AR Rahman To Be In Legal Trouble For Copyright Issues Related To His 2022 Sensory Experience Film ‘Le Musk’

Koshayojan Services Limited and MAI Labs LLC, entities under the MAI Group, known for their cutting-edge innovations in immersive experiences, have initiated legal proceedings against acclaimed music composer, A.R Rahman, along with other entities such as Positron, LLC, Intel Corporation, and The Feelies Limited who were involved in the production of a short cinematic sensory experience film titled 'Le Musk'.

'Le Musk' purportedly incorporates elements strikingly reminiscent of MAI Group's pioneering technology, raising significant questions about intellectual property rights and creative ownership in the entertainment industry. Produced and directed by AR Rahman, it is a 37-minute cinematic sensory experience. The virtual reality piece is a one-of-a-kind sensory experience using scents and haptics.

The MAI Group has enlisted the expertise of top law firm, Luthra and Luthra Law Office India, to spearhead legal action against the unauthorized utilization of their revolutionary sensory-driven technology which seamlessly integrates all five human senses into immersive content interactions, transcending the conventional boundaries of sensory experiences.

The entities under MAI Group plan to sue him against “unauthorized utilization of their revolutionary sensory-driven technology.” The group claims to have a technology that can integrate all human senses and create a transcendental immersive experience for all its users.

With MAI Group’s portfolio of six cutting-edge patents, they redefine the boundaries of sensory experiences. Their patented inventions provide a novel approach to creating a unified content system that integrates all five human senses - sight, sound, smell, taste, and touch - into a single or multiple devices. By delivering a comprehensive and immersive five-sense content interactions, in which parts of the content interaction system are integrated into a piece of smart furniture, MAI Group’s innovative system is set to revolutionize the way users perceive and interact with content in its own unique way.

Canon Develops EOS R1 As The First Flagship Model For EOS R SYSTEM

Canon Inc. announced today that it is currently developing the EOS R1, a full-frame mirrorless camera, as the first flagship model for the EOS R SYSTEM equipped with RF mounts and is aiming for a 2024 release.

The EOS R1 is a mirrorless camera geared toward professionals that brings together Canon’s cutting-edge technology and combines top-class performance with the strong durability and high reliability sought in a flagship model. This camera will dramatically improve the performance of both still images and video and meet the high requirements of professionals on the frontlines of a wide range of fields including sports, news reporting, and video production.

This camera employs the newly developed image processor DIGIC Accelerator in addition to the pre-existing processor DIGIC X. The new image processing system, composed of these processors and a new CMOS sensor, enables large volumes of data to be processed at high speeds and delivers never-before-seen advancements in Auto Focus (AF) and other functions.

By combining the new image processing system and deep learning technology to an advanced degree, Canon has achieved high-speed and high-accuracy subject recognition. For example, subject tracking accuracy has been improved so that in team sporting events where multiple subjects intersect, the target subject can continually be tracked even if another player passes directly in front of them. In addition, the AF “Action Priority” function recognizes subject movement by rapidly analyzing the subject’s status. In moments during a sports game when it is difficult to predict what will happen next, this function automatically determines the player performing a certain action, such as shooting a ball, as the main subject and instantly shifts the AF frame, thereby helping to capture decisive moments of gameplay.

The combination of the new image processing system and deep learning technology will help to improve image quality. Canon implements the image noise reduction function, which has been previously developed and improved as part of the software for PCs, as a camera function to further improve image quality and contribute to user creativity.

Canon is working on field tests for this camera and will support capturing definitive and impactful moments at international sporting events to be held in the future.

Going forward, Canon will continue to expand the EOS R SYSTEM lineup of fascinating cameras and RF lenses, thereby continuing to meet the demands of a wide range of users and contribute to the development of photography and video culture.

About Canon Inc. 

Canon Inc. (NYSE: CAJ), headquartered in Tokyo, Japan, is a leader in the fields of professional and consumer imaging equipment, industrial equipment, and information systems. Canon’s extensive range of products includes production printers, multifunction office systems, inkjet and laser printers, cameras, video and cinematography equipment, network cameras, medical systems and semiconductor-manufacturing equipment. Originally established in 1937 as Precision Optical Industry, Co., Ltd., a camera manufacturer, Canon has successfully diversified and globalized to become a worldwide industry leader in professional and consumer imaging systems and solutions. With approximately 180,775 employees worldwide, the Canon Group includes manufacturing and marketing subsidiaries in Japan, the Americas, Europe, Asia and Oceania; and a global R&D network with companies based in the United States, Europe, Asia and Australia. Canon’s consolidated net sales for fiscal 2022 (ended December 31, 2022) totaled $30.31 billion (at an exchange rate of ¥133=U.S. $1). Visit the Canon Inc. website at: global.canon 

About Canon India

Canon India Pvt. Ltd. Is the sales and marketing subsidiary of Canon Inc., a world leader in imaging technologies. Having started its operations in 1997, Canon India markets a comprehensive range of sophisticated contemporary digital imaging products and solutions in India. The company today has offices in 10 cities across India with merchandise warehousing facilities at 4 location and employs over 1000 staff and over 850 channel partners. Canon India enjoys a vast retail presence across the country through Canon Image Square (CIS) stores, PIXMA Zones, and BIS Lounges. Canon India’s service reach extends to over 632 towns covering 19,118 PIN codes across India – which comprises of 349+ Camera collection points, 15 Camera repair centers, 320+ Printer repair centers, 183 Copier, Scanner and 120 Large Format Printer Sales & Service dealers.

In sync with its corporate tagline- ‘Delighting You Always’, reinforced by World-class technology, Canon offers an extended product portfolio, including Digital Production Printers, Large Format Printers, Commercial Printers, Multi-Functional Devices, Managed Document Services, Inkjet & Laser Printers, Document and Cheque Scanners, Digital Cameras, DSLRs, Mirrorless cameras, Cinematic Imaging Products, Surveillance cameras and Medical Imaging products catering to the multiple market segments of consumer, SME, B2B, Commercial, Government & PSUs.

Capri Loans Honours Cricket's Unsung Heroes With ‘Masters of Maidaan’ Initiative

- Honouring Stadium Groundsmen for Their Tireless Efforts

Capri Loans, a leading non-banking financial company, in collaboration with the Gujarat Titan’s has honoured the often-overlooked heroes of cricket – the stadium groundsmen, for their unwavering commitment and dedicated efforts for the success of every match.

Groundsmen play a crucial role in preparing the venue for a cricket match, performing tasks such as pitch preparation, outfield maintenance, and ensure players safety. Their meticulous work safeguards the optimal playing environment for cricketers, from ensuring the pitch is fair to managing drainage systems to cope with adverse weather conditions. Under its " Masters of Maidaan" initiative, reflecting the brand ethos of "Farz Nibhaatey Hain,” Capri Loans reaffirmed its commitment to acknowledge and celebrate the diligent groundskeepers at Narendra Modi Stadium, Gujarat, "Kyunki Woh Farz Nibhaatey Hain".

In a ceremony, held at Narendra Modi Stadium, Ahmedabad, Mr. Jayesh Patel, Pitch Curator who looks after the curation of pitches for match days & training and Mr. Viha Rabari, Senior Groundman who is in charge for the maintenance of outfield, pitch, practice grounds, were honoured. They received awards from Umesh Yadav, and Joshua Little.

Mr. Rajesh Sharma – Managing Director at Capri Loans emphasized, “Groundsmen are the unsung heroes of cricket, tirelessly toiling behind the scenes to ensure every match is conducted seamlessly. Their dedication and hard work lay the foundation for the game's success, yet their contributions often go unnoticed. Capri Loans takes pride in honouring those who embody the ethos of 'Farz Nibhaatey Hain' – fulfilling responsibilities with unwavering commitment. These groundsmen exemplify this spirit, shaping the dreams of aspiring cricketers and foster talent on the field. It's time we recognise their invaluable role and express our heartfelt gratitude for their efforts."

Commenting on the initiative, COO of Gujarat Titans, Colonel Arvinder Singh said, “We are delighted to continue our partnership with Capri Loans for the third consecutive year. Their 'Masters of Maidaan' initiative is commendable, shining a well-deserved spotlight on the unsung heroes of cricket. We are proud to be a part of this initiative that recognizes and celebrates the tireless efforts of these individuals who are instrumental to the sport.”

 Capri Loans extended its partnership with the Gujarat Titans for 2024, marking the third consecutive year of collaboration between the two entities and Cricket. The video, showcasing the dedication and hard work of these unsung heroes and their heartfelt felicitation, can be viewed on YouTube).

30 Remarkable ears Of Partnership - Mercedes Benz India And ExxonMobil India

ExxonMobil, a global leader in synthetic motor oils, recently commemorated 30 years of successful partnership with Mercedes-Benz India. The milestone event held at the Mercedes Benz India facility at Chakan, Pune, highlighted the enduring collaboration between the two pioneers, and their commitment to furthering innovation and mutual growth in the sector.

ExxonMobil has worked closely with Mercedes Benz to develop and supply synthetic motor oils meeting the evolving needs of their growing luxury portfolio in India comprising the A-Class Limousine, Mercedes Maybach S 580 limousines and SUVs like GLE and GLS to name a few.

Mercedes Benz has relied on ExxonMobil to meet the lubrication needs of its premium and luxury cars to high-end consumers through their strong service and after-sales care network in India. This partnership has encompassed testing, field trials, and supply of high-quality fully synthetic engine oils to both the factory and service networks in the country. The partnership has delivered trust and value to the needs of an evolving sophisticated, modern, and ambitious consumer base in India, ensuring that their engines perform at utmost efficiency.

ExxonMobil has strengthened its presence in India with its investment to build a world-class lubricant-manufacturing plant in Maharashtra. Pioneering in the science of synthetic lubrication, it was the first to introduce synthetic lubricants globally with the launch of Mobil 1™ in 1974. Mobil 1™ has since maintained its status as the most trusted and advanced synthetic motor oil brand globally. Mobil 1™ has been setting new standards in engine performance and protection, making it the lubricant of choice for leading OEMs across the world. 

Santosh Iyer, Managing Director & CEO, Mercedes-Benz India, said: “Mercedes-Benz and ExxonMobil share a common milestone of completing 30 years in India, having a shared vision of enhancing customer trust through continuous innovations. ExxonMobil has been our most trusted partner supporting Mercedes-Benz customers and dealer network with our motor oil supplies, especially during the peak of supply disruptions triggered by the pandemic. ExxonMobil’s products and services match our world-class offerings in India and underscore the customer passion that drives our collaborative spirit.”  

Vipin Rana, CEO – ExxonMobil Lubricants Pvt. Ltd., said: “Our long partnership with Mercedes-Benz India is testimony to the cutting-edge lubrication technology, trusted by global automobile majors, and our unwavering focus on ensuring supply chain security and reliability to the Mercedes-Benz dealers across India. As Mercedes-Benz India charts their next era of growth, we are committed to supporting their journey by providing best-in-class engine oils designed for their cars and enabling their dealers to delight the customers. It is a very proud moment for us to celebrate our 30-year association in India as we also celebrate the 50 years of Mobil 1™, our flagship synthetic engine oil providing the ultimate engine protection. ExxonMobil remains committed to Indian consumers, alongside our OEM partners, in our role as a key player in driving growth in the country’s automotive sector forward.”

About ExxonMobil in India

ExxonMobil has been powering India’s growth for three decades. The Company brought the first supplies of liquefied natural gas (LNG) to India in the early 2000s and is now a major LNG supplier to the country, helping to advance its transition to a gas-based economy.

ExxonMobil’s cutting-edge product solutions such as Mobil lubricants are driving productivity and energy efficiency in India’s automotive and industrial sectors, helping individual consumers and businesses achieve more with less. The Company’s chemical products are enabling Indian manufacturers to make high-quality products and deliver sustainability benefits across sectors including food processing, consumer durables, agriculture, water treatment, pharmaceuticals, and construction.

ExxonMobil’s business and technology centers in Bengaluru provide critical support to the Company’s global operations. The technology centers help develop strategies to reduce global emissions and collaborate with homegrown manufacturers to enhance global competitiveness of made-in-India products.

(Exxon Mobil Corporation has numerous affiliates, many with names that include ExxonMobil, Exxon, Esso and Mobil. For convenience and simplicity, those terms and references to “corporation”, “company”, “ExxonMobil”, “EM”, and other similar terms are used for convenience and may refer to one or more specific affiliates or affiliate groups.

Unveiling Suryadev's Fe550D CRS TMT Bars, Forged To Conquer Corrosion

Suryadev Alloys and Power, a key player in the Indian steel industry and a leading player in Tamil Nadu, has launched Fe550D CRS TMT bars that offer unparalleled anti-corrosion properties. Suryadev Fe550D CRS TMT bars are meticulously crafted from high-quality iron ore and are enhanced with a robust blend of copper, chromium, and nickel.

From the relentless assault of salt-laden sea air in coastal cities to the harsh reality of industrial pollutants in inland regions, the diverse climates of India present a formidable challenge to steel: corrosion. This issue poses a significant concern nationwide and is estimated to cost the Indian economy 3-4% of its GDP annually. Research indicates that the rate of corrosion in coastal areas may be up to four times greater than in inland regions. However, even in areas far from the coast, industrial pollutants serve as silent aggressors, accelerating corrosion and potentially diminishing the structural integrity of buildings by 1-3% annually.

At Suryadev, the challenge of corrosion is met with a relentless pursuit of innovation. In response to this enduring challenge, these bars significantly extend the lifespan of structures while minimizing the environmental impact associated with frequent repairs and replacements. 

The Suryadev Fe550D CRS TMT bar serves as the perfect shield against elements. It redefines industry standards and represents a smarter, more sustainable approach to construction, ensuring a durable future for next generations.

Founded in 2006, Suryadev is known for its unwavering commitment to quality and innovation. With an annual finished steel capacity of 600,000 tonnes, Suryadev’s integrated steel plant in New Gummidipoondi is a testament to this commitment. As Tamil Nadu's leading steel manufacturer, Suryadev is equipped to meet the nation’s rising demand for steel with its diverse range of intermediate and finished steel products.

The company focuses on consistent quality while also championing sustainability. Its Waste Heat Recovery Boiler (WHRB) power plant harnesses residual heat from DRI plant, transforming it into clean energy and significantly reducing its carbon footprint. Suryadev is exploring additional ground-breaking technologies and methods with one of the country’s leading academic institutions to decarbonize steelmaking. 

Suryadev's relentless pursuit of operational excellence and superior product quality is highlighted by ISO certifications in Quality Management (ISO 9001), Environmental Management (ISO 14001), and Occupational Health and Safety (ISO 45000). These standards ensure the company not only delivers top-tier products but also upholds a safe and healthy work environment for its employees. Further affirming its financial stability and credibility, Suryadev maintains robust credit ratings, with CARE A2 for short-term banking facilities and CARE A- for long-term commitments.

Suryadev is proud to be an integral part of nation-building through its contribution to landmark infrastructure projects like the Chennai Metro Rail, Bangalore-Chennai Expressway, Chennai Peripheral Ring Road, and the Chennai Port-Maduravoyal Expressway. The company's success is fuelled by a strong and committed network of over 500 dealers across South India and its greatest asset, a team of more than 2,000 skilled professionals. Innovation and excellence ingrained in the culture of the organization keep Suryadev at the forefront, constantly driving progress and maintaining a competitive edge in the market.

Waaree Energies Limited Appoints Carat India As Its Media Partner

Carat India, a media agency under dentsu India, has been awarded the television media mandate for Waaree Energies Limited, India's largest manufacturer of solar PV modules with the largest aggregate installed capacity of 12 GW, as of June 30, 2023 (Source: CRISIL Report), with the aim to amplify its brand presence.

As per the mandate, Carat – the media agency from dentsu India, will oversee the brand's television media across India exclusively. They will also support in strategizing and planning other traditional media and buying for print, radio, and digital. Furthermore, OOH (Out-of-home) will be executed by Posterscope, the OOH specialist agency from dentsu India. Carat aims to enhance the brand's visibility across diverse media channels through its data-driven capabilities. We believe the agency is poised to develop innovative campaigns that resonate with the target audience, and aims to solidify Waaree Energies Limited's position as a renewable energy brand in the market.

The collaboration between Waaree Energies Limited and Carat exemplifies dentsu's dedication to advancing sustainability. We believe that this collaboration will underscore the network's commitment to fostering environmentally conscious solutions and driving positive change toward a more sustainable future. 

According to Nilesh Malani, Chief Marketing Officer, Waaree Energies Limited, “Selection of Carat as our media partner is a choice intended to amplify our brand's impact and to contribute towards promotion of sustainable advancements in India. We have confidence in Carat India's ability to create imaginative and visually appealing campaigns that will help us connect with our target audience, thereby reinforcing our commitment to expediting the clean energy transition in India and facilitating positive transformations for a more environmentally friendly future.”

Commenting on the partnership, Anita Kotwani, CEO, Media, South Asia, dentsu, said, “It is an absolute privilege and honour to join hands with Waaree Energies Limited and contribute to their growth journey in India. This partnership marks a pivotal moment, where our expertise and dedication merge with Waaree Energies Limited’s vision and ambition. Together, we believe that we are poised to achieve milestones and drive growth, emphasizing our commitment to delivering quality in every aspect of our collaboration.”

Sanchayeeta Verma, CEO, Carat India, expressed enthusiasm, stating, “Waaree Energies Limited is one of India’s largest manufacturer of solar PV modules and a global player. We believe that it has an important role towards India’s net zero goals. At Carat, we are deeply committed to this as it is a vital priority in dentsu’s Business to Business to Society B2B2S goals. Moreover, we believe that our expertise will be pivotal in realizing Waaree Energies Limited's vision: delivering cost-effective sustainable energy solutions across the market. We are extremely delighted to come on board as ‘Partners on Record’ of Waaree Energies Limited.”

The collaboration between Waaree Energies Limited and Carat India, a dentsu company, underscores Waaree Energies Limited's commitment to advancing sustainability and contributing towards a cleaner future.

About WAAREE Energies Limited 

Waaree Energies Limited ("WEL”) was founded in 1990. It is India’s largest manufacturer of solar PV modules with the largest aggregate installed capacity of 12 GW, as of June 30, 2023 (Source: CRISIL Report). WEL commenced operations in 2007 focusing on solar PV module manufacturing with an aim to provide quality, cost-effective sustainable energy solutions across markets, and aid in reducing carbon foot-print paving the way for sustainable energy thereby improving quality of life. WEL has four solar module manufacturing facilities in India, with international presence.

For more information, please visit Waaree.com

Zomato: Blinkit Continues To Drive Outperformance In Q4, 2024

BUY

May 14, 2024

TARGET PRICE (Rs) : 230

Zomato posted steady operational results, with revenue ahead of our estimates whereas the margin miss was on account of higher than expected ESOP costs (for the Blinkit leadership team). Food delivery GOV grew 28.5% YoY to Rs84.4bn (-0.6% QoQ), with Blinkit GOV up 13.7% QoQ/96.8% YoY to Rs40.3bn. Blinkit achieved operational EBITDA break-even in Mar-2024. Management guided to Blinkit remaining closer to break-even levels at adjusted EBITDA for the next few quarters, considering the aggressive store expansion plan (~2x in 12M). Most of the store expansion should happen in the top-8 cities, where Management sees significant scope for growth as Company is still largely underpenetrated. We have mostly retained FY26E EPS, but lowered FY25E EPS by ~20%, factoring in the slower profitability for Blinkit on the aggressive store addition plan and higher ESOP costs. We maintain BUY and TP of Rs230/sh on SOTP basis, valuing food delivery at Rs121/sh (DCF basis), Blinkit at Rs93/sh (DCF basis), and cash & other investments at Rs17/sh (BV).

Results Summary

Zomato reported revenue growth of 8.3% QoQ to Rs35.6bn, slightly ahead of our estimate of Rs34.8bn. All segments reported sequential growth, with food delivery/ Hyperpure/ Quick Commerce/Going Out growing 2%/11%/19%/27%. Food delivery GOV declined 0.6% QoQ/grew 28.5% YoY. Average MTU grew 1.1% QoQ to 19mn. Blinkit GOV grew 13.7% QoQ to Rs40.3bn, and saw breakeven on adj. EBITDA basis for the first time, in Mar-24. Overall adjusted revenue grew 6.2% QoQ to Rs38.7bn. Contribution margin for food delivery improved further to 7.5% from 7.1% in Q3. Blinkit’s contribution margin improved to 3.9% in Q4 from 2.4% in Q3. Adjusted EBITDAM as a % of GOV improved to 3.3% (from 3% in Q3), whereas Blinkit’s adjusted EBITDAM improved to -0.9% (from -2.5% in Q3). Overall adjusted EBITDAM improved to 5% from 3.4% in Q3. What we liked: Strong growth, coupled with adjusted breakeven for Mar-24 for Blinkit. What we did not like: Slower expansion in Blinkit margin, higher ESOP costs.

Earnings Call KTAs

i) Total ESOP charge for Q4 was Rs1.61bn vs Rs1.22bn QoQ. Management expects ESOP charge to increase further in FY25 due to grant of ESOPs to the Blinkit leadership team and senior employees. ii) Company proposed to create an additional ESOP pool of 2% of outstanding share capital on a fully diluted basis which Management expects would suffice for the next 5-6 years. iii) Revenue growth in Q4 was driven by robust growth in both, food delivery and quick commerce. iv) Adj EBITDAM (food delivery) improved by 210bps YoY, driven by: a) higher AOV, b) improvement in take rate and ad monetization, c) introduction of platform fee, and d) cost efficiencies, which were more than compensated for the lower customer delivery fee on account of free delivery benefit on Gold orders. v) In FY24, Food delivery ATU grew 10% YoY. vi) Company added 75 net new dark stores for Blinkit in Q4 (80% of new stores are in the top-8 cities). Company expects adding another 100 stores in Q1FY25 and reaching a store-count of ~1,000 by Mar-25. vii) With the planned store addition in FY25, Management expects adj. EBITDA (QC) to hover at around zero for the next few quarters. In steady state, it expects 4-5% adj. EBITDAM (as a % of GOV). viii) Though Blinkit is present in 26 cities, it focuses on expanding in the top-8 cities in India. Other cities are catching-up, but Delhi NCR (the largest market) is growing at 7% QoQ, driven by addition of new stores and growth in demand from existing stores. Bengaluru is the second-largest market with less than 30% of Delhi NCR’s GOV. Avg. GOV of the next 6 cities is ~Rs1.93bn, with 32 stores. It plans to grow its presence in Bengaluru and other large cities which will lead to ~4x increase in GOV. ix) Blinkit take rate increased 1% QoQ on the back of increase in commission, advertisement, assortment mix, and delivery charges.