India’s jewellery retail sector has recorded rapid growth in the last five years surging from Rs 5,04, 400 crore in 2019 to Rs 6,40,000 crore in 2024 on the back of rising incomes in the economy and greater trust in the products due to hallmarking, according to a Motilal Oswal report.

Industry estimates cited by the brokerage project the jewellery market to achieve a 15-16 per cent compound annual growth rate (CAGR), reaching USD 145 billion by FY28.

Overall, the jewellery sector has seen an approximately 8 per cent revenue CAGR during FY19-24, reaching Rs 6,40,000 crore in market value, with the organised segment growing at 18-19 per cent.

The organised market is expected to grow at over 20 per cent CAGR, accounting for 42-43 per cent of the total market. “There are multiple drivers in the industry-leading to such rapid growth, driven by rising disposable income (higher per capita growth in double digits), an improving mix for regular wear (beyond weddings and investment-led), enhanced product offering (such as design and diamonds), trust-building through hallmarking, and a better buying experience at organized retail outlets,” the report states.

The top 10 states, which include Tamil Nadu, Maharashtra, Karnataka, West Bengal, and Uttar Pradesh, account for 78 per cent of the organised retail network and contribute 68 per cent of the GDP. AGENCIES

 Indian CEOs are prioritising technology investment, including artificial intelligence (AI) but stay guarded amid data security challenges, according to a report.

Around 70 per cent of CEOs are channeling investments into technology, including AI, to catalyse growth and enhance productivity over the next 12 months, which is much higher than their global counterpart at 47 per cent, according to the ‘EY CEO Outlook Pulse Survey’.

However, fortifying data management and cybersecurity (56 per cent) and pursuing cost optimisation across business facets (50 per cent) also stand out as critical strategic imperatives in the near term.

Moreover, the acquisition of technology, new production capabilities, or innovative startups (44 per cent) emerges as the leading strategic driver for mergers and acquisitions (M&A) activities, said the report.

“Commitment to tech investments is not just a response to the present but a strategic leap towards the future. The survey underscores this momentum, revealing that a substantial majority of CEOs are actively aligning their organisations with an AI-centric blueprint for innovation and productivity,” said Mahesh Makhija, EY India Technology Consulting Leader.

Despite a majority of CEOs acknowledging the growing importance of sustainability compared to a year ago, there is a trend of sustainability slipping down the priority list for almost 16 per cent of CEOs, overshadowed by financial constraints and a shift in boardroom focus.

To bolster the sustainability agenda, corporate India advocates for technology incentives, including AI, as well as subsidies and tax breaks for green technology investments, coupled with governmental backing of sustainable infrastructure projects. AGENCIES

 The demand for Grade A warehousing stock will grow at a Compounded Annual Growth Rate (CAGR) of 12.5 per cent in India until FY30, a new report said on Friday.

According to the global professional services firm Alvarez & Marsal (A&M), India is witnessing an emergence of high-quality warehousing infrastructure, recognising warehouses as vital components in delivering exceptional customer experiences.

At present, up to 70 per cent of Grade A demand comes from Delhi-NCR, Mumbai, Bengaluru, Chennai and Pune.

“The evolution of warehousing in India from simple ‘godowns’ to sophisticated logistics hubs signals a new era of efficiency and resilience in supply chain management,” said Manish Saigal, A&M India Managing Director and Business Transformation Services Practice Co-Leader.

“Warehouses no longer serve as a mere storage facility, but rather as multifunctional logistic hubs integral to the seamless functioning of the supply chain and a superior choice for businesses aiming to optimise operations,” he added.

Sectors which are mainly driving the warehousing demand are retail, third-party logistics (3PL) and e-commerce.

As per the report, these sectors are projected to contribute about 80 per cent of the total demand for Grade A warehousing over the next five years.

Further, the report mentioned that with advanced storage solutions and temperature-controlled environments, these warehouses are well-positioned to cater to the growing needs of various industries, contributing to the overall growth and efficiency of India’s logistics ecosystem. AGENCIES

 In a bid to enhance the Electric Vehicle (EV) landscape and ecosystems in India and Europe, the India-European Union Trade and Technology Council (TTC) organised an event, featuring 12 high-impact startups in battery recycling technologies for EVs.

An independent committee of experts from each side shortlisted these 12 startups through a rigorous process based on scientific merit, market readiness, and prospects for cooperation.

“The initiative aligns with India and the EU’s commitment to promote a sustainable agenda, foster innovation, and forge stronger economic relations between India and the European Union,” said Office of Principal Scientific Advisor to the government of India in a statement.

The event offered the startups/SMEs an exclusive platform to pitch their innovative technologies.

Start-ups operating across the battery recycling value chain, covering collection to valuable mineral extraction participated in the matchmaking event.

“This matchmaking event brings together the best talents and technologies in the battery recycling space on both sides, giving them an exclusive platform for exchange, networking, and prospective investments,” said Professor Ajay Kumar Sood, Principal Scientific Adviser to the Central government.

 “We believe the exchange trip, awarded to three Indian and three EU start-ups, to visit EV battery recycling facilities on either side would be highly beneficial,” he added.

Marc Lemaitre, Director-General for Research and Innovation at the European Commission, emphasised the importance of an innovation-led EU-India partnership.

“This matchmaking event is such a step by bringing together innovative startups from both regions that want to scale up green solutions under the umbrella of the EU-India Trade and Technology Council,” said Lemaitre.

As a next step, three start-ups each from India and EU will be awarded the opportunity to visit the EU and India, respectively for a week-long market immersion experience.

The India-EU TTC was first announced by the European Commission President, Ursula von der Leyen, and Prime Minister Narendra Modi in April 2022,

It is a key forum to deepen the strategic partnership on trade and technology between the two partners. AGENCIES

 Output growth across India’s private sector regained growth in June with business activity increasing at quicker rates among manufacturing companies and services firms while hiring of workers shot up to an 18-year high, according to HSBC’s flash PMI data released on Friday.

There was also a substantial upturn in aggregate employment amid robust expansions in total new orders intakes and international sales, according to the data, compiled by S&P Global.

New orders gained growth momentum for both sectors, with a faster upturn among manufacturers as a result, capacity pressures became evident in June, leading firms to increase their staffing levels to the greatest extent in over 18 years.

The services Purchasing Managers’ Index (PMI) climbed to 60.4 in June 2024 from 60.2 in May, while the manufacturing purchasing managers’ index increased to 58.5 in June from 57.5 in the previous month.

India’s manufacturing activity had slipped to a three-month low of 57.5 in May, as intense heatwaves led to reduced working hours and impacted volumes.

Meanwhile, services sector growth had softened to a five-month low in May following stiff competition and price pressures amid a severe heatwave.

“The composite flash PMI ticked up in June, supported by rises in both the manufacturing and service sectors, with the former recording a faster pace of growth. New orders gained growth momentum for both sectors, with a faster upturn among manufacturers. Meanwhile, new export orders slowed slightly in June, although the rate of expansion was the second fastest since the beginning of the series,” said Maitreyi Das, Global Economist at HSBC.

Input cost inflation eased slightly in June, but remained elevated with panellists citing increases in labour and material costs. The output price index suggests manufacturing firms were able to pass on higher costs to customers, the survey states. AGENCIES

Quick delivery platform and Blinkit’s rival Zepto on Friday said it had raised $665 million at a $3.6 billion valuation in a highly oversubscribed round — just nine months after the company raised $235 million at a $1.4 billion valuation.Avenir, Lightspeed and Avra (Anu Hariharan’s new fund) joined the company’s cap table as new investors, among others.

Existing investors Glade Brook, Nexus, and StepStone co-led the round with Goodwater and Lachy Groom doubling down as well, the company said in a statement.

“This dynamic of stores turning profitable faster and faster has enabled Zepto to grow rapidly while simultaneously achieving near EBITDA positivity at a company level,” said Aadit Palicha, Zepto’s Co-founder and CEO.

“We plan to continue operating with fiscal discipline as we scale from 350 stores to 700 stores by reinvesting the capital generated from mature stores back into the business,” he added.

If the company is able to achieve this while continuing to delight customers, “I believe we will be ready to go public relatively soon.”

In terms of business performance, Zepto’s gross merchandise value (GMV) has multiplied year-on-year to a base of more than $1 billion, and 75 per cent of the company’s stores are fully EBITDA positive (as of May).

With the new round of funding, “We plan to hire top talent across engineering, product, growth, finance, operations, and category management,” said Kaivalya Vohra, Co-founder and CTO, Zepto.

Founded in 2021 by Stanford University dropouts, Aadit Palicha and Kaivalya Vohra, Zepto became one of India’s fastest-growing internet companies.

Headquartered in Mumbai, Zepto delivers over 10,000 products, ranging across categories in 10 minutes.

“The Zepto team embodies what is possible for the next generation of Indian founders, and Glade Brook could not be more excited to continue our partnership,” said Paul Hudson, CIO of Glade Brook Capital Partners. AGENCIES

Strengthening the presence of Brand Storii, ITC’s Hotel Group has announced the signing of two Storii resorts in Rajasthan.

With these signings, the chain’s portfolio of managed properties continues its high growth trajectory through the asset right strategy.

Expected to open in early 2025, Storii by ITC Hotels, Jaipur, and Storii by ITC Hotels, Jawai, will exemplify the brand’s ethos to offer immersive experiences. Including the recently announced signing of Storii Jaisalmer, Brand Storii will now have a total of three properties in Rajasthan.

Speaking on the expansion of Brand Storii, Anil Chadha, Chief Executive, ITC Hotels, said, “Brand Storii is a diverse collection of properties that tell their own unique story. Staying true to the nature of the brand, Storii Jaipur and Storii Jawai are set to weave their own stories for our guests through their offerings. The location of the two resorts is perfect for travellers looking to experience the destination while also exploring culture reminiscent of a glorious heritage.”

Thakur Mansingh Kanota, Owner, Castle Kanota, expressed his elation saying, “Built in 1872, Castle Kanota was the intended official family residence for the Kanota family. We have since hosted many a dignitary and are now in the process of expanding the property into a heritage resort. As the needs of the typical traveller change towards experiential, we trust ITC Hotels to bring its expertise and nuanced hospitality to this property with brand Storii.”

Vinita Rathore, Owner, Storii by ITC Hotels, Jawai, said, “Jawai has come into its own as a wildlife destination in recent years. We are confident that our premium product along with ITC Hotels’ hospitality expertise will enable Storii Jawai to position itself as a preferred destination for high-end leisure travelers and wildlife enthusiasts in years to come.” AGENCIES

 Ambuja Cements and ACC Limited, the cement and building material companies of the Adani Portfolio, on Friday said they are excited to unveil their commitment towards innovation that will redefine the construction landscape through a series of visionary digital initiatives.

The cement and building material companies are at the forefront of facilitating swift decision-making and improved customer service by leveraging Artificial Intelligence (AI), Internet of Things (IoT), video analytics and optimisation capabilities.

“Ambuja Cements and ACC’s digital initiatives emerge as a beacon of progress. The process of modernising the entire digital landscape, as well as using AI & IoT technologies for enhancing the plants stand as a testament to the company’s unwavering commitment to progress,” said Ajay Kapur, CEO, Cement Business, Adani Group.

At the forefront of this initiative is the development of the NexGen Sales and Reward Platform, a forward-looking digital ecosystem designed to foster seamless collaboration among customers, channel partners, retailers, influencers and sales partners by streamlining coordination and operations on a modern technology stack.

By standardising and simplifying business processes, the companies aspire to significantly enhance outcomes for internal teams and external collaborators, said the firms.

In addition, Ambuja Cements and ACC are implementing the ‘Plants of the Future’ programme to digitally transform manufacturing processes to improve production quality and reduce costs.

This includes incorporating robotics for automation, automated weighbridges, in-plant automation, automated quality testing, robotics process automation for plant shutdown management, and drones for maintenance.

“Teaming up with the Adani Group’s AI Labs will seamlessly enable harnessing the power of Artificial Intelligence through the integration of AI models, including Generative AI capabilities, video-based analytics and optimiser functionalities,” the companies noted.

Furthermore, the companies are implementing their advanced logistics and fleet management tools by revamping vehicle tracking and transportation management systems.

Ambuja, with its subsidiaries ACC Ltd. and Sanghi Industries Ltd has taken the Adani Group’s cement capacity to 78.9 MTPA with 18 integrated cement manufacturing plants and 19 cement grinding units across the country.

ACC has 20 cement manufacturing sites, over 82 concrete plants and a nationwide network of channel partners to serve its customers. AGENCIES

 At least 152 Indian startups are on track to turn unicorns from 31 cities over the next 3 to 5 years to its current tally of 67 unicorns, a new report has said.

As per ASK Private Wealth Hurun India Future Unicorn Index 2024, India is presently home to 67 unicorns, 46 gazelles, and 106 cheetahs, as against 68 unicorns, 51 gazelles, and 96 cheetahs in the 2023 index.

The report has classified startups as unicorns — startups founded after the year 2000 with a valuation of $1 billion, gazelles — startups that are most likely to go unicorn in the next three years, and cheetahs — startups that could go unicorn in the next five years.

The fintech sector has the most gazelle companies at eight, followed by SaaS with six. Artificial intelligence (AI) and edtech both have five gazelles.

Some of the top gazelles featured in the index include edtech startup Leap Scholar, fintech startup Money View, and agritech startup Country Delight. Following closely are agritech startup Ninjacart and SaaS startup MoEngage.

“This year’s index saw notable promotions. Online travel aggregator ixigo, a former cheetah, went public with a 48 per cent premium. In 2022, ixigo was predicted to become a unicorn within five years, and it has now leapt directly to an IPO, bypassing the gazelle status,” said Anas Rahman Junaid, MD and Chief Researcher, Hurun India.

He further mentioned that Zepto, Porter, and Incred Finance achieved unicorn status, while 10 cheetahs were promoted to gazelles, highlighting the “resilience and dynamism of India’s startup landscape”. AGENCIES

Indian equity frontline indices opened in green on Tuesday following positive global cues. In the early trade, Sensex and Nifty made a new all-time high of 77,326 and 23,573 respectively.At 9:45 a.m., Sensex was at 77,315, up 322 points or 0.42 per cent, and Nifty was up 94 points or 0.40 per cent, at 23,559.

On NSE, 1735 shares are trading in the green and 348 shares are trading in the red mark. The Nifty Midcap 100 index is up 140 points or 0.25 per cent at 55,365 and the Nifty Smallcap 100 index is at 18,171, up 127 points or 0.71 per cent.

Among the sectoral indices, Auto, IT, PSU, FMCG, Metal, Realty, and Energy indices are major gainers, while Pharma and Fin Services are major laggards.

Wipro (NS:WIPR), Titan (NS:TITN), M&M (NS:MAHM), Tech Mahindra (NS:TEML), Infosys (NS:INFY), Power Grid (NS:PGRD), NTPC (NS:NTPC), Bharti Airtel (NS:BRTI), Tata Motors (NS:TAMO), HCL Tech (NS:HCLT), SBI (NS:SBI) and L&T are the top gainers. Maruti Suzuki (NS:MRTI), Kotak Mahindra (NS:KTKM), HDFC Bank (NS:HDBK), Reliance (NS:RELI), ICICI Bank (NS:ICBK) and TCS (NS:TCS) are the top losers.

Deven Mehata, Research Analyst, Choice Broking said, “After a gap up Opening Nifty can find support at 23,400 followed by 23,300 and 23,200. On the higher side, 23,550 can be an immediate resistance, followed by 23,650 and 23,700.”

“The charts of Bank Nifty indicate that it may get support at 49,800, followed by 49,700 and 49,500. If the index advances further, 50,200 would be the initial key resistance, followed by 50,350 and 50,500.” Mehata added.

Most of the markets in Asia are trading in the green. Tokyo, Shanghai, Bangkok, and Seoul are in the green. However, the markets of Hong Kong and Jakarta are in the red. American markets closed with gains on Monday. Crude oil benchmark Brent crude is at $84 per barrel and WTI crude is at $79 per barrel. AGENCIES