Daewoo to enter India with Kelwon Electronics

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The South Korean conglomerate Posco Daewoo is strategically positioning itself for entry into the thriving Indian market. This strategic move aims to capitalize on India’s robust economic growth and surging consumer demand, making it as one of the world’s most promising consumer markets.

Daewoo has a 50-year global heritage in both the Automotive and Electronics sectors. With a significant presence already established in 110 countries, Daewoo has expanded its global reach into India through strategic brand licensing partnerships.

Chan Ryu, Director with Kelwon Electronics to spearhead Daewoo India Operations, emphasized that Daewoo, part of the Posco conglomerate, possesses a globally recognized trademark and a well-established presence in international markets including USA, Europe, China, Middle East, UAE and many more. The rapid growth of the Indian market serves as the primary motivation for their decision to enter this dynamic landscape.

“In our initial stage, we are introducing a range of Power & Energy products, encompassing batteries for both four-wheelers and two-wheelers, as well as inverter and solar batteries. Additionally, we will offer a variety of HUPS inverters and UPS systems designed for both online and offline applications, featuring wall-mounted options with integrated lithium batteries. Furthermore, we are set to launch high-capacity Voltage Stabilizers ranging from 0.5 KVA to 5 KVA to ensure optimal protection for your electrical devices” added Ryu

Sharing the future roadmap Mr Ryu elaborated, “Furthermore, in the upcoming year, as part of our Consumer Durables portfolio, we will introduce a wide range of products including air purifiers, LED televisions, audio speakers, water purifiers, smart fans, air coolers, home automation systems, and a comprehensive selection of small home and kitchen appliances.

These products will offer innovative and diverse features while remaining budget-friendly. Additionally, we have plans to unveil a captivating line of e-bikes and e-cycles in the Indian market.

Ryu further highlighted that this new partnership marks the beginning of a new chapter for Posco Daewoo in India. He also emphasized India’s emergence as a global manufacturing hub and the intent to seize this opportunity by collaborating with an Indian partner who possesses substantial experience and capabilities in the manufacturing, marketing, and sales of Daewoo products in India.

HS Bhatia, the Managing Director of Kelwon Electronics & Appliances stated, “We are delighted to welcome Daewoo, a revered Korean brand, into our brand portfolio. Daewoo boasts a rich history of innovation and enjoys the trust of millions of consumers worldwide. We are enthusiastic about harnessing our innovation capabilities and extensive distribution network to unlock new opportunities for both the brand and our valued customers. This long-term partnership forms the cornerstone for our company’s sustained growth in the years ahead.”

Bhatia remarked, “Today, the entire world is turning its attention to India and its growing market, as our nation is on track to becoming the third largest economy in the world. Emerging sectors such as energy and power, consumer electronics, and, most notably, E-Bikes, will play a pivotal role in driving India toward this significant economic milestone.

With an emphasis on the automotive and energy-related sectors, Daewoo aims to provide cutting-edge products and solutions that align with India’s growing demand for sustainability and technological advancement. India is the world’s fourth-largest retail market and the 16th-ranked country on the 2023 FDI Confidence Index. The retail industry in India accounts for more than 10 percent of the country’s GDP and employs approximately eight percent of the population.

‘Delhi Future Stars’; an initiative to elevate youth football in the capital

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The Directorate of Education of the Government of NCT Delhi, in collaboration with the Delhi Soccer Association (DSA) and HCL, a prominent global conglomerate, has introduced an initiative called ‘Delhi Future Stars.’ This programme is geared towards revolutionising youth football in the capital region by creating opportunities for young footballers to exhibit their talent and enhance their skills, according to an official release.

Delhi Future Stars aims to transform three significant leagues: the Delhi Youth League, the Delhi School League and the Delhi Grassroots League. Scheduled to kick off on October 30, 2023, the league will feature participation from more than 6,500 players and over 400 football teams spanning Delhi NCR, the release mentioned.

Anticipated to captivate an audience exceeding 10 lakh people, this initiative will involve active participation from parents, schools and academies, all pivotal in the league’s success. Matches are slated to take place at 35 different venues across Delhi NCR, offering ample opportunities for players to exhibit their talents and compete at a heightened level, as per the release.

“The collaboration between the Directorate of Education of Government of NCT Delhi, DSA and HCL demonstrates a unique partnership working together to create a brighter future for young footballers. Together, we aim to nurture talent, promote inclusivity, and foster a love for football among the youth in Delhi,” Anuj Gupta, president, Delhi Soccer Association, said.

Asian markets weaken as IMF, World Bank flag recession risks

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Asian markets were weaker on Friday as investors braced for a U.S. rate hike next week amid growing concerns of a global recession following warnings from the World Bank and the International Monetary Fund. MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.3% on Friday, after U.S. stocks ended the previous session with mild losses. The index is down 4.1% so far this month.

Australian shares were down 0.94% on Friday, while Japan’s Nikkei stock index slipped 1.2%.Hong Kong’s Hang Seng Index was down 1.1% while China’s CSI300 Index was 0.86% lower. The weaker session followed broad declines across the major U.S equities markets.

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The IMF in July revised down global growth to 3.2% in 2022 and 2.9% in 2023. It will release a new outlook next month.In comparison, the World Bank said the world could be edging towards a global recession in 2023 as central banks across the world simultaneously hike interest rates to combat persistent inflation.

The world’s three largest economies – the United States, China, and the euro zone – have been slowing sharply, and even a “moderate hit to the global economy over the next year could tip it into recession,”, it said. Indermit Gill, the World Bank’s chief economist, said on Thursday he was concerned about “generalized stagflation,” a period of low growth and high inflation, in the global economy, noting the bank had pared back forecasts for a majority of countries.

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In Asian trade, the yield on benchmark 10-year Treasury notes stood at 3.4509% compared with its U.S. close of 3.459% on Thursday.The two-year yield, which rises with traders’ expectations of higher Fed fund rates, touched 3.871% compared with a U.S. close of 3.873%.Two-year Treasury yields hit a new 15-year high after mixed U.S retail sales and jobless claims data, which analysts said reinforced the case for aggressive Federal Reserve rate hikes.

Markets are currently fully pricing in a 75 basis point rate hike next week, economists said.”Equities and other risk-sensitive markets struggle as it becomes clear that US inflation pressures are well embedded and that risks to the fed funds rate lie to the upside,” ANZ economists said on Friday.

The dollar dropped 0.4% against the yen to 142.95. The euro was up 0.1% on the day at $1.0006, having lost 0.51% in a month, while the dollar index, which tracks the greenback against a basket of currencies of other major trading partners, was up at 109.59.U.S. crude ticked up 0.14% to $85.22 a barrel. Brent crude rose to $90.98 per barrel. Gold was slightly lower. Spot gold was traded at $1662.49 per ounce.

Sahara India Commercial Corporation: SC stays SAT order lifting Sebi’s attachment directive

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The Supreme Court on Friday stayed the order of the Securities Appellate Tribunal (SAT) that had lifted Sebi’s attachment order on Sahara India Commercial Corporation (SICCL) and its directors, including Subrata Roy, subject to the company depositing Rs 2,000 crore with the markets regulator.

This lifting order, according to Sebi, is in contravention of the SC’s 2012 and 2013 orders that had directed Sebi to take all legal remedies, including attachment and sale of properties and freezing of bank accounts, for realisation of Rs 25,781 crore collected by the two Sahara firms – SICCL and Sahara India Real Estate Corporation – from three crore investors with interest in case of default in payment by them.

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A bench led by Justice SA Nazeer while staying the SAT’s order also sought response from Sahara India Commercial Corporation, Subrata Roy and others on the Sebi’s appeal against the tribunal’s decision. It also tagged the case with the cases already pending before it.

The SAT in November asked SICCL and then directors, including Subrata Roy, to deposit Rs 2,000 crore with Sebi. Following the deposit of the amount, the attachment order against the company and its directors would be lifted. The fund was to be kept in an escrow account by the market regulator. Besides, the tribunal had also directed SICCL and Sahara India to provide a full inventory of all the assets and properties and details of all the bank accounts in India and abroad, demat accounts and holding of mutual funds/shares /securities (in physical or in demat form) to Sebi within four weeks.

In April last year, Sebi’s recovery officer had issued a demand notice directing SICCL and its then directors to deposit Rs 14,106 crore within 15 days, failing which recovery would be made. As Sahara group company failed to comply with its orders, the recovery officer issued an attachment order in October 2021 directing the banks to attach the accounts and demat accounts of the firms. This was challenged by SICCL before the SAT.

Sahara group has been locked in a prolonged legal battle with Sebi for allegedly breaching norms in raising over Rs 25,000 crore through bonds. Roy and two group directors are out on parole since May 2016, after spending two years in Delhi’s Tihar Jail.

Innov8 plans to double its co-working centres in FY2024

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Co-working startup Innov8 has announced that it will double its footprint in the ongoing financial year FY 2023-2024. The company added 5 new centres in key business cities in India in early 2023 and is all set to inaugurate 5 more centres in the current quarter.

The company is in the process of setting up 10 additional centres in the last quarter of the financial year, thereby taking the new centre count in the year to 20. At the beginning of the year, Innov8 had 20 centres across 9 business cities, including Delhi, Gurgaon, Noida, Mumbai, Pune, Bangalore, Chennai, Hyderabad and Ahmedabad. With the ongoing expansion, Innov8 will add ~8000 seats and 300,000 sq. ft of co-working spaces across Delhi NCR, Mumbai, Pune, Bengaluru and Chennai. Innov8 and its partners plan to invest Rs 100 crore + to open these centres pan India.

Innov8 Aerocity and CP in New Delhi, Innov8 Marol in Mumbai, and Innov8 locations in Bellandur and KR Puram in Bangalore are amongst centres slated to be inaugurated within this quarter.

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Innov8’s pivot to a ‘5 mins to a metro station’ strategy, to open new co-working centres only near metro stations and key arterial roads across top business cities in India, has been instrumental in driving this growth. The company has witnessed over 90% occupancy, high demand and healthy rentals in its co-working centres across the country which are within five minutes to metro stations. As work from office or at least hybrid working becomes a mandate even in startups, which form a significant part of Innov8’s customer base, ease of public commute is a major draw. Employees strongly prefer metro proximity and prefer joining companies choosing their office spaces accordingly.

According to recent reports, start-ups account for almost one-third of place adoption, second only to technology sector. India’s flex space operational footprint in FY 2023 stands at 53 mn sq. ft, marking a ~400% increase from 2018. It is expected that the operational flex stock is likely to reach around ~106 mn sq. ft, doubling again over the next five years. Innov8 is looking to capitalise on this market opportunity through this planned expansion.

Talking about the expansion, Dr. Ritesh Malik, Founder of Innov8, said, “In FY2023 Innov8’s growth in centres was 30%. Since our pivot to the “5 minutes to a metro station’ strategy we have nearly doubled the number of centres in the country. Growth in India’s flex space industry and the startup ecosystem in general is indicative of a fundamental shift in how businesses perceive and utilize office spaces. Innov8’s has pivoted so that it can capitalise on this shift and provide businesses with a dynamic and flexible workspace solution.”

Pankhuri Sakhuja, Business Head of Innov8, said, “On average, Innov8 co-working offices see 90% occupancy in less than 3 months, compared to the industry average of 6 months. Innov8’s success in gaining the trust and support of customers has paved the way for exploring new market opportunities and driving further growth. With this expansion, Innov8 is well-positioned to capitalise on these opportunities and continue its upward trajectory.”

Innov8 provides premium co-working spaces with uninterrupted connectivity, easy access & proximity to key transit hubs such as metro stations, airport, railway station & more and flexible working arrangement, all this at an affordable price. Innov8 currently has seven centres in Delhi-NCR that have great connectivity with the Delhi Metro and Transit Metro, making it seamless for customers to travel across Delhi, Noida, and Gurgaon. All Innov8’s centres in Mumbai are in the Andheri East with proximity metro stations making it a preferred destination for startups, well-established corporates and other businesses.

Founded in 2015 by Dr. Ritesh Malik, Innov8 is currently spread across 9 cities—Delhi, Gurgaon, Mumbai, Pune, Chennai, Bangalore, Ahmedabad, Hyderabad & Indore, with over 20 centres hosting over 8000+ employees of brands like IndusInd Bank, Jio Saavn , Phone Pe & Tata Digital.

Paytm share price rises 7% in 6 months, may rally this much more; JP Morgan bullish, should you buy?

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Paytm share price rose 3 per cent on Monday after foreign brokerage firm JP Morgan reiterated a positive stance on the stock last week. Analysts maintained a price target of Rs 1,000 on the scrip, suggesting an over 50 per cent potential rally going forward. The brokerage firm believes that Paytm is undergoing a model shift from chasing ‘growth at any loss’ to ‘profitability at scale’ now. “Moderation in indirect expenses Q2 onwards should hence be a catalyst,” it said. Paytm shares have tanked over 50 per cent so far this year, but have risen 7 per cent in the last 6 months. Paytm share price jumped over 3 per cent to hit an intraday high of Rs 660 on NSE. JPMorgan’s target price on the counter suggests a 51 per cent potential upside over Monday’s intraday high level. 

According to the JP Morgan report, Paytm’s Q2 earnings will be key to see evidence of loss reduction and increasing confidence in 23 September breakeven. “The increase in indirect expenses could moderate, driving significant operating jaws in adjusted EBITDA losses. Paytm has been reinvesting gains in contribution margin back into marketing and its device business buildout which has limited its EBITDA margin improvement,” it said, adding that this will be key to Paytm achieving its guidance for a given target.

Paytm share price set to give sharp upside movement

Paytm shares price has tumbled nearly 70 per cent from its upper price band of Rs 2150. The shares have been nosediving ever since it was listed on Indian bourses in November last year. However, after hitting the lifetime low of Rs 510 on NSE, the stock has bounced back giving a little hope to positional investors. According to the JP Morgan report, Paytm share price is set to give some sharp upside movement and it may regain four-digit price by end of March 2023. “We estimate incremental CM of 60 per cent – well above 43 per cent in Q1F23- suggesting scope for further improvement. Q2 earnings print on loss reduction rate will be a key catalyst,” it said.

Payments business now decisively in positive margin territory

According to the analysts, Paytm’s financial services business scale-up has remained a key value driver and that loss rates on syndicated loans are running below normal. It felt payments business is now decisively in positive margin territory. “Further tailwinds to Payment business margins exist from potential UPI P2M monetisation either from MDR introduction (unlikely) or from increased subsidies from the government (currently at $200 million for the system) to support network investments. UPI’s P2M becoming monetisable via government rebate is a major mid-term positive for payment economics,” the brokerage said.

Strong revenue growth likely across all business segments

Meanwhile, analysts added that competitive intensity could moderate in the payments/digital lending space from fintechs, given the tightening of funding and regulatory hold in the sector.  “In our view, this could benefit Paytm as it is well funded to drive expansion and has also highlighted that it is compliant with the digital lending regulatory guidelines, which we think can clear the regulatory overhang on the FS part of its business model,” they said. The brokerage expects, Paytm to see strong revenue growth across all its business segments, thanks to device monetisation in payments, financial services cross-selling, ticketing recovery and rising ad monetisation. 

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Several other global brokerages also remain bullish on the fintech stock. Goldman Sachs has maintained a target price of Rs 1,100 on Paytm shares which implies a 66 per cent upside. Meanwhile, Citi also maintains a positive outlook on Paytm shares. It has set a target price of Rs 998 for the stock, meaning a 50% upside from Monday’s intraday high of Rs 660 per share.

(The stock recommendations in this story are by the respective research analysts and brokerage firms. FinancialExpress.com does not bear any responsibility for their investment advice. Capital markets investments are subject to rules and regulations. Please consult your investment advisor before investing.)

HDFC Life allots 35.7m shares to HDFC to raise Rs 2,000 cr

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HDFC Life Insurance on Friday said it has allotted 35.7 million equity shares to Housing Development Finance Corporation (HDFC), one of the promoters of the company, on a preferential basis for raising Rs 2,000 crore.

In a stock exchange filing, HDFC Life said the capital raising committee of its board has vide its resolution allotted 3,57,94,824 equity shares at a price of Rs 558.74 per share (including premium of Rs 548.74 per share), aggregating to Rs 2,000 crore, to HDFC.

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On Friday, HDFC Life scrip closed 1.43% lower at Rs 576 on the BSE.

Notably, the insurance company on July 29 informed that its board had approved the issuance of equity shares to promoter HDFC for Rs 2,000 crore on a preferential basis. The company’s board of directors approved issuance of 35.7 million equity shares at Rs 558.74 per share, not exceeding Rs 2,000 crore in aggregate, on a preferential basis to HDFC.

In a stock exchange filing, the insurance company had said, “The issue price at which equity shares are to be issued to HDFC Ltd is the higher of the price determined under the valuation report of the registered valuer and the price calculated in accordance with Chapter V of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (SEBI ICDR Regulations).”

Backed by a healthy rise in annualised premium equivalent and a significant decline in Covid-related claims, HDFC Life reported around 22% year-on-year growth in its consolidated net profit to Rs 328.79 crore for the first quarter. The insurer had posted a net profit of Rs 269.55 crore for the year-ago period.

Engineering, Mathematics or Computer Science? Courses international students prefer to study in US – Find out

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International students drove an increase in first-time enrolments in the US in 2022 compared with 2021. The Council of Graduate Schools’ Graduate Enrollment and Degrees: 2012 to 2022 report shows that international commencements grew by 10.2% between 2021 and 2022, in contrast to a 4.7% decline in domestic commencements.

The significant jump in international enrolments comes on the back of a 12% jump in international applications to US graduate programmes in Fall 2021 and a 26% surge in 2022.

However, even with that growth in international student numbers, overall enrolment in US graduate programmes has been trending downward in recent years.

Where do international graduate students prefer to study?

At private, not-for-profit universities, international students made up a third (33.2%) of all first-time enrolments, while at public universities, their share was lower (25%).

Foreign students accounted for almost 7 in 10 commencements in mathematics and computer science and more than half in engineering programmes. Only one field of study – engineering – did not see growth in first-time international graduate enrolments in 2022. Mathematics and computer sciences saw a 16.6% bounce, biological and agricultural sciences enrolled 16.6% more, and physical and earth sciences saw 10.3% more new international students.

Mathematics and computer sciences, business, engineering, and health sciences accounted for 47% of all graduate applications for which the intended field of study was known.

Master’s programmes in US saw the biggest increase in applications. Overall, applications to US graduate schools rose by nearly 4% between Fall 2021 and Fall 2022. This increase was driven by interest in master’s programmes, especially from Indian students.

Stock market rally over, now focus on fundamentals, FIIs might continue to be net buyers | INTERVIEW

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With the record-breaking rally on Dalal Street spreading to several months now, it could have now reached an inflexion point. Valuations of most markets around the globe are higher than their long-term averages which hint at the rally being more or less done for now, said Raghvendra Nath, Managing Director, Ladderup Wealth Management in an interview with Kshitij Bhargava of Financial Express Online. Nath added that 2021 will see the stock market move sideways but is hopeful that foreign flows will be dessert India but will continue to be net buyers. Here are the edited excerpts.

Stock markets continue to inch higher even after sharp sell-off, bulls do not seem to be giving up. Does this rally have more legs from here on?

With markets at all-time highs, the valuations have also become fuller if not stretched. The global markets are inundated with money due to lack of alternatives and therefore the valuations of most markets around the world are much higher than their long term averages. The hope rally is more or less done now, any movement upwards would now be driven by the fundamentals and therefore news of earnings growth, macroeconomic data etc. will have a larger bearing in future.

Foreign investors have continued buying domestic securities, who do you interpret from this? Should markets anticipate a sudden withdrawal from FIIs?

When the Covid pandemic started, India was considered as a country at the highest risk levels as we have a substantial population below the poverty line and our medical infrastructure is much inferior to the developed nations. However, as it has turned out, India has managed the crisis extremely well debunking various fears. The Economy bounce back has more certainty in India than in many other nations. This is one of the prime reasons for FIIs’ bullishness. I think FIIs would continue to invest in India on a net basis as India offers one of the best alternatives in the Emerging Markets with excellent market regulations, depth and breadth of markets and growth potential.

India has taken reforms seriously in 2020, what positives can we expect these reforms to bring for investors in 2021?

Yes, both government and central bank have played on the front foot in 2020 to bring the economy back on rails. The ease of credit flows to the bottom of the business pyramid is going to have a salutary effect on GDP growth as well as employment; the PLI scheme if implemented properly can bring in much needed foreign players and foreign capital in many sectors; the government promise on escalating expenditure should result in higher Economic Growth in the next two years.

IPOs have been an easy way to make money for investors in 2020, is this trend likely to continue?

Every time the bulls enter the markets, IPOs become popular. Money making should never be easy and whenever it becomes so, one can conclude with certainty that the markets are tilting towards irrationality. If the bulls continue to charge ahead in 2021, the IPO market may also see the positive influence but it is advisable to always exercise caution when investing in IPOs.

Valuations are too stretched, how should one analyse stocks in such a scenario?

It is difficult to pinpoint on the right value that one should pay for any stock. And yes the valuations in many sectors are now definitely stretched. The best way to deal with such situations is to one look at long term while investing in stocks with rich valuations, but also at the same time take a pause wherever the valuations have stretched beyond reasonable levels and invest in other stocks or sectors. 

What is your suggestion for investors in 2021?

2021 is a year of hope after what people have endured in 2020. The equity markets are ending 2020 with a big bang having delivered one of the fastest recoveries in the history of the markets in the last 6 months. I expect that the markets should remain sideways as some of the after-effects of Economic deceleration would start becoming visible. While investors should continue to remain invested in equity markets, the return expectations should be moderate.

Petrol and Diesel Price Today, 6 Oct 2022: Fuel cost steady; Check rates in Delhi, Mumbai, Noida, other cities

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Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Lucknow: The price of petrol and diesel remained unchanged on 6 October 2022 (Thursday), keeping costs steady for nearly four months now. The petrol rate and diesel rate in Delhi are at Rs 96.72 and Rs 89.62 per litre, respectively. In Mumbai, petrol is retailing at Rs 106.31 per litre and diesel at Rs 94.27 per litre. The last country-wide change in fuel prices came on 21 May this year, when Finance Minister Nirmala Sitharaman announced a cut in excise duty on petrol by Rs 8 per litre and Rs 6 per litre on diesel.

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Petrol, diesel prices in Chennai, Kolkata, Bengaluru, Lucknow, Noida, Gurugram

Mumbai: Petrol price: Rs 106.31 per litre, Diesel price: 94.27 per litre

Delhi: Petrol price: Rs 96.72 per litre, Diesel price: Rs 89.62 per litre

Chennai: Petrol price: Rs 102.63 per litre, Diesel price: Rs 94.24 per litre

Kolkata: Petrol price: Rs 106.03 per litre, Diesel price: Rs 92.76 per litre

Bengaluru: Petrol: Rs 101.94 per litre, Diesel: Rs 87.89 per litre

Lucknow: Petrol: Rs 96.57 per litre, Diesel: Rs 89.76 per litre

Noida: Petrol: Rs 96.79 per litre, Diesel: Rs 89.96 per litre

Gurugram: Petrol: Rs 97.18 per litre, Diesel: Rs 90.05 per litre

Chandigarh: Petrol: Rs 96.20 per litre, Diesel: Rs 84.26 per litre

Public sector OMCs including Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise the fuel prices daily in line with international benchmark prices and foreign exchange rates. Any changes in petrol and diesel prices are implemented from 6 am every day. Retail petrol and diesel prices differ from state to state because of local taxes like VAT or freight charges.