Durables
Blue Star QIP a well thought out decision, timing is also right: B Thiagarajan, MD
"The issue was subscribed well. We have quite a few existing foreign shareholders building further — HSBC Global and the domestic funds like SBI or Kotak, HDFC, Birla. We also have new foreign institutional investors like Fidelity, ADIA and so on. So, basically the fund is being raised to support the growth plans that Blue Star has."
Condom-shy India arouses interest of global contraceptive makers
Global contraceptive manufacturers are eyeing India as their biggest growth market, as the country is set to become the most populous in the world. Condom makers are leveraging modern marketing tools to reach India's young and tech-savvy demographic in both urban and rural areas. Currently, the condom usage rate in India is low, with only 5% of sexually active men using condoms regularly.
Investcorp makes final exit from Safari Industries
Investcorp, the global investment manager, has sold its stake in luggage maker Safari Industries, realizing a total return of Rs 285 crore. The company made partial exits in three tranches, with the final one occurring recently. Investcorp had initially invested Rs 75 crore in Safari Industries in February 2021.
Voltas aims to transform itself into one of India's top three consumer brands
Voltas, a Tata-owned company known for air-conditioners and refrigerators, is aiming to become one of India's top three consumer durable brands. The company is undergoing a transformation with increased capital allocation, faster decision making, and strengthened leadership. Voltas is also pushing for greater backward integration in its value chain and bringing more of the production process under direct control.
'Consumer staples may stay costly this festive season'
The weakening of the rupee against the dollar has added to the woes of imported consumer staples like edible oils. Mallick said if the rupee weakens further, then the company will have to look into whether to pass on the increased cost on imported edible oil to customers.
V.I.P. Industries Ltd shares resignation letter of MD Anindya Dutta
V.I.P. Industries Limited, India's largest luggage manufacturing on Friday announced that Anindya Dutta has resigned from his position as Managing Director, confirmed the company in its exchange filling.
Samsonite says it grew 40 pc in first half of 2023; eyes Rs 3,600 crore sales by December
To capitalise on the growing demand, the company plans to expand its retail presence, increasing the number of AT (American Tourister) stores to 500 by Diwali, up from 460 now. It also runs 40 company-owned and company-operated outlets at premium locations for Samsonite, Krishnan said.
India to become Kohler’s 3rd largest market by 2024, says David Kohler
“India has the fastest-growing GDP in the world among major economies. But for us, it's our fastest-growing market, and within this market growth, we are growing twice as fast,” Kohler said. “With the rise of the middle class and increased purchasing power for household products over the last decade, along with its anticipated continuation, I believe we are in a strong position as a premium player,” David Kohler said.
India’s luggage industry revenue set to rise 15 per cent: CRISIL ratings
CRISIL Ratings on Wednesday said that India’s luggage industry revenue is set to rise 15% on-year this fiscal — despite a high-base effect of 40% growth last fiscal — owing to rising penetration of hard luggage made by the organised sector, and continuing growth in tourism and corporate travel.
Indians are becoming more energy conscious in their choice for home appliances
Energy efficient technologies like inverter compressors used in air-conditioners and refrigerators now account for over 85% of category sales for AC and 40% for refrigerators as compared to 60% and 20% three years back, as per industry data.
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Surya Roshni targets double-digit growth in lighting & consumer durable biz this fiscal
Surya Roshni, known for lighting products, has introduced several new products into the kitchen appliance categories, said Jitendra Agrawal, CEO of Lighting and Consumer Durables business of the company.
Eyes on big screen: Indians buying TVs pricier than cars
In the first five months of the calendar year, while the overall TV category grew by 13% year on year, 65-inches and above TVs grew by 37%. These big screens now contribute 12% of the overall TV market in the country compared to 5% during pre-Covid times, according to GfK.
India's room AC market likely to touch $5 billion by FY28: Voltas
Voltas, a Tata group firm, expects the Indian room air conditioner market to reach USD 5 billion by FY28, with a CAGR of 10%. As an industry leader with a 21.6% market share in FY23, Voltas is optimistic about the growth in this segment. The company plans to capitalize on trends such as hotter summers, rising disposable incomes, and increased consumer finance availability.
Warburg Pincus buys bathroom fittings major Watertec
The US based private equity fund Warburg Pincus has signed an agreement to acquire a majority stake in Watertec India. Watertec (India) is the leader in the plastic bath fittings and accessories market. It sells bathroom fittings, accessories and sanitaryware across polymer, chrome-plated, and affordable luxury categories.
Hitachi losing cooling effect, no more among Top 3 brands
Japanese air-conditioner brand Hitachi has fallen from being among India's top three AC brands to seventh spot, industry executives have said. Losses in the country mean Hitachi may require a strategic shift to improve its standing and reclaim its position in the fiercely competitive market, they added. Further data showed its volume of ACs sold and value market share in the country halved from more than 9% pre-pandemic.
India is winning PM Modi's toy war on China. Will this trend continue?
India's toy industry has the potential to showcase Prime Minister Narendra Modi's project of creating a self-reliant India that manufactures for itself and the world. The government is supporting the industry with measures such as the Production-Linked Incentive scheme and the Quality Control Order. The toy industry is also benefiting from the shift away from Chinese imports due to the pandemic, allowing Indian manufacturing to gain an edge.
