Mindtree Ltd: Growth Momentum To Stay Intact With Stable Profitability

 

HOLD

CMP: Rs3802  

Target Price: Rs 4300

* At its analyst meet, MTCL reiterated that steady execution of its well-devised '4*4*4 strategy' that focuses on four verticals (RCM, BFSI, TTH and CMT), four service lines (Customer Success, Data and Intelligence, Cloud and Enterprise IT) and four geographies (NA, UK & Ireland, Continental Europe, APAC & ME) has led to superior performance.

* The company has adopted a 3-pronged approach to accelerate growth in the core portfolio (cross-selling in Focused 100 clients, structured deals and M&A), expand the emerging portfolio (expand into newer geographies and services) and incubate new businesses (partnership with start-ups, academia, build PoCs in new areas).

* MTCL is confident to sustain EBITDAM at ~20% and is looking to invest additional savings into strengthening domain capabilities, geographic expansion, industry partnerships and future technologies to be ready for the next leg of digital transformation.

* MTCL has delivered a strong operating performance over the last few quarters, and it expects to sustain the momentum in FY23 on the back of strong broad-based demand. We maintain Hold on the stock with a TP of Rs4,300 at 33x Mar'24E EPS.

SJVN – Creduce (JV) In 1500 MW, Largest Indian Hydro Power Based Carbon Credit Deal

Creduce Technologies Private Limited – HCPL JV announces winning the bid for India’s single largest Hydro Power Carbon Credits project with Satluj Jal Vidyut Nigam Ltd. This project under joint venture could result in creation of more than 80 million carbon credits from Satluj Jal Vidyut Nigam’s vintage project making it the biggest public-private collaboration for claim and trade of carbon credits in the country in recent times. Looking at the current International Carbon Market Prices, This carbon credit project activity is poised to fetch approx USD 100 Million revenue into SJVN’s books.

The Satluj Jal Vidyut Nigam Ltd (SJVN) that began with a single project and State operation (i.e. India’s largest 1500 MW Nathpa Jhakri Hydro Power Station in Himachal Pradesh), today has commissioned several projects totalling more than 2500 MW of installed capacity. Besides the Nathpa Jhakri project SJVN also has Rampur Hydro Power project in Himachal Pradesh with a capacity of 500 mw together with consolidated installed and upcoming wind and solar power contributing to another 500 mw.

SJVN decided to avail the carbon credits and Invited Bids from the eligible Service providers. Creduce – HPCL JV emerged as the winner of rigorous tendering process and Won the Project.  With this project activity, SJVN and Creduce are also aiming to align with the new rules emerging from the Paris Climate Agreement.

The additional revenue will also bolster efforts for SJVN’s additional projects that it is implementing and operating in Himachal Pradesh, Uttarakhand, Bihar, Maharashtra, Uttar Pradesh, Punjab, Gujarat and Arunachal Pradesh in India besides neighbouring countries of Nepal and Bhutan.

Commenting on the mega collaboration, Shailendra Singh Rao, Founder, Creduce says, “Pursuant PM Modi’s announcement at COP26, Creduce has embarked on the ambitious journey of creating and servicing withing the Compliance and Voluntary Carbon Credits framework for all green projects to claim and utilize carbon credits. We are honoured to be a part of this deal where we would help SJVN claim millions in carbon credits and subsequent revenues over the coming decade.”

With SJVN’s vintage and future produce, the numbers would definitely help enhance the health of this balance sheet and support implementation of more such projects in the State of Himachal Pradesh and the country.

This announcement is a major step towards the mission of achieving net-zero emissions by the year 2070 as announced by Prime Minister Narendra Modi during the COP26 summit.

“We are proud to have partenered with Creduce to help de-carbonise the Indian and global economy. It is incumbent among each firm, be it government or private to commit to the  carbon markets and help the fight against climate change,” said Kartik Upadhyay, Managing Director, Hydel Consultants Private Limited.

About Shailendra Singh Rao

Serial Entrepreneur, Founder of Two Successful start-ups in domains as Renewable Energy consulting (Envarrior Consulting Services, now Creduce) & On demand Hyperlocal Laundry Services (www.Laundrynow.in, an Internet based start-up) Awarded as ‘Entrepreneur of the Year 2016’ by The Entrepreneur Magazine & Franchise India Group, ‘Entrepreneur of the Year 2017’ by APS Media Group and ‘Entrepreneur of the Year 2017’ by Times Media and Bharti Airtel. Made it to FORBES 100 notable under 40 Entrepreneurs in India.

ABOUT CREDUCE

C stands for Carbon, Climate Change, whereas Reduce represents the need to eradicate, offset and eradication of the debilitating effects – Hence Creduce

For the past decade, Creduce has been a pioneer in the field of Climate change mitigation technologies consulting and Global Carbon Credits advisory services. Creduce has a wide presence with projects located in Pan Indian States and Globally. Climate and human development are sides of the same coin. Creduce strives for a world where businesses, governments and communities make climate action the new normal.

Wholistic Wellbeing Company RoundGlass Launches ‘Living’ App

RoundGlass, a global organization on a mission to democratize Wholistic Wellbeing for the world, has launched RoundGlass Living app for wellbeing seekers. Coming at a time when a global pandemic has disrupted lives at every level, the app will help users find their way to managing work-life balance, getting better sleep, parenting, eating healthy, coping with grief, and making end-of-life decisions. RoundGlass Living offers guidance from the world's best teachers in form of authentic, science-backed courses, classes, live sessions, and more, guiding users to a life of happiness, harmony, health, and growth.

Speaking at the launch, Sunny (Gurpreet) Singh, Founder, RoundGlass said, “RoundGlass Living is not just an app but a friend, a coach who will help you get started on your journey to Wholistic Wellbeing. It will transform your lives and take you to a place where you feel better. With this app and website, we want to deliver Wholistic Wellbeing for everyone and make the world a more joyful place to live in.”

There are multiple practice pathways to choose from — meditation and mindfulness, music, cooking, and movement — helping users understand what works for them. Users can create their profiles and receive personalized recommendations and watch themselves grow into their better selves.

Talking about the teachers on RoundGlass Living, Prakriti Poddar, Global Head, Mental Health and Wellbeing, RoundGlass, said, “We have curated some of the best teachers and experts from across the world, including the likes of Nithya Shanti, Vimalasara, Almeiri Santos, and Curtis Smith. And we have culled their years of practice and unparalleled experience into our live sessions, classes, and courses to guide seekers on their wellbeing journeys. RoundGlass Living+ provides users exclusive one-on-one sessions with these masters.”

The app, available for iPhone and Android users, has a free and a premium version (Living+) with a monthly subscription of $7.99 and an annual subscription of $59.99 (introductory price). The premium version offers unlimited access to all videos, early access to classes and courses, the ability to download and watch on-demand, and reserved seats for exclusive events.

About RoundGlass Living

RoundGlass Living is our digital solution, which aims to open a new joyful world of Wholistic Wellbeing for its users. Offering curated knowledge and guidance from the world's best teachers, it will hand-hold its users on their wellbeing journeys. Users can choose from a wide range of practice pathways such as meditation, yoga, nutrition, and music to achieve Wholistic Wellbeing.

RoundGlass Living will give its users access to courses, classes, and live sessions; insightful articles; and wellbeing tools such as customized meditation timer and reminders. Be it recourse for everyday stress and anxiety, managing difficult emotions, or coping with grief the app will help users live better and more joyfully.

To learn more, visit https://round.glass/living/

About RoundGlass

RoundGlass is a global wholistic wellbeing company dedicated to empowering and enabling people on their wellbeing journey. Our mission is simple yet ambitious: to inspire the power of Wholistic Wellbeing to create a happier, healthier, and more joyful world. We work to achieve this by investing in and developing new technology, sharing knowledge, and focusing on action for the good of the individual, their community, and the wider world.

VKC Pride Launches ‘Shop Local’ To Woo The Online Customers

VKC Pride, India’s leading PU footwear manufacturer has launched a unique ‘Shop Local’ to woo the customers to nearby shops and help local neighbourhood businesses flourish. The campaign is aimed at energising local shops and to quell the threat of online

"If every neighbourhood can adopt this #ShopLocal Culture, it will help the Neighbourhood businesses thrive and help the neighbourhoods flourish as it will create more jobs in the neighbourhood and more money will change hands in the Neighbourhood itself as the money is not sucked out of the Neighbourhood by online marketplaces. Please join the #ShopLocal Culture Neighbourhood Movement to make your neighbourhood beautiful and power India to prosperity." said VKC Razak, Managing Director, VKC Group.

Three Campaign Tools: VKC Pride #ShopLocal campaign uses three powerful tools to get shoppers to shop from neighborhood shops.

Weekly Prizes: The first tool is VKC Pride 2022 Celebrations scheme that helps customers win a whole lot of prizes every week when they shop from nearby shops. Also, have a mega reward as a bumber prize. 

Modern Technology: The second tool of VKC Pride #ShopLocal Campaign is the new VKC Parivar App that helps online customers to shop from shops in their neighborhood by choosing the products on the App and pick up from the neighbourhood shops. Through the VKC Parivar App, every neighbourhood shop can cover an area of 20 kms.

Amitabh Bachchan Endorsed Ad-Less Ad: The third tool is the power of endorsement of the legend of Indian Cinema Sri. Amitabh Bachchan with a unique Neighbourhood Business and Prosperity film in the India's Pride My Pride ad series using the special technique of an ad-less ad pioneered by VKC Pride and originated by Breakthrough Brand & Business Consulting.

BOB Financial And IRCTC Launches “Co-Branded RuPay Contactless Credit Card”

* Card to offer maximum savings to frequent railway travellers and multiple benefits in shopping for categories ranging from groceries to fuel 

* The Loyalty Number printed on the card can be linked with the IRCTC login ID to redeem reward points on IRCTC Website as well as Mobile App 

BOB Financial Solutions Limited (BFSL), a wholly owned subsidiary of Bank of Baroda (BoB) and Indian Railway Catering and Tourism Corporation Ltd (IRCTC) have come together to launch the “IRCTC BoB RuPay Contactless Credit Card”. The card is specially curated to offer maximum savings to frequent railway travellers. Users of this card will also get multiple benefits for shopping across other categories ranging from groceries to fuel. Cardholders can also use this card to transact at international merchants and ATMs through the JCB network.  

Cardholders of IRCTC BoB RuPay Contactless Credit Card will be able to earn up to 40 reward points (per INR 100 spent) on 1AC, 2AC, 3AC, CC, or EC bookings made through the IRCTC website or mobile app. The card also offers a 1% transaction fee waiver for the customers on all their train ticket bookings. Customers making a single purchase worth INR 1,000 or more within 45 days of card issuance will get 1,000 bonus reward points. 

The co-branded credit card will offer 4 reward points (per INR 100 spent) on grocery and departmental stores and 2 reward points on other categories. Cardholders will be entitled to 4 complimentary visits per year at partner railway lounges. The card will also offer 1% fuel surcharge waiver across all petrol pumps in India. 

The cardholders will be able to redeem the accrued reward points on the IRCTC website and mobile app, after linking their Loyalty Number (printed on the co-branded credit card) with their IRCTC login ID. 

Speaking at the occasion, Ms. Rajni Hasija, CMD, IRCTC said, "IRCTC is extremely pleased and honored to partner with BOB Financial, a wholly owned subsidiary of Bank of Baroda – the third largest bank of India in presenting the new co-branded contactless credit card on RuPay platform in collaboration with NPCI. IRCTC has rich experience in offering its customers with such co-branded cards and has a tie-up with another public sector bank to offer its loyalty program to its customers. The recent collaboration with BOB Financial in launching IRCTC BoB RuPay Contactless Credit Card is another landmark step towards promotion of the indigenous RuPay payment platform and realizing the vision of Digital India of Hon’ble Prime Minister of India. IRCTC is happy to be instrumental in the fulfillment of this vision and we look forward to the resounding success of this card amongst our customers. The value proposition on this card presents a great potential as well as opportunity to be utilized among the vast customer base of IRCTC through its e-ticketing website www.irctc.co.in  and Mobile App ‘IRCTC Rail Connect.” 

Talking about the launch, Mr. Shailendra Singh, MD & CEO, BFSL said, “We are honored to partner IRCTC for the co-branded credit card, in partnership with NPCI. The card will offer uninterrupted payment convenience and benefits to customers for rail travel as well as all other shopping needs. We also expect the co-branded card to act as a catalyst for further adoption of digital payments in deeper geographies, helped by the presence of both the railway network as well as BoB branches.” 

Speaking at the launch, Ms. Praveena Rai, COO, NPCI said, “We are delighted for RuPay's Contactless Credit card launch by BOB Financial in partnership with IRCTC. This card will enable customers to save on their railway journey and to earn reward points on spending in other categories. With RuPay, we aim to offer customised value propositions backed by cutting-edge technology to provide a rewarding experience to millions of customers. We are confident that this launch is a step ahead to make RuPay the preferred credit card for India.” 

About BOB Financial Solutions Limited  

BOB Financial Solutions Limited was established in the year 1994. It is a Non-Banking Financial Company, wholly owned by Bank of Baroda. The Company’s primary business is in credit cards with its key differentiator being simple, easy-to-understand products that are fairly priced and efficiently serviced. A pioneer in the space of credit cards, BOB Financial offers an array of products catering to all segments of customers. It is leveraging state-of-the-art technology to provide unique payment solutions to its customers. 

For more information, visit www.bobfinancial.com 

Tata Motors Celebrates India’s #1 SUV Brand Across Indian Market

* Launches special Kaziranga edition of its SUVs, inspired by India’s rich flora and fauna

Celebrating its leadership position in the SUV segment, Tata Motors, India’s leading automotive brand, today, introduced the ‘Untamed Kaziranga Edition of SUVs’, inspired by India’s rich geographical and biological diversity while also paying homage to India’s great national parks. This iconic, one-of-a-kind special edition of SUVs will include India’s first and safest sub compact SUV – the Punch, India’s first GNCAP 5star rated car – the Nexon, the company’s premium SUV with the Land Rover DNA – the Harrier and its flagship 7 seater SUV – the Safari. With bookings commencing today, the Kaziranga edition will be available only on their respective top trims, across all Tata Motors authorised dealerships.

Speaking at this occasion, Mr. Rajan Amba, Vice President, Sales, Marketing and Customer Care, Tata Motors Passenger Vehicles Ltd. said, “The shift towards SUVs is a global trend and it is the same for India. We have been riding on this trend with our New Forever range of SUVs, widely appreciated by our patrons. In the midst of the current industry scenario coupled with the myriad of options available in the market place, we are happy to have emerged as the #1 SUV brand, and would like to thank all our customers for trusting the brand. To take this success story forward, we are delighted to introduce the Untamed Kaziranga Edition of SUVs inspired by the rich biodiversity our country has to offer. With the symbol of Kaziranga-The Great Indian One horned Rhino, known worldwide for their agility and power, this range reinforces the “Go-Anywhere” DNA of our true SUVs.  Adding to the above, in line with the New Forever brand promise, we are diversifying our SUV portfolio for our customers and we hope that this introduction will further cement our position as the leaders in this segment.”

Tata Motors has also recently announced its plan to auction the Punch Kaziranga Edition to the IPL fans and has decided to donate all proceeds from the winning bid towards the efforts on Conservation of Wildlife in Kaziranga.

Defining character of the Kaziranga Range:

This new range introduction comes with a series of interesting additions to enhance the overall design of the cars. All models come with a Grassland Beige Exterior Body Color with a dual tone roof in Piano Black finish. The Earthy Beige Leatherette upholstery and Tropical wood Dashboard along with the several Earthy beige coloured inserts in the interiors make the cars more thematic, elevating the interiors with an exclusive feel. Furthermore, the embossed outlined torso of two rhinoceroses facing each other on the front headrests (also in 2nd Row in Safari) and the addition of a new Satin Black Rhino Mascot on the front fender, emphasizes the go – anywhere attitude of Tata Motors’ true SUVs while also resonating with the solid toughness of the mascot.

About the Untamed Kaziranga Range:

Tata Punch Kaziranga Edition

India’s first and safest sub-compact SUV – the Tata Punch gets an interesting addition of elements with the all New Earthy Beige Leatherette Upholstery, Piano Black door trim, Earthy beige tri-Arrow finish dashboard mid pad, Granite Black Roof rails, Piano Black Humanity Line front grille and Jet Black 16" Alloy wheels. This Kaziranga edition will be available in the top persona Creative MT, Creative MT-iRA, Creative AMT and Creative AMT-iRA.

Tata Nexon Kaziranga Edition

The Nexon in its newest incarnation witnesses the addition of ventilated seats for the driver and co-driver. The thoughtful addition of an air-purifier makes its cabin feel comfortable and safe. To provide more ease to the driver, a new electro-chromatic IRVM has been introduced in this version. Additionally, the Nexon Kaziranga will also come equipped with Dual tone Earthy Beige Leatherette Upholstery, Piano Black door trims, Tropical Wood finish dashboard mid – pad, Granite Black Body Claddings and roof rails, Piano Black Humanity Line front grille and Jet Black 16" Alloy wheels. The Nexon Kaziranga edition will be available in two trims – Petrol & Diesel Powertrains, Nexon XZ+ (P) and Nexon XZA+ (P)

Tata Harrier Kaziranga Edition

Tata Motors’ premium SUV – the Harrier will now sport an enhanced appeal with the addition of ventilated seats for the driver and co-driver. The thoughtful addition of an air-purifier makes its cabin feel comfortable and safe. It will also come with a host of new connected car technologies, (iRA Connected Car Technology, Remote Commands, Location based services, Over the Air Updates, Live vehicle Diagnostics and Gamification) along with Apple Car Play and Android Auto over WiFi. With Dual tone Earthy Beige Leatherette Seats and Door trims, Tropical Wood finish dashboard mid – pad, Granite Black Body Claddings, Granite black front grille with Piano Black Inserts and Jet Black 17" Alloy wheels, the Harrier, in the Kaziranga edition, will be available in two trims – Harrier XZ+ and Harrier XZA+

Tata Safari Kaziranga Edition

Tata Motors’ flagship SUV – The Safari is one of the most feature rich vehicle in its segment. In addition to the available features in its top trim like the Ventilated Seats in 1st & 2nd Row”, Wireless Charger, Apple CarPlay / Android Auto over Wi-Fi, Air Purifier, iRA, The Safari Kaziranga will sport Dual tone Earthy Beige Leatherette Seats and Door trims, Tropical Wood finish dashboard mid – pad, Granite Black Body Claddings, Granite black front grille & Roof rails with Piano Black inserts and Jet Black 18" Alloy wheels. This edition in the Safari will be available in 4 trims - XZ+ 7S, XZA+ 7S, XZ+ 6S, XZA+ 6S.

To know more about offers and car buying options, call your nearest dealership or visit https://cars.tatamotors.com/

Sify Data Centers To Invest In Over 200 MW Of Green Power

* Announces partnership with Vibrant Energy, a portfolio company indirectly invested in by Macquarie’s Green Investment Group (“GIG”) and operating on a standalone basis

Sify Technologies Limited (NASDAQ: SIFY) (“Sify”), India’s leading digital ICT solutions provider, today announced a major commitment to renewable energy for its growing data center portfolio in India. The company recently concluded power purchase agreements (PPAs) with Vibrant Energy Holdings (“Vibrant”), a majority owned subsidiary of Blue Leaf Energy Asia Pte. Ltd. (“Blueleaf Energy”) which is a portfolio company of Macquarie’s GIG. The PPAs are for total 231MW of solar and wind energy capacity to power Sify’s latest hyperscale data centers, of which 67MW solar PPA had been signed in March 2021 and recently commissioned.

This partnership is the first step in a clear roadmap for the company to minimize its dependence on fossil fuels to power its fast-growing data center business, dramatically reducing its carbon footprint. By simultaneously investing in both solar and wind energy, Sify will soon be able to deliver most of the power required for its flagship data centers in Mumbai from renewable sources and intends to continue increasing renewable penetration across its nationwide footprint.

Raju Vegesna, Chairman, Sify said, “There is an intensifying narrative about adopting green energy. We decided to lead by action, as we always have done in the ICT space.  With the constantly expanding need for world-class data center facilities to meet the burgeoning data-centric transformation of Indian businesses, we believe that investing in clean energy sources to fuel this transformation is a social imperative.  Sify is proud to be doing its part to help our customers become a part of this clean energy future”.

M P Vijay Kumar, CFO, Sify, said, “As an early adopter of ESG guidelines, Sify has constantly pushed the envelope in the Data Center space. This shift to renewables will deliver clear economic advantages, but it is also about proving the viability of adopting green energy solutions at an industrial scale.”

Oliver Lewis, Chairman of Vibrant Energy and Executive Director of GIG said: “We are very excited by Vibrant’s continued growth in capacity to provide green energy solutions to businesses in India, supporting India’s decarbonization. The partnership with Sify Technologies marks a new milestone on Vibrant’s journey of providing green energy and tailored solutions to meet the growing business demand.”

Srini Viswanathan, CEO, Vibrant Energy, said: “Vibrant is honored to partner with Sify in their journey to build sustainable data center solutions in the Indian market. Vibrant is looking forward to continuing to work with Sify to support them in their 100% renewable energy goals.”

About Sify Technologies

A Fortune India 500 company, Sify Technologies is India’s most comprehensive ICT service & solution provider. With Cloud at the core of our solutions portfolio, Sify is focussed on the changing ICT requirements of the emerging Digital economy and the resultant demands from large, mid and small-sized businesses. Sify’s infrastructure comprising state-of-the-art Data Centers, the largest MPLS network, partnership with global technology majors and deep expertise in business transformation solutions modelled on the cloud, make it the first choice of start-ups, SMEs and even large Enterprises on the verge of a revamp. More than 10000 businesses across multiple verticals have taken advantage of our unassailable trinity of Data Centers, Networks and Security services and conduct their business seamlessly from more than 1600 cities in India. Internationally, Sify has presence across North America, the United Kingdom and Singapore. Sify, www.sify.com, Sify Technologies limited, www.sifytechnologies.com, Sify Infint Spaces Limited and Sify Digital Services Limited are registered trademarks of Sify Technologies Limited.

About Vibrant Energy

Vibrant Energy’s mission is to lead the transition of corporate & industrial (C&I) customers to a more sustainable, resilient, and low-cost energy future. The platform has been delivering on this mission through its extensive project portfolio which currently contains 66MW of operational solar PV projects and an active development pipeline of over 400MW across India. Vibrant Energy a is a majority-owned subsidiary of Blueleaf Energy. Blueleaf Energy is a portfolio company owned by Macquarie’s Green Investment Group, operating on a standalone basis.

About Blueleaf Energy

Blueleaf Energy’s mission is to develop, deliver and operate safe, high quality, ethical renewable energy projects, enabling a greener energy mix and lower power bills. Blueleaf Energy specialises in commercial and industrial (C&I), utility scale solar, wind and energy storage solutions across the Asia-Pacific region. 

Blueleaf Energy is developing a pipeline of projects in excess of 6GW, in addition to the historical track record of building 2GW of capacity globally, including over 500MW in the Asia Pacific region. Blueleaf Energy is a portfolio company owned by Macquarie’s Green Investment Group (GIG), operating on a standalone basis.

About Macquarie’s Green Investment Group

Macquarie’s Green Investment Group (GIG) is a specialist in green infrastructure principal investment, project development and delivery, green impact advisory and the management of portfolio assets. Its track record, expertise and capability make it a global leader in green investment and development, dedicated to accelerating the green transition. In April 2022, GIG will operate as part of Macquarie Asset Management (MAM). This move will bring together market leading expertise across the energy transition spectrum and connect GIG with the capital of the world’s largest investors to accelerate the green transition and deliver a net zero future.