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Tag: First

FTCCI to Host Its First-Ever President’s Cup in 2024

Hyderabad, November 15, 2024- The Federation of Telangana Chambers of Commerce and Industry (FTCCI), the 106-year-old one of the most vibrant regional chambers, embarked on a new initiative ‘FTCCI President’s Cup 2024. It is an industry cricket tournament.

Mohammad Azharuddin, former Indian Captain unveiled the poster in a brief function held today at FTCCI Office in Red Hills.

Speaking to the gathering the former Indian captain said ‘I am always there for cricket’. Industries need some relaxation and a cricket league for industries is a very good idea. All business and no play is not good for health. They need to play sports to keep fit and lead an active lifestyle, he said.

Azharuddin said along with cricket they must also organise tournaments for other sports. We need to encourage other sports as well.

Replying to a question he said, the real romance in cricket is test matches. Without them, the sport will lose its sheen.

Mr Suresh Singhal, President of FTCCI said it is not merely a sporting event but also a celebration, an event for fostering bonds among people in the industries, forging friendships, collaborations, and networking.

The league will be held on 15th, 16th and 17th December. It will have 8 teams, comprising 11 players and it will be ten over each side’s tournament. The winners will walk away with prizes.

Mr Ravi Kumar, , and KK Maheshwari Vice Presidents of FTCCI and Teams and Players have also participated in the program

Cosmo First Releases Q2 Results for FY24-25

In Rs. Crores Q2 FY25 Q1 FY25 Q2 FY24 FY 23-24
Net Revenue 759 690 664 2587
EBITDA 107 84 72 251
EBITDA % 14.1% 12.2% 10.8% 9.7%
PBT 57 37 29 72
PAT 46 31 22 62
EPS (In Rs.)

(Not Annualized)

18 12 8 24

Mumbai, 14th November 2024: Cosmo First Limited today declared its financial results for the quarter ended Sept 2024.

The improvement in EBIDTA is backed by higher specialty sales, enhanced volume and better BOPP film margins. The Company has reached speciality sales of 70% of total volume in Q2, FY25 as against 64% in FY24. The Q2, FY25 EBITDA would have been higher but for one time inventory loss (drop in raw material prices during the quarter).

BOPET vertical (about 9% of Company’s sales for Q2, FY25) has also witnessed better margins and posted double digit EBITDA in Q2, FY25 for the first time since its commissioning in FY22-23.

The Specialty Chemical subsidiary is advancing well to achieve high teens EBITDA and 30%+ ROCE in FY25.

Commenting on Company’s performance, Mr. Pankaj Poddar, Group CEO, Cosmo First Ltd said,

For Film business, the Company’s focus remains on specialty film and cost rationalization opportunities. Rigid packaging vertical launched in H2, FY24 is growing in line with plan and expected to achieve profitability and 90%+ capacity utilization in FY26. In Zigly, we have launched multiple Private labels and enhanced our Vet care services to improve gross margins as well as optimize certain costs thereby reducing losses.

Gucci Osteria da Massimo Bottura Pops Up in Bengaluru: Conosh Debuts in India at JW Marriott

Bengaluru, 14th November 2024 –ConoshIndia’s premier platform for immersive dining experiences, is excited to introduce Gucci Osteria da Massimo Bottura Seoul to India for the very first time with an exclusive popup event in Bengaluru. Taking place on November 15th and 16th at the JW MarriottBengaluru, this exceptional event is a celebration of the highest forms of style, elegance, and artistry, blending world-class cuisine with the refined sensibilities of high fashion. 

The bespoke menu features seven courses and is a masterful fusion of Italian and Korean culinary traditions, carefully crafted to create an experience that is not only unique but entirely unmatched.  The menu features signature dishes by Executive Chef Hyungkyu Jun, where every dish tells a story, a narrative of innovation and passion while paying homage to the rich cultural legacies of both Italy and Korea. 

Speaking about the dinner, Neha Malik and Vaibhav Bahl, Co-Founders, Conosh, said “We are exhilarated to host the first-ever Gucci Osteria da Massimo Bottura Seoul dinner in India, an extraordinary occasion that merges the realms of haute cuisine and high fashion. Conosh is setting a new benchmark for sophistication and gastronomic artistry in India by bringing a luxury brand-led culinary establishment of such calibre. Hosted at the JW Marriott Bengaluru, it’s an experience that embodies the pinnacle of culinary craftsmanship and exceptional elegance. We are incredibly proud to welcome the Gucci Osteria Seoul team to our country and elevate India’s dining scene.”

As a pioneer in curating unforgettable culinary experiences, Conosh takes immense pride in presenting the Gucci Osteria Seoul popup in India, a testament to its commitment to redefining the dining landscape in the country. Conosh has consistently sought to bring global gastronomic excellence to Indian audiences, bridging the worlds of fine dining and culture through unparalleled collaborations. By working with prestigious chefs and celebrated culinary institutions worldwide, Conosh has established itself as a leader in the epicurean space, dedicated to offering experiences that are both unique and transformative. This partnership with Gucci Osteria da Massimo Bottura Seoul is yet another example of Conosh’s vision to introduce Indian diners to exclusive global culinary narratives, setting a new standard in immersive dining.

Sharing his thoughts on the collaboration, Mr. Gaurav Sinha, Hotel Manager, JW Marriott Hotel Bengaluru said, “It gives me great pleasure to welcome Executive Chef Hyungkyu Jun and the incredibly talented Gucci Osteria team all the way from Seoul for their first culinary presentation in India, right here at the JW Marriott Hotel Bengaluru. We are happy to serve our guests with a unique opportunity to indulge in contemporary Italian cuisine prepared by one of the world’s most renowned culinary teams. It is an exciting time for JW Marriott Hotel Bengaluru as we introduce such distinctive foreign cuisines to the heart of the city, honouring the creativity and innovation that Gucci Osteria represents.”

Expressing his excitement about Gucci Osteria Seoul’s debut in India, Executive Chef Hyungkyu Jun said,  “I am very excited to bring a taste of Gucci Osteria Seoul to India with Conosh. I am looking forward to letting our cuisine meet the rich and fabulous variety of local herbs and spices and learning more about the country’s culinary tradition.”

This exclusive Gucci Osteria da Massimo Bottura Seoul popup at JW Marriott Bengaluru, curated by Conosh, marks a significant chapter in India‘s evolving culinary landscape, offering a unique opportunity for gourmet enthusiasts to experience an unforgettable amalgamation of luxury and taste. Through this experience, Conosh continues to champion unparalleled dining that transcends borders, inviting guests to savour the finest flavours in an ambiance that epitomises sophistication and cultural fusion. 

synology debuts enterprise solution blueprint, marking its first introduction in india

[Mumbai, India] – [Oct. 23rd, 2024] – Synology has unveiled the developing enterprise-level application blueprint for the first time in India. The leading NAS brand, Synology, announced today that its business sector revenue in the Indian market has surged six times, with total revenue growth of 350% since 2021. The company also introduced several software updates and upcoming new products, including the all-in-one backup solution ActiveProtect appliances, scale-out storage solution, and the advanced surveillance solutions.

Michael Chang, Synology’s APAC Sales Head, stated: “Driven by the demand of technology trend, such as AI, IOT, digital transformation, and so on, Synology has performed exceptionally well in the Indian enterprise market, especially in sectors like government, manufacturing, and media and entertainment. Moving forward, we will continue to dedicate ourselves to meeting the modern storage needs of growing enterprises.”

Synology showcased its latest innovations in data protection, storage, and surveillance, emphasizing solutions designed to address the growing demands of modern enterprises. The ActiveProtect series simplifies deployment and sizing challenges with a streamlined interface, enabling protection for up to 2,500 multi-server environments across multiple sites, while offering data immutability and retention policies to ensure business continuity in the event of ransomware attacks. Russell Chen, Country Manager of the SAARC Region at Synology, stated, ‘The ActiveProtect series is highly suited for the Indian market, with its focus on data recovery and immutability, making it a reliable tool for IT to ensure data security. Additionally, we assure the multi-site friendly system will align well with India’s business structure.”

For high-capacity, non-disruptive data management, the developing Scale-out Solution delivers scale-out storage, supporting both file and object storage and performance growth when adding additional storage servers. To meet the diverse needs of today’s smart surveillance, Synology also introduced its C2 Surveillance Station(regional restricted), a cloud-based video surveillance solution with edge AI and multi-layer encryption, providing secure and efficient monitoring for environments without local recording servers. Synology also updated its productivity tool, Office Suite, including the integration of GenAI features designed to enhance collaboration and streamline workflows.

Joanne Weng, Director of the International Business Department of Synology, emphasized “Synology remains committed to empowering IT, the essential foundation of business, by delivering solutions that meet the evolving needs of the industry, just as we have done since the very beginning.”

Mirae Asset Capital Markets views on HCL Tech Results Q2 FY25

  • HCL Tech’s CC revenue grew 1.6% QoQ (up 6.2% YoY CC), ahead of our estimates, led recovery in IT services business (1.6% QoQ in CC versus -1.9% in 1QFY25) and strong growth of 1.4% QoQ CC in HCL software revenue. CC YoY revenue grew 6.2% YoY. In reported terms, USD revenue was up by 2.4% QoQ to USD 3,445 mn versus our estimates of USD 3,411 mn, better than our expectations.
  • HCL Tech IT and business services revenue was up 1.8% QoQ on CC, better than our expectations. HCL software revenue was up by 1.4% QoQ (up 9.4% YoY) in CC terms, highest in 2Q in the last three quarters.
  • EBIT margin improved 150bps QoQ to 18.6%, led by strong margin improvement in both ER&D business (up 183bps QoQ) and HCL Software (up 503bps QoQ), and absence of productivity gains passed on to clients in select contracts. The improvement in HCL Software’s margin is the highest in 2Q in the last several years. Net profit came to INR 42,350mn, up 10.5% YoY, ahead of our estimates by 4.5%, led by to better than expected revenue and margin.
  • HCL Tech maintained its revenue growth guidance of 3%-5% in CC for FY25E despite CC revenue growth of 5.9% YoY CC in 1HFY25. The company increased the lower end of service revenue growth guidance band to 3.5%-5% YoY in CC to 3%-5% earier. HCL Tech maintained its EBIT margin guidance of 18-19% for FY25E.
  • Net employee reduction stood at 780 on QoQ during the quarter. Attrition rate inched up by 10 bps to 12.9% versus 12.8% in 1QFY25. TCS’s attrition rate also increased by 20bps QoQ in 2QFY25.
  • HCL Tech’s deal TCVs increased by 13.2% QoQ, but down 44.1% YoY to USD 2,218mn versus USD 1,960mn in the previous quarter. However, TTM TCVs declined by 15.7% YoY.
  • HCL Tech’s top 5, and top 10 clients continued to grow strongly on QoQ and YoY basis. Top 5 and top 10 clients were up by 32% YoY and 25% YoY in 2QFY25, while non-top 20 clients grew by 1.7% YoY.
  • The company added 4 clients each on QoQ basis under USD 50mn and USD 20 mn revenue bracket, while number of USD 100 mn clients was flat on QoQ.
  • The company declared a dividend of INR 12 per share during the quarter. LTM FCF/NI remained at 119% versus 133% in the previous quarter.
  • View: The company beat headline numbers across all financial fronts. YoY CC revenue growth of 5.9% in 1H remained higher than TCS’ CC growth of 5% YoY. The company reported broad-based growth across verticals (flattish for financial services) and regions. North America reported YoY CC revenue growth of 7.5% versus -2.1% YoY for TCS. Further, the top 5 and top 10 clients have been growing strongly. Deal TCVs remained healthy during the quarter. The company increased its lower end of service revenue growth guidance to 3.5%-5% from 3%-5% earlier. We have HOLD rating on the stock.