August, 2024 - Business News Week

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Kalp Decentra Foundation and BIMTECH Partner to Launch Blockchain Learning Centre

Aug 9, 2024 by Mansi 0 Comments #Chitresh Sinha, #TATA Tea Premium-Desh Ki Chai, #UNESCO

Noida, 9th August 2024 – Kalp Decentra Foundation, known by its brand name KALP, and the Birla Institute of Management Technology (BIMTECH) are excited to announce the launch of a strategic partnership. This collaboration aims to harness their combined expertise and resources to establish a state-of-the-art Blockchain Learning Centre at BIMTECH’s campus. This initiative marks a significant step towards advancing blockchain education and research, providing students and professionals with cutting-edge knowledge and skills in this transformative technology.

KALP

According to a report by Fortune Business Insights, the global blockchain technology market size was valued at $17.57 billion in 2023 and is projected to grow from $27.84 billion in 2024 to $825.93 billion by 2032, exhibiting a CAGR of 52.8% during the forecast period (2024-2032). The market is set to expand largely at the back of increased adoption of blockchain for secure, along with significant investments already pouring in in the domain. The collaboration between Kalp Decentra Foundation and the BIMTECH will train & prepare next generation or any professional who wants to learn about the blockchain and make career in this industry. At the same time, the partnership will also provide practical experience and theoretical knowledge, equipping them with the necessary skills and knowledge to effectively teach blockchain technology.

Furthermore, the initiative also seeks to foster collaboration among students, faculty, and Kalp Blockchain, promoting innovative research and project development. Furthermore, the partnership will create pathways for students to access industry opportunities, internships, and practical experiences, bridging the gap between academic learning and real-world applications in blockchain technology.

As per the terms of the agreement, both the parties share individual duties. KALP will handle course development, designing and providing comprehensive course materials and resources. In addition, they will conduct faculty training through workshops and training sessions and deliver lectures and hands-on workshops for students.

The establishment of the Blockchain Learning Centre is an initiative led by the Area of IT at BIMTECH, with the guidance and support of the Director. The MOU was formalized in a closed ceremony between both organizations. The key representatives from BIMTECH included Director, Dr. Prabina Rajib, Registrar Dr. A.V. Shukla, Deputy Director Dr. Pankaj Priya, IT Area Head Dr. Kapil Garg, IT Infrastructure Head Dr. Amarnath Bose and the Point of Contact for the Blockchain Learning Centre, Dr. Ruchi Garg. And the resource people from KALP were Mr. Tapan Sangal, Co-Founder; Mr. Gagan Singhal, Co-Founder; and Mr. Kapil Dev, Chief Business Officer, each bringing their vision and expertise to the partnership.

On the other hand, BIMTECH will be responsible for providing the necessary infrastructure and facilities to conduct the course. They will ensure the active participation of faculty members in training sessions and encourage student enrolment and participation in the program. BIMTECH will also provide administrative support for the smooth execution of the program.

Speaking on the collaboration, Tapan Sangal, Founder, Kalp Decentra Foundation said, ” We are thrilled to join forces with BIMTECH in nurturing a new wave of blockchain professionals. As the blockchain segment experiences exponential growth, this collaboration transcends mere knowledge-sharing; it is about equipping students and faculty with practical, hands-on skillsets. The Blockchain Learning Centre will immerse students in real-world applications, fostering innovative thinking and the development of novel blockchain solutions.

“Considering the rapid advancements in blockchain technology today, our involvement in this initiative is driven by a vision of the future where blockchain is ubiquitous, revolutionizing every facet of our daily lives. Through this partnership, we aim to significantly increase the pool of skilled professionals who can leverage blockchain’s potential to transform industries.”

This collaboration will develop an extensive blockchain course, equip BIMTECH faculty with blockchain teaching skills, and engage students through practical projects and interactive sessions. It will foster research collaboration between students, faculty, and KALP, and create pathways for students to gain practical industry experience in blockchain technology.

Dr. Prabina Rajib, Director, BIMTECH, sharing her thoughts on the MoU signing said, “Positioning BIMTECH with industry leaders to drive meaningful advancements highlights our expertise and commitment to providing our students with the best academic environment.

“This partnership aims to blend KALP’s advanced technical capabilities and innovative approach with BIMTECH’s educational infrastructure, material resources, and academic prowess. Hence, establishing a framework for knowledge exchange and professional development. We are eager to explore the potential of mutual growth and development through the dynamic synergy created with this alliance. Together, we aim to empower our students with cutting-edge knowledge and skills, preparing them to be leaders in the dynamic field of blockchain technology.”

business

The Sandur Manganese & Iron Ores Limited Announces Appointment of New CEO and COO

Aug 9, 2024 by Mansi 0 Comments #Appointment, #Iron Ores, #Sandur Manganese

Chennai, 09 August 2024: The Sandur Manganese & Iron Ores Limited (‘SMIORE’ or ‘the Company’), a leading player in the mining and metals industry, is pleased to announce the appointment of Krishnendu Sanyal as Chief Executive Officer (CEO) and Manjunath Prabhu as Chief Operating Officer (COO). These leadership appointments are aimed at augmenting the Company’s management bandwidth and driving forward its ambitious plans for integration and sustainability in the metals & mining industry.

Krishnendu Sanyal, the newly appointed CEO, brings ~32 years of experience in strategic, financial, and operational leadership. His illustrious career spans across major companies such as Tata Steel in India and Sri Lanka, The Siam Industrial Wire Co. in Thailand, and Sedibeng Iron Ore in South Africa. Krishnendu has global experience and a proven track record in turning around and expanding operations, and creating value through acquisitions, integrations, and divestments. He has valuable domestic and international experience with one of the country’s largest companies whose core values resonate with that of SMIORE. He has led various roles and undertaken responsibilities in business sustainability, management change, and new business development across different geographies. His past experience perfectly aligns with SMIORE’s future endeavours. He holds a Bachelor’s degree in Mechanical Engineering coupled with a Master’s in Business Administration. He has also participated in Tata Group Strategic Leadership Program from Harvard Business School.

Manjunath Prabhu, the newly appointed COO, also has ~36 years of experience in operations, leadership, and strategic planning. His extensive background includes significant roles at JSW Steel, Vijayanagar; Essar Steel, Visakhapatnam; and KOICL, Mangalore. Manjunath has a deep understanding of the Ballari region’s metals and mining operations and expertise in various facets of operations including production, project commissioning, land acquisition, beneficiation, and raw material handling system (RMHS), among others. He is a Mechanical Engineering graduate by qualification and was part of the Future Fit Leader by Cornell University from 2016-19.

Commenting on this milestone, Bahirji A. Ghorpade, Managing Director, SMIORE said:

“This is a strategic initiative to augment our management bandwidth and bolster our leadership as we march forward with our plans to cement our position in the industry. As we transition towards a sustainable and integrated future, building the required management bandwidth to drive the execution of our strategic priorities is crucial. We are excited to welcome Krishnendu and Manjunath to the SMIORE family. With his global experience with steel industry majors, Krishnendu’s expertise in various facets of the industry and strategic leadership will be a valuable addition. At the same time, Manjunath’s long stint with one of India’s leading steel players and his experience in Bellari’s metals & mining operations will be an invaluable asset. I look forward to working closely with both of them, as we scale new heights and continue to innovate and excel, creating a future-ready organisation poised for sustainable value creation.”

Speaking on being appointed as the CEO of SMIORE, Krishnendu Sanyal, said:

“I am excited to be part of SMIORE’s promising transition to an integrated and sustainable metals and mining powerhouse. With many potent triggers in the offing, including its recent mining expansion, SMIORE is on a path to creating a lasting legacy in the Indian metals & mining industry.”

Speaking on being appointed as the COO of SMIORE, Manjunath Prabhu, said:

“Having been working in the Bellari region since 1996, I have observed up close how SMIORE has run one of the best mining operations in the country. I have great respect and admiration for the SMIORE brand, and I am excited to contribute to its journey of transitioning beyond mining into other facets of the industry.”

business

Relaxo Footwears Announces The Great Freedom offer

Aug 9, 2024 by Mansi 0 Comments #New Delhi, #relaxo, #Relaxo Footwear

New Delhi, August 9th, 2024: To commemorate India’s Independence Day, Relaxo Footwears Ltd., India’s leading footwear company today announced “The Great Freedom Sale”. Starting from August 14th till August 19th, 2024, the sale unveils impressive discounts on a wide range of footwear delivering stylish options at affordable prices for customers nationwide.

Experience unbeatable savings at Relaxo’s “The Great Freedom Sale,” showcasing a diverse selection of footwear across various categories. Customers can explore sporty shoes, fashionable sandals, trendy flip flops, and comfortable clogs from brands such as Relaxo, Flite, Sparx, Bahamas, Mary Jane, Boston, and KidsFun. Whether shopping online or in-store, this sale provides a perfect opportunity for customers to upgrade their footwear collection with massive discounts.

business

Moneyboxx Finance reports growing profitability in Q1 FY25

Aug 9, 2024 by Mansi 0 Comments #financial results, #Moneyboxx Finance, #Q1 FY25

August 9, 2024 – Moneyboxx Finance Limited (Moneyboxx), an impact lender providing small business loans to micro entrepreneurs, achieved strong profitability in Q1 FY25, reporting net profit of INR 4.30 crore, compared to INR 1.64 crore in Q1 FY24.

Moneyboxx witnessed a remarkable 93% growth in AUM over the prior year, reaching INR 746 crore as of June 30, 2024, driven by branch expansion and higher productivity with vintage and scale. The Company announced an equity raise of INR 271 crore in July’24, which will boost its capital position and support growth plans. The Company is supported by 33 lenders, including prominent banks such as State Bank of India, HDFC Bank, Kotak Mahindra Bank, RBL and IDFC First Bank.

Highlights of Q1 FY25 Financial Results

Robust franchise well positioned for growth with increasing branch vintage and expansion: Company expanded operations to 104 branches across 8 states as of Jun’24 compared to 68 branches in 6 states in Jun’23. Geographic and product diversification improved with entry into the states of Gujarat and Bihar in FY24. Additionally, the share of secured lending increased from 8% of AUM in Q1 FY24 to 27% in Q1 FY25.

AUM grew by 93% to INR 746 crores in Q1 FY25 compared to Q1 FY24, led by branch expansion and higher productivity with vintage and growing scale of operations. Reported Disbursements of INR 106 crore during Q1 FY25, growing by 17% over Q1 FY24.

Growing profitability: Total Income grew strongly by 94% to about INR 45.69 crore in Q1 FY25 compared to INR 23.52 crore in Q1 FY24, in line with strong growth in AUM. The Company posted profit after taxes of INR 4.30 crore in Q1 FY25 compared to INR 4.12 crore in Q4 FY24 and INR 1.64 crore in Q1 FY24. PAT remained stable in Q1 FY25 compared to Q4 FY24 despite higher credit cost. Operating efficiency continues to improve with Opex declining to 12.0% of avg AUM in Q1 FY25 compared to 13.3% in Q1 FY24 despite significant growth in operations.

Achieved ROE of 10.0% in Q1 FY25 against 8.5% in Q1 FY24. Profitability is further expected to improve driven by continuous decline in marginal cost of borrowing, improving branch productivity with vintage, and the benefit of operating leverage with growing AUM.

Equity funding of INR 271 crore to boost capital position and support growth plans: Moneyboxx announced equity fund raise of INR 271 crore in its board meeting held on July 17, 2024. The capital raise includes INR 158 crore through preferential equity issue (of which INR 94 crore is from new investors) and INR 113 crore through issue of equity warrants to promoters and existing non-promoter investors. The equity funding will significantly strengthen the Company’s capital position and support its growth plans. Out of the total equity capital raise, INR 186 crore is to be infused by August 2024, which will more than double the Company’s existing capital base to INR 350 crore.

Declining cost of borrowings: With the addition of leading banks and NBFCs, and issue of debt via securitization and NCD issuance, the Company has diversified its funding sources and reduced its cost of borrowings (cost of incremental borrowing stood at 12.05% during Q1 FY25 compared to 13.73% in Q1 FY24). The Company is supported by 33 lenders as of date, including 11 leading banks.

Stable asset quality: While asset quality moderated during the quarter due to sluggishness in the rural economy, Moneyboxx maintained stable asset quality with one of the lowest NPAs in the segment owing to its focus on essential sectors and robust underwriting practices. Gross NPA increased to 1.65% of AUM in Q1 FY25 compared to 1.54% in Q4 FY24 and 0.74% in Q1 FY24. Net NPA increased to 1.11% for the given quarter compared to 1.04% sequentially and 0.35% yearly. The Company expects near-term credit pressure to subside as the festive demand picks up and expected recovery in rural economy. Increasing focus on secured lending should support asset quality.

Commenting on the results, Deepak Aggarwal (Co-CEO & CFO) said, “In these challenging times, the relatively minor increase in NPAs underscores the strength of our underwriting capabilities. Additionally, the fact that over 65 % of the upcoming equity raise comes from existing investors, including promoters, demonstrates their strong confidence in our business model”

technology

Amgen to Open new site in Hyderabad, INDIA

Aug 9, 2024 by Mansi 0 Comments #Amgen, #Calif., #Hyderabad

THOUSAND OAKS, Calif., August 8, 2024 — Amgen announced plans to open a new technology and innovation site in Hyderabad, India. The site, known as Amgen India, will accelerate digital capabilities across the global organization to further advance Amgen’s pipeline of medicines.

Amgen India will be located in HITEC City, a suburb of Hyderabad, occupying six floors of the RMZ Spire Tower 110. The city of Hyderabad, located in the state of Telangana, was selected for its world-class talent across medicine, life sciences and data sciences and the rapidly advancing field of artificial intelligence (AI). The site can accommodate up to 3,000 people and will be operational in Q4 2024.

“At a time when a quickly aging global population needs more innovation, the convergence of biotechnology and technology is enabling Amgen to work with greater speed, confidence, and efficiency — an incredibly exciting milestone for which we have been preparing for over a decade,” said David M. Reese, M.D., executive vice president and chief technology officer at Amgen. “Amgen has been a leader in biotechnology for over 40 years and establishing this new site in India, a country known for its world-class technology and life sciences talent, marks a significant step forward in our journey to deliver on our mission to serve patients.”

Amgen India will initially build and accelerate new technology solutions and digital capabilities at scale that will enhance efficiencies across the enterprise. The site will offer roles that strengthen key areas of Amgen’s business, including AI, data science, life science and other additional global capabilities over time.

To lead Amgen’s expanded presence in India, Som Chattopadhyay has been appointed national executive for India.

“Amgen’s new site in Hyderabad underscores the city’s position as a hub for innovation and technology,” said Chief Minister Sri Anumula Revanth Reddy. “We are proud to welcome a global trailblazer of the biotechnology industry. Amgen’s unwavering mission to serve patients will be incredibly inspiring for the world-class technology talent seeking to make a meaningful impact on people around the world.”

Amgen has nearly 27,000 employees and has a presence in approximately 100 countries and regions worldwide, including India.

news

ICICI Lombard Launches ‘Smart Saver Plus’ for Motor Insurance

Aug 9, 2024 by Mansi 0 Comments #ICICI Lombard, #Motor Insurance

New Delhi, 09th Aug, 2024: ICICI Lombard, a leading private general insurance company in India, today announced the launch of its industry-first innovative “Smart Saver Plus” add-on for motor insurance policies. This feature aims to address the concerns of policyholders regarding prolonged turnaround times (TAT) and the need for reliable repair quality, by providing swift servicing, quality assurance, and customer convenience, reinforcing ICICI Lombard’s commitment to delivering superior customer experiences. With this unique cover ICICI Lombard is moving from claims service to claims guarantee.

Motor insurance claims can often be a stressful and time-consuming process, with policyholders facing challenges such as extended repair times and uncertainty about the quality of workmanship. The ‘Smart Saver Plus’ add-on has been designed to tackle these issues head-on. By opting for this feature, customers can enjoy the assurance of repairs being completed at our preferred garages within a short span of 5 days, where the claim amount is up to Rs. 50,000. In the unlikely event that the repair takes longer, ICICI Lombard will provide alternate travel arrangements for up to 5 days, ensuring minimal disruption to the customer’s daily routine.

Furthermore, the ‘Smart Saver Plus’ add-on offers warranty on the quality of repair work carried out at ICICI Lombard’s preferred network garages for 24-month or 10,000-kilometer whichever is earlier for all claims irrespective of claim amount. This assurance provides customers with peace of mind, knowing that their vehicle is in capable hands and that any workmanship issues will be promptly addressed. To avail of these benefits, policyholders simply need to notify first and foremost to ICICI Lombard of any car damage claims, and the company, , will take care of the rest.

Mr. Gaurav Arora, Chief – Underwriting & Claims Property & Casualty at ICICI Lombard, commented, “At ICICI Lombard, our consistent focus is to deliver innovative and customized solutions. Our recent offering ‘Smart Saver Plus’ is a yet another example of this philosophy, recognizing the discomfort caused by having a vehicle in the garage for an extended period. By addressing these minute yet crucial aspects like swift repairs, quality assurance, and a seamless claims experience, we are endeavouring to provide a truly customer-centric insurance experience.”

business

PMJ Jewels two new stores launched in Bengaluru

Aug 9, 2024 by Mansi 0 Comments #Bengaluru, #new store, #PMJ Jewel

Bengaluru, 9th August 2024: PMJ Jewels, South India’s most loved fine jewellery brand, today launched two new stores in Bengaluru. The 1st new store of PMJ Jewels is located at 1st Floor, Novel MSR Park, Marathahalli and the 2nd new store at LG-55, Phoenix Market City Mall.

jewels

Kiran Shinde, CFO – PMJ Jewels and Mahendra Singh Bhadouria, Business Head, PMJ Jewels along with their elite customers inaugurated the new store at Marathahalli. These are PMJ’s 36th & 37th stores in South India and 5th & 6th stores in Bengaluru, as part of the brand’s aggressive expansion plans.

The new stores at Bengaluru promise to be iconic destinations for high-end jewellery, offering designs ranging from Heritage to Contemporary Diamond to Traditional Temple jewellery. The stores will be hosting never-seen-before handcrafted designer wedding jewellery in diamond and gold designs. Jewellery at PMJ has always stood as an epitome of classic glamour, a significant fashion essential and carries generations worth of sentimental value while making for distinct markers of love and tradition. The stores will also have exclusively crafted designs across diamonds, gold, solitaires along with exclusive Polki collection, and special wedding jewellery ranging from extravagant to simple, traditional to modern and also everyday light wear creations with a focus on region specific jewellery keeping in mind the discerning jewellery enthusiasts of Bengaluru.

Expressing their joy at the inauguration of the new stores Kiran Shinde, CFO – PMJ Jewels and Mahendra Singh Bhadouria, Business Head, PMJ Jewels said, “We are honoured to be inaugurating our new stores with our customers. Both our stores will be hosting unique bridal collections which will host a great opportunity for jewellery lovers to come and witness a visual extravaganza. We invite all the brides, bridesmaids, relatives and all jewellery enthusiasts to visit this beautiful display of latest collection at our newly launched stores. We strongly believe every visitor who comes to the store will love our latest and exquisite designs and we promise a wonderful experience to cherish.”

technology

HCLSoftware Announces Intent to Acquire Metadata Management Software Provider Zeenea

Aug 9, 2024 by Mansi 0 Comments

SANTA CLARA, Calif., August 9, 2024 – HCLSoftware, the software business division of HCLTech, today announced its intent to acquire Zeenea, an innovator in data catalog and governance solutions based in Paris, France. HCLSoftware will enhance its Data & Analytics business (Actian) through this acquisition. HCLSoftware Actian Data Platform has seen strong growth in Hybrid Data Management and Integration over the last few years. Adding metadata management, data catalog and governance capabilities will enable customers to consume these capabilities of the data platform.

Zeenea provides an intelligent data discovery platform that supports metadata management applications from search and exploration to data catalog, lineage, governance, compliance and enterprise data marketplace. Zeenea is powered by adaptive knowledge graph that enables organizations to democratize data access and generate a 360-degree view of their assets and the relationships between them.

“Metadata management is becoming critical for our customers to accelerate their GenAI initiatives across business functions,” said Kalyan Kumar, Chief Product Officer, HCLSoftware. “Zeenea will further accelerate the growth in the data and analytics space for HCLSoftware. It will enable HCLSoftware to offer a unified data intelligence solution that will power enterprises to discover, govern, connect, manage and better leverage data in their data engineering and GenAI journeys.”

“Organizations demand an integrated and holistic approach to data management,” said Marc Potter, CEO Actian & Portfolio General Manager of HCLSoftware’s Data & Analytics business. “Zeenea’s data catalog and governance capabilities will extend our portfolio to offer a comprehensive, single-vendor solution to meet all the data needs of today’s data driven enterprises.”

“Incorporating Zeenea’s capabilities with HCLSoftware will deliver a differentiated solution for customers,” said Luc Legardeur, CEO and Co-founder, Zeenea. “Combining HCLSoftware data analytics, database and data management solutions with our knowledge graph, data catalog and enterprise data marketplace will offer customers a tailored approach to data management.”

news

Union Bank of India Wins ‘Award of Merit’ at The Open Group India Awards 2024

Aug 9, 2024 by Mansi 0 Comments #Open Group India Awards 2024, #Union Bank of India

Hyderabad/Mumbai- August 09, 2024: Union Bank of India has been bestowed with the distinguished “Award of Merit” Award in the Open Group India Awards for Innovation and Excellence 2024, Delhi on Jul 31, 2024 under the category of TOGAF Standard/ Enterprise Architecture for its innovative implementation of VR-Based Immersive Training Program on Metaverse.

UBI Image

This prestigious recognition highlights Bank’s commitment to excellence in enterprise architectural practices and validates Bank’s efforts to utilize state of art technology for setting new standards in Banking industry and drive business success by enhanced employee training and development programs.

The Open Group India Awards is a testament to Union Bank of India’s forward-thinking approach and dedication to innovation. By integrating VR into its training program, Union Bank of India has created a dynamic interactive and engaging learning environment for its employees.

As a recipient of the Open Group India Award, Union Bank of India reaffirms its commitment to continuous improvement and innovation in enterprise architecture. The Bank will continue to leverage TOGAF to navigate future challenges and capitalize on emerging opportunities, ensuring sustained growth and excellence.

Archive: August 9, 2024