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Mumbai, The <keyword id="19922074" type="General" weightage="20" keywordseo="reserve-bank" source="keywords">Reserve Bank</keyword> on Tuesday barred <keyword id="20838865" type="General" weightage="20" keywordseo="jm-financial-products-ltd" source="keywords">JM Financial Products Ltd</keyword> from providing any form of financing against shares and debentures, including sanction and disbursal of loans against <keyword id="19913114" type="General" weightage="20" keywordseo="initial-public-offering" source="keywords">initial public offering</keyword>, with immediate effect. The company can, however, continue to service its existing loan accounts through the usual collection and recovery process, the Reserve Bank said in a statement. <keyword id="20838864" type="General" weightage="20" keywordseo="jm-financial-products" source="keywords">JM Financial Products</keyword> has been directed to cease and desist, with immediate effect, from doing any form of financing against shares and debentures, including sanction and disbursal of loans against Initial Public Offering (IPO) of shares as well as against subscription to debentures. RBI said the action is necessitated due to certain serious deficiencies observed with respect to loans sanctioned by the company for IPO financing as well as NCD subscriptions. The RBI carried out a limited review of the books of the company on the basis of the information shared by the <keyword id="19901204" type="General" weightage="20" keywordseo="securities-and-exchange-board-of-india" source="keywords">Securities and Exchange Board of India</keyword> (SEBI). The business restrictions imposed will be reviewed upon the completion of a special audit to be instituted by the RBI and after rectification of the deficiencies to the satisfaction of RBI.

RBI bars JM Financial Products from financing against shares, debentures

<ul><li>Prime time shows have over 60% of ‘co-viewing instances’ with families watching TV together. </li><li>TV in India has an unparalleled position as a family entertainment platform, both in terms of price as well as reach, said a <keyword id="45949" type="General" weightage="80" keywordseo="jm-financial" source="Orion">JM Financial</keyword> report. </li><li>Growth in <keyword id="1245953" type="General" weightage="20" keywordseo="ott" source="Orion">OTT</keyword> has expanded the overall video consumption, and has not come at the expense of <keyword id="1632453" type="General" weightage="80" keywordseo="linear-tv" source="Orion">linear TV</keyword>. </li><li>Urban youth with access to wired broadband and proclivity to watch international content are likely to shift exclusively to <keyword id="5293670" type="General" weightage="20" keywordseo="ott-platforms" source="Orion">OTT platforms</keyword>, the report said. </li><li>Low cost of pay TV and low wired broadband penetration can work against cord-cutting, the report said. </li></ul>For families across India, prime time is mostly spent in front of their television sets. According to JM Financial, prime time shows have over 60% of ‘co-viewing instances’ – and this is what will keep TVs running in India in spite of the proliferation of OTT, as per the report. In addition to the fact that 98% of Indian homes only have a single TV, low proliferation of wired broadband is also keeping people from making the total shift exclusively to OTT. While India has over 650 million mobile broadband users, it has only 18 million wired broadband connections. “Note, these 18 million connections include small and medium enterprises as well, leaving even lower connections for households. We believe these trends and facts suggest TV screens - and linear TV - will remain the mainstay of India’s family entertainment,” said the report named ‘In the eye of the storm’. It also said that growth in OTT has expanded the overall video consumption, and has not come at the expense of linear TV. Pay TV vs OTT vs Free Dish The cost of pay TV – that’s subscription-based TV viewing – is around $3 per month. In comparison, OTT subscription cost is at least 2.5 times that of pay TV. “TV in India has an unparalleled position as a family entertainment platform, both in terms of price as well as reach,” the report said. In the US, however, where subscribers are shifting away from pay TV to OTT – it’s the exact opposite. While pay TV is at around $100 a month, Netflix subscription plans start at $10 per month. Added to that, wired broadband penetration in the US is at 95%. In spite of the fundamentals that support the long-term prospects of linear TV, it is being hurt by many factors. The usual suspect is OTT, which has been chipping away the top-of-the-pyramid user base off pay TV, who are the best spenders. This is reflected in the 6% decline in pay TV subscribers between 2019 to 2021. During the same period, broadcasters’ subscription revenue declined by 13% and ad revenue too went down by 12% – hurt by lowered FMCG ad spends and pandemic-led troubles. FMCG contributes to 50% of TV ad spends. On the other end of the spectrum, the government's DD Free Dish, a free-to-air <keyword id="6411255" type="General" weightage="50" keywordseo="dth" source="Orion">DTH</keyword>, too has pulled away millions of subscribers. Against cord-cutting The JM Financial report, however, believes that there is reason to be sanguine. “TV screen’s dominance during prime time coupled with pay-TV’s low ARPU and wired broadband’s lower penetration in India work against cord-cutting,” the report said. Broadcasters have been withdrawing General Entertainment Channels or GECs from DD Free Dish. That could stem the migration of viewers from pay TV. Moreover, it also expects that receding raw material cost inflation and buoyant festive demand could boost ad-revenue growth starting in the second half of the current financial year. “Unlike the general perception, our analysis indicates TV has held on to its share of ad spend while digital has gained at the expense of other media. TV’s wider reach and India’s low ad-spend-to-GDP ratio mean significant headroom for both TV and digital ad-spend to grow,” the report said. Moreover, India still has close to 100 million non-TV households, which provides a long runway for growth. Where are ad volumes going? Ad volumes have been falling differently across channel genres. Free commercial time (FCT) in genres such as English movies and English niche fell sharply even over 2019-21— reflecting the impact of OTT on select genres. The ad volumes of English movie channels declined the steepest at 45% while English niche went down by 29% and that of music channels went down 19%. “Urban youth, the viewership base of English channels on TV, appear to have shifted to OTT with global, on-demand content. Following the same logic, there seems to be a small impact on Hindi GEC (-3% FCT over 2019-21) while <keyword id="42771" type="General" weightage="20" keywordseo="regional" source="Orion">regional</keyword> genres seem largely unaffected, as of now,” the report said. On the other hand, ad volumes grew in genres like news, Hindi movies, Marathi channels, Tamil channels, Kannada, Bengali and Malayalam. However, ad volume fall in English channels have little effect on overall growth in TV as it constitutes only 1% of overall TV viewership. Even as the urban youth with access to wired broadband, higher spending capacity, and proclivity to watch international and niche content are likely to cut the cords and shift exclusively to OTT platforms, there is a lot of juice left in the linear TV market. “With around 300 million households, a sprawling regional language market, and a diverse cultural background, India offers significant opportunities for all forms of entertainment to co-exist. We believe OTT, pay TV, and free-to-air channels will all co-exist in the country,” the report said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/prime-videos-four-more-shots-please-season-three-to-debut-on-october-21/articleshow/94701251.cms">Prime Video's 'Four More Shots Please!' season three to debut on October 21</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/ecommerce/news/flipkart-group-leads-e-commerce-festive-sales-meesho-is-second-largest-contributor-in-order-volume-redseer/articleshow/94701015.cms">Flipkart group leads e-commerce festive sales, Meesho is second largest contributor in order volume: Redseer</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/instagram-is-developing-a-nudity-protection-feature-to-block-unsolicited-nude-photos-in-dms/articleshow/94697784.cms">Instagram is developing a ‘Nudity Protection’ feature to block unsolicited nude photos in DMs</a>

Indians stick to TV for prime time and that's keeping them from cutting the 'cord'

<keyword id="14907483" type="General" weightage="20" keywordseo="jm-financial-institutional-securities-ltd-" source="Orion">JM Financial Institutional Securities Ltd.</keyword> has released its report on Open Network for <keyword id="1664180" type="General" weightage="50" keywordseo="digital-commerce" source="Orion">Digital Commerce</keyword> (<keyword id="5862596" type="General" weightage="100" keywordseo="ondc" source="Orion">ONDC</keyword>) terming the company a population-scale initiative to democratise e-commerce, the detailed report concludes that it has the potential to create a win-win scenario for incumbents as well as new entrants. The report also terms extreme operational complexity as the roadblocks for ONDC. "With its primary focus of enabling e-commerce for small retailers and MSMEs, ONDC has the potential to enhance retail digital penetration in the country at an even faster pace than what was seen during the COVID lockdowns. The network will enable a wider customer catchment to small retailers and direct customer access to MSMEs, creating millions of million-dollar businesses," said the report. Using an open source protocol, ONDC switches the approach from closed platforms to a network that creates interoperability across all on boarded applications, says the report. "This interoperability enables unbundling, which allows all participants to play to their strengths -- a banking app with millions of consumers focuses on boarding/engaging consumers while a SaaS provider for online sellers handholds the sellers. Further, the buyers get to stick to their app of choice for accessing a broad selection while sellers do not need to spend time and capital in working with multiple platforms in silos. Overall, this can drive capital efficiency for the players, helping them achieve profitability," said the report. As per the report, the roadblocks to success of ONDC include solving the chicken and egg situation between supplier and buyer on boarding, customer complaints redressal (as a fragmented process also creates gaps for the process to fall through), competition issues in case the large incumbents or massive brands are on boarded as well as those related to data privacy and ownership. "Looking at <keyword id="6358921" type="General" weightage="50" keywordseo="upi" source="Orion">UPI</keyword> evolution, ONDC might also need to decide on its positioning as a non-regulatory authority or becoming a rule-setting body in order to ensure that the network remains fairly attuned for the small retailer to not get marginalised," said the report. Open Network for Digital Commerce (ONDC) has been incubated with the primary purpose of supporting grassroots-level entrepreneurship and digitising small, local retailers by making them a participant in India's e-commerce revolution. ONDC is pursuing an open protocol approach that drives interoperability between all onboarded platforms and, hence, lowering the entry barrier for a retailer to sell online. This allows a consumer on any app of his/her choice to buy from any seller across the network even if the seller might not be onboarded on the app that the customer is using. "We appreciate this move by the Indian government to take the digital revolution across the nook and corner of the country and believe that this could be a massive driver in taking India's digital penetration in retail from the current 5-7 per cent to almost 20 per cent in the next 5 years (current IBEF estimate is of 19 per cent by 2030)," said the report. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/ril-acquires-california-based-solar-software-developer-sensehawk-for-32-million/articleshow/94016174.cms">RIL acquires California-based solar software developer SenseHawk for $32 million</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rupee-has-held-its-own-despite-sharp-depreciation-in-other-currencies-rbi-governor/articleshow/94015738.cms">Rupee has held its own despite sharp depreciation in other currencies: RBI Governor</a>

ONDC is a population-scale initiative to democratize e-commerce: JM Financial

<ul><li>The pain in the mutual fund companies’ finances is reflected in the latest corporate earnings of some mutual fund companies.</li><li>Among the top mutual fund companies Aditya Birla Sun Life AMC reported a 13% on- year decline in net profit to ₹136 crore from ₹156 crore last year.</li><li>For <keyword id="174045" type="General" weightage="20" keywordseo="HDFC-AMC" source="Orion">HDFC AMC</keyword>, on a sequential basis, its profit rose by a marginal 2% to ₹376 crore in March quarter from ₹369 crore in the previous quarter.</li><li>Government’s changes in <a href="https://www.businessinsider.in/business/news/debt-schemes-of-mfs-lose-edge-over-bank-deposits-as-budget-proposes-to-scrap-ltcg-indexation-benefits/articleshow/98965932.cms">debt funds tax structure</a>, rising competition and stricter norms on tax expense ratios (TER) are some triggers that have impacted the mutual fund companies.</li><li>As a result, shares of all the listed asset management companies have been in the red so far in 2023 underperforming the broader market.</li></ul>The year 2023 has not been kind to asset management companies listed on Indian stock exchanges. They have been battered 20-32% so far this year as several stricter regulatory norms hit their profit avenues. Government’s changes in <a href="https://www.businessinsider.in/business/news/debt-schemes-of-mfs-lose-edge-over-bank-deposits-as-budget-proposes-to-scrap-ltcg-indexation-benefits/articleshow/98965932.cms">debt funds tax structure</a>, rising competition and stricter norms on tax expense ratios (TER) are some triggers that have impacted the mutual fund companies. The pain is visible in the latest corporate earnings of some mutual fund companies. Among the top mutual fund companies Aditya Birla Sun Life AMC reported a 13% on-year decline in net profit to ₹136 crore from ₹156 crore last year. “While we are constructive on Aditya Birla Sun Life AMC’s strong and diversified distribution network, given rising competitive intensity, we believe yields will plummet faster than assets under management (AUM) growth, posing a high risk to earnings from negative operating leverage,” said analysts at HDFC Securities. The brokerage house downgraded the rating on the company’s stock to ‘Add’ from ‘Buy’. As a result, shares of Aditya Birla Sun Life AMC have been the top loser among its peers, slipping 21% in 2023 so far. Rival HDFC Asset Management Company posted a sequential 2% rise in profit to ₹376 crore in the March quarter while its revenue fell 3% to ₹541 crore. However, in the case of HDFC AMC, analysts feel that the impact of the total expense ratio (TER) changes on the company’s stock may be limited due to strong AUM growth and potential benefits from its HDFC Bank parentage. Housing Development Finance Corporation (HDFC) is the parent company of HDFC AMC that is expected to complete its merger with HDFC Bank by <a href="https://economictimes.indiatimes.com/wealth/borrow/hdfc-hdfc-bank-merger-how-will-it-impact-hdfc-home-loan-borrowers-will-home-loan-interest-rates-go-down/articleshow/99978517.cms">July this year as per reports. </a> “While we remain watchful of the proposed changes in the TER structure and HDFC AMC’s stock has corrected by c.9% over the last 3 months on fears regarding the changes, we expect the impact to be limited and current valuations (20x FY25 EPS) adequately factor in the expected cut in earnings. HDFC AMC is our top pick in the space and the stock can see a meaningful rerating in the near to medium term driven by robust AUM growth and potential benefits from HDFC Bank parentage,” said analysts at JM Financial. On the other hand, <keyword id="193636" type="General" weightage="20" keywordseo="uti-amc" source="Orion">UTI AMC</keyword>’s profit grew strongly to ₹86 crore in March quarter from ₹60 crore in the previous quarter and ₹54 crore during the same period last year. However, Nippon Life Asset Management’s profits were flat sequentially at ₹198.96 crore while revenue from operations fell nearly 2% at ₹325 crore. As a result, shares of all the listed asset management companies have been in the red so far in 2023 underperforming the market. The benchmark Sensex is up almost 1% so far this year. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></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;">Asset management 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;">Share price gains/losses in last 5 days </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;">Share price gains/losses YTD </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;">Aditya Birla Sun Life AMC </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;">5% </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;">-21% </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;">UTI AMC </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;">0.34% </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;">-23% </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;">Nippon Life India AMC </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;">0.02% </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;">-5% </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;">HDFC AMC </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;">0.50% </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;">-17% </td></tr></tbody><tbody></tbody></table>Source: NSE Fall in average ticket size of retail investors show signs of weakness While mutual funds are popular among investors, the average ticket size of retail investors has dropped nearly 3% to ₹68,321 in March 2023 from ₹70,199 last year, according to data from the Association of Mutual Funds in India (AMFI). The amendment in the Finance Bill that proposed to do away with <a href="https://www.businessinsider.in/business/news/debt-schemes-of-mfs-lose-edge-over-bank-deposits-as-budget-proposes-to-scrap-ltcg-indexation-benefits/articleshow/98965932.cms">long-term capital gains tax benefits on debt investments</a> was the latest trigger that impacted the mutual fund companies. As per the proposed changes in the Finance Bill, investors in debt funds will have to pay tax according to their income slabs. Investors had so far benefited from indexation while calculating long-term capital gains from debt funds but this will now longer be available effective 1 April. Adding to it, as per reports, the Securities and Exchange Board of India (SEBI) is considering taking action against big fund houses that charge very high expense ratios from their customers. Currently as per SEBI’s rules, mutual funds can charge a total expense ratio (TER) of up to 2.25%, if the AUM reaches ₹500 crore. However, the regulator might now reduce this expense amount to benefit investors. Also, since distributors earn more commission by selling new funds, there are cases of mis-selling. Hence to protect investor interest, the regulator is looking to <a href="https://economictimes.indiatimes.com/opinion/et-editorial/make-mf-schemes-more-affordable/articleshow/98485116.cms?from=mdr">bring a uniform expense ratio </a>for mutual fund schemes. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/fpis-pump-9677-crore-into-financial-services-and-auto-stocks-in-april/articleshow/100100496.cms">FPIs pump ₹9,677 crore into financial services and auto stocks in April</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/fy23-scorecard-tvs-motor-fares-better-than-bajaj-auto-hero-motocorp-on-profits-and-margins/articleshow/100082560.cms">FY23 Scorecard: TVS Motor fares better than Bajaj Auto, Hero MotoCorp on profits and margins</a>

Mutual fund company stocks bleed this year, thanks to tax hit on debt funds and strict expense ratio norms

<ul><li>IMD forecasts a searing summer with “above normal” temperatures in most of northeast, eastern, central India and parts of northwest India.</li><li>Japanese electronics brand Panasonic expects a good summer with double digit growth.</li><li> JM Financial is of the view that demand for ACs will pick up this March and dealers are stocking up inventory.</li></ul>The summer of 2023 got off to an early start, and even with gusts of hail and wind, unpredictable and unseasonal weather is bringing cheer to makers of air conditioners. “We believe summer-23 is likely to be a healthy season for <keyword id="7743494" type="General" weightage="20" keywordseo="ac-manufacturers" source="Orion">AC manufacturers</keyword>, given soaring temperature and higher probability of occurrence of heat waves across cities and normalisation of commercial activities,” said a report by JM Financial. The report suggests that AC demand will pick up this March, and dealers have already started stocking up inventory in anticipation of good sales. Analysts at JM Financial believe that this year is widely expected to be a little hotter than the previous two years globally “mainly because of the expected end of the strongest ever La Niña event”. The India Meteorological Department (IMD) too forecasts a searing summer with “above normal” temperatures in most of northeast, eastern, central India and parts of northwest India. In fact in March, several parts of the country have been impacted with <a href="https://www.businessinsider.in/india/news/erratic-rains-thunderstorms-more-in-march-impacts-lives-and-livelihoods/slidelist/98807776.cms">erratic environmental changes </a>including early monsoon, hailstorms and strong winds. This was right after an unusually hot February. Besides, it also expects heat waves during March-May in most parts of India, except for the northeastern states, Jammu and Kashmir, Uttarakhand, Himachal Pradesh, Kerala and coastal Karnataka. Hot summer to bring hot sales for AC manufacturers Japanese electronics brand Panasonic also expects a good summer with double digit growth. “At Panasonic, we are expecting healthy growth for our summer products such as ACs, refrigerators, etc., to name a few. Last year for our cooling products like ACs and refrigerators, we registered around 35% (for April 2022 till February 2023 as compared to the same period in 2021). this year we are hoping for continued growth momentum registering double-digit growth,” said Fumiyasu Fujimori, MD, Panasonic Marketing India, Panasonic Life Solutions India. High demand from Mumbai &amp; Bengaluru Analysts say that demand has already picked up in anticipation of a hot summer. The report stated that demand in all major cities like Delhi, Chennai, Hyderabad and Kolkata witnessed moderation currently, whereas Mumbai, Bengaluru and certain pockets in Ahmedabad are witnessing pickup in demand given the early onset of summer. The brokerage firm has stated that Voltas remains their top pick, followed by <keyword id="152126" type="General" weightage="20" keywordseo="blue-star" source="Orion">Blue Star</keyword> and Amber Enterprises. Analysts feel that rising disposable income, improving standard of living and willingness to spend on comfort is the reason why demand for such white appliances is increasing. “With the increase in disposable income, rapid urbanization, improving standard of living, and easy financing options, consumers are willing to spend on appliances that are energy-efficient, smart, connected, and provide comfort and convenience that enhances their lifestyles,” said JM Financial. The Consumer Electronics and Appliances Manufacturers Association is expecting sales in the summer periods of March to May this year to be anywhere between 15% to 20% higher than last year, according to a report by <a href="https://www.cnbctv18.com/business/consumer-durable-makers-gear-up-make-hay-while-sun-shines-expect-20-percent-growth-in-sales-16226681.htm">CNBCTV18</a>. Channel check with dealers by JM Financial shows that demand for Voltas and other brands like Lloyd, Hitachi and Panasonic is better than previous years. They say that currently, demand for products of Voltas remains high, especially in lower tier cities because of higher brand awareness. However, with increased product offering by other brands, dealers anticipate pickup in demand from other brands as well. Analysts say Blue Star continues to be a preferred brand in Southern markets, while their presence in the North is also increasing. Other players such as Lloyd and LG continue to be preferred brands of choice for customers in South India whereas Daikin, Hitachi, LG and Panasonic are prominent in West India, says the report. Listed AC manufacturers <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></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;">AC manufacturers </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;">% change YTD </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;">Blue Star </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;">21.53% </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;">3.94% </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 Enterprises 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;">-0.73% </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;">Johnson Controls Hitachi Air Condition </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;">-1.21% </td></tr></tbody><tbody></tbody><tbody></tbody></table> Room for growth Besides, the Indian summer has broken multiple heat records over the past decade and created a strong demand for air conditioning in Indian homes and offices, says Statista, a data platform. “Increasing demand for home appliances , along with a fairly low penetration rate, has left the Indian <keyword id="6365348" type="General" weightage="20" keywordseo="air-conditioner" source="Orion">air conditioner</keyword> market with plenty of room to grow and is estimated to reach 9.7 million units in the financial year 2023,” said Statista. Adding to the celebration, since October 2020, the Indian government has banned imports of ready-to-install air conditioners, providing a boost to manufacturers in India. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/digitalisation-credit-growth-government-policies-to-drive-msme-growth-say-experts/articleshow/98962354.cms">Digitalisation, credit growth, government policies to drive MSME growth, say experts</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/first-82-days-of-2023-see-more-layoffs-than-the-entire-2022/slidelist/98960848.cms">First 82 days of 2023 see more layoffs than the entire 2022</a>

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