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*Quantum Energy Extends Limited-time Offer on New Plasma X and XR Electric Scooters till 30thApril*

Quantum Energy, a leading electric vehicle (EV) startup specializing in the design, development, and manufacturing of electric scooters, had announced theextension of its limited-time offer on the latest models, Plasma X and XR, until 30th April. Initially set to conclude on 31st March 2024, this extension comes as a response to overwhelming demand from eco-conscious consumers.

Quantum Energy’s decision to extend the offer on its Plasma X and XR electric scooters is noteworthy, especially in light of the conclusion of the FAME II Subsidy on March 31st and the subsequent introduction of the EMPS 2024 ad-hoc scheme. Despite the latter offering limited support of up to INR 10,000 per two-wheeler, Quantum Energy remains committed to providing attractive pricing options, demonstrating its dedication to making sustainable transportation accessible to all. Formerly listed at INR 1,19,525 and INR 99,757 ex-showroom respectively, these state-of-the-art scooters are now offered by Quantum Energy at an enticing 10% discount, bringing the prices down to INR 109,000 and INR 89,000 respectively.

As an added incentive, Quantum Energy is offering additional benefits worth ₹75,000 for every bike purchase made until April 30th. These benefits include exclusive brand offers and coupons from leading brands such as Myntra, Pizza Hut, Paytm, The Man Company, and more, enhancing the overall value proposition for customers.

Commenting on the extension of the offer, Mr. Chakravarthi C, Managing Director of Quantum Energy Limited, expressed, “At Quantum Energy, we have been overwhelmed by the tremendous response from our customers in the previous month, and in gratitude for their love and support, we have decided to extend our offering.”

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Yarn Manufacturer Sanathan Textiles refiles DRHP to raise Rs 800 crs Mumbai-based Sanathan Textiles, one of the few companies in India having a presence across the polyester, cotton, and technical textile sectors has refiled its draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) to raise Rs 800 crore through its Initial Public Offering (IPO). The IPO with a face value of Rs 10 comprises of fresh issue of equity shares aggregating up to Rs 500 crore and an offer for sale of up to Rs 300 crore by Promoters and Promoter Group. The offer for sale consists of the sale of equity shares of up to Rs 61.87 crore by Paresh Vrajlal Dattani, Rs 69.35 crore by Ajay Vallabhdas Dattani, Rs 71.12 crore by Anilkumar Vrajdas Dattani, Rs 74.37 crore by Dinesh Vrajdas Dattani, Rs 50 Lakh by Vajubhai Investments Private Limited, Rs 50 Lakh by Vallabhdas Dattani HUF, Rs 4.5 crore by Sonali Ajaykumar Dattani, Rs 50 Lakh by Dattani Dineshkumar Vrajdas HUF, Rs 7 crore by Beena Paresh Dattani, Rs 3.5 crore by Anilkumar Vrajdas Dattani HUF, Rs 6 crore by Paresh Kumar V Dattani HUF, Rs 25 Lakh by Jayshree Anilkumar Dattani, Rs 2.5 Lakh by Ajay Kumar V Dattani HUF, and Rs 50 Lakh by Vallabhdas Dattani. Additionally, the company, in consultation with the lead bankers to the issue may consider a pre-IPO placement of equity shares aggregating up to Rs 100 crore. Proceeds from the fresh issue of shares will be used to the extent of Rs 175 crore for repayment or pre-payment, in full or in part, of certain of its outstanding borrowings availed by the Company, Rs 210 crore for investment in its subsidiary viz. Sanathan Polycot Private Limited for funding its long-term working capital requirements besides general corporate purposes. Sanathan Textiles operates three distinct yarn business divisions: Polyester yarns, cotton yarns, and yarns for technical textiles and industrial applications. These divisions are currently managed under a single corporate entity. The company specializes in value-added yarn products, including dope-dyed, superfine/micro, functional, industrial, and technical yarns, as well as cationic dyeable and specialty yarns. These products result from extensive in-house research efforts. For the nine months ended December 31, 2023, value added products sold as a % of Total products sold stood at 48.50% which is significantly higher than 41.97% in Fiscal 2021. Additionally, in FY22 it has also started its sustainable textile initiative under the brand Sanathan Rivero where it recycles waste plastic bottles and converts them into yarns for fabrics The Products are manufactured at the Silvassa facility, which has grown its capacity significantly to 223750 metric tonnes per annum (MTPA) as of December 31, 2023, from 213,725 metric tonnes per annum (MTPA) in Fiscal 2021 at the Silvassa facility across the three yarn divisions. Recently it has acquired 80 acres of land in Wazirabad, Punjab where it is at an advanced stage to commission a greenfield facility that will manufacture Polyester yarn products and will increase its capacity by 550 tonnes per day to 1500 tonnes per day. As of December 31, 2023, Sanathan Textiles had developed over 2,800 active varieties of yarn products and maintained more than 30,000 stock-keeping units (SKUs). The company’s manufacturing capabilities encompass a diversified product range of over 14,000 yarn varieties and more than 190,000 SKUs, serving various end uses. Over the years, the Mumbai-based company has established long-standing relationships with consumer brands such as Welspun India Limited, Valson Industries Limited, G.M. Fabrics Private Limited, and many more. In terms of customer reach, the company served 1,466 customers during the nine months ended December 31, 2023, and 1,684 customers during Fiscal 2023. Sanathan Textiles has a strong international presence, exporting its products to 26 countries during the nine months ended December 31, 2023, and 29 countries throughout Fiscal 2023. It has a network of over 902 distributors across seven countries, including India, Argentina, Singapore, and Portugal. The share of Domestic operations as a % of revenue from operations have increased from 87.39% in Fiscal 2021 to 95.60% for the nine months ended December 31, 2023, bringing down the share of exports as a % of revenue from operations to 4.40% for the nine months ended December 31, 2023 from 12.61% in Fiscal 2021. The companies consolidated revenue from operations during the fiscal year 2023 increased 4.52% to Rs 3,329.21 crore from Rs 3,185.32 crore in the previous year. Profit after tax was Rs 152.74 crore for the financial year 2023. For the nine months ended December 31, 2023, revenue from operations stood at Rs 2201.37 crore, and profit after tax stood at Rs 81.59 crore. Its total borrowings reduced from ₹ 541.16 cr on April 1, 2021 to ₹ 374. 01 cr on February 29, 2024. Dam Capital Advisors Limited and ICICI Securities Limited are the book-running lead managers and KFin Technologies Limited is the registrar of the issue. The equity shares are proposed to be listed on BSE and NSE.

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