Shashwat Goenka, Vice Chairman of RPSG Group, discusses the group’s plans for transformation and growth in various sectors. He highlights the infrastructure development and talent attraction in Kolkata, the turnaround of Spencer’s Retail, and the expansion plans for the value and luxury segments. Goenka also discusses the growth of Too Yumm, the opportunities in the BPO industry, the focus on renewable energy, and the transformation of Saregama in the digital era.
S&P believes that the recent action taken by the Reserve Bank of India (RBI) on Kotak Mahindra Bank may result in a decline in credit growth and profitability for the bank.
Wipro announced that its current CEO, Thierry Delaporte, will be leaving the company. Srini Pallia, a company veteran, will take over the role on April 7. Delaporte’s tenure was marked by value erosion in Wipro’s stock and an exodus of senior leadership. The decision comes after a closed-door meeting of Wipro’s key board members. The company has been criticized for underperformance and will announce its Q4FY24 financial results on April 19. Delaporte will assist with the transition until May-end.
The demand for warehousing has shown resilience marked with growth in lease rentals for logistic spaces across top eight markets during the half year ended September. Total 23 million sq ft space transacted in the first half ending September across the top eight markets represents a 10% on-year drop in volume.
India’s diamond industry plans to reduce its bank financing needs by a third to $4 billion for the current financial year from $6 billion in FY23, as waning global demand for the gems threatens to make accounts sticky. Diamond traders have already stopped imports of rough diamonds for the two months till December 15.
Indian food delivery company Swiggy has resumed its IPO planning and is targeting a stock market listing in 2024. The firm, which delivers food and groceries, was valued at $10.7bn in its last funding round in 2022. Swiggy has invited eight investment banks, including Morgan Stanley, JP Morgan and Bank of America, to pitch for work on the IPO. The company is aiming to list between July and September 2024 and is using its last funding round valuation as a benchmark for planning.
Platform companies have the potential to compound revenues at over 25% in the long term. However, there is a misunderstanding about the profitability of these companies in the listed market space. Anand states that the current expenses are short-term and primarily linked to the current hyper growth phase. As these companies evolve and change consumer behavior, they can reduce costs and introduce monetization strategies.
