upGrad Crosses 2 Million Learners; Becomes Largest Higher Edtech In Indian Market

* The global edtech forecasted reaching 2Mn in 18 months & beats itself on its own target by reaching the milestone in 8 months; M&As bolster learners’ strength 

Asia’s higher edtech major and recently turned unicorn, upGrad, records yet another striking milestone by crossing the mark of 2Mn learners on its platform. This has been achieved in just 8 months after the global edtech crossed the 1Mn mark in January this year.

upGrad’s growth has been propelled by its strategic M&As as well, and includes international learners driven by the brand’s global university partnerships. About 40% of the total registered learners are from the group companies like upGrad KnowledgeHut, upGrad Campus (previously Impartus), and upGrad Jeet (previously The Gate Academy), while the remaining 60% of learners are registered with the parent brand.

Commenting on this milestone, the three Co-founders, Ronnie Screwvala, Mayank Kumar, and Phalgun Kompalli in a joint statement said, “We remained bullish on our plans for being a truly global company for the 1 Bn workforce and our strategic M&As have also been helping us with inorganic growth across geographies. We are witnessing demand from a wider audience who are being careful about the evolving market needs and is indulging in LifeLongLearning to catapult their career growth. While we feel a certain sense of accomplishment on beating our own targets in less than half of the expected timeline; we are all set for a much bigger success that awaits in the near future.”

The unemployment rate in the country rose to a six-week high of 8.1% in the week ended August 8, the CMIE data suggest. On the other hand, India is expected to have over 1.5 million unfulfilled job vacancies by 2025 just in the field of Cybersecurity, Michael Page India recently reported. The number is far graver if one takes all the new-age Data & Tech roles. Such alarming circumstances in the country are indicative of the massive skill gap that players like upGrad are seeking to bridge.

upGrad, known for driving meaningful career outcomes, offers a host of career services like paid internships, 1:1 mentorship, career counseling, and placement support. Such during and after-course value-added services make upGrad a leader in the higher education sphere that not only concentrates on quality content but is equally committed to driving employment in the country.

Recent reports suggest the company is in advanced talks for a USD 400 Million fundraise at a valuation of USD 4 Billion, and therefore, the milestone of unicorn is not any destination, but a mark on its path towards achieving a larger goal.

About upGrad: 

upGrad is a pioneer in the online education revolution, changing the lives of millions for the better by “Powering career success for every member of the global workforce as their trusted lifelong learning partner”. Co-Founded by one of the world’s most impactful entrepreneurs, Ronnie Screwvala along with Mayank Kumar and Phalgun Kompalli, upGrad has impacted over 1 million total registered learners in over 50+ countries.

upGrad, Asia’s higher EdTech leader, uniquely drives deep learning for the real world, by creating original content harnessing industry experts across the globe and offers learners a hyper-personalized, comprehensive one-stop solution, combining the power of its’ proprietary AI-driven technology platform with its army of counsellors who handhold learners for the entire duration of their course.

To provide the best university quality education, upGrad brings together the world’s leading universities, faculty & industry experts on an integrated digital platform, delivering an immersive experience with full flexibility to study at one’s own pace. upGrad’s ever-expanding roster of leading global universities includes Duke Corporate Education (US), Michigan State University (US), Liverpool John Moores University (UK), Deakin Business School (Australia), Swiss School of Business Management, (Geneva), IIT Madras (India), IIM Kozhikode (India).

upGrad’s alumni base is employed by blue-chip organizations like Gojek, PayTM, Gartner, Flipkart (Walmart-acquired), Accenture, and E&Y. upGrad is #1, LinkedIn Top Startups India 2020 and is in Top 50 of the FT Asia-Pacific High-Growth Companies 2021 and the GSV Global EdTech 50.

Godrej Appliances Keeps Your Perishables Fresh For Upto 30 Days With New Cool Balance Technology In Its Latest Refrigerators

* Available in two of its Frost-Free refrigerator ranges -Godrej New Eon Valor and Godrej Eon Alpha, ensures up to 60% longer preservation of your fruits and vegetables

As the demand for premium appliances witnesses a rise after a subdued summer, Godrej & Boyce, the flagship company of the Godrej Group, announced that its business Godrej Appliances, one of the leading appliances players in India unveiled two new series of advanced frost-free refrigerators: Godrej Eon Valor and Godrej Eon Alpha.

With higher safety concerns, more consumers are refraining from frequent visits to the stores and hence the rising need for cooling solutions that provide lasting freshness for veggies and fruits. The new Godrej Eon Valor and Alpha refrigerators deploy new Cool Balance Technology with break through air flow design, offering up to 30 days of freshness and up to 60% longer preservation.

The Godrej Eon Valor and Godrej Eon Alpha refrigerators offer a much higher value with a host of relevant features –

a.    Multi-Inverter technology in Eon Valor for more efficient cooling

b.    Intelligent Weather Sensing technology in Eon Valor for automatic adjustment of cooling according to external weather conditions

c.    Moisture control technology in the vegetable tray to enhance freshness

d.    Convertible freezer technology with 6 in 1 mode in Eon Valor

e.    Thickest Insulation with Best-in-class PUF insulation of 2.75 inches and 2.24 inches respectively in Valor and Alpha series, ensuring cooling retention for up to 24 hours.

f.     Widest freezers in the segment for convenient storage and access with completely movable ice maker

g.    Prism LED light for uniform brightness

h.    Largest Vegetable Tray of 27 L in Eon Valor

Commenting on the launch, Mr. Kamal Nandi, Business Head and EVP – Godrej Appliances said, “The pandemic has accelerated certain shifts in consumer behaviour like increased storage needs at home for perishables. The higher end of appliances is also witnessing increased demand. Our newest additions to refrigerator portfolio – Godrej New Eon Valor and Godrej Eon Alpha are high on preservation, aesthetics and convenient storage and in sync with the brand’s promise of ‘things made thoughtfully.”

Mr. Anup Bhargava, Product Group Head – Refrigerators, Godrej Appliances, further added, “Frost free refrigerators account for about 24% of the total refrigerator sales and are growing faster than the rest of the category, at 45%. Our recently launched Godrej New Eon Valor and Godrej Eon Alpha allow consumers to get lasting preservation and more convenience and are also high on aesthetics. We are confident this new range will further strengthen our position further in the refrigerator category.”

Godrej New Eon Valor is available in 3 capacities – 244L, 265L and 294L, starting from INR 34,700 while Godrej Eon Alpha is available in 234L and 253L, starting from INR 30,200. 

About Godrej Appliances

Godrej Appliances, a business unit of the highly diversified Godrej & Boyce Mfg. Co. Ltd. is one of the leading Home Appliances players in India. Godrej was the first Indian Company in 1958 to manufacture Refrigerators and has since then, expanded its portfolio across many other categories like Washing Machines, Air Conditioners, Microwave Ovens, futuristic Thermo-electric cooling solutions, Air Coolers, Deep Freezers, highly specialized Medical Refrigerators and more recently, UVC Technology-Based Disinfecting devices and Dishwashers, all powered by the driving philosophy of 'Things made thoughtfully’/ ‘Soch Ke Banaya Hai’. 

This thought extends from human-centric design to planet centric design. Environment is a core value at Godrej Appliances. Both manufacturing units of Godrej Appliances’ - in Maharashtra and Punjab, became the first in the country to win the coveted Platinum Plus Green Co certification for their pioneering green manufacturing practices. 

The brand takes pride in not just its carefully designed products and environment-friendly technologies, but also best in class after-sales service delivered through over 680 service centers and more than 4500 SmartBuddy service experts spread all over the country. Godrej customers can now book or track service requests on WhatsApp (9321665511), besides the toll-free 1800 209 5511.

Shareholders Fully Support All Resolutions Proposed By The Board Of Directors At 17th AGM Of YES BANK

The General body of the Shareholders of YES BANK, has approved all the five (5) Resolutions with an overwhelming majority, in the 17th Annual General Meeting (AGM) held virtually on August 27, 2021. The outcome reflects a summation of remote E-voting and voting through electronic means at the AGM on August 27, 2021.

Mr. Mahesh Krishnamurti, Non- Executive Director and Mr. R. Gandhi, Additional Director appointed by RBI attended the AGM remotely.

The Shareholders approved the following:

Ordinary Business:

1)         Adoption of Annual Audited standalone and consolidated financial statements of the Bank for the year ended March 31, 2021 (Ordinary Resolution);  

2)         Amendment in the terms of appointment of M/s M. P. Chitale & Co., Statutory Auditors in compliance with recent RBI circular on Appointment of Auditors (RBI Circular No. DoS.CO.ARG/SEC.01/08.91.001/2021- 22 dated April 27, 2021) (Ordinary Resolution);

3)         Appointment of M/s Chokshi & Chokshi LLP, Chartered Accountants, as Joint Statutory Auditors (Ordinary Resolution);

Special Business:

4)         Noted appointment of Mr. Ravindra Pandey (DIN - 07188637) as a Nominee Director (Ordinary Resolution); and

5)         Authorized capital raising through issuance of debt securities (Special Resolution)

Speaking on the occasion, Mr. Sunil Mehta, Chairman, YES BANK said, “The Bank has crossed significant milestones in the past year – all because of the immense trust that our customers and stakeholders have reposed in the fundamentals of the institution. During an exceptional time that tested the resolve of all businesses across the globe, the Bank was able to post sequential gains for the first three quarters of FY21 and make the necessary provisions for stressed assets, so we don’t carry forward any burden into FY22.

On the economic outlook, while there exists some uncertainty on the likelihood of a third wave of COVID-19, the forward-looking surveys shared by RBI point towards positivity with respect to consumption projections and investment behavior of the private sector. There are encouraging indicators of demand returning to the economy. Capital expenditure targets of the Central Government are strong in FY22 which is expected to unleash a positive multiplier effect on the economy. Consequently, despite some challenges, opportunities for the banking sector have been significantly enhanced to serve and support growth of customers in rural and urban markets.

At YES BANK, all through last year, we made significant gains in optimising our operations and costs and strengthening key parameters, all of which reflect in the ratings upgrades by various agencies. Perhaps some of the most notable improvements have emerged from the very challenges that we collectively faced due to COVID-19, which impelled us to do better, fast. The Bank has appropriately and expeditiously dealt with all legacy governance, compliance and risk issues to be future ready for strong sustainable growth.

The Bank has delivered a robust liabilities momentum with 55% growth in deposits over previous year. This reflects very inspiring customer confidence across all segments. The accelerated digitisation of key banking services have ensured that customers could access them from the safety and comfort of their homes. The Bank has established very detailed protocols and taken multiple initiatives to keep our communities safe. Further ESG considerations have been integrated into Banks’s core business strategy by addressing environmental and social risks as well.

Several changes across functions, driven by Board level decisions, have brought about a transformation that has put the Bank on a course of continual improvement and innovation. This is clearly demonstrated by the Bank’s performance in the first quarter of this fiscal - a 355% profit surge year on year to Rs 207 crore, the highest in 10 quarters. The Bank’s focus on digitization has been intense with a record 9.06 billion UPI transaction reflecting 102% growth over previous year, as a clear market leader in the industry. Overall, the operating profit for FY21 increased by 42% over previous year which amply demonstrated strong resurgence in Bank’s operating performance.

As we continue to honour our promise to stakeholders, we have been able to enhance the value we bring to our customers through the Bank's forward-looking vision and aspiration to serve all our customers efficiently and empathetically. The Bank has vigorously strengthened its position on its strategic priorities – capital, cost, liquidity, stressed assets, risk, governance and growth.  I have full faith that as we progress on this exciting journey, the Bank will continue its positive transformation to ensure sustainable growth for all our stakeholders."

The 17th AGM of YES BANK held on Friday, August 27, 2021 was attended by all the 8 Board Members as under:

·         Mr. Sunil Mehta, Chairman

·         Mr. Prashant Kumar, Managing Director and CEO

·         Mr. Atul Bheda

·         Mr. Mahesh Krishnamurti

·         Mr. R Gandhi

·         Mr. Ananth Narayan Gopalakrishnan

·         Mr. V S Radhakrishnan

·         Mr. Ravindra Pandey

About YES BANK

YES BANK is a ‘Full Service Commercial Bank’ providing a complete range of products, services and technology driven digital offerings, catering to Retail, MSME as well as corporate clients.

YES BANK operates its Investment banking, Merchant banking & Brokerage businesses through YES SECURITIES and its Mutual Fund business through YES Asset Management (India) Limited, both wholly owned subsidiaries of the Bank. Headquartered in Mumbai, it has a pan-India presence across all 28 states and 8 Union Territories in India including an IBU at GIFT City, and a Representative Office in Abu Dhabi.

PHOTO CAPTION: L-R: Mr. Niranjan Banodkar, CFO; Mr. V. S. Radhakrishnan, SBI Nominee Director; Mr. Atul Bheda, Non-Executive Director; Mr. Prashant Kumar, MD&CEO; Mr. Sunil Mehta, Chairman; Mr. Ananth Narayan Gopalakrishnan, Additional Director appointed by RBI; Mr. Ravindra Pandey, SBI Nominee Director and Mr. Shivanand Shettigar, Company Secretary.

L&T Flags-Off First Set Of Piperack Modules To HPCL’s Visakh Refinery

The Hydrocarbon arm of Larsen & Toubro, flagged-off the first set of piperack modules for India’s maiden Residue Upgradation Facility (RUF) for HPCL’s Vizag Refinery.

This facility will enable HPCL to convert the heaviest oils into high-quality Euro 6 diesel while simultaneously eliminating fuel oil production, as well as increasing feedstock and product flexibility. This facility, licensed by Chevron Lummus Global (CLG), is being built by L&T Hydrocarbon Engineering (LTHE) under an EPCC Contract.

Also, a large-scale modularization concept is being implemented on this project, which is the first of its kind for a refinery project in India. There are total of 30 modules which will be fabricated and assembled in L&T’s state-of-the-art fabrication facility at Kattupalli, near Chennai. These will be transported to Vizag using sea route. The first lot of these piperack modules were flagged-off in the presence of senior dignitaries from HPCL, EIL and L&T.

Commenting on the occasion, Mr. Subramanian Sarma, Whole-time Director & Sr. EVP (Energy), Larsen & Toubro and CEO & MD, LTHE said “L&T has built significant modularization capabilities over the years and have been deploying these for offshore projects and I am delighted that we have now brought this concept to onshore projects as well. This should address some of the challenges faced by the industry with respect to skill availability and enhanced schedule, HSE & quality performance.”

The execution strategy brings to fore L&T’s complete gamut of services including its EPC strengths, equipment manufacturing, in-house engineering and modular fabrication which enable delivering such large refinery and petrochemical process plants.

Upon completion, the RUF will be another feat in L&T’s project delivering capabilities and will be a game-changer in defining how large refinery projects will be delivered in future.

Organized under Offshore, Onshore, Construction Services, Modular Fabrication and Engineering Services verticals, LTHE delivers 'design to build' engineering and construction solutions across the hydrocarbon spectrum.

Background:

Larsen & Toubro is an Indian multinational engaged in EPC Projects, Hi-Tech Manufacturing and Services. It operates in over 50 countries worldwide. A strong, customer–focused approach and the constant quest for top-class quality have enabled L&T to attain and sustain leadership in its major lines of business for eight decades.

Minister For Health And Family Welfare Inaugurates Oxygen Generator Plants Set Up By Ashok Leyland

India’s leading commercial vehicle manufacturer, Ashok Leyland, flagship of the Hinduja Group, has set up 2 Oxygen Generator Plants at Government Hospital, Hosur. The Oxygen Generator Plants were inaugurated today by Thiru. Ma. Subramaniam, Hon’ble Minister for Health and Family Welfare, Government of Tamil Nadu, in the presence of Dr. A Chellakumar, MP, Krishnagiri, Mr. R. Gandhi, Hon’ble Minister for Handlooms and Textiles, Mr. Y Prakash, MLA Hosur and Mr. Balachander NV, Chief Sustainability Officer and President – Communications, CSR & Corporate Affairs, Ashok Leyland.

The Oxygen Generator Plants together have a combined capacity to generate 500 litres per minute and have a storage capacity of 4000 litres with a bottling facility. Set up at a cost of Rs 1.18 crores, this initiative strives to ensure immediate access of oxygen supply to Hospitals and Public Health Centers in and around Hosur.

Commenting on the contribution, Mr. Vipin Sondhi, MD & CEO, Ashok Leyland, says, “As the Nation stands in solidarity to fight the COVID-19 pandemic, we stand united with the Government to provide support in these challenging times. At Ashok Leyland, our commitment to support our society during these challenging times is our priority and we are extending our support through this contribution of the Oxygen Generator Plants. We have also joined hands with Kauvery Hospital to provide free vaccination to the community. These initiatives reiterate our commitment towards Corporate India's response to COVID-19.”   

Mr. Balachander NV, Chief Sustainability Officer and President – Communications, CSR & Corporate Affairs Ashok Leyland, speaking on the occasion, said, “We sincerely appreciate the Governments’ effort in leading the fight from the front, and we are constantly engaging in initiatives to support the Government in the best possible way. The setting up of the Oxygen Generator Plants will benefit all the nearby Hospitals and Public Health Centers in Hosur thereby enabling them to become self-sufficient in providing oxygen supply in a sustainable manner. As a responsible corporate citizen, we are constantly engaging with the community and staying committed to social causes in the state.”

The Company stands true to its brand promise ‘Aapki Jeet. Hamari Jeet.’, by actively working and offering critical support to the community.

Axis Mutual Fund Launches Open Fund - Axis Consumption ETF

 

Highlights: -

·         An Open Ended Exchange Traded Fund tracking NIFTY India Consumption Index

·         The fund that seeks to track returns by investing in a basket of NIFTY India Consumption Index stocks and aims to achieve returns of the stated index, subject to tracking error

·         Minimum Investment (NFO) Rs. 5,000 and in multiples of Rs.1/- thereafter

·         Benchmark: Nifty India Consumption TRI Index

·         NFO date: August 30, 2021 to September 13, 2021

Axis Mutual Fund, one of the fastest-growing fund houses in India, today announced the launch of their new fund– ‘Axis Consumption ETF’. The new fund offers (NFO), which will open on Monday, August 30, will allow exposure to the consumption theme in a neatly packed bite sized exchange traded fund.

The new fund offers long-term wealth creation solutions and targets to achieve returns by investing in a basket of NIFTY India Consumption Index stocks.

India's economy already had strong growth prospects for the next ten years. The trend line in India's annual GDP growth has been accelerating from 5.8% in the 1990s to 6.9% in the first 2 decades of the new millennium (source: Morgan Stanley). We believe this trend will likely continue for the next decade given the following structural factors:

·         Favourable demographics: Over the next 10 years, 122 million individuals are likely to enter the work force, which is equivalent to about 20% of India's current work force. (source: Morgan Stanley)

·         Globalization: This provides the enabling factors of external demand and financing that can be used to boost growth.

·         Reforms: The government is continuing the reforms that India started in the early 1990s, which relate to the ease of doing business, FDI, government finances, taxation, infrastructure and greater autonomy for states.

Digitization adds an incremental fillip to this growth in our view. Digitization is integral to two changes: a) policy initiatives that are boosting financial inclusion and b) technology changes that are reducing the cost of delivering financial services to the masses and small enterprises. These, along with the government's focus on employment for all, will make growth more inclusive, which in turn makes us more confident about India's growth outlook.

A key beneficiary in this growth is consumption. As an aspirational populous India, today, stands next only to China as the largest growth prospect in consumption ecosphere. As median incomes rise, the expenditure pie for Indian families are likely to increasingly pivot to discretionary spends which include entertainment, travel, consumer appliances and even property.

This growth has already resulted in significant growth across many B2C businesses across a variety of sectors. An indicator of this performance is The NIFTY India Consumption. The index comprises of a diversified grouping of companies across sectors like Consumer Non-durables, Healthcare, Auto, Telecom Services, Pharmaceuticals, Hotels, Media & entertainment, etc. that reflect the essence of consumption in India today across essentials and discretionary spending. The NIFTY India Consumption Index comprises of the 30 largest consumption oriented companies by free float market capitalization.

The potential of passive investing in the Indian financial markets has gained quite momentum and seems likely to stay. The two most popular vehicles for passive investing are index funds and exchange-traded funds. Passive Investing is a low friction investment strategy tracking a specific index as closely as possible. It participates in the constituents in the same proportion as the index and removes the risk of security selection at an efficiently low cost strategy by relying on broader market wisdom.

Apart from being cost effective, ETFs let investors invest at real-time prices as opposed to end of day prices by sector funds. It protects their investments from the inflows and outflows of short-term investors. Furthermore, ETFs are best suited to earn asset-class linked performance and is touted to be one of the most flexible tools for gaining instant exposure to the markets, thereby equitizing cash.

On the launch of the NFO, Mr. Chandresh Nigam, MD & CEO, Axis AMC, said “We at Axis AMC, strongly stand by being responsible fund house. We strive to provide our consumers with a basket of products that are potently driven by quality and are relevant in the current context giving long term returns. Through the launch of Axis Consumption ETF, we aim to provide our consumers with an investment option that has proof of growth & strong returns. The consumption market has remained strong, gained traction and grown consistently over the last few decades. Our investors are smart and are completely driven by data, it is important that we distinctly show the surge in passive investing. I believe Axis Consumption ETF is a good opportunity for investors to gain exposure as well as a steady and continued long-term growth in the market.”

Source: Axis MF Research

About Axis AMC: Axis AMC is one of India`s fastest growing assets managers offering a comprehensive bouquet of asset management products across mutual funds, portfolio management services and alternative investments.

Atlas Copco Introduces ‘Pneumatech’ In The Indian Market

Atlas Copco - a leader in compressors, vacuum solutions, generators, pumps, power tools, and assembly systems, announced the introduction of its brand – Pneumatech in India on the successful completion of the brand’s 55 years global operations.

Pneumatech is a leading compressed air treatment and gas generation equipment manufacturer, under the Atlas Copco Group with a presence across the globe. Besides having a global reach in terms of sales and customer service and support, it has a global approach to manufacturing, with 15+ customer centers and 6 manufacturing facilities across the globe.

Products and services under Pneumatech are designed to meet the effective demand for energy efficiency while keeping environment in mind. The biggest environmental impact comes from reduction in the carbon footprint that comes with products from Pneumatech. Every project for a new product also sets a target to reduce the product’s carbon impact.

Pneumatech will enable the customers in the Indian market to optimize the energy-consumption from the compressed air system. In addition, it improves the lifespan of the compressed air equipments and lowers the overall consumption of energy along with reduction in carbon footprint.

Andy Prabhakar, General Manager, Brand Portfolio at Atlas Copco said “At Atlas Copco, we are committed to provide energy efficient solutions to our customers. And, by introducing Pneumatech in the Indian market, we will be able to empower our customers to achieve sustainable productivity and increased profitability. Through the introduction of Pneumatech, we, with our innovation and technologically advanced products, will pave a way for the best in class products with application centric solutions to our customers in the compressed air treatment world.”

Pneumatech's innovative products and solutions provide clean, dry air and gas to general industries as well as automotive, textile, power generation, oil & gas, food & beverage and electronics.