Innholdsfortegnelse for 26 November 2023 i Business Today

SIX MONTHS INTO financial year 2023-24 (FY24), the Indian economy seems to be on firm footing, nimbly meeting unforeseen challenges, as it looks poised to grow 6.5 per cent this fiscal. This is reflected in the faith businesses are reposing in the country’s ability to navigate the turbulence—both domestic and global. They are also upbeat about festive season demand, despite some anxiety over the fallout of the Israel-Hamas war and its impact on oil prices and global economic stability. This sentiment is apparent from the BT-C Fore Business Confidence Survey (of 500 CEOs and CFOs) for the July–September quarter (Q2) of FY24. The Business Confidence Index (BCI) touched a six-quarter high of 54.1 in Q2FY24, as against 52.7 in Q1FY24. Before this, the BCI had touched a high of 55.2…

A YEAR-LONG DELAY notwithstanding, Byju’s has finally closed its audited financial accounts for FY22, signifying a crucial step in its efforts to stem the tide of criticism that has come its way and script a comeback. The embattled edtech major reported a 2.3x growth in revenues for FY22 for its core business, encompassing K12 learning programmes. While revenues surged to ₹3,569 crore in FY22 from ₹1,552 crore in FY21, operating loss narrowed to ₹2,253 crore in FY22, from ₹2,406 crore in FY21. Incidentally, Byju’s has not yet released the numbers for its subsidiaries. With over 30 of them, it is expected to submit a consolidated report in the coming weeks. The Byju Raveendran-led firm was under immense pressure from investors and regulators for the delay. Its audited numbers for FY21 were…

IT’S NOT OVER till it’s over. This adage perfectly captures the story of Ford’s exit from India. The US automaker decided to shut shop here in September 2021. It has managed to find a buyer in Tata Motors for its relatively new plant in Sanand at a price tag of ₹725 crore. But its 25-year-old Maraimalai Nagar plant in Chennai, which has been shut since July 2022, is a different story. Several buyers, including Vietnamese electric carmaker VinFast, have shown interest. More recently, the JSW Group, which is keen to diversify into the EV space, has emerged as a potential bidder. Reportedly, the diversified conglomerate is also in talks to acquire a majority stake in MG Motor India. For JSW, the apparent plan is to also simultaneously work on making…

‘DIOR GOES TO INDIA’, ‘Dior’s Gateway to India’, and ‘Dior Celebrates Indian Artisans’ were just some of the headlines that splashed across international news outlets earlier this year, when French maison Christian Dior showcased its Pre-Fall collection at Mumbai’s iconic Gateway of India. Making it all possible was Karishma Swali, the Managing and Creative Director of Mumbai-based atelier Chanakya International and the Chanakya School of Craft, which specialises in embroidery and craft that adorns international haute couture. Swali’s father, Vinod Shah, set up Chanakya in 1986 with 22 master artisans to share India’s finest craftsmanship and artisanal legacy with the world, and she joined the family enterprise 26 years ago. Today, Chanakya’s client list includes some of the biggest names in luxury. Apart from Dior, there’s Fendi, Prada, Valentino, Celine,…

The resort, one of the pioneers of the wellness industry, offers six modalities: fitness, spa, nutrition, physio, aesthetic beauty and holistic elements CHIVA-SOM HUA HIN, THAILAND Chiva-Som, meaning ‘Haven of Life,’ is Thailand’s iconic beachside wellness resort, spread across seven acres of paradise. One of the pioneers of the wellness industry, the resort has six modalities, offering guests the opportunity to focus on fitness, spa, nutrition, physio, aesthetic beauty or holistic elements. Stays are inclusive of three wellness meals per day, a complimentary daily treatment of choice (as well as those of the chosen retreat stay), and multiple daily group classes in movement and mindfulness. Chiva-Som has a minimum length of stay policy of three nights. Its introductory retreat starts at THB 1,11,000 (approximately ₹2,53,699) plus taxes per person. VILLA…

Dr(Prof.) Anil Arora is the Vice Chairman and Head of Department of Orthopedics & Joint Replacement in Max Super speciality Hospital, Patparganj, Delhi. He is also the Chief Surgeon & Senior Director of Prof. Arora’s Knee & Hip Surgery Clinics, Delhi NCR. As a veteran in the field of joint replacement he has been pioneering the use of technology to provide significant benefit over traditional Joint replacement. The factors that influence the successful outcome of Total Knee Replacement are accurate alignment, soft tissue preservation and perfect ligament balancing. These are easier said than done. Manual Bony cut and soft tissue balancing may result in poor reproducibility. Incorrect alignment can lead to abnormal early wear, early mechanical loosening of new implanted prosthesis and patelo-femoral problems. A functional joint replacement must be…

IN INDIA’S BUSTLING streets, where the cacophony of daily life mingles with the purr of high-performance engines, a subtle revolution is underway in the realm of luxury automobiles. Gone are the days when opulence was measured solely in chrome and bling; today, the discerning Indian customer is seeking something deeper, something more profound: quiet luxury. Simply put, it’s the idea that true luxury does not need to shout; it speaks softly through quality, craftsmanship, and the overall experience it offers. But are carmakers ready to keep pace with the changing tastes of the customer? Carmakers see quiet luxury as a concept that redefines opulence as understated, sophisticated, and deeply experiential. Unlike the ostentatious displays of wealth often associated with luxury, the quiet kind emphasises subtlety and sophistication, focussing on the…

ROYAL SALUTE TIME CHAMBER BY CONRAD SHAWCROSS A LIMITED EDITION, 53-YEAR-OLD BLEND Now here’s a true collector’s item. Released in a limited edition of only 21 bottles (if you can call them that!), the Royal Salute Time Chamber by Conrad Shawcross is the second iteration in Royal Salute’s Art of Wonder collection. The series collaborates with some of the most visionary artists to create art inspired by whisky blends. British artist Conrad Shawcross has created a hand-spun glass disc—which showcases the link between the concept of time in fine art and luxury whisky—with a crystal decanter to hold the rare 53-year-old Royal Salute blend. PRICE $120,000 The series collaborates with artists to create art inspired by whisky blends YAMAZAKI 18-YEAR-OLD MIZUNARA 100TH ANNIVERSARY EDITION Suntory is celebrating its centenary with the…

₹4.25 LAKH CRORE The business wedding ceremonies are expected to generate this season—the highest ever—compared to ₹3.75 lakh crore a year ago ₹1 CRORE + The estimated expenditure per wedding in nearly 50,000 big-ticket events that 0.35 MILLION The number of weddings expected in Delhi alone this season, which could generate about ₹1 lakh crore worth of business SOURCE CAIT RESEARCH & TRADE DEVELOPMENT SOCIETY…

WHEN ASHOK VASWANI was a young adult in the ’70s and ’80s, his uncle owned a shop in a five-star hotel in South Mumbai. Every year during the holidays, he would work at the shop, a duty he gladly accepted. He’d land at the store and sell merchandise all day. The hotel’s lively environment—foreign tourists bustling around, smartly dressed people gathering to meet—always captured his fancy, making him think of working in the hospitality industry some day. As fate would have it, he embarked on a remarkable, nearly four-decade global banking journey that has seen him work in the UK, Africa, Europe, Turkey and the Middle East. He has also made significant career transitions during this period, from the US-based Citigroup to the UK’s Barclays group. In June 2022, he took…

“LUXURY IS NOT just about big rooms, marble floors or three swimming pools. It has to come from the location where the property is—the ability of the owner to provide to the guest, the best of the culture of the place where the hotel is located,” says Laurent Gardinier in his French drawl. The newly appointed President of Relais & Châteaux was in Sri Lanka recently where over two days he met 20 Indian, Sri Lankan and Thai hotel managers, chefs and owners—just some of the representatives of the 580 luxury hotels and restaurants that are members of the France-based global non-profit association. The luxury hotel business has returned in full force after three years of the Covid-19 pandemic. According to an EY report, in the US, revenue per available…

AT THE FAG end of 2021, a momentous event took place in the history of humans’ tryst with space travel. Nearly a decade after the US space agency NASA retired its space shuttle programme in 2011, Japanese billionaire Yusaku Maezawa took off from the earth on a Russian Soyuz spacecraft for a 12-day self-funded round trip to the International Space Station (ISS). Accompanying him were veteran Russian cosmonaut Alexander Misurkin, who led the mission, and Maezawa’s production assistant and videographer, Yozo Hirano. Before embarking on that trip, Maezawa said, “I’m so curious, ‘what’s life like in space’? So, I am planning to find out on my own and share with the world…” And share he did. But that trip was just a trial run for Maezawa’s bigger ambition. His bigger…

PRINCESS CAROLINE OF MONACO was one of Christian Louboutin’s first customers when he opened his primary boutique on Rue Jean-Jacques Rousseau in Paris’s posh Louvre District in 1991. Since then, fans of the Paris-born designer’s iconic red-soled shoes have included the late Tina Turner, Jennifer Lopez (J.Lo), Beyoncé, Sarah Jessica Parker, and Taylor Swift, and Leonardo DiCaprio as well after the maison launched his men’s footwear collection in 2010. The designer debuted his handbag collection in 2006, followed by a beauty line in 2014. Then in 2022, he launched the kids’ range, making sure that tiny feet are also adorned with the famous red-soled shoes. Today, there are 165 Christian Louboutin stores worldwide, including two in India. “India as a country never disappoints,” he says, in a typically French-accented English…

Founded in 1993, the Sanjay Ghodawat Group (SGG) has emerged as a prominent Indian business conglomerate with its presence in various high-value business verticals like Aviation, Consumer Products, Education, Energy, Mining, Realty, Retail and Textiles amongst the many. Joining the family business at the age of 19, Shrenik brought on board his unique vision, management practices and global approach. With a Bachelor’s degree in Business Management from the CMS, Bangalore, and a Masters in International Business from UBI, Belgium, his charismatic and dynamic approach has led SGG to greater success. As the Managing Director at Ghodawat Consumer Ltd. (GCL), Shrenik spearheads the overall operations and strategic functions. In today’s volatile economic environment, any entrepreneurial initiative faces a greater difficulty producing revenues from a company while simultaneously striving to gain client…

A BEVY OF MILLIONAIRES INDIA IS PROJECTED TO SEE 69 PER CENT GROWTH IN THE NUMBER OF MILLIONAIRES BETWEEN 2022 AND 2027, COMPARED TO A 45 PER CENT RISE GLOBALLY E: ESTIMATES; *WITH A FORTUNE OF AT LEAST $1 MILLION; SOURCE GLOBAL WEALTH REPORT 2023 BY CREDIT SUISSE AND UBS THE LUXE LIFE DEMAND FOR LUXURY PRODUCTS IS GOING UP IN INDIA, AND SO IS THE TOP LINE OF SUCH BRANDS SOURCE BT RESEARCH, ACE EQUITY THE LAVISH SPREAD THE LUXURY GOODS MARKET IN THE COUNTRY IS EXPECTED TO EXPAND BY 9 PER CENT ANNUALLY DURING 2022-27 *ESTIMATES; LUXURY GOODS ARE AN AGGREGATION OF PERSONAL LUXURY, FINE WINES/CHAMPAGNE AND SPIRITS, LUXURY CARS AND EXPERIENTIAL LUXURY SOURCE EUROMONITOR INTERNATIONAL BLING IS IN THE SHARE OF PERSONAL LUXURY IN THE LUXURY GOODS MARKET…

IN DECEMBER 2021, Zee Entertainment Enterprises Limited (ZEEL) announced a mega merger with Culver Max Entertainment (Sony Pictures Networks India). The merged entity would have a formidable 75 channels, two OTT (over the top) platforms and two studios, plus a strong presence across genres and regions. Punit Goenka, ZEEL’s MD & CEO, is slated to head it. But it faced a setback this June, when an interim order from the Securities and Exchange Board of India (Sebi) barred Subhash Chandra, Essel Group’s Chairman, and his son Goenka from holding key managerial positions in ZEEL or any other listed firm. It accused them of having diverted money to private entities. On October 29, the Securities Appellate Tribunal (SAT) set aside the order, giving Chandra and Goenka a shot in the arm. EXPERTS…

▸ 62 per cent of the total registered companies are active ▸ Public limited companies are smaller in number (5 per cent), but account for 64 per cent of the total paid-up capital ▸ Private limited companies account for 95 per cent of the total companies and 36 per cent of the total paid-up capital DATA AS OF JANUARY 2023 SOURCE MINISTRY OF CORPORATE AFFAIRS (MCA) “They (auditors) don’t always have to resign. They can take up the issue with the board or stakeholders and if that is not sufficient, they can highlight the issues in the audit report”YOGESH SHARMA DEPUTY MANAGING PARTNER, BDO INDIA…

THERE WAS MUCH excitement on Delhi’s posh MG Road—home to some of the biggest designer brands—this September, as a new store opened its doors to the city’s discerning but affluent shoppers. While such unveilings are usually marked by a launch party where the glitterati rub shoulders over cocktails and canapés amid much fanfare, guests at this event were literally on their toes, as everyone was afraid of being the proverbial bull in a china shop! The store in question: Spanish luxury porcelain brand Lladró’s glittering new outlet, replete with stunning sculptures priced between ₹8,000 and ₹2.47 crore. Now, that’s not something you would want to trip and fall over. Opened to celebrate the brand’s 70th anniversary, it is Lladró’s eighth store in India and the second largest in the world.…

The soft spoken Hemant K.Arora is a highly accomplished corporate professional with over 4 decades years of experience. He is a Fellow of the Institute of Chartered Accountants of India (FCA), holds a LLB. degree, and is an ISAI (ICAI). As the founder and managing partner of Hemant Arora & Company LLP in Roorkee, he has been instrumental in the growth of the firm, spreading its wings to Dehradun, Haridwar, Gurgaon, and Mumbai. As a practicing Chartered Accountant, Hemanthas earned a lot of goodwill and respect for his domain expertise and professional commitment. His genuine involvement in clients progress has ensured that he has earned their loyalty. His expertise has been recognized by esteemed institutions. He serves as a visiting faculty member at the prestigious 1.1.T., Roorkee. Despite a demanding…

• MODELS TAMARA KRAVTSOVA; DANISH NAZIR • OUTFITS BY GEISHA DESIGNS • MAKE-UP BY SHANG ROEL • HAIR BY THEMREICHON VASHUM FLIGHT OF FANCY THE SHEER IRIDESCENT brilliance of Abhisek Basak’s Absynthe Design Hummingbird Brooch will just grab your attention. Look closer, and what you’ll marvel at is its construction—with about 120 antique watch parts like the circular wheels, serrated gears, tiny springs and coils—forming the intricate body of the bird. It is an ode to the biomechanics of the bird in flight, expressed in steampunk—a design genre that uses the visual language of industrial age mechanics. “It is my dream of an alternate reality where prakriti, nature, goes hand in hand with pragati, [progress],” says the artist, who has been creating jewellery with antique watch parts since 2010. Basak…

HOME THEATRES are a dime a dozen. In fact, you can have an experience somewhat similar to a multiplex at home, just for a few crores. What, then, can make your personal cinema stand out in this sea of nondescript home theatre setups among your peers? Just add a dash of opulence to your cinematic experience. And make it an experience that can surpass that offered by any movie theatre worth its salt. For instance, you can have loungers that look more like works of art than something to sit on; gigantic hi-tech screens that are capable of rendering everything you throw at them; speakers that not only deliver god-like sound, but that also boast exquisite levels of craftsmanship; and finally, bespoke lighting that enhances your movie-watching experience. There is, truly,…

IT IS ONE OF LIFE’S little ironies; the men who would look good in designer suits usually can’t afford them. In the 1980s, modern Italian design stormed America, led by Richard Gere’s debonair appearance in Giorgio Armani’s suits in the film American Gigolo. The allure of Armani attracted hordes of well-heeled men to his stores, but unfortunately, they soon realised that they could never look quite as good in those suits as Gere did. Whenever we see photographs or videos of designer suits, they are usually worn by toned movie stars or by professional models. They are young men of a certain height with lean bodies. Unfortunately, by the time most men can afford designer garments, they are no longer young, and their bodies are not as lean as they…