Tag: Finance

New Delhi [India], October 26:  The ‘Bharat Microfinance Report’ released by Sa-dhan, India’s largest self – regulatory organisation of Impact Finance Institutions, has observed that the micro-finance institutions, particularly the ‘For – Profit’ organisations like NBFC-MFIs, NBFCs and SFBs should follow more caution for ensuring a better quality of assets and growth while exploring the ways of sustainable inclusive finance.  Sa-dhan released the report during its two-day 19^th Sa-dhan National Conference on Inclusive Growth 2024 happening in New Delhi.

Shri Jiji Mammen, Executive Director and CEO of Sa-dhan said, “The micro-finance sector needs to move into a sustainable mode; so as to bring a comprehensive and sustainable development at the bottom of the pyramid. Micro-finance helps millions of poor people to access credit for their various needs, especially for their economic activities, with minimum hassles and an affordable cost. The Bharat Microfinance Report will help in give a new direction for the inclusive agenda by making available credit to the bottom of the pyramid.”

The Report highlighted that the combined loan outstanding of India’s growing microfinance sector stood at ₹ 4,42,700 crore, as outstanding against 1,613 lakh loan accounts, as on 31 March 2024 while the share of different institutions in loan outstanding stood as: NBFC-MFIs: ₹1,73,504 crore (39%); Banks: ₹1,46,909 crore (33%); SFBs: ₹74,712 crore (17%); NBFCs: ₹45,236 crore (10%) and Non-profit MFIs: ₹2,338 crore (1%).

In terms of growth, the total of 33,644 branch network of micro-finance institutions, including NBFCs and BC companies in the country, reached out to over 6,98,000 active micro clients with a total loan outstanding of ₹2,61,239 crore; including a managed portfolio of ₹79,410 crore.

Sa-dhan’s BMR report is based on the detailed analysis of various parameters is based on the information directly sourced from 217 Micro Lending Institutions (MLIs) which represented more than 98% MLI business in the country and also the data sourced the Credit Bureau.

Geographically, the top five states viz. Bihar, Tamil Nadu, Uttar Pradesh, Karnataka and West Bengal contributed 56% to the industry portfolio with Bihar alone accounting for nearly 15% of the total portfolio. The Southern region continued to have the upper hand in the share of loans outstanding, followed by the Eastern region. The proportion of rural clientele was 77% in FY 2023-24 and the women borrowers constituted 99% of the total clientele.

The Report also marked that a reduction of interest rates from 20% per annum to 19.5% per annum will not make a difference in the weekly or monthly installment payment of the poor household. Sa-dhan has also contributed significantly in creating awareness in the financial literacy space where it supported DEA workshops.

Meanwhile, during Sa-dhan’s Conference themed “Driving Sustainable Development through Inclusive Finance’ that concluded in New Delhi, Dr Saurabh Garg, Secretary, Ministry of Statistics and Programme Implementation, Government of India, stated the Government had laid down a clear roadmap of ‘Viksit Bharat’ where GYAN – Garib (poor), Yuva (youths), Annadata (the farmer) and Nari (Women) would remain at the center of development and the Government would also focus on bringing additional liquidity into the Microfinance sector in order to strengthen financial inclusion, entrepreneurship at the grassroots levels.

Dr Garg observed that the share of MFIs, NBFCs besides commercial banks had increased significantly over the years and in order to pursue the roadmap of ‘Viksit Bharat’, the Government would also encourage innovation and skill development of the last-mile beneficiaries where MFIs would play a big role.

“In the next 25 years, as part of the Viksit Bharat mission, various initiatives such as innovation, entrepreneurship, women empowerment, WASH (Water, Sanitation and Hygiene), green climate would be the key areas where major Government funding would go and MFIs can contribute,” added Dr Garg.

He further observed that the programmes like NRLM had been well received in the country. “With about 1.44 crore self – help groups where key beneficiaries have been women, the micro-finance movement has contributed significantly. For strengthening the financial sector, more avenues like micro insurance, micro investment would be important in the next three years,” he said.

During the Conference, Sa-dhan also announced a flagship certification course for the Microfinance sector to bring in adequate professional talent into the industry.

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New Delhi [India], October 24:  REHAU Group, headquartered in Germany., a global leader in polymer product solutions for emerging markets like Interior, Building, Windows, Railways(Metro), and Automotive across the world, has a presence in over 100+ countries with more than 20,000 employees, recorded revenue of more than €4.7 billion last year, has successfully acquired Majority stake in Chennai-based RED STAR Polymers Pvt Ltd., through the Foreign Direct Investment (FDI) from its Switzerland entity M/s REHAU VERWALTUNGSZENTRALE AG. RED STAR Polymers, a leading producer of PVC Edgeband tapes has a manufacturing facility in Sri City, Andhra Pradesh, and boasts a strong presence in South India.

RED STAR, under the leadership of Mr. Karthikeyan, a veteran with over 40 years in the furniture industry, has rapidly grown to become one of the top-selling brands in the Edgeband sector in just seven years. With a customer base of over 3,000, including furniture OEMs, dealers, and carpenters, RED Star Polymers is a trusted name in the region’s furniture industry. With RED STAR’s customer base, REHAU is well-positioned to capitalize on the growing demand for affordable, high-quality Edgebands in Tier II and Tier III cities. RED STAR Polymers currently employs 200 people, a number expected to increase to 250 with the upcoming expansion plans, further boosting the company’s capacity to meet the future market demand. REHAU plans to acquire the remaining 49% of RED STAR Polymers in the next three years, further solidifying its market presence.

With this strategic acquisition, REHAU is expanding its Edgeband product portfolio, moving beyond its existing premium RAUKANTEX Edgebands, which have been sold globally for over 75 years and in India for the past 27 years, to now target the mass-market Edgeband range through RED STAR. This move impacts the Indian Edgeband market, where demand for high-quality, affordable Interior solution is increasing across retail and OEM markets. By diversifying its product range, REHAU aims to meet a broader spectrum of customer needs while maintaining its commitment to quality and innovation in the polymer solutions sector.

This acquisition underscores REHAU’s commitment to the Indian market. For over 27 years, REHAU has made significant investments in India, establishing the single largest manufacturing facility for UPVC Edgebands at Vadodara, Gujarat in the country and becoming the market leader with more than 45% share in the organized OEM market. Employing over 500 people in India, REHAU Polymers Private Ltd achieved sales revenue of approximately ₹400 crore in 2023.

Commenting on the acquisition, Mr. Rafael Daum, CEO Asia Pacific, REHAU, said, “This acquisition is a crucial step in REHAU’s global expansion strategy. While RED STAR has been serving South India, our goal is to leverage its capabilities to cater to the growing mid-market in India, particularly across Tier 2 and Tier 3 cities. These regions have traditionally been underserved, but the customers here are aspirational and appreciate high-quality products. This move not only strengthens our presence in India but also reinforces our commitment to making premium products accessible to all. We are also evaluating whether this approach can be replicated in other markets in Asia-Pacific region with similar demand patterns.”

Mr. Faiz Ahmed, Director of REHAU South Asia, added, “The Indian furniture industry is undergoing rapid transformation, driven by the growth of organized players and the fast-paced retail market. This acquisition enables us to expand our reach while continuing to offer unmatched quality, design, and value to all customer segments.”

Mr. S Karthikeyan, Director, RED STAR Polymers said, “This collaboration with REHAU will be transformative for RED Star Polymers. By integrating REHAU’s advanced technologies and global best practices into our operations, we will significantly enhance our production capabilities and efficiency. This partnership will allow us to introduce cutting-edge innovations, streamline our processes, and deliver even higher quality products to our customers.”

Mr. Lakshmi Pacha, Director of RED STAR Polymers, expressed his enthusiasm about the partnership: “This acquisition not only strengthens our market position but also opens doors for significant growth across India. Edgeband products are growing in the Indian market, and with REHAU’s support, we are well-positioned to serve the Mass-Market segment in the country and also explore the export markets in the neighbouring countries. To support this growth journey, we already have plans to expand RED Star’s capabilities and increase our workforce by 25%.”

As REHAU continues to assess potential opportunities for further expansion, the acquisition of RED STAR Polymers marks a crucial step in the company’s journey to strengthen its presence in India’s evolving market landscape, especially in regions where cost-conscious consumers seek reliable and affordable solutions.

About REHAU INDIA

Established in India in 1997, REHAU is a German-based brand and a leading provider of polymer-based solutions in the global furniture and building industry. With a consolidated manufacturing facility transformed into a Centre of Excellence in Vadodara, REHAU leverages advanced German technology to specialize in a wide range of products, including uPVC Edgebands, solid surfaces, pre-laminated boards, laminates, and underfloor heating and cooling solutions. Renowned for its commitment to quality and innovation, REHAU is dedicated to exceeding the expectations of its customers with every product.

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Chennai (Tamil Nadu) [India], September 4: Goodwill Wealth Management Private Limited, a leading stock broker in India, is revolutionizing the investment landscape with the launch of its flagship mobile trading app, GigaPro, and a comprehensive suite of financial services designed to empower investors at every level.

GigaPro is a powerful, user-friendly platform that simplifies the complexities of investing, making it accessible to both seasoned traders and newcomers. The app boasts an intuitive interface that allows for easy navigation and trade execution. With real-time market data readily available, investors can stay updated with the latest stock prices, charts, and news, ensuring they have the most current information at their fingertips.

Advanced charting tools empower users to analyze market trends and make informed decisions. Personalized alerts keep investors ahead of the curve by providing customized notifications on price movements, news, and research calls. Seamless fund transfers within the app enable quick and secure transactions, while comprehensive research and analysis tools provide in-depth market insights and stock reports.

GigaPro also features advanced capabilities such as basket orders for efficient execution of multiple trades and options analytics for in-depth insights into options trading strategies. Screeners allow users to quickly filter stocks based on specific criteria, helping them identify potential investment opportunities. Additionally, the app facilitates sector analysis, enabling users to explore and analyze specific sectors for targeted investments.

Beyond its core trading features, GigaPro also offers a range of additional functionalities, including IPO applications, ReKYC completion, pledge management, a referral program, and a comprehensive alert system.

Goodwill Wealth Management’s commitment to its clients extends beyond just providing a powerful trading app. The company offers a full spectrum of financial services tailored to meet the diverse needs of its clients. These services include Equity & Equity Derivatives, Commodity & Currency Derivatives, Mutual Funds & IPOs, Loans Against Securities, Stock Lending & Borrowing Mechanisms, Insurance Services, and specialized solutions for corporates and high-net-worth individuals. This comprehensive approach ensures that clients receive personalized guidance and support at every stage of their financial journey.

With a legacy dating back to 2008, Goodwill Wealth Management has built a reputation for trust, innovation, and client-centricity. The company has earned the loyalty of over 200,000 clients across India, served through its network of 100+ branches and a dedicated team of 650+ professionals. The company’s dedication to excellence has been recognized with several prestigious awards, including the recent ET Excellence Award 2023 for “Excellence in Investing: Best Share Broking Company.”

“At Goodwill Wealth Management, we believe that financial success should be within everyone’s reach,” said Baskaran Ramasamy, Managing Director. “We’re committed to empowering investors with the tools, knowledge, and support they need to achieve their financial goals. GigaPro, along with our comprehensive suite of financial services, is a testament to that commitment.”

Take the First Step Towards Financial Freedom

Visit https://gwcindia.in to learn more about Goodwill Wealth Management and GigaPro. Download the GigaPro app today from the Google Play Store or Apple App Store and unlock a world of investment opportunities.

About Goodwill Wealth Management Private Limited

Goodwill Wealth Management Private Limited is a leading stock broker in India, committed to empowering investors and helping them achieve their financial goals. With a legacy of trust, innovation, and client-centricity, Goodwill Wealth Management continues to shape the future of investing in India.

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Goodwill Wealth Management Pvt. Ltd. is dedicated to providing innovative financial solutions and expert advisory services to help investors achieve their long-term financial goals. With a commitment to offering the lowest brokerage rates and a comprehensive range of services, Goodwill Wealth Management continues to lead the way in delivering exceptional value and support to its clients.

Disclaimer: Investments in the securities market are subject to market risks; read all the related documents carefully before investing.

Mumbai (Maharashtra) [India], August 22: Varun Hiremath, the visionary behind Fair Deal Advisors, recently hosted an online seminar titled “Mastering Your Money: Financial Literacy for Everyone,” focused on simplifying finance for a diverse audience. The event drew a remarkable turnout, with participants from various age groups eager to enhance their financial literacy.

The seminar was designed to demystify financial concepts, making them accessible to all. Varun Hiremath emphasized the importance of empowering individuals from different backgrounds to manage their finances confidently. He started the session by covering the basics and spending considerable time on the fundamental concept of budgeting.

“If you want financial freedom, you must know where your money goes,” Hiremath advised, offering practical tips on creating and sticking to a budget. He stressed the importance of distinguishing between needs and wants, a seemingly small but crucial habit that leads to better financial management.

The seminar then delved into the significance of savings and investing. Hiremath explained how compound interest can transform small savings into substantial wealth over time. He encouraged participants to start simple, suggesting mutual funds as a beginner-friendly option. “The key is starting early and staying consistent,” he emphasized.

Addressing financial pitfalls, Hiremath candidly discussed the reality of debt, labeling it as a necessary evil. He clarified the difference between ‘good’ debts, like home loans, and ‘bad’ debts, such as high-interest credit cards. With his characteristic down-to-earth approach, he offered practical strategies for managing and reducing debt.

A standout feature of the seminar was its high level of interaction. Hiremath encouraged participants to ask questions and share personal experiences, creating a more personalized and engaging learning experience. He also highlighted the importance of financial education for children, urging parents to start conversations about money early.

The session concluded with a lively Q&A, where Hiremath addressed topics ranging from retirement planning to inflation. Participants left not only enlightened but empowered to take control of their financial futures. “Financial literacy is not just about making money; it’s about securing your future and that of your loved ones,” Hiremath said in his closing remarks.

Testimonials of a few Participants:

Anjali Mehra, 32, Homemaker: “Varun’s seminar was a game-changer for me. I’ve always struggled with budgeting, but his tips made it seem so simple. I feel more confident about managing my household finances now.”

Ravi Shah, 45, IT Professional: “The session on savings and investing was particularly insightful. I had never considered mutual funds before, but now I feel ready to take that step. The seminar was both informative and inspiring.”

Priya Menon, 28, Teacher: “I appreciated the interactive nature of the seminar. It wasn’t just about listening to advice; Varun made it easy to ask questions and relate the concepts to my own life. I’m excited to start teaching my students about money management, too.”

With more such events planned, it is evident that Varun Hiremath is committed to guiding individuals on their path to financial security. For additional tips and updates on upcoming seminars, visit Fair Deal Advisors.

Varun Hiremath graduated in Business Management from USF Muma College of Business in 2015. He has previously served as a research analyst at Girik Capital and as a banking analyst at ET Now. In 2023, he founded Fair Deal Wealth Advisors, a mutual fund and PMS distribution company. Hiremath is passionate about equity research and investing.

For more information about Varun Hiremath, Fair Deal Wealth Advisors, kindly visit the website www.varunhiremath.net

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New Delhi [India], August 20: India’s remarkable economic growth, fueled by rapid industrialisation, increased foreign investments, and a thriving domestic market, has catapulted the country onto the global stage. In this journey, tax professionals such as chartered accountants (CAs), company secretaries (CS), cost accountants (CMAs), and lawyers have played pivotal roles, their contributions integral to the country’s progress. They ensure compliance with tax regulations, offer strategic financial advice, and help businesses navigate the complexities of the tax landscape. As the economy diversifies, these professionals face growing challenges, from managing compliance with evolving tax laws like GST to balancing branding, client expectations, and administrative duties in an increasingly digital world. Having the right tools and strategies is vital for them to stay at the forefront of India’s economic development.

Tax professionals are integral to the economy, ensuring tax compliance and guiding businesses toward financial growth and stability. Yet, in today’s digital landscape, maintaining a strong brand presence is increasingly difficult. Branding has shifted from merely advantageous to essential in a highly competitive environment. This is where PracticeGuru offers a game-changing solution with OneClick Branding. Providing ready-made, professionally designed branding posters covering crucial topics such as GST, Income Tax, and MCA, OneClick Branding enables tax professionals to project a consistent, polished image across client communications and social media, significantly aiding client acquisition and retention. Posters are delivered through apps, both Android and iOS.

On top of branding hurdles, managing the day-to-day operations of a tax practice presents another layer of complexity. Tax professionals often need to work on handling client tasks and managing administrative duties. This is particularly true as India’s regulatory environment becomes more intricate. To address these challenges, PracticeGuru offers Nexus, a web-based Practice Management Software (PMS) designed to streamline administrative tasks like client work tracking, deadline tracking, analysis of growth, and payment follow-ups. By automating these processes, Nexus allows tax professionals to focus more on serving clients and expanding their practices, reducing operational bottlenecks.

In addition to branding and operational hurdles, staying competitive requires tax professionals to continually refine their sales and management skills. With the rapidly evolving landscape, practice development is as critical as tax knowledge. PracticeGuru’s Learning platform is designed to meet this need by offering courses that enhance sales, management, and client engagement strategies rather than just focusing on tax laws. This enables tax professionals to stay ahead in an increasingly competitive market by fostering business development and operational excellence.

Since its inception, PracticeGuru has earned the trust of over 3,400 tax professionals throughout India, a testament to the quality and effectiveness of its solutions. The company’s dedication to excellence was acknowledged in November 2023 when it received the esteemed TIOL Award, presented by Andhra Pradesh’s Finance Minister, Buggana Rajendranath. This award underscores PracticeGuru’s contributions to the tax industry and its success in addressing the key challenges faced by tax professionals.

With over 500 positive client reviews, PracticeGuru‘s solutions have been widely recognized for their significant impact on the efficiency and growth of tax practices. By offering tools that address the core challenges of branding, practice management, and professional development, PracticeGuru empowers tax professionals to thrive and continue driving India’s economic progress.

If you would like more details, you can contact PracticeGuru at practicegurupro@gmail.com or WhatsApp at 9136667325. Website is https://practiceguru.pro

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Mumbai (Maharashtra) [India], August 17: Unclaimed investments are one of the biggest, silent worries in the area of financial management. A joint estimate of unclaimed assets in India is collectively estimated at ₹5,79,788 crores, including in value ₹3,78,000 crores in physical shares, ₹35,770 crores in mutual funds, ₹5,454 crores in unclaimed dividends, ₹28,800 crores in IEPF holdings, ₹62,225 crores in bank deposits, ₹48,000 crores in unclaimed provident funds, and ₹21,539 crores in unclaimed insurance policies. They definitely make an effective case. Share Samadhan, under the guidance of promoter Abhay Chandalia and Strategy Head Chaman Chandalia, has emerged as a pioneer in this domain, leveraging innovative strategies to address and resolve the issue of unclaimed investments.

The Scale of the Problem

The runaway market of unclaimed investments across India reflects a very critical chasm in the realm of finance management and awareness. This problem arises from a lack of documentation, change of contact addresses, neglect, and even death of investors. The cumbersome process of reclamation, coupled with red tapism, makes the whole process of claim, in fact, very challenging, which in turn leaves the rightful owners or their heirs fighting for their dues.

Share Samadhan’s Approach

Share Samadhan had come up with a flexible and proactive approach.Their strategy is based on a profound understanding of the issues involved and a commitment to making maximum use of technology, legal knowledge, and personal service.

• Proper Documentation and Record-Keeping: Share Samadhan is documentation-hungry. They help the client keep high standards of records when it comes to the investments they have going on, with all factual information updated, current, and on the table for easy access. This type of preparedness/documentation goes a long way toward ensuring that investments are kept in sight; the chances of losing them are greatly reduced.
• Advanced technology: It is the prime mover in Share Samadhan. These include the use of modern software and databases to keep records and manage unclaimed investments. Moreover, these can act as a great helper for communicating with the available online portals and tools from regulatory bodies like the IEPF Authority and IRDAI, making way for the easy identification and reclamation of unclaimed assets.
• Legal Expertise and Navigational Support: Share Samadhan’s in-house team of legal experts is an invaluable treasure for the organization and its clients. Their expertise paves the way for smooth and streamlined recovery, relieving investors of cumbersome steps.
• Personalized Client Service: Share Samadhan offers user-specific services considering the fact that each of the persons contacting it is an individual. For example, it offers a one-to-one consultation where a person receives a guide on their journey to recovery and is helped with any specific issues of concern they may have.

 Success Stories and Impact

Evidently, the innovative adaptive approach of Share Samadhan has brought in results. Over ₹600 crores of investments have already been delivered back. Such a delivery of recovered assets surely brings relief; security and happiness come back to the lives of the investors along with their family members. Share Samadhan helps convert dead or unclaimed investments into live assets for both personal stability and health of the economic system.

The Future of Unclaimed Investment Recovery

Looking ahead, Share Samadhan continues to innovate and fine-tune their approach toward unclaimed investment recovery. In the same breath, their commitment to education and raising awareness becomes important to see that investments do not become unclaimed in the first instance.

It is a mammoth and intricate problem, but one which can easily be managed and resolved with the correct approach. Share Samadhan’s innovative and adaptive strategies present a strong solution to this, ensuring the reclamation of investments and that they are returned to rightful owners. Share Samadhan not only services a growing market for unclaimed assets, but it sets a new standard for proactive financial management with detailed documentation, technological integration, legal expertise, and personal service. Successful stories recount how professional help is key in finding the way amidst the difficult path of unclaimed investments to be able to bring financial security and peace of mind to many more people and families.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Investing in stocks involves risk, and past performance is not indicative of future results. Readers should conduct their own research or consult with a qualified financial advisor before making any investment decisions.

Mumbai (Maharashtra) [India], July 26: Brijendra Kagzi, CMD of Shrijee Lifestyle Pvt. Ltd, applauded the Union Budget for 2024-25, highlighting its growth-oriented approach and its potential to foster employment, skill development, as well as MSME growth.

Key Highlights

Employment Incentives: The budget’s employment-linked incentives & internship programs are expected to drive job creation in the textile sector, the largest employment generator in manufacturing.

Credit Guarantee Scheme: The proposed scheme will enable MSMEs to secure funding without collateral or third-party guarantees, encouraging growth in this sector.

Areas for Improvement

– Interest Subvention: To provide relief to existing and upcoming MSME textile units, Kagzi advocated for an interest subvention of 2-3%, aligning MSMEs with large corporates that enjoy lower funding rates.

– Import Duty on Fabrics: Introducing a minimum import duty of Rs 25 per square meter on cheaper Chinese fabrics would protect the local textile industry and promote local sourcing.

-GST Inverted Duty Structure: The textile sector faces a disparity with input GST rates at 12-18% and output rates at 5%. Rectifying this anomaly would release substantial amounts stuck due to higher GST paid on inputs. Refunds for accumulated credits, including on capital goods, should be streamlined.

GST on Textile Machinery and Supplies: Reducing the GST rate on textile machinery, dyes, and chemicals from 18% to 5% would stimulate growth in the fabric sector, enhancing India’s competitiveness in global trade.

Digital Printing Sector: The incidence of 18% GST on digital printing machines and inks needs reduction to 5% in order to help Indian fabric units compete against Chinese digital printed fabrics in both domestic and international markets.

Kagzi expressed optimism that these changes could be addressed in the upcoming GST council meeting, complementing the budget proposals to create a conducive environment for high growth in the fabric processing segment, a crucial part of the textile value chain.

www.shrijeelifestyle.com

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Mumbai (Maharashtra) [India], July 15: Piramal Finance is offering a Home Construction Loan, designed to make your dream home a reality with ease and efficiency. Our loan product is tailored to meet the unique needs of homebuilders, offering fast disbursement, minimal paperwork, and a smooth process from start to finish.

Fast Disbursement

We understand that time is of the essence when it comes to building a home. That’s why our Home Construction Loan features fast disbursement, ensuring that funds are available when you need them most. With Piramal Finance, you won’t have to wait long to get your construction project underway.

Minimal Paperwork

Navigating the paperwork for a construction loan can be daunting. At Piramal Finance, we’ve streamlined the application process to minimize the paperwork required. This means less hassle and more focus on what matters – building your home.

Smooth Process

Our dedicated team is committed to providing a seamless experience for our customers. From application to approval and disbursement, we ensure a smooth and transparent process. We’re with you every step of the way, making sure that your home construction journey is as stress-free as possible.

Tailored Calculator for EMI and Eligibility

To help you plan your finances better, Piramal Finance offers a tailored EMI and eligibility calculator. This tool allows you to check your eligibility and calculate equated monthly installments (EMIs) with ease. By using our calculator, you can make informed decisions about your loan and manage your budget effectively.

Conclusion

Choosing Piramal Finance for your Home Construction Loan means opting for reliability, efficiency, and customer-centric service. We are committed to helping you turn your dream home into a reality with financial products that cater to your specific needs.

Don’t let the complexities of financing stand in the way of building your dream home. With Piramal Finance’s Home Construction Loan, you can look forward to a fast, easy, and smooth journey towards homeownership.

For more information or to apply, visit: https://www.piramalfinance.com/home-loan/home-construction-loans 

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Hyderabad (Telangana) [India], July 8: : Hyderabad based leading socks and cotton products manufacturing company Filatex Fashions Ltd has approved 1:5 (5-for-1) stock split to enhance the liquidity in the capital market and widen shareholder base.

Approved sub-division of existing 1 equity share of Rs. 5 face value into 5 equity shares of Rs. 1 each

Board of directors of the company in the meeting held of 7 June 2024 has approved sub-division of existing 1 Equity Share of face value of Rs. 5 each fully paid up into 5 Equity Shares of Rs. 1 each fully paid up. Post approval of the resolution for sub-division by the shareholders at Extra Ordinary General Meeting (EGM), the record date for the purpose of subdivision of equity shares will be announced. Post sub-division, share capital of the company will stand at Rs. 833.40 crore divided into 8,33,40,72,725 equity shares of Rs. 1 each. The Authorized Share Capital of the Company is Rs. 850 crore.

EGM of the Company for the FY 2024-25 is scheduled to be held on Monday. 15 July, 2024 at 11:00 AM through Video Conferencing or Other Audio Visual Means (OAVM).

Company’s shares are recently admitted to dealings on NSE with a code FILATFASH w.e.f 6 May 2024.  Company’s shares were listed on Bombay Stock Exchange since 23 September 1996 and will continue to be listed on the exchange with the scrip code 532022. Company has also appointed Mr. Yash Sethia as Chief Financial Officer (CFO) of the Company from 30^th March 2024.

Company board in the meeting held on 6 July has approved to set up a wholly owned subsidiary for export of textile garments and fabrics in Delhi reason being Delhi is a source for readymade goods which can be easily supplied to overseas market. Additionally, board also approved proposal to set up a Corporate Office in Mumbai for business expansion and planning to appoint senior managerial personnel like CEO, head of compliance etc. which will help the company in its smooth business expansion in global markets.

Incorporated in 1995, Filatex Fashions Ltd specializes in socks manufacturing and cotton products with 25 socks-knitting machines with the latest finishing and setting machines, using infrared technology for the first time in India. Filatex Fashions has gained rich experience in the European and Indian market. With manufacturing plants located in Hyderabad, Telangana, the company offers private label services and the option to use its branded label for socks. Company’s clients include renowned brands like FILA, Sergio Tacchini, Adidas, Walt Disney and many other top labels of the fashion world.

Company has a State of art manufacturing unit located at Hyderabad having ultra modern, latest machinery from Korea and Italy with In-house R&D facilities, is on Growth path with various new orders from Leading Brands. Company has a modern state-of-the-art plant spread over 4 acres capable of producing 8.64 million pairs of socks per annum. The company further plans to ramp up production capacity upto 14 million pairs of socks per annum.

For FY23-24, company posted net profit of Rs. 8.95 crore, total income of Rs. 179.02 crore. During Q4FY24, net profit of the company was reported at Rs. 2.56 crore and total income of Rs. 69.59 crore.

In November 2022, company announced a capacity expansion of Rs 300 crore for its production facility in next one and a half year. Under this expansion, the company will install another 500 machines to meet the growing demand for the company’s existing products. The said machines will require about 400,000 square feet of space for installation and the company’s existing land will be enough for the same. This capex will generate additional turnover of around Rs 400 crore and provide employment to more than 1,000 workers. Company also picked up 51 per cent stake in Sri Lankan apparel manufacturing company Isabella (Private) Ltd for about $7.55 million (approx Rs 60.40 crore).

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Ahmedabad (Gujarat) [India], July 5:  Gujarat based VMS Industries Ltd (BSE – 533427) has reported excellent operational and financial performance of the 12 months ended March 2024. Company has achieved highest ever Annual Revenue of Rs. 266.37 crore for FY24 with 89.7% Y-o-Y growth as compared to revenue of Rs. 140.39 crore in the corresponding period of FY23.

Company announced first interim dividend of Rs. 0.50 per share.

Net Profit for the Full year of FY24 surged to Rs. 6.32 crore, representing a growth of 152.9% as compared to PAT of Rs. 2.50 crore in FY23. EBITDA for the FY24 was reported at Rs. 10.54 crore, 110% growth Y-o-Y as compared to EBITDA of Rs. 5.02 crore in FY23. In FY 24, company has continued its trajectory of robust growth, reporting significant improvements across key financial metrics. Company has also bagged new orders worth approx. Rs. 168 crore.

The board of directors in the meeting held on July 3, 2024 announced the first interim dividend for FY24-25 of Rs. 0.50 per share on Rs. 10 face value. This move underlines the company’s commitment to rewarding its investors and signifies the substantial growth and success achieved over the years.

Financial Highlights (Rs. crore)

Sharing more details, Mr. Manojkumar Jain, Managing Director VMS Industries Limited said – “We are immensely proud of VMS Industries Limited’s exceptional performance in 12M Fy’24, marked by robust revenue growth and profitability. Our strategic initiatives have yielded significant results, as evidenced by the substantial increase in revenue and profitability metrics. The efficient management of working capital and focus on asset dismantling business further underscore our operational excellence and resilience. Looking ahead, we anticipate a strong revenue performance across major segments fuelled by expected growth in ship recycling business and Asset dismantling business.”

Outlook and Future plans – VMS Industries Limited remains committed to its growth trajectory, with a focus on strategic initiatives and future Opportunities.

Future Opportunities: In last 10 years more than 7000 vessels have been recycled world-wide, out of which more than 35% vessels were recycled in India and in the coming 10 years this figure is expected to double. Moreover share of India in ship recycling is also expected to increase. India has better chance and not much competition. Based on which we are anticipating robust growth in ship breaking and Assets Dismantling & Demolition in India. VMS Industries Limited remains optimistic about its future prospects, poised for sustained growth and value creation for stakeholders.

Incorporated in December 1991, VMS Industries Ltd recycles ships, exports products related to ships, and buys and dismantles ships. Company also trades in ferrous and non-ferrous metals. VMSI is headquartered in Ahmedabad, India. Company is certified by ISO 9001:2008, ISO14001:2004, ISO 30000-2009, and OHSAS18001:2007 for its ship recycling and offshore business.

Company in the month of May 2024 launched a rights issue of Rs. 28 crore to fund its expansion plans, meet working capital requirements, and general corporate purposes. The right issue was fully subscribed at 1.25 times the offer.

Company’s business segments include: i) Ship recycling: Company breaks down old ships into their parts and recycles them. The company has an industrial plot at Alang, Bhavnagar, using technology that reduces environmental hazards. ii) Trading of various Metals: Company trades in various metals encompasses a dynamic market where recyclable metal materials are bought, sold, and repurposed worldwide. iii) Assets Dismantling/Demolition: Asset dismantling or demolition is a complex process that deconstructs industrial facilities like manufacturing plants and warehouses. It requires specialized expertise, equipment, and adherence to safety protocols and environmental regulations.

ABOUT VMS INDUSTRIES LIMITED https://www.vmsil.in/ 

VMS Industries was incorporated on December 2, 1991 with the object of carrying on the business of providing different kinds of consulting and information technology services. During 1992- 1994, the Company was engaged in computerization of land revenue records of Bhavnagar Municipal Corporation.

The Ship Breaking Industry was revived in the year 2003-04 and therefore we decided to diversify activities. During the year 2004, Gujarat Maritime Board auctioned vacant plots and under open bid we have been allotted vacant Plot No. 160 at Alang-Sosiya Ship Breaking Yard admeasuring 1350 sq. meter.

In the year 2022 size of the plot was increased from 2700 Sq. Mtr to 5400 Sq. Mtr. The ship-breaking facility received certifications from NK Class (Japan), and ISO certifications (9001, 14001 & 45001) from Bureau veritas.

Now, leveraging its established contacts in the metal industry, the Company aims to diversify into the

dismantling/demolition of Assets. The Company has started making participation in various Bids to acquire factories for dismantling.

In line with the same, the Company has participated in Bid and secured dismantling / cutting / sale of incomplete Ships and ship blocks lying at ABG shipyard, Dahej Shipyard weighing approximately 48000 MT valuing Rs.163.20 Crores plus GST from Welspun Corp Limited.

Presently VMS Industries is mainly engaged in the business activities of Ship Recycling, Trading of Various Metals and Asset Dismantling/Demolition.

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