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SAMHI Hotels expands in Hyderabad with new long-term lease

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Ashutosh Dubey
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SAMHI Hotels expands in Hyderabad with new long-term lease

SAMHI Hotels Limited has signed a long-term lease for a new upscale hotel with 170-175 rooms in Hyderabad, adding it to their portfolio.

According to ET Hospitality, the new hotel will be created by converting an office building on the main road of Hitec City, Hyderabad’s largest office area, surrounded by high-quality office buildings. The building already has 270,000 sq. ft. of built-up space, and SAMHI will now start the interior work.

Continue Exploring: Braille Menus at Taj Mahal Hotel, New Delhi: a step towards inclusive dining

SAMHI operates four hotels in Hyderabad

Through this lease, SAMHI boosts its market presence in Hyderabad, one of India’s biggest and fastest-growing office markets. The company already runs four hotels with 878 rooms in the city. This deal will add another 170-175 rooms in the Upper Upscale segment, managed by a major international operator.

Based on FY24 financials, leased assets contributed 13% to SAMHI’s total revenue. This transaction will help us reach our goal of 20%+ revenue from leased assets, which are more cost-efficient. Once completed, the hotel will boost our share of Upper Upscale & Upscale assets in a key market, following our last acquisition in Bengaluru.

Continue Exploring: Himanshu Saini wins best chef for Dubai, receives Three Knives award

Further, Ashish Jakhanwala, chairman and managing director of SAMHI Hotels Ltd., commented on the performance, “I am delighted to announce the signing of long-term variable lease in Hitec City, Hyderabad. This transaction aligns with our stated strategy of increasing the share of long-term leases for better capital efficiency and higher risk adjusted returns. We are also proud to have executed one of the first office building conversions to a hotel, which opens up a new avenue for our growth. With a quick conversion of this building to an Upper Upscale hotel, we have secured strong growth for our portfolio.”

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Himanshu Saini wins best chef for Dubai, receives Three Knives award

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Ashutosh Dubey
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Himanshu Saini wins best chef for Dubai, receives Three Knives award

The 8th edition of The Best Chef Awards recently concluded in Dubai, celebrating 550 chefs from 61 countries. Indian chefs made their mark at the prestigious event.

Himanshu Saini, Chef at Trèsind Studio in Dubai, received the coveted Three Knives award and was also recognized as the Best Chef for Dubai. Saini’s exceptional presentation skills and dishes combining technique, passion, and Indian gastronomy have captivated diners.

Rahul Rana, Solemann Haddad receives One Knife 

Other Indian chefs recognized at the awards included Rahul Rana (Avatara) and Solemann Haddad (Moonrise), who received One Knife.

Continue Exploring: Bengaluru court halts Swiggy from claiming former executive’s ESOPs

This year’s top three winners were Rasmus Munk (Alchemist, Denmark), Albert Adrià (Enigma, Spain), and Eric Vildgaard (Jordnær, Denmark). Special awards recognized chefs for contributions in areas like pastry, new entry, terroir, science, food art, and next generation.

Notably, the Best Chef Awards introduced its tiered Knife recognition system, honouring chefs based on impact and skill across three categories. 97 chefs received Three Knives, 177 received Two Knives, and 276 received One Knife.

“Dubai’s successful hosting of The Best Chef Awards 2024 has underlined its status as a global gastronomy capital, with the city providing a platform not only to celebrate global culinary talent, but also to bring the industry together to share knowledge and explore innovation. We congratulate all the chefs from around the world recognised in this year’s edition of the awards, and are proud to see Dubai-based culinary talent among them, as they continue to contribute to our goal to become the best city to visit, live and work in,” said Ahmed Al Khaja, CEO of Dubai Festivals and Retail Establishment.

Continue Exploring: Day 3: Swiggy’s IPO oversubscribed by 3.59 times, led by QIBs

The Best Chef Awards, Dubai recognises 550 Chef

Further, Cristian Gadau, Co-founder of The Best Chef, added, “Bringing The Best Chef Awards to Dubai for the first time has been a landmark moment for us, and we couldn’t have asked for a more remarkable city to host this celebration. Dubai’s ambition, spirit, and dedication to excellence perfectly mirrored the calibre of talent we witnessed at this year’s awards.”

Co-founder of The Best Chef, Joanna Slusarczyk said, “We were privileged to acknowledge an extraordinary 550 chefs… The new Knife recognition system has allowed us to highlight chefs at all stages of their journey.”

The event drew over 3,000 attendees and featured panel discussions, the Food Meets Science conference, and exclusive culinary experiences. Dubai’s culinary scene was showcased, cementing its reputation as a global food hub.

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Bengaluru court halts Swiggy from claiming former executive’s ESOPs

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Ashutosh Dubey
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Bengaluru court halts Swiggy from claiming former executive's ESOPs

A Bengaluru civil court has temporarily stopped Swiggy from selling or placing any claims on over 200 stock options held by a former executive who was fired earlier this year. This order is in effect until the next hearing.

Arun Cyril, former executive challenges cancellation of ESOPs

According to INC42, the court order issued on November 7 stated, “Defendant No.1 company (Swiggy) including its directors are restrained by way of temporary injunction from creating any charge, interest or alienate 185.454 vested and unexercised stock options and 24 exercised stock options of plaintiff, till next date of hearing…”

Continue Exploring: Day 3: Swiggy’s IPO oversubscribed by 3.59 times, led by QIBs

Meanwhile, the court has scheduled the next hearing for November 23. The decision came after a petition by Arun Cyril, a former Swiggy executive, who was fired earlier this year. Cyril, who worked at Swiggy from 2015 to 2024, is challenging his “unlawful” termination and the cancellation of his employee stock options (ESOPs).

CCI finds Swiggy, Zomato breaching competition laws

This adds to the company’s troubles as it prepares to go public next week. In addition, Reuters reported that the  Competition Commission of India (CCI) found Swiggy and its competitor  Zomato guilty of breaking antitrust laws and favouring certain restaurant chains on their platforms.

Continue Exploring: CCI finds Swiggy, Zomato guilty of breaching competition laws

On November 6, the Delhi High Court issued a notice to the Competition Commission of India (CCI) and Swiggy. This was in response to a plea by the National Restaurant Association of India (NRAI), challenging their removal from a confidentiality ring set up by CCI to investigate alleged anti-competitive practices by Swiggy and Zomato.

Despite all the recent issues, Swiggy’s IPO closed today, being oversubscribed 3.59 times on the final day. The IPO received bids for 57.53 crore shares compared to 16.01 crore shares available, mainly driven by qualified institutional investors (QIBs).

Notably, the food tech giant’s IPO includes a fresh issue of shares worth ₹4,499 crore and an offer for sale of 17.5 crore shares. The price range for the public issue was set at ₹371 to ₹390 per share. Before opening the issue to the public, Swiggy raised ₹5,085 crore from anchor investors on November 5. The shares will be listed on November 13.

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Day 3: Swiggy’s IPO oversubscribed by 3.59 times, led by QIBs

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Ashutosh Dubey
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Day 3: Swiggy's IPO oversubscribed by 3.59 times, led by QIBs

Swiggy, the food delivery giant, had its initial public offering (IPO) oversubscribed by 3.59 times, despite a slow start in the first two days. 

Swiggy raises INR 5,085 cr from institutional investors

According to The Hindu Business Line, the company raised INR 5,085 crore from institutional investors like Fidelity and Blackrock, along with significant contributions from domestic investors.

Continue Exploring: Day 2: Swiggy’s IPO continues to receive lukewarm response with only 35% subscription

Notably, the qualified institutional buyers’ (QIBs) portion was booked 6.02 times, the highest among all. The non-institutional investors’ (NII) portion was booked 41%, and the retail investors’ portion was subscribed 1.14 times. The employees’ portion was subscribed 1.65 times.

Meanwhile, Swiggy’s INR 11,300-crore IPO includes a fresh capital raise of INR 4,499 crore and an offer for sale of 17.51 shares worth INR 6,828 crore. The IPO price band is INR 371-390 per share. At the top price, Swiggy’s valuation is about INR 95,000 crore. In comparison, rival Zomato, which went public in July 2021, has a market valuation of INR 2.25 lakh crore.

“Swiggy’s growth relies heavily on its ability to expand offerings while retaining and attracting users in a cost-effective way. However, the company faces intense competition from Zomato, which enjoys a broad customer base and strong brand loyalty, particularly in the food delivery sector. This competitive landscape puts pressure on Swiggy’s market share, challenging its ability to maintain and grow its customer base. If Swiggy is unable to retain existing customers or attract new users affordably, it risks negative impacts on its business performance, financial stability, and operational results. Effectively managing these challenges is critical for Swiggy’s sustained growth in the highly competitive food delivery industry,” stated Samco Securities.

IPO has a negative P/E ratio and aggressively priced – Bajaj Broking

Furthermore, Bajaj Broking Research released a statement regarding Swiggy’s going public, saying, “The company is an emerging e-commerce and food delivery technology service provider. It has shown steady growth in revenue over the reported periods but has consistently reported losses. Based on its financial performance, the IPO has a negative P/E ratio and is considered aggressively priced according to other metrics. The management is confident in turning operations profitable within the next few years by implementing their strategy and utilising the IPO funds to scale up their offerings. Well-informed investors with cash surplus and a higher risk tolerance may consider investing moderate funds for the long term.”

Continue Exploring: CCI finds Swiggy, Zomato guilty of breaching competition laws

Additionally, the grey market premium (GMP) for Swiggy’s IPO suggests a modest listing gain, with shares trading at a premium of INR 1-2, according to IPO Watch and Investor Gain, which monitor grey market activities.

While Zomato leads with 58%, Swiggy holds a 34% market share in food delivery. In quick commerce, Swiggy’s Instamart has a 20-25% share, and Zomato’s Blinkit has around a 40-45% share, according to brokerage estimates.

Focusing heavily on its quick commerce segment, Swiggy is planning to invest nearly INR 1,179 crore in Instamart. This includes INR 755.4 crore for expanding its dark store network and INR 423.3 crore for lease and licence payments. By the end of June, Instamart had 557 dark stores, and this new investment will increase the number to 741.

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Montblanc partners with GKB Opticals for exclusive eyewear collection

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Ashutosh Dubey
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Montblanc partners with GKB Opticals for exclusive eyewear collection

Montblanc, the renowned German luxury goods manufacturer, has teamed up with Indian multi-brand eyewear retailer GKB Opticals to launch the GKB Opticals x Montblanc eyewear collection.

Montblanc celebrates 100th anniversary with limited-edition

According to Indian Retailing, this collaboration marks Montblanc’s celebration of the 100-year anniversary of its iconic Meisterstück pen line. The limited-edition collection, launching on November 8, features elegant eyewear designs inspired by Meisterstück pens, complete with Montblanc’s signature snowcap emblem and nib details.

Continue Exploring: FMCG giant CavinKare debuts hair colour segment with brand ambassador Trisha Krishnan

“GKB Opticals is honoured to partner with Montblanc, a brand that shares our dedication to heritage, timeless style, and sophisticated craftsmanship,” said Priyanka Gupta, Director of GKB Opticals. “Montblanc’s legacy perfectly complements GKB’s own heritage, making this collection an ideal choice for customers who appreciate both artistry and enduring style.”

Monteblanc new collection at 50 GKB Opticals locations

Notably, the collection will be priced between INR 16,000 and INR 32,000 and will be available at over 50 GKB Opticals locations, as well as on the brand’s direct-to-consumer website.

Established in 1968, GKB Opticals boasts over 90 stores nationwide and aims to expand to 100 by the end of FY25. With over 60 brands under its umbrella, the company is set for future collaborations with international luxury eyewear brands. “We are excited about upcoming partnerships with international luxury eyewear brands in the near future,” Gupta mentioned.

Continue Exploring: Tata Group’s IHCL signs contract with ‘The Claridges’, Delhi, eyes expansion

Meanwhile, the Montblanc Meisterstück line, introduced in 1924, has evolved from safety filling pens to include fountain pens, ballpoints, rollerballs, mechanical pencils, and highlighter pens, solidifying its legacy in luxury writing instruments.

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Lingerie retailer Zivame suffers 34% net loss to INR 39 Cr in FY24

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Ashutosh Dubey
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Lingerie retailer Zivame suffers 34% net loss to INR 39 Cr in FY24

Zivame, the online lingerie retailer, has reported a 34% increase in net losses to INR 39 crore for the fiscal year ending March 2024.

Zivame sales are down to 42%

According to data sourced from business intelligence platform Tofler, the company’s sales also plummeted by 42% to INR 193 crore during the same period.

Continue Exploring: Tata Group’s IHCL signs contract with ‘The Claridges’, Delhi, eyes expansion

Meanwhile, Zivame’s struggles come despite the growing demand for innerwear in India. “Actoserba Active Wholesale Private Limited, an online lingerie store popularly known as Zivame, reported its revenues for the financial year 2023-24 as INR 193 crore, a 42 % fall since the last financial year,” Tofler said, as reported by Indian Retailing.

Zivame’s expenditure stands at INR 234 Cr

Notably, the company’s total expenditure stood at INR 234 crore, contributing to its widening losses. However, Reliance Industries Ltd Chairman Mukesh Ambani remains optimistic about Zivame’s potential. “Our investments in brands like Kalanikethan, Zivame, Clovia, Amante, and Urban Ladder have given us a strong foothold in these categories,” Ambani said during RIL’s annual general meeting in August.

Continue Exploring: CCI finds Swiggy, Zomato guilty of breaching competition laws

In 2020, Reliance Retail bought Zivame for around $160 million as part of its strategy to expand its lingerie business. They also acquired other brands like Clovia and Amante during this time.

Further, Industry experts predict growth in the innerwear market, with Wazir Advisors estimating it will reach INR 75,466 crore by 2025, up from INR 61,091 crore in 2023. Women’s inner and comfort wear accounts for 60% of this market, presenting opportunities for Zivame to rebound.

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FMCG giant CavinKare debuts hair colour segment with brand ambassador Trisha Krishnan

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Ashutosh Dubey
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FMCG giant CavinKare debuts hair colour segment with brand ambassador Trisha Krishnan

CavinKare, a FMCG major, launched its first-ever creme hair colour range under the Indica brand, called Natural and Nourish Creme Hair Color on Thursday, November 8.

CavinKare launches Indica Natural, Nourish Creme Hair Color

According to Economic Times, the city-based company has appointed popular actress Trisha Krishnan as its brand ambassador for this initiative and launched a television campaign.

Continue Exploring: FSSAI emphasises food safety at tourist spots during 45th advisory meeting

“We are delighted to announce the launch of Indica Natural and Nourish Creme Hair Color, marking our foray into the creme hair colour category. Indica has consistently positioned itself as a leader in innovation, introducing transformative products that enhance the consumer experience,” stated CavinKare Business Head-Personal Care, Rajat Nanda on the launch.

Further he stated, “We are proud to have associated with celebrated actress Trisha Krishnan, whose presence perfectly embodies our message of accessible beauty. We aim to empower individuals to embrace their unique beauty with confidence and ease.”

CavinKare innovates 10-minute hair colour solution

Meanwhile, the company announced that Indica Natural and Nourish Creme Hair Color will be available in Natural Black, Dark Brown, and Burgundy. These products will be sold in all retail outlets starting at INR 15.

Continue Exploring: CCI finds Swiggy, Zomato guilty of breaching competition laws

Notably, the FMCG giant has a manufacturing unit located in Sidcul, Ranipur, Haridwar. Its popular brand, Indica, was first introduced in 1995 with Indica Herbal Hair. Later, in 2009, the product underwent a revamp, resulting in the launch of Indica’s 10-minute hair colour solution. This innovation was driven by consumer insights and has since become a hallmark of the brand. Notably, the hair colour creme market in India is valued at INR 2,510 crore (as of August 2024).

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Tata Group’s IHCL signs contract with ‘The Claridges’, Delhi, eyes expansion

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Ashutosh Dubey
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The Claridges Hotel
Tata Group’s IHCL signs contract with 'The Claridges', Delhi, eyes expansion

Tata Group‘s Indian Hotels Company Limited, the largest hospitality firm in India, will manage ‘The Claridges’ hotel starting in April 2025. This move aims to strengthen its presence in major metro cities with iconic properties.

Signing aligns growth of IHCL in metro cities – CEO

According to Economic Times, Puneet Chhatwal, Managing Director and Chief Executive Officer, IHCL, stated regarding the agreement, “This signing aligns with our growth strategy to enhance IHCL’s presence in key metro cities with iconic assets. The Claridges, a distinguished landmark in Lutyens’ Delhi, provides a unique opportunity to expand our footprint at the nation’s most prestigious address, while also paving the way for potential expansion of our brandscape by growing The Claridges brand.”

Continue Exploring: CCI finds Swiggy, Zomato guilty of breaching competition laws

Meanwhile, IHCL will take over managing The Claridges, New Delhi, in April 2025 through a hotel operating agreement. The Claridges, known for its timeless elegance and modern luxury, was built in 1955. This iconic hotel combines old-world charm with modern style and has 119 rooms and suites.

Tata Group’s expansion includes SeleQtions, Vivanta etc

Furthermore, Suresh Nanda, Claridges Hotels Pvt. Ltd., commented, “We are honoured to extend our partnership with IHCL, globally renowned and celebrated for its world-class hospitality to jointly grow The Claridges brand. Under IHCL’s management, we believe that The Claridges will build on its prestigious legacy.”

Continue Exploring: Flipkart’s Ekart Logistic registers INR 1,718.4 Cr net loss, 5X surge from FY24

Looking ahead, the Indian Hotels Company Limited (IHCL) and its subsidiaries offer a mix of warm Indian hospitality and top-notch service. Their brands include Taj, known as the world’s strongest hotel brand in 2024 and India’s strongest brand in 2024, according to Brand Finance. They also have SeleQtions, a unique collection of hotels; Tree of Life, private escapes in peaceful settings; Vivanta, stylish upscale hotels; Gateway, full-service hotels for great destinations; and Ginger, which is modernising the budget luxury segment.

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FSSAI emphasises food safety at tourist spots during 45th advisory meeting

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Ashutosh Dubey
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FSSAI emphasises food safety at tourist spots during 45th advisory meeting

The Food Safety and Standards Authority of India (FSSAI) held its 45th Central Advisory Committee meeting, where it asked states and union territories to increase monitoring of food safety at popular tourist destinations.

States & UT to use Food Safety on Wheels Mobile Labs

This move aims to ensure high safety standards during the peak tourist season from November to March. Considering the large number of domestic and international tourists at popular spots during the season, states and union territories were advised to use Food Safety on Wheels Mobile Labs at these tourist locations.

Continue Exploring: Flipkart’s Ekart Logistic registers INR 1,718.4 Cr net loss, 5X surges from FY24

According to ET Hospitality, G Kamala Vardhana Rao, CEO of FSSAI, requested food commissioners from different states to increase surveillance on warehouses and other facilities used by e-commerce platforms. He also asked for standard operating procedures (SOPs) to be created for these warehouses and their delivery personnel.

FASSAI to train Food Business Operators via FoSTaC

Meanwhile, the committee is pushing for better food safety and hygiene across India. To achieve this, they’re focusing on training Food Business Operators (FBOs) in all states and union territories through the Food Safety Training and Certification (FoSTaC) program. The goal is to train 2.5 million food handlers by March 2026, including those working in university, college, and hostel canteens.

Continue Exploring: Campus launches “Move Your Way” campaign with brand ambassador Vicky Kaushal

Furthermore, the need for a unified food safety approach was highlighted. All related ministries and stakeholders were urged to work together and states and union territories were encouraged to hold advisory committee meetings regularly at state and district levels. The meeting also stressed the importance of involving consumers in promoting healthier eating habits as part of the Eat Right India movement. States were advised to increase food safety awareness through activities like fairs, walkathons, and street plays (Nukkad Nataks).

More than 60 officials attended the FSSAI meeting, representing various groups such as food safety commissioners, state and union territory representatives, senior FSSAI officials, and members from the food industry, consumer organisations, agriculture sector, laboratories, and research institutions.

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CCI finds Swiggy, Zomato guilty of breaching competition laws

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Ashutosh Dubey
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CCI finds Swiggy, Zomato guilty of breaching competition laws

The Competition Commission of India (CCI) has reportedly found food delivery majors Swiggy and Zomato guilty of violating competition laws through their partnerships with select restaurants.

Zomato enters exclusive contracts, Swiggy guarantees growth

According to a non-public CCI report cited by Reuters, Zomato entered into exclusivity contracts with certain restaurant partners in exchange for lower commissions, while Swiggy guaranteed business growth to select players for exclusive listings.

Continue Exploring: The Good Bug partners with Hrithik Roshan’s HRX to launch probiotic product

The report stated that these exclusivity arrangements “prevent the market from becoming more competitive.”

This ruling comes after the CCI investigated the companies in 2022, following a complaint filed by the National Restaurant Association of India (NRAI) in 2021. The NRAI alleged anticompetitive practices, including bundling services, exorbitant commissions, delayed payments, and one-sided clauses.

Swiggy’s bid receives 3.5X subscription 

Additionally, the NRAI claimed that deep discounting harmed local restaurants and violated platform neutrality.

Continue Exploring: Day 2: Swiggy’s IPO continues to receive lukewarm response with only 35% subscription

This development coincides with Swiggy’s ongoing IPO, which closes today and has been subscribed 3.58 times so far. The Qualified Institutional Buyers (QIBs) portion was oversubscribed by 602%.

Meanwhile, Zomato’s shares ended the trading session 2.37% lower at INR 249.10 on the BSE.

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