Category: Finance

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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The company is set to buyback a maximum of 9,42,300 equity shares at a price of Rs. 210 per share, utilizing the tender offer route.

Rajkot (Gujarat) [India], February 7:  Rajoo Engineers Ltd, a prominent player in the Indian plastic extrusion machine manufacturing sector, boasting nearly 35 years of excellence in extrusion, has unveiled its share buyback program. The company aims to repurchase a maximum of 9.42 lakh equity shares at a rate of Rs. 210 per share through the tender offer route. Buyback offer is open from Feb 6 and will close on Feb 12. Entitlement Ratio for small shareholders is kept at 3 Equity Shares out of 74 equity shares held on the record date.

This strategic buyback is designed to facilitate the return of surplus cash to shareholders who hold equity shares, aligning with their shareholding proportions. Ultimately, the initiative seeks to augment the overall returns for shareholders and optimise capital structure.

The company had set January 31, 2024, as the Record Date to ascertain the eligibility and identity of equity shareholders entitled to participate in the Buyback. Shareholders have passed a special resolution, endorsing the buyback proposal, which is intended to be implemented proportionately among all equity shareholders and beneficial owners of equity shares through the tender offer route using the Stock Exchange Mechanism.

The company has approved a buyback proposal for up to 9,42,300 fully paid-up equity shares with a face value of Rs. 1 each (constituting 1.53% of the total paid-up equity capital as of March 31, 2023). The buyback will be executed at a price of Rs. 210 per equity share, and the payment will be made in cash, with the total consideration not exceeding Rs. 19.78 crore. The Buyback, which is being implemented through the tender offer route as prescribed under the SEBI Buyback Regulations, involvees the allocation of several Equity Shares as per their entitlement or 15% of the number of Equity Shares to be repurchased whichever is higher, reserved for the small shareholders.

Founded in 1986, Rajoo Engineers Ltd has evolved into an internationally recognized leader in blown film and sheet extrusion lines. The company holds a dominant market position in blown film lines, sheet lines, and thermoformers within the Indian sub-continent and has installations spanning across 70-plus countries, including prominent markets like Germany, Spain, and the UK. With a strategic focus on blown film, sheet extrusion lines, and thermoformers, the company has secured a premium standing in this segment. Significantly, over 50% of the company’s total business comes from exports.

The company has consistently delivered outstanding operational and financial performance over the years. In Q3FY24, it reported a consolidated net profit of Rs. 6.09 crore, marking a substantial year-on-year increase of 143.5%. The EBITDA stood at Rs. 7.63 crore, reflecting a noteworthy year-on-year rise of 141%, while the revenue reached Rs. 60.0 crore, representing a significant year-on-year increase of 64%.

For the cumulative period of 9MFY24, the company continued its impressive performance, reporting a consolidated net profit of Rs. 13.92 crore, indicating a robust year-on-year growth of 128.4%. The EBITDA for this period was reported at Rs. 17.72 crore, showcasing a substantial year-on-year rise of 133.6%. Additionally, the revenue for 9MFY24 amounted to Rs. 144.7 crore, marking a noteworthy year-on-year increase of 63.7%.

Throughout its history, the company has garnered significant recognition and achievements. In 2003, it received the Export Excellence Certificate from the Engineering Export Promotion Council of India for achieving the highest exports in that year. Additionally, during Plastindia, the company launched Asia’s highest output 3-layer blown film line with stack die (UCD).

Being a technology driven Company, product innovations, world-class quality, state-of-the-art workmanship, increased energy efficiency and high levels of sophistication and automation have become the hallmark of Rajoo products. This has helped positioned the Company’s products on a global platform, competing with the established world leaders. The company’s product portfolio includes Downward Extrusion Blown Film Lines, Mono Layer Brown Film Lines, Three Layer Blown Film Lines, Two extruder 3 layer ABA blown film line, Five Layer Blown Film Lines, Seven Layer Blown Film Lines among many others.

The year 2004 saw the company being honored with the GUJARAT GAURAV AWARD, acknowledging its outstanding contributions to the plastic industry. In 2013, Mr. C. N. Doshi, the Mentor of Rajoo Engineers, was bestowed with a Lifetime Achievement Award for his noteworthy contributions to innovation in the plastics processing machinery sector and his impact on the global plastic industry. During the same period, the company achieved a milestone by developing Asia’s first-ever smallest 5-layer sheet line, showcased at K-Germany, and recognized by IPMMI. These accolades underscore the company’s commitment to excellence and innovation in the field.

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Mumbai (Maharashtra) [India], February 7: The Institute of Actuaries of India (IAI) unveiled the Global Conference of Actuaries (GCA) 2024, set to take place from 12th to 14th February 2024 at Westin Hotel, Mumbai. Themed “Data, Disruptions, and the Actuary,” this conference aims to provide a comprehensive overview of the transformative role of data and disruptions and how actuarial skills are best suited to handle this disruption. It will draw the spotlight on the pivotal role of the actuary for organizations which are seeking to navigate the complexities of a rapidly evolving landscape in the era of data and disruptions.

Some of the Key Topics and Highlights of GCA 2024 include:

Disrupting Trends in Insurance: Industry experts will analyse and discuss the latest trends reshaping the insurance sector, including the impact of emerging risks, changing customer expectations, changing sales and distribution landscape and regulatory shifts. The sessions will provide insights into how the ongoing evolution and widespread adoption of digital innovations are fundamentally restructuring the risk landscape. Simultaneously, these changes are generating fresh opportunities for insurers capable of rapid innovation.

Artificial Intelligence in Financial Services: Sessions dedicated to the integration of artificial intelligence in financial services will offer insights into the role of AI in risk management, underwriting, and decision-making processes.  Focus of the discussions will be on how AI is helping the financial services industry streamline and optimize processes as well as the broader framework that could emerge in an increasingly flat, AI compressed world.

Technology-aided distribution of financial products: The conference will delve into innovative distribution strategies leveraging technology to enhance accessibility and efficiency in delivering financial products and services. It will explore the ongoing redefinition of how financial products are distributed by technology. The financial sector in India is currently undergoing a transformative journey, offering promises of improved accessibility, efficiency, and inclusivity as well as navigating challenges of technology-driven frauds. 

Data Security: By committing to robust investments in cybersecurity measures, staying attuned to regulatory changes, practicing adept data management, adapting to technological advancements, and giving due consideration to privacy concerns, insurance companies can effectively shield their data assets. A crucial aspect of the conference will be dedicated to addressing the challenges and solutions surrounding data security in the context of actuarial practices. 

Technology in Banking: Exploring the impact of technology on banking, this topic will cover advancements in financial technology, digital banking, and their implications for credit risk modelling, risk-based capital assessment and the role of the actuarial profession. The session will deliberate on transformational customer experiences, increasing operational efficiency, and optimizing costs.

Technological Interventions in Crop Insurance: Participants will gain insights into the role of technology in crop insurance, including the challenges and opportunities presented by technological interruptions. The sessions will dive deep into the technology interventions that the insurers can deploy to bring efficiency and accuracy to various processes, such as yield estimation, risk underwriting, and claims settlement.

Bridging the Health Protection Gap: The tasks ahead of the National Health Authority in designing strategy, building technological infrastructure, and implementing the “National Digital Health Mission” with the broader objective of creating a National Digital Health Ecosystem will be deliberated alongside the role of the private sector players in health services and health insurance.

Student Session around Remote Working Skillsets: A special session designed for students will focus on developing skillsets relevant to remote working, providing valuable insights for the student community and next generation of actuaries and quantitative professionals. This session holds increasing relevance as employers seek out Indian actuarial talent for a variety of mission-critical roles.

The Debate around the New and Old Pension Scheme: Given the NPS/ DC contributions will be higher than OPS/ DB outgo in the initial years, decision-makers may have been tempted to revert to OPS/ DB. Even more so, given the employee sentiments. The session would debate around life cycle allocation options and designing decumulation payouts – like longevity pooling and modern tontines/ value annuities – that have potentially better NPS/ DC outcomes. 

New Ethos around Asset Management: With the dimensions of asset classes and sector allocation getting redefined due to high-technology supported high finance world, the conference would end with a session on the new ethos underlying asset management being delivered by one of the most respected investment professionals of India. 

“Through the Global Conference of Actuaries, the Institute of Actuaries of India aims to foster collaboration and knowledge exchange among actuaries worldwide. We believe the synergy between data and disruptions in actuarial science not only transforms traditional practices but also presents opportunities for actuaries to harness innovation, improve decision-making, and contribute meaningfully to the continually evolving realms of risk management and financial forecasting. At the GCA, we aim to address critical cross-cutting topics such as data, disruptions, and the evolving role of the actuary, and how we can collectively navigate the challenges and harness the opportunities in a rapidly changing landscape”, said Mr. R Arunachalam, President, Institute of Actuaries of India.

For more information and to register for the Global Conference of Actuaries, please visit https://gca.org.in/index 

About the Institute of Actuaries of India (IAI):

The Institute of Actuaries of India (IAI) is the premier professional body responsible for regulating and developing the actuarial profession in India. With a commitment to advancing the actuarial field, the IAI plays a pivotal role in promoting education, research, and professional standards.

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Company has installed capacity to manufacture 48,000 Wheels annually; Company is also looking forward to bigger Railway Forged Wagon Wheel Orders in the near future through tender route.

Mumbai (Maharashtra) [India], February 6: Hilton Metal Forging Ltd – prominent manufacturer and distributor in the steel forging industry, specializing in products such as for railway forged wagon wheel, flanges, fittings, and oilfield and marine products is eying big business for Railway Forged Wagon Wheel. Company has installed capacity to manufacture 48,000 Wheels annually and aims to meet the increasing demand in the replacement market. Company is also looking forward to bigger Railway Forged Wagon Wheel Orders in the near future through tender route.

Company had initiated development of technically specialized product – Railway Forged Wagon wheel business in early 2022. In the last 18 months the company has supplied more than 2000 Railway Forged Wagon Wheels and Rail Gear Blanks. Company supplies Railway Forged Wagon Wheel for the replacement market across various Indian Railway Workshops in India.

Established in the year 2005, Hilton Metal Forging Ltd stands as a prominent manufacturer and distributor in the steel forging industry, specializing in products such as flanges, fittings, and oilfield and marine products. The company has successfully expanded its portfolio by manufacturing turbine blades, and making inroads into the railway industry with the production of forged wheels. Company has complete in-house facility of Forging, Machining, Heat Treatment and Lab Testing under one roof at it’s manufacturing facility spread across 5 acres at Wada, Maharashtra

With the demonstrated quality and delivery, Railway Forged Wagon Wheel has been approved by the Third Party Inspection agency- RITES Ltd. Hilton Metal Forgings Limited with proven successful track record makes it a strong bidder for the Global Wheel Tender floated by Indian Railways. Company is also looking forward to bigger Railway Forged Wagon Wheel Orders in the near future through tender route.

The Board of Directors proudly announced that the company has successfully developed and supplied railway wheels to the Indian Railways, achieving the distinction of being the first Indian MSME company to produce Indigenous Forged Railway Wheels. The company is now eligible to participate in Global tenders.

In a significant development, Jupiter Wagons has placed an order for 250 Forged Wagon Wheel sets with Hilton Metal Forging Ltd as a trial order. Following the successful supply of the initial 250 sets, Jupiter Wagons has issued a Letter of Intent (LOI) for procuring 6000 Forged Wagon Wheel sets  annually, highlighting the company’s growing recognition and potential in the market. Additionally, Hilton Metal Forging Ltd identifies other Wagon Manufacturing OEMs as potential clients for Forged Wagon Wheelsets, indicating the company’s expanding market reach and promising future in the railway industry.

Company has reported exceptional operational and financial performance over the years. Net Profit of the company for FY23 was reported at Rs. 5.85 crore, 3  fold growth from net profit of Rs. 1.76 crore in FY22. Total income also rise 25% to Rs. 105.4 crore in FY23 as against Rs. 84.2 crore in FY22. Net profit margin of the company has improved to 6.71% in FY23 as against 2.1% in FY22 on account of increase in operating performance.

Railway Budget 2024 – Highlights

• The Indian Railways is set to receive a capex push of Rs. 2.52 lakh crore for the financial year 2024-25, an increase of 5 percent from Rs 2.4 lakh crore allocated a year ago. The funds will be spent on building railway tracks, wagons, trains, electrification, signalling, and developing facilities at stations while   focusing on safety.
• Finance Minister Nirmala Sitharaman announced three new corridors for the railways— Energy, Mineral and Cement corridor, Port Connectivity Corridor and a High Traffic Density Corridor. These corridors were identified under the scheme to enable multi-modal connectivity. These corridors will reduce costs and improve efficiency, according to the finance minister.
• Additionally, the Finance Minister also announced that 40,000 bogies would be converted to Vande  Bharat standard to improve safety and convenience for passengers.
• The railway ministry is targeting 100 percent electrification of its network by July 2024 and laying of at least 2,000 km of new tracks, as well as rolling out the new Vande Bharat trains.
• The government is also expected to invite tenders to cover 4,000-5,000 km of railway tracks with its collision prevention system, Kavach. By June 2024, the Indian Railway plans to cover around 3,500 km of railway tracks and around 500 locomotives with Kavach.
• Under Mission 3000, the Indian Railways intends to double its cargo loading to 3,000 million tonnes (mt) by 2027. It is widely understood that DFCs will play a key role in this endeavour.

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