Wednesday, May 19, 2021

Ness Accelerates Industry Cloud Strategy For Financial Services With The Acquisition Of Risk Focus


Ness Digital Engineering, a global provider of Digital Transformation solutions and a portfolio company of The Rohatyn Group (TRG), is pleased to announce its acquisition of Risk Focus, a leading consulting and advisory firm specializing in Digital Transformation for Financial Services.

“Adding Risk Focus’s core competence in Digital Transformation services to Ness’s core DNA in product engineering strengthens Ness’ position as a full lifecycle digital engineering firm offering digital advisory through scaled engineering services,” said Ranjit Tinaikar, Chief Executive Officer, Ness. “With this acquisition, Ness also continues to execute on its strategy to build strong industry expertise in Financial Services and bolster our competencies in cloud and data services.”

Headquartered in New York, Risk Focus creates measurable business impact with technology expertise, business insight, and a nimble delivery process, including shorter implementation cycles that allow for feedback, adaptability, and quick delivery of results. The company is an Advanced AWS Partner with the Financial Services, Migration and DevOps competencies, as well as Premier Confluent Systems Integrator, making it one of the top 5 AWS partners in the Financial Services industry.

“Joining Ness allows Risk Focus to better serve our clients by adding scale-out engineering capabilities to the Risk Focus expertise in Digital Transformation,” said Vassil Avramov, Founder and CEO of Risk Focus. “I look forward to helping drive our continued success as well as deepening our technology excellence in cloud, data and AI in my new role as CTO of Ness.”

“Ness is one of the few at-scale pure digital engineering players that seamlessly manages projects from strategy through execution,” said Thomas Kucera, Managing Director, TRG. “This acquisition strengthens Ness’ position as one of the top providers in digital engineering globally.”

The transaction is expected to close in the second quarter of 2021. Alantra LLC served as exclusive financial advisor to Risk Focus. Financial details were not disclosed.

About Ness

Ness is a full lifecycle digital engineering firm offering digital advisory through scaled engineering services. Combining our core competence in engineering with the latest in digital strategy and technology, we seamlessly manage Digital Transformation journeys from strategy through execution to help businesses thrive in the digital economy. As your tech partner, we help engineer your company’s future with cloud and data. 

About Risk Focus

Risk Focus, a Ness company, solves capital-markets business problems with technology and insight. Our business domain knowledge, technology expertise, and Agile delivery process have delivered seamless Digital Transformations at many of the largest exchanges and investment banks. We’re a Premier Confluent Systems Integrator and an AWS Advanced Consulting Partner with Financial Services, Migration, and DevOps Competencies. 

About TRG

Founded in 2002, The Rohatyn Group is an emerging markets focused asset management firm headquartered in New York, with a presence around the globe including Boston, Buenos Aires, Montevideo, Lima, São Paulo, San Jose, London, Mumbai, New Delhi, Singapore, Hanoi, Kuala Lumpur and Rotorua.

Tuesday, May 18, 2021

Canara Bank Registers Rs 1,011 Crore Profit In Q4, 2021 On Lower Provisioning


State-owned Canara Bank on Tuesday reported a standalone profit of Rs 1,010.87 for the fourth quarter ended March 2021 as provision for bad loans declined. The bank had posted a net loss of Rs 3,259.33 crore during the corresponding January-March 2020 quarter

Total income on a standalone basis during January-March rose to Rs 21,522.60 crore as against Rs 14,222.39 crore in the year-ago period, Canara Bank said in a regulatory filing.

The lender's provision for non-performing assets (NPAs) declined to Rs 4,427.53 crore for the March 2021 quarter compared to Rs 4,875.28 crore parked aside in the corresponding period of 2019-20.

For the full 2020-21, there was a profit of Rs 2,557.58 as against the loss of Rs 2,235.72 crore during 2019-20.

On the asset quality, gross NPAs continued to remain at an elevated level of 8.93 per cent at the end of March 2021, slightly higher than 8.21 per cent by the end of March 2020.

In value terms, the gross NPAs or bad loans of the bank surged to Rs 60,287.84 crore as of March 31, 2020, vis-a-vis Rs 37,041.15 crore in the year-ago period.

Net NPAs were, however, trimmed substantially to 3.82 per cent (Rs 24,442.07 crore) from 4.22 per cent (Rs 18,250.95 crore).

It is to be noted that the amalgamation of Syndicate Bank into Canara Bank was effected on April 1, 2020.

"Figures of the quarter ended March 31, 2020, and year ended March 31, 2020, are related to standalone Canara Bank financials of the pre-amalgamation period, hence not comparable with post amalgamation financials for the quarter ended March 31, 2021, and year ended March 31, 2021," it said.

Provision coverage ratio as of March 31, 2021, stood at 79.68 per cent, compared to 75.86 per cent a year ago, it said.

The capital adequacy ratio of the bank stood at 13.18 per cent as of March 2021. Out of which Tier-I is 10.08 per cent and Tier-II is 3.10 per cent, it said.

Oil And Gas Companies Most Committed To Radical Reinvention Expect Twice The Revenue And Margin Growth: Accenture Report


* Report identifies best practices for reinvention and notes that industry leaders expect transformative impact from cloud and a boost in value from low-carbon businesses

The oil and gas companies most committed to reinventing themselves over the next three years as a result of the COVID-19 pandemic expect to grow their revenues and margins at twice the rate of companies least committed to reinvention, according to a new report from Accenture (NYSE: ACN) that outlines best practices companies should adopt to thrive in the energy transition.

The report, titled “Necessity is the Mother of (Re)invention” features results from a global survey of more than 200 oil and gas executives and introduces Accenture’s “Reinvention Index,” which analyzed the companies across key factors related to reinvention. Accenture classified the 10% of companies that scored the highest in the Index — who are setting the pace for reinvention through bold and decisive action — as reinvention “Leaders,” with those in the bottom 25% labeled “Laggards.”

In response to the COVID-19 pandemic, all of the Leaders plan at least some level of significant changes to their business, with half (50%) intending radical reinvention, compared with only 9% of the Laggards. Almost seven in 10 Leaders (69%) consider enterprise-wide transformation essential to this reinvention and 77% of Leaders see cloud as essential to their business reinvention plans in the next three years.

And reinvention could drive substantial rewards. For instance, Leaders expect minimum margin growth of 7%, on average, in the next three years, more than double that of the Laggards (3%), and expect to grow revenues over the same period by at least 11%, compared with just 6% for the Laggards.

“Competition from new energy sources, environmental accountability, talent scarcity, investor apathy and the COVID-19 pandemic have led most oil and gas companies to realize the need to transform to ensure profitability, embrace sustainability and maintain their relevance,” said Muqsit Ashraf, a senior managing director at Accenture who leads its Energy industry group. “What’s required isn’t just piecemeal transformation but wholesale business reinvention, which is anchored in a new approach that we call our ‘5C’ model.”

The ‘5C’ model for reinvention comprises:

Competitiveness — Shaping a resilient portfolio and operating model, including ways of working, that achieve accretive returns through cycles; and

Connectivity — Enabling an intelligent and secure enterprise with end-to-end connectivity, optimization and autonomous capabilities, facilitated by cloud capabilities;

Carbon — Achieving carbon neutrality by transforming or shifting investments, operations and products;

Customer — Delivering superior customer experiences through services, solutions, formats/channels and customization; and

Culture — Building a distinct purpose-led culture and employee experience with an emphasis on collaboration, innovation and agility.

The report notes that attaining carbon neutrality, in particular, is a key facet of the reinvention required to thrive in today’s era of accelerated energy transition. In fact, more than a third (37%) of respondents, including all the Leaders, expect margin improvements of 20% or more from their low-carbon businesses in the next three years. Refocusing investments, operations and products will be key, with 97% of all respondents citing environmental performance as a priority and one-third (33%) naming it their top priority.

The Leaders are already making some headway in this area; almost all (96%) have set ambitious environmental, social and corporate governance (ESG) targets, with the same number committed to reporting frequently on their emission-reduction progress. In contrast, only 56% of Laggards have set targets, with less than half (47%) regularly publicizing their results. Additionally, all Leaders expect ESG performance to have, at the minimum, a strong impact on their competitiveness over the next three years.

Hydrogen and renewable power were identified as the two low-carbon businesses with the most growth potential. In fact, more than half of Leaders expect hydrogen (cited by 62%) and renewable power (54%) to account for more than 7% of their revenues within the decade.

“This decade will be a make-or-break period for the oil and gas industry, which remains rutted in a low-price environment, but the opportunities presented in the report provide a blueprint for reinvention for continued success,” Ashraf said. “All oil and gas companies should aim to emulate the reinvention Leaders to maintain relevance during and after the energy transition. Otherwise, the transition will transform from an opportunity to build a sustainable and profitable future to an existential risk.”

Hari Shankaranarayanan, a managing director and lead for Accenture’s energy practice in India said, “As oil and gas companies reinvent, they will need to pivot from being commodity businesses to customer-centric businesses and from businesses that meet energy demand to businesses that solve problems. The path to a sustainable and profitable future for the industry will depend on holistic transformation, especially underpinned by data-driven reinvention, platform strategy, cybersecurity capabilities and ecosystem partnerships. Oil and gas companies also need to focus on creating a culture of innovation and collaboration.”

Research Methodology

In early 2021, Accenture conducted its Oil and Gas Reinvention Index research to understand the actions that oil and gas companies are taking to meet the challenges of the energy transition, their progress toward reinvention, and the outcomes they expect to achieve. The research included a survey of 214 C-suite executives from 179 oil and gas companies across five continents and nine regions including India. More than four-fifths (83%) of the companies were international or independent oil companies, with the rest national oil companies and oilfield and equipment services companies. More than one-third (36%) of the companies have revenues exceeding US$10 billion, and 48% have annual revenues between US$1 billion and US$10 billion. Accenture also created a Reinvention Index Score, based on selected survey results and composed of equally weighted scores from each of the five identified facets of reinvention (competitiveness, carbon, connectivity, customers and culture). Responses were grouped (n = 214) into companies (n = 179) to determine an aggregated score for each, then companies were defined and grouped. The top 10% of companies were identified as reinvention “Leaders,” with the bottom 25% identified as “Laggards.”

About Accenture

Accenture is a global professional services company with leading capabilities in digital, cloud and security. Combining unmatched experience and specialized skills across more than 40 industries, we offer Strategy and Consulting, Interactive, Technology and Operations services — all powered by the world’s largest network of Advanced Technology and Intelligent Operations centers. Our 537,000 people deliver on the promise of technology and human ingenuity every day, serving clients in more than 120 countries. We embrace the power of change to create value and shared success for our clients, people, shareholders, partners and communities. 

Accenture helps oil and gas companies develop innovation-led capabilities to drive end-to-end transformation and make energy more available, affordable and sustainable. 

Amidst Covid-19 Second Wave, Altimetrik Rolls Out Healthcare Initiatives Worth INR 3 Crore 87 Lakh For India Employees


* US-based digital enablement firm to provide free health-kits, vaccinations etc. to 2700+ employees

* 2500+ staff attend ISHA Foundation’s 3 day yoga webinars inaugurated by Sadhguru’s talk; program focused on boosting immunity, mental health and combating stress

* Launches Covid-care app Made-by-India employees to monitor staff health across globe

Altimetrik, a US-based, digital business enablement firm has announced a second series of healthcare measures totaling INR 3 Crore 87 Lakh to help 2700+ India employees combat Covid-19 second wave.

Based on the prevalent situation, Altimetrik is extending its Covid-19 response strategy to cover a range of direct and holistic healthcare measures under four categories/pillars:

Healthcare

· 3000 health kits comprising Oximeter, Steam Inhaler and a Digital Thermometer delivered at employee doorsteps to monitor health of each staff and family members

· Voluntary free vaccination for 9000 people including employees and their family members at the nearest Apollo or Manipal hospital chain in India

· Free RT-PCR testing made available for 2700+ employees at the homes or nearest hospital or laboratories enabled through a wellness provider with a network of 170+ hospitals across India  

· 24x7 Doctor on call through our health partner that will be monitored by eight doctors and will provide medical and psychological consultation from 9 am to 8 pm.

Technology

·  Covid Care Application developed by a team of 13 Indian engineers to monitor vital health parameters of 2700+ employees in India regularly. The app will be soon available on both Android and iOS devices.

Wellness

· Spiritual talk by renowned Indian mystic Sadhguru Jaggi Vasudev. The talk was a prelude to three-day yoga webinars curated by ISHA Foundation to boost immunity, mental, physical and spiritual wellness of employees. Over 2500+ employees participated in these webinars

Finance

· All employees are covered under the Corona Kavach Insurance policy.

· Salary advance to employees in need.

Commenting on the policies, Raj Sundaresan, CEO of Altimetrik Corporation said, “We are inspired by Sadhguru’s words that incredible things can be done simply if we are committed to making it happen. We’re cognizant that our India employees are battling the Covid-19 second wave. Hence, we are focused on providing extensive and holistic support that addresses financial, healthcare, technology and wellness aspects of employee well-being.   

“Along with direct health and technology interventions, we are also working on boosting the body’s self-defense mechanism through yogic techniques designed under the guidance of famous mystic Sadhguru. Together, with other interventions we are confident that we will not only endure but emerge stronger from this crisis than ever before.”

Says Krishna Muniramaiah, Altimetrik Head of HR for APAC region, “Altimetrik has consistently ranked in the top 100 Great Place to Work for companies in India consecutively for six years. In line with our employee first efforts, we have infused INR 3 Crore 87 Lakh to combat the second wave in addition to INR 7 crore 44 lakh as company contribution towards workforce welfare that was spent in India for FY 20-21. This takes our cumulative investment on Covid-19 staff welfare measures to INR 11 Crore 31 Lakhs since Aug 2020 till date. With these measures we are optimistic about combating the crisis successfully together.”

About Altimetrik: Altimetrik is a digital business enablement company. We deliver bite-size outcomes as organizations scale digitalization to accelerate revenue growth without disrupting ongoing business operations. With an end-to-end perspective, our practitioners and agile engineering teams create solutions that drive transformation and achieve business goals. In addition, our digital point solutions and products provide clients with the tools to fuel business growth and profitability. With offices across the globe and over 3,000 energized practitioners, Altimetrik partners with Fortune 500 and mid-size companies alike to enhance their agility, empowerment, and success.

Visit www.altimetrik.com

Hoist Finance Selects LTI’s Digital Banking Platform To Achieve Accelerated Growth In Europe


* Platform to support growth in Performing Loans segment

Larsen & Toubro Infotech Ltd. (BSE: 540005, NSE: LTI), a global technology consulting and digital solutions company has entered into a strategic engagement with Hoist Finance AB,  a pan European financial services company, to provide Banking-as-a-Service for Performing Loans segment through its Digital Banking Platform.

LTI’s Digital Banking platform, powered by Temenos, will enable Hoist Finance to be more scalable and with faster on-boarding of new asset classes across regions. The platform provides seamless interoperability, agility, and higher security at a lower total cost of ownership.

Klaus-Anders Nysteen, CEO, Hoist Finance, said: “The strategic partnership with LTI is in line with our growth strategy for performing loans segment in Europe. It will help us strengthen Hoist’s positioning as a leader in this segment with digital-first strategies. LTI has been a strategic partner for Hoist since 2019 and has supported multiple transformation initiatives, spanning workplace transformation, infrastructure transformation and migration to the cloud. Onboarding LTI’s digital banking platform was a natural extension of our strategic partnership.” 

With its comprehensive capabilities, LTI’s Digital Banking Platform provides end-to-end integration with Temenos Transact, Temenos Infinity, Temenos Payments, and Temenos Financial Crime Mitigation as well as Fintech solutions like regulatory reporting, authentication, KYC solutions, card services, and payment solutions available on Temenos Marketplace.

Sanjay Jalona, CEO & Managing Director, LTI, said “LTI’s digital banking platform combines our functional and technological expertise to modernize operations without huge upfront investment or license cost. The consumption based model offered by the platform will enable banks to stay competitive without worrying about technology cycles. We are proud of our partnership with Hoist, and look forward to enabling their expansion across Europe.”

LTI’s Digital Banking platform will seamlessly operate across existing Hoist applications and infrastructure through an API driven interface to connect with third party systems.

Julia Ehrhardt, Chief Retail Banking and Business Development Officer, Hoist Finance, said: “LTI’s state-of-art digital banking platform will facilitate Hoist in accomplishing its strategic objective of enhancing its market share in the retail banking segment which is estimated to  grow from 700 Million SEK currently to 4 Billion SEK by 2023. LTI’s platform is fully scalable, providing Hoist with the agility to expand its performing loans and deposits offering into all of our markets.”

With presence across Sweden, Denmark, Norway, and Finland, LTI is one of the leading IT Consulting and digital solutions providers in the Nordic region. A recent study by Whitelane Research and PA recognized the company among the top performers in the Nordic region and #1 in customer satisfaction in Sweden. The company counts leading banks and financial institutions among its clients in the region.

About LTI

LTI (NSE: LTI) is a global technology consulting and digital solutions Company helping more than 400 clients succeed in a converging world. With operations in 31 countries, we go the extra mile for our clients and accelerate their digital transformation with LTI’s Mosaic platform enabling their mobile, social, analytics, IoT and cloud journeys. Founded in 1997 as a subsidiary of Larsen & Toubro Limited, our unique heritage gives us unrivalled real-world expertise to solve the most complex challenges of enterprises across all industries. Each day, our team of more than 33,000 LTItes enable our clients to improve the effectiveness of their business and technology operations and deliver value to their customers, employees and shareholders. Follow us at @LTI_Global

Hero Motocorp Extends Duration Of Free Service, AMC Services And Warranty Across India


With customer-centricity at the core of its operations, Hero MotoCorp, the world’s largest manufacturer of motorcycles and scooters, has extended the duration of all its warranty and free services.

This is also in keeping with its commitment to the safety and welfare of its people, its customers and to break the chain of the spread of Covid-19.

For the benefit of all its existing customers, the Company has extended the duration of the services that were getting exhausted during the ongoing period by 60 days. These durations have been extended to ensure that customers are not required to visit dealerships in a rush to avail of the services. 

The extended services include –

All scheduled Free Service (FSC)

All services under Joyride (AMC)

All vehicles for which the warranty is expiring

(as per terms and conditions of warranty) 

Hero MotoCorp has also recently launched its comprehensive range of sales and aftersales services on the messaging app – WhatsApp – where customers can avail a host of services from an easy-to-interact menu-based chatbot that can be accessed 24X7 on the messaging platform. Providing real-time services and offering support on a wide range of topics, the feature provides key facilities like Service booking and post-service feedback, Real-time status check of the vehicle under repair, locating nearest workshop & showroom and more.

KRAFTON Announces “Pre-Registrations For BATTLEGROUNDS MOBILE INDIA”


* Simple seamless process welcomes gaming aficionados across India 

KRAFTON, the premier South Korean video game developer, today announced pre-registration for BATTLEGROUNDS MOBILE INDIA. Developed by KRAFTON, the pre-registration for the game is now live on Google Play Store for fans in India.  

Players pre-registering for BATTLEGROUNDS MOBILE INDIA will get 4 amazing rewards, the Recon Mask, the Recon Outfit, Celebration Expert Title, and 300 AG. These rewards are for fans who pre-register, so get ready to dive in and enjoy the battle royale experience on BATTLEGROUNDS with your friends. 

Players can follow the simple steps to pre-register seamlessly. 

To pre-register for BATTLEGROUNDS MOBILE INDIA, please visit the Google Play Store Link and click on the “Pre-Register” button, and your rewards will automatically be available to claim on game launch. 

Set in a virtual world, BATTLEGROUNDS MOBILE INDIA is a battle royale game where multiple players employ strategies to fight and be the last man standing. A free-to-play, multiplayer experience from KRAFTON, players can battle it out in diverse game modes which can be squad-based or even one-on-one. Featuring diverse maps with different terrains on a virtual setting, BATTLEGROUNDS MOBILE INDIA utilizes the full capabilities of Unreal Engine 4 to bring alive fantastic worlds augmented by 3D sound, to build a truly immersive experience on a mobile phone.  

The recommended system requirements to experience the game seamlessly are Android 5.1.1 or above and at least 2 GB RAM in the mobile device.  

Pick your map and the mode that suits you and get set for a thrilling ride. More than pure combat, BATTLEGROUNDS MOBILE INDIA, is also a battle of wits, as you develop strategies to take on your enemies with friends or solo and defeat them to be the last man standing.  

With detailed monthly content updates and world-class collaborations, there is always something to look forward to in this battle royale game. KRAFTON will, from the very start, strive to hear player feedback and bring content that players love in what will become their favorite mobile game.  

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