Business News

28Jul By editor3No Comments

Business News, Feature

Religare-nasscom CoE Collaborate to Drive Tech Innovation

Bengaluru, July 2023. Religare Enterprises Limited (REL), India’s leading diversified financial services group, and nasscom CoE for IoT & AI, have entered a strategic partnership to strengthen REL’s business processes & solution landscape, making it future-ready through the infusion of cutting-edge technology and innovation. The collaboration will harness the collective strengths of both organisations to enhance customer experience and drive operational efficiencies and data security while creating long-term value within the sector. nasscom CoE’s  expertise in co-creation and vast network of startups and SMEs specializing in emerging technologies such as AI,ML, AR/VR, Robotics, Blockchain, Drones, and IoT, will present Religare Group the access to relevant innovators and...

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28Jul By editor3No Comments

Business News, Fashion & Lifestyle, Feature

Myntra Beauty announces event showcasing must-have lip brands and products together, ahead of World Lipstick Day

Bengaluru, July 26, 2023. Taking one step further in its journey to become one of India’s leading beauty destinations, Myntra Beauty will be celebrating World Lipstick with much pomp and fanfare this year with lipsticks taking centre stage through a standalone event on the platform. Being held on 28th and 29th July, the event will witness participation from 150+ leading beauty brands,for  showcasing unprecedented offers on one of the most popular segments from Myntra's Beauty and Personal Care charter. With an array of high-performing, long-lasting and colourful lipsticks ranging from bullet to liquid, shiny gloss to pure-matte finish at play, the event will offer lipsticks across price points for beauty enthusiasts and aficionados alike. Some of the popular brands participating in t...

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28Jul By editor3No Comments

Business News, Feature

EZVIZ Launches H8c in India

Mumbai, July 2023. EZVIZ, a global smart home security company, has introduced a new outdoor security camera under its vibrant portfolio. Inheriting the core technologies from EZVIZ’s award-winning outdoor pan & tilt camera series, the H8c puts loads of smart features into a compact unit for simply smart home protection. This trusted, accessible camera is reliable in any weather and operates steadily on residential internet platforms. The camera provides complete surveillance coverage and is equipped with features to make monitoring and recording activities easier and more efficient. The compact device has the capability to move 350 degrees horizontally and 80 degrees vertically which provides crisp, 360-degree vision with no grey areas. The EZVIZ H8c Pan & Tilt Camera of...

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28Jul By editor3No Comments

Business News

Hitachi Payment Services to acquire Writer Corporation’s Cash Management Business

Mumbai, July  2023. Hitachi Payment Services, India’s leading integrated payment solutions provider, has entered into an agreement to acquirethe Cash Management Business of Writer Corporation, a multi-business enterprise.  In the Cash Management industry, Writer Safeguard - the Cash Management Business of Writer Corporation, has been providing comprehensive cash services including ATM cashreplenishment and retail cash pick-up services to corporate clients in India since 2001. Writer Safeguard has a network of close to 40,000 touchpoints including ATMs and Retail spanning 25 states across 1,500 locations serviced by a workforce of over 10,000 people. The acquisition will transform Hitachi Payments’ market standing by integrating the cash management business into its overa...

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28Jul By editor3No Comments

Business News, Fashion & Lifestyle, Feature

Laptop Bags by Language: Where Timeless Elegance Meets Contemporary Functionality

New Delhi, July 28, 2023. In today's fast-paced world, finding a laptop bag that seamlessly combines style and practicality is no easy task. However, laptop bags made by Language effortlessly capture the zeitgeist's minimalist style. These handcrafted bags are the pinnacle of style and utility. They are made from the finest leather and include exquisite features. The laptop bags by Language are thoughtfully designed to accommodate all your work and play essentials while maintaining a poised and unruffled appearance. With cavernous compartments, they provide ample space to organise your laptop, documents, and personal belongings with ease. The clever arrangement of these compartments ensures that everything stays in place, reflecting the bag's sophisticated design even during the busi...

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27Jul By editor3No Comments

Business News

Tech Mahindra Q1’24Revenueup 3.5% YoY

Mumbai, July 2023. Tech Mahindra Ltd., a specialist in digital transformation, consulting and business re-engineering services today announced the audited consolidated financial results for its quarter ended June 30th, 2023. Financial highlights for the quarter (USD)Revenue at USD 1,601 mn; down 4.0% QoQ, down 1.9% YoY Revenue reduced by 4.2% QoQ in constant currency terms EBITDA at USD 163 mn; down 33.7% QoQ, down 31.8% YoY; Margin at 10.2%, down 460bps QoQ Profit after tax (PAT) at USD 84 mn; down 38.0% QoQ, down 41.1% YoY Free cash flow at $ 106 mn, conversion to PAT at 126%Financial highlights for the quarter (₹)Revenue at ₹ 13,159 crores; down 4.1% QoQ, up 3.5% YoY EBITDA at ₹ 1,338 crores; down 33.8% QoQ, down 28.8% YoY Consolidated PAT at ₹ 693 crores; down 38.0% QoQ, dow...

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27Jul By editor3No Comments

Business News, Feature

Apple developing an iPhone with zero bezels

New Delhi, July 27, 2023. With the iPhone X, Apple offered an iPhone that was all-display at the front for the first time (minus the notch that is). Subsequent releases trimmed down on those bezels further but Apple could now be planning on doing away with those entirely. According to a report by TheElec, Apple is working on a new iPhone design that would completely eliminate the front bezel and offer a truly edge-to-edge display. The company has asked its OLED screen suppliers, Samsung Display and LG Display, to develop a version of the display that has no bezels at all. The report claims that Apple also wants the suppliers to improve the technologies for Thin Film Encapsulation (TFE) – which is the technology that enables stronger, lighter, and more flexible AMOLED – and under-p...

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27Jul By editor3No Comments

Business News, Feature

Colgate-Palmolive (India) Announces Results for the Quarter Ended June 30, 2023

Mumbai, July 27, 2023. Colgate-Palmolive (India) Limited today reported Net Sales growth of 10.8% over the same quarter of previous year aggregating to Rs. 1314.7 crore for the quarter ended June 30, 2023. Reported Net profit after tax for the quarter was Rs. 273.7 crore, a growth of 30.5% as against the Net Profit of Rs. 209.7 crore for the same quarter of the previous year. Excluding the impact of exceptional items, the Net Profit growth reported was 33%. Ms. Prabha Narasimhan, Managing Director & CEO of Colgate-Palmolive (India) Limited, said, "We are pleased with the results for the quarter that saw strong quarter-on-quarter sales growth and improvement across profitability ratios. This has been driven by good execution against our strategy focussed on growing the oral care categ...

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26Jul By editor3No Comments

Business News, Feature

Hero Future Energies signs MoUs for INR 6200 crores to develop future Renewable energy projects

New Delhi, July 26, 2023. Hero Future Energies has signed two Memorandums of Understanding (MoUs) with REC Limited and PFC Limited for infusion of Rs.3100 crores each in HFE over the next five years. The MoUs, were signed on the sidelines of 4th G20 Energy Transition Working Group (ETWG) meetings at Goa. A sum of Rs 6200 crores, gained cumulatively with the MoUs, will be used for development of Renewable Projects across India including Solar & Wind for C&I customers, Utility projects and Green Hydrogen Derivatives and will strengthen the company by ensuring the financial closure for future projects in the pipeline. Speaking on this occasion, Mr. Srivatsan Iyer, Global CEO, Hero Future Energies said, "We are enthusiastic about the collaboration with REC and PFC Limited. The co...

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26Jul By editor3No Comments

Business News, Feature

Edelweiss Mutual Fund becomes lowest cost index fund provider

Ahmedabad, July 26, 2023. Edelweiss Mutual Fund has made a significant move to benefit passive investors by reducing the expense ratio across its Passive Equity Index schemes in direct plans. The expense ratio has been cut to a record-low of 0.05 percent, the lowest among Nifty 50 index funds in India. This reduction aims to boost investor returns and minimize tracking errors for passive funds. The expense ratio reduction is expected to bring down tracking error and tracking difference, which is the difference between the returns of the fund and the benchmark index it aims to replicate. This shall help these low cost passive funds stay closer to their benchmark performance, giving investors more accurate exposure to the index they are tracking. This strategic decision by Edelweiss...

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26Jul By editor3No Comments

Business News, Feature

Modicare Becomes 100% ‘Plastic Waste Neutral

New Delhi, July 26, 2023. Modicare Limited, one of India’s leading direct-selling companies, has achieved a remarkable feat by becoming 100% 'Plastic Waste Neutral'. Through its unwavering commitment to sustainable practices, Modicare has successfully collected & recycled 100% post-consumer plastic waste and recycled 100% pre-consumer plastic packaging waste in FY 22-23 as per its Extended Producer Responsibility (EPR) mandate. This significant milestone exemplifies Modicare's commitment to combat plastic pollution and create a greener future.  As part of its efforts to reduce plastic waste and preserve the environment, Modicare has collected approximately 1000 metric tonnes of plastic waste across 35 cities in India. The collected waste includes bottles, tubes, caps, sachet...

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26Jul By editor3No Comments

Business News, Feature

SAMTEL SPREADS ITS WINGS IN THE UNITED STATES

New Delhi, July 2023. As part of its international expansion program, Samtel Avionics Ltd. (SA) – a key Indian player in high-technology rugged military systems & products, today announced that it has appointed GEM Defense Solutions LLC as its Business Development & Marketing representative in North America. Mr Graydon (Grady) Myhre, President of GEM Defense Solutions LLC,willrepresent Samtel Avionics in USA and Canada in various business development and marketing activities. This development marks a significant foray of SA into the international market, thus facilitating close liaison with existing and potential customers, while helping SA pursue Business Development activities in this geography. Mr Graydon Myhre (Grady) is a Multi-disciplined Defense Contracting Expert, ...

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25Jul By editor3No Comments

Automobile News, Business News, Feature

Tata Motors Q1 Results: Auto major posts Rs 3,203 cr profit on JLR push; revenue jumps 42%

New Delhi, July 25, 2023. Tata Motors Ltd. (TML) announced its results for quarter ending June 30, 2023.   Consolidated(₹ Cr Ind AS)Jaguar Land Rover(£m, IFRS)Tata Commercial Vehicles(₹Cr, Ind AS)Tata Passenger Vehicles(₹ Cr, Ind AS)FY24Vs. PYFY24Vs. PYFY24Vs. PYFY24Vs. PYQ1 FY24Revenue102,23642.1 %6,90357.0 %16,9914.4%   12,83911.1%   EBITDA (%)14.4700 bps16.3960 bps9.4390 bps5.3(80) bpsEBIT (%)8.1880 bps8.61,300 bps6.5 370 bps1.010 bpsPBT (bei)5,330₹10,292 crs435£959m937₹635 crs186₹172 crs Tata Motors Consolidated: TML continued its strong performance in Q1 FY24 with Revenues at ₹102.2K Cr (up 42% yoy), EBITDA at ₹14.7K Cr (up 177% yoy) and EBIT of ₹8.3KCr (higher by ₹8.8KCr), all showing a sharp improvement driven by JLR and CV bu...

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25Jul By editor3No Comments

Business News, Feature, National News

Coca-Cola India announces the appointment of Ajay Vijay Bathija as Vice President, Franchise Operations for Southwest Asia

New Delhi, 25 July, 2023. Coca-Cola India announced the appointment of Ajay Vijay Bathija, as Vice President of Franchise Operations for Southwest Asia (SWA). Ajay's extensive career journey with The Coca-Cola Company spans nearly 24 years and encompasses a distinct combination of marketing and franchise expertise.                                       In 1999, Ajay embarked on his professional journey with the Hindustan Coca-Cola BeveragesPvt. Ltd. (HCCBPL)Front Line Sales team and demonstrated consistent growth steadily advancing across different roles and positions within the organisation. He was the Region Manager for the Mekong Delta Region at SabCo Vietnam, in 2005. In this pivotal role, he ledsales operations and route-to-marketstrategies to drive volumes. He returned to In...

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25Jul By editor3No Comments

Business News, Feature

IBM Report: Average cost of a data breach in India touched INR 179 million in 2023

Bengaluru, July 25, 2023. IBM (NYSE: IBM) Security today released its annual Cost of a Data Breach Report,[1]showingthe average cost of a data breach in India reached INR 179 million in 2023 – an all-time high for the report and almost a 28% increase since 2020. Detection and escalation costs jumped 45% over this same time frame, representing the highest portion of breach costs, and indicating a shift towards more complex breach investigations. At nearly 22%, the most common attack typein India was phishing, followed by stolen or compromised credentials (16%).Social engineering was the costliest root cause of breaches at INR 191 million,followed bymalicious insider threats, which amounted to approximately INR 188 million. According to the 2023 IBM report, globally b...

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24Jul By editor3No Comments

Automobile News, Business News, Feature

JLR India achieves highest ever Q1 sales with 102% YoY growth

Mumbai, 24th July 2023. JLR India today reported its best ever Q1 sales performance with a growth of 102%, retailing a total of 1048 units, in the first quarter of FY24 compared to the same period last year. This performance was enabled bya phenomenal growth of 209% in Range Rover, Range Rover Sport and Defender sales. The three models continue to see sustained demand, contributing 78% of the current order book. Mr. Rajan Amba, Managing Director, JLR India, said, “JLR India has delivered record sales in Q1 FY24 with our volumes doubling as compared to that in Q1 FY23. This performance is testament to the exceptional equity of the JLR brands and our class-leading collection of modern luxury vehicles. Backed by the growing demand among our discerning clients, our order book remains str...

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24Jul By editor3No Comments

Automobile News, Business News, Feature

Tata Motors inaugurates state-of-the-art registered vehicle scrapping facility in Bhubaneswar

Bhubaneswar, July, 2023. Tata Motors, India’s leading automobile manufacturer, continues its commitment to sustainable mobility with the launch of its second Registered Vehicle Scrapping Facility (RVSF) in Bhubaneswar, Odisha. Named ‘Re.Wi.Re - Recycle with Respect’, this advanced facility was inaugurated by Smt Tukuni Sahu, Hon'ble Minister of Water Resources, Commerce & Transport, Government of Odisha. The event was graced by delegates from the Odisha Government and Tata Motors. The state-of-the-art facility uses environmentally friendly processes and has the capacity to disassemble 10,000 end-of-life vehicles safely and sustainably each year. The RVSF is developed and operated by Tata Motors’ partner Empreo Premium to scrap end-of-life passenger and commercial vehicles of all bra...

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22Jul By editor3No Comments

Business News, Feature

Kotak Mahindra Bank Announces Q1 FY2023-24 Results

Mumbai, 22nd July, 2023. The Board of Directors of Kotak Mahindra Bank (“the Bank”) approved the unaudited standalone and consolidated results for the quarter ended June 30, 2023, at the Board meeting held in Mumbai, today. Kotak Mahindra Bank standalone results The Bank’s PAT for Q1FY24 stood at ₹3,452 crore, up 67% YoY from ₹ 2,071 crore in Q1FY23. Net Interest Income (NII) for Q1FY24 increased to ₹ 6,234 crore, from ₹ 4,697 crore in Q1FY23, up 33% YoY. Net Interest Margin (NIM) was 5.57% for Q1FY24. Fees and services for Q1FY24 increased to ₹ 1,827 crore from ₹ 1,528 crore in Q1FY23, up 20% YoY. Operating profit for Q1FY24 was ₹ 4,950crore, up 78% YoY (Q1FY23: ₹ 2,783 crore). Customers as at June30, 2023 were 43.5 mn (34.5mn as at June 30, 2022). Advances (incl. ...

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20Jul By editor3No Comments

Business News, Feature

Tata Motors today announced the launch of two new variants in the Altroz line up, the XM and XM(S)

New Delhi, July 20,2023. Tata Motors today announced the launch of two new variants in the Altroz line up, the XM and XM(S), priced attractively at INR 6.90 lakhs and INR 7.35 lakhs, respectively (ex-showroom, Delhi). The introduction of high-end features in these variants including the electric sunroof in XM(S) makes Altroz the most affordable premium hatchback to be offered with a sunroof. The XM and XM(S) variant will be positioned in between the Altroz XE and the XM+, thereby broadening the appeal of this best-selling premium hatchback. These variants will only be available in the 1.2 L Revotron petrol engine with manual transmission.

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20Jul By editor3No Comments

Business News, Feature, National News

Coal Ministry bags “Best Engagement” Award for Procurement through GeM Portal

New Delhi, July 20,2023 Coal Ministry has successfully set new benchmarks in the e-procurement ecosystem, creating a level playing field for stakeholders and fostering fair competition. The Ministry has performed consistently well on GeM platform for two financial years in a row. During the financial year 2023-24, the Coal Public Sector Undertakings (PSUs) have demonstrated unwavering confidence in GeM by publishing bids worth Rs. 21,500 crore. This enthusiastic participation showcases the Ministry of Coal's commitment to promoting a digital-first approach and its proactive role in spearheading the adoption of advanced technologies for the benefit of all stakeholders.  Coal Ministry was recently awarded for its achievements on e- procurement through GeM by Ministry of Commerce. ...

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20Jul By editor3No Comments

Business News, Feature, National News

Startup20 & Jagriti Foundation unite to launch ‘Global Yatra’, promoting inclusive entrepreneurship across the globe

New Delhi, July 20, 2023. Startup20 Engagement Group, under India's G20 presidency, has taken another transformative leap towards revolutionizing entrepreneurship across India by collaborating with Jagriti Foundation, a renowned non-profit organization dedicated to fostering robust entrepreneurship ecosystems in Tier 2/3 cities in India. This strategic partnership is poised to reshape the region's entrepreneurial landscape significantly. The Jagriti-Startup20-G20 Yatra 2023 - a one-of-a-kind event that embodies the spirit of inclusive entrepreneurship, cross-border collaboration, sustainability, and innovation on both a national and international scale was launched today at the premises of Atal Innovation Mission NITI Aayog. It is set to be one of the world’s largest entrepreneurs...

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19Jul By editor3No Comments

Business News, Feature, National News

Bookings open for the New Range Rover Velar in India

Mumbai, July 2023. Bookings for the New Range Rover Velar have been opened in India. The New Range Rover Velar is available in Dynamic HSE with two powertrain options - the 2.0 l petrol engine delivering a power of 184 kW and 365 Nm torque and a 2.0 l Ingenium diesel engine delivering a power of 150 kW and 420 Nm torque. Rajan Amba, Managing Director, JLR India, said: “The New Range Rover Velar is a pure expression of trademark Range Rover refinement, featuring the latest technology and a dramatic, clean and reductive new design. Defined by perfectly optimised proportions, the Range Rover Velar embodies sophisticated elegance with a dramatic presence, which makes it that much more intriguing and desirable to our discerning clients.” Reductive Design The Range Rover Velar f...

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19Jul By editor3No Comments

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BLS E-Services integrates UMANG into its digital platform 

New Delhi, July, 2023. BLS E-Services Limited, a subsidiary of BLS International Service Ltd is pleased to announce the successful integration of UMANG (Unified Mobile Application for New-age Governance) Services into its digital platform, offering convenient access to over 500 e-governance services. This strategic collaboration with the National e-Governance Division (NeGD) aims to ensure widespread accessibility of UMANG services to citizens, facilitated through agents or human-assisted platforms. BLS E-Services Limited's platform will now provide a seamless channel for citizens across India and overseas to avail major state and central e-governance services in multiple regional languages. BLS E-Services is leading the way in revolutionizing governance, citizen services, and ban...

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