Mangalam Maloo

Titan - Acquires 67% in Damas Jewellery at an Enterprise Value of 2439 Cr - Deal to expand presence in GCC and West Asia   Damas Revenue - FY22:  2679 Cr - FY23:  3130 Cr - FY24:  3433 Cr   Co also signed a path to acquire the balance 33% stake after 31st Dec 2029 Co Earlier: Target USD 500m and 500,000 customers in International business by FY27 Quick thoughts - Good deal done at reasonable valuations - With Titan having already reached $150m ARR in international jewellery business, this deal hastens its path to $500m - Damas is a fairly well known brand and Titan’s acquisition there also strengthens its position vs other Indian players like Kalyan and Malabar who are present there - In the past, Titan’s acquisition of CaratLane has been successful and created a lot of value for them. - Titan has also signed definitive agreements for the remainder of this business, with a protected ceiling (as against some of their earlier deals) #StockMarket #FMCGisLife Titan Company Limited

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Polycab’s promoters take some chips off the table – a natural outcome of wealth creation! Polycab promoters sold ~1.5% stake today. Promoter holding has dipped from approx 68.5% to ~61.5% now, and that makes some investors uneasy. But let’s put this in perspective: 1. Since its IPO, Polycab’s market cap has grown ~13.5x+ – from ₹8,100 Cr then to ₹1.13 Lakh Cr 2. Back then, the promoter’s 68% stake was worth ~₹5,500 Cr. Today by selling just 1.5%, it helps them unlock ~₹1700 Cr. 3. On the fundamentals they have done a solid job in scaling up a. Revenues grew 5x (₹4,000 Cr in FY14 → ₹22,400 Cr in FY25E) b. EBITDA grew 9x+ (₹300 Cr → ₹2,964 Cr) In other words, the business has compounded strongly & the promoter still holds a clear majority. For them to monetize a small portion after creating such value seems perfectly rational. Sometimes a promoter reducing stake isn’t a red flag, it’s just prudent portfolio management. "As the saying goes, if you've baked the cake, you might as well take a slice home." Polycab India Limited

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BREAKING: Vodafone Idea names Abhijit Kishore as CEO amid funding, AGR uncertainty #VodafoneIdea Ltd (Vi) has appointed Abhijit Kishore as Chief Executive Officer and Key Managerial Personnel for a three-year term, effective August 19, 2025. The appointment follows the completion of current CEO Akshaya Moondra’s three-year term, which ends at the close of business on August 18, 2025. Kishore steps into the top role at a critical juncture for the debt-laden telecom operator, which is struggling to secure fresh debt financing amid uncertainty over adjusted gross revenue (AGR) liabilities. The company remains in talks with the Department of Telecommunications (DoT) and the government for clarity and potential relief on the matter, a key factor in enabling future fund-raising. Currently serving as Vi’s Chief Operating Officer, Kishore has been with the company since March 2015, holding multiple senior leadership positions at both circle operations and corporate levels. Before becoming COO, he led the enterprise business as Chief Enterprise Business Officer. Earlier, he was Circle Business Head for Gujarat and Kerala, where he oversaw the launch of India’s first 4G services. With over 27 years of experience in the Indian telecom industry across functions and geographies, Kishore brings deep operational and strategic expertise to the role.

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