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IIA Calcutta’s 32nd Annual Conference Explores AI’s Role in Internal Audit: Boon or Bane

IIA Calcutta Hosts 32nd Annual Conference, Tackling the Future of AI in Internal Audit
Kolkata 8th February, 2025: The 32nd Annual Conference on 7th Feb ’25 bring together industry leaders, audit professionals, and experts to explore the transformative potential of Artificial Intelligence in the realm of internal auditing. Centered on the theme “Al and Internal Audit: Boon or Bane,” the event was foster an engaging exchange of ideas, with experts sharing practical insights and strategies to navigate the evolving audit landscape in the Al era.

The event was organized under leadership of Mr. Kallol Mitra, President, IIA India Calcutta Chapter, and Mr. Arijit Roy, Convenor, Conference Committee.

Mr. Sandeep Kumar Gupta, Chairman and Managing Director GAIL, was the chief guest, and Mr. Burzin Dubash, President IIA India being Guest of Honour . Eminent speakers like Mr. Subhashis Nath (GRMI), Mr. Arup Sen (Deloitte India), Mr. Vinod Mehta, (EY LLP), Mr. Rajib Basu (PWC), Dr Gautam Bandyopadhyay (Ex NIT Durgapur) and Mr. Arpit Garg (RiskMan Consulting) were speakers for other sessions.

An event special souvenir on this occasion is published under editorship of CA Suman Chaudhury.

Institute of Internal Auditors (IlA):

The Institute of Internal Auditors (IIA) is the leading global professional association dedicated to advancing the practice of internal auditing. The llA, Inc. serves more than 200,000 members across nearly 200 countries and territories providing resources, certifications, and a framework for the internal audit profession.

IIA India:

The Institute of Internal Auditors, India (IA, India) is a non-profit professional organization dedicated to the advancement and development of the internal audit profession in India, in sync with the highest standards propagated by its’ parent body IIA Inc.

IIA Calcutta:

The Institute of Internal Auditors India, Calcutta Chapter (IIAI Calcutta Chapter) is a non-profit organization that provides information and guidance on internal auditing. It was the first chapter of the IIA India to be established in 1974, and has recently celebrated its 50th anniversary in 2024.

NMDC R&D Centre and RDCIS, SAIL Sign MoU to Boost Steel Industry Collaboration

NMDC R&D Centre Collaborates with RDCIS, SAIL in MoU to Drive Steel Industry Advancements
Hyderabad, 8th February 2025: NMDC R&D Centre and RDCIS, SAIL have signed a Memorandum of Understanding (MoU) to leverage their collective expertise for the advancement of the steel industry. The MoU was signed in the presence of Shri Vinay Kumar, Director (Technical), NMDC, by Shri M Jayapal Reddy, ED (RP & RED), NMDC, and Shri P. Pathak, CGM, RDCIS, SAIL. This collaboration aims to drive innovation in mineral processing and coal utilization, with a focus on developing advanced beneficiation techniques to upgrade low/lean-grade iron ore and enhance coal processing efficiency, critical for strengthening India’s steel sector.

Under this agreement, NMDC R&D Centre and RDCIS, SAIL will jointly undertake key initiatives such as dry beneficiation of iron ore and limestone, improving coal flowability to reduce chute jamming, and conducting research on coal carbonization and testing. Additionally, both organizations will organize technology awareness programs to promote knowledge sharing and industry advancements.

Speaking on the collaboration, Shri Vinay Kumar, Director (Technical), NMDC, stated, “NMDC remains dedicated to its commitment to nation building. To achieve the target of 300 MnT crude steel production by 2030, the utilization of low and lean-grade iron ore is essential to meet raw material requirements. This MoU will play a pivotal role in turning this vision into reality.”

As India’s leading iron ore producer NMDC aims to enhance resource efficiency, improve operational processes, and contribute to the growth of India’s steel sector, through this strategic partnership.

Balu Forge Industries Ltd Reports Q3FY25 Results: PAT Soars 134.09% YoY, Revenue Jumps 73.91% YoY

Mumbai, 8th February, 2025: Balu Forge Industries Ltd. (BFIL), a leading precision engineering and manufacturing company, approved its unaudited Consolidated Financial Results for the quarter ended 31st December 2024, in the meeting of its Board of Directors held on 7th February 2025.

Consolidated Financial Highlights for the Q3 FY25:

1. BFIL registered a robust revenue growth of 73.91% YoY and revenue from operations stood at INR 2,557.83 Mn in Q3FY25 compared to INR 1,470.75 Mn in Q3FY24 because of the constant focus on client addition and continued demand for the specialized engineering products.

2. EBITDA grew by 106.95% and margins expanded by 422 bps from 22.24% in Q3FY24 to 26.47% in Q3FY25 owing to increase in scale of operations and increased demand for heavier products which tend to yield better margins.

3. PAT grew by 134.09% and PAT margins improved by 528 bps from 16.95% in Q3FY24 to 22.24% in Q3FY25.

Commenting on the performance of Q3FY25, Mr. Trimaan Chandock, Executive Director of BFIL stated:

We are pleased to report strong performance for Q3FY25, with revenue growing 73.91% to INR 2,557.83 Mn in Q3FY25, from INR 1,470.75 Mn in Q3FY24, driven by a robust demand for our specialized engineering products. EBITDA increased by 106.95% to INR 677.00 Mn in Q3FY25 as compared to INR 327.14 Mn, with EBITDA margins expanding by 422 bps from 22.24% in Q3FY24 to 26.47% in Q3FY25, supported by operational efficiencies and a focus on high-margin value added niche products.’

PAT grew 134.09% from INR 252.07 Mn in Q3FY24 to INR 590.06 Mn in Q3FY25, with PAT margins improved by 528 bps from 16.95% in Q3FY24 to 22.24% in Q3FY25.

For 9M FY25, revenue grew 64.03% to INR 6,539.71 Mn, compared to INR 3,986.85 Mn in 9M FY24. EBITDA increased 107.85% to INR 1,761.26 Mn in 9MFY25 as compared to INR 847.36 Mn in Q3FY24, with EBITDA margins expanding by 568 bps from 21.25% in 9M FY24 to 26.93% in 9MFY25. PAT grew by 116.34% to INR 1,411.67 in 9MFY25 as compared to INR 652.53 Mn in 9MFY24, with PAT margins improved by 504 bps from 16.13% in 9MFY24 to 21.17% in 9MFY25.

These results highlight our resilient business model and strong market positioning, setting the stage for continued growth. Our success stems from strategies like portfolio expansion, client diversification, and delivering solutions across key sectors. As the Indian forging industry benefits from China+1 and Europe+1, Balu Forge is investing in innovation and partnerships for sustainable growth and global expansion.

In addition to our financial performance, this quarter saw significant advancements in strategic initiatives:

• Strategic Partnerships for High-Growth Industries

We have signed a Memorandum of Understanding (MoU) with Swan Energy Limited to create a Special Purpose Vehicle (SPV) focused on serving global industries, including defence, aerospace, railways, and nuclear. This strategic diversification positions us as a prominent player in high-growth, technology- driven sectors.

• Capacity Expansion with Advanced Technology

The integration of 7-axis CNC machining technology strengthens Balu Forge’s capability to produce intricate, high-precision components. This expansion, financed through internal accruals, is poised to fuel growth in the aerospace, defence and oil & gas sectors.

• Focus on Critical Components

Our targeted focus on high-value, critical components such as aerospace components, critical defence and railway components demonstrates a strategic alignment with global market demands.

We are pleased to inform the stakeholders of the company that the green field manufacturing campus commissioning is in full swing & will house a fully automated plant with modern technology, larger integration of Industry 4.0, installation of a solar farm for energy saving, plant commissioning as per the latest ISO standards, Implementation of 5S & TPM practices & Implementation of OSHA standards.

In conclusion, our focus on cost optimization, enhanced production efficiency, and a more agile supply chain has established a robust platform for sustainable growth. Leveraging our advanced engineering capabilities and ongoing innovation, we are strategically positioned to capitalize on emerging market opportunities and generate long-term value. Our steadfast commitment to operational excellence and customer satisfaction reinforces our competitive advantage in the industry.

Management Guidance:

We continue to maintain the guidance for FY25 as below:

  • Revenue is expected to grow in the range of 55% – 60% in FY25 over FY24, led by new customer addition in sectors like railway and defence.
  • EBITDA margins are expected to conservatively be in the corridor of 25% -27% for FY25 on the back of increasing scale of operations and efficiencies thereon. The same will be at a sustainable level of 30% – 32% for FY26 after commercialisation of the new plant.

Alkem Laboratories Expands with Strategic Acquisitions in Skincare and Medical Devices

Mumbai, February 08th, 2025: Alkem Laboratories Ltd. (BSE: 539523, NSE: ALKEM, “Alkem” and its subsidiaries), a leading Indian pharmaceutical company, today announced two strategic acquisitions to further cement its position in the domestic market.

Alkem has signed a binding term sheet to acquire 100% stake of Adroit Biomed Ltd., a pharmaceutical company with focus on skincare segment, for around INR 140 crore*. Also, Alkem’s subsidiary Alkem MedTech has signed a binding offer to acquire 100% stake of Bombay Ortho Industries Pvt Ltd, a manufacturer of orthopaedic implants, for around INR 147 crore*.

Mr B.N. Singh, Chairman, Alkem, said, “The acquisition of Adroit will enable Alkem to diversify its portfolio, enhance market penetration, and strengthen presence in the growing segments of dermatology and cosmetology. Also, our investment in Bombay Ortho is in line with our strategy for Medtech in India.”

Sandeep Singh, Managing Director, Alkem, said, “Medtech is a fast-growing space in India and the patient need for quality products is high. Through our acquisitions in the medical devices segment, we aim to meet the growing demand for implants in India.”

Adroit has a differentiated dermatology portfolio with the key brands being Glutone, SkinFay, Racine and FortiSil. Adroit had a revenue of INR 53.55 crore in the financial year ended March 2024.

Alkem intends to complete the acquisition of Adroit by April 1, 2025 and the acquisition of Bombay Ortho by June 30, 2025, subject to customary closing conditions.

RBI Cuts Policy Rate to 6.25%, Maintains Neutral Stance: Satish Chandra Aluri Analyzes Impact

“MPC unanimously voted to reduce policy rate by 25bps to 6.25% from 6.50% – As widely expected. They unanimously decided to continue with “neutral” stance with unambiguous focus on inflation.

They also noted that while growth is recovering, it remains below last year’s level, and inflation trends allow for rate easing, RBI Governor Sanjay Malhotra said in his first policy meeting post his appointment in December.

In our view, the outcome was largely along the expected lines with new governor delivering the first rate cut as widely expected. RBI’s forecasts indicate continued moderation in inflation while growth pick up is expected to be more gradual indicating the emphasis on supporting growth from policy perspective while maintaining the “neutral” stance gives them the flexibility to address potential inflation concerns with an eye towards global developments like trade war.”

Zee Kannada News Achievers Awards 2025 to Honor Visionaries Shaping Karnataka’s Future

Zee Kannada News Achievers Awards 2025 to Honor Visionaries Shaping Karnataka’s FutureBangalore is gearing up for an unforgettable evening of inspiration and recognition as Zee Kannada News presents the Zee Kannada News Achievers Awards 2025 on 8th February 2025. Building on the resounding success of Yuvarathna and Veera Kannadiga, this prestigious on-ground event aims to honor the exceptional individuals, organizations, and groups that have played a pivotal role in Karnataka’s growth and development.

The prestigious Zee Kannada News Achievers Awards 2025 will bring together a distinguished gathering of leaders and luminaries, with Shri Siddaramaiah, Chief Minister of Karnataka, as the Chief Guest, joined by Shri Sadananda Gowda, Former Chief Minister; His Holiness Jagadguru Sri Sri Sri Dr. Nirmalanandanatha Mahaswamiji; Shri D.K. Shivakumar, Deputy Chief Minister; and Shri Ramalinga Reddy, Transport Minister. Enhancing the grandeur of the event, celebrated personalities from the entertainment and social spheres, including Smt. Priyanka Upendra, Shri Dhruva Sarja, Lakshmi Govindaraju, Poornima Ramkumar, Divyashree, Madhumala SN, and singer Bobby, will also be in attendance. This prestigious platform pays tribute to visionaries, game changers, and emerging leaders whose dedication and innovation are shaping Karnataka’s future.

A key highlight of the awards will be the Public Service & Welfare category, which will recognize outstanding contributions across Education, MSME, Women Empowerment, Infrastructure, Health, and Agriculture. By honoring these changemakers, Zee Kannada News seeks to amplify their impact and inspire collective efforts toward Karnataka’s progress. More than just a celebration of achievements, the awards embody a larger vision—nurturing a culture of excellence, encouraging future generations to aspire higher, and fostering meaningful change. As a catalyst for transformation, this platform reaffirms Zee Kannada News’ commitment to uplifting those making a difference and strengthening Karnataka’s growth story.

Zee Kannada News invites business leaders, entrepreneurs, policymakers, and citizens to witness and celebrate Karnataka’s finest achievers.

Zee Media Corporation Ltd, one of India’s leading media companies, has a strong presence in the news and regional genres, with 21 News channels, reaching more than 555+ million viewers in current year through its linear properties.

Sushma Belvedere Achieves RERA Approval, Paving the Way for Luxury Living in Solan Valley

Sushma Belvedere Achieves RERA Approval, Paving the Way for Luxury Living in Solan ValleySushma Belvedere, an architectural marvel inspired by the grandeur of the iconic Belvedere Palace in Vienna, has officially received RERA approval, marking a significant milestone in bringing an unmatched luxury living experience to Solan Valley. This prestigious development by Sushma Group is set to redefine mountain living, seamlessly blending opulence with the serenity of nature.

Nestled amidst the breathtaking landscape of Solan Valley, Sushma Belvedere offers an exquisite retreat from urban chaos. With meticulously designed residences ranging from Suites, 2BRK, 2BHK, to 2BHK+Study, the project caters to those seeking a refined yet tranquil lifestyle.

“The RERA approval for Sushma Belvedere reaffirms our commitment to transparency, quality, and delivering a world-class residential experience,” said Mr. Prateek Mittal from Sushma Group. “This milestone brings us closer to offering homeowners a distinctive blend of elegance and natural splendor, with every detail curated to exude timeless grandeur.”

Designed to embody classic European opulence, Sushma Belvedere is a sanctuary surrounded by lush gardens, tranquil water streams, and scenic bridges. Residents will enjoy unparalleled amenities, including:

• Majestic Themed Gardens inspired by Vienna’s famed landscapes, such as Kakaden Brunnen Garten and Skulpturen Garten.
• Rooftop Clubhouse with panoramic valley views, perfect for stargazing and social gatherings.
• Cultural & Recreational Spaces for musical performances, bonfire nights, and outdoor adventures.
• Wellness Retreats featuring yoga and meditation areas for a holistic lifestyle.

Sushma Group is a leading real estate developer known for crafting luxurious and sustainable communities that blend innovation with nature. With a legacy of delivering excellence, Sushma Group continues to shape the future of premium real estate in India.

The project’s approval under RERA ensures buyers’ confidence in its timely delivery & adherence to superior quality standards. With this significant step, Sushma Belvedere is poised to become the epitome of regal mountain living.

HDFC Bank: 25bps Rate Cut by RBI to Boost Growth, but Liquidity Pressures Persist

HDFC Bank: 25bps Rate Cut by RBI to Boost Growth, but Liquidity Pressures Persist

by Sakshi Gupta Principal Economist HDFC Bank

In the inflation-growth trade-off the RBI tilted towards supporting growth by cutting the policy rate by 25bps today. This decision was underpinned by the governor’s emphasis on the “flexibility” in the inflation target framework, a deviation from the previous assertion of reaching the median target of 4% by the central bank.

While the policy rate was reduced, the MPC kept the stance unchanged at neutral. This could imply a more cautious approach towards the extent of rate cuts going forward in this rate cutting cycle.

The stance also suggests that while the central bank is likely to provide sufficient liquidity – both transient and durable — to the system, it has abstained from providing a liquidity bonanza. Therefore, lingering pressures on liquidity could weigh on the transmission process for now.

The pressure on liquidity conditions is anticipated to linger on as we move into the end of the month and year-end drags including advance tax outflows weigh in. We expect this to be met by appropriate liquidity infusion measures including further OMOs, buy/sell swaps, and longer duration repos.

The RBI showed confidence in the disinflation process, pegging the inflation rate to average at 4.2% in FY26 while growth is projected to be at 6.7% — which is towards the higher end of the range set out in the economic survey of 6.3-6.8% for FY26.

The governor set out a more balanced approach towards regulations which would strike a balance between the associated benefits and costs. However, it fell short of providing any clarity on the implementation of the new LCR norms.

We expect the RBI to frontload its rate cuts and deliver another rate cut in the April policy of 25bps. The space for rate cuts beyond this would hinge on how domestic and global headwinds pan out.

Arka Sarkar Shares Expert Insights on RBI MPC Meeting 2025

Arka Sarkar Shares Expert Insights on RBI MPC Meeting 2025

quote by Arka Sarkar, VP – Marketing and Sales at Pilani realty.

The MPC’s decision to lower the policy rate by 25 basis points is a welcome move for the real estate sector. This anticipated rate cut, the first in nearly five years, will provide substantial relief to home buyers. Lower interest rates translate to cheaper home loans and more affordable housing, directly benefiting both prospective and existing buyers. Reduced EMIs increase savings and purchasing power, making homeownership more attainable. Coupled with moderating food inflation and positive Rabi crop projections, this rate cut is expected to stimulate activity in the housing market.