Food & grocery delivery, digital payments top Indians’ priorities on smartphonesIANS
As stocks of fast-moving consumer goods (FMCG) companies keep growing, the sector growth has slowed down due to less packaged food consumption among the Indians and slowdown in daily online grocery demand on various digital platforms, according to a report.
Latest insights from leading market consulting and intelligence firms Kantar and NielsenIQ, the FMCG sector growth slowed to 4 per cent in the April-June quarter (Q1 FY25), compared to 12.2 per cent in the same period last fiscal.
The reasons cited in the data are price drops, reduced packaged food consumption (amid severe heatwave) and daily household products and groceries not selling as fast on various quick grocery delivery platforms as compared to last year.
The urban market did not record growth for three straight quarters, and is contending with a huge Q2 2023 base. The falling Urban curve coupled with a strong base is likely to constrict the numbers for the next quarters.
Urban market did not record growth for three straight quartersIANS
Rural growth again outpaced urban areas and big FMCG companies maintained better performance than smaller firms. Consumption gaps between urban and rural markets are narrowing down.
In the Union Budget, Finance Minister Nirmala Sitharaman decreased income tax and increased standard deduction rebate, a move that is likely to boost FMCG sector growth.
According to the Kantar FMCG pulse report for Q2, rural India has bounced back as a buyer of FMCG such as soaps and soft drinks.
The start to 2024 from a rural perspective has been brilliant, with rural growth overtaking urban’s; and the rural worm is looking upward, the report mentioned. This growth in the rural areas has been fuelled by region-centric measures announced by the government in the interim budget earlier this year, which provided stability.
Although inflation may have slowed down to acceptable levels, it still has an impact on the consumer.
Looking ahead, the FMCG market in India remains resilient despite challenges and is poised for a 4.5-6.5 per cent growth in FY24, according to a recent NielsenIQ ‘FMCG Quarterly Snapshot’.
“The industry’s ability to navigate complexities and adapt to evolving market dynamics underscores its significance in the Indian economy, offering promising opportunities in the future,” the earlier report mentioned.
Lucknow. The weather department has issued a warning of heavy rain in many districts of Uttar Pradesh on Friday, while there is also a possibility of lightning at many places. On Thursday also, good rain was seen in Awadh and Terai regions. Rain also occurred in Sonbhadra, Ayodhya, Sultanpur, Shahjahanpur, Lucknow and Barabanki.
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The districts for which the weather department has issued a heavy rain alert today on Friday include Banda, Chitrakoot, Kaushambi, Prayagraj, Fatehpur, Pratapgarh, Sonbhadra, Mirzapur, Chandauli, Varanasi, Sant Ravidas Nagar, Ghazipur, Shravasti, Bahraich, Kanpur, Rae Bareli, Amethi, Sultanpur, Aligarh, Mathura, Hathras, Agra, Firozabad, Mainpuri, Etawah, Auraiya, Jalaun, Hamirpur, Mahoba, Jhansi, Lalitpur and surrounding areas.
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Possibility of lightning in these districts
The weather department has also issued a warning of lightning in many districts today and people have been asked to be cautious. The districts where there is a possibility of lightning along with rain include Banda, Chitrakoot, Kaushambi, Prayagraj, Fatehpur, Pratapgarh, Sonbhadra, Mirzapur, Chandauli, Varanasi, Sant Ravidas Nagar, Jaunpur, Ghazipur, Azamgarh, Mau, Ballia, Hardoi, Farrukhabad, Kannauj, Kanpur Dehat, Kanpur Nagar, Unnao, Lucknow, Barabanki, Rae Bareli, Amethi, Sultanpur, Ayodhya, Ambedkar Nagar, Ghaziabad, Hapur, Gautam Buddha Nagar, Bulandshahr, Aligarh, Mathura, Hathras, Kasganj, Etah, Agra, Firozabad, Mainpuri, Etawah, Auraiya, Jalaun, Hamirpur, Mahoba, Jhansi, Lalitpur and surrounding areas.
India’s job market has been witnessing a significant surge, with an 11% yearly increase in hiring activity in July, as compared to the same period last year. This growth has been primarily led by the retail and telecom sectors, according to a report by talent platform foundit (formerly Monster APAC & ME). Despite a slight month-on-month decline of 1% in June, the overall job market shows a positive momentum, indicating resilience and adaptability in the face of challenges.
The report also highlighted that the recent Union Budget’s strong focus on productivity and job creation has been an encouraging sign for the recruitment industry. The salaries of employees have consistently risen, driven by higher demand for fresh talent and competitive salary offerings. This growth is likely fueled by high-growth sectors such as technology, digital marketing, and e-commerce, which have been instrumental in driving the job market’s positive momentum.
The retail and telecommunications sectors have witnessed the most significant growth, with a 15% and 14% increase in salaries, respectively. Freshers in the retail industry receive an average minimum salary of Rs 3.3 lakh per annum (LPA) and an average maximum salary of Rs 5.2 LPA. This growth in salaries across most sectors has been positive and consistent over the past year, reflecting the increasing demand for skilled professionals in these sectors.
IANS
The consumer electronics sector also experienced remarkable year-on-year growth in hiring, with a 45% increase. This surge is driven by technological advancements, AI developments, and innovative designs in consumer electronics devices such as smartphones, TVs, gadgets, smartwatches, etc. The manufacturing industry also saw a 43% yearly growth in hiring, reflecting the ripple effect of this boom.
However, a few sectors such as automotive, BFSI, and travel and tourism witnessed a decline in salary packages, reflecting the market challenges and industry adjustments. Other sectors that witnessed a dip in hiring include shipping/marine (-31 per cent), and agriculture (-17 per cent). However, the recent Union Budget developments suggest the potential for a gradual recovery in the coming months.
Roles in hospitality and travel continue to experience a remarkable surge in hiring by 28 per cent (July 2024 vs July 2023). This growth highlights the dynamic environment, diverse roles, and promising career trajectories that the hospitality sector offers.
The report by foundit also highlighted that the entry-level professionals in the Retail and Telecommunications sector saw a 15% and 14% growth in salaries, respectively (July 2024 Vs July 2023). Experienced professionals in the Advertising, Marketing, Research, and PR sectors enjoyed the highest salary growth among experienced professionals, with a 15% rise. Consumer Electronics and Manufacturing industries saw substantial annual growth in hiring, with increases of 45% and 43% year-on-year increase respectively (July 2024 vs July 2023).
Overall hiring activity sees an 11% yearly increase (July 2024 vs July 2023) and a slight 1% monthly decline (July 2024 vs June 2024). According to the tracker, there has been an 11% uptick in hiring activity on a year-on-year basis (July 2023 vs July 2024), with the index rising from 268 to 298, despite a slight month-on-month (MoM) decline of 1%, the overall job market shows a positive momentum.
The report noted that the surge is driven by technological advancements, AI developments, and innovative designs in consumer electronics devices such as smartphones, TVs, gadgets, smartwatches, etc. However, a few sectors such as automotive, BFSI, and travel and tourism witnessed a decline in salary packages, reflecting the market challenges and industry adjustments.
The Indian job market has been witnessing a significant surge, driven primarily by the retail and telecom sectors. The consistent rise in salaries, driven by higher demand for fresh talent and competitive salary offerings, further underscores the positive momentum in the job market. Despite some challenges, the overall job market shows a positive momentum, indicating resilience and adaptability in the face of challenges. The recent Union Budget developments suggest the potential for a gradual recovery in the coming months, further bolstering the positive outlook for the job market. The growth in the job market is a testament to the country’s resilience and adaptability in the face of challenges, and the future looks promising with the potential for further growth and development.
Achieving 78% YoY Profit Growth and 16% YoY Revenue Increase
GURUGRam: Le Travenues Technology Limited (NSE: IXIGO, BSE: 544192), India’s leading OTA for the Next Billion Users, announces its financial results (standalone and consolidated) for the quarter ended June 30, 2024.
Key Performance Highlights – Q1 FY25
Gross Transaction Value (GTV) crossed Rs. 2,988 Cr in Q1 FY25, growing by 27% YoY. Train & Flight GTV expansion of 28% YoY and Bus GTV expansion of 16% YoY for Q1 FY25 vs Q1 FY24.
Revenue From Operations grew by 16% YoY in Q1 FY25 to Rs. 181.9 Cr from Rs. 156.6 Cr in Q1 FY24.
Contribution Margin (CM) increased by 22% YoY for Q1 FY25, reaching Rs. 86.8 Cr. CM as a % of Revenue from Operations increased from 45% in Q1 FY24 to 48% in Q1 FY25.
EBITDA increased by 62% to Rs. 19.2 Cr for Q1 FY25 as compared to the same period in the previous year. Adjusted EBITDA (EBITDA plus ESOP Expenses less Other Income)increased to Rs. 20.3 Cr. for Q1 FY25, an increase of 48% from Rs. 13.7 Cr in Q1 FY24.
Profit After Tax grew by 78% YoY in Q1 FY25 to Rs. 14.9 Cr, compared to Rs. 8.4 Cr in Q1 FY24.
Commenting on the results, Aloke Bajpai, Group CEO & Rajnish Kumar, Group Co-CEO, ixigo, stated: “We are pleased to report continued momentum in our growth in Q1 FY25, with an all-time high GTV, Revenue from Operations, Contribution Margin & Adjusted EBITDA for the quarter. We continue to expand rapidly and improve our market share and at the same time have been able to improve our profitability. We believe the government initiatives on infrastructure, capacity creation, and spiritual tourism are set to benefit our sector.”
Saurabh Devendra Singh, Group CFO, ixigo, added: “Our financial results for Q1 FY25 are a testament to our disciplined approach of balancing growth and profitability. We remain committed to growing responsibly and balancing profitability with growth given we will continue investing in initiatives that help us in the long term.”
AI & robotics firms dominate office space absorption in Bengaluru in Q2INTERNET
Rapid global advancement in artificial intelligence has spurred demand for office space, and AI and robotics companies accounted for 21 per cent of the city’s absorption in the April-June quarter, a report said on Tuesday.
Overall, the IT-ITeS sector, including AI and robotics, accounted for 69 per cent of the city’s absorption in the second quarter (Q2) this year, according to the report by Vestian, an occupier-focused workplace solutions firm.
Bengaluru contributed the highest to pan-India absorption with a 25 per cent share in Q2, followed by Hyderabad and Mumbai at 20 per cent each.
AI and robotics companies accounted for 21 per cent of the city’s absorption in the April-June quarterpixabay
“Despite global geopolitical challenges, India’s office markets reported robust real estate activities during Q2 2024. The quarter has already set the tone for robust leasing and construction activities for the current calendar year,” said Shrinivas Rao, FRICS, CEO, Vestian.
“Flex spaces are also likely to play a pivotal role in the growth of office markets in India,” Rao added.
Pune reported the highest quarterly growth, around 307 per cent, in value terms whereas absorption declined by 48 per cent in Chennai during Q2 2024.
All the cities, except Chennai and Delhi-NCR, reported an increase in absorption on quarter and on year, the report mentioned.
The first half of this year witnessed absorption of over 30 million square feet, registering an uptick of 18 per cent compared to H1 2023.
Bengaluru dominated new completions with a 28 per cent share, closely followed by Mumbai with 27 per cent.
Southern cities (Bengaluru, Chennai and Hyderabad) accounted for 57 per cent of the total new completions reported in Q2 2024.
“Real estate activities are anticipated to increase further on the back of strengthened demand from IT-ITeS and BFSI sectors,” said Rao.
Delhi-NCR 5th most expensive office space rental market in Asia-PacificIANS
Delhi-NCR is the fifth most expensive office space rental market in the Asia-Pacific (APAC) region, as transactions across the three major markets in India saw a notable 50 per cent increase in the second quarter (Q2) of 2024, a report showed on Monday.
Prime office rents remained steady in Delhi-NCR, Mumbai and Bengaluru, according to the Knight Frank APAC Prime Office Rental Index.
“The prime office market in Delhi-NCR has sustained rental values consistently over the past six quarters. With a prime office rent of Rs 340 per square ft a month, it ranks as the fifth most expensive office market in the APAC region,” the report mentioned.
Bengaluru retained its position as the leading destination among the three Indian cities, with 4.9 million square feet leased in Q2 2024.
Mumbai one of expensive city for expats: SurveyIANS
The leadership teams actively encouraging employees to return to office has also positively impacted the transaction volumes in the market, according to the report.
The majority of transactions were driven by India-facing businesses, reflecting a sustained strategic interest in the country’s consumer markets and its skilled labour pool.
India’s office space market has seen a surge in global corporate interest, reflecting the country’s status as one of the fastest-growing large economies.
“This has led to record-high transaction volumes in the first half of the year 2024, with a 33 per cent rise YoY, driven by Indian businesses and GCCs (global capability centres). Rental rates have remained steady in the three major occupier markets,” said Shishir Baijal, Chairman and Managing Director, Knight Frank India.
Hong Kong continued to be APAC’s most expensive office market during the quarter.
In Mumbai, the prime office rent of the city was recorded at Rs 302 sq ft a month, ranking it as the eighth most expensive commercial market in the APAC region. In Bengaluru, prime office rent in the city was recorded at Rs 137 sq ft a month.
Chennai, July 29th, 2024: The Board of Directors of CIFCL approved the unaudited financial results for the quarter ended 30th June 2024.
Performance Highlights:
Aggregate disbursements in Q1 FY 25 were at ₹ 24,332 Cr as against ₹ 20,015 Cr in Q1 FY 24 with a growth of 22%.
Vehicle Finance (VF) disbursements were at ₹ 12,766 Cr in Q1 FY 25 as against ₹ 11,301 Cr in Q1 FY24, registering a growth of 13%.
Loan Against Property (LAP) business disbursed ₹ 3,874 Cr in Q1 FY 25, as against ₹ 2,679 Cr in Q1 FY24, with a growth rate of 45%.
Home Loan business disbursed ₹ 1,778 Cr in Q1 FY 25, as against ₹ 1,454 Cr in Q1 FY24 registering a growth of 22%.
Small and Medium Enterprises Loan (SME) business disbursed ₹ 2,160 Cr in Q1 FY 25, registering 6% growth over ₹ 2,045 Cr in Q1 FY24.
Consumer and Small Enterprise Loans (CSEL) disbursed ₹ 3,486 Cr in Q1 FY 25, as against ₹ 2,355 Cr in Q1 FY24 registering a growth of 48%.
Secured Business and Personal Loan (SBPL) disbursed ₹ 268 Cr in Q1 FY 25, as against ₹ 182 Cr in Q1 FY24 registering a growth of 48%.
Assets under management as of 30th June 2024, stood at ₹ 1,68,832 Cr as compared to ₹ 1,22,755 Cr as of 30th June 2023, clocking a growth of 38% Y-O-Y.
PBT for Q1 FY 25 was at ₹ 1,268 Cr, registering a growth of 31% over Q1 of FY 24.
PBT-ROA for Q1 FY 25 was at 3.2%.
ROE for Q1 FY 25 was at 18.9%.
The Company continues to hold a strong liquidity position with ₹ 14,324 Cr as cash balance as of the end of Jun’2024 (including Rs 1,551 Cr in Gsec / Rs 1,606 Cr TBill & Rs 611 Cr in Strips shown under investments), with a total liquidity position of ₹ 14,767 Cr (including undrawn sanctioned lines). The ALM is comfortable with no negative cumulative mismatches across all time buckets as per Regulatory norms.
Consolidated Profit Before Tax (PBT) for Q1 FY 25 was at ₹ 1,275 Cr as against ₹ 956 Cr in Q1 FY 24 registering a growth of 33%.
Asset Quality:
Stage 3 levels representing 90+ dues increased to 2.62% as of June 24 from 2.48% as of the end of March 24. GNPA % as per RBI norms increased to 3.62% as of June 24 as against 3.54% on March 24. NNPA as per RBI norms has also increased to 2.37% as of June 24 against 2.32% on March 24. NNPA is below the threshold of 6% prescribed by RBI as the threshold for PCA.
Capital Adequacy:
The Capital Adequacy Ratio (CAR) of the company as of 30th June 2024, was at 18.03% as against the regulatory requirement of 15%. Tier-I Capital was at 14.76% (Common Equity Tier-I Capital at 13.63% as against a regulatory minimum of 9%) and Tier-II Capital was at 3.27%.
Singapore has been named the safest city in the world, while Caracas in Venezuela has topped the list of the most risky places in the globe for tourists, as per a report by Forbes Adviser.
Karachi in Pakistan has been identified as the second-most risky city, with a score of 93.12 out of 100. This ranking places Karachi just behind Caracas, which topped the list with a perfect score of 100.
Yangon, Myanmar, holds the third position with a score of 91.67. Dhaka, the capital of Bangladesh, is ranked sixth among the most risky cities for tourists.
Dhaka. Photo: Unsplash
In contrast to the most risky cities, Forbes Adviser also identified the safest cities for tourists. Singapore stands out as the safest city globally, with an exceptional score of 0, indicating minimal risk across all evaluated metrics. Tokyo follows closely, renowned for its safety, efficient infrastructure, and low crime rates. Toronto is also among the safest cities, attributed to its robust public safety measures and high-quality infrastructure.
While Asia is home to both some of the safest and most risky cities, European cities generally rank lower in terms of risk. Milan, Italy, is the highest-ranking European city, positioned at 26th place. Other notable European cities include Rome on 28th and Paris on 31st positions. In contrast, cities like Zurich, Copenhagen, and Amsterdam are recognized as some of the safest globally.
Top 10 least risky cities in the world for tourists:
Singapore
Tokyo (Japan)
Toronto (Canada)
Sydney (Australia)
Zurich (Switzerland)
Copenhagen (Denmark)
Seoul (South Korea)
Osaka (Japan)
Melbourne (Australia)
Amsterdam (Netherlands)
Top 10 list of most risky cities in the world for tourists:
The Liberty Bell in Philadelphia, United States, defaced by pro-Hamas, anti-Israel protesters. Photo courtesy: X/@MostlyPeaceful
The just-published Singapore Terrorism Threat Assessment Report 2024 says that the ongoing Israel-Hamas war in Gaza has resulted in an “elevated” level of terrorism threat to the island nation. There is an “uptick in anti-Singapore rhetoric” posted online, says a July 25 media release summarising the report, which is compiled by the Internal Security Department, under the Singapore Ministry of Home Affairs.
The media release says: “While there is no indication of an imminent attack, the terrorism threat to Singapore remains high. The terrorism threat has been elevated since the Israel-Palestine conflict re-escalated following the 7 October 2023 Hamas attack on Israel.”
This “medic” is holding an AK-47 and no first aid kit.
This video is from Tulkarm showing how these terrorists, dressed as medics, are trying to use their protected status to cause more damage. pic.twitter.com/Ttqmt5tNpS
— LTC (S.) Nadav Shoshani (@LTC_Shoshani) July 23, 2024
“The conflict has generated emotive responses worldwide, including acts of violence, and terrorist elements have leveraged the conflict to further their agenda and called for attacks,” says the release. “These developments also impact Singapore. There has been an uptick in anti-Singapore rhetoric on social media from regional extremist elements.”
Naming the Islamic terrorist organisations that pose the greatest threat to the world, the release says: “Islamist terrorism remains at the forefront of the global terrorism threat landscape, in particular by the Islamic State in Iraq and Syria (ISIS).
“ISIS has transited into a covert organisation. It is behind the protracted insurgency in Iraq and Syria, while maintaining a global terror campaign. Meanwhile, Al-Qaeda (AQ) poses a simmering threat.”
While the Middle East (aka West Asia) is the primarily affected region, other parts of the continent are also at risk. The report summary says: “In Southeast Asia, too, ISIS remains the primary threat actor. The region continues to see ISIS-linked or inspired attacks and foiled plots.”
Self-radicalised individuals put Singapore at risk
“In Singapore, the primary threat driver continues to be online self-radicalisation,” says the summary, adding that “52 self-radicalised individuals (comprising 40 Singaporeans and 12 foreigners) have been dealt with under the Internal Security Act (ISA) since 2015. Youth radicalisation is a particular concern. 13 of the 52 were aged 20 or younger.”
Since the publication of the last Singapore Terrorism Threat Assessment Report in July 2023, “[the] ISD has dealt with three self-radicalisation cases”, according to the 2024 report summary. They were issued with Restriction Orders (ROs) under the ISA.
“Two were boys, aged 14 and 16. The third was a 33-year-old female. The ongoing Israel-Hamas conflict triggered the radicalisation of the 14-year-old and 33-year-old. The 16-year-old was radicalised by far-right extremist ideologies,” the summary informs.
Asking the people of Singapore to resist the forces promoting terrorism, the media release says: “Public vigilance and preparedness are key to our defence against terrorism.”
“The authorities will not always be able to neutralise plots before they are actualised, or identify radicalised individuals before they act. It is critical that the public remains strongly vigilant to the possibility of a terrorist attack against the country, and that such an attack may be successful,” it adds.
There are official channels for reporting suspicious activities: “Anyone with information or suspicion on terrorism-related activities, or persons who may be radicalised, should promptly contact the ISD Counter-Terrorism hotline at 1800-2626-473 (1800-2626-ISD).”
Being ready for any anti-national development is essential, and each person in Singapore can play a part in it.
The release says: “We should also prepare ourselves for the eventuality of a successful attack, so that we are able to respond well and help mitigate the consequences. Please learn more about SGSecure to understand the role we can play, or sign up as an SGSecure Responder, at sgsecure.gov.sg.”
About community preparedness activities in Singapore, the threat assessment report says: “MHA and the People’s Association (PA) have been enhancing emergency preparedness and response at the community level via the Community Response Roundtable (CRRT). This initiative is part of the broader SGSecure movement to foster collaboration among local community stakeholders to enhance crisis preparedness and community resilience. To date, there are 34 CRRTs islandwide.”
South-East Asia threats from terrorism activity
Citing the threats in South-East Asia, the Singapore Terrorism Threat Assessment Report 2024 says: “Regional terror elements, particularly those with pro-ISIS leanings, have remained resilient and adaptable, and have the capability to perpetrate attacks.”
Singapore’s neighbourhood has seen such a recent terror attack. “In Malaysia, a radicalised male lone actor, likely motivated by ISIS’s violent ideology, attacked a police station in Ulu Tiram, Johor on 17 May 2024, killing two police officers and injuring a third,” says the report.
“The attacker’s immediate family members were arrested in the aftermath of the attack, and have been charged in court for terrorism-related offences,” it adds. “Authorities also undertook a series of operations in May and June 2024, arresting at least 15 pro-ISIS supporters.”
“Several suspects had allegedly made threats against Malaysia’s King, Prime Minister and senior police officials. Meanwhile, in the Philippines and Indonesia, despite strong [counter-terrorism] efforts, Islamist militants retain their bomb-making capabilities, and continue to plot attacks,” the Singapore report says.
About 94 per cent of automotive firms struggle to recruit talent in artificial intelligence (AI) and cybersecurity, according to a report on Friday.
The report by EdTech platform Skill-Lync is based on an extensive survey, involving over 220 leaders from the engineering and HR divisions of top automotive firms in India
It showed that 94 per cent of people find it challenging to recruit in specialised fields such as software-defined vehicles (SDV), and advanced driver-assistance systems (ADAS). About 60-65 per cent of the talent requirements in companies are for mid-level professionals with 3-7 years of experience.
This report is a valuable resource for industry professionals, policymakers, educators, and investors seeking to navigate the evolving talent landscape and drive innovation within the sector.
“The rapid advancements in automotive technologies like AI, SDV, and cybersecurity, etc, are reshaping the industry, and it’s crucial that our workforce evolves with these changes,” said Krishna Bandaru, Co-Founder at Skill-Lync.
Artificial intelligence (AI)IAN
India’s automotive industry, ranked third globally in 2022, is projected to reach a valuation of $1 trillion by 2035. To effectively navigate and leverage this growth, it is essential to have a skilled workforce of engineers in emerging technologies like electrification, ADAS, software-defined vehicles, and data analytics.
Bandaru said the company works to “bridge these gaps by providing industry-aligned, high-quality education and training”.
“Through our specialised training programmes, we aim to upskill working professionals and contribute to India’s growth as a global automotive hub.”
Established in 2016, Skill-Lync has equipped thousands of engineers with career-ready skillsets by meticulously aligning their coursework with job market demands.
