Thomas Cook India Partners with Atirath Tech for AI Solutions

Key Takeaways from Thomas Cook India Partnership:

• The Thomas Cook India Group has partnered with Atirath Technologies to develop advanced AI solutions for travel services.
• The initiative will focus on creating custom-built, voice-enabled generative AI solutions that include local language transcribing and speech features.
• The new tools aim to better serve the growing travel market and address the evolving needs of travelers.
• Key advantages include expanding customer reach, improving service with local language support, and creating a seamless digital experience for online transactions.

With these new tools, Thomas Cook India hopes to better serve the growing travel market and meet the evolving needs of travelers. 

The projected benefits include expanding reach to customers, providing better service with local language options, creating a seamless digital experience that encourages online transactions and more.

Madhavan Menon, Executive Chairman Thomas Cook India Group, said, “...This is a business imperative, given the need to scale volumes and productivity without a corresponding linear cost structure and is aligned with our Customer & Digital First strategy.”

“I am sure this partnership with the dynamic team at Atirath, will help enhance TCIL’s leadership in the travel industry and give us an early mover advantage in the exciting new frontier of Generative AI.” Menon added.

About Thomas Cook (India) Limited:

Founded in 1881, Thomas Cook (India) Limited (TCIL) is a leading travel company in India, offering a wide range of services such as foreign exchange, corporate travel, MICE (Meetings, Incentives, Conferences, and Exhibitions), leisure travel, and visa services. The company operates several well-known brands, including Thomas Cook, SOTC, and Sterling Holiday Resorts, and has a strong presence in 28 countries across five continents.

TCIL has received numerous awards for its excellence in the travel industry, including recognitions for being a top MICE travel agency and a leading tour operator. Recent accolades include the Economic Times MICE & Wedding Tourism Awards and the India Travel Awards. The company has also maintained strong financial ratings, with CRISIL reaffirming its long-term and short-term bank facilities ratings as ‘CRISIL AA- / Positive’ and ‘CRISIL A1+’, respectively.

Key Takeaways from Garuda Construction and Engineering Limited IPO:

• The Garuda Construction and Engineering Limited IPO comprises a fresh issue of up to 1,83,00,000 equity shares, along with an Offer for Sale of up to 95,00,000 shares by promoter PKH Ventures Limited. 
• The IPO will have a bidding period starting with anchor investors on October 7, 2024, followed by the opening of the IPO on October 8 and closing on October 10, 2024. This timeline provides investors with a structured approach to participation.
• The IPO has a clear allocation strategy, reserving not more than 50% for QIBs, at least 15% for NIIs, and a minimum of 35% for RIBs, ensuring a balanced participation from various investor categories.

In addition to the fresh issue, there will be an Offer for Sale of up to 95,00,000 equity shares by the promoter, PKH Ventures Limited. This brings the total offer size to a substantial 2,78,00,000 equity shares, allowing investors a significant opportunity to participate in the company's growth.

While the price band for the IPO is yet to be announced, it is anticipated that this information will be made available closer to the offer date. The minimum lot size for the bidding has not been disclosed yet but will be revealed as the IPO approaches. The tentative timeline for the IPO is as follows: the anchor investor bidding date is scheduled for October 7, 2024, with the main IPO opening on October 8, 2024, and closing on October 10, 2024. This timeline provides investors with ample time to evaluate their participation in the offering.

In terms of allocation, the IPO is designed to cater to various categories of investors. Qualified Institutional Buyers (QIBs) will be allocated not more than 50% of the total offer, while Non-Institutional Investors (NIIs) will receive a minimum of 15%. Retail Individual Bidders (RIBs) are assured a minimum allocation of 35% of the offer. This structured approach ensures a balanced and fair distribution among different investor segments, making Garuda Construction and Engineering Limited's IPO an appealing investment opportunity for a diverse range of market participants.

About Garuda Construction and Engineering Limited, 

Garuda Construction and Engineering Limited, established in 2010, is a construction company that offers a wide range of building services. They work on residential, commercial, industrial, and infrastructure projects, and also provide additional services for hospitality projects. In addition to construction, the company offers operation and maintenance (O&M), mechanical, electrical, and plumbing (MEP) services, along with finishing touches for various projects.

Key Takeaways from Sun Pharma Commercialisation of FIBROMUN:

• Sun Pharmaceutical Industries and Philogen S.p.A have entered into a global licensing agreement for Philogen’s specialty product, FIBROMUN (L19TNF).
• FIBROMUN is an innovative anti-cancer immunotherapy being studied for the treatment of soft tissue sarcoma and glioblastoma.
• Philogen will conduct ongoing clinical trials, seek regulatory approval, and manufacture the product, while Sun Pharma will manage all commercialisation efforts.
• The two companies will share the financial benefits in a 55:45 ratio, with Sun Pharma receiving the larger share.

Under this agreement, Sun Pharma will have exclusive rights to market FIBROMUN worldwide. Philogen will continue its pivotal clinical trials, seek marketing authorisation from regulatory bodies, and produce the product. Sun Pharma will handle all commercialisation efforts, and both companies will share the financial benefits in a 55:45 ratio, favouring Sun Pharma.

Dilip Shanghvi, Chairman and Managing Director of Sun Pharma, said, “Fibromun’s progress through development has been quite encouraging and it has potential to be an important option for treatment of soft-tissue sarcomas and other cancers with significant unmet medical needs.”

This agreement builds on their previous partnership for another product, Nidlegy™, which is also being developed for cancer treatment.

About Sun Pharmaceutical Industries Limited:

Sun Pharma is a leading global company in specialty generics, offering a wide range of products in specialty, generics, and consumer healthcare. It is the largest pharmaceutical company in India and a top generic drug provider in the US and other emerging markets. Sun Pharma's specialty portfolio includes innovative products in dermatology and oncology, which make up over 18% of its sales. The company operates manufacturing facilities across six continents and provides high-quality medicines trusted by healthcare professionals and consumers in over 100 countries. Sun Pharma prides itself on its diverse workforce, with employees from more than 50 nations.

About Philogen Group:

Philogen is a biotechnology company based in Italy and Switzerland, focused on creating new drugs for serious diseases. The company's mission is to find, develop, and sell innovative medicines for conditions with significant unmet medical needs. Philogen uses unique technologies to identify specific substances that target disease-related proteins, along with expertise in drug development and manufacturing. While many of its products are aimed at treating cancer, the company’s targeting methods could also be used for other diseases, including certain chronic inflammatory conditions.

About Fibromun:

Fibromun is a biopharmaceutical product developed by Philogen for treating advanced soft tissue sarcoma and glioblastoma. It combines the L19 antibody with Tumour Necrosis Factor (TNF). The L19 antibody specifically targets a protein called Fibronectin, which is found in tumours but not in most healthy tissues. TNF is a substance that can kill cancer cells, and the L19 antibody helps deliver it directly to tumours. Fibromun is given through an intravenous infusion and is currently in late-stage clinical trials for its potential use in treating these cancers. It may also be effective against other types of cancer, such as lung, breast, colon, and prostate cancers.

Key Takeaways from the Stock Surge

• Hercules Hoists' stock rose by 10% on October 1, 2024, following the recent announcement regarding the Scheme of Arrangement with Indef Manufacturing Limited.
• The Scheme of Arrangement became effective on September 30, 2024, after filing with the Registrar of Companies, Mumbai.
• The stock surge reflects investor optimism in the potential value unlocked by the restructuring between Hercules Hoists and IML.

The scheme, which became effective after the required filings with the Registrar of Companies, involves a restructuring process that positions Hercules Hoists for future growth.

This positive market reaction reflects investor confidence in the potential benefits of the reorganisation, which aims to streamline the operations of Hercules Hoists and IML, unlocking value for shareholders. The surge in stock price underscores the optimism surrounding the company's strategic initiatives, following the formalisation of the scheme.

About Hercules Hoists Limited

Hercules Hoists Ltd. provides a wide range of goods and services, including the production of wire rope hoists, electric chain hoists, mechanical hoists, stackers, storage and retrieval solutions, and other engineering machinery.