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Delhivery grants above 11 lakh equity shares under ESOPs plans

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Ashutosh Dubey
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Delhivery grants above 11 lakh equity shares under ESOPs plans

Delhivery has awarded 11.21 lakh stock options to employees under three ESOP plans. The company’s board approved the grant, allowing employees to convert options into equity shares worth ₹1 each. This was disclosed in an exchange filing on November 8.

Equity shares so allotted shall rank pari-passu – company

The company has issued 1,87,641 shares under ESOP 2012, 7,56,000 shares under ESOP II 2020, and 1,77,900 shares under ESOP III 2020. According to the filing, “The equity shares so allotted shall rank pari-passu (ranking equally and without preference) with the existing equity shares of the Company in all respects.”

Continue Exploring: Bengaluru-based John Distilleries targets INR 2,500 crore net revenue in five years

Additionally, this issuance will raise Delhivery’s paid-up capital from INR 74.09 Cr to INR 74.20 Cr. Based on Friday’s closing price, the new stock’s total value is INR 38.8 Cr. Delhivery shares closed at INR 346.50 in the last trading session on Friday.

Delhivery allots 73,300 stock options in November

Established by Sahil Barua, Mohit Tandon, Bhavesh Manglani, Suraj Saharan, and Kapil Bharati in 2011, Delhivery is a transportation, supply chain, and logistics company. It competes with Xpressbees, Blue Dart, Flipkart’s Ekart Logistics, and Amazon Shipping.

Continue Exploring: Star Localmart eyes retail expansion with 3000 stores in next five years 

Earlier in November, Delhivery allotted 73,300 stock options under its ESOP 2012. Last month, the company issued 8.6 lakh equity shares under its ESOP, following approval for the allotment of 6.15 lakh equity shares under ESOP 2012 and ESOP 2020 in September.

Meanwhile, the company announced plans to launch a network of multi-tenant dark stores for “rapid in-city delivery” for e-commerce companies.

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Bengaluru-based John Distilleries targets INR 2,500 crore net revenue in five years

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Ashutosh Dubey
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Bengaluru-based John Distilleries targets INR 2,500 crore net revenue in five years

Bengaluru-based liquor maker John Distilleries Ltd (JDL) expects to reach INR 2,500 crore in net revenue within five years, driven by expansion, premiumization, and capacity growth.

John Distilleries to invest INR 600 Cr to double production

According to ET, Chairman Paul P John announced plans to set up a greenfield unit in Karnataka, investing INR 600 crore to double production capacity.

Continue Exploring: Hershey lowers growth forecast due to impact of price hikes

“Now, we have already reached 10,000 litres production capacity per day. But this will suffice for the next four or five years. So, we need to expand,” John said. “At the pace that we are growing and the focus that we have, we need another 12,000-litre capacity plant somewhere, and we are looking at Karnataka for that.”

Meanwhile, JDL’s revenue grew 15% in FY 2023-24, reaching INR 1,250 crore. The company exports single malt whisky to 45 countries, with 40% of revenue coming from exports.

John Distilleries considers IPO!

On IPO plans, John said, “A decision would be taken on this after some years.”

Regarding the potential impact of an India-UK free trade agreement, John noted, “For the initial years, it would be there… maybe in the initial stages, for the first few years, there will be some kind of a slight disruption.”

Continue Exploring: Orkla India, parent of MTR Foods, eyes expansion with local spice businesses

However, he expressed confidence in JDL’s quality, saying, “I personally believe that the quality of my brand will stand us in good strength… We have proved it, even in their own home markets. We are winning awards compared to that. So, I welcome that.”

Further, John stressed the need for a level playing field, stating, “Our only request has been to make sure that we are also allowed to enter with our brands into their markets.”

Looking ahead, US-based Sazerac, which owns 40% of JDL, may increase its stake. John revealed plans to manufacture and sell Sazerac-owned brands in India, including BuzzBallz.

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Hershey lowers growth forecast due to impact of price hikes

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Ashutosh Dubey
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Hershey lowers growth forecast due to impact of price hikes

Hershey, a leading chocolate manufacturer, lowered its annual revenue and profit forecasts after missing Wall Street’s third-quarter expectations on Thursday, November 7. The repeated price hikes have reduced demand for its chocolates, confectionery, and salty snacks.

Hershey maintains high prices amid rising Cocoa costs

According to ET Retail, chocolatiers like Hershey have increased prices to keep profits up despite rising cocoa costs, causing consumer pushback. Also, changing trends, like a shift to non-chocolate treats among younger generations, have hurt Hershey’s chocolate sales.

Continue Exploring: Orkla India, parent of MTR Foods, eyes expansion with local spice businesses

Meanwhile, shares of Jolly Rancher-owner Hershey fell about 2.5% in premarket trading. Recently, Kraft Heinz also lowered its annual forecast, even though it beat third-quarter profit expectations, as consumers switched to cheaper, private-label brands. To address rising cocoa prices and improve profit margins, Hershey plans to save $300 million by 2026 through cost-cutting and price hikes.

Hershey expects net sales to be flat, down from 2% before

“While year-to-date results have been affected by historically high cocoa prices and a challenging consumer environment, we are laser-focused on controlling what we can,” CEO of Hershey, Michele Buck said.

Continue Exploring: Zomato CEO Deepinder Goyal addresses flirty notifications on The Kapil Sharma Show

One of the world’s largest chocolate makers, Hershey, now expects its full-year net sales growth to be flat, down from a previous estimate of about 2%. The company also predicts annual adjusted earnings per share will drop by mid-single digits, instead of the slight decline it had previously expected.

Furthermore, in Q3, organic prices increased by 2%, while organic volume dropped by 3%. Total net sales decreased by 1.4% to $3 billion, falling short of analysts’ estimate of $3.08 billion, according to LSEG. Excluding certain items, the company earned $2.34 per share, below the expected $2.56.

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Star Localmart eyes retail expansion with 3000 stores in next five years

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Ashutosh Dubey
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Star Localmart eyes retail expansion with 3000 stores in next five years

Star Localmart, part of the Sanjay Ghodawat Group, plans to expand to 130 stores by March 2025. Over the next 5 years, they aim to open 3,000 stores in Maharashtra, Karnataka, Goa, Telangana, Madhya Pradesh, and Gujarat, according to a media release on Friday, November 8.

Star Localmart operates 80 stores

While making an announcement, Shrenik Ghodawat, managing director of Star Localmart said, “The aim is to reach every small town and village, offering a seamless shopping experience and redefining neighbourhood convenience.”

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

“We are dedicated to making convenience, affordability, and customer satisfaction the heart of everything we do, especially in communities where these options matter most,” he further said.

For now, the brand runs over 80 stores in tier-3 and tier-4 towns in Maharashtra and Karnataka, each ranging from 1,000 to 1,500 square feet.

As India moves towards becoming the world’s third-largest retail market, 2024 is set to be a big year for the industry. With more disposable income, fast urbanisation, a growing middle class, and tech-savvy consumers, the Indian retail sector looks like a great investment opportunity for both local and global companies.

Continue Exploring: Elan Group partners with AS Hotels to introduce luxury hotel Ramada Encore by Wyndham

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Orkla India, parent of MTR Foods, eyes expansion with local spice businesses

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Ashutosh Dubey
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Orkla India, parent of MTR Foods, eyes expansion with local spice businesses

Orkla India, the parent company of MTR Foods and Eastern Condiments, is seeking partnerships with local spice and masala businesses to strengthen its presence and dominance in India’s spice market, according to a top executive of the company.

Open to new partnerships with more local players – CEO

According to ET Retail, Sanjay Sharma, CEO of Orkla India, expressed, “We are open to new partnerships. Spices and masalas is an exciting category and we are looking out for partnering with more local players.”

Continue Exploring: Elan Group partners with AS Hotels to introduce luxury hotel Ramada Encore by Wyndham

Meanwhile, Orkla, a Norwegian investment company, entered India in 2007 by acquiring MTR Foods. In September 2020, they bought a majority stake in Eastern Condiments, run by the Meeran family. In the year 2023, Orkla reorganised its India operations into three units: MTR, Eastern, and International Business. MTR generates about 48% of revenues, Eastern 34%, and International Business 18%.

Orkla India identifies 9 key markets globally to evolve

“Our international segment is the fastest growing and continues to develop rapidly,” Sanjay added.

Further he mentioned that the company has identified 9 key markets worldwide that drive most of its business. The Middle East accounts for 70% of Orkla India’s international sales, followed by North America. The company is now looking to expand into the UK and 4-5 new markets in the Middle East.

Continue Exploring: Zomato CEO Deepinder Goyal addresses flirty notifications on The Kapil Sharma Show

Previously in July, Nils Selte, president and CEO of Orkla, informed investors that the company has started an IPO readiness study for Orkla India. He said, “We initiated a process to consider structural opportunities for Orkla India, including conducting an IPO readiness study. The results of the study are encouraging. And we will now proceed with an evaluation of accessing the capital markets in India. Any conclusion should not be expected until sometime 2025.”

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Elan Group partners with AS Hotels to introduce luxury hotel Ramada Encore by Wyndham

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Ashutosh Dubey
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Elan Group partners with AS Hotels to introduce luxury hotel Ramada Encore by Wyndham

Gurugram-based Elan Group has collaborated with AS Hotels & Residences Private Limited to launch Ramada Encore by Wyndham, a luxury hotel, at Elan Miracle Mall in Sector 84. 

New Ramada Encore feature 91 rooms at Elan Miracle Mall

According to ANI, the hotel, spanning 1.2 lakh sq. ft., will feature 91 luxurious rooms, suites, and premium facilities.

Strategically located within Elan Miracle, a prime commercial destination, Ramada Encore will cater to business and leisure travellers. The hotel is expected to open by the end of this year.

Continue Exploring: SAMHI Hotels expands in Hyderabad with new long-term lease

“We are excited to welcome the Ramada Encore Hotel by Wyndham brand to Elan Miracle Mall,” said Venika Kapoor, Senior Vice President-CRM, Elan Group. “This initiative is a testimony to our vision of establishing a vibrant mixed-use development in a prime location on Dwarka Expressway.”

Elan Miracle Mall to welcome Levi’s, Snitch, and PVR Cinemas

Furthermore, Amar Bharati, Director, AS Hotels & Residences Private Limited, added, “Bringing Ramada Encore to Gurgaon, especially at the prime location of Elan Miracle Mall, marks a significant step in our mission to offer vibrant and rejuvenating hotel experiences.”

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

Notably, Elan Miracle Mall boasts an array of leading brands and will soon welcome new additions, including Levi’s, Snitch, and PVR Cinemas. Ankit Sharma, Vice President-Leasing, Elan Group, stated, “We are delighted to join hands with AS Hotels & Residences Private Limited… This move reinforces our commitment to creating world-class destinations.”

Additionally, the hotel Group aims to revolutionise the real estate industry with its focus on “Trust, Quality & Sustainability.” With this partnership, Elan Miracle Mall solidifies its position as a premier retail and lifestyle destination.

“Elan Group was established with an aim to revolutionise the principles of ‘Trust, Quality & Sustainability’ in the real estate industry,” said the company in a media release. “With a vision to ‘Build the Future,’ Elan is dedicated to transforming the Indian realty landscape.”

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Zomato CEO Deepinder Goyal addresses flirty notifications on The Kapil Sharma Show

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Ashutosh Dubey
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Zomato CEO Deepinder Goyal addresses flirty notifications on The Kapil Sharma Show

The Great Indian Kapil Show will soon welcome two surprising guests—Zomato CEO Deepinder Goyal and his wife Grecia Munoz, along with Infosys founder Narayana Murthy and his wife, writer-philanthropist Sudha Murthy.

Deepinder Goyal with wife Grecia Munoz and Narayana Murthy marks presence

Host Kapil Sharma, known for his celebrity guests like movie stars and athletes, will feature these well-known Indian entrepreneurs in the latest episode of his show. Notably, A new promo shows the fun side of these business icons. The clip features Deepinder Goyal and Grecia Munoz enjoying a classic ring toss game.

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

In the video, Sharma shows some of Zomato’s cheeky notifications, like “There are many types of pasta, but our type is you!” He then asks Goyal if he accidentally sent these flirtatious messages to clients instead of his wife. Goyal credits his young marketing team, who may not have a marketing background but are full of innovative ideas.

Netizens react

Additionally, a humorous video shows Sudha Murty, Grecia Munoz, and Deepinder Goyal participating in a light-hearted ring-toss game. The caption jokingly reads, “Not a delayed delivery, but directly cancelled!” The clip begins with Sudha Murty attempting to win a prize by tossing a ring. Grecia Munoz successfully lands her ring around the target, while Deepinder Goyal misses. A cast member teasingly says, “Looks like you’re delivering to the wrong address,” sparking laughter.

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

In another promo, Narayana Murthy humorously showed a charming side by expressing sweet feelings for his wife. However, Sudha Murty playfully interrupted with a quick-witted reply.

Meanwhile, fans took to the comments section, praising the video and sharing humorous reactions. “The fact that they brought Narayan Murthy with Deepinder..” wrote one user, while another exclaimed, “Love Zomato Marketing.” A third user quipped, “Who all are in a committed relationship with Swiggy notifications?”

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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

By
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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