Category: Finance

New Delhi (India), February 17: The annual Union Budget unveils its plans for the Nation’s economy, and naturally, leading entrepreneurs have their keen observations to share. This curated list captures the diverse reactions of prominent business minds, offering valuable insights into how the budget might impact different sectors and the overall entrepreneurial ecosystem.

Dharmesh Mehta – Founder & Managing Director of ARTHAM Finserve Pvt Ltd

The unveiling of a budget that charts a clear course for the Nation is a welcome sight in an era of uncertainty. The cornerstone of this budget is its commitment to policy continuation, instilling confidence and stability in the corporate sector. The FY25 fiscal deficit has been pegged at 5.1% of GDP, lower than market expectations, with a commitment to reducing below 4.5% of GDP by FY26. The budget focuses on a climate-friendly approach, strengthening the EV ecosystem, domestic tourism, and multi-modal logistics to propel India towards a developed nation by 2047. It also includes measures to boost innovation in the defense sector and improve logistics efficiency.

Zeeshaan Pathan – Group MD & CEO of World Development Corporation

Working on Vikasit Bharat, Amritkal & Anusandhan, the budget has a more profound commitment to ESG, growth, research, and innovation. Deep-tech usage in defense will require PPP for cutting-edge tech development. The commitment to ESG with a Net-Zero target by 2070 is to be achieved through Coal Gasification & Liquefaction, E-Vehicles, and Blue Economy 2.0. The “Social” factor is reflected through the proposed strategizing of the population and demographic changes.

Dr. Aamir Junaid Ahmad – Founder and CEO of S S Systems

The budget’s commendable focus on empowering tech-savvy youth is evident in establishing a ₹1 lakh crore corpus for interest-free loans, showcasing dedication to innovation. The commitment to generating employment, particularly for technically skilled youth, aligns with fostering a capable workforce. Furthermore, prioritizing electric vehicle adoption and funding private sector R&D reflects a strategic commitment to sustainability and innovation.

Anubhav Agarwal – Managing Director and CEO of BN Group

Finance Minister Sitharaman’s Interim Budget holds promise for the edible oil industry. The continued focus on ‘Atmanirbhar Oil Seeds Abhiyan,’ emphasizing research, technology adoption, and market linkages, is a welcome step towards self-sufficiency. This, coupled with the increased capital investment outlay, paints a promising picture for rural development and increased consumption, directly impacting our industry’s growth. However, the success hinges on the swift implementation of these initiatives. Streamlining access to high-yielding seeds, ensuring timely procurement at remunerative prices, facilitating value addition, and crop insurance is crucial for farmers to benefit truly. Additionally, sustaining the reduced import duties on key edible oils while strengthening domestic production can create a win-win situation for consumers and industry players.

New Delhi (India), February 15: In a country where the path to financial literacy has been elusive for many, StockGro is lighting the way with its groundbreaking Be Financially Free (BFF) campaign. This initiative is set to redefine the financial landscape of India, addressing the critical need for accessible financial education in a nation where only 27% of adults are financially literate. StockGro’s mission? To empower every Indian with the tools and knowledge for sound financial decision-making.

As we enter 2024, StockGro’s BFF campaign is emerging at a pivotal moment in line with the financial revolution. Harnessing the power of advanced technology and interactive learning, the initiative promises to elevate financial literacy rates across India, cultivating a generation of financially savvy individuals. 

StockGro’s cutting-edge tools, notably the Financial Independence Calculator, is at the heart of the BFF initiative. This essential resource, available at Be Financially Free movement page, alongside a comprehensive suite of educational materials, guides users through the intricacies of budgeting, investing, and retirement planning. StockGro’s commitment to financial education extends through partnerships with over 800 leading educational institutions and 30 financial startups, amplifying its impact and fostering a nationwide culture of financial well-being.

With the launch of the BFF campaign, StockGro invites individuals across India to embark on a transformative journey toward financial literacy and independence. This initiative aims to bridge the knowledge gap and instil confidence and financial autonomy among India’s populace. For those ready to take control of their financial future, the Financial Independence Calculator awaits at StockGro’s Financial Tools. 

StockGro is on a mission to build a financially literate, empowered India. As StockGro paves the way for a future where financial well-being is a reality for all. Discover more about the Be Financially Free campaign and start your journey to financial independence today.

StockGro is India’s premier experiential social learning platform for trading and investments. With over 30 million users nationwide, StockGro is the trusted destination for individuals seeking to learn and master the art of trading and investments.

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New Delhi (India), February 14: Did you know that nearly three-quarters of India’s adult population lacks basic financial literacy? In response to this startling statistic, StockGro has unveiled its ambitious Be Financially Free (BFF) movement. This innovative initiative seeks to bridge the financial knowledge gap in India, where understanding money management is crucial for every citizen’s economic well-being.

With its foundation in advanced technology and interactive learning, the BFF campaign aspires to democratise financial education, making it accessible to every Indian across the socio-economic spectrum. Discover this transformative initiative at [StockGro’s Be Financially Free portal] (https://www.stockgro.club/bff/). 

At the heart of the BFF initiative lies a collection of innovative tools, chief among them the Financial Independence Calculator. They provide comprehensive guidance on budgeting, investing, and retirement planning, empowering individuals at every stage of their financial journey.

The genesis of the BFF campaign is rooted in a simple yet profound belief: knowledge is power. In finance, this power translates into the ability to make decisions that foster financial health, growth, and resilience. By equipping individuals with this knowledge, StockGro is not just changing financial outcomes; it’s altering life trajectories. The initiative stands as a testament to the transformative potential of informed financial decision-making, underscored by the belief that financial freedom is not a privilege but a right.

Beyond individual empowerment, StockGro’s collaborative endeavours with upwards of 800 educational institutions and 30 finance startups significantly bolster the movement’s reach. This network fosters a nationwide culture of financial literacy and stability, amplifying the impact of the BFF initiative.

As the BFF campaign gains traction, StockGro invites every Indian to join this pivotal movement toward financial literacy and independence. By leveraging the campaign’s resources, including the Financial Independence Calculator, individuals can navigate their financial futures confidently and clearly, paving the way for financial autonomy and prosperity.

StockGro is India’s premier experiential social learning platform for trading and investments. With over 30 million users nationwide, StockGro is the trusted destination for individuals seeking to learn and master the art of trading and investments. StockGro has successfully empowered financial enthusiasts across 800+ prestigious educational institutions and 30 pioneering financial startups, offering a unique and immersive learning experience.

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New Delhi (India), February 14: Lagnam Spintex Limited, a leading manufacturer of high-quality cotton yarns in India, has announced its results for the quarter ended on December 31st, 2023 in its board meeting held on 12th February 2024.

The revenue for this quarter Q3FY24 grew to Rs 123.63 Cr compare to Rs 72.16 crores in Q3FY23, a jump of 71%. Lagnam is very excited to inform that the increase in Revenue was due to the new product profile they have added as part of their expansion project and reached out to new markets both in Exports and Domestic.

Lagnam Spintex Q3FY24 Results comparative:

The Profit After Tax for this quarter Q3FY24 grew to Rs 4.63cr compare to Rs 0.23 crores in Q3FY23, a multifold jump. Similarly, the Earning Per Share (Basic & Diluted) in Q3FY24 is 2.62 compare to 0.22 in Q3FY23.

The Export Turnover has jumped from Rs 15.11 Cr in Q3FY23 to 62.02 cr. In Q3FY24. The export turnover comprises of 50% of the total revenue of the company. The increase in export revenue by 310% was seen in Q3FY24compare to Q3FY23 mainly because of increase in export demand and also with our new product offering in quality conscious markets of Europe, Columbia, Egypt, Morocco, Peru and our existing well establish market of Bangladesh, United States, Italy etc. 

Commenting on the performance of the company, Mr. Anand Mangal, Promoter and Managing Director of Lagnam Spintex said, “There is an uptick in Cotton yarn demand in this quarter and we are thrilled that our expansion project completion was timed well with this market opportunity. Our product quality from expansion project is well accepted in both the Domestic and Export markets which is helping us to increase our customer base.”

Company also informed that they are moving in a big way towards renewable energy and have commissioned 4.4 MW of Roof top Solar project and looking at adding another 0.5 MW shortly, this will save energy cost for the company.

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Company to enter into new business domains such as trading of agricultural produce, including fruits, vegetables, seeds, organic products, herbal products, and agri-commodities.

During nine months ended December 2023, Company has allotted 4.54 crore bonus equity shares in a 1:4 ratio and 2.2 crore bonus shares in 1:10 ratio to eligible investors

Ahmedabad (Gujarat) [India], February 14:  Gujarat based IFL Enterprises Ltd – engaged in the papers and stationery business has successfully turnaround the business operations. Company reported standalone net profit of Rs. 88 lakh in Q3 FY24 as against net profit of Rs. 14.6 lakh in Q3 FY23, growth of over 500% Y-o-Y. Total income during Q3FY24 was reported growth of 239% Y-o-Y to Rs. 2.325 crore as against total income of Rs. 68.4 lakh in Q3 FY23. Company reported EBITDA of Rs. 1.22 crore in Q3 FY24.

To further expand its business horizons, in the January 2024 board meeting, the company approved resolutions to increase its authorized share capital and alter its main objects. This move aims to facilitate the company’s entry into new business domains, such as the import, export, or trading of agricultural produce, including fruits, vegetables, seeds, organic products, herbal products, and agri-commodities. Company expect the move to be the next big growth driver for the company.

For nine months ended December 2023, IFL Enterprises Ltd achieved a total income of Rs. 7.3 crores, reflecting a robust 64% Y-o-Y growth compared to Rs. 4.46 crores in the same period in FY22. Net profit also tripled to Rs. 1.54 crores for the 9M FY24, compared to Rs. 48.6 lakhs in 9M FY23.

Incorporated in the year 2009, IFL Enterprises Ltd is a leading Paper trading company. It offers a diverse product range which includes All kinds of Paper related items. like Writing paper, coated paper, A/4 paper, Hi bright, Copier paper, Duplex Board, Art and Craft paper, Notebooks, etc.).

IFL Enterprises Ltd has demonstrated its commitment to enhancing shareholder value by increasing promoter group holding from 1.21% in September 2023 to 2.23% as of December 2023. The company is optimistic about future prospects and aims to create value for all stakeholders, including shareholders, investors, and clients.

During the nine months ended December 2023, the company has issued 4,54,80,440 bonus shares to the fully paid equity shareholders of the Company in the proportion of 1:4 i.e. one new fully paid equity share for every 4 existing equity shares held on the record date i.e. 21 April 2023 and 22,732,431 bonus shares to the fully paid equity shareholders of the Company in the proportion of 1:10 i.e. one new fully paid equity share for every 10 existing equity shares held on the record date i.e. 18 December 2023. Company has also sub-divided 1 equity share of Rs.10 face value each into 10 equity shares of Rs. 1 face value.

Hyderabad (Andhra Pradesh) [India], February 14: Hyderabad based Spacenet Enterprises India Limited (NSE: SPCENET), a prominent global trading entity with substantial operations in Hong Kong and Dubai, has reported an exceptional 486% increase in its consolidated profit after tax (PAT) on an annual basis.

This significant growth highlights Spacenet’s focused strategy on diversifying its investment portfolio by incorporating stakes in pioneering, disruptive technology enterprises.

Among its key investments are Billmart.com, a fintech innovator offering state-of-the-art financial technology solutions, Pathfinder, a leading generative AI company, and String Metaverse Limited, a forefront runner in the Web 3.0 gaming industry.

In a strategic initiative to strengthen its foothold in the fintech domain, Spacenet announced plans to escalate its investment in Billmart.com, a Mumbai-based fintech start up, demonstrating its commitment to nurturing and scaling innovative technology ventures.

DVS Prakash Rao, Executive Director at Spacenet, articulated the corporation’s mission stating, “Our objective at Spacenet is to continuously identify and invest in ground breaking, new-age companies, and thereby consistently amplifying value for our shareholders.” This approach underscores Spacenet’s dedication to spearheading the adoption of disruptive technologies and fostering growth in the evolving digital landscape.

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Total Income for Q3FY24 grew 267% Y-o-Y to Rs. 401.86 crore.

Mumbai (Maharastra) [India], February 13: Mumbai based Technology Solutions Company, Varanium Cloud Limited has reported exponential growth in business operations with robust growth in the total income and net profit. Company has reported a consolidated net profit of Rs. 87.68 crore for the Q3 FY23-24 ended December 2023 as against net profit of Rs. 29.29 crore in Q3 of FY22-23, growth of 196% Y-o-Y. Total income from operations for Q3FY23-24 was reported at Rs. 401.86 crore, higher by 267% Y-o-Y as compare to total income of Rs. 109.48 crore in Q3 FY22-23. EBITDA during the Q3FY24 zoomed by 205 percent to Rs 120.95 crore from Rs 39.60 crore in Q3FY23.

Incorporated in Dec 2017, Varanium Cloud Limited is a technology company focused on providing services surrounding digital audio and video streaming services. Company has diversified set of service offering to its various clients across different domains. In Past Year company has been on the spree of expansion and has made various partnerships with best in class companies to provide solutions in Ed-Tech, Medical Tech, Cloud Services, BPO as well as Data Centers.

The company is establishing a new office and BPO centre in Sawantwadi, Maharashtra. The new BPO set-up will create over 200 IT job opportunities for the Konkan talent. Going forward, company plans to penetrate its operations to non-metro areas creating sustainable employment opportunities for local talent.

For nine months ended December 2023, company has reported total income of operations of Rs. 779.19 crore, rise of 234% Y-o-Y as compared total income of Rs. 233 crore. Net profit and EBITDA too were up 183% and 194% Y-o-Y respectively to Rs. 158.63 crore and Rs. 220.12 crore respectively. Reserves and surplus as on March 2023 was reported at Rs. 91.22 crore and assets at Rs. 183.99 crore.

Recently, Varanium Cloud Limited in partnership with QMS MAS (Medical Allied Services), also unveiled a cloud-based medical wearable device named “Vyana” on 21 April 2023. Vyana aims to address the growing need for medical wearables that provide timely assistance and is designed to continuously monitor vital parameters and send instant notifications as well as directly contact the user and their emergency contacts in case of significant fluctuations, making it must be used for high-risk groups.

Company has completed its Rs. 49.46 crore rights issue successfully to meet the working capital requirements, fund company’s expansion plans and for general corporate purposes. In the rights issue, company proposed to issue 40,20,574 fully-paid equity shares of face value of Rs. 5 each at a price of Rs. 123 per rights share (including a premium of Rs. 118 per Equity Share) aggregating to Rs. 49.46 crore. The rights entitlement ratio for the proposed rights issue is 1:10; 1 rights equity shares of Rs. 5 each for every 10 equity shares of Rs. 5 each held by the eligible equity shareholders as on the record date – 15^th September 2023.

New Delhi (India), February 12: As India heads into national elections in 2024, Finance Minister Nirmala Sitharaman presented an upbeat interim budget focusing on sustained inclusive growth. Clear strategies were outlined across sectors like healthcare, agriculture, infrastructure and e-commerce that buoyed market sentiments while putting people first.

Healthcare: More Holistic Vision, But Milestones Ahead

The budget aims to unify maternal and child health schemes under an overarching umbrella. As Dr. Sujit Chatterjee, CEO of Dr. L H Hiranandani Hospital explains, “The comprehensiveness of combining vaccinations, nutrition and healthcare access across phases from pregnancy to adolescence is judicious.”

However, the real test lies in translating policy to tangible outcomes. Despite previous well-intentioned programs, rural healthcare gaps have persisted. Chatterjee believes laser-sharp focus on addressing on-ground needs is crucial for success this time. Effective coordination between central, state and local authorities along with infrastructure upgrades at all levels can help optimize last-mile delivery and make a genuine difference in saving mothers’ and children’s lives.

Agriculture: Boosting Dairy Holds Immense Potential

India’s massive dairy industry that supports millions of farmers has been a key focus. As Aman Jain, co-founder of Doodhvale notes, even small improvements in cattle productivity through scientific rearing can significantly raise farmer incomes, given India’s position as the world’s top milk producer.

The budget links disease control, infrastructure upgrading and processing capabilities to cut wastage and expand exports. However, Jain cautions that bridging last-mile gaps will be the real test. Past programs like Rashtriya Gokul Mission struggled to maximize outcomes. Working closely with state cooperatives, private players and breeders to understand ground-level needs will be crucial for success this time.

Infrastructure: Banking on Growth, With Caution

Increased infrastructure spending is prudent for growth according to Ravi Singhal, CEO of GCL Broking. With the fiscal deficit target below 4%, banks like Bank of Baroda are well positioned to benefit. The prospects for engineering giant L&T also look upbeat. However, Singhal advises maintaining a vigilant mechanism to ensure vulnerable sections are not deprived of affordable food.

E-Commerce: Supporting Inclusive Digital Growth

With GDP expected at a healthy 6-6.5% in FY24, the budget boosts support for e-commerce and startups to drive digital growth. Schemes like revamped credit guarantees for MSMEs are welcome. However, as Sahil Arya, Co-Founder and Director Fat Tiger highlights, slippages in public distribution systems can indirectly impact broader demand. Although higher incomes can drive food affordability, existing welfare schemes providing rations to over 80 crore Indians have been extended for one year presuming no further expansion in coverage. The government must maintain mechanisms to ensure nutrition access for the poorest.

Overall, the interim budget ticks many boxes, guided by the vision of stability, sustainability andinclusive growth. Increased spending on roads, railways, 5G and agriculture drives hopes of an economic rebound. While optimism runs high, experts caution that diligent monitoring and timely course-correction will be vital in translating policies to on-ground change. With national polls ahead, delivering on promises will be imperative.

Healthcare programs need urgent progress on closing rural gaps. Boosting dairy productivity requires cohesive action on-ground. Banking and infrastructure appear set for growth, but ensuring food security for the vulnerable remains a priority. And while digital advances are welcome, their benefits must not exclude sections that lack access.

In summary, the budget sets the stage for people-centric, equitable growth across several core sectors. But realizing goals needs sustained focus on balanced, empathetic execution. If the government earnestly follows through, India could well fulfill economic aspirations in a more holistic manner during its Amrit Kaal journey towards 100 years of independence.

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The Indian budget for 2024 has not introduced specific new regulations or tax changes for the cryptocurrency sector directly in its announcements. However, there are significant expectations and discussions within the industry regarding potential changes that could impact the sector:

Taxation and Regulation Clarity

The industry is eagerly awaiting clearer regulations and a more favorable tax regime. The current high tax rate, including a 30% tax on virtual assets and an additional 1% Tax Deducted at Source (TDS) on all crypto transactions, has been a point of contention. Industry experts have suggested a need for clarity in the definitions of virtual digital assets (VDAs), tokenization, and a call for removing the 1% TDS on overseas crypto assets to unlock the full potential of the asset class.

Potential for Regulatory Framework

Although the 2024 budget did not directly address crypto regulations, there’s anticipation for a separate crypto bill that might be tabled in the upcoming Parliament session, which could define the future of crypto in India. This suggests a significant interest in regulating the sector more clearly in the near future.

Focus on Blockchain and Technology

Despite the absence of direct regulation in the budget, the Government’s emphasis on blockchain technology adoption across various sectors highlights an indirect benefit to the crypto ecosystem. This approach suggests a supportive stance towards the underlying technology of cryptocurrencies.

Industry Expectations

The crypto industry has expressed hopes for the budget to include taxation reforms, regulatory clarity, and strategic measures to boost growth. Leaders from major crypto exchanges have proposed reducing the TDS rate to 0.01% to compete globally and have called for specific domestic regulations and funds for blockchain projects to demonstrate real-world utility and innovation.

Broader Economic Impacts

The Union Budget 2024 is key for setting a regulatory framework for cryptocurrencies, especially after India’s G20 presidency. The budget has broad expectations to address economic growth, promote job creation, and manage fiscal consolidation while focusing on sustainable and green initiatives.

While the 2024 budget has not made specific announcements affecting cryptocurrencies directly, the ongoing discussions and calls for clearer regulations and tax reforms from the crypto industry highlight a critical moment for the sector in India. The emphasis on blockchain technology and the anticipation for future regulatory clarity reflects a complex landscape that stakeholders should navigate cautiously, awaiting more definitive guidelines in the near future.

“The Indian Government’s broad embracement of technological innovation signifies a forward-looking stance that acknowledges the importance of technologies in driving economic growth. However, the absence of specific regulatory frameworks or adjustments in tax and TDS structures for the crypto sector within the recent interim budget highlights a continuing uncertainty that has been prevalent in the Indian crypto market, which, like any other, thrives on clarity and stability. Without a defined regulatory path, it becomes challenging for investors, businesses, and consumers to make informed decisions. The Government should engage more with the various stakeholders in the industry, including exchanges, investors, and technology providers, to get valuable insights that will help shape a regulatory environment beneficial to all parties involved,” Karen Mkrtchyan, Crypto Market analyst at CoinChapter.com says.

We are indeed hoping to progress along the lines of the regulatory framework in the crypto sector, which has been one of the primary speculations all this while. Nevertheless, the Government is wholeheartedly accepting technological disruption in different sectors by emerging technologies like AI, machine learning, blockchain, etc. The adoption of deep tech in sectors like defense indicates a positive sentiment. We do understand that it is an interim budget, and there has been no mention of any regulatory framework or rationalization in tax or TDS structure in regard to the crypto sector, which has been long pending. However, we are hopeful about the coming months and expect to hear encouraging policies soon. Gaurav Kumar, Founder and CEO at cashaa.com, says.

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New Delhi (India), February 9:  The Interim Budget 2024-2025 has ushered in a promising era of digital advancements, marked by a notable 11% increase in infrastructure spending and a focused spotlight on technology, healthcare, and MSMEs. As a media-tech company deeply entrenched in the digital landscape, we view these developments with optimism and enthusiasm.

The budget’s emphasis on empowering the tech-savvy youth and enhancing productivity through technology resonates strongly with our core values and objectives. In today’s rapidly evolving digital landscape, technology plays a pivotal role in driving growth, innovation, and inclusivity. By prioritizing investments in technology and digital infrastructure, the government is not only fostering inclusive growth but also laying the groundwork for transformative developments in the digital realm.

As a media-tech company, we recognize the profound impact that technology and digital innovation have on our industry. From content creation and distribution to audience engagement and monetization, technology serves as the cornerstone of our operations. Therefore, the budget’s alignment with the evolving needs of the media and technology sectors is a welcome development that bodes well for the future of our industry.

Moreover, the budget’s focus on healthcare and MSMEs is equally significant, as it underscores the importance of fostering a robust ecosystem that supports innovation, entrepreneurship, and sustainability. The allocation of resources towards healthcare infrastructure and the promotion of MSMEs is poised to drive economic growth, create employment opportunities, and bolster India’s position as a global leader in innovation and technology.

In conclusion, the Interim Budget 2024-2025 sets the stage for a dynamic and inclusive digital transformation, fueled by investments in infrastructure, technology, healthcare, and MSMEs. As a media-tech company, we are excited about the opportunities that lie ahead and remain committed to leveraging technology to drive growth, innovation, and positive societal impact. Through strategic partnerships, innovative solutions, and a steadfast focus on our mission, we are poised to thrive in this era of digital advancements and contribute to India’s journey towards becoming a global digital powerhouse.

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