Videocon launches world class range of Mobile Phones in Karnataka

Leading conglomerate Videocon Group unveiled a wide range of trendy, New Age mobile handsets in Karnataka, The range of hassle free and reliable mobiles are also feature-rich, including  basic colour models, phones with FM radio,  single/dual SIM, MP3 music, camera, multimedia and the latest touch phones and touch windows phones

Keeping in mind the sensitivities of the Indian consumer, Videocon Group has launched a slew of phones which are in line with their new age needs and consumption patterns following the trends for this New Year.

Videocon is very excited to launch its mobile phones and intends to be amongst top three in this space in 2010 by taking leadership on quality, range, technology and value. Mobile phones are today an integral part of more than 400 Million people and growing. Videocon is the largest and most trusted Consumer Durable Company in India today and our fit in this very exiting business is natural.

On this occasion Mr.V.N Dhoot, Chairman and Managing Director, Videocon Group added: “Videocon is very excited to launch its mobile phones and intends to be amongst the top three in this space in a year’s time by taking leadership on quality, range, pipeline, technology and value. Mobile phones are today an integral part of more than five hundred million people and growing. Videocon is the largest and most trusted consumer durable company in India today and our fit in this very existing business is natural.”

Mr. Anil Khera, CEO, Videocon Mobile Phones Division, said: “We take immense pride in launching our phones, which have strong characters and unique style. This is in keeping with our attention to detail and uncompromising quality for our products.  We shall leverage the strengths of the Videocon brand in delivering products and services to customers and partners by adding value to the products through the creative design that gives an attractive look and feel on the handset along with total quality management.”

India is one of the fastest growing cellular mobile phone markets in the world, with an existing user base of over 400 million subscribers across the country, and 10 million new users being added every month.

Mr. Rahul Goel, COO, Videocon Mobile Phones Division, said: “We are upbeat about the customer response for our mobile-phone launch Particularly in Karnataka. We are targeting sizeable sales of handsets in terms of volume and value by establishing a solid relationship with channel partners and operators.  Our objective is to emerge as a leading brand of mobile phones with the help of highly-skilled manpower along with a widespread sales and marketing network as well as excellent after-sales service.”

Videocon’s new logo, the fluid “V”, coupled with a new proposition – Experience Change — is a fresh new identity for a group that has been named among India’s top brands. It reflects Videocon’s renewed focus on moving quickly from static to energetic. The brand campaign for Videocon Mobile Phones says, “V is the New Me”. This brand thought was arrived after an extensive study of Indian youth and their behavior patterns. The study showed that consumer buying behaviour has evolved over the years. Earlier clothing and fast food brands were ‘badges’. Now, technology occupies a much larger mind space. They invest in those brands which reflect their attitude and personality. It is also a metaphor for the restless nature of youth – change becoming the only constant. Mobile phone today is a part of one’s inherent self and slowly it is becoming a complete world in itself.

Videocon Mobile Phones keeping this need in mind has therefore launched handsets which are very stylish, contemporary, user friendly and loaded with smart features that will make heads turn. These phones will surely become an extension of its user’s personality and will be used to create an attitudinal statement. The entire social networking applications and the basic phone features apart from Camera, Music and other entertainment led pieces contribute to a growing influence and outreach that an individual has within his friends circle. This is the second and equally critical face of the ‘V in the new me’ positioning.

Videocon’s existing wide sales and marketing network will help establish a pan-Indian presence for its new range of cell-phones. The company also plans to aggressively expand across the country by appointing an extensive network of dealers and distributors, with an emphasis on reach and penetration.  With a wide range of products and accessories, coupled with an extensive dealer and distributor network and a reputed service partner with a nation-wide presence, Videocon aims to emerge as a leading player in the Indian mobile phone market soon.

Magma registers 161% increase in PAT

The third quarter results of Magma Fincorp Limited, which were announced today reflect increase in disbursements, Revenue, PAT and in Assets under Management (AUM) over corresponding quarter last year on the back of an industry recovery and strong all-round performance by the company. The disbursements increased 19% to 1049 crores while revenue increased 15% to Rs 182.0 crores.

The company recorded Profit before Tax (PBT) of Rs 27.3 crore recording 164% increase and Profit after Tax (PAT) of Rs 17.9 crore, an increase of 161% over the corresponding period last year. The AUM as on 31 December 2009 was Rs 9390 crore. Magma has been on a high growth curve since August 2009 and in the quarter ended 31 December 2009 gathered momentum to register positive performance in all products. The company increased disbursements by 19%% over the corresponding quarter last year and 18% over the immediate previous quarter and 43% over the first quarter of the current financial year. Magma during the quarter under review continued to increase share of the newer high yield products such as Tractor Loans, SME Loans and Suvidha Loans in the business which contributed to an improvement in the Net Interest Margin (NIM) from an average 3.6% of last year to 5.1% year to date. Magma has dealt with the economic slowdown through a series of initiatives including introduction of additional business verticals, strong focus on asset quality and effective management of treasury and operating costs apart from strengthening its robust collection mechanism. Commenting on the company’s performance, Mr Sanjay Chamria, Vice Chairman and Managing Director, Magma Fincorp Limited said, “The market conditions have improved drastically with the economy finally back on track. Aligned with the improvement in the industry’s automobile and vehicle sales, Magma too has been able to grow its disbursals in Q3 by 43% over Q1. We successfully increased share of our high yield products to achieve higher net interest margins and achieved NIM of 5.6% in Q3. A major highlight of our performance in the third quarter and year to date is our collections efficiency which touched new heights and is now setting new industry benchmark at an all time high of 99.20% in Q3 and 98.90 YTD (April- December 2009). “We now anticipate a strong conclusion in Q4 to make this a memorable year when we met market challenges and overcame them.”” added Mr Chamria. Magma Fincorp Limited (“Magma”) is a non-deposit taking non-banking finance company (NBFC), registered with the Reserve Bank of India (RBI) as an Asset Finance Company. The Company, having started operations over two decades back, is listed on the Bombay Stock Exchange Limited and the National Stock Exchange in India. Magma provides a bouquet of financial products including financing of Utility Vehicles & Cars, Commercial Vehicles, Construction Equipments, Tractors and SME Loans. Magma has a dedicated base of over 2.0 lac customers and has assets of approximately INR 9390 crores under management. The company has 151 branches in 20 states and 1 union territory and employs about 4400 people.

Magma has recently signed a joint venture with HDI Gerling, part of Talanx Group, Germany’s third largest insurance group to start a general insurance company in India. The new company will be head quartered in Kolkata. The new insurance company since has obtained Reserve Bank of India approval and is currently awaiting the Insurance regulator IRDA approval for commencement of operations.