Archives January 2025

MUMBAI—January 29, 2025—Prime Video, India’s most loved entertainment destination, today unveiled an intriguing trailer for its much-anticipated Original movie, The Mehta Boys. The movie is directed by Boman Irani, who has co-written it alongside Academy Award winner Alex Dinelaris, and is produced by Boman Irani, Danesh Irani, Vikesh Bhutani, and Shujaat Saudagar under the banner of Irani Movietone LLP in association with Chalkboard Entertainment LLP. A heartfelt father-son story, the movie features a highly talented and versatile cast, featuring Boman Irani, Avinash Tiwary, Shreya Chaudhry, and Puja Sarup in lead roles. The Mehta Boys is set to premiere exclusively on Prime Video in India and over 240 countries and territories worldwide in Hindi, with dubs in Tamil, Telugu, Malayalam, and Kannada and subtitles in multiple languages on February 7.

The trailer for The Mehta Boys offers a heartfelt and emotionally charged glimpse into a story brimming with family conflict, vulnerability, and growth. The stellar performances of its cast shine through, in the trailer, capturing the raw, unfiltered dynamics of a father-son relationship strained by misunderstandings and unspoken emotions. With its blend of light-hearted moments and intense emotional depth, the narrative unravels the imperfections of its characters, making them deeply relatable and authentic. This moving tale promises to explore the complexities of human connections, offering viewers of all ages, a story that’s as thought-provoking as it is entertaining.

“For me, The Mehta Boys is an extremely personal journey,” said writer, actor, director, and producer, Boman Irani. “The relationship between a father and son is one of the most complex and emotionally charged dynamics. With this film, I wanted to delve into how the bond between two people who deeply care for each other can be tested by time, misunderstandings, and unresolved issues. It is a story that has stayed with me for years, and I’m thrilled to finally share it with audiences in India and across the world on Prime Video. I am deeply grateful to the talented cast for bringing their characters to life with such depth and authenticity, enriching the story in every way.”

Avinash Tiwary, who portrays the role of Boman Irani’s son Amay in the movie, shared, “Amay’s character is layered with complexities, torn between familial loyalty and personal resentment. Certain circumstances force him into an intense and transformative encounter with his father, reshaping his perspective in ways he never anticipated. Portraying this journey was both challenging and rewarding. I am proud to be part of a movie that explores such relatable themes of family ties and reconciliation. I am sure the viewers, not only from India but from across the world, will truly enjoy and connect with this beautiful story of human relationships when it premieres on Prime Video on February 7.”

Shreya Chaudhry who plays Zara, says, “My Character Zara, Amay’s girlfriend, is a strong, independent woman with her own perspective. She plays a key role in encouraging Amay to confront his issues with his father instead of continuing to pretend they don’t exist. What I loved about my character was that she is not in the shadows as someone’s love interest, but has a meaningful role in shaping the story with her strength and individuality, even though the storyline revolves around the dynamics of a father-son relationship. I am incredibly proud to bring this story to life along with talented actors such as Boman Irani, Avinash Tiwary, and Puja Sarup. I am looking forward to the audience witnessing the compelling narrative when The Mehta Boys premieres on Prime Video in India and worldwide on February 7.”

Puja Sarup who plays Anu said, “Anu, in many ways, is the anchor of the story. As the daughter and sister caught in the crossfire between two stubborn men, my character tries to be the voice of reason, tries to step into her mother’s shoes. It has been an incredible experience, collaborating with Boman, Avinash and Shreya. We’ve seen the love and appreciation the The Mehta Boys has garnered thus far and I am thrilled that we’re taking the story to a global audience with the film premiering on Prime Video in India and across the world.”

Kochi, January 29: South Indian Bank proudly celebrates its 96th Foundation Day on January 29, a significant milestone marking nearly a century of trust, innovation, and exceptional service in the banking sector. To commemorate this special occasion, the Bank has launched “96 Debit Card Offers,” an initiative designed to provide exclusive benefits to its debit card customers.

Since its inception in 1929, South Indian Bank has grown into a cornerstone of the Indian banking landscape, consistently delivering value-driven financial solutions while adapting to changing customer needs. This milestone reflects the Bank’s legacy of resilience, customer-centricity, and innovation.

As part of the “96 Debit Card Offers” campaign, South Indian Bank has partnered with leading brands, including Amazon, Zomato, MakeMyTrip, Croma, Lulu, EazyDiner, and BookMyShow, to offer tailored deals across a wide array of categories. Customers can enjoy benefits in lifestyle, travel, food, wellness, home décor, dining, entertainment, jewelry, gifting, leisure, and education.

Reflecting on the journey of 96 years, Mr. Sanchay Sinha, CGM & Head – Retail Assets of South Indian Bank, said, “The 96th Foundation Day is not just a celebration of our achievements but a testament to the trust and loyalty of our customers. Over the years, we have embraced innovation while staying true to our core values. With the launch of these exclusive debit card offers, we aim to express our heartfelt gratitude to our customers and reaffirm our commitment to enhancing their banking experience.”

South Indian Bank’s journey of 96 years stands as a symbol of its unwavering commitment to fostering growth, enabling financial inclusion, and delivering excellence in banking. For more information on the “96 Debit Card Offers,” customers are encouraged to visit the Bank’s official website or contact their nearest branch.

Bangalore, 29th January 2025 – The 24th edition of India Fashion Forum (IFF), India’s most prestigious fashion event, commenced with a spectacular blend of insightful discussions, talk shows, groundbreaking product launches, and a glamorous fashion showcase. Held at Sheraton Whitefield, Bangalore, the forum brought together leading brands, retailers, and business visionaries under the theme “India Fashion Collaboration: From Peers to Partners” to redefine the future of fashion.

Adding to the grandeur of the event, IFF 2025 honoured outstanding women leaders in the fashion industry through the Women Icons in the Business of Fashion Awards, recognizing their contributions in shaping India’s fashion and retail landscape.

Celebrating Women Icons in the Business of Fashion
IFF proudly recognized six dynamic women entrepreneurs for their exceptional leadership, innovation, and impact in the fashion sector:

• Richa Chaube Pai, Sr VP & Brand COO, Allen Solly
• Almas Nanda, Co-Founder & Director, Inc 5 Shoes
• Ayushi Gudwani, Founder & CEO, FS Life
• Nina Lekhi, Founder & CEO, Baggit
• Sharon Pais, Chief Business Officer, Myntra
• Sonali Lalvani, Founder & CEO, Toniq Retail Brands

 These trailblazers have been instrumental in driving innovation, fostering business growth, and elevating Indian fashion on a global scale. Their achievements highlight the increasing influence of women in shaping the future of the industry.

The Evening of Fashion Titans and Product Launches

The evening transformed into a mesmerizing showcase of style and innovation with the Evening of Fashion Titans and the India Brand Fashion Show, featuring renowned brands such as Titan – The Wedding Edit, Mohanlal Sons – Virasat Collection, Mia by Tanishq, Campus, Lycra, Angel & Rocket, and others. These industry leaders unveiled their latest collections and product innovations, captivating audiences with their vision for the future of fashion.

From timeless ethnic ensembles to cutting-edge footwear and accessories, the runway celebrated India’s diverse fashion landscape, blending tradition with modernity. The showcase reinforced IFF’s role as the ultimate platform for brand storytelling and trendsetting in Indian fashion.

With a perfect mix of business, innovation, and glamour, the opening day of IFF 2025 set the stage for deeper industry collaborations and future-forward growth in Indian fashion.

Commenting on the awards and the fashion show, Mr. Nikhil Behl, CEO, India Fashion Form, said “these events are a reinforcement of the commitment of India Fashion Forum to recognise the extraordinary talent of Women in the Business of Fashion and who have played a key role in building brands, that has today become household names in the industry. Showcasing of some of the most innovative and modernistic ensembles, in various categories, demonstrates, innovation, differentiation and commitment to stand out of the crowd”.

India, January 29, 2025 – The Wellness Co., a leader in integrative luxury wellness, is thrilled to announce the opening of its newest center in Punjabi Bagh, New Delhi. This expansion reflects the brand’s ongoing commitment to providing personalized, state-of-the-art wellness solutions designed to enhance health and elevate lifestyles. Strategically located in the vibrant heart of Delhi, the new 1,800-square-foot centre in Punjabi Bagh offers a perfect blend of tranquillity and sophistication, creating an ideal environment for relaxation and renewal. The space harmonizes modern luxury with a calming ambiance, ensuring visitors experience an unparalleled setting for their wellness journey. With this latest addition, The Wellness Co. continues to set the standard for holistic wellness, making its advanced therapies more accessible to individuals seeking transformative care.

The new clinic is equipped with cutting-edge, FDA-approved wellness technologies that ensure every treatment is both safe and effective, providing clients with optimal results. Notable offerings include whole-body cryotherapy for recovery and circulation, IV Drip Therapy for energy and hydration, Hyperbaric Oxygen Therapy for cellular rejuvenation, and Red-Light Therapy for reducing inflammation and improving skin health. Additional services such as EMS Training, Far Infrared Sauna Therapy, and Advanced Genetic Testing offer innovative solutions for fitness, detoxification, and personalized wellness insights. Guided by certified professionals, The Wellness Co. tailors each treatment to meet individual health goals, providing transformative results.

Reach out to The Wellness Co. to book your free consultation and start your wellness journey now!

Quote by Anny Paul, COO, of The Wellness Co.:
“We are excited to expand The Wellness Co. to Punjabi Bagh, bringing cutting-edge, FDA-approved therapies to empower individuals in all aspects of their lives. This clinic embodies our commitment to transforming lives through wellness and supporting clients in their journey toward enhanced health and well-being. At The Wellness Co., wellness is more than a service—it’s a lifestyle. Our personalized treatments are designed to help individuals feel better and live better.”

Produced by Tiger Telly – Zoya Akhtar and Reema Kagti’s advertisement vertical that tells stories across shorter formats, Nykaa Wali Shaadi is a celebration of beauty, love, and the deep connection between the couple. Premiering on Jio Cinema on 31st January, the series features four real brides as Nykaa gives them the bridal beauty look of their dreams, documented against the backdrop of their wedding.

Mumbai, 29 January 2024: In every Indian wedding, the bride’s beauty is not just an element, it’s the centerpiece of the celebration. While once the bride’s outfit was the focal point of her transformation, today, makeup has evolved into a defining element of her bridal journey. Her look is a culmination of dreams, traditions, and meticulous planning, immortalized in photographs and videos that become cherished memories for a lifetime. For a bride, choosing the right makeup artist is akin to selecting the perfect lehenga, it’s about trust, vision, and crafting a look that captures her essence. Nykaa, as a trusted beauty partner, understands the importance of this moment, offering brides expert guidance, personalized recommendations, and a world of beauty solutions to ensure every detail – every flick of eyeliner, every sweep of highlighter – is perfect for her big day.

Nykaa Wali Shaadi follows the journeys of four real brides as they explore beauty in its many forms. From the significance of kajal for nazar to curating the perfect bridal look through moodboarding, to working with makeup artists who understand the bride’s vision for their special day – each bride experiences a transformation. The moment they reveal their bridal look, with their loved ones by their side, is a moment filled with overwhelming emotion and pure joy. This is bridal beauty: shared, powerful, and dedicated entirely to her. The bride is the main character of her story, and Nykaa is her ally, guiding her to find her own version of beauty.

MEET THE BRIDES:

Jagriti Rajulu: The Triumph of Resilience
Jagriti’s wedding is a celebration not just of love but of survival. Diagnosed with breast cancer shortly after her engagement, she faced months of surgery, chemotherapy, and radiation, but through it all, she never gave up on her dream of a vibrant wedding. Her story is one of recovery, of transformation, and of the profound beauty that comes from within.

Seema Priyanka Gowdar: Beauty in Strength
Seema has dedicated her life to serving her country, from the Indo-China border to UN peacekeeping missions in Sudan. A decorated army officer, she’s always put others first. Her wedding is not just a celebration of love—it’s a moment for Seema to step into her own beauty, to recognize her worth, and to allow herself to be celebrated.

Maiti Shahani Kapoor: A Love That Embraces All
Maiti’s wedding is a beautiful blend of cultures, celebrating her Nepali-Sindhi heritage and her partner Mushad’s Parsi-Punjabi roots. As she prepares for her big day, Maiti’s journey is a testament to the beauty of embracing diversity and identity. Nykaa helped her find a look that beautifully mirrored her personal evolution—one that honors tradition and celebrates modernity, reminding us that beauty is unique to each individual.

Avantika Chhabria: A Love Manifested: Avantika and Divyam’s story is a testament to serendipity and the magic of manifesting love. They met in 7th grade and an unexpected twist sparked a friendship destined to blossom into a lifelong bond. Over 15 years, their love grew with them, evolving from puppy love to a partnership built on trust, laughter, and shared dreams. “We believe we manifested each other,” Avantika shares. “What started as a friendship became love, and even after all this time, it feels like the beginning.”

Falguni Nayar, Executive Chairperson, MD & CEO of Nykaa, shared, “Weddings are pivotal beauty moments, and at Nykaa, we understand how essential it is for brides to feel confident and radiant on their special day. We have always believed that beauty is personal—it’s about embracing your true self. We’re not just selling products; we’re here to guide, educate, and empower our customers to feel confident in who they are. Whether through our online platforms or in our stores across India, we connect with them on a deeper level, offering expert advice and personalized guidance to help them discover the beauty that’s uniquely theirs.”

Zoya Akhtar added “At Tiger Baby, we endeavour to tell stories that though diverse in format, are equally impactful. Through our collaboration with Nykaa, we got to highlight the glory of Indian weddings through powerful narratives that celebrate women and beauty both inner and outer.”

Reema Kagti said, “Partnering with Nykaa on this exciting project allows us to bring authentic narratives of strength and beauty to life. With Tiger Telly, we’re crafting powerful stories in both short and long formats, and we look forward to sharing these heartfelt, empowering journeys with the viewers.”

Talking about this Partnership, Vivek Mohan Sharma, Head – Branded Content & MTV Properties Revenue, JioStar says “We’re constantly challenging the status quo with boundary-pushing collaborations, and Nykaa Wali Shaadi is a perfect example of this approach. This isn’t just another beauty show; it’s a celebration of real brides and their personal stories, crafted with Nykaa’s ethos of personalized, inclusive beauty at its core. Through this partnership we’re driving an emotional connection with audiences creating a moment of real transformation. This collaboration delivers a powerful brand experience, amplifying Nykaa’s presence and impact, while offering our viewers content that resonates on a deeper, more meaningful level.”

Mark your calendar for the premiere of Nykaa Wali Shaadi at Jio Cinema, on 31st January, and see how Nykaa helps brides find their beautiful on their big day.

Here is what the brides have to say!

“My wedding day was a celebration of love, life, resilience, and strength. I loved how I looked and thoroughly enjoyed being part of the show. By staying true to my skin tone, hair length, makeup style, and heritage—while marrying the man of my dreams and being surrounded by the people who matter most—I felt truly radiant. I’ve learnt that beauty comes alive in the way you love yourself despite the changes, in the kindness you show others, and in the resilience that keeps you moving forward. My wedding look wasn’t just about appearance, it captured the strength and transformation I’ve embraced, making the celebrations truly memorable.” – Jagriti

“My journey with Nykaa during our wedding was about more than just beauty, it was about embracing courage, individuality, and elegance. As a woman guarding the nation, I’ve always believed in leading with strength and resilience. From boots to heels, this collaboration symbolized my transformation, showing how boldness and beauty coexist. Nykaa brought together incredible talent and creativity, making every moment unforgettable. The artistry wasn’t just about enhancing my look; it honored the story of a woman who balances grace with grit. I envisioned our wedding as a dream celebration, and with Nykaa’s touch, it truly became one. Thank you for making me feel stunning and elevating the entire experience, it was a true reflection of who I am: fearless, bold, and unapologetically me!” – Seema

“My three-day journey with the Nykaa team was unforgettable, thanks to their incredible support. They made everything smooth and so much fun. Nykaa helped me embrace my individuality and reminded me that beauty isn’t just about how we look—it’s about feeling confident and strong. When we feel confident, we truly shine.” – Maiti

“Working with the Nykaa Wali Shaadi team felt like a perfect extension of our journey. From the start, it was about celebrating the love Divyam and I have nurtured over 15 years. The process was seamless, joyful, and unforgettable, just like our story. It was a beautiful manifestation of everything we dreamed of.” – Avantika

Globe Textiles, a leading name in the textile sector offers existing shareholders and new investors a unique opportunity to participate in the company’s steady growth journey by participating in its rights issue.

Below are the key details:

• Closing price: ₹ 3.84 closing price on 28th January 2025
• Right issue price: ₹ 3 per share
• Right Entitlement: 1 share for every 2 shares held
• Rights Issue Opening Date: January 24, 2025
• Rights Issue Closing Date: February 6, 2025
• Renunciation of Rights Entitlement Period: January 24, 2025 to January 31, 2025
• Record Date: January 17, 2025
• Rights Issue Size: ₹ 4,504 lakhs

 The Rights Issue shares offered at favourable price of ₹3 compared to the current market price of ₹ 3.84 closing price as on 28th January 2025, present an appealing opportunity for investors seeking to invest in this potential stock. Investors can buy any portion of Rights Issue at ₹3 per share, offering a strategic and cost-efficient way to gain exposure to a steady growing company.

The offer is already attracting significant interest, showcasing its strong appeal to investors. The subscription window for Global Textile RE (Rights Entitlement) will remain open from January 24 to January 31, 2025. The record date was January 17, 2025.

As a dynamic and resilient player in the textile industry, Globe Textiles has consistently showcased its adaptability to market trends and its commitment to delivering sustainable performance.

Speaking about the rights entitlement Mr. Bhavik Parikh, Chairman and Managing Director of Globe Textiles state “The Company is poised for growth in the upcoming year, focusing on key investments in infrastructure, research and development, product innovation, and market expansion to sustain its progress and enhance profitability. The Rights Issue offers investors great opportunity to increase their stake and be part of the Globe Textiles growth journey. This initiative underscores our commitment to delivering long-term value for all stakeholders while seizing opportunities for future growth.”

Globe Textiles aims to raise ₹4,504 lakhs from the Rights Issue. The funds to be raised are strategically earmarked for critical business objectives, including expansion initiatives, and enhancing working capital leading to further growth of the company. These measures are aimed at strengthening the company’s operations, fostering innovation, and paving the way for future growth.

For the six months ended September 30, 2024, the company achieved a remarkable Net Profit of ₹652 lakhs, surpassing the ₹575 lakhs recorded for the entire FY2023-24. Additionally, for the quarter ended September 30, 2024, the company reported a significant 102.20% increase in Net Profit, reaching ₹380.76 lakhs compared to ₹188.31 lakhs in the same period of the previous financial year. This robust performance underscores the success of the company’s strategic initiatives aimed at driving revenue growth, improving profitability and expanding its market share.

The above performance also highlights the positive impact of Globe Textiles’ strategic acquisition of a 70% stake in Globe Denwash, a company renowned for its expertise in sustainable denim washing and finishing. Globe Denwash employs advanced sustainable processing techniques that significantly reduce energy consumption and incorporate a Zero Liquid Discharge system to maximize water recycling this acquisition has significantly bolstered Globe Textiles’ presence in key international markets, including the UK, US, Europe, and other regions that prioritize partnerships with sustainability-driven organizations.

National, 29th January 2025 – Timex, the iconic American watch brand known for its design and innovation, unveils the final chapter of the S series with The Giorgio Galli S2Ti, a remarkable blend of style and technology. Designed by Timex’s Milan-based Creative Director, Giorgio Galli, whose passion for minimalist design and functional elegance has set him apart in the watch industry. Limited to just 500 pieces, the final evolution of Giorgio Galli’s iconic S series redefines sophistication, seamlessly blending contemporary design with exceptional durability.

Known for fusing classic aesthetics with modern touches, Galli’s designs challenge conventional boundaries, and the S2Ti is no exception. The S Series began when Giorgio was given full creative freedom to craft a watch that reflected his essence—and the result was extraordinary.

“The Giorgio Galli S2Ti marks a personal milestone celebration of timeless design and craftsmanship. It represents the pinnacle of the S series and a bridge to the next chapter, where my passion for watchmaking will inspire new possibilities,” says Giorgio.

Throughout the last two decades, Timex design director Giorgio Galli, one of the industry’s most recognized designers, has helped shape and elevate Timex through his visionary leadership and unparalleled artistic sensibility. “To me, Timex is different from any other brand, because it stands for independence, timeless beauty, quality, and incredible value,” says Giorgio. “Being able to sculpt the legacy of this iconic brand has been a joy, and I’m honored to put my name on this collection.”

Expressing his delight Mr. Deepak Chhabra, Managing Director of Timex India said, “The Giorgio Galli S2Ti is more than just a watch; it’s a celebration of artistry and engineering that embodies Timex’s commitment to excellence in horology. We are beyond thrilled to bring this limited-edition masterpiece to India for the watch connoisseurs. This watch doesn’t just tell time but redefines it, celebrating Timex’s legacy of quality while embracing the future.”

The Giorgio Galli S2Ti redefines sophistication, seamlessly blending contemporary design with exceptional durability. It’s crafted with a light and compact 38mm titanium case reinforced by a forged carbon fiber mid-case and crowned with a domed, anti-reflective sapphire crystal that spans edge-to-edge. The clean and modern dial is finished in titanium satin and elevated with an impeccably polished silver-tone handset and an applied stainless-steel ring hour track that’s simply notched to mark the hours.

IIT Roorkee, 29 01, 2025: The historic halls of IIT Roorkee, one of India’s oldest and most prestigious institutions with a 178-year-long legacy of excellence, came alive as the Virasat Festival 2025 commenced with grandeur. Hosted by SPIC MACAY IIT Roorkee Chapter, the festival is a two-week-long celebration of India’s rich cultural and artistic heritage. The opening ceremony also marked the beginning of a three-day zonal convention designed to promote the timeless essence of India’s traditions.

The event’s highlight was a mesmerizing puppetry performance by Padma Shri awardee and renowned puppeteer Dadi Pudumjee. His artful presentation captivated the audience, embodying the power of storytelling through India’s traditional performing arts.

While inaugurating the festival, Dr. Kiran Seth, Founder of SPIC MACAY, joined National Chairperson Mr. R.M. Tiwari, Dean of Student Welfare (DoSW) Prof. Barjeev Tyagi, and Faculty Advisor Prof. Ram Manohar Singh in expressing their enthusiasm for the event.

The Director of IIT Roorkee, Prof. Kamal Kishore Pant, extended his support for the festival through a statement, “At IIT Roorkee, we take immense pride in fostering a vibrant platform for celebrating the cultural and artistic diversity of India. Virasat Festival reflects our commitment to holistic development by blending academics with the preservation of our rich heritage.”

Adding to the vibrant inaugural evening, Padma Shri Dadi Pudumjee shared his thoughts, “Through puppetry, I aim to connect generations with India’s folklore, traditions, and timeless narratives. Performing at IIT Roorkee, an institution steeped in heritage, adds a profound dimension to this art form.”

Dr. Kiran Seth, Founder of SPIC MACAY, shared his vision for the festival, “The true purpose of education is not just to impart knowledge but to create sensitive human beings who appreciate beauty, harmony, and the deeper values of life. Virasat is a step toward enriching young minds with the profound wisdom of India’s cultural and spiritual traditions. IIT Roorkee, with its long-standing legacy of academic excellence and holistic development, provides the perfect platform for such a celebration, fostering an environment where students can connect with both modern knowledge and timeless cultural values.”

National Chairperson of SPIC MACAY, Mr. R.M. Tiwari, highlighted the significance of the event, “The Virasat Festival is a tribute to India’s cultural brilliance, and IIT Roorkee’s active involvement reflects the synergy between our academic institutions and the preservation of heritage. It is inspiring to see young minds immersing themselves in our artistic and philosophical legacy.”

The three-day zonal convention will immerse participants in yoga sessions, traditional craft workshops, shramdaan (community service), and interactive discussions, creating an ashram-like experience on campus. These activities embody SPIC MACAY’s vision of nurturing self-discovery and deeper connections with Indian philosophy and culture.

The inaugural event concluded with an air of inspiration as students, faculty, and guests eagerly anticipated the enriching cultural immersion that Virasat 2025 promises.

The Virasat’25 Festival promises to be a vibrant celebration of India’s cultural diversity and rich heritage. From the captivating puppetry performance by Shri Dadi Pudumjee to the soulful Carnatic violin recital by Vidushi A. Kanyakumari, the festival offers an unparalleled opportunity to experience the essence of India’s classical arts. The various workshops, including Tabla, Kuchipudi, and Mata Ni Pachedi, alongside thought-provoking movie screenings, talk sessions and a heritage walk, provide a comprehensive exploration of India’s artistic traditions. With events running from January 27 to February 9, 2025, Virasat’25 is set to be a remarkable journey through the country’s timeless cultural legacy.

CHENNAI: Federal Bank announced the Financial Results for the quarter ended 31^st December 2024. The key highlights of the results are as follows:

The Bank has delivered its highest-ever operating profit, achieving a remarkable ₹1,569.46 crore. The Bank’s sustained focus on growth and operational excellence has also led to an impressive financial trajectory, highlighted by the following key metrics:

• Operating Profit: Highest ever at ₹1,569.46 crore.
• Net Interest Income: At an all-time high of ₹2,431.34 crore, reflecting a 14.50% YoY growth.
• Fee Income: Witnessed a strong 21% YoY growth.

The Bank has achieved its best asset quality performance in over a decade, reflecting its robust risk management framework and commitment to financial prudence. Key highlights are:

• Gross Non-Performing Assets: Reduced to 1.95%.
• Net Non-Performing Assets: Declined to 0.49%.
• Provision Coverage Ratio: Strengthened to 74.21%.

The Bank continues to demonstrate strong business momentum, with substantial year-on-year growth across deposits, advances, and key product categories. Highlights of the Bank’s performance include:

• Total Deposits: Increased by 11% YoY, reflecting strong customer trust and engagement.
• Total Net Advances: Achieved a growth of 16% YoY, driven by focused lending strategies.
• Average CASA: Grew by 11% YoY, underlining the strength of the Bank’s core business engine
• NRE Deposits: Registered a solid 10% YoY growth, showcasing the Bank’s popularity among non-resident customers.
• Credit Cards: Expanded by 24% YoY, reflecting enhanced customer adoption.
• Commercial Vehicle/Construction Equipment (CV/CE) and Micro Advances: Delivered robust growth of 39% and 50% YoY, respectively.

Management Commentary

Mr. KVS Manian, MD & CEO stated “This quarter has been pivotal for us as we strategically reoriented both the asset and liability sides of our balance sheet, addressing fundamental aspects to position the Bank strongly for the future. We have chosen to focus on granular retail deposit growth instead of high value, expensive deposits. We have also consciously avoided low yielding or high-risk assets for the sake of growth. Notwithstanding this disciplined approach, we have achieved a year-on-year growth of 15% in advances and 11% in deposits, positioning us competitively within the sector. We achieved this with minimal disruption. Our asset quality has reached its strongest levels in a decade. In alignment with our commitment to building a robust foundation, we have undertaken accelerated provisioning for certain riskier asset classes this quarter. We remain steadfast in our focus on building a high-quality franchise that delivers value to all stakeholders whether through superior customer service and relationships, an enhanced employee proposition, or consistent and sustainable earnings quality. As we look ahead, we are optimistic about future opportunities and confident in our ability to create enduring value for all our stakeholders.”

WORKING RESULTS AT A GLANCE

 Strong Growth and Resilient Balance Sheet Performance

The Bank continues to demonstrate strong growth and resilience, with the total business of the Bank reaching ₹4,96,744.97 crore as of 31st December 2024, reflecting a robust year-on-year growth of 13.21%.

• Deposits: Total deposits increased from ₹2,39,591.16 crore as of 31st December 2023 to ₹2,66,375.43 crore as of 31st December 2024.
• Advances: On the asset side, net advances grew from ₹1,99,185.23 crore as of 31st December 2023 to ₹2,30,369.54 crore as of 31st December 2024. Key segments contributing to this growth include:
  • Retail Advances: Up by 13.00%, reaching ₹73,498.54 crore.
  • Business Banking Advances: Increased by 13.21% to ₹18,923.18 crore.
  • Commercial Banking: Registered a substantial growth of 24.76%, reaching ₹25,880.00 crore.
  • Corporate Advances: Achieved a 7.62% growth, totalling ₹77,464.94 crore.
  • Commercial Vehicle/Construction Equipment Advances: Recorded outstanding growth of 38.53%, reaching ₹4,235.00 crore.

Globe Textiles, a leading name in the textile sector offers existing shareholders and new investors a unique opportunity to participate in the company’s steady growth journey by participating in its rights issue.

Below are the key details:

• Closing price: ₹ 3.84 closing price on 28th January 2025
• Right issue price: ₹ 3 per share
• Right Entitlement: 1 share for every 2 shares held
• Rights Issue Opening Date: January 24, 2025
• Rights Issue Closing Date: February 6, 2025
• Renunciation of Rights Entitlement Period: January 24, 2025, to January 31, 2025
• Record Date: January 17, 2025
• Rights Issue Size: ₹ 4,504 lakhs

The Rights Issue shares offered at a favorable price of ₹3 compared to the current market price of ₹ 3.84 closing price as of 28th January 2025, present an appealing opportunity for investors seeking to invest in this potential stock. Investors can buy any portion of Rights Issue at ₹3 per share, offering a strategic and cost-efficient way to gain exposure to a steadily growing company.

The offer is already attracting significant interest, showcasing its strong appeal to investors. The subscription window for Global Textile RE (Rights Entitlement) will remain open from January 24 to January 31, 2025. The record date was January 17, 2025.

As a dynamic and resilient player in the textile industry, Globe Textiles has consistently showcased its adaptability to market trends and its commitment to delivering sustainable performance.

Speaking about the rights entitlement Mr. Bhavik Parikh, Chairman and Managing Director of Globe Textiles states “The Company is poised for growth in the upcoming year, focusing on key investments in infrastructure, research and development, product innovation, and market expansion to sustain its progress and enhance profitability. The Rights Issue offers investors a great opportunity to increase their stake and be part of the Globe Textiles growth journey. This initiative underscores our commitment to delivering long-term value for all stakeholders while seizing opportunities for future growth.”

Globe Textiles aims to raise ₹4,504 lakhs from the Rights Issue. The funds to be raised are strategically earmarked for critical business objectives, including expansion initiatives, and enhancing working capital leading to further growth of the company. These measures are aimed at strengthening the company’s operations, fostering innovation, and paving the way for future growth.

For the six months ended September 30, 2024, the company achieved a remarkable Net Profit of ₹652 lakhs, surpassing the ₹575 lakhs recorded for the entire FY2023-24. Additionally, for the quarter ended September 30, 2024, the company reported a significant 102.20% increase in Net Profit, reaching ₹380.76 lakhs compared to ₹188.31 lakhs in the same period of the previous financial year. This robust performance underscores the success of the company’s strategic initiatives aimed at driving revenue growth, improving profitability and expanding its market share.

The above performance also highlights the positive impact of Globe Textiles’ strategic acquisition of a 70% stake in Globe Denwash, a company renowned for its expertise in sustainable denim washing and finishing. Globe Denwash employs advanced sustainable processing techniques that significantly reduce energy consumption and incorporate a Zero Liquid Discharge system to maximize water recycling this acquisition has significantly bolstered Globe Textiles’ presence in key international markets, including the UK, US, Europe, and other regions that prioritize partnerships with sustainability-driven organizations.