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Ecosure Pulpmolding Rights Issue – Key Details

Ecosure Pulpmolding invites shareholders to subscribe to 26,46,400 equity shares at ₹35 per share (including a ₹33 premium), with a face value of ₹2 each.

Key Terms & Conditions:

• Issue Size: ₹9.26 crore
• Rights Entitlement:2 shares for every 25 held (Record Date: 14.02.2025)
• Issue Price: ₹35 per share, payable on application
• Renunciation Rights: Transferable until 25.02.2025
• Subscription Period:19.02.2025 – 25.02.2025
• Fractional Entitlements: Rounded down
• Unsubscribed Shares: The Board may reallocate or cancel as per company interest
• Over-Subscription: Additional shares may be allotted at the Board’s discretion
• Allotment & Credit: Shares allotted within 7 days of issue closure, credited within 30 days

Note: Rights not subscribed or renounced by the closing date will lapse.

• Financial Performance (Q3 FY25 vs Q3 FY24): Arohan Financial Services reported total revenue of ₹402 Cr in Q3 FY25, reflecting a 5.5% YoY decline from ₹425 Cr in Q3 FY24. Though interest income increased to ₹396 Cr from ₹365 Cr last year but, non-interest income, including fees and commission, declined significantly to ₹5 Cr from ₹41 Cr in Q3 FY24. Due to decline in revenue, Profit Before Tax (PBT) also declined sharply by 95.8% YoY to ₹5 Cr from ₹118 Cr in Q3 FY24, mainly due to elevated finance costs and a substantial increase in impairment losses on financial instruments (₹105 Cr vs ₹44 Cr in Q3 FY24). Consequently, Profit After Tax (PAT) also fell significantly to ₹3 Cr, marking a 95.7% YoY decline from ₹81 Cr in Q3 FY24.Earnings Per Share (EPS) for the quarter stood at ₹0.23 (basic and diluted), a steep drop from ₹6.91 in Q3 FY24.
  
  
• Nine-Month Performance (9M FY25 vs 9M FY24): For the nine-month period ended December 31, 2024, Arohan Financial posted a total revenue of ₹1,338 Cr, up 12.8% YoY from ₹1,185 Cr in 9M FY24. However, PBT fell significantly by 31.5% YoY to ₹202 Cr from ₹295 Cr in 9M FY24, primarily due to higher impairment losses, which surged to ₹244 Cr compared to ₹139 Cr last year. PAT declined by 27.8% YoY to ₹152 Cr from ₹211 Cr in 9M FY24. The EPS for 9M FY25 stood at ₹9.98, compared to ₹18.02 in 9M FY24.
  
  
• Operational Metrics & Key Ratios (Q3 FY25 vs Q3 FY24): Net Profit Margin declined to 0.9%, compared to 19.0% last year, indicating significant profitability challenges. Gross Non-Performing Assets (GNPA) increased to 2.86%, up from 1.44% in Q3 FY24 & Net Non-Performing Assets (NNPA) improved marginally to 0.52%, compared to 0% last year, highlighting asset quality concerns. Provision Coverage Ratio (PCR) strengthened to 82.35%, showing a better buffer against credit losses. Capital Adequacy Ratio (CAR) remained robust at 36.63%, ensuring a strong capital position.
  
  
• Growth Outlook: Arohan Financial Services continues to witness revenue growth, but profitability remains under pressure due to rising impairment costs and finance expenses. The increase in NPAs indicates stress in asset quality, though a strong provision coverage ratio reflects proactive risk management. Notably, the Reserve Bank of India (RBI) lifted its lending restrictions on Arohan in January 2025, allowing the company to resume loan disbursals after addressing regulatory concerns. This development is expected to boost loan book growth and revenue recovery in the coming quarters. However, Arohan must focus on rebuilding customer trust, ensuring regulatory compliance, and managing costs effectively to sustain long-term profitability and operational stability.

The Metropolitan Stock Exchange of India (MSEI) is set for a new phase of growth with strong financial backing and regulatory approval. As it gears up for upcoming developments, its future plans and revenue potential are key areas to explore.

What lies ahead for MSEI? Let’s dive into the analysis.

GACM Technologies has invited shareholders to swap their Market Simplified India Limited (MSIL) shares for GACM Technologies Limited DVR shares, a publicly traded company. This initiative is designed to leverage the strengths of both companies and enhance value for all stakeholders.

• ​Exchange Rate: We will purchase your MSIL shares at ₹80 per share in exchange for GACM Technologies DVR shares.
• Pricing Formula: The number of DVR shares you receive will be based on SEBI’s guidelines.
• Listed Shares: GACM Technologies DVR shares are traded on BSE and NSE, ensuring market liquidity.
• Who Can Participate? All MSIL shareholders are eligible.
• Offer Duration: The offer will be open for 15 to 30 days.
  

The Reserve Bank of India (RBI) has cut its key repo rate from 6.5% to 6.25%, marking a decrease of 25 basis points. This is the first rate cut in almost five years. The Monetary Policy Committee under the administration of Sanjay Malhotra took this measure to boost an economy that has shown signs of sluggishness all while keeping a neutral position on policies.​

Notice is hereby given that an Extra Ordinary General Meeting of the members of KLM Axiva Finvest Limited will be held on Friday, March 07, 2025 at 02.30 P.M. (IST) through Video Conferencing (“VC”) / Other Audio Visual Means (“OAVM”) to transact the following special businesses:

Special Business:

1. Enhancement of Authorized Share Capital of the Company to Rs. 500 crores:

To consider, review and if thought fit, to pass, with or without modification(s), the following resolution as an Ordinary Resolution:

• To enhance the authorized share capital of the Company to Rs. 5,00,00,00,000/- (Rupees Five Hundred Crores only) consisting of 50,00,00,000 (Fifty Crore) equity shares of Rs. 10/- (Rupees Ten only) each ranking pari passu in all respect with the existing equity shares of the Company.

2. Alteration of Memorandum of Association of the Company:

To consider, review and if thought fit, to pass, with or without modification(s), the following resolution as an Ordinary Resolution:

• To alter the Memorandum of Association (MOA) of the Company by substituting Clause V (a) of MOA with the following clause: V (a) The authorized share capital of the Company is Rs. 5,00,00,00,000/- (Rupees Five Hundred Crores only) divided into 50,00,00,000 (Fifty Crore) Equity Shares of face value of Rs. 10/- (Rupees Ten only) each with power for the Company to consolidate, convert, sub-divide, reduce or increase the capital and to issue any new shares with any preferential or special rights and conditions attached thereto subject to the provisions of the Companies Act, 2013.

3. Issue of bonus equity shares:

To consider, review and if thought fit, to pass, with or without modification(s), the following resolution as an Ordinary Resolution: 

• To capitalize up to ₹11,29,70,440 (Rupees Eleven Crore Twenty-Nine Lakh Seventy Thousand Four Hundred and Forty only) from the securities premium account and free reserves for issuing bonus equity shares. These fully paid-up shares will be allotted to eligible members listed in the Company’s records as of the record date, in a 1:20 ratio—1 new ₹10 fully paid-up share for every 20 existing ₹10 shares. The issued bonus shares will be considered an increase in the Company’s paid-up capital.

4. Issue of equity shares on preferential basis:

To consider, review and if thought fit, to pass, with or without modification(s), the following resolution as a Special Resolution: 

• To offer, issue, and allot maximum of 2,63,71,888 (Two Crores Sixty-Three Lakhs Seventy-One Thousand Eight Hundred and Eighty-Eight) equity shares of Rs. 10/- (Rupees Ten only) each at a premium of Rs. 5/- (Rupees Five only) per share i.e., at an issue price of Rs. 15.00/- (Rupees Fifteen only) per share aggregating to Rs. 39,55,78,415/- (Rupees Thirty-Nine Crores Fifty-Five Lakhs Seventy-Eight Thousand Four Hundred and Fifteen only) on preferential basis, to one or more of the persons as identified by the Board of Directors on such terms and conditions and in such manner as may be decided by the Board.

Instructions at glance:

Hexaware Technologies is launching its ₹8,750 crore IPO on February 12, 2025, with a price band of ₹674 to ₹708 per share, offering investors a chance to participate in a global digital and technology services company focused on AI-driven solutions. 

​This Hexaware Technologies IPO is entirely an Offer for Sale (OFS) of 12.36 crore shares, meaning the company will not receive any proceeds, but existing shareholders, primarily CA Magnum Holdings, will monetize part of their investment​.

The company, with a global presence across the Americas, Europe, and APAC, serves a diverse customer base, including 31 Fortune 500 companies, providing services in Financial Services, Healthcare and Insurance, and Manufacturing. Hexaware aims to position itself as a leading firm and provide liquidity to existing shareholders through this public listing. 

• Revenue Growth- OYO recorded a 31% year-on-year (YoY) rise in revenue for Q3FY25, increasing from Rs. 1,296 cr in Q3FY24 to Rs. 1,695 cr. This growth was driven by the company’s expansion in India and the US, along with strong contributions from Southeast Asia and the Middle East. In FY25, OYO has enhanced its premium hotel portfolio and pursued strategic acquisitions, including G6 Hospitality in the US and CheckMyGuest in Paris.
  
  
• Profitability- OYO's net profit soared by 564%, rising from Rs. 25 cr in Q3FY24 to Rs. 166 cr in Q3FY25. The company also reported a 22% increase in EBITDA, reaching Rs. 249 cr in Q3FY25, up from Rs. 205 cr in Q3FY24. Additionally, the Gross Booking Value (GBV) for Q3FY25 saw a 33% growth, climbing to Rs. 3,341 cr from Rs. 2,510 cr in Q3FY24.
  
  
• Ratings- Moody’s raised OYO’s rating from B3 to B2 with a stable outlook. The agency expects the company’s EBITDA to reach US$200 mn in FY25-26, further boosting confidence in OYO’s financial outlook.
  

• Financial Highlights: Resilient Innovations Private Limited (BharatPe) reported a significant increase in revenue from operations, reaching INR 1,426.1 Cr in FY24, a 38.6% growth compared to the previous year. However, despite this growth, the company continued to post losses, with a total loss of INR 491.9 Cr, though an improvement from the previous year’s INR 926.9 Cr loss. The financial statements also highlight key operational developments, including increased goodwill to INR 119.6 Cr, reflecting acquisitions or strategic investments. On the liability side, the company raised non-current borrowings of INR 341.0 Cr, indicating efforts to strengthen liquidity. Additionally, a petition against the company was noted before the National Company Law Tribunal (NCLT), though management believes it will not significantly impact financials.
  
  
• Operational developments: Operational challenges and financial inefficiencies remain, with a high employee benefit expense of INR 336.6 Cr and other expenses of INR 1,370.1 Cr. Auditor’s reports highlight material weaknesses in internal financial controls, particularly regarding unapproved payments to key management personnel and deficiencies in a subsidiary’s loan provisioning and asset classification. The company's current financial obligations, including trade payables and short-term borrowings, rose to INR 1,314.4 Cr, indicating increasing reliance on short-term funding sources. Despite these issues, a comprehensive restructuring of financial reporting controls is underway to address compliance gaps.
  
  
• Future outlook: Looking ahead, the company aims to improve financial discipline and cost efficiency while capitalizing on its growing market presence. Prospects include optimizing operations, potential fundraising to support expansion, and addressing regulatory concerns. While revenue growth is promising, the company must focus on achieving profitability by controlling expenses and improving governance. Investors should monitor the company’s steps toward strengthening financial controls and operational efficiency in the coming quarters.​​
  

Notice of Postal Ballot:

Voting Starts on: Tuesday, February 11, 2025 at 9.00 A.M.(IST)

Voting Ends on: Wednesday, March 12, 2025 at 5.00 P.M. (IST)

This is to inform all shareholders that a resolution is proposed to be passed by the equity shareholders of the company through postal ballot only by way of a remote e-voting process. Instructions for remote e-voting will be sent through electronic mode to those members whose email addresses are registered with the registrar and transfer agent.

Description of the Resolution:

• Approval and adoption of “Tamilnad Mercantile Bank Limited Employee Stock Option Plan 2024”
• Extension of benefits under the “Tamilnad Mercantile Bank Limited Employee Stock Option Plan 2024 [TMB ESOP 2024]” to the Eligible Employees of its subsidiary companies, associate companies and group companies of Tamilnad Mercantile Bank Limited.

Remote e-voting Instructions at glance

The Board of Directors have appointed Thiru.P.Sriram, (Membership No. FCS 4862) (CP No. 3310), Practicing Company Secretary of M/s.SPNP & Associates, to act as the scrutinizer, for conducting the Postal Ballot process in a fair and transparent manner.

The resolutions, if passed by requisite majority by remote e-voting, shall be deemed to have been passed on the last date of e-voting i.e., Wednesday, March 12, 2025. The results of e-voting will be announced on or before Friday, March 14, 2025, and will be displayed on the Bank’s website www.tmb.in under ‘Investors Relations’ section and on the website of the NSDL i.e., www.evoting.nsdl.com. The results will simultaneously be communicated to the Stock Exchanges i.e., BSE Limited and National Stock Exchange of India Limited.

Financial Performance (Q3 FY25 vs Q3 FY24)

• Sigachi Laboratories reported total revenue of ₹0.6 Cr in Q3 FY25, reflecting a 48.9% year-on-year decline from ₹1.2 Cr in Q3 FY24. The drop was primarily due to lower investment income, which decreased significantly from ₹0.9 Cr in Q3 FY24 to ₹0.3 Cr in Q3 FY25.
• The Profit Before Tax (PBT) turned negative at ₹(0.2) Cr, compared to a profit of ₹1.1 Cr in Q3 FY24, impacted by a ₹0.6 Cr fair value loss. Similarly, Profit After Tax (PAT) declined to ₹(0.3) Cr from ₹0.9 Cr in Q3 FY24.
• Earnings Per Share (EPS) for the quarter stood at ₹(0.4), significantly lower than ₹1.3 in Q3 FY24.
  

Nine-Months Performance (9M FY25 vs 9M FY24)

• For 9M FY25, Sigachi Laboratories recorded total revenue of ₹3 Cr, declining 13.5% YoY from ₹3.4 Cr in 9M FY24.
• Despite revenue pressure, PBT increased 11.7% YoY to ₹2.4 Cr, compared to ₹2.1 Cr in 9M FY24, supported by cost efficiencies.
• PAT grew 26.1% YoY to ₹2.1 Cr, up from ₹1.7 Cr in 9M FY24, benefiting from lower tax outflows.
  EPS for 9M FY25 Increased to ₹3.10, compared to ₹2.46 in 9M FY24.
  

Segment Performance (Q3 FY25 vs Q3 FY24)

1. Bulk Drugs & Intermediates (Lease Rents)

• Revenue: ₹0.35 Cr in Q3 FY25 vs ₹0.33 Cr in Q3 FY24 (4.5% YoY growth)
• Segment Profit Before Tax: ₹0.29 Cr in Q3 FY25 vs ₹0.28 Cr in Q3 FY24 (4.6% YoY growth)
• This segment exhibited stable revenue growth, benefiting from consistent lease rental income.

2. Investments

• Revenue: ₹0.28 Cr in Q3 FY25 vs ₹0.90 Cr in Q3 FY24 (68.8% YoY decline)
• Segment Profit Before Tax: Loss of ₹(0.32) Cr in Q3 FY25 vs Profit of ₹0.90 Cr in Q3 FY24
• The steep decline in investment income was the primary reason for the overall revenue and profit contraction.

Operational Metrics & Key Ratios (Q3 FY25 vs Q3 FY24)

• Employee costs rose 31.6% YoY to ₹0.1 Cr.
• Depreciation & Amortization grew 2.6% YoY to ₹0.06 Cr.
• Fair Value Loss: A ₹0.6 Cr one-time fair value loss impacted the bottom line significantly.
• Tax Expense: The total tax burden decreased to ₹0.09 Cr from ₹0.17 Cr in Q3 FY24 due to lower taxable profits.

Growth Outlook

• Sigachi Laboratories faced a challenging quarter, mainly due to investment-related losses that impacted profitability. However, the Bulk Drugs & Intermediates segment remained stable, ensuring some earnings stability.
• Moving forward, investment income volatility and cost management will be key focus areas. While lease rental income is consistent, the company must stabilize fair value fluctuations to avoid large profit swings.

It’s fascinating to see how the Indian beauty industry, once dominated by legacy brands, is now being reshaped by homegrown celebrity ventures.  Combining personal influence with a deep understanding of consumer preferences, these brands are not only gaining widespread popularity but also setting new benchmarks in quality and innovation. 

From redefining inclusivity to promoting sustainability, these brands embody the future of Indian beauty. They don't just create products, they are actually craft legacies. 

These celebrity-owned ventures have emerged as key players in a competitive market. Brands like Kay Beauty by Katrina Kaif and Rare Beauty by Selena Gomez reflect how celebrity-driven brands go beyond just leveraging star power—they redefine beauty standards and cater to India's diverse demographic. 

Empowering Women Through Authentic Narratives

• One common thread among these brands is authenticity. Celebrities like Katrina Kaif, Priyanka Chopra, and Masaba Gupta have built brands that reflect their personal values, skin tones, and beauty ideals. For instance, Katrina's Kay Beauty emphasizes inclusivity, offering makeup for all skin types, while Priyanka's Anomaly advocates sustainability with eco-friendly haircare products. 

• These brands don't just sell products—they sell stories that resonate with women across India. As female celebrities continue to expand their portfolios, the market is witnessing an inspiring shift where beauty is not only a business but also to embrace individuality. 

• Financial Performance (Q3 FY25 vs Q3 FY24): Hero FinCorp on standalone basis reported total revenue of ₹2,306 Cr in Q3 FY25, registering a 15.4% YoY growth from ₹1,998 Cr in Q3 FY24. This increase was driven by a rise in interest income and a gain on financial instruments. However, Profit Before Tax (PBT) declined significantly to ₹ (12) Cr from ₹286 Cr in Q3 FY24, mainly due to higher finance costs and impairment losses. Similarly, Profit After Tax (PAT) turned negative, recording a loss of ₹ (32) Cr, compared to a profit of ₹200 Cr in Q3 FY24. Earnings Per Share (EPS) for the quarter stood at ₹ (2.55) (basic and diluted), down from ₹15.74 in Q3 FY24.
  
  
• Nine-Months Performance (9M FY25 vs 9M FY24): For the nine-month period ended December 31, 2024, Hero FinCorp recorded a total revenue of ₹6,836 Cr, up 20.7% YoY from ₹5,677 Cr in 9M FY24. Despite revenue growth, PBT declined by 80.4% YoY to ₹140 Cr, compared to ₹712 Cr in 9M FY24, reflecting increased costs. Similarly, PAT came in at ₹34 Cr, dropping 92.9% YoY from ₹473 Cr in 9M FY24.
  
  
• Operational Metrics & Key Ratios (Q3 FY25 vs Q3 FY24): In Q3 FY25, Hero FinCorp's debt-to-equity ratio increased to 8.01x, up from 6.95x in Q3 FY24, reflecting higher leverage. The net profit margin turned negative at (1.41%), a sharp decline from 10.03% in the same period last year, indicating profitability challenges. On the liquidity front, the Liquidity Coverage Ratio (LCR) improved significantly to 261.98%, compared to 178.84% in Q3 FY24, highlighting a strong liquidity position. However, asset quality deteriorated, with Gross Non-Performing Assets (GNPA) rising to 5.36%, up from 4.74% last year, while Net NPA (NNPA) increased to 2.49%, compared to 2.30% in Q3 FY24. Despite this, the Provision Coverage Ratio (PCR) showed a slight improvement, reaching 55.02%, up from 52.62%, indicating a better buffer against potential credit losses.
  
  
• Growth Outlook: Hero FinCorp demonstrated decent  revenue growth, but profitability took a hit due to higher interest costs, impairment losses, and increased operating expenses. The rising NPA levels signal potential stress in asset quality, necessitating close monitoring and proactive risk management. Despite these challenges, the company maintains a strong liquidity position and healthy capital buffers, which provide resilience against market uncertainties. However, cost pressures and higher leverage could continue to weigh on profitability unless effectively managed in the coming quarters.

• Market Comeback: Hexaware is set to relist on Dalal Street after five years, with its IPO opening on February 12 and closing on February 14.
  
  

• Issue Details: The Hexaware Technologies IPO, valued at ₹8,750 crore, is a pure Offer for Sale (OFS), with promoter Carlyle reducing its stake from 95% to 74.1% post-listing.
  
  

• Pricing & Investment:

  • Price Band: ₹674 - ₹708 per share.
  • Retail Participation: Minimum bid of one lot (21 shares), requiring an investment of at least ₹14,868.
    
    

• Largest IT IPO: This will be the biggest IPO in India’s IT services sector, surpassing TCS’s ₹4,713 crore IPO (2004).
  
  

• Market Capitalization: At the upper price band, the company’s market cap will stand at ₹43,247 crore.
  
  

• Previous Delisting: Hexaware was delisted in September 2020, with promoters buying out shares at ₹475 per share.
  
  

• Revenue Growth (2023):

  • Grew by 12.8% in constant currency terms.
  • Lower than Persistent Systems (17.6%) and Coforge (14.5%), but higher than LTIMindtree and Mphasis.
    
    

• Revenue Contribution:

  • Geography: The Americas contributed 73.4% of revenue in the first nine months of FY25, with the rest from Europe & APAC.
  • Sectors:BFSI & Healthcare contribute nearly 50% of total revenue.
    
    

• Client Concentration:

  • Top 5 clients contribute 25.8% of total revenue.
  • Top 10 clients account for 35.7% of revenue in the first nine months of 2024.

• Ecosure Pulpmolding, India’s premier manufacturer of pulpmolding machinery, has been empaneled by the Prayagraj Mela Authority to supply biodegradable disposable products for the Maha Kumbh 2025, aligning with the Swachh Bharat Mission to make the event plastic-free.
  
  
• As the first-ever globally ESG-certified player in the pulpmolding space, Ecosure Pulpmolding offers turnkey solutions for sustainable packaging and disposable products. This partnership presents a major growth opportunity, showcasing Ecosure’s leadership in eco-friendly innovations and commitment to large-scale sustainable initiatives.
  
  
• With increasing regulatory support for plastic alternatives, Ecosure Pulpmolding is well-positioned to capitalize on the booming demand for sustainable packaging, making it an attractive investment in the green economy.