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HEFTY.art, Arzan Khambatta & Bangalore Watch Co honor INS Vikrant R11 legacy
Mumbai: In a first-of-its-kind collaboration that brings together art, history, and innovation, HEFTY.art, renowned sculptor Arzan Khambatta, and prestigious watchmaker Bangalore Watch Company have unveiled a groundbreaking collection paying homage to the legendary INS Vikrant R11.
The new collection, crafted from the reclaimed metal of the revered warship, includes five exclusive sculptures designed by Arzan Khambatta and a limited-edition series of 70 wristwatches mindfully created by Bangalore Watch Company. The creations will be further fortified with HEFTY.art’s digital non-fungible tokens (NFTs), infusing them with authenticity and security in the digital realm.
Arzan, the popular Mumbai artist, is recreating his existing sculpture of INS Vikrant at Lions Gate, Mumbai and will sculpt five unique representations of the monumental warship. These sculptures will be designed to attract the essence of the warship’s resilience and significance, invoking a deep appreciation for its role in Indian Naval history.
Complementing the sculptures, Bangalore Watch Company’s limited-edition wristwatches will incorporate the warship’s metal, establishing a tangible connection between heritage and timekeeping. Each of the 70 watches will feature cases made from marine-grade steel, sapphire crystals for durability and a La Joux-Perret Swiss-made automatic movement with an impressive 68-hour power reserve.
This collaboration further marks a revolutionary use of non-fungible tokens (NFTs) in the collectibles sector. The digital tokens, supported by HEFTY.art’s technology, will serve as unalterable certificates of authenticity and ownership. Their presence on the blockchain guarantees the perpetual integrity of these cherished creations, preserving their value and heritage.
“The INS Vikrant R11, an emblem of India’s naval prowess, served as an essential protector of the nation’s seas during its tenure from 1961 to 1997. Notably, it was the first aircraft carrier in Asia, showcasing its significance in history. The collaboration seeks to memorialise this historic legacy by infusing its metal into the uniquely crafted art pieces that exceed multiple mediums,” said HEFTY.art co-founder Kanishq Chhabria on the remarkable feat of unveiling the collection.
Sharing his thoughts on the initiative, Arzan said, “The 5 sculptures will create awareness with a wider audience about India’s Naval history and the INS Vikrant. As the NFT market continues to grow, it will undoubtedly facilitate a wider reach and open new opportunities to connect with a global audience of art enthusiasts, historians, and collectors.”
Bangalore Watch Company co-founder and creative director Nirupesh Joshi voiced, “The watches are made by processing the hardened steel that was recovered from the erstwhile warship to be used as dials. This detailed process took several months to handle the special materials sensitively without damage, and we’re proud of what we’ve been able to achieve.”
The exclusive collection will be available for reservations and purchases from the noteworthy historical day for India, i.e. 15 August 2023. The limited-edition wristwatches by Bangalore Watch Company will be priced at Rs 2,12,000/-, while Arzan Khambatta’s sculptures can be acquired by redeeming the corresponding NFTs on the HEFTY.art platform, priced at Rs 7,50,000/-.
This collaboration is not only a celebration of artistry, craftsmanship and innovation but a symbolic representation of the endurance and legacy of the INS Vikrant R11, solidifying its impact for generations to come.
https://www.hefty.art/INSVikrant
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Microsoft faces worst quarter since 2008 financial crisis
Cloud giant battles soaring AI costs and fierce competition from nimble startups.
MUMBAI: When the tech titan starts looking a little wobbly, even the Magnificent Seven can feel the tremors because Microsoft is currently starring in its own sequel, “Clouds and Doubts.” Microsoft is on track for its worst quarterly performance since the 2008 global financial crisis, according to Bloomberg, as investors grow increasingly uneasy about rising capital expenditure and intensifying competition from nimble AI firms. The company has been pouring money into AI infrastructure, yet markets are questioning when these hefty investments will finally deliver stronger revenue growth.
At the same time, investors are shifting away from traditional software stocks amid fears that AI startups such as Anthropic and OpenAI are developing autonomous agents capable of replacing established products, including those from Microsoft. Jonathan Cofsky, portfolio manager at Janus Henderson Investors, noted growing concern that customers may bypass Microsoft and deal directly with AI vendors, potentially disrupting its core business and putting pressure on pricing and margins.
Microsoft’s stock has tumbled 25 per cent in the first quarter, putting it on course for its largest drop since a 27 per cent fall in the fourth quarter of 2008. It has also emerged as the weakest performer among the so-called Magnificent Seven technology stocks, while a broader index tracking the group has fallen 14 per cent over the same period. The shares slipped a further 1.7 per cent after markets opened on Friday, marking a potential fourth consecutive session of declines.
Cofsky pointed out that Microsoft has become more capital intensive and that improved investor confidence will hinge on assurances that software growth will not slow materially. Despite the sell-off, the stock is now trading at less than 20 times projected earnings over the next 12 months, its lowest valuation level since June 2016. Its valuation remains slightly above that of the S&P 500 Index, although it has recently traded at a discount to the broader benchmark for the first time since 2015.
Bloomberg data shows Microsoft’s capital expenditure, including leases, is expected to surge to $146 billion in fiscal 2026, up around 66 per cent from $88 billion in fiscal 2025. Spending is projected to climb further to $170 billion in fiscal 2027 and $191 billion in fiscal 2028, based on average estimates. Investors are growing cautious about such levels of spending without clearer signs of stronger growth.
Microsoft’s Azure cloud division has reported a slight slowdown in growth compared with the previous quarter, while its Copilot AI product has seen limited user traction, prompting internal changes aimed at improving performance. Ben Reitzes, an analyst at Melius Research, warned in a March note that Microsoft’s upside in Azure could be constrained as the company works to address challenges related to its AI models and Copilot offering, adding that these issues are unlikely to be resolved in the short term.
Of the 67 analysts covering Microsoft, 63 maintain buy ratings, three hold ratings and one a sell rating. The average 12-month price target of $592 implies a potential upside of more than 64 per cent, the highest on record based on data going back to 2009. The stock is also trading below its 200-day moving average by the widest margin since 2009.
Reitzes suggested the dominance of buy ratings may indicate complacency among analysts, while highlighting risks in Microsoft’s productivity and business processes segment as well as its More Personal Computing division. In contrast, Tal Liani of Bank of America reinstated coverage with a buy rating, citing durable multi-year growth prospects across cloud and AI. Jake Seltz, portfolio manager at Allspring Global Investments, maintained that Microsoft retains strong long-term value and that its AI strategy is likely to be validated over time, viewing near-term concerns as a potential opportunity for longer-term investors.
The report highlights a growing divergence in market sentiment, with optimism around long-term AI potential weighed against immediate execution risks and investor uncertainty. In the world of big tech, even the mightiest clouds can have silver linings but right now, Microsoft’s investors are scanning the horizon for clearer skies.
