Fincare Business Services filed for voluntary liquidation with the Insolvency and Bankruptcy Board of India and passed a special resolution in its 10th AGM. The resolution was to liquidate the company voluntarily by the relevant laws and regulations. The liquidation process will involve distributing the company's assets to its shareholders after settling claims with creditors and covering liquidation costs. The liquidation will not include selling or transferring assets to third parties, except for meeting the liquidation cost, providing for shareholders' entitlements, and addressing ongoing litigation. The resolution also authorizes specific individuals to carry out necessary actions and obtain approvals from the Reserve Bank of India on behalf of the company.

Fincare Business Services filed for voluntary liquidation

Fincare Business Services Ltd. goes into Voluntary liquidation

Did you analyze that 1 out of every four Hyundai vehicles globally is sold in India, making it a key increasing driving force for the automaker?

India's Biggest IPO? Hyundai Motor India Eyes $3 Billion Offer with SEBI Nod

In an increasingly complex investment landscape, Alternative Investment Funds (AIF) have emerged as a compelling and emerging choice for sophisticated investors looking to diversify their portfolios beyond conventional shares, bonds, and mutual funds.

Investing for Tomorrow: An Insightful Guide to Alternative Investment Funds

<ul><li>Revenue and Profitability-&nbsp;In FY24, the company's revenue grew by 6%, rising from Rs. 2,013 cr to Rs. 2,131 cr. However, its profit saw a significant increase of 37%, climbing from Rs. 110 cr in FY23 to Rs. 151 cr in FY24. As a result, the EPS also jumped by 37%, going from Rs. 10 in FY23 to Rs. 14 in FY24.</li><li>Financial Position-&nbsp;For FY24, the company’s total asset base grew by 31%, rising from Rs. 1,137 cr in FY23 to Rs. 1,483 cr in FY24. Similarly, the total equity increased by 37%, from Rs. 373 cr in FY23 to Rs. 509 cr in FY24. This growth in equity is attributed to an increase in retained earnings, driven by an increase in the company's profitability.</li><li>Future Outlook-&nbsp;The company has outpaced market growth and expanded its share in the VRF and Light Commercial sectors, launching projects for localized manufacturing in India and enhancing localization through its 2022 Toshiba acquisition. It will continue investing in manufacturing capabilities and expanding its product portfolio. The aftermarket team has introduced initiatives like retrofitting and capturing third-party equipment, while also focusing on digital solutions to analyze trends and improve performance insights.</li></ul>

Carrier Airconditioning and Refrigeration Ltd. has released its financial results for FY24

The company's financial performance in FY24 exhibited significant growth and positive trends across various key indicators. Firstly, the revenue from operations increased to ₹304 Cr from ₹275 Cr in the previous year, and the total income rose to ₹316 Cr, reflecting robust business expansion. The net profit for FY24 also showed a substantial increase to ₹23 Cr from ₹18 Cr in the previous year, indicating improved profitability. Furthermore, the company's gold loan segment played a crucial role in its financial performance, contributing 69.81% of the total income and comprising 62.03% of the total loan book as of March 31, 2024. Lastly, the company declared interim dividends totaling ₹10.83 crores during the fiscal year, underscoring its commitment to delivering value to shareholders. Overall, the financial performance highlights the company's strong revenue growth, improved profitability, and the significant contribution of its gold loan business to its overall income. In terms of operational developments, KLM Axiva has made significant progress in various areas. The company has focused on regional expansion, particularly in Andhra Pradesh, Telangana, and Maharashtra, while also maintaining a strong presence in Kerala, Tamil Nadu, and Karnataka. Additionally, KLM Axiva has diversified its portfolio by introducing new products. The completion and inauguration of the new corporate office at Edappally, Kerala on May 5, 2024, mark a significant milestone for the company. In the area of capital adequacy and funding, KLM Axiva has maintained a Capital to Risk Assets Ratio (CRAR) of 23.62% as of March 31, 2024, which exceeds the regulatory minimum of 15%. Furthermore, the company has successfully raised funds through public issues of secured non-convertible debentures (NCDs) and private placements. Despite some non-compliances highlighted during an onsite inspection by the Reserve Bank of India (RBI), KLM Axiva has taken corrective measures and is actively working to fully comply with RBI directives.

KLM Axiva Finvest Announced its FY24 results

Proxgy, a Gurugram-based deep-tech startup founded by Pulkit Ahuja in 2020, has made significant strides in the realm of IoT-based workplace safety solutions. In its latest funding round, the company raised $2.2 million, led by prominent investors including <a target="_blank" href="https://www.planify.in/investors/manish-patel/">Manish Patel</a>, <a target="_blank" href="https://www.planify.in/investors/nikhil-kamath/">Nikhil Kamath</a>, and <a target="_blank" href="https://www.planify.in/investors/suniel-shetty/">Suniel Shetty</a>. This new capital will fuel and boost the company’s efforts to revolutionize workplace safety, particularly for blue-collar workers, with cutting-edge products like smart wearables and IoT solutions. Key Insights The funds will help Proxgy cover operational expenses, working capital, and growth initiatives. Proxgy’s focus on IoT-powered solutions such as SmartHat, Sleefe, and AirHat has positioned the company as a key player in the niche market of safety innovations for industrial workspaces. The startup’s valuation has reached around ₹407 crore, further emphasizing its growing market potential. This recent investment comes on the heels of a pre-series A round in October last year, during which Proxgy raised ₹16 crore (approximately $2 million). Key investors in that round included LetsVenture, Planify Angel Fund, and Mach Tech Fund. According to the latest filings, Manish Patel, who led the current funding round, now holds a 3.12% stake in Proxgy.

Proxgy, a Gurugram-based deep-tech startup founded by Pulkit Ahuja in 2020, has made significant strides in the realm of IoT-based workplace safety solutions.

Proxgy Secures $2.2M in Fresh Funding to Boost IoT Innovations

Financial Developments:In FY24, the financial performance of the company saw mixed results. Profit After Tax (PAT) declined by 3% (y-o-y) to ₹133 Cr, down from ₹136 Cr in FY23, mainly due to higher employee expenses resulting from increased hiring, despite strong revenue growth. However, total income rose to ₹589 Cr, a 10.7% increase from ₹531 Cr in the previous year, driven by improved loan book performance, higher disbursements, and better utilization of infrastructure. The company’s total disbursements surpassed ₹1,000 Cr for the second consecutive year, reaching ₹1,018 Cr. The loan book expanded by 6% (y-o-y) to ₹4,048 Cr, with a continued focus on affordable housing, supporting over 47,500 families. Additionally, the company maintained strong financial health with a Net Interest Margin (NIM) of 7.6% and a spread of 5.9%, reflecting effective cost control and competitive borrowing rates. Operational Development:​<a href="https://www.planify.in/research-report/motilal-oswal-home-finance-ltd/">MOHFL</a> made significant operational strides in FY24, including geographical expansion, digitalization, and employee growth. The company extended its presence to 110 branches across 12 states and union territories in India, contributing to increased disbursements in new regions. Investments in digitalization played a key role in enhancing operational efficiency, with separate mobile apps developed for sales, credit, and collections, which reduced processing time and improved employee productivity. Additionally, the workforce, particularly in sales and collections, was significantly expanded, further supporting the company's growth in disbursements.

In FY24, the financial performance of the company saw mixed results. Profit After Tax (PAT) declined by 3%.

Motilal Oswal Home Loans announced its FY24 results

Narayana Murthy, the co-founder of Infosys, is a name synonymous with the Indian IT revolution. Born on August 20, 1946, in Karnataka, India, Murthy's journey from humble beginnings to becoming one of the most influential figures in the global technology industry is truly inspiring. His visionary leadership and unwavering commitment to excellence have not only transformed Infosys into a global IT powerhouse but have also set new benchmarks for corporate governance and ethical business practices. As the saying goes, “Behind every successful man, there is a woman.” This holds true for Narayana Murthy, whose wife, Sudha Murthy, played a pivotal role in his success. She provided him with ₹10,000 as seed capital to start Infosys, a gesture that laid the foundation for one of the most successful IT companies in the world. Murthy's investment philosophy is deeply rooted in his belief in long-term value creation and ethical investing. He is known for his cautious and calculated approach to investments, always prioritizing sustainability and social impact over short-term gains. His establishment of Catamaran Ventures, a private investment firm, reflects his commitment to nurturing innovative startups and fostering entrepreneurship in India. Murthy's investments are characterized by a focus on technology, healthcare, and education, sectors he believes are crucial for the country's development.

Narayana Murthy, the co-founder of Infosys, is a name synonymous with the Indian IT revolution. Born on August 20, 1946, in Karnataka, India, Murthy's journey from humble beginnings to becoming one of the most influential figures in the global technology industry is truly inspiring.

Narayana Murthy: A Visionary Entrepreneur and Investor

Notice is hereby given that the Extra Ordinary General Meeting (EGM) of the Members of Arohan Financial Services Limited will be held on Monday, October 21, 2024, at 16:00 Hours (I.S.T) through Video - facility to transact the following businesses: Special Business:<ul><li>Adoption of new Articles of Association of the Company </li><li>Approval of the Initial Public Offer </li></ul>​The shareholders of the Company hereby grant consent, authority, and approval for an initial public offering of Equity Shares, per the relevant sections of the Companies Act, 2013, and other applicable laws. The Board is authorized to create, issue, transfer, offer, and allow up to INR 6000 million Equity Shares, with a provision for an increase of up to 20% (up to INR 7200 million) as allowed under SEBI ICDR Regulations. The offer will be made at a price to be determined by the Company in consultation with the Book Running Lead Manager through the book-building process, with the flexibility to choose the premium or discount per Equity Share as permitted under Applicable Laws. The Board, in consultation with the BRLMs, will also decide on the terms and conditions, manner, period, and eligible entities for the offer. All powers devolved according to this resolution may be exercised by the Board or any duly constituted Committee of the Board, including the IPO Committee, without requiring any further approval of the members.<ul><li>​Appointment of Mr. Jose Joseph Kattoor (DIN: 09213852), as a Non-Executive Independent Director of the Company</li><li>Increase in investment limits for Non-Resident Indians and Overseas Citizens of India. </li><li>Amendment in the 'Arohan Employee Stock Option Plan 2010' ("ESOP 2010"/"Plan"). </li><li>Amendment in the "AROHAN EMPLOYEE STOCK OPTION PLAN 2018' ("ESOP 2018"/ "Plan"). </li><li>Amendment in the "AROHAN EMPLOYEE STOCK OPTION PLAN 2021' ("ESOP 2021"/ "Plan"). </li></ul>

Notice of EGM to the members of Arohan Financial Services - 21st October, 2024

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