Reliance, under Mukesh Ambani’s leadership, is broadening its scope into multiple facets of daily life. Already deeply entrenched in consumers’ routines, Reliance spans from soap to mobile phones. Now, with ambitions to penetrate the consumer electronics and home appliances sector, Reliance aims to deliver an all-encompassing experience across various consumption domains. The forthcoming brand, Wyzr, will introduce a diverse array of products, encompassing air coolers, televisions, washing machines, and more.
Wyzr, a fresh brand by Reliance Retail, the retail division of Reliance Industries Limited (RIL), aims to challenge multinational companies’ (MNCs) supremacy in India’s consumer electronics and home appliances market.
The brand made its debut with Wyzr air coolers and intends to broaden its offerings to encompass televisions, washing machines, refrigerators, air conditioners, small appliances, and LED bulbs.
Wyzr products are anticipated to offer greater affordability in contrast to leading brands like LG, Samsung, and Whirlpool, which presently dominate categories such as TVs, refrigerators, and washing machines.
Moreover, Reliance Retail endeavors to internally design and develop these products, forging a domestic brand to rival global names. Building on its triumph in challenging MNC dominance in the feature phone market with JioPhone, Reliance Retail aims to replicate this success in the electronics sector.
Reports suggest that Reliance intends to engage local firms for manufacturing contracts as it lays the groundwork for its manufacturing facilities in the future, contingent upon the brand’s attainment of a substantial market share.
Earlier, Reliance Retail retailed televisions and select appliances under its Reconnect brand, with local design and manufacturing by firms like Dixon, MIRC, and PG Electroplast, and imports from China and Indonesia, sourced from TCL, Midea, and Toshiba.
Below are two stocks that the Reliance group is currently in talks with to formalize manufacturing agreements:
Dixon Technologies (India) Ltd
With a market capitalization of Rs. 47,558 crores, the shares of an Electronic Manufacturing Services (EMS) company commenced Wednesday’s trading session on a positive note at Rs. 7,819.90, up from its previous close of Rs. 7,766.65. Throughout the session, the shares peaked at Rs. 7,957, registering a 3 percent increase, and are presently trading at Rs. 7,964 each.
Analyzing the company’s financial statements, revenue dipped by 2.5 percent from Rs. 4,943 crores in the September quarter to Rs. 4,818 crores in December. Additionally, net profits declined by 14 percent from Rs. 113 crores to Rs. 97 crores during the same period.
Dixon Technologies holds a prominent position as a manufacturer of lighting products in India, boasting substantial market share in CFL, LED bulbs, LED TVs, and semi-automatic washing machines.
The company enjoys a robust market presence in pivotal sectors like TV and washing machine manufacturing, LED and CFL lighting, and mobile phones. It has forged strong partnerships with an array of top-tier customers, encompassing global and national brands as well as domestic retail private labels.
MIRC Electronics Ltd
With a market capitalization of Rs. 508 crores, the consumer durable goods manufacturing company’s shares commenced Wednesday’s trading session on a higher note at Rs. 21.95, marking a 5 percent upper circuit compared to its previous close of Rs. 20.95 per share.
Reviewing the company’s financial statements, revenue surged by 52 percent from Rs. 193.23 crores in the September quarter to Rs. 294.51 crores in December. Additionally, the net profits transitioned from a net loss of Rs. 6.43 crores to a net profit of Rs. 1.55 crores during the same period.
MIRC Electronics is a significant contender in the consumer electronics and home appliances market, striving to enhance its market share across various product categories. The company predominantly promotes its products under the ONIDA brand nationwide in India.
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