Max Life Insurance introduces ‘Max Life NIFTY Smallcap Quality Index Fund’

Bangalore, August 12, 2023: Max Life Insurance Company Ltd. (“Max Life”/ “Company”) has launched the ‘NIFTY Smallcap Quality Index Fund’ (SFIN: ULIF02702/08/23NIFTYSMALL104) in the ULIP segment. This first Smallcap Index Fund of the Life Insurance industry is based on the NIFTY Smallcap 250 Quality 50 Index that has delivered 22% 10-year CAGR+. It is designed to provide investors with an opportunity to capitalize on the growth potential of Smallcap companies, aiming for long-term index-linked returns. The New Fund Offer (NFO) window will remain open till 25th August 2023, at Rs. 10 per unit, applicable only during the NFO period.

Mihir Vora, Senior Director and Chief Investment Officer, Max Life said, “We are launching our first-ever Smallcap Index Fund to offer investors a low-cost value proposition. The Fund provides an excellent opportunity to participate in the India growth story by investing in quality companies in diverse sectors with a high growth potential. Over the past years, the small-cap and mid-cap indices have given stellar returns. This Fund is suited for investors with high-risk tolerance looking to generate good returns over the long term. We are launching the Fund at a time when the Indian economy expects to do well over the coming years, and investors can take part in the growth of manufacturing, infrastructure, consumption, financials, and new-tech space.”

A unique proposition of lower Fund Management Charges (FMC) makes this Index Fund a valuable investment avenue for millennial investors. The Fund will be available with the leading product – Online Savings Plan with zero allocation and admin charges, along with the Platinum Wealth Plan available with guaranteed wealth boosters and additions during the NFO period. The Fund will also be available with some other ULIP products. Closely tracking the total returns of the NIFTY Smallcap 250 Quality 50 Index subject to investment norms stipulated by IRDAI, this new Fund is expected to generate similar returns as of the benchmark returns*.

Max Life’s equity investment strategy embraces the growing interest in the small-cap category, recognizing its potential for higher growth prospects for India and these companies.

Bondada Engineering Limited’s SME Initial Public Offering to open on Friday, August 18, 2023

Chennai, August 12, 2023:Hyderabad based infrastructure player Bondada Engineering Limited, engaged in the business of providing engineering, procurement and construction (“EPC”) services and operations and maintenance (“O&M”) services to its pan India customers operating in telecom and solar energy industry has set a fixed price issue at ₹75per Equity Share for its maiden SME public offer. The SME initial public offering (“IPO” or “Offer”) of the Company will open on Friday, August 18, 2023, for subscription and closes on Tuesday, August 22, 2023. Investors can bid for a minimum of 1600 Equity Shares and in multiples of 1600 Equity Shares thereafter.

The Public Issue of face value of ₹10 per Equity Share comprises of fresh issuance of equity shares worth Rs 4,272.00 Lakhs with no Offer for Sale (OFS) component.

Bondada Engineering is a leading provider of core design, engineering, and O&M services for infrastructure projects. Their expertise, backed by a team of 550+ professionals, is evident from their successful track record. They received accolades, such as the “Telecom Infrastructure Services Provider” by the Economic Times in 2021 and “Company of the Year” by the Global India Business Forum in 2023.
The Company offers a wide range of passive telecom infrastructure services, including turnkey solutions for cell site construction, telecom tower operation and maintenance, optical fiber cable laying, power equipment supply, and more. With over 11,600 telecom towers and poles installed, they have shown significant progress, completing 7,700 installations in the last three fiscal years.
Bondada Engineering clocked a profit of Rs 18.25 crore in the financial year FY23 against Rs 10.13 crore in the previous year. Revenue during the year FY23 increased significantly to Rs 370.59 crore from Rs 334.11 crore in the previous year, an increase of 9.84%, primarily due to increase in revenue from EPC services, due to increased projects executed for solar sector.

Vivro Financial Services Private Limited is the Lead Manager and KFin Technologies Limited is the Registrar to the Issue. The Equity Shares are proposed to be listed on the SME Platform of BSE Limited (BSE SME).

NueGo launches Independence Day special campaign, #Bus1RupeeMein

New Delhi/Mumbai, August 12, 2023: NueGo, India’s leading intercity electric AC coach service from GreenCell Mobility, is thrilled to announce its exciting new campaign to celebrate Independence Day. From 10th to 15th August 2023, customers can book tickets for any operating routes of the brand for an unbelievable price of just Rupee 1. This limited-time offer is valid for travel on 15th August, marking the nation’s 77th Independence Day.

With safety and comfort as their top priorities, NueGo is plying between some of the most popular destinations in the country which includes Indore-Bhopal, Delhi-Chandigarh, Delhi-Agra, Delhi-Dehradun, Delhi-Jaipur, Agra-Jaipur, Bengaluru-Tirupati, Chennai-Tirupati, Chennai-Puducherry and Hyderabad-Vijayawada.

As a pioneer in sustainable transportation solutions, NueGo is committed to making travel accessible, convenient, and environmentally friendly. With the ‘#Bus1RupeeMein’ campaign, the company aims to provide an opportunity for everyone to experience their intercity electric AC coach service at an unprecedented price.

“We are absolutely thrilled to introduce this revolutionary campaign as we celebrate India’s Independence Day,” said Devendra Chawla, CEO & MD, GreenCell Mobility. “With tickets priced at just Rupee 1, our goal is to invite the citizens of the country to experience NueGo and take a step towards making the country greener.”

Don’t miss this chance to travel with NueGo for just Rupee 1 on Independence Day. Booking opens on 10th August at 8AM and closes on 15th August 2023, or till seats are sold, on the NueGo website and official mobile app.

As a customer-centric brand, NueGo places a strong emphasis on safety and comfort. Its electric buses undergo 25 stringent safety checks, including mechanical and electrical inspections, to ensure the utmost reliability.

NueGo prides itself on incorporating innovative technology, offering end-to-end convenience for inter-city travelers, and prioritizing Safety, Punctuality, and seamless customer experiences. As a game-changer in the Indian travel industry, NueGo introduces a new and safe way to travel with its premium electric AC coach service. With their unwavering focus on safety, comfort, and eco-friendliness, they aim to provide their passengers with an unparalleled travel experience.

Ather unveils its refreshed product portfolio and launches the 450S, an all new entry-level variant

Bengaluru, 12 August 2023: Ather Energy, India’s leading electric scooter manufacturer, today announced a completely refreshed product portfolio which will be built on the company’s best-selling 450 platform. The newly launched 450S and the refreshed 450X will be packed with new safety and performance features that are unseen in the industry yet, including India’s first DeepView^TM Display making its debut in the new 450S.

The 450S comes with a battery capacity of 2.9 kWh, an IDC range of 115km, a 0–40 acceleration of 3.9 sec, and a top speed of 90 km/h. The vehicle comes with a host of new changes including DeepView^TM Display, new switchgear, FallSafe™, Emergency Stop Signal (ESS), and coasting regen, which improves range by up to 7%. Users can use the Ather Grid fast chargers to charge the 450S at a speed of up to 1.5km/min. The existing model – 450X, carries over all these upgrades and now also comes with the option to choose between 115 km and 145 km range variants. Both 450S and 450X users have the option to choose the Pro pack over the core configuration, which unlocks Ride Assist, Ather battery protect, AtherStack updates, and Ather Connect (free for 3Y).

Tarun Mehta, Co-Founder & CEO, Ather Energy, said, “With the launch of our refreshed portfolio today, we now have three products on the 450 platform in different price segments. This allows us to reach out to a much wider set of buyers. Our latest entry level variant – the 450S breaks new ground in the 125cc performance scooter segment by offering a first-of-its-kind DeepView^TM Display dashboard and a host of never seen before innovative features. The 450S significantly raises the bar in terms of riding pleasure and safety while still delivering on performance. The 450S will appeal to all those who want to enter the electric segment but are seeking the quality and assurance that Ather scooters provide at an accessible price point. Along with the 450S we are also introducing the 450X in 3kWh and 4kWh capacity providing more options to our customers to choose from our best selling scooter platform”

The 7” DeepView^TM Display with a 1000:1 contrast ratio, industry-first auto-brightness, and 18-segment characters providing superior readability any time of the day. The on-board navigation on the DeepView^TM Display comes with 18+ directional possibilities meaning, users can comfortably navigate even in a complicated 8-way roundabout. DeepView^TM Display combined with newly designed switchgear provides one of a kind interactive experience, unavailable in current digital displays.   

Both the 450S and 450X come with new switchgear with an improved tactile feel and two new switch additions, one-click reverse, and a joystick. One-click reverse enables a hassle-free reverse experience, and the joystick enables a host of interactions on the 450S and also improved in-ride interactions on the 450X. 

The new FallSafe™ feature, now available in all models, can detect changes in the scooter’s speed, orientation, and acceleration when the rider is about to fall over. This feature switches off the motor (to avoid any further movement such as skidding) and activates flashing indicator lights to notify those around to step forward to rescue the rider. Further, Ather brings the new ‘Emergency Stop Signal’, a regulation in Europe, to the Indian market for the first time. This feature is designed to avoid accidents/crashes in panic-braking situations. When an Ather user panic brakes at a speed greater than 50km/h, brake lights blink to give riders behind a visual cue/ warning, thus giving them precious extra time to react.

Further, to improve the battery range, the 450S comes with coasting regen feature that slows the vehicle down while at a steady coast (no acceleration and no manual braking) and recycles the energy back into the battery. Ather has dynamically implemented this feature, ensuring that regen is lower at lower speeds, for people to nib through traffic easily and higher at higher speeds to ensure lower brake usage and improved efficiency. These improvements are said to contribute towards lower brake pad wear and an improved range of up to 7%, depending on modes.

As a first in the industry, the new inbox-to-scooter feature delivers destination addresses from other apps (like WhatsApp/ Telegram/ Instagram DM etc.) directly to the Ather dashboard. To activate this feature, users must have the Ather app installed, and the location shared must be a Google Maps link only.

The updated trip planner, apart from giving the most optimal suggestion of route along with a map of Ather Grid chargers, will also provide the option to select riders’ own preferred Ather Grid charger and the trip will be planned keeping in mind your preferred chargers. Further, in certain geographies, trip planners can now help plan the trip and suggest appropriate Ather Grid chargers for intercity trips too. Ather has installed 1400+ public chargers spread across the country, including on state and national highways.

Ather has also made changes to the design of the rear mud flap to reduce the splatter on the pillion while riding on dusty or muddy roads. It also provides additional protection for the rear mono-shock and brake calipers from muddy conditions.

Deliveries will start in a phased manner, starting with 450X with 2.9 kWh battery by 3rd week of August, the 450S by last week of August and 450X with 3.7 kWh battery in October.

Ex-showroom prices (inclusive of FAME II & State Subsidy)

Pro pack that unlocks a host of features will be priced at INR. 14,000 for the 450S, INR. 16,000 for the 450X with 2.9 kWh battery and INR. 23,000 for the 450 with 3.7 kWh battery.

Tilaknagar Industries Concludes Financial Revamp

Mumbai, August 12, 2023: Tilaknagar Industries Limited (TI) (BSE: 507205) (NSE: TI), today announced the prepayment of its restructured debt to Edelweiss Asset Reconstruction Company (EARC), signaling the end of the financial reconstruction phase for the country’s largest premium brandy maker. Accordingly, the total restructured debt of Rs. 176.22 crore as on June 30, 2023 now stands extinguished.

Consequent to the above prepayment, the corresponding balance debt of EARC amounting to Rs. 3.62 crore has been waived by EARC and the same shall be written back by the company.

The prepayment has been funded by a debt of Rs 130 crore from Kotak Mahindra Bank Limited as well as internal accruals of the company.

The company has now completely repaid the restructured debt in terms of the Master Restructuring Agreement of February 2020 and stands discharged of all liabilities, dues, demands or claims in respect of the restructured facilities.

The EARC debt prepayment marks Tilaknagar Industries’ return to normal banking channels for finance that would offer the company increased flexibility in managing cash flows.

Making a complete turnaround after going through a period of financial stress that lasted till a couple of years ago, Tilaknagar Industries has successfully reduced its gross debt from nearly Rs.1,200 crore as of March 2019 to Rs. 239 crore as on June 30, 2023. The company aims to go net-debt free by March 2025.

As part of the financial restructuring exercise, the company had entered into an agreement with Edelweiss Asset Reconstruction Company (EARC) in February 2020 wherein total loans of Rs. 523.32 crore were restructured at Rs 344.47 crore at an interest rate of nine per cent, with balance debt of Rs. 178.85 crore. “As we conclude our financial revamp, we are glad to acknowledge the constructive cooperation we received from a very competent team of professionals at EARC” said Mr Amit Dahanukar, Chairman and Managing Director, Tilaknagar Industries Limited.

The reduction of debt has been achieved through a combination of internal accruals as well as funds raised by the company through preferential issue of equity over the past couple of years. As a result, the finance costs have declined significantly, leading to incremental cash flow generation. “The financial turnaround was aided by a business strategy that focussed on volume growth, margin expansion through better product mix, following an asset-light model and through all-around cost-saving initiatives,” added Mr Dahanukar.

For Q1 FY24, Tilaknagar Industries reported a 33 per cent year-on-year rise in net revenue to Rs 304.1 crore while the Profit After Tax (PAT) stood at Rs 25.7 crore in the quarter ended June 30, 2023 as against a PAT of Rs 1.0 crore reported in the corresponding quarter a year ago. Despite persistent inflationary pressures, the company’s EBITDA margins expanded by over 300 basis points compared to the same period last year. The company achieved a substantial year-on-year sales volume growth of 42 per cent against an overall IMFL industry growth of nearly 5 per cent.

Tilaknagar Industries’ flagship brand Mansion House Brandy has become the world’s fastest-growing brandy and the second-fastest-growing alcoholic beverage brand across categories, globally, as per ‘The Millionaires’ Club 2023’ report released by leading trade journal Drinks International.

BharatPe launches BharatPe Swipe Android machine for merchants

New Delhi, August 12, 2023: BharatPe, India’s leading name in fintech industry, today announced the launch of its new Android Point of Sale (POS) terminal. Known as BharatPe Swipe Android, the device offers multiple modes for digital payment acceptance, including debit/credit cards, UPI, mobile wallets and QR code. The company, which had launched Linux based POS devices in the year 2020, already has a network of over 2 lakh POS machines across 400+ cities in the country, and is one of the top 3 fintech players in the POS category. BharatPe will give its merchants an option to upgrade from the Linux based POS to the new Android POS device. Additionally, it plans to double its POS network count over the next 12 months, with the launch of BharatPe Swipe Android.

Powered by Android 10 operating system, the new device has a 5.5” HD touch screen and a long-lasting battery, supports fast charging, and is compatible with 4G and Wi-Fi for better connectivity. Supported by the BharatPe merchant app, the POS solution offers a simple and intuitive interface with the convenience of instant settlements and single point reconciliation for transactions across BharatPe QR and BharatPe Swipe. With BharatPe Swipe Android, merchants can also accept QR payments via dynamic QR generated on the machine, as well as generate physical receipts for the QR payments done. The comprehensive merchant dashboard enables efficient management of transactions and settlements with a customizable view as per the requirement of the merchant. Also, accepting payments through the POS machine enables the company to assess the merchant’s creditworthiness and facilitate business loans through its NBFC partners.

Commenting on the launch, Nalin Negi, CFO & interim CEO, BharatPe, said, “Through its robust fintech ecosystem for offline merchants, BharatPe has brought millions of small businesses and retailers under the fold of the digital economy. The latest addition to our product suite, BharatPe Swipe Android, is a powerful yet simple-to-use device that will further enable our merchants to offer their customers a seamless and secure payment experience. It aims to cater to a wide range of merchants across segments including the small merchants, from a neighborhood kirana store to a fine dine restaurant or a supermarket chain. We are confident that with this new POS we will be able to offer a superlative experience to our merchant partners and in turn, help them further grow their business.”

Added Sandeep Indurkar, Chief Business Officer- Banking and Alliances, BharatPe, “The infrastructure for various payment acceptance offerings including point of sales (PoS) has been growing not only in metros and tier 1 cities, but also in tier 2 and 3 cities. We are bullish about our growth in the POS category with the launch of BharatPe Swipe Android devices. In the coming months, we will be launching a pathbreaking POS device along with offerings like pay later EMIs, Digital Receipts and sound notifications that will scale up payment acceptance for millions of offline merchants and kirana store owners. This will further enable our merchants to deliver customer delight and in turn, strengthen their businesses. We stay committed to empower our 10 million+ merchant community and be an important part of their growth story.”

In the next phase of scale-up for its POS business, BharatPe plans to launch integrated inventory, billing and payment solutions that are customized for specific industry segments like restaurants and retail stores.