Category Archives: Business

Canara Bank Rolls Out ‘Canara Crest’ for a More Personalized Banking Experience

30 January 2025: To cater to the evolving demands of high-net-worth individuals, Canara Bank, one of India’s leading public sector banks, has launched the “Canara Crest” Membership program, offering a personalized and premium banking experience. This first-of-its-kind initiative by the bank program is available exclusively to individual savings account holders who meet the eligibility criteria, providing them with personalized and priority services across any branch to enhance both their banking and lifestyle.

 The Canara Crest program is structured into two segments: CREST & CREST PLUS for customers maintaining balances between ₹10 lakh to less than ₹50 lakh and ₹50 lakh and above respectively. This Zero Cost Membership is available either by invitation for eligible existing customers or through the opening of a new savings account under the Canara Crest product, making it accessible to all those who truly value the finest in banking services. Eligible customers can easily join the program through a simple digital interface, assisted by a dedicated Relationship Manager, ensuring smooth and hassle-free enrollment.

 Canara Crest goes beyond traditional banking by offering a range of exclusive lifestyle perks. Members can enjoy premium dining offers through an Easy Diner Membership, a Fitpass Pro Max Membership with unlimited gym access, and exclusive stay benefits at luxury hotels with privileges like anytime check-in. The program also includes access to a second medical opinion by renowned physicians from across the globe, underscoring the emphasis on providing holistic benefits to members.

 With priority service across branches, dedicated relationship manager, round-the-clock direct call center support, and other banking benefits, Canara Bank’s Canara Crest membership program reflects its commitment to providing a superior banking experience ensuring that members receive the attention and convenience they deserve.

 Canara Crest program, a balanced blend of luxury services and banking conveniences, is a fresh take on premium banking in the Indian market. The bank sets a new benchmark in premium banking services, designed to meet the aspirations of today’s discerning customers.

Capital Small Finance Bank Q3FY23 Result

Mumbai / Jalandhar, January 30, 2025: Capital Small Finance Bank Ltd, India’s first small finance bank commenced operations in 2016, declared its un-audited financial results for Q3 FY25 and 9M FY25 ended on December 31, 2024.

Mr. Sarvjit Singh Samra, MD & CEO of Capital Small Finance Bank, said,

“We are consistently progressing towards a promising future and have closed the Q3FY25 with a Profit After Tax (PAT) of ₹34.0 crores, reflecting 18% Y-o-Y growth, with Return on Assets (ROA) inched up to 1.4%, scaling from 1.3% in Q3FY24. Gross advances increased to ₹6,816 crores, registering a growth of 19% Y-o-Y, with disbursement growth of 92%, with reduction in GNPA/NNPA to 2.67%/1.35%. Our deposits continue to be retail centric with CASA of 39.1%, grew to ₹8,384 crores, with a Y-o-Y growth of 12% and an 8% Q-o-Q.

These results underscore our commitment to deliver progressive growth while remaining steadfast in our mission to accessible banking for all. As we look forward, we are optimistic towards our growth momentum and delivering value to our stakeholders.”

Key Highlights Q3 FY25:

Balance Sheet growth:

· Gross Advances increases by 19% Y-o-Y and 11% YTD to Rs. 6,816 crores, with 99%+ being secured and Zero direct MFI exposure.

· Deposit increases by 12% Y-o-Y and with Q-o-Q growth of 8% to Rs. 8384 crores, with 93.2% being the retail deposit.

· CASA ratio of 39.1% in Q3FY25 against 37.1% in Q2FY25.

· Total Shareholder’s fund stood at Rs. 1,302 crores.

Profitability Growth:

· Profit after Tax increases to Rs. 34 crore with 18% growth Y-o-Y basis.

· ROA inched up to 1.4%, scaling from 1.3% in Q3FY24

· NIM increases to 4.3% in Q3FY25 against 3.9% in Q3FY24.

· Cost to Income Ratio decreases to 62.1% in Q3FY25 against 62.8% in Q3FY24

Other Aspects:

· Capital Adequacy Ratio stood at 25.8%.

· Gross NPA and Net NPA of 2.67% and 1.35% respectively in Q3FY25 against 2.97% and 1.53% in Q3FY24, with ~ZERO write offs.

Chalet Hotels Limited Reports Q3 Fy25 Results

Mumbai |January 30, 2025: Chalet Hotels Limited announces its results for the third quarter of the fiscal year 2025 ending December 31, 2024.

Key Highlights for Q3FY25:

•  Total IncomeatINR 4.6bn, up 22%as compared to Q3FY24
•  TotalEBITDAatINR2.1bn, up 23%as compared to Q3FY24

• Hospitality Segment Performance:

•  Revenue atINR4.0bn, up by 17%from Q3FY24
•  ADRat INR12,944, up by 18% over Q3 FY24
•  Occupancy was at 70%
•  RevPAR improved by16%YoY to INR 9,090

 EBITDA was at INR 1.8bn up by16% from Q3FY24

Other Highlights:

•  The Rental and Annuity segment saw an additional 0.4msf leasing within the quarter.
•  Chalet Hotels Limited was honored as one of the top 5 hotel developers in India by the prestigious Hospitality Horizon Awards 2024.
•  Chalet Hotels Limited has received the Great Place To Work ®, India certification for the sixth consecutive year.

Development Pipeline Updates:

•  Hotel inventory expansion at Bengaluru Marriott Hotel Whitefield(~125-130 rooms) in Q4 FY25.
•  Renovation, upgradation and expansion of The Dukes Retreat (65 rooms) completion in Q1FY26.
•  ‘Taj’ at the T3 Terminal Delhi International Airport (385-390 rooms),‘Hyatt Regency’ at Airoli, Navi Mumbai (~280 rooms) and CIGNUS POWAI® Tower II in Mumbaiare scheduled for completion in FY27.
•  Renovation of Four Points by Sheraton Navi Mumbai has commenced. Currently 35 rooms are under renovation and not available for sale.
•  New leisure hotel in Goa scheduled for commencement during FY28.

Speaking on the financial results,Mr. Sanjay Sethi, MD & CEO, Chalet Hotels Limited says, “Our strongest-ever quarterly performance, reflects our relentless pursuit for excellence. We continue to invest in value accretive growth, fostering innovation and sustainable progress. Being recognised as a Great Place to Work for the sixth consecutive year further solidifies our position as a modern leader, delivering outstanding value to all stakeholders.”

Raymond Limited continues to deliver a steady quarterly performance

Chandigarh, 29 January 2025: Raymond Limited today announced its unaudited financial results for the quarter ended 31st December 2024.

Raymond Limited continued its growth momentum, delivering a healthy performance with consolidated quarterly revenue from the Real Estate and Engineering business of ₹ G85 Cr, reflecting a 36% increase compared to the same quarter of the previous financial year, and an EBITDA of ₹ 16G Cr with an EBITDA margin of 17.2 %. This includes the MPPL acquisition completed in March 2024.

The Real estate business continues to perform well and In Q3 FY25, the company achieved a booking value of ₹ 505 Cr, primarily driven by demand for The Address by GS 2.0, ‘TenX ERA’, Sale of Retail shops in Thane and in JDA ‘The Address by GS’ in Bandra. Raymond Limited continues to be a Net Cash surplus company with ₹ 6G6 Cr available for future growth.

Commenting on the performance, Gautam Hari Singhania, Chairman & Managing Director, of Raymond Limited said; “We witnessed continued growth momentum in our Real Estate business during the quarter, with a strong booking value on account of the successful launch of a new residential tower and continued traction in high street retail shops on our Thane land. Additionally, we remain optimistic about the future of our Engineering business, particularly in the aerospace sector, where we foresee significant growth opportunities. As we enter the last quarter of the financial year, we remain optimistic about the growth trends across businesses and we are confident in our ability to deliver sustained value to our stakeholders”

Q3FY25 Segmental Performance

Real Estate Business:
Raymond Realty delivered a steady quarterly performance with a revenue of ₹ 488 Cr in Q3 FY25 from ₹439 Cr in Q3FY24 recording a growth of 11% Y-o-Y. The segment reported an EBITDA of ₹116 Cr in Q3 FY25 from ₹97 Cr in Q3 FY24. EBITDA margin at 23.8% in Q3FY25, ~160 bps improvement over 22.1% in Q3FY24. During the quarter, Raymond Realty launched a new residential tower in its Address by Season 2.0 Thane project which received an overwhelming response. Further, we also witnessed continued traction in our Park Avenue – High Street Reimagined Retail project launched in the previous quarter. This is a first-of-its-kind high-street retail in Thane that will host premium aspirational brands.

Raymond Realty continues to focus on delivering projects within committed timelines. Given our track record of delivering projects ahead of timelines, which was well appreciated by our customers and resulted in increased customer confidence. Total potential revenue from our current Real Estate Business is ₹ 32,000 Cr+, which includes ₹ 25,000 Cr+ from our Thane Land parcel and ₹ 7,000 Cr+ from 4 separate JDAs.

Engineering Business:
Segment’s sales stood at ₹ 433 Cr in Q3FY25 compared to ₹ 217 Cr in Q3FY24. This performance includes the acquisition of MPPL, completed in March 2024. The auto components and the engineering consumable category were impacted due to sluggishness in export markets on account of weak demand and geopolitical issues. During the quarter, the business reported an EBITDA margin at 12.0% lower as compared to 13.8% in Q3FY24 mainly due to changes in the product mix. The aerospace business is expected to grow post resolution of production issues faced by one of the largest aircraft manufacturer leading to delays in order.

February 2025: More Than 130 Journalism and Media Jobs Await Your Application

30^th January 2025, New Delhi: Bansal Wire Industries Limited, country’s largest stainless steel wire manufacturing company and second largest steel wire manufacturing company by volume, reported robust 171.9% jump in net profit to ₹ 416.8 Mn for the third quarter ended December 31, 2024. The Company’s revenue for Q3 FY25 rose 52.6% to ₹ 9,246.1 Mn; while EBITDA grew to ₹ 731.3 Mn, up 98.7% compared to ₹ 368.1 Mn in the corresponding period of last year.

For the nine-month ended December 31, 2024, the Company’s net profit was at ₹ 1,132.5 Mn, up 123.1% YoY. Revenue for the period stood at ₹ 25,669.7 Mn, growing 46.1% YoY; while EBITDA rose 99.0% to ₹ 2034.8 Mn.

Consolidated Q3 & 9M FY25 Financial Highlights (₹ in Mn)

 Commenting on the performance, Mr. Pranav Bansal, MD & CEO, Bansal Wire Industries Limited said, “During the quarter, we delivered resilient financial performance and strong operational execution, ramping up new lines for value-added products and driving value-driven volume expansion while sustaining momentum through growth initiatives.

In the Indian steel wire market, we are advancing with innovative, sustainable solutions, with 70% renewable energy usage in some plants and progress toward water positivity, alongside exploring green steel for new products. Leveraging automotive expertise, we are introducing advanced products to enhance tyre efficiency, rolling resistance, and fuel economy. While challenges like fluctuating raw material prices and geopolitical risks persist, international expansion in the US and Europe offers significant opportunities. We are committed to product quality and will soon be the only Indian company with an in-house R&D wing for new product development.”

This quarter marked a significant achievement for the Company with the commencement of production at its specialty wire vertical in Dadri. The facility introduced three critical products: Bead Wire, Hose Wire, and Steel Tyre Cord, with Bead Wire and Hose Wire successfully launched during the period. The market potential for these products is substantial, with an estimated annual demand of 450,000 tons. To capitalize on this opportunity, the Company has established a state-of- the-art pilot project with a capacity of 50,000 tons. This initiative not only reinforces the Company’s commitment to innovation but also positions it to effectively cater to the growing needs of this dynamic market segment.

Choice International Reports Strong 9M FY25 Performance

January 30, 2025, Pune, India and Santa Clara, CA

 Persistent Systems today announced the Company’s audited financial results for the quarter ended December 31, 2024, as approved by the Board of Directors.

Consolidated Financial Highlights for the Quarter ended December 31, 2024

The Board of Directors declared an Interim Dividend of ₹20 per share on the face value of ₹5 each for the Financial Year 2024-2025.

Sandeep Kalra, Chief Executive Officer and Executive Director, Persistent

 “We recorded our 19th sequential quarter of revenue growth, with 4.3% Q-o-Q and 19.9% Y-o-Y increase — highlighting the strength of our AI-led, platform-driven services strategy. We also declared an interim dividend of ₹20 per share.

This quarter, we achieved several significant milestones, including winning the prestigious 2024 ISG Star of Excellence™ Overall Award based on the voice of the customer, demonstrating our ability to re(AI)magine their businesses. Reaffirming our commitment to developing innovative solutions based on our own IP, we filed 20+ patents related to SASVA™, our AI-powered software development platform. Additionally, our co-developed ContractAssIst solution, built leveraging Microsoft 365 Copilot, was shortlisted by Microsoft and acknowledged by its CEO, Satya Nadella, during his recent Microsoft AI Tour.

We were awarded AA+ (Stable) credit rating by ICRA, recognizing our strong financial profile, experienced leadership, robust capital structure, and well-established customer relationships. Finally, our inclusion in the Dow Jones Sustainability World Index highlights our commitment to embedding sustainability into our operations.

These achievements underscore our passion for driving innovation and delivering meaningful value to our clients and stakeholders, while fostering sustainable practices across our business.”

Third Quarter FY25 Client Wins and Outcomes
The order booking for the quarter ended on December 31, 2024, was at $594.1 million in Total Contract Value (TCV) and at $428.3 million in Annual Contract Value (ACV) terms.

Some of the key wins for the quarter include:

Software, Hi-Tech & Emerging Industries

•  Modernizing product development with SASVA™ to boost annual recurring revenue and optimize R&D costs for one of the UK’s leading business software providers
• Leveraging AI-led engineering to boost product management, security, and revenue for a leading observability and IT software provider
• Streamlining data management with iAURA to modernize the core Facility Management platform for a leading food services and facilities management company

 Banking, Financial Services & Insurance

•  Leveraging SASVA™ to modernize legacy systems, reduce technology debt, and improve developer productivity for a US-based financial services company
• Revamping enterprise gateway services for enhanced scalability, efficiency, and real-time authorization with low latency for a leading global payment technology company
• Automating insurance and claims processes and developing innovative solutions using GenAI to maximize return on investment for a US-based insurance company

 Healthcare & Life Sciences

•  Transforming the patient care and pharmacy platform to enhance patient experience, reduce technology debt, and improve business agility for a leading healthcare and health insurance company
• Replacing the legacy contract management system with a revenue management solution to reduce license costs and enhance performance for a global leader in healthcare solutions
• Enabling migration from MuleSoft to Azure with SASVA™ to drive operational efficiency for a global leader in life sciences analytics and technology solutions

 News in the Quarter

 Persistent Launches ContractAssIst Using Microsoft 365 Copilot to Streamline Contract Management
Persistent Introduces Pi-OmniKG with Google Cloud
BW BusinessWorld: Sandeep Kalra’s $2 Bn Powerplay For Persistent Systems

 Awards and Recognitions

•  Dr. Anand Deshpande, Founder, Chairman, and Managing Director of Persistent, has been inducted as a Fellow of the Indian National Academy of Engineering
• Persistent wins coveted 2024 ISG Star of Excellence™ Overall Award for superior customer experience
• Persistent cited as a Leader in 2024 ISG Provider Lens™ Generative AI Services (Global)
• Persistent was included in the Dow Jones Sustainability World Index
• Persistent named the Best Governed Company (Listed Segment: Medium Category) and won the Business Responsibility and Sustainability Award (Services Sector) at the 24th edition of the ICSI National Award for Excellence in Corporate Governance
• Persistent Awarded AA+ (Stable) Rating by ICRA Limited
• Persistent received awards for the Best Corporate University, L&D Team of the Year, and Best Employee Engagement Program at the 16th TISS LeapVault CLO Awards
• Persistent awarded the platinum-level certification at the 2024 Arogya World Healthy Workplace Conference and Awards

Tips Music & Sterling Reserve Unveil Nostalgic ‘Palki Mein Hoke Sawaar

Chandigarh, 30th January 2025: Get ready to be swept away by a wave of nostalgia as Tips Music Limited and Sterling Reserve Music Project continue their electrifying journey with “Tips Take 2.” Following the resounding success of “Sambhala Hai Maine,” the dynamic duo is back with the second captivating classic “Palki Mein Hoke Sawaar,” set to release on January 29th, 2025.

Hari Nair, Chief Executive Officer, of Tips Music Limited, said, “At Tips Music, we believe in the power of timeless melodies. ‘Tips Take 2’ is our endeavor to reimagine our classics in a new take. We are happy to partner with Sterling Reserve to release the second song – ‘Palki Mein Hoke Sawaar’. It is another shining example of how we’re breathing new life into these gems. We are confident this song will capture hearts just like the previous one.”

Bikram Basu, Chief Strategy and Innovation Officer, Allied Blenders and Distillers added “The Sterling Reserve Music Project celebrates moments that bring people together. We are thrilled to reimagine music which has brought people together and presented to a new generation. ‘Palki Mein Hoke Sawaar,’ blends the spirit of tradition with modernity. This partnership with Tips Music reflects our journey to embed Sterling Reserve with our culture.”

This time, the timeless melody gets a fresh, soulful twist courtesy of the powerhouse vocals of Shahid Mallya and Asees Kaur. Adding to the magic, the stunning Tanya Maniktala and the charismatic Ishwak Singh grace the screen, bringing their undeniable chemistry to this musical revival.

Shahid Mallya said, “It’s an absolute honor to be a part of ‘Tips Take 2’ and the beloved classic ‘Palki Mein Hoke Sawaar.’ Collaborating with Asees and being a part of this reimagining has been an incredible journey. I hope our rendition brings as much joy to the listeners as we experienced creating it.”

Asees Kaur expressed her excitement, “Recreating ‘Palki Mein Hoke Sawaar’ has been a truly special experience. The song is iconic and gives it a fresh, modern touch. The entire team put their heart and soul into this project, and I’m excited for everyone to hear our take on this timeless melody!”

“Palki Mein Hoke Sawaar,” a beloved track from the 90s, is reborn under the “Tips Take 2” banner, promising to resonate with a new generation while reigniting the passion of devoted fans. The solid collaboration between Tips Music Limited and Sterling Reserve Music Project continues to celebrate iconic sounds with a modern flair.

Tanya Maniktala expressed, “Being a part of ‘Tips Take 2’ has been an amazing opportunity. ‘Palki Mein Hoke Sawaar’ has always been close to my heart, and this new version is just magical. I am so excited for the audience to experience the beauty and nostalgia of the song and the video.”

Ishwak Singh, said “The 90s era music has a unique vibe, and to be able to contribute to this fresh take on a classic is truly exciting. It’s been an exciting experience to bring this musical narrative to life with such talented collaborators.”

Bengaluru Welcomes Victoria’s Secret with a Brand-New Store Opening

Bengaluru, India – 30/01/2024 – Apparel Group is thrilled to announce the opening of their second store in Bengaluru at Nexus Koramangala Mall. This launch marks the 12th Victoria’s Secret store in India, reinforcing the brand’s commitment to expanding its presence in strategic regions and strengthening connections with customers in major metropolitan markets.

Bengaluru, often called India’s “Silicon Valley,” seamlessly combines a rich cultural heritage with a vibrant cosmopolitan atmosphere. With its diverse population, global perspective, and appreciation for premium brands, the city offers an ideal setting for Victoria’s Secret to expand its legacy of luxury and retail innovation.

This new store is thoughtfully designed to deliver an elevated shopping experience, featuring a beauty-focused concept that highlights the brand’s signature fragrances, luxurious body care products, and exclusive gift sets. Shoppers can explore a curated selection of their most sought-after collections, including Bombshell, Bare, Tease, Very Sexy, and more, making it a must-visit destination for beauty enthusiasts in the city.

With an immersive retail environment, Victoria’s Secret ensures a seamless and luxurious shopping journey, allowing customers to discover the brand’s iconic beauty products and exclusive collections.

 Speaking on the occasion, Mr. Tushar Ved, President of Apparel Group India, shared, “The launch of our 12th Victoria’s Secret store in India marks an exciting milestone as we continue our journey to bring the brand closer to our customers. With every new store, our goal is to deliver a premium and immersive experience that connects with the local community while providing access to our iconic brands. We are delighted to expand into the vibrant city of Bengaluru and look forward to welcoming customers into this luxurious space”.

 Mr. Abhishek Bajpai, CEO of Apparel Group India, added, “Bengaluru is a key market for us, representing one of India’s fastest growing and most dynamic cities. By strategically expanding in South India, we are strengthening our connection with customers and bringing Victoria’s Secret’s world-class offerings closer to them”.

Tata Steel First in India to Develop Hydrogen Transport Pipes

Chandigarh, January 30, 2025: Tata Steel becomes India’s first steel company to demonstrate end-to-end capabilities to develop pipes for the transportation of hydrogen, marking a significant milestone towards achieving the country’s National Hydrogen Mission.

The API X65 ERW pipes processed at Tata Steel’s Khopoli plant, using the steel manufactured at the Company’s Kalinganagar plant, successfully achieved all the critical properties required for hydrogen transportation. The hydrogen qualification tests were carried out at RINA-CSM S.p.A, Italy, a leading approving agency for hydrogen-related testing and characterization. The new hydrogen-compliant API X65 grade pipes can be used for the transportation of 100% pure gaseous hydrogen under high pressure (100 bar).

Prabhat Kumar, Vice President – Marketing & Sales (Flat Products), at Tata Steel, said: “Tata Steel has always been at the forefront of developing technologies for manufacturing critical steel grades. The successful testing of the new ERW pipes demonstrates our capabilities to deliver critical physical infrastructure for the energy sector, domestically. We are proud to contribute to India’s National Hydrogen Mission, which by itself is a key component of the country’s ongoing clean energy transition. Tata Steel is proud to be the first Indian steel company to successfully take on this challenge and deliver products to cater to the emerging domestic and global demand for these special grade steel pipes.”

Tata Steel’s Research and Development team has been extensively engaged in developing innovative and sustainable solutions for hydrogen transportation and storage. In this case, the complete technology development, from the design and development of the hot rolled steel to the pipe manufacturing, was done entirely in-house. In 2024, Tata Steel also became the first Indian steel company to produce hot-rolled steel for the transportation of gaseous hydrogen.

National Hydrogen Mission will enable India to build capabilities to produce at least 5 million metric tonnes (MMT) of Green Hydrogen per annum by 2030, with the potential to reach 10 MMT per annum with additional demand for exports which would require substantial investments in generation and transportation. The demand for steel compliant with hydrogen transportation is expected to start from 2026-27, with the total steel requirement of 350KT spanning over the next 5 to 7 years. While various mechanisms of hydrogen transportation are available, steel pipelines are considered economically more viable for mass transportation.

Air India To Restart Flights To Tel Aviv From March 2025

Chandigarh, 30 January 2025: Air India today announced it will resume its non-stop services between Delhi and Tel Aviv from 02 March 2025.

Air India will operate 5x weekly to Tel Aviv, using its Boeing 787-8 Dreamliner aircraft that offers 18 flat beds in Business Class and 238 spacious, cushioned seats in Economy Class.

Bookings for flights between Delhi and Tel Aviv are open on all channels, including Air India’s website, mobile app, and through travel agents.

Air India’s decision to resume operations on the Delhi-Tel Aviv route follows the requisite approvals.