ISACA Bangalore Chapter Hosts Conference With Theme “Fortifying The Future: Harnessing AI For Cybersecurity, Privacy, And Governance”

* 1-day complete power packed session held on July 27, 2024, at Shangri-La Hotel, Bengaluru

The 27th edition of the Annual Karnataka Conference with the theme “Fortifying the Future: Harnessing AI for Cybersecurity, Privacy, and Governance” inaugurated on July 27, 2024, at Shangri-La Hotel, Bengaluru.

The Conference was  inaugurated by  of Shri. P Robert, Deputy Director, URSC, ISRO, Government of India, Mohan Rao Goli, CVP & Chief Technology Officer (CTO), Samsung R&D India- Samsung Research India, Rajasekharan KR, President of the ISACA Bangalore Chapter, Mrs. Vijaya Vanitha and Mr. Deepak Bhaskaran of ISACA Bangalore Chapter with other dignitaries were present.

The Guest of honour address delivered by Shri. P Robert, Deputy Director, URSC, ISRO, Government of India presented session on Fortifying the Future: Harnessing AI for Cybersecurity - A Space Perspective. Keynote address  delivered by Mohan Rao Goli, CVP & Chief Technology Officer (CTO), Samsung R&D India- Samsung Research India who discussed the importance of Fortifying the Future: Harnessing AI for Cybersecurity. The conference edition of the ISACA newsletter was released by the Chief Guest. The theme of this year’s conference intends to explore the interesting opportunities for Information Security professionals, which stem out of the challenges in Cyber India and Artificial Intelligence. Senior industry professionals, Government representatives, and academicians shared their knowledge and insights at the Conference.

After a successful largest-ever conference held in 2023 with 300 delegates, the excitement to network and meet in person was high among all the delegates. With more than 400 registrations, it is the largest conference ever held by ISACA Bangalore since inception. With power-packed sessions, the conference is a huge knowledge boost.

Mr. Rajasekharan, President of the ISACA Bangalore Chapter welcomed all the delegates as for the largest ever conference held by ISACA Bangalore and shared the insights of outstanding chapter award received from Mr. Erik Prusch CEO of ISACA on behalf of Bangalore chapter during the ISACA 2024 North America Digital Trust World Conference in Phoenix, Arizona, USA in May 2024 and the power of artificial intelligence to protect our digital world.  The conference chair and VP of ISACA Bangalore Branch, Ms. Vijaya Vanitha gave an overview of the action-packed schedule and thanked the dignitaries, chief guest and the speakers for sharing their valuable time.

Post inauguration, as part of Plenary session Mr. Gopalan Oppillappan, Head AI delivered a session on Exploring the AI Frontier: Leadership Perspectives for the Next Decade.

Following this Prakash Rendu chintala, Manager, Cybersecurity Strategy and Risk Management and Mohammad Aslam, Cyber Security Consultant, Optiv delivered a session on Stronger Cyber Defenses: Integrating AI with human behavioral insights for enhance cybersecurity posture”.

Some of the interesting sessions delivered during the conference are

·         Quantum Computing and AI: Securing the Future by Dr. Nagendra Nagaraja, CEO, QpiAI

·         AI and Future of Humanity by Anand Murthy Raj, Director, Gladwell Academy

·         AI vs. AI: Harnessing AI Defenses Against AI-Powered Risks by

Manojkumar Parmar-Founder - CEO, CTO – AIShield

·         Intersection of AI and Web3: Data privacy, security, and regulatory considerations by Ayilur Ramanath, IT Expert

·         Building Resilient Digital Twins: A Security-First Approach by Shakeel Khan, Vice President, ColorTokens Inc and Amarnath Reddy , CTO, 22by7

Other multiple sessions were Womens panel discussion, Digital transformation, Privacy in the Age of AI: Balancing Innovation with Ethical Data Use, Building Resilient Digital Twins: A Security-First Approach, panel discussion on Data, Privacy and AI Dynamics: Shaping the Future Landscape of the Digital Economy and second panel focussed on The Future Relationship Between AI and Humans: Collaboration or Competition?

A gala party post conference was held to celebrate the Outstanding Chapter award with our members and conference delegates. Chief guest distributed the awards for the rank holders of the recent ISACA Certification exams, winners for white paper contest were also felicitated.

The conference also had display of insightful and interesting stalls by the sponsors, Optiv, CANARA Bank, Technologies, UPGUARD, Protiviti, Zscaler, 22by7, ColourTokens, TUV SUD and TSAARO

About ISACA Bangalore: ISACA is an international professional association focused on IT governance and Security. ISACA currently offers 8 certification programs as well as other stackable certificates. It has 1,85,000 strong members across 188 countries and cover a variety of professional IT-related positions in the disciplines of IS/IT audit, risk, security and governance as well as educators, consultants and regulators. ISACA Bangalore Chapter has more than 2,500 members and has the largest member base in India. The members have diverse expertise in domains on IS/IT audit, risk, security and governance.

Punjab National Bank (PNB) Financial Results For The Quarter Ended June 30, 2024

Key Highlights

Business Performance in Key Parameters

Deposits

Savings Deposits increased to Rs 4,84,377 Crore registering a Y-o-Y growth of 4.4%.

Current Deposits stood at Rs 64,702 Crore as on June’24.

CASA Deposits increased to Rs 5,49,079 Crore recording a Y-o-Y growth of 3.4%.

CASA Share of the bank stands at 40.08% as on June’24.

Retail Term Deposit (less than 3 Crores) witnessed a growth of 9.2% on Y-o-Y basis to Rs 5,85,598 Crore in June’24.

Advances

Total Retail credit increased by 14.4% Y-o-Y to Rs 2,34,564 Crore in June’24.

The bank grew under Core Retail Advances recording a Y-o-Y growth of 15.5%. Within Core Retail Credit:

Housing Loan grew by 14.7% Y-o-Y to Rs 1,01,796 Crore.

Vehicle loan posted a growth of 26.9% Y-o-Y to reach Rs 21,726 Crore.

Agriculture Advances grew by 15.8% on Y-o-Y basis to Rs 1,68,503 Crore

MSME Advances increased Y-o-Y by 7.9% to Rs 1,42,886 Crore.

Asset Quality

Gross Non-Performing Assets (GNPA) declined by Rs 19,636 Crore to Rs 51,263 Crore as on June’24 from Rs 70,899 Crore as on June’23.

Net Non-Performing Assets (NNPA) declined by Rs 11,199 Crore to Rs 5,930 Crore as on June’24 from Rs 17,129 Crore as on June’23.

Profitability

Total Income of the Bank was booked at Rs 32,166 Crore for Q1 FY’25 from Rs 28,579 Crore for Q1 FY’24, recording a growth of 12.5% on Y-o-Y basis.

Total Interest Income of the Bank was at Rs 28,556 Crore for Q1 FY’25 from Rs 25,145 Crore for Q1 FY’24, recording a growth of 13.6% on Y-o-Y basis.

Fee based income of the Bank was at Rs 2,077 Crore for Q1 FY’25 from Rs 1,785 Crore for Q1 FY’24, recording a growth of 16.3% on Y-o-Y basis.

Efficiency/Productivity Ratio

Domestic Net Interest Margin stands at 3.21% in Q1 FY’25.

Global Yield on Advances improved Y-o-Y by 28 bps to 8.33% in Q1 FY’25.

Business per employee improved to Rs 24.80 Crore in June’24 from Rs 22.22 Crore in June’23.

Business per branch improved to Rs 233.26 Crore in June’24 from Rs 214.77 Crore in June’23.

Net profit per employee improved to Rs 13.66 Lakhs in June’24 from Rs 5.18 Lakhs in June’23.

Net profit per branch improved to Rs 128.47 Lakhs in June’24 from Rs 49.95 Lakh in June’23.

Capital Adequacy

CRAR increased to 15.79% as on June’24 from 15.54% as on June’23 registering an improvement of 25 bps.

Tier-I Capital was at 13.04% (CET-1 improved to 10.95% as on June’24 from 10.85% as on June’23 and AT1 improved to 2.09% as on June’24 from 1.44% as on June’23) and Tier-II at 2.75% as on June’24.

Priority Sector Achievement

Priority Sector Advances exceeded the National Goal of 40% and stands at 40.29% of ANBC.

Agriculture advances exceeded the National Goal of 18% and stands at 18.29% of ANBC.

Credit to Small & Marginal Farmers exceeded the National Goal of 10% and stands at 10.16% of ANBC.

Credit to Weaker Sections surpassed the National Goal of 12% and stands at 13.57% of ANBC

Credit to Micro Enterprises surpassed the National Goal of 7.50% and stands at 7.70% of ANBC.

Financial Inclusion

PMJDY accounts increased to 5 Crore 13 Lakhs as on June’24 from 4 Crore 66 Lakhs in June’23.

Enrollments under PMJJBY, PMSBY & APY in June’24 are as under:

Digital Progress and Initiatives

Number of PNB One Activated users increased to 187 Lakh as on 30.06.2024 from 125 Lakh as on 30.06.2023 registering a growth of 50% on Y-o-Y basis.

Number of WhatsApp Banking users increased to 34.0 Lakh as on 30.06.2024 from 14.6 Lakh as on 30.06.2023 registering a growth of 133% on Y-o-Y basis.

Total Digital Loan Disbursement improved by 48.5% to ?2,240 Crore during Q1 FY’25 from Rs 1,508 Crore during Q1 FY’24.

PNB is the 1st Bank to Launch PM Vishwakarma Scheme in Digital Mode.

Distribution Network

As on 30th June 2024, the Bank has 10,150 domestic branches and 2 International Branches.

IIIT-B And ELCIA Unite For A Successful 2024 Tech Summit, Highlighting Deep Tech And Sustainability

The ELCIA Tech Summit 2024 has successfully concluded, leaving a mark on the tech community. Hosted by the Electronics City Industries Association (ELCIA) at the International Institute of Information Technology-Bangalore (IIIT-Bangalore), this year’s summit showcased the ELCIA Next-Gen Innovative Tech Hackathon. This vibrant event brought together creative minds, tech enthusiasts, and industry experts to develop solutions with significant societal and environmental impact.

Prof. Debabrata Das, Director of IIIT-B, remarked on the significance of the event, "The ELCIA Next-Gen Innovative Tech Hackathon has been a platform for aspiring innovators to push the boundaries of technology. It has provided an opportunity to develop solutions that not only showcase technical prowess but also address critical societal needs. This hackathon signifies the need for collaborative innovation, bringing together diverse minds to create impactful technologies that contribute to a sustainable and inclusive future."

Mr. Sriram Kumar V - PRESIDENT, ELCIA, commented, "As the President of ELCIA, I am incredibly proud of the talent and innovation showcased during the 'ELCIA Next-gen Innovative Tech Hackathon'. This 7-week-long event brought together the brightest minds from across Bengaluru City, demonstrating their passion and ingenuity in tackling complex technological challenges. The hackathon has set the stage for the ELCIA Tech Summit 2024, where we will continue to foster a culture of innovation and collaboration. I look forward to witnessing the transformative ideas and technologies that will emerge from this summit."

Mrs. Rama - ADVISOR, ELCIA, commented, "The 'ELCIA Next-gen Innovative Tech Hackathon' has been a remarkable journey, reflecting the extraordinary capabilities of our participants. As an Advisor to ELCIA, I have been deeply impressed by the level of creativity and problem-solving skills demonstrated throughout the hackathon. The enthusiasm and dedication of these young innovators have been truly inspiring. The upcoming ELCIA Tech Summit 2024 will be an excellent platform to further explore these groundbreaking ideas and drive meaningful discussions on the future of technology."

Mr. Vaidyanathan - MEMBER, Executive Committee, commented, "The ELCIA Tech Summit 2024 will provide an invaluable opportunity to highlight the achievements that we have been able to witness at this Hackathon, and foster a collaborative environment for further innovation and growth… it has been an exceptional showcase of talent and innovation. As a member of the Executive Committee, I have seen firsthand the dedication and hard work of all participants. Their innovative solutions and fresh perspectives have the potential to drive significant advancements in technology."

Mr. Vinay Kumar - MEMBER, Executive Committee, "As we approach the ELCIA Tech Summit 2024, I am excited about the possibilities that lie ahead. This Summit will not only showcase the groundbreaking work from the hackathon but also bring together industry leaders and experts to discuss the future of technology and its impact on our lives. The Hackathon, especially, has been a testament to the incredible potential of our city's tech community. It has been a privilege to witness such a high level of ground-breaking ideas and execution from the participants."

The hackathon was a major highlight of the ELCIA Tech Summit Agenda. VLSI System Design (VSD), a semiconductor training company based in Bangalore, organized the entire event using their extensive knowledge of semiconductor and embedded product development. The hackathon took place in three phases from July 6 to July 25, both online and offline. A total of 125 teams from various colleges and universities in Karnataka participated, showcasing innovative product ideas across three themes.

The first two rounds were conducted online, where teams had to submit their idea proposals, product development plans, and demo videos. After a thorough screening process led by Kunal Ghosh and his team, 29 teams advanced to the pre finals.

Mr. Kunal Ghosh, the Founder of VSD, said, “The screening process was challenging because the young participants were full of innovative ideas and enthusiasm. They offered high-tech solutions with budget-friendly options, making it hard to choose the final 10 teams.” These finalists demonstrated their prototypes at IIIT Bangalore before a jury of experts from industry and academia. The jury evaluated the teams based on technology, market readiness, customer friendliness, and cost-effectiveness.

Team Bruteforce, consisting of Yash Gupta, Divyansh Singhal, and Daksh Sharma, won the first prize with a cash award of Rs. 50,000 for their project, 'Wearable Haptic Braille Device for the Blind.' Team NewBees, comprising Kushagra Singh, Anshul V. Patil, and Kafil Abbas Momin, was the first runner-up, receiving Rs. 35,000 for their project, 'Smart Hand Mobility Assistive Device for Enhanced Rehabilitation and Daily Assistance.' The second runner-up was Team Generic Junkiez, involving Ashish Ramesh, Sahil Parashram Desai, and Jonathan Daniel K, who received Rs. 25,000 for their project, 'Autonomous Robotic Integration for Automation.'

Additionally, seven teams received a prize of INR 10,000 each for their outstanding contributions. Winners will now have the opportunity to work closely with the ELCIA team to productize their ideas, ensuring that these groundbreaking concepts are transformed into viable products that can benefit society and the environment. This collaboration between ELCIA and the winning teams exemplifies the summit’s commitment to fostering innovation and supporting the journey from concept to market.

Participants have pushed the boundaries of what is possible and also addressed real-world challenges with their solutions. The ELCIA Tech Summit 2024 has been a resounding success, demonstrating the incredible potential of collaborative innovation. The summit has set a high standard for future events, inspiring the next generation of tech pioneers to continue their innovative journeys.

About IIIT-Bangalore

IIIT-Bangalore is a premier institute dedicated to undergraduate and postgraduate programs specializing in Computer Science and Engineering (CSE), Electronics and Communication Engineering (ECE), Data Science and Artificial Intelligence (DSAI), IT for Society, and broader fields of IT and research. Situated in the heart of Electronic City, Bangalore, it holds a prominent position in the academic landscape. IIIT-Bangalore is graded A+ by National Assessment and Accreditation Council (NAAC). In the National Institutional Ranking Framework (NIRF) for 2022, IIIT-B has secured 74th ranking. The institute was ranked number 1 among India's Best Technical Universities (Private) by India Today. IIIT-Bangalore contains state-of-the-art infrastructure, eminently qualified faculty, a vibrant alumni community, cutting-edge research facilities, and close industry collaborations.

The institute’s specially designed courses make the students’ cognizant of the current technologies. Experiential learning and practices followed in the institute equip them with the tools and knowledge to solve contemporary real problems. IIIT-Bangalore has consistently achieved excellent placement records every year since its establishment in 1998, thanks to the unwavering support of the industry and the expanding pool of highly skilled alumni.

The Governor Of Odisha Inaugurates The “12th SAI Model United Nations Conference 2024”

SAI International, one of the leading educational Group of India proudly hosts the 12th edition of the annual SAI Model United Nations Conference (SAIMUN) on 26th and 27th July’ 2024. Today, the opening ceremony was graced by His Excellency, the Hon'ble Governor of Odisha, Shir Raghubar Das, as the chief guest. This splendid global gathering witnessed an impressive convergence of over 720 delegates representing 17 diverse countries.

In his address to the national and international delegates, Shri Raghubar Das, the Honourable Governor of Odisha, stated, “As I declare SAIMUN 2024 open, I am inspired by the remarkable convergence of young, brilliant minds from around the world. This forum exemplifies how unity and collaboration can address our most pressing challenges with innovative solutions. SAI’s dedication to nurturing young leaders stands as a beacon of global dialogue and diplomacy.” His Excellency shared insights from his impactful tenure as Chief Minister of Jharkhand, emphasizing on invaluable insights on visionary leadership. Furthermore, he added, "To the delegates of SAIMUN 2024, your participation in this flagship conference represents a profound commitment to shaping a better future. I urge you to seize this opportunity to engage in meaningful dialogue and collaboration, as it is through your collective efforts that we shall address the pressing global challenges of our era and advance towards a more united and harmonious world."

SAIMUN is an attempt to create awareness among the young minds on the various pressing issues that affect mankind, resources, as well as our planet. It provides a stimulating environment to find probable solutions to many of the daunting real-world challenges.

In the opening ceremony, Dr. Silpi Sahoo, Chairperson, SAI International Education Group, shared, “The theme of SAIMUN is "Vasudhaiva Kutumbakam"- One world one family, which inspires the participants to work collaboratively and come out with innovative solutions to the various challenges outlined in the agenda. Dr. Sahoo aptly remarked, "SAIMUN is committed to being a dynamic exchange of ideas, as young minds from around the world work together to address global challenges, reflecting our school's ongoing commitment to educational excellence and international engagement. This event is a transformative learning experience for all of us, not just the students. Our paramount goal has always been to provide our students with a gateway to global exposure through SAIMUN. Witnessing their growth, passion, and enthusiasm throughout this journey reaffirms our commitment to nurturing the leaders of tomorrow.”

21 Schools have participated in SAIMUN 2024, including St. Andrew Kaggwa Gombe High School and Gombe Junior School from Uganda, St. Anthony’s Girls’ College from Sri Lanka. The Indian Round Square Schools namely Samata International School and Nyati’s Samata International School from Shirdi, Pinegrove School from Himachal Pradesh, Sunbeam Lahartara from Varanasi, Sanskriti School from New Delhi, Shree Niketan

Patasala, Mannivakkam from Chennai, Dalimss Sunbeam School from Tanda, Canadian International School from Bengaluru, KIIT International School, DAV CSPUR, St. Xavier’s International School, DM School, Guidance English Medium School, Iconic OAVS, Doon International School and SAI International School from Bhubaneswar, LR DAV Public School and SAI International Residential School from Cuttack participated from India in the SAIMUN 2024.

SAIMUN 2024 also has total 10 committees, with interesting and stimulating agendas on global policies. This year the committees included United Nations General Assembly First Committee – The Disarmament & International Security Committee (UNGA-DISEC); Social, Humanitarian and Cultural Committee (SOCHUM); United Nations Security Council (UNSC); United Nations Human Rights Council (UNHRC); United Nations Development Programme (UNDP); United Nations Children's Fund (UNICEF); United Nations Commission on the Status of Women (UNCSW); United Nations Office on Drugs & Crime (UNODC); United Nations Environment Assembly (UNEA); United Nations Correspondents Association (UNCA).

Almost 25 Students from Shri Harsha Memorial, a SAI International adopted School for deaf and mute sparked the global forum with their bright smiles today, during the opening ceremony of SAIMUN’24. This year the participation of the students from Iconic Odisha Adarsha Vidyalaya, Bhubaneswar has marked as a major achievement for SAIMUN’24.

AESL Celebrates 15 Glorious Years Of ANTHE With The Launch Of The Biggest And Most Awaited ANTHE 2024

* Offering Up to 100% Scholarships and Cash Awards for Class VII-XII Students

* ANTHE, AESL’s National Scholarship Exam, to take place Online and Offline from October 19—27, 2024

* Up to 100% Scholarships Available; Cash Awards for Top 100 Students in Class VII-X and Top 50 Students in Class XI-XII

* Five Students to Win a 5-Day All-Expenses Paid Trip to Kennedy Space Center, Florida, USA

* Last year, a record was set when more than 11.8 lakh students wrote the exam.

* Many toppers (NEET UG and JEE Main and Advanced) started their journey with ANTHE

* Registrations are open and students/parents can either apply online at anthe.aakash.ac.in or visit the nearest centre of Aakash in their city

Anthe Mission

* To continue its legacy of providing financial assistance to deserving students, helping them bridge the gap between their potential and their capabilities.

* Giving students a springboard to help prepare for high stakes competitive exams.

* To provide them with an All India Rank along with the State Rank to help them assess their preparation.

Marking 15 glorious years of its flagship scholarship examination ANTHE, Aakash Educational Services Limited (AESL), the national leader in test preparatory services, proudly announces the launch of the latest edition of the highly anticipated Aakash National Talent Hunt Exam (ANTHE) 2024. The popular and most-sought after exam offers students from Class VII-XII the chance to earn up to 100% scholarships along with significant cash awards, helping them achieve their dreams of a successful career in medicine or engineering.

This year, an exciting addition includes a 5-day all-expenses-paid trip to the Kennedy Space Center in Florida, USA, for five outstanding students. The John F. Kennedy Space Centre, located in Florida, is one of the National Aeronautics and Space Administration's (NASA) ten field centres in the United States.

ANTHE scholarship recipients will benefit from Aakash's extensive coaching programs, which prepare students for exams such as NEET, JEE, State CETs and scholarships like NTSE and Olympiads.

Mr. Deepak Mehrotra, CEO and MD of Aakash Educational Services Limited (AESL), remarked, “ANTHE has played a crucial role in bridging the gap between the aspirations and abilities of countless students. Celebrating these 15 years of ANTHE, we have worked to make our courses accessible to deserving students across the nation, regardless of their location. ANTHE enables students to prepare for NEET and IIT-JEE exams at their own pace, wherever they are. We anticipate strong participation in ANTHE 2024 and are dedicated to guiding students towards a bright future.”

Celebrating its 15th successful year, ANTHE has a distinguished record of nurturing top achievers. Over the years, many of its students have excelled in prestigious examinations, including top ranks in NEET UG and JEE Advanced. Some notable achievers who enrolled in Aakash through ANTHE and secured top ranks are: Rishi Shekhar Shukla (JEE Advanced 2024 AIR 25); Krishna Sai Shishir (JEE Advanced 2024 AIR 67); Abhishek Jain (JEE Advanced 2024 AIR 78) among others. In NEET 2023, our top scorers were Kaustav Bauri (AIR 03); Dhruv Advani (AIR 05); Surya Siddharth N (AIR 06); Aditya Neeraje (AIR 27) and Aakash Gupta (AIR 28).

ANTHE 2024 will take place from October 19-27, 2024, in both online and offline modes across 26 states and union territories in India. In addition to scholarships of up to 100%, top scorers will also receive cash awards.

ANTHE offline exams will be conducted on October 20 and 27, 2024 starting 10:30 AM to 11:30 AM at all 315+ centers of Aakash Institute across the country while online exams can be taken from October 19 to 27, 2024 anytime during the exam window.  Students can choose a one-hour slot convenient to them. 

ANTHE will be a one-hour test carrying a total of 90 marks and comprising 40 multiple-choice questions based on the grade and stream aspirations of students. For Class VII-IX students, the questions will cover subjects such as Physics, Chemistry, Biology, Mathematics and Mental Ability. For Class X students aspiring for medical education, the questions will cover Physics, Chemistry, Biology and Mental Ability, while for engineering aspirants of the same class, the questions will cover Physics, Chemistry, Mathematics and Mental Ability. Similarly, for Class XI-XII students who aim for NEET, questions will cover Physics, Chemistry, Botany and Zoology, while for engineering aspirants they will cover Physics, Chemistry and Mathematics. 

The last date for submitting the enrolment form for ANTHE 2024 is three days before the commencement of the online exam and seven days before the offline exam. The exam fee is INR 200 for both offline and online mode. Students can also avail a flat 50% discount on the registration fee if they register before 15th August 2024.

Results for ANTHE 2024 will be declared on November 08, 2024, for Class X students, November 13, 2024, for Class VII to IX, and November 16, 2024, for Class XI and XII students. The results will be available on our ANTHE website anthe.aakash.ac.in.

Punjab & Sind Bank Financial Results For The Quarter Ended 30 June 2024

* Punjab & Sind Bank announced their financial results for the quarter ended 30 June 2024.

The Bank’s performance on a year-on-year basis showed that the total business registered a growth of 7.10% and stood at Rs. 2,08,331 Cr. Total Deposit grew by 5.59%, and Retail Term Deposits showed a good growth of 10.15%. Total advances grew by 9.24%, whereas RAM advances registered a healthy growth of 15.69%. Retail advances grew by 22.99% and MSME advances grew by 13.63%. RAM Advances (%) to Gross Advances improved by 292 bps from 49.57% to 52.49%. Operating Profit up by 23.35% and Net Profit up by 18.95%. Gross NPA ratio improved by 208 bps and Net NPA ratio improved by 36 bps. CD Ratio of the Bank improved by 244 bps from 70.32% to 72.76%.

The Bank’s performance on a quarter-on-quarter basis showed the Net Profit up by 30.94%. Net Interest Income grew by 23.37%. Yield on Investment (%) improved by 23 bps. Net Interest Margin (%) of the Bank improved by 37 bps. Return on Avg. Assets (%) improved by 12 bps. CRAR (%) improved by 14 bps from 17.16% to 17.30%.

The major developments for the Bank in Q1 FY 2024-25 included signing of MoU with the Indian Army offering a best-in-class salary package for serving personnel and pensioners, tie-up with Maruti Suzuki India Ltd. for extending Car loans through their digital platform and collaboration with M/s FISDOM for Stocks & Mutual Fund Investments for wealth building of customers. The Bank also opened a Model Branch at Safdarjung Enclave, New Delhi to attract the new Gen Customers as well as launched a mobile ATM.

Randstad India Inaugurates Karnataka's First Cloth Bag Vending Machine As Part Of CSR Initiative

Randstad India, the country’s leading talent company, committed to its chosen global United Nations Sustainable Development Goals (UN SDGs), has taken another significant step towards environmental conservation and sustainability. Today, Randstad India proudly inaugurated Karnataka’s first free cloth bag vending machine, Insta Bag, at Neravu Kiosk, near Dispensary Road, Commercial Street, Bengaluru.

The inauguration ceremony marked a milestone in Randstad India’s Corporate Social Responsibility (CSR) efforts to combat climate change and promote a sustainable future. The Insta Bag project is designed to reduce plastic waste by providing easy access to eco-friendly cloth bags, encouraging citizens to adopt sustainable practices.

Speaking at the launch, Mr. Viswanath PS, MD & CEO, Randstad India, emphasized the company’s dedication to creating a positive environmental impact, “The launch of Insta Bag reflects our ongoing commitment to sustainability and our proactive approach to addressing environmental challenges. By making cloth bags readily available through the vending machine, we aim to reach out to more people, encouraging them to adopt sustainable practices in their daily lives. We believe that small actions can lead to significant changes, and this initiative is a step towards a greener future. Our goal is to inspire and empower the community to join us in our mission to combat climate change and promote environmental conservation.”

The Insta Bag vending machine is strategically located near Commercial Street, a major shopping hub in Bengaluru. This location is intended to help reduce the use of single-use plastic bags in such high-traffic shopping areas, promoting a more environmentally friendly alternative for shoppers. This initiative aligns with Randstad’s mission to become the world’s most equitable and specialized talent company while contributing to a more sustainable world.

The Insta Bag project was enabled by Randstad India’s implementation partners Green Mic, Instagood Technologies Pvt Ltd, Parihar NGO, Bengaluru Police, BESCOM, and BBMP. The inauguration event was graced by distinguished guests, including the Commissioner of Police, Bengaluru, Dayanand B; Deputy Commissioner of Police, Ms. Kshma Mishra; Joint Director of Parihar NGO, Rani Shetty; Akshata Bhadranna, founder of Green Mic; and ACP - East, Geetha.

Anjali Raghuvanshi, Chief People Officer & Senior Director of Business Innovation, Randstad India mentioned that the Insta Bag initiative is a brainchild of one of Randstad India’s ‘CEO for a Day’ winners, Shilpita Bose. ‘CEO for a Day’ is one of the company’s marquee internal rewards and recognition programs aligned with its triple bottom line approach of People - Planet - Profit.

About randstad india:

Randstad India is a leading talent company providing services across four key specializations - operational talent solutions, professional talent solutions, digital talent solutions, and enterprise talent solutions. The organization is committed to providing equitable opportunities to people from all backgrounds and helping them remain relevant in the rapidly changing world of work. Randstad India has a deep understanding of the labour market to help clients create high-quality, diverse, and agile workforces they need to succeed. In the process, the organization helps talent secure meaningful roles, develop relevant skills, and find purpose and belonging in their workplace.

Randstad India has been a leading player in the industry for more than 30 years and continues to deliver innovative and specialized talent solutions to clients across sectors. Randstad is a global talent leader with the vision to be the world’s most equitable and specialized talent company, active in 39 markets across the globe.

For more information, see: www.randstad.in

About randstad:

Randstad is a global talent leader with the vision to be the world’s most equitable and specialized talent company. As a partner for talent and through our four specializations - Operational, Professional, Digital and Enterprise - we provide clients with the high-quality, diverse and agile workforces that they need to succeed in a talent scarce world. We help people secure meaningful roles, develop relevant skills and find purpose and belonging in their workplace. Through the value we create, we are committed to a better and more sustainable future for all.

Headquartered in the Netherlands, Randstad operates in 39 markets and has approximately 40,000 employees. In 2023, we supported 2 million talent to find work and generated a revenue of €25.4 billion. Randstad N.V. is listed on the Euronext Amsterdam.

For more information, see www.randstad.com

SBI Cards And Payment Services Limited Financial Results For The Quarter Ended June 30, 2024

* Revenue from Operations at Rs 4,483 Cr Up 11% YoY; PAT at Rs 594 Cr

* The Board of Directors of SBI Cards and Payment Services Limited approved the Company’s results for the Quarter ended June 30, 2024, at their meeting.

Performance Highlights Q1 FY25

Total Revenue increased by 11% YoY at Rs 4,483 Cr in Q1 FY25 v/s Rs 4,046 Cr in Q1 FY24

PAT at Rs 594 Cr in Q1 FY25 v/s Rs 593 Cr in Q1 FY24

ROAA at 4.1% in Q1 FY25 v/s 5.0% in Q1 FY24

ROAE at 19.1% in Q1 FY25 v/s 23.3% in Q1 FY24

Capital Adequacy Ratio at 20.6%; Tier 1 at 16.8%

Business Highlights

Cards-in-force grew by 11% YoY at 1.92 Cr as of Q1 FY25 v/s 1.73 Cr as of Q1 FY24

New accounts volume at 904K in Q1 FY25 v/s 1,097K new accounts in Q1 FY24

Spends grew by 4% YoY at Rs 77,129 Cr in Q1 FY25 v/s Rs 73,913 Cr in Q1 FY24

Receivables grew by 22% YoY at Rs 52,705 Cr in Q1 FY25 v/s Rs 43,271 Cr in Q1 FY24

Market share for Q1 FY25 Card-in-force is at 18.5% (Q1 FY24: 19.6%), Spends is at 15.9% (Q1 FY24: 17.8%), #2 for Cards-in-force and #3 for spends, in industry

Profit & Loss Account for the Quarter ended June 30, 2024

Total income increased by 11% at Rs 4,483 Cr in Q1 FY25 v/s Rs 4,046 Cr in Q1 FY24. This movement was a result of the following key factors:

Interest income increased by 24% at Rs 2,243 Cr in Q1 FY25 v/s Rs 1,804 Cr in Q1 FY24

Fees and commission income was flat at Rs  2,115 Cr in Q1 FY25 v/s Rs 2,108 Cr in Q1 FY24

Finance costs increased by 34% at Rs 767 Cr in Q1 FY25 v/s Rs 571 Cr in Q1 FY24 due to higher receivables.

Total Operating cost decreased by 7% at Rs 1,816 Cr in Q1 FY25 from Rs 1,960 Cr in Q1 FY24

Earnings before credit costs increased by 25% at Rs 1,900 Cr in Q1 FY25 v/s Rs 1,515 Cr in Q1 FY24

Impairment losses & bad debts expenses increased by 53% at Rs 1,101 Cr in Q1 FY25 v/s Rs 719 Cr in Q1 FY24

Profit after tax was flat at Rs 594 Cr in Q1 FY25 v/s Rs 593 Cr in Q1 FY24

Balance Sheet as of June 30, 2024

Total Balance Sheet size as of June 30, 2024, was Rs  59,513 Cr as against Rs 58,171 Cr as of March 31, 2024

Total Advances (Net of provisions) as of June 30, 2024, were Rs 50,807 Cr, as against Rs 49,079 Cr as of March 31, 2024

Net worth as of June 30, 2024, was Rs 12,752 Cr as against Rs 12,156 Cr as of March 31, 2024

Asset Quality

The Gross non-performing assets were at 3.06% of gross advances as of June 30, 2024, as against 2.41% as of June 30, 2023. Net non-performing assets were at 1.11% as of June 30, 2024, as against 0.89% as of June 30, 2023.

Capital Adequacy

As per the capital adequacy norms issued by the RBI, Company’s capital to risk ratio consisting of Tier I and Tier II capital should not be less than 15% of its aggregate risk weighted assets on - balance sheet and of risk adjusted value of off-balance sheet items. As of June 30, 2024, Company’s CRAR was 20.6% compared to 22.9% as of June 30, 2023.

The Tier I capital in respect of an NBFC-ND-SI, at any point of time, can’t be less than 10%. Company’s Tier I capital was 16.8% as of June 30, 2024, compared to 20.3% as of June 30, 2023.

Rating

CRISIL Long Term         -             AAA/Stable

CRISIL Short Term        -             A1+

ICRA Long Term           -             AAA/Stable

ICRA Short Term          -             A1+

Heartfulness And Reliance Foundation Join Hands To Host A Unique Athlete-Centric Meditation Programme At The Paris Olympics

In yet another milestone partnership, Heartfulness has joined hands with the Reliance Foundation to host a unique athlete-centric meditation programme in Paris at the India House, Parc de la Villete, Paris during the 2024 Paris Olympics.  The event will be graced by Guest of Honour Ms. Alexandra de Coubertin - President of Pierre de Coubertin Association and Member of IOC culture and Olympic Heritage Commission on the 29th of July. The Association is named after Pierre de Coubertin who was the known as Father of the modern Olympic Games.

This exciting collaboration between Heartfulness and the Reliance Foundation is an opportunity to showcase how sports can be a connector for all types of people, regardless of background, identity, or ethnicity. The Heartfulness-led event will take place from  29th July  - 1st August and 7th to 8th August.

Conceptualised by Reliance Foundation in association with the Indian Olympic Association, the India House is the first ever country house for India at the Olympics. It will serve as a home away from home for all Indian athletes and also celebrate India completing over 100 years of participating as a team at the Olympics.

The theme of the experience is, ‘Inner Skill for Athletic Excellence’, and aims to apply Heartfulness meditation to achieve optimal athletic performance. The event, entitled “Applying Meditation for Optimal Athletic Performance”, also aims to elevate Indian culture, sports and heritage. During the event, participants will explore various Heartfulness and meditation techniques that can help athletes reach and sustain peak performance, manage stress and maintain mental clarity in high-pressure situations, and recover and build resilience using meditation. The goal is to help athletes discover the intersection of meditation and sports excellence by inspiring and equipping athletes, coaches, and enthusiasts with the tools necessary to enhance their performance and achieve their full potential.

Speaking on the event, Rev. Daaji, Global Guide of Heartfulness and President of Shri Ram Chandra Mission said, “Athletics is not simply about physical and physiological strength, but it also about mental fortitude. Many times, sportsmen lose despite best qualifications because they have not developed that mental resilience. Resilience, focus and inner calm is essential to tackle any situation – be it in sports or in life. This is where Heartfulness meditation helps. I am delighted that the Reliance Foundation has collaborated with Heartfulness to empower athletes, as well as people from other backgrounds. Through Heartfulness, we hope to awaken the dormant consciousness among sportsmen and sports-enthusiasts, and help unleash their unlimited potential. This opportunity at the Paris Olympics is a momentous occasion for us.”

Keynote speeches will also be delivered on topics such as, “The Power of Meditation in Sports”, “How Meditation Enhances Athletic Performance”, and “The Future of Meditation in Sports”.  Participants will also experience Heartfulness meditation as a guided group activity.

About Heartfulness:

Heartfulness offers a simple set of meditative practices and lifestyle changes, first developed at the turn of the twentieth century and formalized into teaching through the Shri Ram Chandra Mission in 1945 in India with a goal to bring peace, happiness, and wisdom to one heart at a time. These practices are a modern form of Yoga designed to support contentment, inner calm, and stillness, compassion, courage, and clarity of thought, as the first step towards a purposeful life. They are simple and easily adopted and are appropriate for people from all walks of life, cultures, religious beliefs, and economic situations, who are over the age of fifteen. Ongoing training in Heartfulness practices continues at thousands of schools and colleges, and over 100,000 professionals are meditating in corporations, non-governmental, and government bodies worldwide. More than 5,000 Heartfulness Centers are supported by many thousands of certified volunteer trainers and millions of practitioners in 160 countries.

Cyient All-Round Miss; Guidance Also Sees Sharp Cut

Information Technology   

Result Update   

July 26, 2024

TARGET PRICE (Rs) : 2,300

ADD

Cyient logged a weak set of results in Q1, widely missing consensus/our estimate. DET revenue fell 5.4% QoQ (-5% cc) – much lower than our estimate of 1.6% QoQ decline. DET EBITM also, fell by 250bps QoQ to 13.5%, missing our estimate. The mgmt attributed this weakness to longer than anticipated delays, right shift in project execution in Connectivity, and persisting challenges in Rail. Also, guidance was sharply cut to flattish YoY growth in FY25 (implying 3.2% CQGR over Q2-Q4) from high single-digit growth earlier, with H2 expected to be better than H1. We cut FY25E-27E EPS by 5%-13%, factoring-in the Q1 miss, sharp guidance cut, and gradual recovery in DET margin. We cut target multiple to 25x (from 27x), given the sharp guidance cut within only a Quarter raising concerns on growth predictability. A big earnings miss will weigh on the near-term stock performance, but valuations remain fairly undemanding. We retain BUY on Cyient, pulling down our TP to Rs2,300/sh (valuing the DET business at 25x Jun-26E, and the DLM business at 20% discount to the CMP).

Result summary

Cyient DET revenue declined 5.6% QoQ (5% drop in cc terms) to US$169.6mn, well below our estimate of US$176.4mn. All verticals posted a QoQ decline in revenue, with Transportation, Connectivity, Sustainability, and New Growth Areas falling 7%, 7.6%, 2.8%, and 1.6% QoQ CC, respectively. Among geographies, Americas saw an uptick of 1.7% QoQ, while EMEA and Asia Pacific sharply declined 14.3% and 5.4%, respectively. Revenue for Top-5 and Top-10 clients declined 3.3% and 2.5% QoQ, respectively. DET adjusted margin fell by 250bps QoQ to 13.5%, considerably lower than our estimate of 15.6%, impacted by sequential revenue dip and continued investments in sales and technology. Order intake was US$182.7mn in Q1. Cyient also signed 5 large deals with total contract potential of US$52.4mn in Q1. Total headcount declined 2.4% QoQ to 15,083. What we liked: Double-digit growth in the order book (YoY). What we did not like: Weak operating performance; sharp cut in FY25 DET guidance.

Tech Mahindra - In-Line Performance; Delivery Execution Off To A Steady Start

Information Technology   

July 26, 2024

TARGET PRICE (Rs) : 1,650

ADD

Tech Mahindra (TechM) reported a broadly in-line operating performance. Revenue inched up 0.7% QoQ to US$1.56bn, largely meeting our estimates. Growth was fairly broad-based, with 5 of the 7 verticals seeing QoQ growth (decline in Communications due to Comviva seasonality). EBITM of 8.5% was also in line with our estimate, with headwinds from Comviva seasonality and higher visa costs offset by benefits accrued from Project Fortius. The management highlighted that its ‘speed at scale’ strategy is being well received by clients, and reiterated that FY25 should be better than FY24. The demand environment has remained fairly similar to last quarter’s, albeit seeing some improvement versus previous year. With the company’s delivery execution to achieve its ‘Vision 2027’ strategy off to a solid start, we hike up our target multiple to 22x (from 19x). We tweak FY25-27E EPS by -2% to +2%, factoring in the Q1 performance and higher ETR assumptions. We maintain ADD and raise our TP to Rs1,650/sh (from Rs1,425 earlier) at 22x Jun-26E EPS.

Results Summary

Revenue grew 0.7% QoQ (0.7% in CC) to US$1.56bn, broadly in line with our estimates. Revenue for IT Services and BPS verticals grew 0.6% and 1.3% QoQ on like-to-like basis. Five of the 7 verticals saw sequential growth, with Manufacturing (2.4% QoQ), Hi-Tech and Media (0.5%), BFSI (0.7%), Retail, Transportation and Logistics (5.2%), and Healthcare and Lifesciences (7.9%) seeing growth. Communications and Others declined 1.9% and 5.2% QoQ, respectively. Among geographies, Americas grew 3.9% QoQ, while Europe and ROW declined 2.6% and 2.7%, respectively. Adj. EBITM expanded by 110bps to 8.5%, broadly in line with our estimate of 8.3%. Net new deal wins remained steady at US$534mn. Total headcount grew 1.5% QoQ/-0.5% YoY to 147,620, with the inclusion of ~2,100 interns among BPO professionals resulting in QoQ growth. Attrition was stable at 10.1% (vs 10% in Q4FY24). What we liked: Steady operating performance and deal intake. What we did not like: Weak cash conversion (~64% OCF/ EBITDA).

Insurtech Startup Covrzy Secures Broking License From IRDAI

* Gears Up to Transform Business Insurance for Indian MSMEs and Startups

* Obtaining the broking license from IRDAI will significantly bolster Covrzy’s credibility

*  Catering to the underpenetrated business insurance market in India, Covrzy’s full-stack platform enables end-to-end management of the entire insurance cycle

*  The startup is working towards making the business insurance buying journey for startups and SMEs in India seamless and hassle-free

Bengaluru-based Bizcovr Insurance Broking Private Limited, operating under the brand name Covrzy, has been granted a direct broking (general) license by Insurance Regulatory and Development Authority of India (IRDAI) – the nation’s insurance sector regulator under Ministry of Finance, Government of India. This enables Covrzy to operate as a direct insurance broker in India, offering a full spectrum of business insurance solutions, while also parallelly enhancing the startup’s credibility.

Covrzy, a fast-growing insurtech startup, is dedicated to providing a seamless, customer-friendly insurance buying journey, particularly for startups and SMEs/MSMEs in India. Addressing the country’s under-penetrated business insurance market, Covrzy’s comprehensive platform – which is currently web-based – helps its users in managing their entire insurance cycle, from product discovery to purchase, servicing, and claims.

Speaking about the milestone, Ankit Kamra, Co-founder & CEO of Covrzy commented, “We are thrilled to receive the broking license from IRDAI – which serves as a testimony to Covrzy’s pioneering innovation and dedication towards revolutionizing the business insurance landscape in India. This significant compliance milestone enables us to serve and establish our credibility amongst a larger customer base and expand rapidly, thus propelling our mission to make business insurance simple, personalized, and accessible to millions of SMEs and MSMEs across India ''.

Cofounded in 2023 by Ankit Kamra and Veera Thota through Antler’s Residency Program, Covrzy has already attracted significant venture capital. In May last year, they raised pre-seed funding of $400K in a round led by Antler, with participation from Shastra VC (formerly Veda VC).Ankit Kamra, is a 2X founder. Before co-founding Covrzy, he was a founding member and head of partnerships at Plum (Healthtech Startup). He has also led the 0-to-1 journey of building Karbon Card (YC-backed) as an operator. Veera Thota (CTO) has 13+ years at Razorpay, PayPal and Amazon where he built scalable systems and public-facing APIs.

“At the moment, only around 1% of Indian MSMEs are insured. With our flagship full-stack platform, we at Covrzy are poised to transform this scenario for the better, as we move ahead to accelerate and enhance insurance penetration within the segment and support these vital business ventures that form the backbone of our economy. In the long term, all of our efforts would be directed towards protecting the health and life of these businesses in the easiest possible manner, allowing the business owners to focus on growth rather than worrying about inherent risks”, adds Ankit Kamra.

Covrzy is well-positioned to solve India's massive underinsurance problem for SMEs by offering simple, affordable and flexible business insurance solutions. Through its digital-first approach, Covrzy empowers SMEs with tailored insurance and claims support, democratizing insurance distribution in India.

Till date, Covrzy has on-boarded over 500 clients pan-India, including both MSMEs and startups, with Redcliffe Labs, Orange Labs, Karboncard, and Schbang being some of their prominent clients. The startup has also collaborated with various renowned insurer partners like ICICI Lombard, Bajaj Allainz, IFFCO Tokio, etc., in a bid to offer a wide array of insurance products such as commercial general liability, fire & theft insurance, product liability, cyber insurance, stock insurance, asset insurance, among others. Currently, the company is on track to onboard and help 10,000+ customers with their business insurance requirements during the upcoming 12 to 18 months. Whereas over the next few years, the company aims to secure over one million businesses through Covrzy.

About Covrzy

Covrzy is an insurtech startup revolutionizing the way Indians buy business insurance. The company is building a digitally-native insurance business that revolutionizes the process of purchasing and servicing business insurance by transforming every step of the customer value chain to attract first-time business insurance buyers. In just a year since its inception, Covrzy has helped 500+ businesses with understanding of right business insurance.

About Covrzy Founders: Ankit Kamra (CEO) scaled Plum as a founding member and head of partnerships. He also led the 0-to-1 journey of building Karbon Card (YC backed) as an operator. Veera Thota (CTO) has 13+ years at Razorpay, PayPal and Amazon where he built scalable systems and public-facing APIs.

Website: https://www.covrzy.com/

Reliance General Insurance Launches "Insurance Awareness Program" In Kadabagere

In a significant move to support the Insurance Regulatory and Development Authority of India's (IRDAI) Vision 2047 - ‘Insurance for All,’ Reliance General Insurance is proud to announce its collaboration with Maruti Suzuki Insurance Broking for launching an Insurance Awareness Program in Kadabagere, which includes a comprehensive health and vehicle check-up camp.

This collaborative initiative underscores our unwavering commitment to enhancing insurance awareness and accessibility in rural areas. By bringing essential health services and vehicle safety checks directly to the community, we are addressing critical needs and promoting both safety and well-being.

The Insurance Awareness Program aims to educate the residents of rural regions about the various insurance products available, the importance of being insured, and how insurance can provide financial security. The health and vehicle check-up camp will offer free health screenings and vehicle safety inspections, ensuring the well-being of the community and the safety of their vehicles.

Maruti Suzuki Insurance Broking has been a pivotal partner in this initiative, providing expertise and support to make this program a success.

ESDS Software In Association With United We Stand Foundation Leads The Way In Conservation With Tree Plantation Drive In Nashik

ESDS Software Solution Limited, a sovereign cloud services company and United We Stand Foundation, recently organized a mega tree plantation campaign at Sandip University, Nashik. Over 2000+ Trees were planted as part of ESDS's ambitious plan to plant over 1 billion trees, symbolizing their commitment to environmental sustainability. Themed "Nashikkar, Your Home Needs a Tree, Join the Mass Movement to #reGREENNASHIK," this initiative was a collaboration between ESDS, and United We Stand Foundation, aiming to engage the entire Nashik community in rejuvenating the city's green spaces.

The drive was inaugurated by?Mr. Piyush Somani, Founder, CMD, CEO – of ESDS Software Solution Ltd, with?Mrs. Komal Somani, WTD, CHRO – ESDS Software Solution, by planting a sapling at Sandip University, Nashik, followed by Dr. Rajendra Sinha, (Vice Chancellor Sandip University), Mr. Sagar Matale (Founder and President United We Stand Foundation), Mr. Prafull B Sawant. (Brand Ambassador Nashik Municipal Corporation), 7 Maharashtra Battalion NCC Nashik, Mr. Amit Kulkarni (Nisarga Yuva Manch Maharashtra), Mr. Ankush Chavan (Vice President United We Stand Foundation), Mr. Sachin Devare (Garden Inspector Nashik), Mr. Bipin Shewale (PI Trimbakeshwar) Mr. Shahaji Shah (Hirvankur Foundation) Mahendra Nikum (RFO Samajik Vanikaran Keshtra Nashik), Mr. Tejas Talware (Nashik Ploggers), Mrs. Asha Suvarna(The Gateway Hotel Taj Nashik), Mrs. Agastya Munim (Rotary Club of Nashik North), Dnyaneshwar Dhamne (Nashik Smart City), Adesh Karpe (Karmayogi Career Academy), Akhula Bhamare (Umeed Foundation), Mr. Dharmesh Panchal (United Rockers), Miss Gauri Bhamare (Royal Enfield United).

"We are immensely proud to launch the 'Nashikkar, Your Home Needs a Tree, Join the Mass Movement to #RegreenNashik' initiative with the United we Stand Foundation. This mega plantation drive is a crucial step towards combating the rising temperatures and environmental degradation in our beloved city. By engaging the entire Nashik community, we aim to create a greener, healthier, and more sustainable future for generations to come. I urge everyone to join us in this mass movement and take an active role in regreening Nashik. Together, we can make a significant impact and ensure a better environment for all, “said Mr. Piyush Somani – Founder, ESDS Software Solution Limited.

Over 750+ volunteers participated in a well-organized campaign, demonstrating a collective solid commitment to environmental conservation. This impressive turnout included employees of ESDS Software Solution, all the members of the United We Stand Foundation, NCC cadets, 20 NGOs, government officials, and various other individuals from Nashik City. The diverse group came together with a shared goal of making a positive impact on the environment. Their collaborative efforts exemplified the power of community engagement in promoting sustainability and set a commendable example for future initiatives. The initial stage of this plantation drive received colossal success, and the subsequent drive will be organized in August. 

Commenting on this occasion, Mrs. Komal Somani, CHRO, ESDS Software Solution Limited, stated?"Once, when I was having a conversation with my son Priyansh, I asked him, ‘What gift would you want from us when we grow old?’ his reply amazed me; he said, 'The only thing I want from you or your generation is a world where we can breathe, live, and be happy.' Priyansh's words remind us that we all have a significant role to play in protecting our environment. Let’s go beyond awareness and take actions to provide a sustainable future for generation to come. The onus of parallelly developing green covers across geographies lies not only with an individual or the government but also with responsible corporates like ESDS. I am happy to be a part of such an initiative where the employees have come together as a family and contributed to the core principles of sustainability by pledging to plant 1B+ tress for the larger good of the community and coming generations.” 

Speaking on the occasion, Mr. Rajendra Sinha, Vice Chancellor Sandip University, “I am honoured to be here and proud to have contributed our property to this wonderful initiative by United We Stand Foundation and ESDS Software Solution Ltd. We are committed to making our surroundings beautiful and green and hope to receive ongoing support from ESDS for these efforts in the future.” 

Commenting on the occasion, Mr. Sagar Matale, Founder and President of United We Stand Foundation, expressed heartfelt gratitude towards all participants: "I extend my sincere thanks to everyone who joined us today, including the dedicated NCC cadets, representatives from all NGOs, government officials, and the enthusiastic individuals from Nashik city. Your presence and active involvement have made this tree plantation drive successful."

He continued, "As the Founder of United We Stand Foundation, it fills me with immense pride to witness such collective efforts towards securing a sustainable future for generations to come. Our foundation will always remain committed to nurturing green spaces and fostering environmental consciousness, United We Stand Foundation will always be in the forefront for social activities that will create an impact for the betterment of the society.

ESDS ardently endeavours to play a pivotal role in fostering a sustainable and ecologically enriched future. Our commitment is demonstrated in the past through our tireless efforts to transform Ramshej, a barren land in Nashik, into a thriving ecosystem. With the collective efforts of ESDSians, we have successfully planted approximately 300,000 trees and distributed seeds, covering a plantation area of 68,710 square meters. This remarkable achievement stands as a testament to our dedication to environmental conservation and our vision of creating a greener planet for future generations. 

About ESDS: ESDS Software is India’s leading cloud service and end-to-end multi-cloud requirements provider, with a presence across the APAC region, Europe, the Middle East, the Americas, and Africa. It offers cloud computing Infrastructure as a Service (IaaS), Software as a Service (SaaS), and managed services. The company operates on an asset-light model and offers products across diversified industries, including government ministries & companies and corporate entities across sectors such as BFSI, manufacturing, IT and ITES, telecom, real estate, pharmaceuticals, retail, and education. The company operates its business through three data centers in India, one each in Navi Mumbai, Nashik, and Bengaluru, covering over 50,000 sq ft. ESDS is an innovation-driven company and is one of the few data center and cloud services providers with its own R&D team comprising 177 members. The team has indigenously developed several products that complement the data center and cloud business, such as eNlight Cloud, eMagic, eCos, eNlight WAF, eNlight IoT, eNlight DRM, eNlight Meet, and eNlight SIEM. The company is committed to innovation and focuses on creating more niche and cost-effective technology products and solutions. ESDS Software is the market leader in hosting government cloud applications and has the largest number of banking customers in India. For more details, visit: www.esds.co.in

IN-SPACe Leads Indian Delegation To The 17th Australian Space Forum, Extending International Collaboration

The Indian National Space Promotion and Authorization Centre (IN-SPACe) led a delegation of Indian space startups to the 17th Australian Space Forum in Adelaide on 24th and 25th July. During the two-day event, the delegation highlighted India's growing prowess in space technology and strengthening international collaboration.

The delegation, led by Dr. Vinod Kumar, Director Promotion, IN-SPACe, and Mr. Shashank Saxena Deputy Director IN-SPACe, included participants from Indian companies such as Agnikul Cosmos, TakeMe2Space, Dhruva Space, Bellatrix Aerospace, XDLINX Space, mistEO OrbitAid Aerospace and Skyroot Aerospace. During the visit, cutting-edge space projects, products, and services were showcased sparking numerous business-to-business meetings and discussions with Australian counterparts.

Notably, two significant Memorandums of Understanding (MoUs) were signed during the forum. The First MoU between HEX20, an Australian Satellite Platform company and OrbitAid, an Indian company specializing in developing satellite life extension solutions. OrbitAID and HEX 20 will collaborate for in-orbit refuelling technology demonstration.

The second MoU was signed between HEX20 and TakeMe2Space, an Indian Startup building AI-first compute & storage satellite infrastructure. TakeMe2Space and Hex20 will collaborate at the intersection of education, space, and AI. As part of the agreement, HEX20 will use TakeMe2Space AI modules and subsystems in their flatsat. TakeMe2Space will give access to its OrbitLab platform for researchers and students to test and run their models on an actual satellite in real-time.

Both the MoUs were signed in the presence of Dr. Vinod Kumar, Director Promotion, IN-SPACe and Mr. Enrico Palermo, Head of Australian Space Agency.

“The Australian Space Forum provided an invaluable platform for Indian space startups to showcase their capabilities and explore potential collaborations with Australian partners. These MoUs represent a significant step towards strengthening ties between our two nations in the space sector." said Dr. Vinod Kumar, Director Promotion, IN-SPACe.

About IN-SPACe:                                                                        

Indian National Space Promotion and Authorization Centre (IN-SPACe) is an autonomous nodal agency under Department of Space, Government of India formed on 24 June 2020 to promote, enable, authorize and supervise non-government entities (NGE) to undertake space activities. These activities include manufacturing of launch vehicles and satellites, providing space-based services, establishing a ground station, sharing of space infrastructure & facilities; and establishing new facilities under DOS.

IN-SPACe is currently functioning with three directorates viz., Promotion Directorate (PD), Technical Directorate (TD) and Program Management and Authorization Directorate (PMAD) and Legal, Finance and Administration Wing with its headquarters at Ahmedabad.  

Yakult Danone India Expands Its Product Portfolio By Introducing “Yakult Light Mango” Flavour

* Adding a refreshing twist to its probiotic beverage portfolio

Yakult Danone India Pvt Ltd, a globally renowned probiotic brand, has announced that it is expanding its product portfolio by introducing a new variant – “Yakult Light Mango” Flavour. The launch event was graced by Bollywood star Sanya Malhotra, Mr Takashi Ariyoshi, Minister and Deputy Chief of Mission of the Embassy of Japan in India, Mr Eiji Amano, Managing Director of Yakult Danone India Pvt Ltd, and Dr Neerja Hajela, Head – Science and Regulatory Affairs of Yakult Danone India Pvt Ltd.

Yakult Light Mango Flavour is a sister product of the signature Yakult. The new product contains the same unique probiotic, Lactobacillus casei Shirota (SHIROTA strain), in the same amount of 650 crores as the original and flagship Yakult. The original probiotic drink was invented by a Japanese medical doctor called Dr Minoru Shirota and designed to take in the human-friendly bacterium that had the ability to reach the gut alive and impart tremendous health benefits. Saddened by the death of children caused by infections due to inadequate hygiene and poverty in Japan in the early 1900s, he emphasised on preventing diseases with the power of probiotics rather than curing diseases and infections after they occur. He embodied his ideal by launching SHIROTA strain as a food in the market so that as many people as possible could get the benefit of the probiotic bacterium while enjoying the delicious taste. Through more than 90 years of research, SHIROTA strain has been scientifically proven to help improve digestion and build immunity when consumed regularly. Based on Dr Shirota’s philosophy, the Yakult company in India came to launch Yakult Light Mango Flavour, a national-favourite-fruit-taste product, to contribute to the health of more people in India.

The retail price of Yakult Light Mango Flavour is Rs. 100/—for a pack of 5 bottles, which will be available at retail outlets in 28 states and 5 union territories from 25th July 2024 onwards. Also, Yakult has a unique home delivery sales channel, where nearly 300 ‘Yakult Ladies’ deliver the products to the customers' doorstep in Delhi NCR, Chandigarh, Jaipur, Mumbai, and Pune. Yakult products, including Yakult Light Mango Flavour, are also available through e-commerce.

Speaking about the launch of Yakult Light Mango Flavour, Mr Eiji Amano, Managing Director, Yakult Danone India Pvt Ltd, said, “At Yakult, our core philosophy is to enhance the gut health of consumers worldwide using our unique probiotic strain “Lactobacillus casei SHIROTA strain”. With over 2 lakh bottles of Yakult consumed daily in India, we have become a household name, enjoyed by many families as part of their daily routine. With the launch of Yakult Light Mango Flavour, we are expanding our product portfolio to cater to the tastes and preferences of Indian consumers. This new variant maintains the same health benefits as our classic Yakult while introducing a delightful mango flavour that is widely loved. We believe this addition will appeal to our consumers who relish mango taste.”

Taking centre stage at the launch, Bollywood actress Sanya Malhotra said, “I am super excited to be a part of this exciting launch. There is great concern about the increasing rise in lifestyle disorders due to erratic lifestyles, poor nutrition, stress, lack of adequate sleep, pollution and generally poor gut health. I take my daily dose of probiotics to keep my gut healthy, and Yakult has been an integral part of my diet for a long time now. Today, I am pleased that the company has introduced Yakult Light Mango Flavour, which tastes delicious and refreshing. I am sure it will be a favourite among all mango and Yakult lovers.”

Dr Neerja Hajela, Head - Science and Regulatory Affairs, Yakult Danone India Pvt Ltd, added that Lactobacillus casei strain Shirota (SHIROTA strain) is unique to Yakult, and is backed by more than 100 human studies conducted across the globe, including India. Probiotics are essential as they increase the good bacteria in the gut and reduce the harmful disease-causing bacteria. By doing so, they ensure better digestion of food, proper absorption of nutrients and stronger immunity to reduce the risk of infections. A decrease in probiotic bacteria in the gut, coupled with poor lifestyle, can lead to poor gut health and weak immunity, manifesting as fatigue, poor growth and development, malnutrition and repeated infections. To keep the gut healthy, it is essential to introduce probiotics into the daily diet through scientifically validated probiotic products.

Photo Caption: Bollywood Actress Sanya Malhotra, Mr. Takashi Ariyoshi, Minister and Deputy Chief of Mission of Embassy of Japan in India and Mr. Eiji Amano, Managing Director of Yakult Danone India Pvt Ltd at the launch of Yakult Light Mango flavour.

Blue Dart Announces 'Rakhi Express Offers’ On Domestic And International Shipments

Blue Dart Express Limited, South Asia's premier express air, integrated transportation, and distribution logistics company, is delighted to announce its annual “Rakhi Express” offer, celebrating the special bond between siblings, this festive season. Customers can enjoy an all-inclusive discounted price of Rs. 250/- for Rakhi shipments up to 0.5 kg for their loved ones. Additionally, there is a flat 40% discount on domestic shipments across India for packages weighing 0.5 kg to 2.5 kg, and up to 50% off on international shipments for packages weighing 0.5 kg to 2.5 kg, 5 kg, 10 kg, 15 kg, and 20 kg in key markets. This offer is valid until 19th August 2024, with conditions applied.

This offer provides a comprehensive and economical solution for all logistics needs, ensuring Rakhi gifts reach loved ones on time. Adding to the festive cheer, customers sending Rakhi shipments domestically during the offer period stand a chance to win exciting prizes.

As a customer-centric company, Blue Dart has been working on enhancing its products and services, providing added value to its customers during this festive season. With the 'Rakhi Express' offer, customers can spread the joy of the festive season by sending gifts to over 56,000+ locations within India, as well as to 220 countries and territories worldwide. The company employs technology and automation to ensure speed, safety, and reliability in seamless deliveries, enabling it to consistently deliver excellence at every touchpoint.

For service inquiries, customers can contact the Customer Care Number at 1860 233 1234 or email customerservice@bluedart.com. To find the nearest Blue Dart counter,  visit http://www.bluedart.com/ or use the 'My Blue Dart' mobile application, available on the Apple Store and Play Store.

CredAble Partners With Finastra To Provide A Holistic Supply Chain Finance Offering To Banks Globally

* CredAble’s Working Capital Finance Platform, integrated with Finastra Trade Innovation, enables banks to grow their trade and supply chain finance business and deliver enhanced customer experiences

CredAble, a working capital technology platform announced its partnership with Finastra, a global provider of financial software applications and marketplaces, to expand the functionality of Finastra Trade Innovation. CredAble’s feature-rich platform is now integrated with the solution, providing new and existing customers with a comprehensive supply chain finance offering. As a result, banks can increase their revenue growth, accelerate business expansion and customer satisfaction by offering corporates a wider range of financial services within a single platform.

“In today’s tough economic climate, it is more important than ever that corporates optimize their working capital and maintain real-time liquidity for long-term growth,” said Satyam Agrawal, Global Head of Product & MD ASEAN & ME at CredAble. “By combining our AI-powered supply chain finance platform with Finastra’s leading trade finance solution and global reach, we are delivering a holistic, front-to-back trade and supply chain finance offering to more banks worldwide. This enables them to broaden and enhance their operations to facilitate business growth, while ensuring the services they offer continue to meet the demands of corporates today.”

Trade Innovation is a trade services platform that uses straight-through processing, digitalization and data analytics to enable intelligent trade for growth, and to evolve with compliance, customer and competitive demands. CredAble is a working capital platform that enables banks to provide extensive supply chain financing solutions, serve diverse enterprise and small and medium-sized (SME) businesses, and unlock lucrative revenue opportunities. The partnership combines best-of-breed functionality to provide an enhanced, end-to-end offering for trade and supply chain finance.

“To facilitate truly innovative, relevant and open trade finance services, our partner ecosystem plays an important role,” said Anastasia McAlpine, Head of Product for Trade and Supply Chain Finance at Finastra. “By augmenting the functionality of Trade Innovation with CredAble’s feature-rich supply chain finance offering, we are giving our current and future customers access to a wider array of services that allow them to meet the growing needs of their customers. The partnership ensures institutions can continue to innovate at speed, decrease time to value and utilize data for decision-making across the whole of their working capital and supply chain finance portfolio, ultimately supporting increased growth for both their business and that of their customers. It’s another example of how Finastra is harnessing the power of open finance and APIs to build powerful ecosystems that deliver additional value”

Budget Reactions From Industry Leaders Of Oil, Energy And Education Sectors

 

BUDGET REACTION from Oil and Energy Sector:  

 Mr Baroruchi Mishra, Group CEO, NET Enterprise says overall a balanced budget aimed at job creation which in turn will lead to increased consumption and propel growth. It also has a good focus on energy transition.

1.Focus on Water Management including solid waste management for large cities is particularly heartening. Proper implementation of the solid waste management will key to success.

There is great scope for 3 way collaboration here - Centre,States and private sector. The agencies that need to implement this will need to get innovative with the technology choices - proven techs like chemical recycling of single use plastics, plasma gasification of solids wastes etc should be evaluated. This should not be mired into the bureaucratic red tape as this can lead to reduction in fossil fuel use if done correctly.

2. Aspiration to involve private sector in modular nuclear reactors for green energy is a positive step in energy transition.

3. Instead of promising free electricity @300 units for I Cr households under PM Surya Ghar Bijli Yojna, the government should have announced more enabling subsidises for solar panel installations and battery procurement. And let the population get addicted to using Solar as much as they can. The word “free” is toxic for the economy and kills enterprise. 

4. Emphasis on Climate Finance is good; Banks and lending Financial institutions should not stall the noble intent of the government.

I assume “ mitigation related investments” will cover carbon capture and storage (CCUS) as this is the only pathway to carbon reduction in the hard-to-abate sectors like cement and steel. Widespread use of DRI for making green steel will take at at least 10-15 years; we cannot wait that long as the EU’s Carbon Border Adjust Tax will hit steel exports by 2026. US and other countries may follow suit making our steel exports uncompetitive.

BUDGET REACTION FROM THE EDUCATION SECTOR

Usha iyer, Principal and managing director of The Green School Bangalore says that it is indeed commendable to see such a significant budget allocation today towards education, employment, and skilling in the Union Budget 2024 presented by Finance Minister Nirmala Sitharaman.

There has been an impressive Rs. 1.48 lakh crore earmarked specifically for education as compared to the previous year's allocation for the education sector in 2023 which stood at ?1,12,898.97 crore The budget places a pronounced emphasis on fostering education, employment, and skilling across the nation. For the last nine years we haven’t seen large impact on youth through the skill India movement, now we have to see how it brings a change with these policies Commencing her address, Minister Sitharaman introduced a Prime Ministerial Package worth Rs. 2 lakh crore, encompassing five transformative programs designed to invigorate employment and skilling sectors.

The emphasis placed on these crucial sectors is vital for the overall development and growth of the nation. Of this, employment, and skill development, surpassing the previous year’s allocation. However, it does raise the question as to why such a substantial allocation did not happen in previous budgets, considering that it is the same Prime Minister Narendra Modi who has been leading the country. One possible explanation could be that the government is now prioritizing these areas more than before, recognizing the importance of investing in education and skilling to boost employment opportunities and overall economic growth.

A notable highlight is the initiative offering internships at 500 top companies to 1 crore students over the next five years, each receiving a stipend of Rs. 5,000 and a one-time assistance payment of Rs. 6,000. Furthermore, the introduction of model skill loans up to Rs. 7 lakh aims to benefit 25,000 students annually, significantly boosting their career prospects and employability. In my opinion the introduction of initiatives such as the Prime Ministerial Package and internships at top companies for students, along with model skill loans, are steps in the right direction towards empowering the youth and preparing them for a competitive job market. It is crucial for the government to sustain and expand upon these efforts in the future budgets to ensure long-term benefits for the country workforce and economy.

Coca-Cola India Wins Award For Circular Economy Initiatives At Indian Circular Economy Forum 2024

~Recognition highlights Coca-Cola India’s successful launch of Recycled PET bottles in India

~Coca-Cola India pioneered Recycled PET (rPET) bottles in the Indian beverage industry, starting with Kinley's 1-litre and followed by rPET Coca-Cola in 250ml and 750ml variants.

Coca-Cola India has been honored with an award for its circular economy initiatives at the Indian Circular Economy Forum 2024, a testament to its innovative approach in sustainable packaging, held on 12th July. The award acknowledges Coca-Cola India’s eco-friendly packaging innovations, notably its launch of 100% recycled PET bottles—a first in India’s beverage sector. This initiative is a cornerstone of Coca-Cola India’s World Without Waste campaign, aiming to foster a circular economy for plastic packaging.

The forum, which took place at the Indian Habitat Centre, Delhi witnessed notable speakers such as Smt. Rupinder Brar, Additional Secretary, Ministry of Coal; Smt. Roopa Mishra, Joint Secretary, Ministry of Housing and Urban Affairs (MoHUA); Sh. Dinesh Jagdale, Joint Secretary at Ministry of New and Renewable Energy (MNRE); and Mr. Michael Bucki, Counsellor & Head of Section - Sustainable Modernization, Delegation of the European Union.  

Speaking about the achievement, Neeraj Porwal, Senior Director Technical & Supply Chain Sustainability – India & South West Asia, The Coca-Cola Company, said “We are honored to receive this award. Our commitment to driving a circular economy for our packaging is central to reducing waste and carbon emissions. We are focused on increasing the recycled content in our packaging, expanding the use of refillable bottles, and enhancing our recycling efforts through the World Without Waste initiative. This recognition strengthens our resolve to build a more sustainable future for the beverage industry.”

Coca-Cola India is the first company in India to launch 1 litre Kinley bottles made from 100% recycled PET (rPET), followed by rPET Coca-Cola bottles in 250 ml and 750 ml, further underscoring its focus on reducing carbon footprint and promoting environmental responsibility.

About Coca-Cola India:

Coca-Cola in India is one of the country’s leading beverage companies, offering a range of high-quality and refreshing beverage options to consumers. The company, in line with its vision of ‘Beverages For Life’, offers a wide portfolio of products which includes hydration, sports, sparkling, coffee, tea, nutrition, juice and dairy based products. In India its beverage range includes Coca-Cola, Coca-Cola Zero Sugar, Diet Coke, Thums Up, Charged by Thums Up, Fanta, Limca, Sprite, Maaza, Minute Maid range of juices and juice beverages. The Company also offers hydration beverages including Limca Sportz, Smartwater, Kinley, Dasani and Bonaqua packaged drinking water and Kinley Club Soda. Premium products constitute Schweppes range and Smartwater. In addition, it offers Costa Coffee and organic green tea based beverage- Honest Tea amongst its range of coffee and Tea. The Company is constantly transforming its portfolio, from reducing sugar in its drinks to bringing innovative new products to market.

The Company along with its owned bottling operations and franchise bottling partners has a strong network of close to 4 million retail outlets through which it refreshes millions of consumers across the country. It seeks to positively impact people’s lives, communities and the planet through water replenishment, packaging recycling, sustainable agriculture initiatives and carbon emission reductions across its value chain.

Globally together with its bottling partners, The Coca-Cola Company employs more than 700,000 people, helping to bring economic opportunity to local communities worldwide. Learn more at www.cocacolacompany.com and follow us on Twitter, Instagram, Facebook and LinkedIn.

Sunfeast Yippee Is Back! With Rahul Dravid, Jasprit Bumrah & Surya Kumar Yadav Unveil YiPPee!’s Latest Campaign 'YiPPee! Toss'

With cricket fervor in the air, the internet was abuzz with curiosity to know about the cryptic posts shared by Jasprit Bumrah & Surya Kumar Yadav on their Instagram handles about ‘The Toss’. Interest piqued as the players’ respective wives also posted about it soon after.

Multitude of accounts took to social media and shared their desire to know “What is the Toss all about?”. With widespread speculations by people, the conversation grabbed eyeballs garnering millions of views across social media making it viral.

While the internet kept wondering about what the cricketers were ‘tossing’ about, the brand Sunfeast YiPPee! took to Instagram and did the grand reveal of its latest campaign ‘YiPPee Toss’, thus, putting all speculations to rest.

Sunfeast YiPPee!, a leading instant Noodle & Pasta brand from ITC Ltd is back with a brand-new campaign featuring the country’s most-loved cricketers – Rahul Dravid, Jasprit Bumrah and Surya Kumar Yadav.  This fun-filled campaign leverages the popularity of top cricketers in a playful fashion highlighting the unique qualities of YiPPee! Noodles which are: Long & Non-Sticky.

The recently launched TVCs showcase Dravid, Bumrah and ‘SKY’ in lighthearted scenarios where they use the ‘YiPPee Toss’ to settle day to day friendly banters in a playful manner using YiPPee! Noodles. It’s an innovative play on the brand’s core USPs of Long & Non-Sticky Noodles. The campaign positions YiPPee! as ‘India’s Choice’.

Speaking about the campaign, Kavita Chaturvedi, Chief Operating Officer, Snacks, Noodles & Pasta, Food Business, ITC Ltd., said, “Cricket is an emotion in India and what better way to connect with our consumers than by bringing together the sport and the deliciousness of YiPPee! Noodles. This campaign celebrates the playful energy of our brand and the joy of relishing a bowl of YiPPee! with friends and family.”

Popular Cricketer Jasprit Bumrah remarked “It’s a very playful campaign and we had a lot of fun. If there is one way to settle a banter, it is through YiPPee!”

Much loved Batsman Surya Kumar Yadav said “I am thrilled to be part of this campaign as it perfectly mirrors our camaraderie both on and off the field. With YiPPee! settling our playful banter just got a whole lot easier”

Legendary Rahul Dravid said “I had a wonderful time while working with Bumrah and SKY on this campaign. We've created something enjoyable, and I hope everyone likes it.”

The YiPPee! Toss, campaign will be rolled out in multiple media platforms across the country. The brand is confident that the campaign will resonate with its vibrant target audience and inspire them to do the YiPPee! Toss to settle playful disputes amongst friends, just like our favorite cricket stars!