Heavy inflow puts paid to work on replacing TB dam's 19th crest gate
Hardware Tools And Machinery Projects Private Limited, a Ahmedabad-based company, has won the contract to supply all the 33 gates, to replace the old ones, at the dam.
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Mint
38 minutes ago
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PharmEasy co-founders enter home improvement space with new venture
Bengaluru/Mumbai: PharmEasy co-founders Dharmil Sheth, Dhaval Shah and Hardik Dedhia have started a new venture called 'All Home' to capture the growing home improvement and interior design market, months after exiting the online pharmacy company. The Mumbai-based company has raised an undisclosed capital from Bessemer Venture Partners at a valuation of over $120 million, its co-founder Dharmil Sheth told Mint. It also saw participation from prominent angel investors including Siddharth Shah (PharmEasy), Niket Shah (Motilal Oswal), Shalibhadra Shah (Motilal Oswal), Kabir Narang (B Capital) and Ankur Gulati (Warburg Pincus). All Home will offer brands across categories including furniture, sanitary ware, kitchen and wardrobe and home hardware to build an omni-channel platform, Sheth said. The platform is already operational and features brands such as Colour Coats and House of W and Fiamarc. Also read: Why is a $2.7 bn construction materials startup betting big on home decor? 'After roti and kapda, India's next consumer boom lies in 'makaan'. At All Home, we are building trusted brands for the way India lives, builds, and renovates—across homes, offices and urban infrastructure. Consumers are increasingly willing to invest in their living and working spaces, yet often lack access to the appropriate channels and products. Our platform aims to address this gap," the co-founders said in a statement. In January, the three executives stepped back from day-to-day operations of PharmEasy to build the new venture. This came at a critical time for the health-tech firm which has seen a steep drop in valuation in recent years. PharmEasy counts Temasek, TPG, Prosus, B Capital, GSV and Think Investments among its backers. The market for home improvement and organized furniture has been booming in India in recent years. A report by Deloitte from September 2024 noted that the country's home and household sector is expected to touch $237 billion by 2030 at a compounded annual growth rate (CAGR) of 10% bolstered by shifting consumer preferences and focus on convenience. Also read: Marks & Spencer scales back its home decor business in India According to Anant Vidur Puri, partner at Bessemer Venture Partners, the home infrastructure and interior design sector in India is at a pivotal inflection point, driven by rising aspirations and disposable incomes across the country. 'Despite its size, the market remains highly fragmented and underserved, with consumers and designers facing persistent challenges around quality, transparency, and efficiency." Also read: Vedantu eyes $10–15 million from existing backers via convertible equity All Home aims to introduce a transparent procurement methodology to facilitate access to products at competitive prices. The founders have identified significant inefficiencies in the current procurement process—such as the need for designers to coordinate with multiple vendors, prolonged turnaround times, lack of design cohesion and insufficient after-sales support—which they intend to address using internet-led manufacturing and distribution, Sheth said.
Time of India
43 minutes ago
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Ellenbarrie plans to raise Rs 400 crore through fresh equity to reduce debt and expand capacity
Ellenbarrie Industrial Gases plans to raise ₹400 crore through fresh equity and ₹452.5 crore via offer for sale to reduce debt and fund expansion. While margins and return ratios improved, geographic concentration and rising receivables pose risks. The IPO is suitable for long-term investors with high-risk tolerance, despite a high P/E multiple. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads ET Intelligence Group: Ellenbarrie Industrial Gases, a Kolkata-based manufacturer of oxygen, nitrogen, carbon dioxide and other gases for industrials purpose, plans to raise ₹400 crore through fresh equity to repay debt and for capital expenditure, and another ₹452.5 crore through an offer for sale. The promoter group's stake will fall to over 77% after the IPO from 96.5% considering the pre-IPO allotment to Motilal Oswal Mutual Fund. The planned debt reduction and capacity addition provide a road map for earnings company has shown improvement in margins and return ratios. However, investors should be mindful of certain risks including geographic concentration and rising receivables. Given these factors, the issue looks suitable for long-term investors with a high-risk generates over 87% of gas sales revenue from oxygen and nitrogen. Its top 10 customers are located in east and south India, and five of its nine manufacturing facilities are based in West Bengal. This regional concentration means any localised economic, social, or political disruption could adversely impact company will utilise IPO proceeds worth ₹104.5 crore to set up a 220 tonnes-per-day (TPD) air separation unit at the Uluberia-II plant. More than one-third of the revenue comes from either government or public sector undertaking tenders. This may result in revenue volatility. Trade receivables have increased-from 16.8% of revenue in FY24 to 26.8% in FY25-indicating longer collection cycles that could put pressure on cash grew by 23% annually to ₹312.1 crore while net profit nearly trebled to ₹83.3 crore between FY23 and FY25. Ebitda margin) expanded to 35.1% from 16.4% during the period. Return on equity nearly doubled to 16.9%. However, the net debt-to-equity ratio rose to 0.32 in FY25 from 0.01 in FY23, due to capacity investments. Of the fresh issue proceeds, ₹210 crore will be used to prepay existing borrowings, which were ₹264.2 crore at the end of company demands a P/E multiple of 67.8 considering FY25 earnings. This is lower than Linde India 's P/E of 147. Linde reported revenue and net profit of ₹2,485 crore and ₹455 crore respectively and Ebitda margin of 30.8% for FY25.
Time of India
an hour ago
- Time of India
IT's Europe deal momentum is up after three slow quarters
As the largest technology outsourcing market — the US — navigates through the trade and policy uncertainties, deal activity has seen increased traction from Europe after three slow quarters. IT industry analysts have seen an approximately 5% rise in European deals from the previous quarter even as the US market remained flat at 2% growth, as per US-based research firm HFS Group. Publicly India's largest IT giant Tata Consultancy Services (TCS) alone signed at least six deals in Europe since March — telecom tower operator Vantage Towers, France's Schneider Electric Marathon de Paris, Netherlands-based multi-service utility provider Hanab, Council of Europe Development Bank, Denmark-based retailer Salling Group, and UK-based airline Virgin Atlantic. Second largest company Infosys partnered with Allied Irish Banks, UK's Yorkshire Building Society while immediate rival HCLTech bagged an engineering services deal with Swedish truck maker Volvo. Smaller peers L&T Technology Services and Tata Elxsi signed a €50 million deal each with undisclosed European auto manufacturers. Even as Wipro has indicated a softer outlook in Europe, it appointed a new CEO for its European strategic unit. ETtech Live Events This, at a time when the US corporates are pausing or cancelling existing projects, amid rising cost pressures due to the tariff impact weighing on them along with the constant change in the trade policies. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories 'We are seeing some gradual pick-up in the UK, Benelux, and Germany after three very slow quarters in Europe. Some enterprises are openly talking about transformation to better align with the uncertain trade environment and address legacy issues like cloud migration and cybersecurity,' said Phil Fersht, founder and chief analyst at advisory firm HFS Group. After a slowness of 17 deals signed in Europe from October to December 2024, the momentum picked up to 30 in January to March quarter 2025, as shown by BNP Paribas data based on publicly available key large deals. In April and May, 14 deals were signed without accounting for the month of June. In comparison, deal signings in US stood at 11 and 12 in December and March quarter, respectively while April and May saw five deals. As per data services platform ISG, Europe saw the value of deals jump to $4.08 billion January to March 2025, up from $3.4 billion in December quarter and $3.5 billion in January to March 2024. Pareekh Jain, founder and CEO of India-based IT research firm EIIR Trend, highlighted that, European auto companies, which signed three deals in the whole of 2024, have signed at least five deals so far this year, with still half a year to go. 'The reason is that European auto companies want to reduce costs while investing in SDVs (software defined vehicles). They need external support from engineering service providers at competitive prices. So, they are looking at Indian engineering service providers.' They are making faster decisions compared to US auto companies, which are struggling with greater uncertainty and lack of policy clarity, Jain added. Since the pandemic, the Indian outsourcing leaders have also been increasing their acquisitions to nearly a dozen in Europe, where the pace of revenue expansion has dented growth owing to business slowdown. Further, companies such as TCS, KPIT Technologies also opened technology and delivery centres in European countries to accelerate the offerings in the region. 'The supply chain and competitive pressures will help Indian companies take more share,' said KPIT Technologies MD and CEO Kishor Patil. According to experts, cost optimisation opportunities in Europe especially in auto, manufacturing and BFSI are likely to see uptick in the ongoing fiscal year 2026. In a post-results conference in April, Infosys CEO Salil Parekh said the company has made several investments and scaled up in different geographies in Europe. 'So that is a good market for us. With the changes in the environment, we will sort of see what develops.' Its chief financial officer said Europe grew 3x of the company rate at 15% in constant currency terms driven by our focused approach of client mining, ramp-up of large deals and acquisitions. Besides Europe, other regions which showed growth, according to Fersht, are Middle East at around 5% with a smaller base. Meanwhile, Asia Pacific witnessed a decline of around 1-2%. The US contributes around 40-50% of the revenues for Indian IT majors, followed by Europe constituting about 20-30% of the more-than-$280 billion market of software services exported by India. For the January to March quarter, Europe's revenues at top eight firms continued to outgrow American region with a growth of 2.8% year-on-year and 1% sequentially as compared to Americas degrowth at (-0.1)% YoY and (-2.1)% sequentially, as per a recent Kotak Institutional Equities report.
