Indian Family Business Awards Returns for 3rd Edition with PwC India as Process Partner
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Indian Family Business Awards Returns for 3rd Edition with PwC India as Process Partner

7th August 2024: To honour and recognise families that have significantly contributed to India’s economic growth, entrepreneurial spirit, and job creation, Moneycontrol PRO, a fast-growing subscription service, and Waterfield Advisors, a leading independent multi-family office and wealth advisory firm, have united once again along with PwC India as the process partner to host the third edition of the ‘Indian Family Business Awards 2023’

The previous edition of the Indian Family Business Awards in 2022 received an impressive response with 140 plus entries across various categories and 200 plus on-ground attendees. The upcoming 2023 edition of the event promises to be even grander.

ifba

This year, the awards is segregated into five different segments – Super (under Rs 1,000 crore), Mega (between Rs 1,000 and Rs 5,000 crore), Giga (over Rs 5,000 crore), Best Startup Family Business (under Rs 1,000 crore & 5 years of existence) and Philanthropy Award (Best Family Business). To qualify for the awards, a family business must have been established in India and should be operational for at least 10 years, while start-ups must have been incorporated at least five years ago. Additionally, the family should hold a majority stake and/or control in the business.

Presented by Moneycontrol PRO, co-created with Waterfield Advisors, process partner PwC India, the Indian Family Business Awards 2023 will feature various categories – Best Family Business, Best Governance, Most Innovative, Disruptive & Transformational Family Business, Best Family Business Led by a Woman, Best Startup Family Business and Philanthropy. This year too the participation process involves self-nomination. Once nominations are submitted, the process partner to review the applications and determine their suitability under the various award categories and, where necessary, conduct personal interviews or meetings with them. They then submit their report to the Jury panel. The Jury panel then shortlist the winners post thorough discussions. The esteemed Indian Family Business Award 2023 winners to be honoured and felicitated with a grand on-ground ceremony.

In its third year, the distinguished jury for the awards will include Soumya Rajan (Founder & CEO, Waterfield Advisors); Sonu Bhasin (Founder of FAB – Families and Businesses); Gopal Srinivasan (Chairman, TVS Capital Funds Limited); and Gaurav Dalmia (Chairman Dalmia Group Holdings).

Soumya Rajan, Founder & CEO of Waterfield Advisors, stated, “We conceptualised the Indian Family Business Awards (IFBA) to honour India’s family businesses. At Waterfield, as trusted advisors to this illustrious community, we acknowledge their immense contributions to India’s economic progress. Over the first two seasons, we have laid the foundations for an event that is now much anticipated. We are excited for a grander third season and encourage family businesses across India to participate.”

Falguni Shah, Partner & Leader – Entrepreneurial & Private Business, PwC India stated, “As trusted advisors to family businesses, we are honoured to be the process partners for the India Family Business Awards (IFBA). This prestigious platform allows us to support and celebrate the best in the industry. We eagerly anticipate the journey of evaluating submissions from across the country, uncovering unique strengths, and providing insights that truly make these businesses stand out.”

The Indian Family Business Awards 2023 invites you to join the ranks of those who have significantly influenced India’s economic landscape and left lasting impact on the society.

Launches 7 outlets in one go, announces launch of another 5 in its first month
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Launches 7 outlets in one go, announces launch of another 5 in its first month

Bangalore, Wednesday, August 7, 2024

abCoffee, India’s pioneering tech-enabled, grab-and-go specialty coffee chain is excited to announce its expansion into Bengaluru. With a focus on democratizing specialty coffee, combined with cutting-edge technology, abCoffee aims to cater to the fast-paced lifestyle of Bengaluru’s tech-savvy population.

ab cofee

The brand’s seven new decks (outlets) are strategically located at:

1. Sunriver, Embassy Golf Links

2. Prestige Tech Park

3. Brigade Magnum

4. Brigade Opus

5. Prestige Tech Cloud

6. Prestige Pacific Tech Park

7. Indiranagar (Home Delivery)

To celebrate this significant expansion, abCoffee is offering the first 50 customers at each location unlimited refills of their Signature Cold Coffee and Cappuccino.

abCoffee has redefined the coffee culture with its innovative grab-and-go concept, reflecting the fast-paced lifestyle. It caters to office workers, millennials, and coffee aficionados by blending technology with artisanal craftsmanship. The brand aims to transform daily coffee routines by delivering a premium experience at an honest price.

With coffee starting at just ₹77, abCoffee is set to make specialty coffee culture accessible to a broader audience. Coffee enthusiasts can visit the new outlets or order online through Zomato, and Swiggy. The customers can pre-order their coffees for pick up on their web app. (order.abcoffee.in)

Speaking on the occasion of the launch, Abhijeet Anand, Founder of abCoffee, shared, “We are thrilled to bring the abCoffee experience to the tech city of Bengaluru with the launch of seven new outlets. Our focus on delivering affordable, specialty coffee in a grab-and-go format has resonated strongly with guests across India. All abCoffee locations will offer quick, friendly service with an inviting vibe, perfect for grabbing your favourite coffee and savouries on the go. Bengaluru, with its vibrant IT and start-up crowd, provides the perfect backdrop for abCoffee’s model for “to-go” specialty coffee beverages and quick eats enabled by efficient and technology-powered interfaces.”

abCoffee has scaled the growth at an unmatchable rate and became India’s first-ever coffee chain to reach 50 outlets in just 2 years covering Mumbai, Delhi, NCR and now in Bengaluru. abCoffee’s unique selling proposition lies in its efficient and streamlined system, which ensures quality coffee is served within minutes, eliminating unnecessary frills typically associated with coffee consumption in India.

Indian Bank Celebrates 118th Foundation Day with State-Level Volleyball Tournament in Chennai
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Indian Bank Celebrates 118th Foundation Day with State-Level Volleyball Tournament in Chennai

August, 7th 2024: As part of its 118th Foundation Day celebrations, Indian Bank is hosting the State-Level Invitation Volleyball Tournament in Chennai. The tournament, inaugurated on August 6, 2024 by Shri S L Jain, MD & CEO of Indian Bank, is taking place at the Mayor Radhakrishnan Stadium in Egmore. The event marks a significant milestone in the Bank’s long-standing tradition of supporting sports and community engagement.

Indian Bank Trophy State level Invitation Volley Ball Tournament

 In the opening match of the tournament, Indian Bank’s team showcased their prowess by outplaying Loyola College in a thrilling five-set game. This victory not only highlighted the team’s competitive spirit but also set an exciting tone for the rest of the tournament. The Bank’s commitment to promoting sports and fostering talent is evident through such initiatives, which continue to resonate with the community and sports enthusiasts alike.

Sundaram Finance Ltd: Unaudited standalone & consolidated financial results for the quarter ended June 30, 2024
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Sundaram Finance Ltd: Unaudited standalone & consolidated financial results for the quarter ended June 30, 2024

Sundaram Finance logs disbursements of Rs. 6,908 crores, 7% over Q1FY24; AUM grows 23% to Rs. 45,671 crores

Net profit for Q1FY25 up by 9% at Rs. 308 crores

Profits from Operations up by 22% in Q1FY25

Continued improvement in asset quality with Gross Stage 3 assets at 1.56% (1.90% as of June 30, 2023) and Net Stage 3 assets at 0.84% (1.00% as of June 30, 2023)

ROA at 2.38% for Q1FY25 (2.68% for Q1FY24)

Capital Adequacy Ratio at 19.3% (21.4% for Q1FY24)

The Board of Directors of Sundaram Finance Ltd. (SFL) approved the unaudited standalone and consolidated financial results for the quarter ended Jun 30, 2024, at its meeting held on Aug 05, 2024, in Chennai.

“Team Sundaram has delivered a strong Q1FY25 despite lower-than-expected economic activity in the quarter. Assets under management grew by 23% to a new high of Rs. 45,671 crores, net stage 3 assets closed at 0.84% and profit after tax recorded a 9% growth to Rs. 308 crores over the prior year period. Our Group companies in asset management, general insurance and home finance have continued their trajectory from FY24 and recorded strong results. We continue to rely on our time-tested approach of steady and sustainable growth with best-in-class asset quality and consistent profitability,” said Harsha Viji, Executive Vice Chairman.

Disbursements for Q1FY25 recorded a growth of 7% over Q1FY24. Net interest income rose 20% in Q1FY25 as compared to Q1FY24. Gross stage 3 assets improved substantially over the previous year. Gross stage 3 assets as on June 30, 2024, stood at 1.56% with provision cover of 47% as against 1.90% as on June 30, 2023, with provision cover of 48%. The profit from operations is up by 22% in Q1FY25. Profit after tax at Rs. 308 crores registered an increase of 9% in Q1FY25 as against Rs. 281 crores in Q1FY24. The dividend income was lower during Q1FY25 at Rs. 18 Cr as against Rs. 51 Cr in Q1FY24. Return on assets at 2.38% as against 2.68% for Q1FY24 and capital adequacy at 19.3% remains quite comfortable to support planned growth.

“As we expected, economic activity in Q1 was disrupted by the general elections as well as a particularly hot summer. We delivered a well-balanced GQP performance in a tough operating environment. Looking ahead, we expect seamless continuity in the policy agenda of the government at the centre and that economic activity will pick up through the rest of the year. Team Sundaram will continue to remain sharply focused on delivering the Sundaram experience to our customers, our people and all stakeholders,” said Rajiv Lochan, Managing Director.

STANDALONE PERFORMANCE HIGHLIGHTS FOR Q1FY25

· Disbursements for Q1FY25 recorded a growth of 7% to Rs. 6,908 crores as compared to Rs. 6,489 crores registered in Q1FY24.

· The assets under management grew by 23% to Rs. 45,671 crores as on 30th June 2024 as against Rs.37,255 crores as on 30th June 2023.

· Net interest income rose 20% in Q1FY25 as compared to Q1FY24. Profit from operations increased by 22% in Q1FY25 as compared to Q1FY24.

· Gross stage 3 as on 30th June 2024 stood at 1.56% with 47% provision cover as against 1.90% with provision cover of 48% as on 30th June 2023. Net stage 3 as on 30th June 2024 closed at 0.84% as against 1.00% as on 30th June 2023.

· The Gross and Net NPA, as per RBI’s asset classification norms for NBFCs, are 2.21% and 1.41% respectively as against 2.96% and 2.00% as of 30th June 2023.

· Cost to income ratio closed at 32.90% in Q1FY25 as against 35.18% in Q1FY24.

· Profit after tax registered a 9% rise in Q1FY25, with net profit at Rs. 308 crores. The company had registered a net profit of Rs. 281 crores in Q1FY24.

· Return on assets (ROA) for Q1FY25 closed at 2.38% as against 2.68% for Q1FY24. Return on equity (ROE) was at 13.6% for Q1FY25 as against 14.3% for Q1FY24.

· Capital Adequacy Ratio stood at 19.3% (Tier I –16.2%) as of 30th June 2024 compared to 21.4% (Tier I – 17.0%) as of 30th June 2023.

CONSOLIDATED PERFORMANCE HIGHLIGHTS FOR Q1FY25

The consolidated results of SFL include the results of its standalone subsidiaries Sundaram Home Finance, Sundaram Asset Management and joint venture company Royal Sundaram General Insurance.

· The assets under management (AUM) in our lending and general insurance businesses stood at Rs. 69,234 crores as on 30th June 2024 as against Rs. 57,150 crores as on 30th June 2023, a growth of 21%. The assets under management of our asset management business stood at Rs. 80,565 crores as on 30th June 2024 as against Rs. 59,862 crores as on 30th June 2023, a growth of 35%.

· Profit after tax for Q1FY25 grew by 16% to Rs. 435 crores as compared to Rs. 375 crores in Q1FY24.

GROUP COMPANY PERFORMANCE HIGHLIGHTS

Our group companies continued to perform well.

· The asset management business closed the quarter ended 30th June 2024 with assets under management of Rs. 80,565 crores (over 85% in equity) and consolidated profits from the asset management businesses was at Rs. 29 crores as against Rs. 24 crores in Q1FY24.

· Royal Sundaram reported a Gross Written Premium (GWP) of Rs. 1,114 crores as compared to Rs. 908 crores in the corresponding period of the previous year, representing a growth of 23%. The Company reported a profit after tax of Rs. 65 crores for Q1FY25 as against a profit of Rs. 95 crores in Q1FY24.

· Sundaram Home Finance continued to grow strongly with disbursements up by 24% to Rs.1,353 crores in Q1FY25. The profit for Q1FY25 was Rs. 66 crores, up by 16% as against Rs.57 crores in Q1FY24.

Edge by Titan Becomes the First Indian Brand to Compete in Grand Prix D’Horlogerie De Genève
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Edge by Titan Becomes the First Indian Brand to Compete in Grand Prix D’Horlogerie De Genève

Bengaluru, August 7th, 2024: Titan Company Ltd. announced its participation in the 2024 edition of the prestigious Grand Prix d’Horlogerie de Genève (GPHG), marking a historic milestone as the first Indian watchmaker to compete in this esteemed event. Titan’s Edge platform, known for its pioneering advancements in engineering and design, will present two exceptional timepieces on the global stage at the Grand Prix.

Ms. Suparna Mitra, CEO, Watches and Wearables Division, Titan Company Limited

Representing India, the Edge UltraSlim competes in the “Challenge” category. This extraordinary 3.3 mm thin timepiece redefines the act of checking time, replacing the traditional multi-hand display with a fluid and minimalist design that promotes a mindful experience. In the “Time Only” category, the Edge Squircle Matte Black stands out. This matte ceramic version of the Edge Squircle masterfully blends fundamental shapes—square and circle—creating a unique and sophisticated aesthetic for the wearer.

Suparna Mitra, CEO, Watches and Wearables Division, Titan Company Limited., remarked, “Edge has always been at the centre of innovation and artistry; it is only fitting that it stands amongst the best in the world. It is a moment of joy for all of us to see that Titan is the first Indian watch maker to attempt a feat as big as this.”

Since its inception in 1997, the Edge series has been synonymous with innovation and excellence. What began as an innovation challenge led to the launch of the world’s slimmest watch in 2002. The Edge series is renowned not only for its slim profile but also for its intricate design aesthetics, earning Red Dot Design Awards in 2013 and 2014. Titan continues to push the boundaries of watchmaking with ground-breaking creations such as the Edge Ceramic in 2016 and the Edge Mechanical in 2020.

Both competing watches are anticipated to be launched as limited editions in 2024, further solidifying Titan’s reputation for excellence and innovation in the watchmaking industry.

Karan Aujla’s ‘It Was All A Dream World Tour’ Takes Delhi by Storm; Third Show Announced
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Karan Aujla’s ‘It Was All A Dream World Tour’ Takes Delhi by Storm; Third Show Announced

Punjabi music sensation Karan Aujla is on an unstoppable trajectory as his ‘It Was All A Dream World Tour’ continues to shatter records. The tour which will now commence its global run across territories such as Canada (August 2024), United Kingdom (September 2024) and New Zealand (October 2024) has reached a fever pitch in India, with the Delhi NCR leg proving to be an absolute phenomenon.

Following the unprecedented sell-out of the first two Delhi NCR shows, which collectively drew a record-breaking 50,000 in ticket sales, Team Innovation has announced an additional and a third show in the Indian capital on 19th December 2023.

With a staggering 1,00,000 tickets sold across 4 cities in less than a month, Karan Aujla’s popularity and relevance within the music and entertainment scene is undeniable. His ability to connect with audiences on a profound level, coupled with his infectious energy and chart-topping hits, has solidified his status as a true international superstar.

Karan Aujla shares, “I’m absolutely overwhelmed by the love and support from my fans in India. The fact that we had to add a third show in Delhi is a dream come true. This incredible response fuels my passion to create even more powerful music. I can’t wait to share the stage with my fans and create unforgettable memories together. This tour is more than just a concert; it’s a celebration of our connection. Returning to India for my debut tour feels like coming full circle. It’s where my musical journey began, and to be able to share this moment with my fans here is incredibly special. Through this tour, I want to celebrate the music that connects us all, and create an unforgettable experience where I can get up close and personal with the people who have supported me from day one. Together, we’ll embark on a musical journey that celebrates our roots and the power of human connection.”

Rishabh Talwar, Business Head, Team Innovation adds on, “The unprecedented demand for Karan Aujla’s ‘It Was All A Dream’ world tour is a testament to the incredible power of Punjabi music and the growing appetite for live entertainment in India. By adding a third show in Delhi, we are not only fulfilling the wishes of countless fans but also setting a new benchmark for live events in the country. This tour is poised to make history, and we are proud to be at the forefront of this cultural phenomenon and bringing world-class entertainment to Indian audiences.”

Presented and produced by Team Innovation and supported by Live Nation, the tour is slated to kick off on 7th December 2024 in Chandigarh followed by Bengaluru on 13th December 2024, Delhi NCR on 15th December 2024 and 18th December 2024 with the last stop being Mumbai on 21st December 2024. The tour also marks the 27-year-old singer-songwriter and rapper’s debut arena showcase within India.

The ‘It Was All A Dream’ world tour promises to deliver a visual and auditory spectacle, featuring a state-of-the-art stage production, a dynamic setlist showcasing Karan Aujla’s greatest hits and new music and an unparalleled level of audience engagement. From the electrifying anthems to the heartfelt ballads, each performance has been a testament to the artist’s exceptional talent and versatility. Aujla will be joined by long-time collaborator and Toronto-based producer Ikky in all four cities.

Tia Gandwani Joins the Cast of Shemaroo Umang’s Highly Anticipated Supernatural Show ‘Shamshaan Champa’
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Tia Gandwani Joins the Cast of Shemaroo Umang’s Highly Anticipated Supernatural Show ‘Shamshaan Champa’

Get ready for a spellbinding blend of fantasy and romance as Shemaroo Umang gears up to launch its much-awaited show, Shamshaan Champa, premiering on August 20, 2024, at 9 PM. The show promises to captivate audiences with its intriguing mix of supernatural elements and heartfelt romance.

Tia

Joining the star-studded cast, Tia Gandwani will portray Urvashi, the protective mother of the lead character, Vikram. Her role is set to be a central piece in this thrilling narrative, adding depth and emotion to the story. Alongside talented actors Monalisa and Trupti Mishra, Tia’s performance is eagerly anticipated by fans and critics alike.

Tia Gandwani shares her excitement about her role, stating, “Playing Urvashi in Shamshaan Champa is going to be an incredibly enriching experience. Urvashi’s strong love and protectiveness for her son highlight her character’s depth and compassion. She is on a quest to find someone with a special horoscope, to safeguard her son from Mohini’s malevolent influence. This role beautifully showcases the power of a mother’s love and how she can go to any extent to protect her son.”

The buzz surrounding Shamshaan Champa is palpable, with exciting promos and a stellar cast fueling viewer anticipation. The show promises to deliver a compelling mix of drama, suspense, and emotional moments, making it a must-watch.

JAIN Online hosts Graduation Day ceremony for 2022 batch
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JAIN Online hosts Graduation Day ceremony for 2022 batch

Bengaluru 7th August 2024: JAIN Online the e-learning arm of reputed JAIN (Deemed-to-be-University) conducted the graduation day ceremony for the 2022 batch learners of MBA, MA, MCA, and M.Com programs. Degrees were conferred upon the graduates in a formal ceremony, graced by eminent guests such as Major General Shamsher Singh Ahlawat, Deputy Commandant & Chief Instructor of ASC Centre & College; Mr. Raghavendra Rao, Managing Director and Global Marketing and Communication Lead at Accenture Operations; Dr. Chenraj Roychand, Chancellor of JAIN (Deemed-to-be University); Dr. Raj Singh, Vice Chancellor of JAIN (Deemed-to-be University), along with other faculty members.

jain

The event offered a platform for graduates to network with alumni and industry professionals to enhance their professional connections. Additionally, the ceremony featured cultural performances by JAIN Online learners.

Dr. Chenraj Roychand, Chancellor of JAIN (Deemed-to-be University) and founder of JAIN Group said, “It is a moment of immense pride to witness the learners graduating from JAIN Online. We are confident they will excel in their respective fields and make us and the institution proud. Incepted in 2021, JAIN Online has become an integral part of the JAIN Group, having a 30-year legacy of academic excellence. Our vision for future cohorts is filled with optimism and we aim for their success and excellence. We remain steadfast in our commitment to providing academic distinction, innovation, and equitable access to online education at JAIN Online.”

Dr. Raj Singh, Vice-Chancellor of JAIN (Deemed-to-be University), said ” I extend my heartfelt congratulations to our 2022 batch as they begin their future journeys. Their exceptional academic performance and readiness to address challenges through a diverse approach have been truly admirable. I sincerely appreciate and thank all our skilling partners for their vital contributions in enabling smooth live online sessions for remote learners and working professionals.”

JAIN Online offers Blockchain Secured Degrees for graduates in partnership with CertOnce. This collaboration aims to create a reliable document gateway featuring dedicated blockchain-secured certificates. These blockchain-secured degree certificates are designed for worldwide recognition, immediate verification, and effortless online sharing, all while preserving their tamper-proof characteristics and safeguarding the integrity and security of digital credentials.

V-Guard Donates Beds and Food Supplies for Wayanad Flood Relief
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V-Guard Donates Beds and Food Supplies for Wayanad Flood Relief

August 7, 2024: In response to the devastating landslide that have affected Wayanad, V-Guard Industries has extended a helping hand by donating relief materials including 200 beds and 6 tonnes of food and grains. The relief materials were dispatched to the Relief centre at Kalpetta, Wayanad, aiming to provide immediate assistance to those affected by this calamity.

V-Guard

V-Guard’s Managing Director Mithun Chittilappilly expressed the company’s deep concern and commitment to supporting the affected communities. “We are all saddened by this disaster, one of the worst natural calamities Kerala has witnessed. Our thoughts and prayers are with the victims and their families during this difficult time. We hope our contribution will provide some relief and comfort to those in need,” said Mr. Mithun Chittilappilly.

The truck carrying the relief materials was sent promptly on Monday to ensure that the affected people receive the necessary aid without delay. V-Guard remains dedicated to supporting disaster relief efforts and contributing to the well-being of the community. This will be the first phase of support.

Frozen Bottle Launches Boba Bar, Bringing the Ultimate Bubble Tea Experience to India
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Frozen Bottle Launches Boba Bar, Bringing the Ultimate Bubble Tea Experience to India

Bengaluru, 7th August 2024 – Frozen Bottle, a leading Indian dessert cafe brand from the house of Curefoods, announced the launch of Boba Bar today. Boba Bar, created to offer its customers the ultimate Bubble Tea Experience is set to redefine beverage indulgence across India. Apart from Swiggy and Zomato, Boba Bar products are available in 100+ Frozen Bottle stores nationwide, ensuring a wide audience can enjoy these delightful beverages.

Boba Bar offers a wide range of flavours and customizations, ensuring every sip is a delightful journey, crafted to perfection. From classic milk teas to fruity blends, there is something to satisfy every craving.

The Frozen Bottle team embarked on a journey of research and innovation, meticulously crafting a range of Boba beverages that would delight customers. With the new product line new product line, Frozen Bottle remains committed to maintaining high standards of quality and taste. Every Boba Bar drink is made with the finest ingredients, ensuring top-notch quality.

With a commitment to sustainability, Boba Bar serves its beverages in iconic Gudbud Jars with biodegradable straws, ensuring an eco-friendly experience. The menu includes classic favourites such as Thai Milk Tea and Taro, as well as exotic options such as Matcha, Rose, and Blueberry Bubble Tea. For those seeking innovative combinations, options such as Blackcurrant Boba Tea and Chocolate Hazelnut Boba Tea will provide a delightful experience.

Commenting on the launch, Pranshul Yadav, CEO, Frozen Bottle said, “We at Frozen Bottle have always been watchful of the current market trends. With the current boom in the market for all things Boba, it was natural for us to explore that product line. Boba Bar is more than just a beverage; it’s an experience. We are excited to bring the vibrant and dynamic world of bubble tea to all boba lovers, offering a wide range of flavours and customizations that cater to every palate. We aim to redefine how people enjoy their drinks, combining quality ingredients with innovative twists to create something truly special.”

To celebrate the launch, Boba Bar is offering its full range of Bubble Teas at a special introductory price of ₹100 on Independence Day, August 15, 2024. Boba Bar is currently available in over 100 locations across 30 cities, with plans to expand to more than 300 locations in over 60 cities in the next couple of years.