheeler space like Bajaj Auto and TVS Motor have already hiked by 2-3% in the last few months, over and above a 20% rise in the last couple of years due to the shift to BS-VI models to reduce pollution. Those who planned to buy cars may have to shell out more too. <a href="https://www.businessinsider.in/business/auto/news/maruti-suzuki-to-increase-price-of-cars-from-april-2021/articleshow/81632209.cms">Maruti Suzuki</a> and <a href="https://www.businessinsider.in/business/auto/news/nissan-india-to-increase-prices-of-all-models-for-nissan-and-datsun-from-april-1/articleshow/81647750.cms">Nissan</a> have already announced that the rising price of raw materials will force these companies to raise prices in April. <div type="image" title="maruti_edited" msid="81667591" hostid="261" caption="&amp;lt;p&amp;gt;Cars at a Maruti dealership in New Delhi&amp;lt;/p&amp;gt;"></div> India’s <a href="https://m.economictimes.com/markets/stocks/news/ttk-prestige-raised-prices-by-4-5-price-so-far-will-take-more-hikes-during-the-week-t-jagannathan/videoshow/79795003.cms">largest consumer appliances maker, TTK Prestige</a>, known for its pressure cookers hiked prices, on average, by 9% across product categories including mixer grinders and gas stoves. The company’s smaller peer Butterfly Gandhimathi has hiked prices by 5% in December but, yet another one, Hawkins hasn’t followed suit yet. The price of copper is near an all-time high nearly twice of what it was five years ago. So, cable makers like Finolex Cables and Polycab have already passed the pressure on to their customers. KEI Industries, which makes cables, is revising prices every 15 days based on the prices of the key raw material copper, Edelweiss said. And, that means the cost of production is significantly higher for electrical appliance makers like Havells and V-Guard Industries. Especially in the case of V-Guard, which is popular for its inverters and voltage stabilisers, over 46% of the cost is copper, according to analysts at Edelweiss. Air cooler major Symphony raised prices in January, long before the summer sun started to sting. Why will air conditioners be left behind? Blue Star, which raised prices by 5-8% in January, will push prices further up by another 3-5% from April, <a href="https://economictimes.indiatimes.com/industry/cons-products/durables/blue-star-to-increase-prices-in-first-week-of-april-md/articleshow/81648037.cms">Managing Director B Thiagarajan told the Economic Times on March 23</a>. A lot of dream homes were stalled by the pandemic and the lockdown. While the construction of these homes has resumed in full gusto, the cement needed to build these is at least 7-8% on average in the last one year. Dealers told analysts at Emkay Global that companies like Ultratech, ACC and Ambuja Cement tried to increase prices again, by ₹10-20 a bag, but it has not been implemented yet. <div type="javascript" title="Custom" contenttype="Video"><cdata><![CDATA[]]></cdata></div> There is added pressure on families in terms of healthcare, either in terms of COVID-19 treatments or the cost of vaccination or both. Even for salaried employees in India, who form a small proportion of the total workforce, the <a href="https://www.businesstoday.in/sectors/jobs/india-inc-to-offer-77-average-salary-hike-in-2021-aon/story/432174.html#:~:text=Global%20professional%20services%20firm%20Aon's,6.1%20per%20cent%20in%202020.">average rise in remuneration is likely to be 7.7%</a>. But a big chunk of the rise may not land in their bank accounts ⁠— it will go into provident fund and gratuity contribution, instead⁠ — because the new labour codes would have kicked in from April 1. Of course, if the second wave triggers another economic crisis, many families may not even have the same amount of cushion from their past savings. In the last five years, the average annual household savings in India has grown 64%. However, in the same time, average household debt has increased 133%, according to the latest data from the RBI. None of this would be comforting for households staring at a limited income and an uncertain future. SEE ALSO: <a href="https://www.businessinsider.in/science/environment/news/inequality-is-only-increasing-in-india-the-resulting-lack-of-trust-may-make-climate-change-a-tougher-challenge-to-tackle/articleshow/81666431.cms">Inequality is only increasing in India — the resulting lack of trust may make climate change a tougher challenge to tackle</a> <a href="https://www.businessinsider.in/stock-market/news/anupam-rasayan-ipo-lists-at-520-per-share-on-the-india-stock-exchange/articleshow/81663145.cms">Anupam Rasayan fails to dazzle on its stock market debut – shares down by nearly 8% soon after listing</a> <a href="https://www.businessinsider.in/business/auto/news/elon-musk-announced-now-you-can-buy-tesla-cars-with-bitcoin/articleshow/81667459.cms">You can now buy a Tesla with Bitcoin, tweets Elon Musk</a>

From Maruti to Nissan, from Hero to Havells, from cotton to cement– everyday products are set to get more expensive in India

New Delhi, Dec 6 () Kitchen appliances maker TTK Prestige on Friday said it aims to double its turnover by 2024-25, according to a top company official.
 The firm, whose growth rate has come down to single digit, is aiming to get back to its double-digit growth journey again across the segments, such as pressure cooker, cookware, gas stoves, rice cookers and induction cooktops.
 Besides, TTK Prestige has plans to expand its distribution network further and expects higher sales from fast-growing online channels.
 "We are expecting to double our turnover by FY 2024-25," TTK Group Chairman T T Jagannathan told .
 He further added, "This fiscal, we are expecting (a turnover of) Rs 2,100-Rs 2,200 crore."
 On the growth rate, Jagannathan said growth of TTK Prestige has come down but the company is still growing. "Last year, we had a double-digit growth."
 TTK Prestige on Friday also unveiled plans for 2020 aimed at increasing market share across geographies and getting back to double-digit growth in mature categories such as pressure cookers.
 "We are committed to growing our presence and aim to be the number one for consumers in India. As market leaders in the pressure cooker category, we endeavour to increase our share in the kitchen appliance space also," Jagannathan said.
 He also said that online sales currently contribute about 10 per cent of its total sales, and higher contribution is expected from this channel in the coming year.
 However, he also said, "This channel is evolving but the freight is expensive compared to the value of our products."
 In August 2017, the company had acquired the UK-based Horwood Homewares and had introduced Judge Brand in the Indian market. KRH HRS

TTK Prestige aims to double turnover in 5 years

<ul><li>The 49-year-old Ajanta-Orpat Group is set to pose a tough challenge to its peers like Havells and TTK Prestige by launching technologically advanced electric appliances. </li><li>The company is expanding its sales network, aims to nearly double its distributor pipeline by the end of 2020 </li><li>Business Insider caught up with the Managing Director of Orpat- <keyword id="96942" type="COMPANY" weightage="20" keywordseo="Ajanta">Ajanta</keyword> Group Nevil Patel in an exclusive chat and spoke about the clock-making company’s business roadmap ahead. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>The 49-year-old Ajanta-Orpat Group, a market leader in wall clocks, and electric appliances, which comprise a major part of their business is gearing up to pose a tough challenge for its peers like Havells and TTK Prestige by launching technologically advanced electrical appliances. Having consolidated their leadership in the wall clocks segment, Ajanta-Orpat Group is now focussed on kitchen appliances, especially, grinders and fans as the next target growth area for the company. Business Insider caught up with the Director of Orpat- Ajanta Group Nevil Patel in an exclusive chat on their journey so far, what sets them apart, and their growth plans going ahead. Ajanta-Orpat’s journey from ₹1 lakh to ₹1200 crore company Nevil Patel is the third generation of his family running this business. Patel told Business Insider that in 1985 their company was the first one to bring quartz technology in India before that they had the mechanical clocks. “From a small assembler of 100 pieces per month, the production of clocks reached up to a level of ₹1.35 crores a year, which is a record in history,” he said <div type="image" title="Nevil Patel" msid="77798069" hostid="261" caption="&amp;lt;p&amp;gt;Nevil Patel Director, Ajanta-ORPAT Group &amp;lt;/p&amp;gt;"></div> His grandfather, Odhavjibhai R Patel began this wall-clock making business with ₹1 lakh rupees. This Gujarat based company, which is also the world’s largest wall clock manufacturer, has grown from an annual turnover of ₹200 crore to over ₹1200 crore now. Today, besides being an exporter in over 45 countries, the Group holds a range of different products— from the calculator, telephone, toys to home appliances, including blender, room heater, fans, iron, grinders, and some more. These are the edited transcripts of the interview. Q) What has changed for the company in this lockdown? As we get classified into semi-essential categories in terms of home appliances and kitchen appliances, we just had to close our factory for 40 days. We were later in the green zone as the government classified it and were the first area to open the factories post-lockdown. The anti-China sentiments of retailers and suppliers helped us pick up really well. But things changed after we started. We had to put a lot of changes in terms of processes. We have a lot of buses that carry all our 5,000 employees. Now that became risky. So initially, we were working at a 30% capacity to adhere to social distancing norms. We introduced temperature checking and sanitising, and gradually we all got to fit into the process of wearing a mask. Q) What is the market share you hold in the clock segment? We hold a 90% market share in the clock segment in India. Largely, in the wall clocks segment. Q) How does your company benefit from the border tensions? The India-China standoff especially has been simmering for a few months now. Since we are totally a Made in India (company), we have everything manufactured in India. So you know there is a huge sentiment at the best level— that is the consumer level, which is obviously going up to the retailer and suppliers that they prefer having the Indian companies. Also, because of the COVID, the imports from China were being delayed, and that’s why the competitive brands, which were importing and selling in India were not able to fulfill the demand. That demand also shifted to us. Q) What percent of your raw material is imported? We do import raw material, and we import it from China. We have been trying for the last ten years to stop importing. But there are certain raw materials that we still do not have an alternative for, which we are in the process of finding. But if ten years back we were importing 40% of the raw material, today we are at 3%. Certain raw materials need time to build up an alternative for. Q) What is the growth percent you are expecting in the coming months? Honestly, we were growing very aggressively in terms of appointing new distributors. But because of the lockdown, a lot of people can’t travel. And, our model is a little different where the distributor needs to come to the factories to understand the process, and how to service the products, etc. So that delay in the process is the reason we might not be in a position to see a growth percentage. It all depends on how the festive season picks up. We are all expecting the coming months to be critical. We also have a lot of business coming from the room heaters category. So that is the season that will come up. However, we lost a fan season when most of the country was under the lockdown. Q) What is the business strategy in the coming months? As I said, we are appointing new distributors. And there were certain territories which we have open. The South was not very strong. There’s a lot of international business that is coming in. We have very good traction for wall clocks in Australia right now. So there’s a lot of international sentiments that are shifting from other countries to India as a manufacturing hub. <div type="image" title="Ajanta-ORPAT Factory Inside" msid="77798080" hostid="261"></div> Q) How many distributors do you have in India? Currently, we have 450 distributors in India. We estimated it to be near 800 by the end of 2022. We have a very strong pipeline, and we have been growing at a much faster rate at the distributor level than we expected. And, we don’t see a problem in reaching that target. Q) Do you have any plans to go public anytime in the future? No, not at the moment. Q) What has been your business focus in the last few years? Ahh, focus, Home appliances, Kitchen appliances, and fans have been our focus other than wall clocks. Again in fans, we are launching a certain technology by the end of this year. We are also launching different technology in a mixer grinder that we plan to launch in November. In terms of fans, we are launching BLDC technology (Brushless DC motors), which is more of a power-saving fan— It will save around 85% of the power. In a mixer grinder, we are launching a very premium product, which can do multiple things. So there are these mixer grinders from international brands in the range of ₹ 40000 to 50000, which can make smoothies, atta’s and soups and all kinds of stuff. We have been working on this for almost two years now. Ours will be completely Made in India and will also be at a much much affordable price. Q) Do you see your market share increasing in the clock segment in the coming months? The wall clock is a difficult sector for a new player to enter. To manufacture a wall clock for a single wall clock, you would need over 200 products and processes. For us, everything for glass cutting to the coil making, everything is done in the house that is the reason we are able to sell it at a reasonable price. There’s a lot of acceptability around the market for our clocks. We will 100% be able to maintain our position as a world leader in clocks. SEE ALSO:<a href="https://www.businessinsider.in/business/news/meet-the-makers-of-motera-stadium-the-same-company-that-designed-melbourne-cricket-ground-and-sections-of-lords/articleshow/77499104.cms" data-type="tilCustomLink"> EXCLUSIVE: Meet the makers of Motera Stadium — the same company that designed Melbourne Cricket Ground and sections of Lord’s</a> <a href="https://www.businessinsider.in/india/news/covid-19-strikes-ten-of-the-50-surviving-members-of-the-great-andamanese-tribe/articleshow/77797765.cms" data-type="tilCustomLink">COVID-19 strikes ten of the 50 surviving members of the Great Andamanese tribe</a>

INTERVIEW: Ajanta that sells 9 out of 10 wall clocks in India plans to challenge Havells and TTK Prestige

New Delhi, Jan 30 () Kitchen appliances maker TTK Prestige Ltd on Thursday reported a 3.34 per cent increase in consolidated net profit at Rs 60.20 crore for the third quarter ended December. 
 The company had posted a net profit of Rs 58.25 crore in October-December quarter a year ago, TTK Prestige said in a BSE filing. However, net sales fell 1.05 per cent to Rs 587.27 crore during the quarter under review as against Rs 593.54 crore in the year-ago period
 The company's total expenses during December quarter stood at Rs 514.77 crore as against Rs 513.35 crore a year ago.
 Shares of TTK Prestige on Thursday closed 1.90 per cent lower at Rs 5,861 on the BSE. KRH RVK

TTK Prestige Q3 net profit up 3.3 pc at Rs 60.20 cr

<ul><li>Shares of fast moving consumer goods company fell 5% after the company reported lower than expected volume growth along with cautious commentary.</li><li>The company reported 9% year-on-year growth in net profit to ₹2,187 crore as against ₹2,009 crore in the same quarter last year.</li><li>Further, the company said they remain cautiously optimistic about demand recovery.</li></ul>Shares of consumer goods company <keyword id="6365619" type="General" weightage="20" keywordseo="hindustan-unilever" source="Orion">Hindustan Unilever</keyword> (HUL) fell as much as 5% on Tuesday after the company reported its September quarter earnings. Although the company reported 9% year-on-year growth in net profit to ₹2,187 crore as against ₹2,009 crore in the same quarter last year, investors were disappointed on lower than expected volume growth. The company delivered 4% year-on-year volume growth in the July-September quarter lower than estimates of 5-7%. Food segment that includes products like Horlicks, Kissan, Bru, Kwality Wall’s saw a slowdown in revenue growth. Food segment grew only 7% in the September quarter as against 12% in the June quarter. Hindustan Unilever attributed the dull growth in the food segment to reasonably high sales in the previous quarters. <div type="image" title="HUL cchart" height="900" width="1200" msid="87136921" hostid="261"></div> The company has declared a dividend of ₹15 per share in this quarter. Adding to it, the company gave a cautious remark on the demand recovery. “Looking forward, we remain cautiously optimistic about demand recovery,” said Sanjiv Mehta, chairman and managing director of HUL. Meanwhile, muted consumer sentiment with rising inflation bothered the (fast moving consumer goods) FMCG major. “September quarter witnessed a sequential improvement in trading conditions, albeit remained challenging with unprecedented levels of input cost inflation and subdued consumer sentiments,” added Mehta in a statement to stock exchanges. Cautions comments by HUL will impact the outlook for the sector and competing players like <keyword id="75190" type="General" weightage="20" keywordseo="nestle" source="Orion">Nestle</keyword>, <keyword id="6359432" type="General" weightage="20" keywordseo="britannia" source="Orion">Britannia</keyword>, and <keyword id="6357073" type="General" weightage="20" keywordseo="itc" source="Orion">ITC</keyword>. Shares of other FMCG players also ended lower on October 19. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FMCG companies </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Stock change on October 19 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ITC </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-6% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nestle </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.2% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Marico </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.6% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Britannia </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.9% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Dabur </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1% </td></tr></tbody></table> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/iex-lt-infotech-ttk-prestige-and-two-other-stocks-that-have-ignored-the-market-mood-to-hit-a-one-year-high/slidelist/87132594.cms">IEX, L&amp;T Infotech, TTK Prestige and two other stocks that have ignored the market mood to hit a one-year high</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/retail/news/dmart-is-continuing-to-do-what-it-knows-best-but-the-street-wants-more/articleshow/87113806.cms">DMart is continuing to do what it knows best but the street wants more</a>

Horlicks and Boost maker HUL sees slowdown in food segment in the last three months

<ul><li>The price of Indian white goods and durables have increased as much as 20% in the last two years due to inflation.</li><li>The price of copper, steel and aluminium — the key raw material in this sector — have corrected in the last three months.</li><li>White goods items include ACs, fridge, microwaves and washing machines, which are considered a luxury in India.</li></ul>The premium you have been paying on all your household electronics like ACs, fridge, microwaves and washing machines may come off sooner than expected as companies look to pass on the benefits of falling input costs in the festive season. The price of copper, steel and aluminium — the key raw materials in this sector — have corrected in the last three months, after reaching all-time highs. This correction will directly benefit white goods manufacturers — like Bajaj Electricals, Bluestar, Crompton, Havells, Voltas, and Whirlpool to name a few — as procurement of raw material gets more economical. Copper is 21% cheaper, steel is 19% cheaper and aluminium is 36% cheaper from their April levels this year, according to a recent report by ICICI Securities. This, coupled with the fact that customers have been paying over 20% extra on these household durables since the start of the Covid-19 pandemic two years ago, will increase margins for these companies. “With a correction in input prices, the need to raise prices has declined. We believe a breather was essential considering durable companies have raised prices incessantly in the past two years. The cumulative price hike was higher than 20% in the past two years,” the brokerage firm added. <cmsannotation type="cmsannotation" annotationid="So will the prices go down?" comment="subhead" text="So will the prices go down?">So will the prices go down?</cmsannotation> Not exactly, but that is simply because the white goods and durables industry usually carries a larger inventory. The companies may want to clear their old stock before selling newer items produced with cheaper raw material. But that isn’t necessarily bad either. ICICI Securities believes that the increased margins will push the manufacturers of ACs, refrigerators, microwaves and washing machines to raise their advertising efforts and offer better discounts to the customer. The case for the customer strengthens as these developments come in the second half of the year, with the festive season just a few months away. “We do not model durable companies to pocket all the benefits and expect them to invest gains [in four areas],” the ICICI report added. One of the areas the companies are likely to invest in is advertising as ad-spends have remained on the lower side for the past three years. Secondly, they are likely to increase their spending in research and development and launch a range of new products. The companies will also increase their trade schemes and discounts. Lastly, they are likely to increase the number of consumer offers to gain market share from smaller or unorganised players, the report added. The only thing going against the industry, in terms of manufacturing, is crude oil prices that have stayed above the $100/a barrel level for most of 2022. A higher-than-expected increase in crude prices could shave off the benefits of lower input costs and pressure the margins of white goods and durable companies. <cmsannotation type="cmsannotation" annotationid="How will the industry perform?" comment="subhead" text="How will the industry perform?">How will the industry perform?</cmsannotation> ICICI Securities is quite positive about the white goods and durables sector as it counts on strong return ratios, healthy growth potential and low penetration levels. “We also expect the migration from unorganised to organised sector to steadily generate value. Havells India and Crompton Greaves are our top picks,” the firm added. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Rating </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Target Price </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3M India </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BUY </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹26,000 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Amber </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ADD </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2,280 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Electricals </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ADD </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,035 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bluestar </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HOLD </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,047 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Crompton Cons. </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BUY </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹504 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> Dixon </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HOLD </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3,950 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Havells </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BUY </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,644 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> Orient Electrics </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ADD </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹285 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Polycab </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HOLD </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2,500 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TTK Prestige </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BUY </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹975 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">V-Guard </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ADD </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹250 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Voltas </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HOLD </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,033 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Whirlpool </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BUY </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2,000 </td></tr></tbody></table>Source: ICICI Securities Research White goods consist of LED TV, air conditioners, refrigerators, washing machines, dishwashers and microwaves, items which are considered luxury. A report by BNP Paribas, released in May, noted that the consumer electricals industry is witnessing a market shift from the unorganised to the organised one, thanks to demonetisation, GST implementation and the pandemic. The company believes that one in three consumer electrical items sold in the market is still in the unorganised sector, which gives the players in the organised sector a lot of room to grow. “The Indian consumer durables sector is still nascent, given low penetration levels of various products, especially white goods,” the report added. SEE ALSO <a href="https://www.businessinsider.in/retail/news/delhi-to-have-its-own-version-of-the-dubai-shopping-festival-starting-2023/articleshow/92698118.cms" data-type="tilCustomLink">Delhi to have its own version of the Dubai shopping festival starting 2023 </a> <a href="https://www.businessinsider.in/business/corporates/news/indias-biggest-companies-spend-nearly-11-lakh-crore-on-employee-expense-last-year/articleshow/92690317.cms" data-type="tilCustomLink">If you thought techies got the biggest hikes last year, think again...</a> <a href="https://www.businessinsider.in/business/news/no-service-charge-on-restaurant-bill-will-impact-waiters-servers-kitchen-staff/articleshow/92668785.cms">Remember to tip your waiter, there is no more service charge on your bill</a>

Your ACs, fridge and washing machines may get cheaper soon

<ul><li><keyword id="1107" type="General" weightage="20" keywordseo="sunil-kataria" source="Orion">Sunil Kataria</keyword>, Chief Executive Officer, India and SAARC, <keyword id="140888" type="General" weightage="20" keywordseo="godrej-consumer-products" source="Orion">Godrej Consumer Products</keyword> Limited has been re-elected as the Chairman of the <keyword id="32717" type="General" weightage="20" keywordseo="indian-society-of-advertisers" source="Orion">Indian Society of Advertisers</keyword>.</li><li>Sunil has led the Society over the past five years.</li><li>The <keyword id="222666" type="General" weightage="80" keywordseo="isa" source="Orion">ISA</keyword> played a significant role in formation of BARC and is closely partnering with it towards advertisers getting robust and credible data.</li></ul>The newly elected Executive Council of the Indian Society of Advertisers (ISA) has elected Sunil Kataria, Chief Executive Officer, India and SAARC, Godrej Consumer Products Limited as the Chairman of the ISA. Sunil has led the Society over the past five years to greater heights garnering support from the fellow Executive Council members, the ISA members and other industry bodies. On his election for the sixth consecutive term as the Chairman of the ISA, Sunil said, “In our journey towards creating greater value proposition for the ISA in the industry, the focus will be to make this unique body even stronger in the future to provide value added support to our members for the new normal and beyond. With the digital advertising having ascended as second only to TV and growing even further, our endeavour this year would be take forward our efforts in the area of digital measurement. The ISA’s plans to work with BARC to create a Multimedia Measurement are progressing in good shape. We heartily thank all fraternity organizations for their strong partnering and this will surely help us scale newer heights. I also acknowledge the continuing support by the ISA members in all our endeavours.” He further added, “In particular reference to the Covid-19 pandemic, I am glad to acknowledge the cooperation of all our members, industry associates, vendors and ISA Secretariat team in staying safe, getting vaccinated and adhering to directives by health authorities and governments”. ISA is the apex national body as a strong voice to advertisers over the last 69 years. Its cross-sector advertiser members contribute to more than half of the annual national non-governmental ad spends. ISA, which is a founder member of the World Federation of Advertisers (WFA) and one of the founders of ASCI, continues to partner with other industry bodies that connect to the advertisers. The ISA played a significant role in formation of BARC and is closely partnering with it towards advertisers getting robust and credible data. Other members of the Executive Council are: Atul Agrawal, Senior Vice President – Corporate Brand and Marketing, Tata Services Limited Narendra Ambwani, Director, Agro Tech Foods Limited Tarun G. Arora, Chief Executive Officer &amp; Whole Time Director, Zydus Wellness Limited Subhadip Dutta Choudhury, Chief Executive Officer, Hawkins Cookers Limited Paulomi Dhawan, Independent Director, Whistling Woods International Neil George, Managing Director, Nivea India Pvt Limited Girish Kalyanaraman, Vice President, Brand Operations, Procter &amp; Gamble Hygiene and Health Care Limited Chandru Kalro, Managing Director, TTK Prestige Limited Devraj Lahiri, Chief Operating Officer - India Tobacco Division, ITC Limited Angshu Mallick, Managing Director &amp; CEO, Adani Wilmar Limited Bharat V. Patel, Independent Director, Aditya Birla Sun Life AMC Limited Anuj Poddar, Executive Director, Bajaj Electricals Limited Ramakrishnan Ramamurthi, Advisor J. K. Enterprises Ram Raghavan, Managing Director, Colgate-Palmolive (India) Limited <keyword id="2907402" type="General" weightage="20" keywordseo="gauravjeet-singh" source="Orion">Gauravjeet Singh</keyword>, General Manager – Media Services (South Asia) Media Dept, Hindustan Unilever Limited Shashank Srivastava, Senior Executive Director (Marketing &amp; Sales), Maruti Suzuki India Limited

Sunil Kataria elected as the Chairman of The Indian Society of Advertisers for the sixth consecutive term

<ul><li>The ₹412 crore IPO of kitchen appliances manufacturer Stove Kraft is now open for public subscription. </li><li>The IPO will remain open for subscription until January 28. </li><li>The shares were commanding a premium of ₹80-90 in the grey market over the set price band of ₹384-385 per share.</li><li>“Company’s brand value, margins and return on capital are lower than its peers so it won’t get such a premium valuation like its peers,” Angel Broking said in its report. </li></ul>The ₹412 crore initial public offering of kitchen appliances manufacturer Stove Kraft is now open for public subscription. This would be the fourth company to launch an IPO this year and second stake sale by private equity firm Sequoia Capital, which recently pared stake in Indigo Paints. The public issue has received mixed reviews from the brokerages, but the grey market is ready to pay a hefty premium for its shares. The shares were commanding a premium of ₹80-90 in the grey market over the set price band of ₹384-385 per share. However, the grey market is not an official measure of the market premium. But it is a fair indicator of demand for the shares in the market. Streets View: <keyword id="10631795" type="UNKNOWN" weightage="20" keywordseo="stove-kraft-ipo">Stove Kraft IPO</keyword> <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Brokerage </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Recommendation </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Reliance Securities </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Neutral </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Angel Broking </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Neutral </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Axis Securities </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Not Rated </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Securities </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Not Rated </td></tr></tbody></table> Expensive valuation, weak financials, high manufacturing efficiency and others that led to mix reaction from analysts Aggressively valued IPO According to Angel Broking, the company has priced its issue at 34.5 times the earnings per share in the last 12 months. The metric is called price-to-earnings (P/E) ratio, which shows the price that the market is willing to pay for a stock based on its earnings. Higher the P/E, the more expensive the stock. Bigger peers like TTK Prestige and Hawkins Cookers, get a multiple of 61 times and 47.5 times respectively. While Stove Kraft seems cheaper, analysts aren’t very excited. “Company’s brand value, margins and return on capital are lower than its peers so it won’t get such a premium valuation like its peers,” the brokerage said. <div type="Article" hostid="261" msid="80442243" title="An American electric car maker explains why it took a different route than Elon Musk’s Tesla, Tata Motors or Mahindra" mstype="2" mssubtype="0"></div> Weak financials According to Reliance Securities, the Stove Kraft financials have not been “encouraging” despite seeing a remarkable improvement in margins in the past fiscal year. Even Angel Broking said that the profit for the last financial year ending March 2020 was driven by cost-cutting, which is not “sustainable”. <div type="image" title="Stove Kraft" msid="80444510" hostid="261"></div> The company’s net profit stood at mere ₹3.2 crore in FY20, which improved to ₹28.8 crore in the first half of 2021. However, Reliance highlighted that the company’s net worth stands at negative ₹30 crore as of September 2020. Lags behind its peers The analyst reports highlighted that despite being into operation for more than two decades and setting up a strong distribution network, it has not delivered up to the mark results. The company's business performance is substantially dependent upon its Pigeon and Gilma brands', which have been around for over 15 years. But, according to ICICI Direct, the company’s inability to maintain and promote the brand portfolio can impact future revenue growth. <div type="image" title="Stove kraft market share" msid="80444519" hostid="261"></div> Positives for Stove Kraft's ₹412 crore IPO Diversified kitchen and home appliances portfolio Since its inception, Stove Kraft has grown from a single brand small LPG stove manufacturing company to become one of India's leading manufacturers of kitchen appliances. Along with Pigeon and Gilma, the company has a Licensing agreement to manufacture small domestic appliances under the brand 'Black and Decker'. Expanding business The company recently expanded its production capacity from 19.5 million units per annum to 38.4 million units per annum. The facilities are backwards integrated with the ability to in-house manufacture components required for its products, which reduces its dependence on third-party suppliers and OEMs for its components. The company has an integrated facility at Bengaluru comprising 12 manufacturing units to manufacture pressure cookers, non-stick cookware, hard-odized cookware, mixer grinders, and induction cooktops LPG stove, glass cooktops, IR thermometer and handy vegetable chopper. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/new-realme-stores-in-india-and-ceo-says-there-is-plan-for-new-devices/articleshow/80443801.cms" data-type="tilCustomLink">Realme plans to open 500 new stores in 2021⁠— the CEO reveals the company will go beyond smartphones in the 5G era</a> <a href="https://www.businessinsider.in/budget/news/indias-co-working-sector-wants-recognition-under-real-estate-tax-benefits-as-flexible-workspaces-aim-for-a-significant-revival-in-the-post-covid-era/articleshow/80431768.cms" data-type="tilCustomLink">India’s co-working sector wants recognition under real estate, tax benefits as flexible workspaces aim for a significant revival in the post-COVID era</a>

Sequoia-backed Stove Kraft IPO: The hefty grey market premium is not in sync with what analysts have to say

Major indices continued to trade in a narrow sideways band as traders refrained from taking long positions ahead of major earnings after both Infosys and Tata Consultancy Services failed to enthuse investors with their quarterly numbers. Here is a snapshot of the cash market on the exchanges in late afternoon trade on Wednesday. 
 
BENCHMARK INDICES 
Nifty fell 12 points to 8,119 points 
Sensex dropped 73 points to 26,773 points 
 
 
BROADER INDICES 
CNX 100 Index fell 0.3% to 8,221 points 
CNX 500 Index slipped 0.2% to 6,785 points 
CNX Small Cap rose 0.3% to 5,468 points 
 
SECTORAL BENCHMARKS 
Bank Nifty fell 0.1% to 17,532 points 
CNX Realty rose 0.3% to 184 points 
CNX Media plunged 2.4% to 2,357 points 
CNX Energy rose 0.3% to 7,963 points 
 
TOP NIFTY GAINERS 
Hindalco 
Tata Steel 
Lupin 
 
TOP NIFTY LOSERS 
TCS 
Cairn 
Zee Ent 
 
TOP TRADED ON NIFTY 
TCS 
Infosys 
Zee Ent 
 
VOLUME BUZZERS ON NSE 
TTK Prestige 
Ramco Cements 
Essar Shipping 
 
NEW HIGHS 
Deccan Cements 
Intellect Design 
Mahindra Holidays 
 
NEW LOWS 
Monte Carlo Fashions 
Global Offshore Services 
 
ADVANCE-DECLINE RATIOS 
NIFTY: 26/24 
SENSEX: 16/14 
FUTURES: 69/94 
BROADER MARKET: 1,520/1,252 
 
(Image credits: Indiatimes)

Here's a snapshot of the afternoon market

Both the <a href="http://www.businessinsider.in/searchresult.cms?query=Nifty">Nifty</a> and the <a href="http://www.businessinsider.in/searchresult.cms?query=Sensex">Sensex</a> are down for the third day in a row on Tuesday as sustained selling across the board hit stocks. Here is a snapshot of the trend in the cash market in mid-afternoon trade.
 BROADER INDICES: <keyword id="6354813" type="COMPANY" weightage="60" keywordseo="nifty">Nifty</keyword> lost 1.7% to 7,833 points <keyword id="6484188" type="CITY" weightage="60" keywordseo="Sensex">Sensex</keyword> down 1.6% to 25,853 points CNX 100 dropped 1.7% to 7,980 points CNX 200 fell 1.7% to 4,120 points CNX 500 fell 1.6% to 6,561 points CNX Small Cap dropped 2% to 5,062 points CNX Mid Cap slipped 1.5% to 12,864 points 

	SECTORIAL INDICES

	Bank Nifty plunged 3.2% to 16,601 points

	CNX PSU Bank lost 3.8% to 3,078 points

	CNX Metal dropped 2.9% to 1,779 points

	CNX Finance lost 2.7% to 6,807 points.
 

	TOP LOSERS ON NIFTY

	Punjab National Bank

	Bank of Baroda

	Idea

	Kotak Bank
 

	TOP GAINERS ON NIFTY

	<a href="http://www.businessinsider.in/searchresult.cms?query=TCS">TCS</a>

	<a href="http://www.businessinsider.in/searchresult.cms?query=Infosys">Infosys</a>

	<a href="http://www.businessinsider.in/searchresult.cms?query=Tech+Mahindra">Tech Mahindra</a>

	<a href="http://www.businessinsider.in/searchresult.cms?query=Sun+Pharma">Sun Pharma</a>
 

	VOLUME BUZZERS

	Trent

	Grindwell Norton

	TTK Prestige

	Rolta India
 

	NEW HIGHS

	Dishman Pharma

	Torrent Pharma

	D S Kulkarni

	Themis Medicare
 

	NEW LOWS

	ACC

	Federal Bank

	IDFC

	Electrosteel Steels
 

	ADVANCE-DECLINE RATIO

	NIFTY: 7/42

	SENSEX: 5/25

	FUTURES: 11/150

	BROADER MARKET: 542/1955 
	 
	Image credit: Indiatimes

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