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Oasis of art & culture at Bikaner House

New Delhi, 14 February 2023.

Bikaner House in collaboration with India Art Fair 2023 as a parallel venue partner positioned Bikaner House as a premier art & culture destination dedicated to stimulating interest towards the preservation of heritage and promotion of Art & culture. As a unique initiative, this partnership created a synergy between the events organized by IAF 2023 and Bikaner House.

Speaking about Bikaner house, the venue partner of India Art Fair 2023, Smt. Shubhra Singh, Additional Chief Secretary, and Chief Resident Commissioner, of Bikaner House, commented, “With the inspiration of Chief Minister Mr. Ashok Gehlot, Bikaner House is being developed as a hub of art, heritage, and culture, so we have collaborated with IAF 2023 to connect the bikaner house with Art and Culture world. She said that On the third day of the ‘Bikaner House Dialogues’ series, the discussion focused on Raja Ravi Varma’s skill as an artist, the life and times of India’s master artist, and preserving the legacy of a visionary who democratized art.
The session was moderated by Archana Shenoy and the speakers included Rupika Chawla, well-known author, conservator, and restorer, along with historian and author Manu S. Pillai and Gitanjali Maini, Managing Trustee & CEO, Raja Ravi Varma Heritage Foundation.

The speakers focused on the artist’s work and threw new light on some relevant facts and new paintings that were discovered by the Foundation during the course of its research.

On the concluding day of the ‘Bikaner House Dialogues’ series, the topic was ‘Reimagining Heritage in the context of Cultural Diplomacy’. The session was moderated by Mr. Dhiraj Srivastava, Resident Commissioner, Bikaner House. The speakers included H.E Andre Aranha Correa Do Lago, Ambassador of Brazil, H.E Muhamed Cengic, Ambassador of Bosnia & Herzegovina, and Mateja Vodeb Ghosh, Ambassador of the Republic of Slovenia.

The Dialogue series also included an exclusive photography exhibition titled ‘14 COUPLETS- We’re not separate races. Overall, the Bikaner House event was well attended by a new generation of art lovers leading to a phenomenal response ending on a successful note.
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Capacit’e Infraprojects Limited Q3 & 9M FY23 Results Release

Mumbai, February 14, 2023: Capacit’e Infraprojects Limited (“Company”), a fast-growing construction company providing end-to-end services for residential, commercial, and Institutional buildings with a presence in Mumbai Metropolitan Region (MMR), Gandhinagar, Pune, Goa, Chennai, National Capital Region (NCR), Kochi, Hyderabad, and Bengaluru today announced its Unaudited Financial results for the quarter and nine months ended December 31, 2022.

Key Financial Highlights are as follows:

Performance highlights for Q3 FY23

Revenue from Operations for Q3 FY23 grew by 21% to ₹ 443 crores as compared to ₹ 367 crores in Q3 FY22.

EBIDTA for Q3 FY23 grew by 40% to ₹ 90 crores as compared to ₹ 64 crores in Q3 FY22. EBIDTA margin for Q3 FY23 stood at 20.1% as compared to 17.2% in Q3 FY22.

EBIT for Q3 FY23 grew by 51% to ₹ 56 crores as compared to ₹ 37 crores in Q3 FY22. EBIDTA margin for Q3 FY23 stood at 12.4% as compared to 9,9% in Q3 FY22.

PBT for Q3 FY23 grew by 62% to ₹ 31 crores as compared to ₹ 19 crores in Q3 FY22. PBT margin for Q3 FY23 stood at 6.9% as compared to 5.1% in Q3 FY22.

PAT for Q3 FY23 grew by 15% to ₹ 23 crores as compared to ₹ 14 crores in Q3 FY22. PAT margin for Q3 FY23 stood at 5.1% as compared to 3.7% in Q3 FY22.

Performance highlights for 9M FY23

Revenue from Operations for 9M FY23 grew by 36% to ₹ 1,352 crores as compared to ₹ 993 crores in 9M FY22.

EBIDTA for 9M FY23 grew by 59% to ₹ 275 crores as compared to ₹ 173 crores in 9M FY22. EBIDTA margin for 9M FY23 stood at 20.2% as compared to 17.3% in 9M FY22.

EBIT for 9M FY23 grew by 66% to ₹ 166 crores as compared to ₹ 100 crores in 9M FY22. EBIT margin for 9M FY23 stood at 12.0% as compared to 10.0% in 9M FY22.

PBT for 9M FY23 grew by 97% to ₹ 99 crores as compared to ₹ 50 crores in 9M FY22. PBT margin for 9M FY23 stood at 7.3% as compared to 5.0% in 9M FY22.

PAT for 9M FY23 grew by 98% to ₹ 73 crores as compared to ₹ 37 crores in 9M FY22. PAT margin for 9M FY23 stood at 5.4% as compared to 3.7% in 9M FY22.

Gross Debt stood at ₹ 387 crores with Gross Debt to Equity at 0.37x.

Net Debt stood at ₹ 214 crores with Net Debt to Equity at 0.20x

The working capital cycle (excluding retention) improved from 120 days in March 2022 to 98 days in December 2022, indicating a positive trend. We are focused on a meaningful reduction in working capital cycle during the current financial year.

The Company continued its focus on increasing execution across projects.

Order book on a standalone basis stood at ₹ 9,764 crores as of December 31, 2022. Public sector accounts for 67% while the private sector accounts for 33% of the total order book.

Other Key Updates:

•  Awarded project worth ₹ 3,313 crores (excluding GST) in 9M FY23, including the work amounting to ₹ 1,249 for MHADA BDD project, awarded by TPL – CIL JV.
•  Appeals against the Income-tax block assessment orders have been completed for the period upto March 2020. All the disallowances made by the department have been decided in favor of the Company. As a result, the contingent liability relating to income tax demand amounting to ₹ 31.15 crores as disclosed in Annual Report 2022, will no longer be required.
•  Godrej Reality has come in as a developer along with DB Reality for the One Mahalaxmi project (earlier Radius – DB Reality project). The Company has entered into a settlement agreement for ₹ 11.33 crores. Based on this, the client has released the 1st Tranche of ₹ 6.0 crores in the month of January 2023 and will be releasing the balance amount before the end of the Financial Year 2023. The Company is expecting recoveries from other slow-moving debtors as well.

On the performance Mr. Rohit Katyal, Executive Director & CFO commented, “Our progress in the quarter and nine months of the year under review reflects our resilience amid a challenging macro-economic environment.

With the healthy order book and sustained order inflow and our expertise in executing and delivering projects on time, we are optimistic that we shall witness healthy and sustainable growth. With a strong foundation in place, we enhanced our capabilities to capitalize on emerging opportunities. We will continue to expand our reach, invest in our talent pool and unlock efficiencies to deliver a robust performance year after year.

Our judicious efforts have enabled us to become an end-to-end construction service provider with a reputation for delivering impeccable quality and ensuring the timely execution of projects. Backed by a growing customer base and the dedication to hone our expertise further with the implementation of new-age processes, we are on the right track to deliver growth with prudence.

The strong impetus from the Government for the housing sector in the recent budget announcement and favorable policies are very positive for the sector and the overall economy.

The project awarding has seen an uptick and is likely to gain further momentum in the coming quarters. We are confident of achieving our guided order booking for the current financial year. Our robust execution capabilities coupled with strong repository of asset base enabling efficient execution reflected in strong revenue growth.”

MapmyIndia announces strategic investment in Indrones, a leading Drone solutions startup

New Delhi / Navi Mumbai, February 14, 2023: MapmyIndia (C.E. Info Systems Ltd.) (NSE: MAPMYINDIA, BSE: 543425), India’s pioneering and leading deep-tech, digital mapping, geospatial software & IoT company, today announced that it has made a strategic investment in Indrones Solutions Private Limited (Indrones), a leading end-to-end drone solutions startup. Indrones has been a leading drone company and drone service provider in the country and with the new funding, the company will scale up operations, expand its thousands of hours of flying experience, be able to deliver more and larger projects for customers, and build next-gen autonomous and reliable drones that push the boundaries of what is possible with drone technologies. MapmyIndia, India’s pioneer and leading deep-tech digital maps-based products, platforms, and solutions company since 1995, which services 2000+ leading enterprise customers across all industry verticals in the private and public sector, will now be able to offer customers industry-leading drones and drone-based solutions. MapmyIndia’s consumer-facing Mappls app will offer more high-definition and 3D maps, based on drone-collected data, offering unparalleled immersive and metaverse experiences to users of the Mappls app.

Indrones specializes in manufacturing drones for a variety of use cases and providing drone-based end-to-end solutions for verticals like smart cities, government, construction, oil & gas, agriculture, etc., and has developed technologies that allow for highly efficient and cost-effective data collection, data processing and analytics. Indrones has already been working with a reputed list of clientele across India in the ‘Drone as a Service’ (DaaS) model. The strategic investment from MapmyIndia will be used to improve its products and offerings further and help the company develop digital solutions in the drone sector at par with global standards.

“We are thrilled to have MapmyIndia on board who shares our vision of contributing to the growth of India’s digital economy,” said Mr. Pravin Prajapati, Founder & CEO of Indrones. “Drones today are solving some of the most complex problems across industries like mining, construction, oil & gas, infrastructure, agriculture, etc., and Indrones is here to be a part of the digital transformation journey of its customers while leveraging indigenous software maps, geospatial software and IoT technologies developed by MapmyIndia” he added.

Mr. Rakesh Verma, CMD of MapmyIndia said “Drones are a sunrise industry, with incredible potential and market opportunity. Our strategic investment in Indrones is in-line with the vision of our Prime Minister’s vision of Aatmanirbhar Bharat and making India a drone hub by 2030. The Indrones team is highly experienced, and we are certain that together we would be able to be a leading player in the Indian and global drone industry. We are excited to work with Indrones strategically to further augment our solutions and offerings based on drones, through which we can deliver on more use cases and needs of both our large base of enterprise customers across industry verticals and to consumers through cutting-edge capabilities of drones”, he added.

South Indian Bank enters into a MOU with Maruti Suzuki for Dealer and Retail Car financing

Thrissur, February 13, 2023: South Indian Bank today announced the signing of a MoU (Memorandum of Understanding) with Maruti Suzuki. Under this partnership, the bank will provide unmatched dealer finance options and customised auto retail financing solutions for customers.

With this tie-up, South Indian Bank aims to help dealer partners streamline vehicle inventory funding and offer comprehensive retail financing solutions to the customers of Maruti Suzuki.

The MoU was signed in the presence of Mr. Shashank Srivastava, Senior Executive Officer, Marketing & Sales, MSIL, Mr. Bhuvan Dheer, Executive Vice President, Sales, MSIL, Mr. Vikas Kohli, Vice President, MSIL, Mr. Murali Ramakrishnan, MD & CEO, South Indian Bank, and other senior officials from both organizations.

Sharing his thoughts on the alliance, Mr. Murali Ramakrishnan, MD, and CEO, of South Indian Bank, said, “It is our immense pleasure to have partnered with Maruti Suzuki, the largest passenger vehicle manufacturer in India. With our diverse finance solutions, we aim to provide convenient and comprehensive finance options and are confident that this partnership will cater to the business requirements of both companies and produce a great synergistic effect.”

Speaking on the partnership, Mr. Shashank Srivastava, Senior Executive Officer, Marketing & Sales, Maruti Suzuki India Limited, said, “We are delighted to partner with South Indian bank. This tie-up will provide financing solutions for our dealer partners as well as for our customers. Both Maruti Suzuki and South Indian bank are committed to delivering the best customer experiences.”

Create the Perfect ‘Date Night look’ with Modicare

Valentine’s Day is one of the most awaited events of the year. They say, love brings on its own glow, enhance this glow and unleash #BeautyofLove by experimenting with your Date night looks with products from Modicare Limited. Be it the no-effort nude makeup look or the bold starry look, Modicare Limited has got you covered with its Urban Color London range to give you that perfect look you’ve been planning all along.

Modicare’s Urban Color London’s Pro Multifunctional Foundation and Concealer Stick with SPF 30

Regardless of your plan to head out with your significant other or spend the Galentines with your girl tribe, you need your skin to look smooth and bright. Modicare’s Urban Color London Pro concealer-plus-foundation stick with medium coverage has a smooth, matte finish that covers blemishes, evens skin tone, and eliminates dark circles without aggravating fine wrinkles. Shea butter, jojoba oil, and vitamin E are added to the creamy mixture to hydrate the skin while broad spectrum SPF 30 protects against UV damage. The non-comedogenic, and water-resistant concealer comes in the stick format which makes it ideal for quick application on the go. This two-in-one concealer and foundation stick with blend formula is available in four shades, Buttercream, Ginger, Almond, and Spice, which costs MRP Rs. 475/-.

Modicare’s Urban Color London Pro Ultra Finish Contour & Highlighter Kit

Though the glow of love could be enough for you to sweep him off his feet, Modicare’s Urban Color London’s Pro Ultra Finish Contour & Highlighter Kit will add that extra shine to your look. At MRP Rs. 975/-, this contour provides amazing coverage and lifted cheekbones, that sculpt a perfect look effortlessly. The dermatologically tested, 100% vegetarian, and cruelty-free product helps you look instantly slimmer. So, what are you waiting for? Enhance and minimise facial features in just a few simple steps.

Modicare’s Urban Color London Stardust Eyeshadow

Allow your eyes to speak for themselves with metallic eyeliners, which have opened up limitless options in the beauty world and will allow you accept and express yourself best with your loved one around. With just the right blend of pearl and glitter, Modicare’s Urban Color London Stardust Eyeshadow gives the eyes an incredible lustrous shine and metallic shimmer. The lightweight formula with its innovative gel texture glides on effortlessly and dries smoothly, locking in maximum sparkle with minimal fallout to create a real wow factor. The formula is buildable and easy to blend, so you can customise the intensity and wear it alone or as a topper for your eyeshadow as per your liking. Modicare’s Urban Color London Stardust Eyeshadow is available in 5 mesmerising shades – Misty Star, Glam, Glitzy, Sparkle, and Magic Touch, which cost just MRP Rs. 1250/-.

Modicare’s Urban Color London Irresistible Matte Lipcolor

Choose your perfect shade – whether it’s a classic red or a dreamy pink, go with whatever makes you feel most confident with Modicare’s Urban Color London’s latest Irresistible Matte. This cruelty-free, transfer-proof, vegan lipstick has been dermatologically tested and costs MRP Rs. 1250/-. The cruelty-free, dermatologically tested, 100% vegan, and paraben-free range comes in 12 rich shades priced at INR 1250/- each. It offers a mischievous matte vibrancy with its single-stroke full coverage. Created with pure matte powder pigments and botanical extracts, the soft, lightweight texture feels amazingly comfortable round-the-clock. What more? It comes infused with wild mango butter to repair, protect & hydrate your lips and the color stays up to 10 hours. Time to repair, protect and hydrate.

Modicare’s Urban Color London Wow Brow Shaping and Defining Kit

Your brows can make or break your appearance, with Modicare’s Urban Color London Wow Brow Shaping and Defining Kit beautiful brows are just a ‘kit’ away. It is a lightweight, sheer to medium formula, designed to be smudge-proof, with a long-wearing powder to fill in, and comes with wax to define. Use it wet or dry for optimum control, intensity, and finish, which perfectly defines and shapes your eyebrows in just one stroke. The consistent, long-lasting effect of the micronized pigments ensures that your brow game is strong all day. With mini tweezers, an angular applicator, and a grooming brush, you can shape your ideal brow, whether it be subtly natural or stunningly aggressive. Available at MRP Rs. 875/-, this amazing brow kit is dermatologically tested, 100% vegetarian, lightweight, and cruelty-free.

Modicare’s Urban Color London Intense Color Liquid Eyeliner

Winged eyeliner is one of the most classic makeup trends you can pull off to look glamorous for the perfect date. Use Modicare’s Urban Color London Intense Color Liquid Eyeliner for a shiny, smooth line with only one stroke. A strong, glossy liquid eyeliner that is highly pigmented and glides on smoothly to emphasize the eyes with a sparkling finish. It delivers a smooth, shiny line in just one stroke. For professional application, it comes with an ultra-fine bristle brush, and the deep black solution is ideal for producing dramatic, attention-grabbing eyes or for creating any desired effect. With this super-saturated, water-resistant liquid liner, which costs MRP Rs. 345/-, one may effortlessly achieve a flawless look.

Modicare’s Urban Color London Ultimate Lash Mascara

Define and accentuate your lashes with Modicare’s Urban Color London Ultimate Lash Mascara and watch them fix their eyes on you. It is a dual-function mascara that instantly adds volume and lengthens eyelashes. Its clump-resistant formula deepens, darkens, and thickens eyelashes. The enlarged brush coats your lashes evenly for an enhanced appeal. At MRP Rs. 625/-, this lightweight, waterproof mascara does not flake, making it easier to apply. Prepare to receive numerous compliments on your makeup look after using this eye-defining product to complete your look.

*All the products under the Modicare range are available across the country through Modicare Consultants.

Essar Oil & Gas Exploration & Production (EOGEPL) achieves highest ever revenue and EBIDTA

Mumbai, February 13, 2023: Essar Oil and Gas Exploration and Production Ltd (EOGEPL), a pioneer and a leader in unconventional hydrocarbon space, today announced their results for the quarter ending December 31, 2022.

The company has reported its highest-ever quarterly revenue of ₹219 crores in Q3 FY23, with 54% YoY growth. In the quarter ending December 31, 2022, EOGEPL’s EBITDA grew by ~100% on YoY basis to ₹171 crores, and its PAT increased by 273% as compared to the same period last year to ₹97 crore.

In the 9M FY23 period, the company posted record revenue of ₹696 crores growing at over 113% on YoY basis. It’s EBITDA of ₹552 crore is a 228% increase as compared to the same period last year. The company also posted its highest-ever PAT of ₹284 crore as compared to a loss of – ₹11 crores recorded in last year’s Q3. Essar achieved an EBITDA margin of 80%, witnessing an improvement of 27% due to a reduction in operating cost and internal consumption in 9MFY23.

Commenting on the performance, Mr. Prashant Ruia, Director – of Essar Capital and EOGEPL, said, “Essar aims to participate in India’s vision of reducing carbon footprint and provide industries with alternate clean fuel at economical prices. We are committed to contributing to India’s vision of becoming a gas-based economy in the next decade by ramping up its gas production”

Mr. Pankaj Kalra, Chief Executive Officer, EOGEPL said, “My team has done an excellent job in delivering strong operating performance with ramp up in gas production and reduction in internal consumption by ~12%. The company continues to focus on key priorities of field upgradation and a further reduction in internal consumption which will be acting as a holistic rationalization of the cost while also adding to the company’s top line”

Business Highlights

EOGEPL delivered a strong operational performance by doubling its coal bed methane (CBM) production to over 0.8 million metric standard cubic meters per day (mmscmd) after the commissioning of the Urja Ganga Pipeline with the availability of 100% gas offtake further buoyed by continued tailwinds in global gas prices.

EOGEPL is currently operating ~350 wells in the block and has taken up a systematic approach of good revival through the adaptation of world-class technology and stimulation techniques including re-francs and close monitoring to enhance gas production from the existing wells.

EOGEPL maintains robust momentum to remain the leader in the unconventional space with a clear road map to double its CBM reserve base and increase production from the block to over 3 MMSCMD in the coming years.

The company has roped in globally renowned service providers and technical consultants to roll out a phased growth program to achieve these objectives. The program includes the drilling of new directional and horizontal wells, and expeditious development of the Deeper CBM Area of Raniganj block.

The company is also working towards opening up new frontiers, one of them being Shale Gas exploration which will help the company consolidate its position as one of the largest Unconventional Hydrocarbon players in the region.

ANNEXURE

Fire-Boltt introduces its luxury line of smartwatches with the launch of ‘Quantum’

New Delhi, February 13th, 2023: Strengthening its smartwatch portfolio, home-grown brand Fire-Boltt announces it’s latest ‘Quantum Smartwatch’ under the luxury series in India. The circular design and rounded screen of Quantum offer a royal look and classic feel while the stunning 1.28-inch HD display comes with 240*240 pixel resolution, providing a seamless interface to the user. With its cosmopolitan design and a non-corrosive property, the smartwatch is the perfect choice to up your fashion game and wear along with your most stylish outfits. Crafted carefully with the best of aesthetics, the smartwatch looks magnificent with its stainless-steel dial and strap. The smartwatch will be available for purchase on Amazon & Fireboltt.com from 14th January onwards at an introductory price of INR 2999.

The brand-new smartwatch from Fire-Boltt exudes luxury with its classy-looking stainless-steel strap built with a high-technology ceramic body. The metal frame further enhances its toughness and also adds sophistication to the overall look. Redefining luxury & class, the smartwatch comes in 4 striking color variants- Black, Black Red, Green & Blue.

Fire-Boltt Quantum smartwatch marries fashion with high technology giving its user the ease of using the smartwatch and controlling multiple features such as camera, notifications, weather updates, music, and more. The elegant timepiece is equipped with features like IP67 water resistance, voice assistant, TWS connect, and multiple sports modes that make it a perfect fit to wear to a party or make it your gym buddy. Another striking feature of the smartwatch is its powerful 350 mAh battery which lasts up to 7 days on a single charge and 2 days with Bluetooth calling. Built with finesse and complimented by a plethora of features, the timepiece also monitors health vitals like heart rate, sleep cycle, and oxygen level in the body. Taking it a notch higher is the 128 MB inbuilt storage available in the smartwatch that allows the user to store music and groove to one’s favourite songs whenever-wherever. With an in-built speaker and mic on the Quantum, one can quickly answer voice calls directly from the smartwatch or even dial using the dial pad on the watch.

Commenting on the launch, Aayushi Kishore and Arnav Kishore, Co-Founders of Fire-Boltt, said, “We are thrilled to introduce our luxury line of smartwatches with the launch of Quantum, which is the perfect blend of fashion & technology. Fire-Boltt has been at the forefront of robust innovation that caters to ever-changing and constantly evolving consumer needs. This smartwatch is a testament of this promise and also signifies Fire-Boltt’s introduction of its latest luxury smartwatches”.

The smartwatch also gives periodical health reminders and weather forecasts. Moreover, it comes with an alarm clock, timer, and stopwatch that enhances the user’s efficiency at various day-to-day tasks.

Andhra Pradesh government to host an investment drive in Bengaluru.

Bengaluru, 13th February 2023: Close on the heels of its successful Global Investors Summit Curtain raiser event held in New Delhi, Andhra Pradesh Government has announced a roadshow in Bengaluru on the 14th of February 2023. The roadshow has been driven with an objective to offer businesses and investors a taste of what’s to come at the Global Investors Summit on March 3rd-4th 2023 in Visakhapatnam.

Themed “Advantage Andhra Pradesh”, Global Investors Summit will highlight the state’s strengths that include its large manufacturing base, robust presence of MSMEs and startups, good infrastructure, business-friendly environment, and its pool of a talented, skilled young population. With a focus on key sectors such as IT, Manufacturing, Pharmaceuticals, Automobile, Tourism, and Energy, the summit aims to engage with investors, industry leaders, and government officials.

The Road Show at Bengaluru will be attended by dignitaries like Shri. Gudivada Amarnath Hon’ble Minister for Industries & Commerce, Infrastructure & Investment, Information Technology and Shri. Buggana Rajendranath, Hon’ble Minster for Finance & Planning.

Andhra Pradesh has consistently been ranked first in Ease of Doing Business (EoDB) for the last three years, which is significant given that this survey is based on perception survey. According to the numbers released thus far, it has the highest double-digit GSDP growth rate in the country in 2021-22, at 11.43 percent. It also has the maritime infrastructure, as it is India’s gateway to the southeast, with 974 km of coastline, the second longest in the country, 6 existing ports, and 4 upcoming ports. It has a favourable business environment and industry-focused policies, as well as a proactive government guiding the state. Three of the country’s eleven industrial corridors are being built in Andhra Pradesh alone. To name a few, the state has received the LEADS award for logistics 2022, the Inertia Award for Energy 2022, the ET award for port-led, and the infrastructure project 2022.