L&T & Microsoft Ink Landmark Partnership To Develop Regulated Sector Cloud Offering

* Sign MoU to modernize traditional data centers to potentially hybrid cloud architecture

Larsen & Toubro (L&T) and Microsoft India, today announced the signing of a Memorandum of Understanding (MoU) to develop a regulated sector focused cloud offering to empower customers with the best-of-breed cloud computing and infrastructure services. In line with emerging regulations, L&T and Microsoft will co-engage with a defined set of large customers in regulated sectors to develop architectures and roadmaps to modernize their traditional data centers to potentially hybrid models and advance their digital transformation goals.

Under the MoU, the two industry leaders will setup a joint governance group to define future platform designs, investments, and commercial/business models to service the regulated sectors’ emerging technology requirements. Senior leadership teams of both the organizations will be engaged collectively on this as the association evolves.

Mr. S.N. Subrahmanyan, CEO & MD of Larsen & Toubro said, “India is at the cusp of enormous cloud adoption, as innovation, scale and agility become critical determinants for enterprises grow and compete globally. Our partnership with Microsoft aims to accelerate hybrid cloud transition for large customers in regulated sectors, while maintaining the highest benchmarks of compliance, security, and governance. As enablers of India’s digital transformation vision, our ambition is to support organizations in their journey to become digital natives and future ready businesses.” 

As per the present norms, the MoU will focus on engaging customers in the Indian jurisdiction, with the potential to extend this partnership to other jurisdictions in the future, as agreed between the two companies. At an appropriate time, L&T and Microsoft will consider possible partnership structures to continue to collaborate for the performance of this MoU.

Talking about the MoU, Mr. Anant Maheshwari, President, Microsoft India, shared, “The government’s drive for ‘Digital India’ and the unprecedented digital momentum across the country has led to a recalibration of the cloud infrastructure requirements. Microsoft is excited to collaborate with L&T to support the public sector and the other regulated industries as they seek to accelerate digital services to benefit all parts of India. This partnership will enable development of a scalable cloud infrastructure model for these sectors to accelerate their digital innovation, in alignment with the data location and security needs of India.”

Digital transformation, innovation and growth is empowering the public sector and regulated industries to achieve more as they engage with citizens, empower their employees, optimize their operations, and reinvent services and business models. As one of the largest cloud hyperscalers, Microsoft has a strong track record of addressing the requirements of public sector and regulated industries across the globe, helping them respond to the increased citizen demands of today while embracing emerging technologies to transform their tomorrow. The agreement with L&T will combine the unique strengths of both L&T and Microsoft to utilize digital services as a key lever for economic growth.

Over the years, L&T has been at the forefront of using technology and innovation for sustainable growth. Leveraging the best-in-class technical competencies, L&T offers concept-to commissioning services for setting up end-to-end data center services, with hybrid, multi-cloud management and cyber security services, besides digital transformation, and application integration services.

Prime Minister Inaugurated 216-Feet Tall Statue Of Equality Commemorating Sri Ramanuja’s Eternal Teachings

* Lauds the historic initiative of creating a spiritual zone on a global scale to inspire the whole world with the eternal teachings of Sri Ramanuja, the 11th century Bhakti saint and social reformer 

* The unveiling of the Statue is a part of the 12-day Sri Ramanuja Sahasrabdi ‘Samaroham’, the 1000th birth anniversary celebrations of Sri Ramanjua, which commenced on February 2, 2022, with the world’s biggest Sri Lakshmi Narayana Maha Yajna  

Prime Minister, Sri Narendra Modi Ji has dedicated to the world today the 216-feet tall Statue of Equality which commemorates Sri Ramanujacharya’s teachings promoting equality in its truest sense among people of all faith, caste, and creed. He visited the 45-acre temple complex housing the statue and the identical recreations of 108 Divya Desams, centered in Shamshabad, Hyderabad.    

The unveiling of the Statue of Equality is a part of the ongoing 12-day Sri Ramanuja Sahasrabdi ‘Samaroham’, the 1000th birth anniversary celebrations of Sri Ramanjua, commenced on February 2, 2022. His Holiness Chinna Jeeyar Swami presided over the event that attracted the participation of politicians, celebrities, and thousands of devotees from all over the world.  

The Statue of Equality is made of ‘panchaloha’, a combination of five metals: gold, silver, copper, brass, and zync. The 54-ft high base building, named ‘Bhadra Vedi’, has dedicated floors for a Vedic digital library and research centre, ancient Indian texts, a theatre, an educational gallery detailing many works of Sri Ramanujacharya.  

In his speech, Sri Modi Ji, said, “I am so proud to witness the moment of the inauguration of the Statue of Equality. It is indeed a very proud moment for every Indian. India holds many great minds, and one of them was Sri Ramanujacharya, who taught us the lesson of equality between all cast, creed, and gender.  Statue of Equality puts our nation at the forefront as a firm believer in equality, having one of the most diverse population globally. I would also take this opportunity to thank HH Tridandi Chinna Jeeyar Swamiji, who took the initiative to give our nation a symbol of equality and unity, which is the very essence of Bharat." 

Welcoming everyone at the grand opening of the Statue of Equality, HH Chinna Jeeyar Swamiji, said, “Bhagavad Ramanujacharya remained a true icon of equality for 1000 years and this project would ensure that his teachings are practiced for at least another 1000 years. Our mission is to make the Statue of Equality a culturally paramount destination for people across the globe and inspire everyone to make the world a more equal place to live," he said.  

Sri Lakshmi Narayana Maha Yajna, a Vedic rite of offering oblations to the sacred fires, marked the commencement of the ‘Samaroham’. Featuring the participation of 5000 Vedic Scholars the Maha Yajna was conducted on February 2, 2022, with 1035 ‘yaaga kundas’ (the ritual pits) located at 144 ‘homashalas’, making it the world’s largest yajna of its kind in modern history. His Excellency, President Sri Ramnath Kovind Ji will unveil the inner chamber Ramanuja on February 13, 2022.  

Sri Ramanuja Sahasrabdi ‘Samaroham’ includes many spiritual activities such as chanting of nine branches of the four Vedas, japa of Ashtakshari Maha Mantra, also known as Mantra rajam (king of all mantras), the recitation of Itihasas, puranas and agamas. The ongoing chanting of Ashtakshari Maha Mantra is expected to reach the counting of one crore by the end of the Samaroham. The foundation stone for the project was laid in 2014.  

Muscle & Strength India Enters Uttarakhand Market With Store Launch In Haridwar

Muscle & Strength India, one of the country’s leading retailers of fitness supplements & nutritional products has launched its store in Haridwar, Uttarakhand. Renowned bodybuilder Mukesh Singh Gehlot, Mayank Pawar & Mohmmad Iqbal inaugurated the store located near Chandracharya Chowk, Haridwar. Muscle & Strength India is now looking to expand aggressively in the North market and aims to open 20 stores in the next 1 year in the region. The company will also be opening multiple stores in Uttarakhand market too. Muscle & Strength India is eyeing to launch outlets through franchisee route as it seeks to deepen its presence in India's growing nutritional supplement space.

Muscle and Strength India, which currently has 20 stores spread across multiple cities has the widest range with over 1000 fitness supplements and nutrition products from 42+ brands. Muscle and Strength India offers a comprehensive range of genuine high-quality fitness supplement and nutritional products across categories such as proteins, vitamins, minerals and herbal supplements etc manufactured by international fitness brands under a single roof. These supplements are used for athletic performance, fitness and overall wellness.

“The expansion plans of Muscle & Strength India come at a time when there is increased focus on preventive healthcare as the world is grappling with the Covid-19 pandemic. In a short span of time, Muscle & Strength India has already made its mark with its authentic and genuine products. Apart from metros, we are also witnessing demand in the tier 2 & tier 3 cities where availability of latest, genuine and economically priced supplements is still a challenge,” said Mr. Praveen Chirania, Founder, Muscle and Strength India.

“The fitness and wellness industry in India is growing at an unparalleled pace as more people embrace fitness and healthy lifestyle as a way of living and are much more inclined towards achieving their fitness goals. With so many supplements stacking up on the shelves, genuineness is a questionable factor for all as there are a lot of fake, counterfeit products in the market. However authenticity is a guarantee when you shop at Muscle & Strength India,” said renowned bodybuilder Mukesh Singh Gehlot.

“Maintaining good health and being fit is a modern-day need among all generations today. However, it is important to make the distinction between genuine and fake supplements and hence one should buy them from genuine dealers of reputed brands. Our ideal target audience are those who are interested in fitness and sports nutrition, gym-goers, sports enthusiasts, health gurus, health-conscious individuals, etc. We are happy to join hands with Muscle & Strength India who has become one of the fastest growing retail chains in the health supplement market in India.” said Sagar Walia, Store Owner, Muscle and Strength India.

Muscle and Strength India has also recently entered into manufacturing of its private-label product Perfect Series in the sports nutrition category and will widen its portfolio in the near future. The company has already received USFDA registered® certification for its private-label product. Muscle and Strength India has also roped in renowned celebrity fitness trainer Mayank Pawar for promotional activities. Youth icon Prince Narula plays a key role in strategic expansion plans of the company including marketing and promotion. Bhupender Dhawan, Dronacharya Award Recipient from the Honourable President of India in the field of Power Lifting is also a part of Muscle and Strength India and has been activity involved in the marketing initiatives.

Bata India On-Boards Disha Patani As Its New Brand Ambassador

* To inspire Indian Youth with its new Sneaker, Casual & Fashion collections

Footwear major Bata India Limited has roped in Bollywood actor Disha Patani as the new face of the brand. The move comes as Bata looks at further strengthening its youth connect and a fashion forward imagery that presents a fitting blend of style and comfort. The young and vivacious actor will be seen promoting various popular labels under the Bata umbrella.

Regarded as the face of next-gen Bollywood, Disha is currently one of the most popular actors in the country. Known for her exceptional fashion sense and fitness, Disha is widely regarded as a trend setter. The stylish actor enjoys a huge following on social media and has won millions of hearts with her charming smile and vibrant personality.

Commenting on this occasion, Gunjan Shah, CEO, Bata India Limited said: “We are happy to have Disha on board as the new face of Bata. At Bata, we have been on a quest to transform the brand imagery and deliver on the aspirations of the youth of the country. Over the years, we have established Bata as a brand that is contemporary and remains relevant with changing times. Disha, with her lively personality and positive energy fits in perfectly with our brand narrative that blends together style and comfort. In line with consumer trends, we have been rolling out more sneakers, casual & 2-mile fashion styles and our association with Disha will help us in further strengthening our connection with the youth and millennials and taking Bata’s brand appeal to the next level.”

On associating with Bata India, Disha Patani said: “I am absolutely thrilled about associating with Bata and look forward to working with one of the most iconic & loved brands in the country. Bata is well known for its comfortable footwear, but I was quite impressed with the wide variety of styles & designs across sneakers, casuals, and fashion footwear. It really excited the fashionista inside me and I look forward to an exciting journey with the brand ahead.”

Bank Of Baoda Announces Financial Results For Q3 FY2022

Key Highlights 

The domestic CASA of the Bank marked a growth of 12.86% on a YoY basis.  

Operating profit for the quarter grew by 7.85% on a YoY basis.  

Net profit of the Bank doubled for the quarter and stands at INR 2,197 crore in Q3FY22 against INR 1,061 crore in Q3FY21. Net profit increased to INR 5,494 crore in 9MFY22 from INR 1,875 crore in 9MFY21. 

Gross NPA ratio of the Bank significantly improved to 7.25% in Dec’21 from 8.48% in Dec’20. 

Global Net Interest Margin (NIM) increased to 3.13% in Dec’21 from 2.77% in Dec’20. 

Global Advances of the Bank increased by 5.17% sequentially to INR 7,71,994 crore. 

Domestic Advances of the Bank increased to INR 6,54,315 crore, up by 4.96% on a QoQ basis, YoY growth stands at 3.36%.  

Business Performance 

Global Deposits increased by 2.46% to INR 9,78,034 crore on a YoY basis. Domestic Deposits increased by 5% to INR 8,76,555 crore in Dec’21. 

Domestic Current Account Deposits stands at INR 65,260 crore, registering a robust growth of 15.41% on a YoY basis.  

Domestic Savings Bank Deposits grew by 12.36% to INR 3,22,909 crore. Overall Domestic CASA registered a growth of 12.86% on a YoY basis. 

Organic Retail loan portfolio of the Bank grew by 11.13% led by growth in Personal loan portfolio by 46.39%, Auto loan by 20.54% and Education loan by 13.86% on a YoY basis. 

Agriculture loan portfolio reached to INR 1,05,694 crore, marked a YoY growth of 9.58% 

Organic MSME portfolio increased to INR 92,668 crore grew by 2.39% on a YoY basis. 

Profitability 

Net Interest Income (NII) increased to INR 8,552 crore in Q3FY22 as against INR 7,477 crore in Q3FY21, registering a growth 14.38% YoY.   

Operating Income of the Bank increased by 6.57% YoY to INR 11,071 crore in Q3FY22. 

Operating Income for 9MFY22 registered a growth of 10.57% and stood at INR 32,972 crore as against INR 29,819 crore in 9MFY21.  

Cost of Deposits reduced to 3.50% in Dec’21 as against 3.85% in Dec’20.  

Yield on Advances improved sequentially to 6.92% in Dec’21 from 6.55% in Sep’21. 

Operating Profit of the Bank increased to INR 5,483 crore in Q3FY22, up by 7.85% on a YoY basis. Operating Profit for 9MFY22 stands at INR 16,754 crore registering a growth of 11.95% YoY. 

Bank reported a standalone Net Profit of INR 2,197 crore in Q3FY22 as against INR 1,061 crore in Q3FY21.The Net Profit for the 9 months period increased to INR 5494 Crore in Dec’21 from INR 1875 Crore in Dec’20. 

Global NIM increased to 3.13% in Q3FY22 from 2.77% in Q3FY21.  

Return on Assets (RoA) improved by 37bps to 0.74% in Q3FY22 from 0.37% in Q3FY21. 

For the consolidated entity, Net Profit stood at INR 2,464 crore in Q3FY22 as against INR 1,196 crore in Q3FY21. 

Asset Quality 

The Gross NPA of the Bank reduced to INR 55,997 crore in Q3FY22 from the level of INR 63,182 crore in Q3FY21 and Gross NPA Ratio improved to 7.25% in Q3FY22 from 8.48% in Q3FY21. 

The Net NPA Ratio of the Bank improved to 2.25% in Q3FY22 as compared with 2.83% in Q2FY22. 

The Provision Coverage Ratio of the Bank stood at 85.95% including TWO and 70.60% excluding TWO in Q3FY22. 

Capital Adequacy 

CRAR of the Bank improved to 15.47% in Dec’21 from 12.93% in Dec’20. Tier-I stood at 13.24% (CET-1 at 11.30%, AT1 at 1.94%) and Tier-II stood at 2.23% as of Dec’21.  

The CRAR and CET-1 of consolidated entity stands at 15.97% and 11.91% respectively 

Future Generali Insurance Launches "FG Gift Of Health" Across India

•Two plans offered - Future Hospicash and Accident Suraksha 

•Aimed at offering gift of health; can be gifted to anyone 

•Premium starts at Rs. 501 

Future Generali India Insurance Company Limited (FGII) announced the launch of its innovative ‘FG Gift of Health’ product. Through this unique offering, FGII aims to empower individuals by providing them with an insurance product that can be gifted by anyone to support and secure people who matter to them, be it the support staff, domestic help, friends, extended family, or even members of an NGO. Gifting of an insurance product has now been made possible via IRDAI sandbox regulations.  

Speaking on the launch of the product, Ruchika Malhan Varma, Chief Marketing Officer, Future Generali India Insurance, said, “At FGII, we are strongly driven by innovation and are focused on enabling universal access to the right insurance solutions. Our support staff is our backbone and play an instrumental role in helping us shoulder our responsibilities as we progress towards achieving our dreams. It is important that we do our bit towards safeguarding their health uncertainties arising from multiple challenges like job loss, limited access to quality healthcare, accidents, etc.” 

‘FG Gift of Health’ starts with a premium of INR 501/- and is available in two options, i.e., Future Hospicash and Accident Suraksha. This policy can be gifted to an individual as well as the family of the gift receiver i.e., receiver, spouse of receiver and two dependent children (up to 25 years of age). 

Ruchika further adds, “As a responsible brand, we want to ensure that we enable everyone to further empower others with access to quality healthcare through insurance. ‘FG Gift of Health’ has several unique features to ensure that the benefits of insurance can reach all segments of the society. Depending on the product chosen, the policy will cover incidental expenses during hospitalization by providing daily cash benefit and / or lumpsum benefit in case of accidental injuries leading to disabilities / death. Once they realise the financial help and security that insurance offers, they are likely to consider renewal which will help us in deepening insurance penetration in the country.” 

While Future Hospicash covers incidental expenses in case of hospitalisation and offers a fixed benefit for each day of hospitalisation, irrespective of the actual medical cost. Accident Suraksha provides beneficiaries with a lumpsum amount in case of accidental injuries leading to disability / death. Further, an additional discount of 10% on the total premium can be leveraged if both the plan options are being bought for the benefit of the same individual. There is no medical examination required for obtaining insurance cover under this policy. 

About Future Generali India Insurance Company Limited 

Future Generali India Insurance Company Limited is a joint venture between Future Group – the game changers in Retail Trade in India and Generali – a 190-year-old global insurance featuring in the world’s 70 largest companies*. The Company was incorporated in October 2006 and received the IRDAI license in September 2007 with the objective of providing retail, commercial, personal, and rural insurance solutions to individuals and corporates to help them manage and mitigate risks. 

Future Generali India has been aptly benefitting from the global Insurance expertise in diverse classes of products of Generali Group and the Indian retail game-changer Future Group. Having firmly established its credentials in this segment and effectively leveraging on the skill set of both its JV partners, Future Generali India has evolved to become a Total Insurance Solutions Company. 

*As per Fortune Global 500 Ranking (2020) 

*Future Generali India Insurance is certified ‘Great Place to Work’ (December2021-November 2022)  

ABFRL To Create Platform For D2C Business; Charts Ambitious Path To Build India’s Largest Portfolio Of Digital-First Fashion & Llifestyle Brands

Aditya Birla Fashion and Retail Limited (ABFRL), India’s leading fashion company, today announced its plans to set up a platform for foraying into the Direct to Consumer (D2C) business. The Board of directors of the Company in their meeting today provided an omnibus approval to set up a new subsidiary towards building a portfolio of distinct, new-age, digital brands across categories in fashion, beauty and other allied lifestyle segments.  The D2C portfolio will be built through organic and inorganic means. This venture will initially be funded through ABFRL’s internal accruals. At an appropriate time, the company will look to bring in external capital to accelerate the growth journey. The D2C market opportunity in India is expected to be $100bn by 2025. 

The newly incorporated entity will organically incubate and also acquire promising and scalable D2C brands. Other than providing growth capital, ABFRL’s proposition is built around its strong operational expertise where it will utilize its rich experience and capabilities to scale up this portfolio.  

Commenting on the move, Mr. Ashish Dikshit, Managing Director, ABFRL said, “We are excited about the D2C opportunity in India. At ABFRL, we want to build the next set of iconic brands in the digital space as we evolve with our changing consumers. Leveraging our core capabilities around design, product creation, sourcing and brand building that have enabled us to create some of India’s most loved fashion brands in the offline space, we now wish to craft a blockbuster portfolio in the digital space as well. We are confident that this foray will successfully meet the aspirations of digitally native customers and also create long-term value for investors and other stakeholders.” 

The company will now accelerate the process of building the D2C framework and identifying key talent for this play.  ABFRL will look to tap into the broader tech ecosystem and collaborate effectively with its ecommerce partners, tech service providers, digital marketing agencies to scale this business rapidly.