Archives February 2025

Mr Anand Mahindra, Chairman, of Mahindra Group, today arrived at Invest Karnataka 2025 in the striking new BE6 – a moving embodiment of the group’s bold ambitions in the state.

Chandigarh, 12th February 2025: Cosmo First Limited today declared its financial results for the quarter ended Dec 2024.

The improvement in EBIDTA from Q3, FY24 is backed by higher specialty sales, enhanced volume and better BOPP and BOPET film margins. The Company has reached speciality sales of 73% of total volume in Q3, FY25 and 71% in Dec 2024 YTD basis as against 64% in FY24.

BOPET vertical (about 15% of Company’s sales for Q3, FY25) has also witnessed better margins and posted EBITDA in mid-teens during Q3, FY25.

The Net Revenue and margins are lower in Q3’FY25 from Q2’FY25 due to temporary break-down in one of the lines causing volume loss of 5%. BOPP Film margin has also witnessed pressure for few weeks in Q3, FY25 with some capacity commissioning in domestic industry though recovered due to strong demand. The BOPP base film margins are expected to remain subdued in FY26 due to expected capacity addition in the domestic industry. Q2’FY25 also had one time income of 9 crores due to property sales and tax incentives.

The Specialty Chemical subsidiary is advancing well to achieve high teens EBITDA and 30%+ ROCE in FY25.

Ms. Yamini Kumar (Jaipuria) has been appointed as Whole time Director (Corporate Strategy, ESG & CSR) for 5 years. The appointment will take effect from the date of allotment of DIN by Ministry of Corporate Affairs.

Commenting on Company’s performance Mr. Pankaj Poddar, Group CEO, Cosmo First Ltd said “For Film business, the Company’s focus remains on specialty film, expanding in international geographies, faster scaling up of new capacities and cost rationalization opportunities. Growth projects (BOPP Film line, CPP line and Sun-control Film) are expected to add to the topline and bottom-line from FY26. In Zigly, we have launched multiple Private labels and enhanced our Vet care services which favourably impacted topline and margins in Q3. The Rigid Packaging vertical shall start making positive EBIDTA from FY26.”

Chandigarh, February 12, 2025: Black Box Limited (BSE: 500463) (NSE: BBOX), a leading digital infrastructure solution provider, announced its results for the quarter and nine months ending 31st December 2024. The Company’s focus on continuous improvement and enhanced productivity measures led to significant growth YoY in both EBITDA and PAT.

Revenue for Q3FY25 stood at INR 1,502 crore, compared to INR 1,655 crore in Q3FY24. For 9mFY25 revenue stood at INR 4,422 crore compared to INR 4,801 crore in 9mFY24. Revenue was predominantly affected due to a subdued order book as a result of delayed decision-making with some of our large customers coupled with the company’s strategy to exit the tail customers. However, the company’s pipeline for digital infrastructure, across industry verticals including hyperscalers, continues to grow, positioning Black Box for sustained growth and market leadership. Order book stood at US$ 465 million (approx. INR 3,900 crore) as of December 2024.

The Company reported robust quarterly and nine-month EBITDA and PAT. EBITDA for the quarter was INR 134 crore, reflecting a growth of 15% YoY. For 9mFY25, EBITDA grew by 25% YoY and stood at INR 384 crore. EBITDA margins for Q3FY25 improved by 130 basis points YoY to 8.9% whereas for 9mFY25, EBITDA margins improved by 230 bps YoY and stood at 8.7%. The EBITDA margins improved due to better efficiencies and improved productivity.

Profit after tax for Q3FY25 stood at INR 56 crore, the highest ever, growing by 37% YoY and 10% QoQ. For 9mFY25, PAT increased to INR 144 crore, reflecting a growth of 49% YoY. PAT margins improved by 120 bps YoY and stood at 3.7% in Q3FY25 whereas for 9mFY25 PAT margins stood at 3.3%, reflecting a growth of 130 bps YoY. Strong operating performance has resulted in better profitability, despite higher exceptional items.

Black Box is capitalizing on the accelerating demand for digital infrastructure, particularly in the context of AI adoption. Recently, the company was awarded three large U.S. sites by one of the world’s leading hyperscalers for new data center build-outs, along with orders worth INR 250 crore. With hyperscalers significantly increasing their capital expenditure—projected at US$ 325 billion in 2025, a 55% year-over-year rise—Black Box is well-positioned to support the next-gen digital infrastructure powering AI and AI-driven models. These innovations are expected to accelerate IT infrastructure demand, driven by industries’ growing reliance on AI technologies for improved operational efficiencies and user experiences.

In addition to its hyperscaler engagements, Black Box is expanding its footprint across various sectors. Recent wins include an INR 100 crore cybersecurity project for a major municipal corporation, a global telecom network integration, and an INR 45 crore order for an airport. Black Box anticipates sustained demand for digital infrastructure across sectors, driven by the need for improved end-user experiences.

Black Box remains focused and committed to building the next-generation digital infrastructure for its global clients as it sees this decade as the era of a highly digital world, offering a sustained business growth opportunity.

Commenting on the results and performance Mr. Sanjeev Verma, Whole Time Director, Black Box said, “The rapid advancements in AI and the ongoing developments in this field are expected to drive a global surge in demand for AI tools across businesses. This, in turn, will accelerate the need for robust digital infrastructure. As a result, hyperscalers are making significant capital investments in AI infrastructure and data centers, reinforcing our confidence in reaching our growth target of US$2 billion in revenue by FY29.”

Mr. Deepak Kumar Bansal, Executive Director and Global Chief Financial Officer of Black Box, commented, “Our relentless focus on improving operating performance allowed us to achieve highest ever quarterly PAT. The company has, over the last few years, consistently generated strong ROE and ROCE, and remains committed to generating positive cash flows and better returns for the shareholders. Better efficiencies and productivity helped us in achieving stronger than estimated margins.”

Chandigarh, February 12, 2025: Nadir Godrej, Chairperson of the Godrej Industries Group, visited the World Economic Forum’s annual meeting in Davos recently, where he offered his insights on a range of topics from Artificial Intelligence (AI) and agriculture to climate change.

Mr. Godrej sounded an optimistic note on AI technology, highlighting its potential to be used as a force for good.

AI can be used in agriculture, he said, to catch disease and pest outbreaks early or analyze soil and crop conditions so farmers can better calibrate nutrient and fertilizer use.

In this way, it can help boost farmland productivity so that farmers can grow enough food to feed the world’s surging population. This is especially crucial at a time when climate change has made it harder than ever for them to grow that food.

Satellites can be used to photograph large tracts of land, he said. AI can then be deployed to study those photographs to determine early on whether there is an outbreak and what sort of outbreak it is, empowering farmers to take action before any disease or pest attack has had a chance to spread.

AI can similarly help analyze soil and crop health helping farmers gauge the timing and quantity of inputs like nutrients and fertilizers, avoiding overuse which can be damaging.

Mr. Godrej also addressed the thorny question of whether AI is going to take away human jobs. He compared the advent of artificial intelligence to other game-changing technological breakthroughs of the past, which resulted in productivity increases and ultimately created more jobs and opportunities.

While bullish on AI’s potential, Mr. Godrej sounded a note of caution saying AI needed to be used ethically. He advocated for a system of checks and balances to guard against any misuse.

Vedanta’s demerger received another endorsement as five leading proxy advisory firms issued reports recommending shareholders vote in favor of the company’s proposed demerger, which would eventually create five separate listed entities. The voting process for shareholders and creditors will occur electronically from Feb. 13 to Feb. 17, ahead of the respective meetings scheduled for Feb.18.

Proxy advisors that have issued the reports include US-based Institutional Shareholder Services Inc (ISS), Glass Lewis, along with Indian firms Institutional Investor Advisory Services (IiAS), InGovern and Stakeholder Empowerment Services (SES).

The demerger will eventually result in five listed entities: Vedanta Aluminium, Vedanta Oil & Gas, Vedanta Power, and Vedanta Iron & Steel, while certain existing and upcoming businesses will remain under Vedanta Ltd. The demerger will likely be completed by July.

Acknowledging Vedanta’s rationale that the demerger will help create independent global-scale companies, US-based ISS noted that Vedanta’s existing shareholders will get shares in each of the newly listed entities, resulting in no dilution. It said, “Shareholders of the company would continue to participate in the growth prospects of the four businesses through their direct equity interest upon completion of the scheme. The shareholding of [the resulting four companies] each will mirror the shareholding of the company. Each of these companies will eventually get listed on the two stock exchanges [NSE & BSE]. Given the above considerations and the sound strategic rationale behind the demerger…. this resolution warrants shareholder support.”

Proxy advisor Glass Lewis said in its report that the one-to-one share exchange ratio ensures that shareholders will not experience any adverse economic effects from the eventual listing of the demerged entities. It also added that Vedanta’s management and the board are in the best position to determine what operational decisions are best in the context of the company’s business.

InGovern expects Vedanta’s minority shareholders to benefit as existing shareholders will get shares in the demerged entities. “Minority shareholders will effectively increase their total number of shares across multiple entities, potentially enhancing their overall investment value as these companies grow independently,” InGovern said in its report. “Given the clean swap of shares, which is beneficial for the minority shareholders as well as for the growth of all the companies, we recommend shareholders vote FOR this scheme of arrangement,” it added.

SES, too, observed in its report that the proposed valuation and overall distribution under the demerger is fair. “Effectively, pursuant to the demerger, these resulting companies shall create a mirror image of Vedanta’s shareholding pattern since all of them are wholly-owned subsidiaries of the company, and subsequently its shares shall be publicly listed. Additionally, the company has adequately justified the rationale for the Scheme. Therefore, no concern is identified with respect to the proposed scheme for demerger,” it said.

Mumbai-based Institutional Investor Advisory Services (IiAS) also backed the demerger. As per IiAS, the proposed scheme of arrangement will result in unlocking the value of the four resulting companies. “The shares of the [four] resulting companies…. will be listed on the stock exchanges with mirror shareholding. Therefore, the economic interest of shareholders remains unchanged. Hence, we support the transaction,” the firm said in its report.

Brokerages are also bullish on Vedanta’s demerger. In its recent report on Jan. 31, Nuvama maintained a “Buy” rating on Vedanta with a target price of INR 663. “We expect demerger of the business to be likely conclude by end-Q1FY26 as Vedanta seeks lenders’ and equity shareholders’ approval on 18th Feb 25,” it said.

Chandigarh, 12th February, 2025—Kalyani Strategic Systems Limited (KSSL), a subsidiary of Bharat Forge Limited (NYSE: BFL) and L3Harris Technologies (NYSE: LHX) signed a Memorandum of Understanding (MOU) for wider collaboration in supporting advanced defense and security equipment in India.

Under the two-year agreement, both companies will work in close collaboration to provide solutions for mutually agreed opportunities in Command, Control, Communications, Intelligence, Surveillance and Reconnaissance (C4ISR) technologies. The MOU provides L3Harris with a strong, local partner to support tactical communications network development in India, extending an existing global install footprint of more than 1 million fielded radios across U.S. Department of Defense and allied inventories.

“This MOU sets the stage for future partnerships and opportunities in India, where the combined strengths of L3Harris and KSSL can contribute to bolster national security for the country,” said Dave Johnson, Vice President, International, L3Harris. “We are excited to move forward and increase our delivery speed in advanced tactical radios and equipment to the Indian Armed Forces.”

The U.S.-India Defense Industrial Cooperation encourages both parties’ support of advanced defense technologies, capabilities and equipment. The MOU is designed to foster collaboration in defence technologies, with a framework for innovation that benefits both L3Harris and KSSL.

“This collaboration unlocks new strategic capabilities and will lead to harnessing new opportunities for quick delivery of sophisticated defense products to the Indian Armed Forces,” said Neelesh Tungar, President & CEO, of KSSL. “Aligned with the evolving doctrines and emerging warfare paradigms, this collaboration between KSSL and L3Harris is aimed at serving future strategic requirements, including joint and integrated ISR capabilities.”

While focusing on the Indian market, the collaboration also seeks to establish robust and resilient supply chains outside India for global obligations.

L3Harris has operated in India for more than 21 years, with facilities in New Delhi and Bengaluru. In addition to providing the Indian Armed Forces with sophisticated tactical radios and manned airborne electro-optic/infrared systems, the company provides Futuristic Telecommunications Infrastructure for all Indian airports in partnership with the Airport Authority of India.

Chandigarh, 12th February 2025: Axis Bank, one of the largest private sector banks in India, has launched a series of impactful initiatives at Kumbh Mela in Prayagraj to create a seamless and secure experience for millions of devotees attending the sacred event. Recognizing the scale and significance of one of the world’s largest religious gatherings, the Bank has integrated on-ground assistance, financial accessibility, and large-scale awareness programs to empower millions of pilgrims in both physical and digital realms.

The Bank is going beyond traditional to offer a series of service-driven initiatives to prioritize pilgrim welfare, digital security, and sustainable solutions.

1. Awareness Drive on Cybersecurity: SanskritPassword.com & DevanagariPIN.com

With increasing cyber threats, Axis Bank recently introduced SanskritPassword.com, a platform that leverages the complexity of Sanskrit to generate secure passwords, thereby reducing vulnerability to cyberattacks. To spread awareness around the platform, the Bank has organized live demonstrations and distribution of QR code-enabled keychains at the Mela that link users to the website, simplifying secure password creation. This initiative, running for 25 days across Axis Bank branches and designated kiosks, aims to educate pilgrims on digital safety.

Additionally, Axis Bank has introduced DevanagariPIN.com, an innovative tool to enhance banking security. This tool allows users to create personalized and secure PINs by converting meaningful words into numerical codes using the Devanagari script.

2. On-Ground Assistance: Help Desks at Axis Bank Branches

Further strengthening its on-ground support, Axis Bank has set up dedicated help desks across its 11 branches in Prayagraj. These desks serve as a key resource for pilgrims, guiding navigation within the Mela, financial assistance including currency exchange, and general information to enhance their overall experience.

3. Deployment of Mobile ATM Van & Cloth Bag Vending Machines –

Axis Bank has deployed a Mobile ATM Van within the Mela area, enabling easy access to cash withdrawals, currency exchange, and coin distribution. Operated directly from the Bank’s currency chest, this initiative will ensure seamless financial accessibility for devotees.

Additionally, to promote sustainable practices at Mela, Axis Bank has partnered with Nagar Nigam Prayagraj to install four cloth bag vending machines at high-footfall areas, encouraging devotees to choose eco-friendly alternatives for carrying essentials.

4. Driving Digital Awareness: Collaboration with RBI for CBDC Education –

In collaboration with the Reserve Bank of India (RBI), Axis Bank is also participating in a five-day awareness drive on Central Bank Digital Currency (CBDC) where two Bank representatives are stationed at the RBI camp within the Mela to educate the devotees on digital currency and fraud prevention measures.

5. Protecting Pilgrims from the Cold: Woollen Cap Distribution –

As part of its efforts to support devotees in challenging winter conditions, Axis Bank is distributing 80,000 woolen caps at strategic locations in Kumbh Mela, including ghats, akharas, bank branches, and kiosks. A dedicated team of the Bank is overseeing distribution to ensure maximum reach.

Speaking about these initiatives, Arnika Dixit, President & Head of branch Banking, at Axis Bank said, “It is an absolute honor for Axis Bank to serve the millions of devotees attending Kumbh Mela 2025, a gathering that embodies faith, devotion, and the collective spirit of togetherness. At Axis Bank, we believe that true service goes beyond transactions—it is about enabling experiences, fostering security, and empowering every devotee who embarks on this spiritual journey. With these initiatives, we continue to uphold our commitment to financial inclusion, digital empowerment, and community welfare, making the Kumbh Mela 2025 experience safer, more convenient, and spiritually enriching for millions of pilgrims.”

By integrating financial accessibility with on-ground assistance, digital security, and sustainable solutions, the Bank is ensuring that devotees can focus on their spiritual journey without concerns about safety or convenience. As millions gather for this sacred occasion, Axis Bank remains steadfast in its mission to support and empower communities, reinforcing its role as a trusted partner in moments that truly matter.

Chandigarh, February 12, 2025: Axis Bank, one of the largest private sector banks in India, today announced the introduction of a first-of-its-kind feature that enables customers to open Fixed Deposits (FDs) with its mobile application, using funds from their non-Axis Bank accounts via UPI and Net Banking payment options. Axis Bank is the first private sector bank to introduce this new-age banking feature by leveraging the Account Aggregator ecosystem, thus creating a seamless banking experience for its customers.

With this feature, Axis Bank’s ETB (Existing-To-Bank) customers with valid KYC can open a Fixed Deposit with funds from their other bank accounts through UPI or Net Banking payment options. The FD opening will be processed after successful payment completion and receipt of funds from the payment gateway service provider.

This new feature highlights Axis Bank’s adoption of open banking principles, eliminating barriers like payee addition, fund transfers between accounts, and separate FD opening steps. This process enables customers to digitally invest in Fixed Deposits with Axis Bank at attractive interest rates and higher returns, where availability of funds in their Axis Bank Savings account is no longer a constraint.

Speaking on this launch, Sameer Shetty, President & Head – Digital Business & Transformation, Axis Bank, said, “Axis Bank believes in the power of ‘OPEN’ Banking and we have been continuously investing in digital-first products that reimagine customer propositions. In this endeavor, we are excited to introduce this new feature that empowers customers to seamlessly invest in Axis Bank Fixed Deposits directly with funds from other banks. This proposition offers a hassle-free banking experience and provides convenience to customers by eliminating the step of transferring funds from one account to another before opening an FD. We believe this is transformational and a step further towards the future of banking.”

“UPI together with Account Aggregator framework makes a powerful proposition, which is scaling up rapidly in India. Axis Bank has leveraged this ecosystem to offer a seamless customer-friendly experience for booking Fixed Deposits.” Sameer further added.

Chandigarh, Feb 12, 2025: In a significant recognition of its ongoing focus on innovation and smart practices, Tata Power’s distribution arm in the National Capital, Tata Power Delhi Distribution Limited (Tata Power-DDL) which supplies electricity to a populace of around 9 million in North & Northwest part of Delhi, has been ranked among the top 10 power utilities globally in the Smart Grid Index 2024. The 2024 Smart Grid exercise evaluated 92 Utilities across 36 countries/ markets recognizing global best practices in Smart Grid Deployment. The recognition reflects the company’s commitment to driving the future of India’s power distribution sector.

These utilities were evaluated and ranked based on 7 critical parameters – Monitoring & Control, Data Analytics, Supply Reliability, DER Integration, Green Energy, Security, and Customer Empowerment and Satisfaction.

In the evaluation process, Tata Power-DDL achieved an impressive score of 83.9%. The company performed exceptionally well on four key parameters – Monitoring & Control, Green Energy, Security, and Customer Empowerment & Satisfaction, making it the only Indian discom ranked among the top 10 globally.

As a future-ready utility, Tata Power stands committed to shaping the future of electricity distribution in the country. These rankings highlight the company’s strategic vision of integrating cutting-edge technology with sustainable practices to enhance grid reliability and customer satisfaction.

Tata Power through its Discoms in Delhi, Odisha, Ajmer, and Mumbai is serving 12.5 million consumers (a populace of over 5 crore) and is continuously striving to integrate multiple cutting-edge technologies and best practices that enhance operational efficiency, reliability, and customer satisfaction.

Chandigarh, February 12: With Valentine’s Day just around the corner, Kalyan Jewellers, one of India’s largest and most trusted jewellery brands, is making celebrations extra special with an exclusive limited-period offer of 10% off on Valentine’s Day collections. In addition to that, there’s a 50% off on making charges across all products till February 9.

This limited-period offer underscores Kalyan Jewellers’ commitment to enhancing customer experiences and catering to India’s deep-rooted sentiments around love and auspicious gifting. Their extensive range of designs ensures that every purchase is a statement of beauty and quality.

Kalyan Jewellers’ Polki and natural diamond collections are a must-see this Valentine’s season. Featuring intricately crafted designs inspired by traditional Indian artistry, the Polki collection showcases the beauty of uncut diamonds in breathtaking patterns. From regal necklaces to elegant earrings, these statement pieces blend heritage into one’s contemporary style. Coming to natural diamonds, are the perfect symbol of everlasting love. Whether it’s a gift for a special someone or a treasured addition to your collection, the Polki and natural diamond range promises unmatched elegance and sophistication.

Celebrate the season of love with Kalyan Jewellers and make every moment unforgettable with jewellery that speaks from the heart.