Month: October 2024

• Acquires Retail Lending business of Paisabuddy Finance Private Limited and Sureworth Financial Services Private Limited
• Choice Finserv total AUM to increase from ₹457.68 crore to ₹801 crore including off book AUM
• Branch network to increase from 71 to 168 locations across Rajasthan, Gujarat, Madhya Pradesh, Maharashtra, Uttar Pradesh and Delhi NCR
• Employee strength to increase from 536 to 1,180
• Strategic move enhances MSME lending, and strengthens focus on green finance.

Choice Finserv Pvt Ltd, the NBFC arm of Choice International Limited, today announced the acquisition of retail lending business of Paisabuddy Finance Private Limited and Sureworth Financial Services Private Limited. This strategic move significantly expands Choice Finserv's presence in the retail loan segments as well its assets under management (AUM). These acquisitions will be done under a slump sale transaction which will be subject to requisite approvals.

The acquisition encompasses the retail loan portfolios, team size, operations, and infrastructure of both the Jaipur-headquartered companies. Paisabuddy Finance, an established MSME lender across Rajasthan, Gujarat and Madhya Pradesh (MP), will bring in a portfolio of ₹278.54 crore AUM, while Sureworth Financial Services, which specializes in MSME loans and Affordable Housing Loans, adds ₹65.38 crore AUM to Choice Finserv, taking the total AUM to ₹801.6 crore, including off-book AUM.

The acquisition also aligns with Choice Finserv's commitment to sustainable finance, as the company plans to expand its green finance initiatives, including funding for rooftop solar projects and electric vehicles.

The integration will expand Choice Finserv's branch network from 71 to 168 locations across Rajasthan, Gujarat, and Madhya Pradesh, Maharashtra, Uttar Pradesh and Delhi NCR, while growing its workforce from 536 to 1,180 employees. This will strengthen the company's ability to cater to the underserved markets with focused MSME lending and retail loan products.

“We are delighted to acquire the retail lending business of Paisabuddy Finance and Sureworth Financial Services into the Choice family. These additions represent a pivotal moment in our journey to deepen financial inclusion and provide comprehensive solutions to MSMEs and retail customers. In one fell swoop, we will be enhancing our AUM by 75% and by integrating their operations with ours, we are expanding our geographical presence and solidifying our focus on bridging the credit gap for underserved communities,” said Mr. Arun Poddar, Group CEO, Choice International Limited.

“We are excited to join hands with these two organizations. The integration of their retail lending business with our existing platform will not only expand our market reach but also streamline our operations, driving greater efficiency and improved service delivery,” added Mr. Vijendra Shekhawat, CEO of Choice Finserv Pvt Ltd.

One97 Communications Limited (OCL) that owns the brand Paytm, India’s leading payments and financial services distribution company and the pioneer of QR, Soundbox and mobile payments, has gone live with the onboarding of new UPI users on the Paytm app. This comes after the Company received approval from the National Payments Corporation of India (NPCI) on October 22, to onboard new UPI users.

Paytm spokesperson said, “As the pioneers of mobile payments in India and a homegrown champion, we remain committed to investing in payments. We see a tremendous opportunity on the consumer side with UPI, and are dedicated to bringing the best in innovation for users.”

With this, users will be able to create new UPI IDs on the Paytm app, by seamlessly linking their bank account(s) to the Paytm app for super fast payments. The Company offers this in partnership with leading banks, including SBI, HDFC Bank, Axis Bank, and Yes Bank. 

Here’s a step-by-step guide on how to create your UPI ID on Paytm and start enjoying hassle-free, secure payments.

1. Enter Mobile Number

Open the Paytm app and enter your mobile number to get started. Verify it using the OTP sent to your number.

2. Link Your Bank Account

Select the option to link your bank account to activate Paytm UPI. This will enable you to send and receive money seamlessly.

3. Choose Your Primary Bank Account

From the list of linked bank accounts, choose the one you want to use as your primary account for UPI transactions.

4. You're Done

Once you’ve selected your bank account, your UPI ID is created. You can now use your UPI ID to send or receive money instantly through Paytm. Your UPI ID will be created with one of the following: @pthdfc, @ptaxis, @ptsbi, or @ptyes.

On the Paytm app, users can seamlessly make payments to any merchant or individual, facilitating Peer-to-Peer (P2P) transfers between bank accounts and other UPI apps, thereby enabling interoperability. Additionally, Paytm offers UPI Lite for small transactions under ₹2,000 daily, ensuring uncluttered bank statements. Users can also link their RuPay Credit Card with UPI and utilize the auto-pay feature for effortless bill payments. Moreover, they can check their bank account balances and make self-account transfers with ease.

As the pioneer in mobile payments, Paytm continues to innovate with its revolutionary Paytm soundbox, card machines, and various other solutions tailored for merchant payments, reinforcing its commitment to enhancing the payment experience for everyone.

The Bahujan Samaj Party (BSP) is committed to the struggle for the inclusion of Dalit Christians in the Scheduled Caste (SC) list, said Dr. Poornachandra Rao, IPS, the party's state coordinator and retired DGP. Speaking at a state-level roundtable meeting organized by the Christian Coordination Council in Vijayawada on Wednesday, he criticized the governments for undermining the prolonged struggles, by establishing committees that failed to deliver results.

IPS officer K. Baburao (Retd. Addl. DG), Rev. Dayapathra (AICC President, Tamil Nadu), Dr. Tennet Jayaraju (noted author), Bishop K. Shanti Sagar (Independent), Advocate Rev. Karanam Tirupatirao (High Court), and Bokka Georgimuller (National Christian Council state president), along with pastors and religious leaders from across the state participated in the round table.

Titan is transforming the smart wearable industry with the launch of the Crown Collection, a premium range of smartwatches that seamlessly blends technology and contemporary craftsmanship. Just in time for the festive and wedding season, this collection goes beyond health tracking, elevating your style to match the occasion. The Crown Collection delivers a bold fusion of style and innovation, catering to those who demand the perfect blend of fashion and high-tech functionality in their everyday lives.

The Crown Collection marks a significant milestone in Titan Smart's step towards premium smartwatches, offering a fusion of stainless steel built with contemporary designs and advanced technology. Perfect for any occasion, it offers both style and health insights. The collection is focused on bringing products that are thoughtfully designed to match for fashion and festive attire with daily work wear. For the female segment, the brand offers two significantly different products – Elixir and Valerie.

Elixir comes with diamond cut faceted glass design with ceramic infused bracelets starting at ₹13,995.  Valerie has crystal studded design with 18mm mesh and an additional silicone strap, starting at ₹9,995. Both the smartwatches come with features like SOS calling, BP and skin temperature monitoring with superior AMOLED Display.

For the male segment, both the smartwatches focus on giving an in-depth understanding of the body vitals but is also a fashionable accessory complements any occasion be it work wear, special event or a traditional attire. Titan Maestro, starting at ₹13,995 with full stainless-steel construction gives a surgical grade metal bezel along with superior feature like 3D menu styles, customizable UI and Super AMOLED display. With an additional silicone strap and up to 10 days’ battery life, it is truly designed for young Indian consumers. Titan Heritage is a true masterpiece representing the brand’s 40 years of legacy with an unmatched balance of smart technology and full stainless-steel design, this timepiece exudes class.  Starting at ₹11,995, the smartwatch comes with a crystal-clear AMOLED display, theme-based customizations, Dynamic UI experiences with integrated strap design for seamless look.

Seenivasan K, Chief Sales & Marketing Officer, Wearables – Titan Company Ltd., said, “Today’s consumers demand style that’s premium and cutting-edge, blending the timelessness of metal with modern trends. With the launch of the Crown collection this festive season, Titan Smart is setting a new standard, crafting designs that truly matter. From the diamond-cut faceted glass and ceramic-infused bracelet for women to the top-tier stainless steel and advanced tech for men, every detail speaks of unmatched quality and innovation. The collection is a testament to our commitment to excellence and staying ahead of the curve.”

The Titan Smart Crown collection will be available at Titan World, Shopper Stop, Lifestyle, and other authorized multi-brand retail outlets. For online buyers it will be only available at www.titan.co.in.

Experience the future of premium wearables this festive season, where tradition meets technology, only with Titan Smart’s Crown Collection.

Acquisition adds 16.6 MTPA capacity (8.5 MTPA operational, 8.1 MTPA Ready to Execute).

Accelerates Ambuja’s journey to achieve 100+ MTPA operational capacity in FY25

Provides 6 MTPA potential additional capacity in North India, leveraging OCL’shigh quality limestone reserves in Rajasthan

·         Ambuja enters into a binding agreement to acquire 46.8% stake in Orient Cement Ltd (OCL). The acquisition helps to move towards target capacity of 140 MTPA by 2028.

·         OCL has an existing5.6 MTPA clinker and 8.5 MTPA cement operational capacity, 95 MW CPP, 10 MW WHRS, 33 MW Renewable Energy spread across the states of Telangana,Karnataka and Maharashtra.It improves Adani Group’s market share pan-India by 2% in the cement industry.

·         OCL has secured a concession from Madhya Pradesh Power Generating Company Ltd (“MPPGCL”) to set up 2.0 MTPA Cement GU within thepremises of Satpura Thermal Power Station in Sarni, MP.

·         OCLalso has a large high quality limestone mining lease in Chittorgarh, Rajasthan,providing the potential to set up additional 6 MTPA capacity in North India.

·         The acquisition of OCL complements Ambuja’s existing cement footprint, reducing overall lead distancesand logistics costs for the cement business and improving market share in our core markets.

·         Acquisition will be funded through internal accruals,Ambuja remainsdebt free.

Ambuja Cements, the cement and building material company of Adani Cement and part of the diversified Adani Group, today announced the signing of a binding agreement for the acquisition of Orient Cement Ltd (OCL) at an equity value of Rs.8,100crore. Ambuja will acquire 46.8%shares of OCLfrom its current promotersand certain public shareholders.Theacquisitionwillbefullyfundedthroughinternalaccruals.

“This timed acquisition marks another significant step forward in Ambuja Cements’ accelerated growth journey, increasing cement capacity by ~30 MTPAwithin two years of Ambuja’sacquisition,” said MrKaran Adani,Director of Ambuja Cements. “By acquiring OCL, Ambuja is poised to reach 100 MTPA cement capacity in FY25. The acquisitionwillhelp to expand Adani Cement’spresence in core markets and improve its pan-India market share by 2%. OCL’s assets are highly efficient, equipped with railway sidings and well supported by captive power plants, renewable energy, WHRS and AFR facilities. OCL’s strategic locations,high-quality limestone reserves and requisite statutory approvalspresent an opportunity to increase cement capacity in the near term to 16.6 MTPA.”

MrCK Birla, Chairman of Orient Cement and the CK Birla Group, said, “The CK Birla Group is continuously reallocating capital to sharpen its focus on consumer centric, technology driven and service-based businesses. I take pride in Orient Cement’s impressive track record of building premium brands and maintaining a leading market share in the geographies it operates in. We are confident that the Adani Group, with its strong focus on cement and infrastructure, is the ideal new owner to drive continued growth at Orient Cement for our people and stakeholders”.

MsAmita Birla, Co-Chairman, CK Birla Group, added, “Orient Cement has a strong market presence, with sustainability initiatives, particularly in renewable energy, being a significant part of its DNA. I am convinced that Ambuja Cements is the right home for all our colleagues at Orient Cement, as well as our customers.”

OCLhas 5.6 MTPA clinker capacity and 8.5 MTPA cement capacity along with statutory clearance to increase the clinker capacity by another 6.0 MTPA and cement capacity by another 8.1 MTPA. In addition, OCL also has a limestone mining lease in Chittorgarh for setting up an Integrated Unit (IU) with clinker of 4 MTPA and a split Grinding Unit (GU) of 6 MTPA in North India. OCL has also secured a concession from MPPGCL, Madhya Pradesh for setting up a Grinding Unit within the premises of Satpura Thermal Power Plant. Both these complementthe Adani Group’s existing cement footprint.(Refer Annexure – 1 for OCL’s location wise cement capacity and other assetsand Annexure – 2 for Adani Cement’s footprint post-acquisition of OCL.)

OCL has recently commissioned a WHRS in Chittapur IU and is in the final stage of commissioning 16 MW solar in Chittapur and 3.7 MW solar in Jalgaon.OCL’s efficient plants, highly motivated teams, strong balance sheet and well-distributeddealer network will be excellent additions to the Adani Group’s existingcement business. OCL’s existing dealers will move to Adani Cement’s market network, creating formidable synergies.

Ambuja plans to optimize OCL’s overall capacity utilization to enhance its cost andcompetitivenessand improve its operating performance while leveraging the synergies inherent in the existing cement business.

Dr. Venkatesh Pothula highlighted that the Trenza device significantly reduces the risk of complications like brain hemorrhage and provides a more cost-effective and efficient solution to treat brain aneurysms.

Mahindra Logistics Ltd. (MLL), one of India’s integrated logistics & mobility solutions providers, today announced its unaudited consolidated financial results for the quarter and half year ended 30^th September, 2024.

Q2 FY25 (Consolidated) performance compared with Q2 FY24

• Revenue Rs. 1,521 crores as compared to Rs. 1,365 crores.
• EBITDA Rs.66 crores as compared to Rs.54 crores.
• PBT Rs. (5.0) crores as compared to Rs. (8.2) crores.
• PAT loss Rs. 10.7 crores compared to Rs. 15.9 crores.
• EPS (Diluted) Rs. (1.50) as compared to Rs. (2.21)

H1 FY25 (Consolidated) performance compared with H1 FY24

• Revenue Rs.2,941 crores as compared to Rs.2,658 crores.
• EBITDA Rs.133 crores as compared to Rs.120 crores.
• PBT Rs. (7.5) crores as compared to Rs. (7.6) crores
• PAT Rs. (20.1) crores as compared to Rs (24.5) crores.
• EPS (Diluted) Rs. (2.79) as compared to Rs (3.40)

Q2 FY25 MLL Standalone compared with Q2 FY24

• Revenue Rs.1,236 crores as compared to Rs.1,136 crores.
• EBITDA Rs.69 crores as compared to Rs.74 crores.
• PBT Rs.11.6 crores as compared to Rs. 25.6 crores
• PAT Rs.8.5 crores as compared to Rs.18.6 crores.
• EPS (Diluted) Rs. 1.18 as compared to Rs 2.58

H1 FY25 MLL Standalone compared with H1 FY24

• Revenue Rs.2,393 crores as compared to Rs.2,187 crores.
• EBITDA Rs.141 crores as compared to Rs.157 crores.
• PBT Rs.25.3 crores as compared to Rs.56.7 crores
• PAT Rs.18.8 crores as compared to Rs.41.6 crores.
• EPS (Diluted) Rs. 2.60 as compared to Rs 5.76

• Overall Revenues during Q2 FY25 demonstrated a strong growth of 11.5% on YOY across businesses.
• Continued the focus on expanding capacity and making investments in the Eastern and North Eastern region, focussing on warehouses, delivery stations and express logistics. We expect these investments to be accretive to our growth across businesses in the later part of the year.
• The revenues for Freight forwarding the business grew by 65% on YoY basis on the back of improved pricing in Ocean freight.
• The ongoing geopolitical conflicts continue to impact the cross-border market and remain a key monitorable.
• The losses for the Express business were reduced by 32% on YoY basis, driven by continuous cost optimization. The EBITDA losses were also reduced by 10% on QoQ basis. Growth in volumes continues to be a key priority for the business as it progresses towards an EBITDA breakeven.
• 3PL business proactively geared up and built capacity to meet the increased demand during the festive peak in Q3 FY25.
• Warehouse space under management in the 3PL business stood at over 21.6 Mn. Square feet.

Commenting on the performance, Mr. Rampraveen Swaminathan, Managing Director and CEO of Mahindra Logistics Ltd. said,

“During the quarter, we saw strong revenue performance with year-on-year growth of 11.5%.Our 3PL contract logistics, cross border and last mile delivery segments registered strong growth driven by account additions, new offerings and a stable cross border pricing environment. During the quarter, we expanded our offerings for transportation & green logistics. We continue to expand the overall network, with new infrastructure expansions in the east to support warehousing, last mile and express segments, which should help drive future growth. With the upcoming peak in Q3, we have expanded capacity and resources in contract logistics and last mile delivery, having a seasonal impact on operating earnings in the quarter.  A soft demand environment and operating conditions impacted the express business. We believeH2 will be stronger driven by the festive peak and impact of margin improvement programs across all the businesses.”

Google Cloud AI to enhance Honeywell’s product offerings and help upskill the industrial workforce

New solutions will connect to enterprise-wide industrial data from Honeywell Forge, a leading IoT platform for industrials

Honeywell (NASDAQ: HON) and Google Cloud announced a unique collaboration connecting artificial intelligence (AI) agents with assets, people and processes to accelerate safer, autonomous operations for the industrial sector.

This partnership will bring together the multimodality and natural language capabilities of Gemini on Vertex AI – Google Cloud’s AI platform – and the massive data set on Honeywell Forge, a leading Internet of Things (IoT) platform for industrials. This will unleash easy-to-understand, enterprise-wide insights across a multitude of use cases. Honeywell’s customers across the industrial sector will benefit from opportunities to reduce maintenance costs, increase operational productivity and upskill employees. The first solutions built with Google Cloud AI will be available to Honeywell’s customers in 2025.

“The path to autonomy requires assets working harder, people working smarter and processes working more efficiently,” said Vimal Kapur, Chairman and CEO of Honeywell. “By combining Google Cloud’s AI technology with our deep domain expertise–including valuable data on our Honeywell Forge platform–customers will receive unparalleled, actionable insights bridging the physical and digital worlds to accelerate autonomous operations, a key driver of Honeywell’s growth.”

“Our partnership with Honeywell represents a significant step forward in bringing the transformative power of AI to industrial operations,” said Thomas Kurian, CEO of Google Cloud. “With Gemini on Vertex AI, combined with Honeywell’s industrial data and expertise, we’re creating new opportunities to optimize processes, empower workforces and drive meaningful business outcomes for industrial organizations worldwide.”

With the mass retirement of workers from the baby boomer generation, the industrial sector faces both labor and skills shortages, and AI can be part of the solution – as a revenue generator, not job eliminator. More than two-thirds (82%) of Industrial AI leaders believe their companies are early adopters of AI, but only 17% have fully launched their initial AI plans, according to Honeywell’s 2024 Industrial AI Insights report. This partnership will provide AI agents that augment the existing operations and workforce to help drive AI adoption and enable companies across the sector to benefit from expanding automation.

Honeywell and Google Cloud will co-innovate solutions around:

Purpose-Built, Industrial AI Agents

Built on Google Cloud's Vertex AI Search and tailored to engineers’ specific needs, a new AI-powered agent will help automate tasks and reduce project design cycles, enabling users to focus on driving innovation and delivering exceptional customer experiences.

Additional agents will utilize Google’s large language models (LLMs) to help technicians to more quickly resolve maintenance issues (e.g., “How did a unit perform last night?” “How do I replace the input/output module?” or “Why is my system making this sound?”). By leveraging Gemini’s multimodality capabilities, users will be able to process various data types such as images, videos, text and sensor readings, which will help its engineers get the answers they need quickly – going beyond simple chat and predictions.

Enhanced Cybersecurity

Google Threat Intelligence – featuring frontline insight from Mandiant – will be integrated into current Honeywell cybersecurity products, including Global Analysis, Research and Defense (GARD) Threat Intelligence and Secure Media Exchange (SMX), to help enhance threat detection and protect global infrastructure for industrial customers. 

On-the-Edge Device Advances

Looking ahead, Honeywell will explore using Google’s Gemini Nano model to enhance Honeywell edge AI devices’ intelligence multiple use cases across verticals, ranging from scanning performance to voice-based guided workflow, maintenance, operational and alarm assist without the need to connect to the internet and cloud. This is the beginning of a new wave of more intelligent devices and solutions, which will be the subject of future Honeywell announcements.

By leveraging AI to enable growth and productivity, the integration of Google Cloud technology also further supports Honeywell’s alignment of its portfolio to three compelling megatrends, including automation.

Myprotein, a leading global sports nutrition brand, successfully concluded its second annual Move Club Run in Delhi, India. The event, held at Nehru Park on 18th October 2024, brought together fitness enthusiasts from all walks of life for a morning of fun, camaraderie, and physical activity.

The 5km community run, which was open to runners of all levels, was a highlight of the event. Participants enjoyed the scenic route through Nehru Park, cheered on by friends, family, and fellow runners. The event also featured a meet-and-greet with popular fitness influencers Rohit Khatri & Bhanu Dagar, providing attendees with the opportunity to get inspired and learn from industry experts.

“We are thrilled with the turnout and enthusiasm for the second edition of the Move Club Run in Delhi,” said Sudeshna Saha, Regional Manager, Myprotein, India, “Our goal is to create a community where people can come together to celebrate fitness and support each other. We believe events such as these will help foster a sense of belonging and inspire others to adopt a healthier lifestyle.”

In addition to the run, the event also featured a variety of activities, including product sampling, giveaways, and fitness demonstrations. Myprotein’s commitment to providing high-quality sports nutrition products was evident throughout the event, as attendees had the chance to try new products and learn about the benefits of proper nutrition for athletes. The Move Club Run is just one example of Myprotein’s dedication to promoting a healthy and active lifestyle; empowering individuals to reach their fitness goals through high-quality products, community events, and educational resources.