TIER III
Mid and small IT companies showed sustained improvement in revenue, profit share in March ’24 quarter
Small and medium sized IT companies continued to show year-on-year improvement in the share of aggregate revenue and profit of the sector in the March 2024 quarter though the extent of improvement has tapered down implying resilience from the top tier companies.
Bank of Maharashtra to issue tier-II bonds, bankers say
The bonds have a call option at the end of five years. Here is the list of deals reported so far:
Zee chief Punit Goenka acquires majority stake in Maverick Media in his personal capacity
Zee Entertainment MD & CEO, Punit Goenka, has personally acquired a majority stake in Maverick Media. Financial details were not disclosed. Goenka aims to revive single-screen theaters in tier II and III cities, enhancing cinema infrastructure. Maverick Media, promoted by Vistaar Entertainment, focuses on expanding the large-screen cinema experience across India.
Focus and execution will increase on affordable housing: Prashant Thakur
Now, the definition of affordable needs to be increased. There were certain incentive that have been rolled back. So, these are the demands which were unmet and I strongly believe that with this government coming back in power the focus will be there and we will see an overall spurt in affordable housing which was lagging significantly.
Targeting to hit milestone of Rs 20,000 cr loan book in 8-10 quarters: Shachindra Nath
If you look at this, the regulatory intent or the policy intent that the entire banking credit, 40% of average net banking credit should be in the priority sector. As we all know the banking sector, while in recent past the priority sector lending from bank side has improved, but for a variety of reasons the real priority sector credit dissemination has always been done by middle sized NBFCs.
E-commerce, BFSI, hospitality sectors driving job market in 2024: Report
Driven by economic recovery, the demand for workforce in BFSI increased the maximum by 21 per cent during the first four months of this calender year. The e-commerce sector saw an increase of 17 per cent, services and hospitality industries reported a growth of 13 per cent, according to a report by professional networking platform Apna.
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Domestic travel, tourism sector ready to capitalise on upcycle: IHCL MD Puneet Chhatwal
Indian Hotels Company Ltd Managing Director and CEO Puneet Chhatwal discusses the company's plans to capitalize on opportunities in the travel and tourism sector, targeting Tier II and Tier III markets and foreign tourist arrivals.
Indian Bank plans to raise Rs 5,000 crore via equity & Rs 7,000 crore through debt
Indian Bank plans to raise Rs 5,000 crore in equity and Rs 7,000 crore through perpetual and infrastructure bonds. This move aims to strengthen capital base and finance infrastructure projects. Government's stake to decrease.
Will try to grow better than last year without taking any price hikes: Shankha Banerjee, Dr Lal Pathlabs
We have been consistently saying that our EBITDA margin level would be around what we even see in our delivery in quarter four in the range of 26-27% kind of EBITDA margins, I think that is something which we continue to state is something which we are working towards.
Only 3% women entrepreneurs in tier 2-3 cities have access to external funding: study
Merely 3% of women entrepreneurs in India's tier II and III cities had access to bank loans or equity investments. The study highlighted the need to close the gender gap in employment and the lack of data on women entrepreneurs.
Central Bank of India Q4 Results: Profit jumps 41% to Rs 807 crore
State-owned Central Bank of India on Tuesday reported a 41 per cent jump in its net profit to Rs 807 crore for the March quarter, helped by a decline in bad loans and a rise in interest income. The Mumbai-based lender had earned a net profit of Rs 571 crore in the year-ago period.
Bank of Maharashtra Q4 Results: Profit surges 45% YoY to Rs 1,218 crore
State-owned Bank of Maharashtra (BoM) on Friday reported a 45 per cent jump in its net profit to Rs 1,218 crore for the March quarter, helped by a decline in bad loans and a rise in interest income. The Pune-based lender had earned a net profit of Rs 840 crore in the year-ago period.
AIMA witness 20 pc growth in registration for MAT entrance exam in 2023 over pre-Covid era
All India Management Association observed a 20% increase in MAT registrations in 2023 compared to the pre-Covid period. The growth includes expanded test centers, more women candidates, and increased registrations from tier II and III cities.
MG Motor India looks to expand network in tier III, IV to drive next phase of growth
MG Motor India aims to expand its presence in tier III and IV cities by establishing 100 new touchpoints by the fiscal year end. With plans to increase touchpoints to 520 across 270 cities by 2024-25, MG Motor embarks on its growth phase 'MG 2.0', focusing on production capacity enhancement and introducing new models.
Godrej & Boyce to increase focus on smaller cities, invest Rs 40 crore in 3 years on distribution
The company is targeting to grow its topline by 15-20 per cent per year, and it hopes for the store expansion to be one among several initiatives to realise its aim, the spokesperson added. When asked if the expansion activities will be franchisee-driven, the spokesperson said the store expansion will be both "company and channel-driven".
IT’s fab five to narrow gap with smaller peers as costs bug clients
The revenue share of 83 Tier-II and -III companies increased steadily over the past seven quarters to hit a record 17.7% of the aggregate rupee-denominated revenue for a sample of 88 IT companies in the December quarter while their net profit share was also at a record 14.5%.
Women from hinterlands seek foreign degrees
Young women in India's smaller towns and rural areas are increasingly pursuing foreign degrees, as evidenced by the rising demand for educational loans and applications to international universities. Avanse Financial Services reports that as of December, nearly 45% of students availing educational loans from non-metro cities are women. This trend has been growing post-pandemic, with female students showing interest in traditionally male-dominated fields like STEM courses.
Entero Healthcare is going to expand more into tier II, tier III cities now
"In the last three years, our average annual growth rate has been 36% and once the IPO proceeds and we receive that money, we will be even more aggressive in terms of pursuing growth opportunities. In terms of business mix, 95% is coming from distribution services, but we also provide a lot of value-added services to these companies in terms of providing marketing and promotion services as well but that contributes less than 5% of our business as of now."
Demand for warehouse space in tier II cities on the rise : Report
In 2023, over 5 million sq ft of warehousing space was taken by companies in tier II cities like Lucknow, Chandigarh, Nashik, Hosur and Coimbatore, which are emerging as the central industrial corridors, with Indore, Chandigarh, Coimbatore, Lucknow, Nashik and Jaipur airports being equipped with cargo handling units.
Sundaram Home Finance records Q3 net profit of Rs 62.28 crore
Sundaram Home Finance, the wholly owned subsidiary of Sundaram Finance, has reported a net profit at Rs 62.28 crore, upby 18 per cent for the October-December 2023 quarter, the company said. The city-headquartered company had registered a net profit of Rs 52.57 crore during the corresponding quarter of last year.
IB JIO Final Result 2023 Out: Download your scorecard now on mha.gov.in
IB JIO Final Result 2023: If you were part of the Junior Intelligence Officer (JIO) Written Exam, Skill Test, and Interview, your results are now available for checking on the official website at mha.gov.in. The culmination of your performance in the Tier-I exam held on July 22, 2023, and the subsequent Tier-II/III Exam (Skill Test & Interview) conducted from Nov 8 - Nov 30, 2023, has led to this final announcement.
One crore job applications received from women in tier-II, III cities in 2023: Report
The number of women joining the active workforce in tier-II and III cities grew by 13% in 2023, with 1 crore applications. In 2022, there were 2.7 crore applications, 87 lakh of which were from women seeking financial independence. The total applications for tier-II and III cities in 2023 were 3.2 crore, with 1 crore from women. Over 100 job applications per minute from women in these cities signify a turning point in workforce dynamics.
Housing demand set to touch 93 million by 2036
Housing demand in India is projected to grow more than threefold and reach 93 million units by 2036, driven by robust demand and supply in tier-II and -III cities. This growth is fueled by the rapidly growing Indian population and economy, improved purchasing power of home buyers, and the inclination to buy bigger houses. The government's plans for smart cities and increasing commercial activity in emerging regions will further drive real estate growth in these markets. The real estate sector is expected to play a significant role in India's journey towards becoming the third-largest economy in the world by 2030.
Housing demand in India to reach 93 million by 2036: CREDAI
The surge is primarily owing to the increase in demand in housing basis growth in key parameters including population in both urban and rural areas, healthy macro-economic indicators and favorable demographics, with several Tier II, III cities projected to spearhead both demand and supply.
Kansai Nerolac to sell land parcel in Mumbai to Runwal Group for Rs 726 crore
The ongoing resurgence in the residential real estate market has prompted property developers to actively pursue and conclude transactions for land parcels across the country, and the trend is not limited to only metropolitan regions and peripheral locations but is also certainly evident in tier II and III cities too
ETMarkets AIF Talk: Planning to invest in realty? This real estate AIF has generated 15% IRR
"The real estate investment landscape is shifting with the rise of Category 2 AIFs, providing predictability and attracting investor interest in diverse sectors such as commercial spaces, student housing, senior living, healthcare, and retail. We've witnessed tremendous interest in Tier 1, 2, and 3 cities. At Integrow, our strategic vision spans Mumbai, Pune, Ranchi (in collaboration with Pranami Group), and our inaugural residential AIF have laid a robust foundation."
Realtors cash in on growth opportunity in smaller cities
Homebuyers' interest in plotted developments has spiked, particularly after the outbreak of Covid-19 pandemic. The buoyant demand for warehousing has also pushed finalisation of land deals higher. During the 22-month period from January 2022 to October 2023, real estate developers purchased about 3,294 acres of land. A substantial proportion, or 44.4%, of these land deals was transacted in tiers II and III locations, with 1,461 acres being acquired in 17 land deals, according to a JLL India study.
Realtors acquired 1,339 acres in tier II, III cities in 22 months for residential projects
Around 3,294 acres of land parcels were acquired by real estate developers in the country during the 22-month period from January 2022 to October 2023. A substantial proportion or 44.4% of these land deals were transacted in tier II and III, with a total of 1,461 acres being acquired across 17 separate land deals, showed data from JLL India.
What’s driving Bharat to invest in alternative assets? Anshu Kapoor answers
“The Rs 46-trillion asset management industry should be Rs 90-trillion in five years. The industry today generates a revenue of about Rs 24,000-25,000 crore, a profit after tax of about Rs 6,000-7,000 crore. It should double in the next five years and that is the growth that you are going to see hopefully.”
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