03 February 2022, Mumbai:

India’s sovereign wealth fund –the National Investment and Infrastructure Fund (NIIF) — has made its first bet on the country's internet economy with ecommerce firm FirstCry, people aware of the matter said.

NIIF led a $240-million secondary funding round in FirstCry, buying stock worth $100 million, sources told ET. The Pune-based company’s existing investor Premji Invest has also purchased additional shares in the company in the new round where SoftBank has sold the largest chunk of shares, people briefed on the matter said.

Chiratae Ventures and Newquest Capital Partners have also sold parts of their holding in the company.

SoftBank will still have around 30% in FirstCry parent Brainbees Solutions post this funding, people briefed on the matter said.

CREDITS: ET

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31 January 2022, Mumbai:

The ongoing correction in capital market has not dented valuation of Kolkata-based ethnic wear major Vedant Fashions' initial public offer that aims to raise Rs 3,149 crore, a company official said on Friday.

The company, whose flagship brand is the male ethic brand 'Manyavar', has fixed its upper issue price band at Rs 824-866 a share, a company official said.

BSE Sensex has seen about 4300 point corrections since early January amid highly volatile trading sessions.

The company official said the pricing was decided after feedback from institutional investors who have shown high demand interest for the shares.

The company officials said initially it was estimated to raise Rs 2500 crore. However, with better valuations the company will raise upto Rs 3,149 crore at the upper price band through the IPO.

The public issue is purely an offer for sale of 36,364,838 equity shares by promoters and existing shareholders.

The offer for sale comprises sale of up to 1.74 crore shares by Rhine Holdings Ltd, up to 7.23 lakh shares by Kedaara Capital Alternative Investment Fund and up to 1.81 crore shares by Ravi Modi Family Trust.

Rationalizing the high price band, officials said it is an asset light company with zero debt despite its 546 exclusive stores. The huge growth potential in the organised celebration market will help to retain its high growth momentum.

Vedant Fashions is a pan-India player with a retail presence in over 200 cities and three countries in UAE, Canada and the United States.

The company said it will double its overseas store floor area in the next few years.

Its 'Manyavar' brand accounts for about 80 per cent of its revenue and the company officials said it was confident that its other newer brands will grow stronger in the years to come.

Asked about the impact of the third wave of COVID-19 on it, the company said it was minimal as shutdown was minimal.

CREDITS:ET Business Standard Money Control

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28 January 2022, Mumbai:

Dollar Industries Limited, a renowned garment and hosiery company situated in Kolkata, has released its financial results for the quarter ending December 31, 2021.

Total revenue for Q3FY22 and the first nine months of FY22 was Rs.383.55 crore and Rs.980.05 crore, respectively, compared to Rs.312.44 crore and Rs.729.99 crore in Q3FY21 and the first nine months of FY21, respectively, representing a growth of 22.76 percent for Q3FY22 and 34.25 percent for the first nine months of FY22.

While operating revenue for Q3FY22 and the first nine months of FY22 was Rs.382.05 crore and Rs.977.31 crore, respectively, compared to Rs.311.79 crore and Rs.728.64 crore for Q3FY21 and the first nine months of FY21, respectively, representing a growth of 22.53 percent for Q3FY22 and 34.13 percent for the first nine months of FY22.

Similarly, profit after tax (PAT) for Q3FY22 and the first nine months of FY22 was Rs.44.40 crore, or 11.58 percent, and Rs.108.76 crore, or 11.10 percent, respectively, compared to Rs.28.38 crore, or 9.08 percent, and Rs.67.18 crore, or 9.20 percent, for Q3FY21 and the first nine months of FY21, respectively, for a growth of 56.47 percent and 61.89 percent.

"The financial results for the third quarter of FY 21-22 demonstrate that the firm has been able to align itself with its growth trajectory as we have noticed a stronger demand for our products in the market," stated Vinod Kumar Gupta, MD, Dollar Industries Limited.

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27 January 2022, Mumbai:

Reported Standalone quarterly numbers for Kewal Kiran Clothing are:

Net Sales at Rs 171.41 crore in December 2021 up 45.21% from Rs. 118.04 crore in December 2020.

 

Quarterly Net Profit at Rs. 21.31 crore in December 2021 up 96.22% from Rs. 10.86 crore in December 2020.

EBITDA stands at Rs. 31.35 crore in December 2021 up 74.55% from Rs. 17.96 crore in December 2020.

Kewal Kiran EPS has decreased to Rs. 3.46 in December 2021 from Rs. 8.81 in December 2020.

Kewal Kiran shares closed at 237.15 on January 27, 2022 (NSE) and has given 29.90% returns over the last 6 months and 33.24% over the last 12 months.

**The statistics mentioned in the above articles have been sourced from The Economic Times. 

CREDITS: Money Control Equity Bulls

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02 February 2022, Mumbai:

This D2C Mumbai-based children’s apparel brand is already carved out a name for itself in the fledgling Indian clothing market with an array range of kidswear to make the buyers spoilt for choice. 

Rahul Anand is the Founder and CEO of this ever-popularising brand. Post-COVID-19, management strongly realized expanding partnerships to drive the distribution of third-party platforms, by adding them to our platform. 

About Hopscotch

We're Hopscotch, India's largest online kids’ fashion brand. We promise to transform every moment in your little one’s life into a stylish #HopscotchMoment. From playtime to bedtime. From infancy to childhood.

And everything in between. We curate the most fashionable and on-trend head-to-toe looks for every kid, every occasion, and every moment of childhood.

We bring you what your kids will love and yet be comfortable in by scouring the world and hand-picking aww-some new styles every single day.

We're big believers in the little details - 'coz we know a darling embellishment here and a snazzy bow tie there can go a long way.

We've taken great care in curating fun-loving, free-spirited styles that will forever delight you, your little one, and your pocket.

CREDITS: Hopscotch

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28 January 2022, Mumbai:

About Brand

The one-stop Klub for a thoughtfully crafted range of apparel & accessories for newborns to 6 years, and new mom's!

We believe in better

We are growing

Miniklub, the prominent babywear brand has recently opened its brand-new store in Bangaluru. The store is well located in HRBR Layout & this newly launched store has an array of safe and comfortable apparel pitching it to newborn to 6-year-olds audience.

This marks, Bangalore as a home to MiniKlub's ninth retail location as a milestone. According to the management, it is geared up to meet discernible customers expectations & boasts of well-trained stores staff with soft skills as required & has a very spacious exhibit of many kinds of garments, categories and also to exceed the customer expectations it is completed with a variety of non-apparels at this envious store.

Childlike, yet smart

Products are carefully engineered for style, safety, and comfort of babies and toddlers. As a brand inspired by children, we're all about the little details to maximise every precious moment of childhood.

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01 February 2022, Mumbai:

Continuing its shopping spree to strengthen its fashion portfolio, Reliance Brands (RBL) on Monday announced a 60:40 joint venture with Indian designer Rahul Mishra.

The JV, which will include Mishra's ready-to-wear business, will create and own a new brand with the designer as the creative director.

RBL, part of Reliance Industries, is expanding its play too, by partnering and buying into domestic designers crippled by store closures during the pandemic.
CREDITS: TOI Dt 01-02-2022

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28 January 2022, Mumbai:

Ethnic apparel retailer Vedant Fashions will launch its initial public offering (IPO) on February 4, Friday. The Kolkata-based company will sell its shares in the range of Rs 824-866.

Vedant Fashions caters to the Indian celebration wear market with a diverse portfolio of brands including 'Manyavar', 'Mohey', 'Mebaz', 'Manthan' and 'Twamev'.

The issue is entirely an offer for sale (OFS) of 36,364,838 equity shares of face value Re 1 each by promoters and existing shareholders aggregating to Rs 3,150 crore at the upper price band. The OFS comprises sale of up to 1.74 crore shares by Rhine Holdings Ltd, up to 7.23 lakh shares by Kedaara Capital Alternative Investment Fund-Kedaara Capital AIF I, and up to 1.81 crore shares by Ravi Modi Family Trust. 

The promoters of the company are Ravi Modi, Shilpi Modi and Ravi Modi Family Trust.

Since, the IPO is entirely an offer for sale, the company will not receive any proceeds from the public issue.

At the upper end of the price band, the public issue is expected to fetch Rs 3,149 crore.

Half of the issue size has been reserved for qualified institutional buyers, 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors.

Investors can bid for a minimum of 17 equity shares and in multiples thereof.

As per market observers, Vedant Fashions shares have started commanding a premium (GMP) of ₹105 in the grey market today. The company's shares are expected to list on stock exchanges NSE and BSE on February 16, 2022. 

**The statistics mentioned in the above articles have been sourced from The following sources

CREDITS: ET Republicworld.com MINT

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 27 January 2022, Mumbai:

The Indian government has bestowed the Padma Shri award to Prahlad Rai Agarwala, Executive Chairman of Rupa & Corporation, a major company situated in Kolkata.

Padma Shri is India's fourth-highest civilian honor. Rupa & Company, one of India's leading knitwear brands, produces innerwear, casualwear, sleepwear, and thermal wear for men, women, and children and has a revenue of over Rs. 1,200 crore. 

Only a few veterans of the Indian textile and apparel industries, such as Dr. A Sakthivel of Poppys Knitwear and SP Oswal of Vardhman Group, have received important Padma awards in recent years.

"This honor has unrivaled significance in terms of respect and appreciation of the Chairman's great influence on Indian society as a whole, as well as his vision and efforts."

He has always led by example, from bringing business to a new level to creating many job chances," according to the company. There were nine trade and industry winners among the 128 Padma award recipients this year.

This year's Padma Bhushan recipients are N. Chandrasekaran, Chairman of Tata Sons, Sundar Pichai, CEO of Google, and Satya Nadella, CEO of Microsoft.

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