Chief Justice of India (CJI) DY Chandrachud inaugurated the ‘Mitti Cafe’ in the Supreme Court’s complex on Friday. This cafe, exclusively managed by a non-governmental organization (NGO), is staffed entirely by individuals with diverse abilities. The NGO, known as ‘Mitti,’ is committed to facilitating economic independence and preserving the dignity of adults with physical, intellectual, and psychiatric disabilities, as well as those from vulnerable communities.
VIDEO | CJI DY Chandrachud inaugurates 'Mitti Cafe' inside Supreme Court complex. The cafe is managed by differently-abled people. pic.twitter.com/MpRbpL4dy6
Before the commencement of the inauguration, the Chief Justice of India called upon members of the Supreme Court Bar Association to rally behind the cause. Furthermore, in the presence of fellow judges, he announced the inauguration at the start of the day’s proceedings, as per a report from PTI.
“I hope the bar will support the initiative,” the CJI said.
Attorney General R Venkataramani said it is a “symbol of great compassion”.
The CJI mentioned that ‘Mitti Cafe’ has opened 38 outlets in different parts of the country and has served six million meals during the Covid-19 pandemic. In acknowledgment of this achievement, Advocate Priya Hingorani, who played a pivotal role in the process of opening Mitti Cafe in the Supreme Court, expressed gratitude to CJI Chandrachud for his unwavering support.
The NGO, established in 2017, has actively fostered job opportunities for individuals with diverse abilities over the years. Guided by an all-women’s leadership, CEO-founder Alina Alam heads the organization’s efforts.
Ayesha Alam, the director of Mitti Cafe, said “Mitti Cafe provides job opportunities to people with special needs and around 500 disabled people are directly associated with the cafe, with an additional 1200 disabled individuals being indirectly associated.”
During the event, the National Anthem was performed in sign language by children with diverse abilities.
On Friday, shares of Honasa Consumer Ltd, the company behind the skincare brand Mamaearth, were trading nearly 5% lower than their initial public offering (IPO) price of INR 324 per share.
As of 11:02 AM IST, the company’s shares were valued at INR 287.45 on the National Stock Exchange (NSE). Nevertheless, during early trading, the stock experienced a decline, reaching as low as INR 256.30, marking a 15% decrease from the previous day’s closing price.
The company’s most recent market capitalization stood at INR 9,248.61 crore but dipped to INR 8,246 crore before partially recovering from the losses. The initial public offering (IPO) valuation of the company was approximately INR 10,425 crore.
In 2022, the latest private funding round for Honasa assigned a valuation of $1.2 billion to the omnichannel retailer, equivalent to approximately INR 9,995 crore at the exchange rate on Friday.
On Tuesday, November 7, Honasa Consumer’s shares debuted on the NSE at INR 330 per share, representing a 2% premium over the issue price. Subsequently, the stock witnessed substantial selling activity in the market.
The Honasa initial public offering (IPO) commenced on October 31, featuring a price range of INR 308-324 per share and concluded on November 2. The IPO successfully garnered INR 1,701 crore, comprising a fresh issue of INR 365 crore and an offer-for-sale component involving up to 4.12 crore equity shares valued at INR 1,336 crore.
Prior to the IPO opening for public subscription, Honasa Consumer had secured INR 765.19 crore from anchor investors, a list featuring prominent names such as Abu Dhabi Investment Authority, Fidelity, Goldman Sachs, Capital Group, and Norges Bank.
During an interview, Varun Alagh, the co-founder and chief executive of the company, cautioned against forming opinions about a company solely based on its short-term stock market performance. “If you’re trying to measure performance over 3-6 months, you should not … If you genuinely like a company, stay invested for a few years and measure our performance over the index, and that’s what one should hold the company accountable to,” Alagh had said.
India’s pulses trade body has called upon the government to annul the memorandum of understanding with Mozambique, which binds India to import 200,000 tonnes of tur dal from the country each year until 2025-26.
The Indian Pulses and Grains Association (IPGA) reported that a prominent exporter in Mozambique is hindering other exporters from shipping tur to India, consequently leading to a surge in prices.
“He has been forcing other exporters to sell tur to him. He has been holding the stocks and hiking the prices,” said Bimal Kothari, president, IGPA.
Importers of pulses in India have encountered difficulties in procuring tur from Mozambique over the last two months.
To counter the uncomfortably high domestic prices caused by a smaller Indian crop in the kharif 2022-23 season, India has turned to importing tur from Mozambique, Myanmar, and Malawi.
“Given that tur production in the current kharif crop is likely to remain lower, we are again likely to face supply tightness next year” Kothari said.
On Thursday, DS Group’s luxury menswear division announced the opening of the first Brioni boutique in Delhi, showcasing the renowned Italian luxury menswear brand.
The boutique encapsulates the essence of Brioni’s worldwide store concept, providing a welcoming and thoughtfully curated environment adorned with Italian-designed furnishings. This encompasses items such as a vintage Carlo Roma coffee table, a timeless Marco Zanuso armchair, and artisanal décor like a carpet and wall tapestry from the Genoese manufacturer MITA.
The Brioni boutique in New Delhi presents a varied selection of ready-to-wear clothing and accessories collections, along with an exclusive Bespoke service. Clients can experience personalized assistance and exceptional tailoring craftsmanship in a welcoming Italian ambiance that radiates both elegance and comfort.
Ritesh Kumar, spokesperson for DS Luxury, expressed his enthusiasm for this development, saying, “We are thrilled to announce the opening of the first Brioni boutique in India, right here at The Chanakya. This marks another significant milestone for DS Luxury as we continue to introduce the world’s iconic luxury brands across segments to discerning Indian consumers. Brioni epitomizes modern elegance and timeless craftsmanship, and we are confident that our patrons will appreciate the sophistication and exclusivity that this brand represents. The establishment of our new boutique underscores our unwavering dedication to delivering the utmost in luxury fashion, solidifying our role as a prominent arbiter of premium retail experiences in India.”
Mehdi Benabadji, Brioni CEO, added, “We are delighted to enter the Indian market with DS Luxury. The clientele in India will enjoy the creativity and exquisite savoir-faire our House has to offer.” This marks a significant step in bringing the luxury and craftsmanship of Brioni to the Indian market.
Jewellers express guarded optimism regarding gold demand this Dhanteras, anticipating a 10% surge in sales for both gold jewellery and bullion. This optimism is fueled by a significant uptick in gold prices attributed to ongoing geopolitical developments. Over the past year, gold prices have risen by more than 20%, reaching nearly INR 61,000 per ten grams. Last year’s Dhanteras saw gold prices in Delhi at INR 50,139 per ten grams (excluding taxes), compared to INR 47,644 on the Dhanteras festival in 2021.
Dhanteras holds a special significance in the Hindu calendar as the most auspicious time for acquiring items such as precious metals, utensils, and valuables. Additionally, many individuals choose this occasion to purchase vehicles. Typically, on a Dhanteras day in regular years, approximately 20-30 tonnes of gold are sold.
“There is an 8-10 per cent annual rise in gold prices. And people have accepted the base price of gold at INR 58,000 per ten grams. We are expecting 10 per cent increase in sales volume this Dhanteras from over the last year,” said All India Gems and Jewellery Domestic Council Chairman Saiyam Mehra.
He mentioned that customers have taken advantage of discounts in making charges provided by various jewelers by pre-booking deliveries for Dhanteras day.
However, World Gold Council (WGC) India Regional CEO Somasundaram PR said, “Jewellers are cautiously optimistic although consumer sentiments remain positive. The high price of gold will be a significant dampener on Dhanteras.”.
There will be a token buying and huge demand for bars and coins. Total Dhanteras sales are unlikely to see the level achieved in 2021 and 2022, he said.
Whereas jewellery retailer Joyalukkas, which has 100 stores in India, is expecting a 25 per cent increase in gold jewellery sales this time.
“We are expecting about 650 kg of sale of gold jewellery this Dhanteras across our stores. If prices soften then the sales might be even more,” Joyalukkas Chairman and Managing Director Joy Alukkas said.
The company, which is preparing for an IPO, had sold about 500 kg of gold during the last Dhanteras, he added.
Upbeat about sales, Kalyan Jewellers Executive Director Ramesh Kalyanaraman said, “We have been witnessing strong demand momentum and footfalls across our showrooms.”
While, the industry witnessed a delay in demand due to the extended Shraadh period, as compared to FY’23, the renewed surge in sales momentum post this, has instilled optimism in the company’s future outlook, he said.
Apart from the new and seasonal line of jewellery, in keeping with the Dhanteras spirit, the company has released a unique edition of ‘Ashta Lakshmi’ and ‘Ashta Vinayak’ coins, in both 22-carat and 24-carat, with flexibility in product weight.
“The booking-based advanced purchases have been showcasing signs of positive consumer sentiment. We are confident that the demand momentum will continue to further accelerate till the end of the year,” he added.
Bachharaj Bamalwa, partner of Kolkata-based jewellery chain Nemichand Bamalwa & Sons, said price will be a factor for buying on this Dhanteras.
“We started offers two weeks before Dhanteras and footfalls have been good. Most of them will take delivery on Dhanteras day tomorrow.”
“Although gold rates have gone up 10 per cent from over last year, we expect sales to increase by only 10 per cent in volume wise and 20 per cent in value terms,” he added.
On bullion demand, MMTC-PAMP Managing Director and CEO Vikas Singh said Dhanteras and Diwali occasions witness families embracing age-old customs of purchasing gold, as an investment and a cherished ritual.
“We anticipate robust demand during this festive season,” he said and added the company sells purest 999.9+ (24 carat) gold and silver products.
The Japanese restaurant chain Kura Sushi US has disclosed a fourth-quarter net income of $2.92 million for the fiscal year 2023, marking a significant increase of 53% from the $1.91 million reported in the same period last year.
In the quarter concluding on August 31, 2023, the company achieved total sales of $54.93 million, reflecting a notable increase of 30.7% compared to the $41.99 million recorded in the corresponding period the previous year.
In the fourth quarter of 2023, food and beverage costs, as a percentage of sales, stood at 29.5%, showcasing a decline from the 30.7% recorded in the corresponding period of the previous year. The company attributed this decrease to the implementation of higher menu prices.
In the quarter, labor and related costs, as a percentage of sales, remained nearly unchanged at 28.8%, showing minimal variation compared to the corresponding period from the previous year.
Comparable restaurant sales experienced a 6.5% increase compared to the fourth quarter of the previous year.
During the quarter, Kura Sushi US reported an operating income of $2.2 million, marking an increase from the $1.9 million recorded in the corresponding period of the previous year.
The company reported an adjusted EBITDA of $6.3 million for the period, showcasing growth from the $4.8 million recorded in the fourth quarter of the previous year.
During the quarter, the company expanded its reach by opening four new restaurants in Framingham, Massachusetts; Carle Place, New York; San Jose, California; and Dorchester, Massachusetts.
Kura Sushi president and CEO Hajime Uba said, “I’m very pleased to announce that we’ve closed another record-breaking year with a great fiscal fourth quarter. In Q4, we achieved comparable sales growth of 6.5% against one of our hardest comparisons yet.
“Traffic growth has continued to be a highlight for Kura Sushi, with 5.6% of our comparable sales growth being driven by increased guest traffic. We also opened four new restaurants during the quarter.
“Over the course of fiscal 2023, we achieved our three major goals by opening a record ten new units, improving our restaurant-level operating profit margins by 70 basis points and leveraging our general and administrative expenses by 80 basis points.”
India’s first-ever shipment of bananas to Europe by the sea route was flagged off on Thursday.
The pioneering effort orchestrated by the Agricultural and Processed Food Products Export Development Authority (APEDA) seeks to boost the market presence of Indian bananas in Europe.
The APEDA-registered exporter, M/s INI Farms Pvt. Ltd., shipped a total of 19.50 metric tons of bananas from Maharashtra. The banana consignment originated from the packhouse located at Vasunde, Baramati – Kurkumbh Road in Pune district and is set to be transported by sea through the Jawaharlal Nehru Port Trust (JNPT) in Mumbai.
APEDA provided comprehensive support to M/s INI Farms Pvt. Ltd., facilitating the systematic commencement of export activities and signaling the dawn of a new era in Indian banana exports.
E-commerce giant Amazon announced that its month-long Great Indian Festival (GIF) 2023 has marked the most significant shopping event for its customers, sellers, and brand partners across the country. The Amazon Great Indian Festival 2023 commenced on October 8, featuring 24 hours of Prime early access. The company reported that more than 38,000 sellers achieved their highest-ever single-day sales, while over 40 lakh new customers made their first-time purchases of products and brands.
“The Amazon Great Indian Festival 2023 has been the biggest ever in history,” said Manish Tiwary, country manager, India Consumer Business, Amazon. “We are humbled to be a part of customers’ festivities and witnessed a record of more than 110 crore visits with over 40 lakh new customers shopping on Amazon India for the first time.”
During this festive season, Tiwary mentioned that 80 percent of the shoppers originated from Tier-II and Tier-III cities. This highlighted the company’s robust ability to deliver across all serviceable pin codes in India.
“We also saw the highest ever Prime sign-ups in a single day this season along with the highest seller participation along with 5,000 new launches from top brands,” said Tiwary.
Amazon India provided customers with access to over 5,000 new releases from leading brands, spanning various categories such as smartphones, premium electronics, health and personal care essentials, fashion items, durable luggage, home decor, and fitness gear.
Customers experienced enhanced affordability and convenience in shopping through bank discounts and exclusive rewards, resulting in savings of over INR 600 crore.
Nearly 50% of orders placed by Prime members were delivered within 48 hours of completing the transaction during the Great Indian Festival (GIF) 2023.
Small and medium businesses, startups, artisans, and women entrepreneurs provided the most extensive array of products, with 6,500 sellers experiencing a fivefold increase compared to 2022 during the Great Indian Festival (GIF). The event witnessed the highest-ever number of sellers making sales, with over 38,000 achieving their peak single-day sales. This festive season, more than 750 sellers achieved sales in crores, and 31,000 sellers achieved sales in lakhs. Amazon India also observed a over 30 percent rise in the participation of SMBs (small and medium businesses) compared to the previous year’s festive season. Furthermore, over 65 percent of the sellers who secured sales were from Tier-II, Tier-III cities, and beyond.
In the premium segment, Amazon witnessed a 2.5-fold increase in smartphone sales compared to the previous year. This surge was fueled by affordability options such as No Cost EMI and Exchange offers.
Out of all smartphones sold, 60 percent were 5G ready. Approximately 70 percent of smartphone orders originated from Tier-II and lower towns. The Great Indian Festival (GIF) attained a record-breaking sales performance in the large-screen TV category (55 inches and above), with sales exceeding 50 percent compared to 2022.
In the realm of consumer electronics and personal computing, three out of every five orders were placed by customers from Tier-II and Tier-III cities. Amazon Fashion experienced a threefold increase compared to 2022, driven by heightened customer interest in products such as sarees, men’s denim, casual wear, premium shoes, and sports shoes. Additionally, the newly trending beauty devices category witnessed a 70 percent increase in sales.
Amazon Live featured over 1,000 hours of live streaming facilitated by over 300 influencers, aiding customers in making well-informed purchase decisions. With more than 18 hours of continuous live streaming each day, Amazon experienced robust engagement from viewers, propelling viewership to an unprecedented peak.
After going through an extensive facelift, Farzi at Oberoi Mall Mumbai, celebrated for its global influence on Indian cuisine with locations spanning Canada, the USA, and the Middle East, has officially announced its reopening.
Conceived with the exclusive aim of infusing a trendy and chic vibe into Indian cuisine for the youth, Farzi Cafe is now geared up to captivate a younger audience with an appealing budget-friendly offer suitable for every pocket. Embarking on a nostalgic exploration of Bombay’s colonial era, Farzi Mumbai combines the retro allure of yesteryears with contemporary elements, creating a unique and inviting ambiance.
The establishment is adorned with intricate pillars, vintage windows, antique light fixtures, and captivating props and backdrops, all paying homage to the classic times reminiscent of old movies.
With Diwali just around the corner, it’s time to infuse a dash of innovation into your gift-giving tradition. This cherished festival is more than just the exchange of presents; it’s a time for joy, togetherness, and celebrating the triumph of light over darkness. As the festive spirit envelops your surroundings, why not break away from the norm and opt for gifts that are not only thoughtful but also won’t burn a hole in your pocket? This Diwali, embrace the spirit of health and eco-consciousness with our curated selection of gifts under INR 3000/-. Whether your loved ones are advocates of eco-friendly living or fitness enthusiasts, we’ve got you covered.
Gift of Health: Steadfast Nutrition
In a world where well-being takes center stage, what better way to express your care than through the gift of health? Steadfast Nutrition offers a range of meticulously crafted supplements that cater to various aspects of wellness. The CollaStead supplement, a blend of marine collagen peptides, rosehip extract, and vitamin C, becomes a beauty elixir benefiting the skin, hair, cartilage, and joints.
As traditional sweets and carb-loaded delicacies flood the festive season, consider the gift of HerbFast, a protein supplement ensuring a balanced nutritional intake. To fortify the body against seasonal changes, SteadC provides an immunity boost with vitamin C, amla extract, citrus bioflavonoids, and zinc. And for the energy required during the hustle and bustle of festivities, Snergy, a premium energy drink with essential vitamins and minerals, is the perfect pick. To ease the toll festivities take on the body and mind, consider gifting the adaptogenic herb Ashwagandha from Steadfast Nutrition.
The Steadfast Nutrition bundle promises the priceless gift of good health for your loved ones.
For a Diwali gift that aligns with sustainable living, turn to Ecoline Clothing, a trailblazer in eco-conscious fashion. Their commitment to sustainability shines through in garments crafted from recycled PET bottle waste and traceable organic cotton. The Concept Tees, adorned with creative sustainability messages, or the versatile waistcoats seamlessly blend traditional and modern styles, making them ideal for festive occasions.
Ecoline Clothing’s products boast ISO certification and adhere to the Global Recycle Standard, reflecting their dedication to ethical and eco-friendly practices. Your choice of Ecoline Clothing not only reflects thoughtfulness but also promotes a sustainable lifestyle during the Diwali season.
In a world dominated by unhealthy agricultural practices, iThrive Essentials, a supplement vertical under Pune-based health & wellness startup iThrive, brings a solution to replenish daily energy needs. The iThrive Essentials Phataka Combo is a power-packed value pack addressing essential nutritional requirements with Probiotics, Activated Charcoal, and Magnesium Bisglycinate.
Elevate your Diwali gifting tradition with Earthylia by Earthy Tweens and their enticing range of gift hampers. The ‘Joyful Eats’ Basket offers a delightful mix of a fragrant Soya Wax Candle jar, Besan Laddoo, Tea Cake, a plantable Notepad, and a Seed Pen. For a fusion of flavors, the ‘Festive Fusion Hamper’ combines Oatmeal Cookies, Muesli Nuts Mix, Marble Tea Cake, Cashews/Almonds, all presented in a Premium Hamper Box.
Nut lovers can indulge in the ‘Nourish to Flourish’ hamper featuring Cashews, Almonds, Pista, Raisins, elegantly packed in a Heavy Hamper Box. ‘The Eco-Delight’ Basket includes a Soya Wax Candle jar, Besan Laddoo, Marble Tea Cake, Oatmeal Cookies, and eco-friendly items like a Plantable Notepad and Seed Pen. For grand gestures, explore the ‘Premium Festive Hamper’ or the opulent ‘Earthy Elegance Hamper,’ each offering gourmet delights, Soya Wax Candles, eco-friendly stationery, and more.
This Diwali, let your gifts illuminate not just homes but also hearts, promoting health, sustainability, and eco-conscious living without straining your budget.
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