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Reliance Retail and ASOS on Thursday announced a long-term partnership to establish multi-channel presence for the UK-based online fashion retailer's own brands in India. Under the agreement, Reliance Retail will become the exclusive retail partner for ASOS in India, managing all online and offline channels which include a range of retail formats such as exclusive brand stores, multi-brand store expressions, and digital commerce platforms. Leveraging its extensive experience in operating omni-channel retail networks, Reliance Retail will introduce ASOS’s curated portfolio of fashion-forward own-brand labels to the Indian market. Notably, this partnership marks ASOS’ first country-wide exclusive retail partnership.Isha Ambani, Director of Reliance Retail Ventures Limited, said that the alliance boosts company's commitment to bring global trends to Indian shores. "This partnership reaffirms our status as India's premier retail destination, ensuring our customers have access to the cutting-edge fashion styles they crave,” she added.Further, José Antonio Ramos, CEO of ASOS, said that the company's aim is to give fashion lovers around the world the access to the latest and best trends."Together with Reliance Retail, we’re excited to bring some of our fashion-led own-brands to customers in India – including ASOS Design, one of the biggest British fashion brands on the planet,” Ramos said. ASOS boasts to offer a curated edit of thousands of products from 900 global and local brands, as well as fashion-led own-brand labels in over 200 markets via its app and website.Meanwhile, RRVL has been recognised as one of the fastest-growing retailers globally as per Deloitte's Global Powers of Retailing 2023. The company also reported a consolidated turnover of Rs 306,786 crore and net profit of Rs 11,101 crore for the year ended March 31, 2024.

Naukri.com operator Info Edge on Thursday reported an 18% year-on-year (YoY) jump in its March quarter standalone profit to Rs 211 crore while its revenue recorded a 7.9% growth to Rs 608.3 crore. The company also announced a final dividend of Rs 12 per share for FY 2023-24.The company's operating profit margins grew to 37% of revenue. Meanwhile, it registered a growth of 8.9% in its operating profit which stood at Rs 224.8 crore on a standalone basis as compared to Rs 206.3 crore in the corresponding quarter of the previous year."Our cash from operations grew by 13.2% year-over-year in Q4FY24, reaching a cash balance of Rs 4,191 crore as of March 31st, 2024. This consistent performance in cash flow generation underscores our company's robust financial health and positions us well for future investments and shareholder returns," Info Edge CFO Chintan Thakkar said.The recruitment business witnessed an uptick in Q4 performance whereas non-recruitment businesses continued to deliver robust performance.Revenues growth in the recruitment business was 3.4% YoY and for non-recruitment business verticals namely 99acres.com, Jeevansathi.com and Shiksha.com was 22.5%, 29.2%, and 22.2% respectively. Billing for the company on a standalone basis for the quarter grew by 10.5% YoY and stood at Rs 826.9 crore."I'm encouraged to see a slight rebound in our recruitment business after several weak quarters. Excellent execution in both 99acres and Jeevansathi helped reduce operational losses in these verticals from Rs 198 crore in FY23 to Rs 68 crore in FY24 with Rs 21 crore cash generation in Q4," Info Edge CEO and MD Hitesh Oberoi.DividendInfo Edge board has also recommended a final dividend of Rs 12 per share for FY 2023-24 subject to AGM approval. Record date for the purpose of determining the name of the members eligible for receipt of the final dividend will be July 29.The dividend if approved by the shareholders at the AGM would be paid, subject to deduction of tax at source on or after September 5, 2024.Shares of Info Edge lower at 1.5% at Rs 5,861.50 on BSE.

MUMBAI | BENGALURU: Amidst sustained positive sentiment in residential real estate, average housing prices across top eight Indian cities have risen 10% from a year ago during the January-March quarter, showed a joint report by CREDAI, Colliers and Liases Foras.While each of the top eight cities witnessed annual price appreciation, average housing prices in Bengaluru, Delhi NCR, Ahmedabad, and Pune registered double-digit growth.On a sequential basis too, housing prices across the majority of the cities witnessed a noticeable 2-7% increase, the report showed.Although the market continued to be largely favorable for both homebuyers and developers, unsold inventory at an India level witnessed a marginal 3% on-year increase.Notably, Pune led with a significant 10% on-year drop in unsold inventory, closely followed by Delhi-NCR and Ahmedabad, each recording an 8% annual reduction.As of March end, unsold inventory across the top eight cities stood close to 10 lakh units, with MMR alone having almost a 40% share. Interestingly, robust demand momentum led to a slight drop in unsold units every quarter.Although Hyderabad and Bengaluru witnessed yearly increases in unsold inventory, both cities saw a slight quarterly dip. Developers are likely to keep a close watch on available stock and anticipated demand while timing their new launches in the near term.“The surge in housing prices is a direct consequence of the robust housing demand that we’re witnessing - especially in premium and luxury housing - by homebuyers across the country. These are directly linked to not just a stable lending eco-system but also the emergence of various micro-markets that have been the primary beneficiaries of significant infrastructure projects - which has altered the demand-supply dynamics in residential real estate,” said Boman Irani, President of CREDAI NationalHe does not foresee the momentum to slow down in the current financial year either.“This upward price trend reflects the resilience and dynamism of the residential sector, buoyed by factors such as stable repo rates and infrastructure upgrades across most of the major Indian cities. With prospects of a reduction in benchmark lending rates in the ongoing fiscal year, affordability can improve in the near term, especially for the EMI-dependent home buyers,” said Badal Yagnik, Chief Executive Officer, Colliers, India“Factors like luxury demand, upcoming infrastructure projects, and strategic launches drive these price increases. With moderate inflation and interest rates, the real estate sector is expected to maintain demand due to affordability. The prices could increase by 10-15%, bridging the gap between affordability and inflation-adjusted prices,” said Pankaj Kapoor, MD, Liases Foras.Bengaluru witnessed the most significant annual price surge among India's top eight cities, with prices soaring by 19%. Within Bengaluru, the Periphery and Outer East micro market saw the steepest upward movement at a 32% YoY increase. It was followed by the Periphery and Outer North with 18% annual growth in average housing prices.In Delhi NCR, housing prices saw a substantial annual increase of 16%, with Dwarka Expressway, notably witnessing a 23% increase in average capital values. With a significant number of new launches, the trend is likely to continue in residential catchment areas along Dwarka Expressway throughout 2024.Of the eight major cities, Pune witnessed the steepest drop in unsold inventory levels. The 10% YoY decline in unsold units, highlights strong housing demand across the city. The reduction in unsold units coincides with a major 13% annual rise in average housing prices here.