Espire Hospitality announced on Friday the launch of ZANA – a luxury resort, located in the heart of Jim Corbett. The company also disclosed plans to open more ZANA resorts in upcoming destinations such as Vrindavan, Bhimtal, and Goa in the near future.
The company mentioned that the resort is conveniently situated just ten minutes from the Jim Corbett National Park. ZANA features 57 rooms and cottages, along with a signature all-day dining restaurant and an outdoor swimming pool.
The company announced that the hotel will soon unveil a new kids’ play area.
The resort also features event areas, one of which is a ballroom with over 4,000 square feet and no pillars. Espire Hospitality Group’s managing director and CEO, Akhil Arora, expressed his excitement at the launch of the latest property in Jim Corbett. “Every element of the resort has been thoughtfully and carefully planned to provide an amazing experience that goes above and beyond what contemporary tourists might hope for. ZANA aims to be the perfect retreat for guests in Jim Corbett, whether they are looking for adventure or leisure,” the speaker stated.
“Jim Corbett’s appeal as a tourist destination is continuously growing, attracting visitors from India and around the world. With the launch of ZANA, we aim to meet the increasing demand for high-quality accommodations and outstanding experiences in this enchanting location,” he added.
Adani Wilmar Ltd. saw double-digit growth in both its edible oil and food divisions during the fourth quarter of fiscal 2024, driven by increased retail presence and heightened demand due to festivities like Holi and the wedding season.
In its quarterly business update on Friday, the consumer goods business led by billionaire Gautam Adani reported an overall volume growth of 4% for the quarter. However, a notable decrease in the export business of animal feed exerted downward pressure on the overall volume growth.
The company stated that despite an increase in volume, FY24 witnessed lower revenue due to reduced edible oil prices compared to the previous year.
During the year, the branded edible oil segment exhibited strong growth, achieving a year-on-year increase of 15% during the quarter, surpassing the overall segment growth rate of 10%.
During the quarter, revenue in the food and FMCG segment surged by 18% year-on-year, accompanied by a volume growth of 10%. Over the year, the segment reached a significant milestone of 1 million metric tonnes in sales and doubled its revenue to approximately INR 4,700 crore.
Both sales and volume of industry essentials experienced a double-digit decline.
The Indian government announced on Friday that it has authorized restricted exports of vital commodities such as sugar, wheat, rice, and onions to the Maldives. This decision comes amidst strained relations between Male and New Delhi, attributed to the escalating influence of China in the region.
India, a major exporter of rice, sugar, and onions, has implemented several restrictions on the export of these food commodities to stabilize local prices ahead of the upcoming general election.
Shipments of these commodities to the Maldives for the financial year 2024/25, which began on April 1, “will be exempted from any existing or future restriction or prohibition on export,” the government stated in a notification.
The Maldives has been granted access to export 124,218 metric tonnes of rice, 109,162 tonnes of wheat flour, 64,494 tonnes of sugar, 21,513 metric tonnes of potatoes, 35,749 tonnes of onions, and 427.5 million eggs from the South Asian nation.
India has also permitted the export of 1 million tons each of stone aggregate and river sand.
The Maldives, which has historically maintained close relations with India, is shifting its focus towards Beijing since the election of President Mohamed Muizzu in October. He was elected on a platform promising to move away from the country’s pro-India stance.
On Friday, Deepinder Goyal, the Co-founder and CEO of Zomato, announced that the company’s over 20,000 delivery partners in 31 cities are fully prepared to offer medical assistance during roadside emergencies.
In a post on X, the CEO mentioned that over 100,000 delivery partners have expressed interest in undergoing professional first-responder training voluntarily, without any financial incentives.
A few months ago, we introduced India’s first ‘Emergency Heroes’ program, offering professional first-responder training to our delivery partners. I’m pleased to share that we now have over 20,000 delivery partners in 31 cities who are fully prepared to offer medical assistance during roadside emergencies,” wrote Goyal.
“With the training they’ve received, our delivery partners have already provided assistance and medical aid in numerous roadside emergencies,” he added.
In response to Goyal’s announcement, Ronnie Screwvala, a serial investor and Co-founder/Chairperson of the edtech platform upGrad, described it as “Innovation with Impact.”
Meanwhile, Zomato reported a profit of INR 125 crore in the third quarter (Q3) of the current financial year, marking an improvement of INR 390 crore compared to the same quarter last year.
Its consolidated adjusted revenue increased by 53% year-on-year to INR 3,609 crore in Q3 FY24.
In March, global food prices experienced a rebound from a three-year low, driven by rises in vegetable oils, meat, and dairy products, as indicated by the most recent price index from the United Nations food agency.
The Food and Agriculture Organization’s (FAO) index, which monitors the most traded food commodities globally, stood at an average of 118.3 points in March, an increase from a revised 117.0 points recorded the preceding month, according to the agency.
The February figure represented the index’s lowest point since February 2021 and signified a decline for the seventh consecutive month.
Global food prices have plummeted significantly since reaching a record high in March 2022, coinciding with the commencement of Russia’s full-scale invasion of Ukraine, a fellow exporter of crops.
The FAO reported that its most recent monthly reading was 7.7% lower compared to the same period last year.
In March, the FAO’s vegetable oil price index spearheaded gains, surging by 8% compared to the previous month, with notable increases observed across all major oils.
For the sixth straight month, the dairy index rose by 2.9%, mostly due to rising cheese and butter costs. In the meantime, the price increases of beef, pig, and poultry were the reason behind the 1.7% increase in the FAO’s meat index.
The increases in vegetable oils, dairy, and meat overshadowed declines in cereals, which dropped by 2.6% from February, as well as sugar, which experienced a 5.4% decrease.
According to the FAO, wheat experienced the most significant decline among cereals, driven by intense export competition and cancelled purchases by China. This decrease offset a minor increase in maize (corn) prices, partly attributed to logistical challenges in Ukraine.
The decline in sugar prices was primarily attributed to an upward revision in expected production in India and a more favorable harvest pace in Thailand, according to the FAO.
In its separate report on cereal supply and demand, the FAO slightly revised up its forecast for global cereal production in 2023/24 to 2.841 billion metric tons from the 2.840 million projected last month, marking a 1.1% increase from the previous season.
Looking ahead to upcoming crops, the agency adjusted its forecast for global wheat output in 2024, reducing it to 796 million tons from 797 million tons projected last month. This adjustment reflects diminished expectations for crops in the European Union and the UK, influenced by rain-affected sowing and dry conditions in certain regions.
The FAO noted an anticipated decrease in global maize production, though the volume is expected to remain above the average of the past five years. However, the agency did not provide a precise forecast for maize production.
Wyndham Hotels & Resorts, the world’s largest hotel franchisor, is betting big on India’s air travel market, with Dimitris Manikis, the company’s president for Europe, Middle East, Eurasia, and Africa, anticipating a surge of 300 million domestic travelers in the next six years.
“I aim to capture that market. If we establish a strong presence here, these travelers will also choose to stay at our properties overseas. It’s not solely about the domestic travel market; there will also be millions of middle-class, Generation Z, and Generation Y Indian travelers exploring the world,” he commented.
Manikis added, “IndiGo is considering flights to destinations like Tblisi, Baku, and Vietnam. We are the leading hotel group in Georgia. With seven weekly flights bringing Indians to Georgia, the potential for us is immense. We also rank as the second-largest hotel group in Azerbaijan, presenting another significant opportunity for us.”
He expressed optimism about India’s potential, noting that India’s own confidence in its future is a key factor driving his bullish outlook.
“India’s GDP growth, its stability amid geopolitical events, substantial infrastructure improvements, and the growing middle class are all factors contributing to its promising outlook,” remarked Manikis.
Wyndham Hotels & Resorts currently operates 59 hotels in India and has an additional 37 hotels in development, with intentions to launch 13 of them this year. The chain offers brands like Ramada by Wyndham, Ramada Encore by Wyndham, and Howard Johnson by Wyndham in India. This week, they inaugurated their Trademark Collection hotel in Amritsar. Future hotel locations in the pipeline include new properties in Ayodhya, Varanasi, Katra, and Gorakhpur.
“Spiritual tourism presents a significant opportunity across the entire Indian subcontinent. We are particularly enthusiastic about Nepal, where we currently operate one hotel with four more in development. We are also in the final stages of entering the Bhutan market, all aligning with our focus on spiritual tourism,” stated Manikis.
He mentioned that India ranks among the top three markets in Europe, Middle East, Eurasia, and Africa in terms of the number of hotels in the pipeline.
“We are in a favorable position here, but there’s room for improvement. Our goal is to accelerate our growth. While we are the largest hotel group in China with approximately 1,500 hotels, our competitors have over 100 hotels in India,” stated Manikis. “Among the top five international brands, we currently rank somewhere in the middle. We aim to expand more rapidly, enter new markets, and introduce new brands.”
Manikis said the company has had “remarkable” development for its Trademark brand in Europe and believes India holds great potential for it. “Trademark is a soft brand created for individual hotels that want to stay true to their own identities and names while taking advantage of global distribution and support networks. The Earth Amritsar – Trademark Collection by Wyndham, for example, is still the hotel’s original name and identity in Amritsar. We also intend to launch the Vienna House brand in the Indian market.”
Nestle India Ltd, a fast-moving consumer goods (FMCG) company, announced that its board has greenlit a proposal to incrementally raise royalty payments to its parent company by 0.15 percent annually over the next five years. This adjustment will elevate the royalty rate to 5.25 percent of net sales.
The board of directors, based on the Audit Committee’s recommendation, has approved the company’s payment of general license fees (royalty) to Societe des Produits Nestle SA (licensor). The approved rate will not exceed 5.25% of the net sales of the products sold by Nestle India Ltd, as stated in a regulatory filing.
The increase will follow the terms and conditions of the current general license agreements. It will be implemented gradually over a five-year period, with an annual increment of 0.15% over the existing license fee of 4.5%, starting from July 1, 2024, as stated.
The board has suggested the same for approval by the company’s shareholders via a postal ballot, it stated.
Previously, Nestle India, which operates on a January-December financial year, had approved the shift to a financial year starting on April 1 and concluding on March 31 of the following year.
In 2023, Nestle India recorded sales revenue of INR 19,021.05 crore, marking a 13.3% increase from the previous year.
In 2013, Nestle India’s board sanctioned a yearly increase of 0.20% in royalty payments to its parent company over a five-year period, raising it to 4.5% of the sales.
In a separate decision, Nestle India announced that its board has sanctioned the appointment of Suneeta Reddy, Managing Director of Apollo Hospitals Enterprise Ltd, as an Additional Independent Non-Executive Director, effective from April 5, 2024. She will serve a term of five consecutive years until April 4, 2029, pending shareholder approval.
Godrej Consumer Products Ltd has stated that operating conditions in India remained challenging in the fourth quarter of FY24. Despite this, the company experienced robust underlying volume growth at a high single-digit rate, supported by broad-based growth. In its Q4 FY24 quarterly update, the company anticipates achieving organic consolidated underlying volume growth in the high single digits and sales growth in the mid-single digits, largely influenced by currency volatility.
India’s operating environment is still somewhat muted. We had robust underlying volume growth at high single digits in our India organic business, which was broad-based in both personal care and home care, according to Godrej Consumer Products Ltd (GCPL).
The company reported that their launch of GoodKnight Agarbatti was well received by customers, despite the fact that the prolonged winter in the North and East had reduced demand for household pesticides. Furthermore, the statement read, “Park Avenue and KamaSutra brands fulfilled the seasonal category objectives with their performance. There is still double-digit underlying volume increase.
Regarding its business in Indonesia, the company stated that it continues to maintain strong performance, achieving double-digit growth in both volume and sales.
The company stated that its GAUM (Godrej Africa, USA, and Middle East) organic business achieved high single-digit volume growth and double-digit sales growth in constant currency terms.
However, it added that due to the devaluation of the Nigerian currency Naira in January, sales in rupee terms are expected to experience a double-digit decline.
“At a consolidated level (organic), we anticipate achieving high single-digit underlying volume growth and mid-single-digit sales growth, largely influenced by currency volatility. Despite increased media investments, the EBITDA margin (inclusive of forex) continues to expand year-on-year,” stated GCPL. The company added that reported underlying volume growth is expected to be in the double digits.
Maintaining their bullish momentum, Zomato‘s shares edged closer to the INR 200 milestone. The foodtech giant’s stock surged to a record peak of INR 191.9 in Friday’s intraday trading session on the BSE.
The stock commenced trading at INR 189.45 and rapidly climbed to its record peak in the early trading hours. Although the shares retraced some of the gains as the day progressed, they ultimately closed at an all-time high of INR 190.50 on the BSE, marking a 1.90% increase from the previous close.
Zomato currently holds a staggering INR 1.68 lakh crore in market value.
Meanwhile, Kotak Institutional Equities has reportedly maintained its ‘BUY’ rating on Zomato and raised the price target (PT) to INR 210 from the previous INR 190. The brokerage cited the company’s robust growth prospects for both its core food delivery business and its quick commerce subsidiary, Blinkit, as the reason for the increased PT.
“Zomato is anticipated to post a food delivery GMV of INR 8,230 Cr, indicating a 3% QoQ fall but a 25% YoY gain.” In its Q3 FY24 shareholder’s letter, Zomato had anticipated above 20% YoY growth in food delivery GMV, as reported by CNBC-TV18, which cited Kotak Institutional Equities.
Regarding Blinkit, it stated, “Despite the substantial 28% YoY GMV growth in Q3 FY24, we anticipate a 15% QoQ growth in Q4 FY24, propelled by the addition of new stores and increased throughput of existing stores.”
Following a lackluster performance in 2022, Zomato’s shares have made a strong comeback over the past year, driven by the company’s impressive financial results. The Delhi NCR-based foodtech company recorded its third consecutive profitable quarter in Q3 FY24, posting a profit after tax (PAT) of INR 138 Cr.
From INR 36 Cr in Q2 FY24, it sequentially doubled the profit. When the quarter concluded in December 2023, revenue also increased, rising 15% on a QoQ and 68% on a YoY basis to INR 3,288 Cr.
Consequently, the company has become a favorite among investors. Zomato’s shares have surged by 54% year-to-date (YTD) and over 250% over the past 12 months. The majority of brokerages hold a bullish outlook on the stock.
The Raymond Shop, a leading apparel brand under the Raymond Group, has opened two new stores in Noida, as announced by a company official on social media.
The newly established stores can be found in Sector 32 and Sector 104 of Noida.
“Excited to announce the opening of two new landmarks, The Raymond Shop in Noida Sec-32 & Noida-104,” stated Narender Yadav, Retail Area Manager at Raymond Limited, in a LinkedIn post.
The Raymond Shop has established its presence in over 600 towns and cities across India. With nearly a century of experience, Raymond provides a range of casual, semi-formal, formal, and traditional Indian fashionwear, as stated in a press release by the company.
The Group stands as a prominent player in the menswear industry with a diverse portfolio of brands including Raymond Fine Fabrics, Raymond Made-to-Measure, Raymond Ready-to-Wear, Ethnix by Raymond, Park Avenue, Color Plus, and Parx.
The fashion retailer has recently opened its largest outlet in Kerala, covering a vast retail area of 22,500 sq. ft. Additionally, the company reported that its consolidated net profit for the December quarter of Financial Year (FY) 2024 nearly doubled, reaching INR 185.39 crore.
The brand recently announced a partnership with Bollywood celebrity couple Aparshakti Khurana and Aakriti Ahuja, aiming to showcase Raymond’s men’s wardrobe collection as the go-to choice for individuals with a discerning sense of style.
On Friday, shares of Raymond Ltd closed at INR 1,920 per share on the NSE, marking a decrease of 0.57%.
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