Magellanic Cloud Announces Its 100% Share Acquisition Of IVIS And Provigil

Leading IT services provider, Magellanic Cloud (listed as MCloud on BSE), is pleased to announce that it has acquired 100% of the shares of IVIS International Private Limited and100% of the shares of Provigil Surveillance Limited, subject to completion of closing conditions as specified in a Share Purchase Agreement (SPA) between the companies, by way of cash consideration valued approximately at INR.290,27,93,405 and INR 35,97,00,000 respectively, subject to closing adjustments based on Share Purchase Agreement.  

Magellenic Cloud is acquiring these two companies to expand the range of services it provides. This acquisition will add electronic surveillance to Magellanic Cloud’s portfolio and will help expand its security solutions offering to enterprises.  

IVIS and Provigil, are AI/ML and IOT technology enabled e-surveillance companies started by a group of entrepreneurs with experience in the Network and Surveillance domain in the US/UK/Canada.  Their mission is to provide state-of-the-art technology that provides e-surveillance systems to prevent theft, vandalism, compliance checks & real-time deviation detection, as well as business and operational insights that such data can readily provide.  For example, the software can identify bottlenecks in customer flow in retail stores which could suggest alternative product placement to optimize profits.  They have been providing these services to several leading brands. The company is already serving over 20,000 sites in India.  Magellenic Cloud plans to modify the software so that it will work for many other business use cases. 

Speaking about the acquisition, Joseph Sudheer Reddy Thumma, CEO of Magellanic Cloud said “We are excited to announce the acquisition of IVIS and Provigil, a leader in technology-based e-surveillance industry, and happy to include them in our fold. We provide innovative technology solutions to a diverse group of industries. We take pride in being at the cutting edge of technology and providing the latest digital solutions using AI, ML and IoT to help companies accelerate their journey of digital transformation. The addition of IVIS and Provigil is another feather in our cap as digital security solutions are an essential part of digital transformation.”

Murali Mohan Rachapoodi, CEO of IVIS and Provigil added “This partnership has come at a time when enterprises are focused on all-around digital transformation. IVIS specializes in providing cutting edge surveillance solutions using AI and IOT technologies that include video surveillance, sensors, and deterrents, providing a virtual defense mechanism for properties / assets. It is extremely effective as it not only reports the theft but also prevents the same without any human intervention. Factories, shops, properties, and facilities would benefit from this system as it would provide them with adequate security, video analytics and Business Intelligence to enterprises without the need to hire resources. We are eagerly anticipating this new move to contribute to our growth trajectory.”

Both Magellanic Cloud , IVIS and Provigil are excited about the latest development and expect the strategic acquisition to work successfully. The IT services company continues to stride forward by expanding its portfolio of services.

About Magellanic Cloud

Magellanic Cloud works in the digital space and is at the forefront of providing innovative technology solutions to a wide range of industries. They have tie-ups with multiple brands and have offices in multiple locations in Asia, Europe, and the USA. Mcloud aims at providing quality software solutions for internal, commercial use and other organizations that help accelerate the growth and resolve complicated issues.

Magellanic Cloud is a leading provider of IT services to customers in diverse industries. It is listed on the Bombay Stock Exchange with the ticker symbol MCLOUD. They specialize in offering best-in-class digital transformation services to global clients. Magellanic Cloud has several companies under its umbrella catering to different service needs. They have a team of over 1200 professionals, serve over 50 companies, and have over 40 years of experience. They have a rich and varied clientele spread across the world. With the acquisition of IVIS and Provigil, they will be adding electronic surveillance to their service portfolio.

Consumer Interest In “Virtual Living” Intensifies, Accenture Survey Finds

* Successful consumer-facing companies are using immersive technologies to build digital environments that are increasingly realistic and create a greater connection to the physical world

The growing use of immersive technologies such as augmented and virtual reality will spur consumer-facing companies, such as those in retail, consumer goods and travel, to increase investment in new capabilities and experiences to blend physical and virtual worlds, or risk being left behind, according to the findings of a recent global survey from Accenture (ACN:NYSE).

The survey of more than 11,000 consumers in 16 countries including India found that while almost two-thirds (64%) of consumers had already purchased a virtual good or taken part in a virtual experience or service in the past year, that figure is expected to rise, as 83% show interest in making purchases via the metaverse. Furthermore, 42% of survey respondents said they had visited a retailer in the virtual world to get advice, make a payment or browse a product range when shopping for a physical item, while 56% of respondents plan to in the next year. Among millennials, these figures increase to 51% and 61% respectively.

According to the Accenture Technology Vision 2022, “Meet Me in the Metaverse: The Continuum of Technology and Experience Reshaping Business,” more than half (55%) of consumers agree that more of their lives and livelihoods are moving into digital spaces. In response, the vast majority (90%) of retail executives say that they anticipate that leading organizations will push the boundaries of the virtual world to make it more real, increasing the need for persistence and seamless navigation between the digital and physical worlds. Further, 72% of global executives state that the metaverse will have a positive impact on their organizations, with 45% believing it will be breakthrough or transformational.

“As consumers explore the virt-real world, companies that do not actively begin incorporating new immersive experiences into their business strategy now, run the risk of being left behind. By embracing the Metaverse, businesses have the opportunity to reinvent consumer experiences and also transform the way in which products and services are being created and offered,” said Anurag Gupta, managing director and lead - Strategy & Consulting, Accenture in India.

The survey also found that half (50%) of consumers said that they are buying, or would be interested in buying, a travel experience such as a sightseeing tour or hotel stay. This figure rises to 55% of millennials, compared to 29% of baby boomers. For leisure, 54% of consumers said that they are buying, or interested in buying, tickets to a concert, a show or sporting event taking place in a virtual world.

Manish Gupta, managing director and lead - Products, Accenture in India said, “As an evolving continuum, Metaverse is expected to transform and impact every part of the business value chain – right from reinventing consumer engagement to solving R&D issues and enabling enterprise-wide data analysis to leadership decisions. Consumer-facing companies need to focus on skilling and investing in a robust technology foundation to benefit from the new opportunities that will come up in the future.”

In addition to giving rise to new ways to shop, travel and socialize, virtual products and locations highlights a potential opportunity to grow revenue across industries.

Accenture recently announced the launch of the Accenture Metaverse Continuum business group, which combines metaverse-skilled professionals and market-leading capabilities in customer experience, digital commerce, extended reality, blockchain, digital twins, artificial intelligence and computer vision to help clients design, execute and accelerate their metaverse journeys.

About the Research

Accenture’s Consumer Pulse Survey offers insights into consumer outlook, sentiment, and behaviours two years on from the start of the pandemic (March 2020). This year’s survey is relevant to all consumer industries but is focused on Consumer Goods, Retail and Travel. Accenture surveyed a representative sample of 11,311 consumers from 16 countries: Brazil, Canada, Chile, China, France, Germany, India, Indonesia, Italy, Singapore, Spain, Sweden, UAE, UK, USA and Vietnam. The survey was conducted online and targeted consumers who have made purchases for their household in the past six months. Respondents were split evenly across gender and age group. This survey was conducted between 7th and 15th February 2022.

For the Accenture Technology Vision 2022, Accenture Research conducted a global survey of 24,000 consumers to capture insights into their use of, interactions with, and beliefs about technology in their everyday lives. In addition, Accenture conducted a survey of 4,650 C-level executives and directors across 23 industries to understand their perspectives and use of emerging technologies across their organizations. The surveys were fielded from December 2021 through January 2022 across 35 countries.

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 699,000 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. Visit us at accenture.com.

JustMyRoots Partners With Celebrity MasterChef Shipra Khanna To Bring Her Signature Dishes Home To You

* Food lovers across India can pre-book dishes prepared exclusively by the chef starting from 30th April 2022

JustMyRoots, India’s first intercity home delivery service, has partnered with MasterChef Shipra Khanna to deliver her signature dish, cooked by her, to the doorsteps of thousands of food lovers. The JustMyRoots platform will enable her fans across India to not only get an opportunity to see the master at work, while she cooks her dish live on the social media platforms, but will also be able to order and taste, the chef’s specially prepared signature dishes, from the comfort of their homes.

Through this collaboration, JustMyRoots and MasterChef Shipra Khanna will be preparing Paneer Tikka Biryani. Food lovers across India can pre-book the dish prepared exclusively by the chef starting from 30th April 2022. Chef Shipra Khanna will put the cooking video on her social media on 5th May 2022 and will be preparing the orders in Mumbai on 6th May 2022, and JustMyRoots, which has partnered with multiple cloud kitchens across different cities, will ensure timely delivery.

Consumers need to simply log in and choose from the dishes prepared and listed on the JustMyRoots application or simply place a missed call/ IVR. The first 2000 customers will be able to enjoy these dishes prepared by the chef herself.

Speaking on the same, Samiran Sengupta, CEO, and Co-Founder, JustMyRoots, mentioned, “At JustMyRoots, while we have always considered food as an emotion, we have also tried to bring certain innovations in our business model that will revolutionize the food delivery sector in India. We have tried to bring families closer and provide them with an opportunity to enjoy their favorite dishes across any part of the country. This one-of-a-kind celebrity collaboration is a step closer to our vision, where it will be possible for our customers to order the signature dishes directly from their favorite celebrity chef’s kitchen to their homes.”

MasterChefs are in a different league by themselves, having cooked and excelled, in multiple rounds, of the competition, to finally qualify and win the Title. With this collaboration, JustMyRoots is providing them the opportunity to connect with their fans directly.

MasterChef Shipra Khanna mentioned, “I am delighted to associate with JustMyRoots and hope this collaboration will create a special experience for all the food lovers across India. This partnership will help expand our scope of work and open new avenues where people, with just one tap on their smartphones, can experience my signature dishes in the safety of their home with their loved ones.”

The promos for the collaboration are online and with this novel concept, JustMyRoots has taken yet another step to revolutionize the industry and aim toward breaking barriers in the food delivery ecosystem.

Instagram Promo Link: https://www.instagram.com/tv/Cc-qRpQpq6T/?igshid=YmMyMTA2M2Y=

EKA Partners With NuPort Robotics To Introduce "Smart Electric Buses With Advanced Driver Assistance Systems

* EKA And NuPort Will Enable Safer, Greener, And More Efficient Transportation For Indian Roads 

EKA, an electric vehicles & technology company, and a subsidiary of Pinnacle Industries Limited, is once again leading the way as they enter a partnership with NuPort Robotics to introduce Level 2 autonomy, advanced driver assistance systems, to their electric bus models. This is a first-of-its-kind-in-the-country initiative towards the utilization and incorporation of progressive Level 2 autonomy and Artificial Intelligence (AI) for Electric buses on Indian roads. 

EKA begins testing on a range of autonomous features developed by NuPort, an advanced technology that promises to contribute to notable improvements in safety, reducing environmental footprint, and increasing operational efficiency.  Following a period of rigorous testing, the technology will be deployed with over 5000 buses, representing a minimum investment of nearly INR 150 Crores in innovation and contributing to the future of transportation and sustainability. More importantly, when such technologies are deployed in commercial vehicles, they have been associated with reducing crash rates by nearly 50%.   

NuPort Robotics, a Canadian company announced its plans earlier this month to set up operations in India and fully develop and deploy its technology in India for commercial vehicle manufacturers, beginning with electric vehicle manufacturers. NuPort will be following a “Made in India” approach thereby contributing to the advancement of economic development and innovation ecosystem within the country. NuPort’s technology provides level 2 autonomy features specifically targeted for Indian roads, considering the complex nature of Indian traffic, and understanding the Indian driving mindset. NuPort’s partnership with EKA is strategic, as it allows both NuPort and EKA to offer Indian customers cutting-edge innovative vehicles that can be continuously updated to retain that innovative advantage. NuPort is using proprietary AI technology which will progressively enable autonomous features thereby increasing safety, operational efficiency, and reduced carbon footprint. 

Speaking on the partnership, Dr. Sudhir Mehta, Chairman, EKA & Pinnacle Industries Limited, highlighted, “Our partnership with NuPort ensures that our electric buses are not only environmentally friendly but also futuristic through incorporation of Artificial Intelligence thereby making our buses efficient and safer to operate on Indian roads. This collaboration strengthens our goal of positioning EKA as the leader in the electric vehicle industry in India. I am confident that both EKA & NuPort will provide a safer, greener, and much more efficient transportation for Indian roads” 

Speaking on the collaboration, Raghavender Sahdev, CEO of NuPort Robotics said, “The current project with EKA allows us to set the first precedent in India for a Level 2 AI-enabled smart Electric bus. Partnering with EKA on this initiative allows us to work with a leading national manufacturer and learn and develop technology solutions specifically for Indian driving conditions. NuPort’s focus on innovation, sustainability, automation, and artificial intelligence is aligned perfectly with EKA’s principles and vision leading to this strategic partnership between the two companies". 

Through this strategic partnership, NuPort will provide AI-enabled autonomous solutions and EKA will provide the electric vehicle platform. NuPort being an expert in offering artificial intelligence technology and EKA having expertise in the manufacturing of electric vehicles will work together towards the commercialization of the next generation of AI-enabled electric buses in India. 

EKA, a subsidiary of Pinnacle Industries Limited, is one of the only commercial vehicle manufacturers approved under the Champion OEM Scheme & EV component manufacturing scheme of the Government of India’s Auto PLI policy. This partnership with NuPort is yet another milestone demonstrating EKA’s intent to be a leader in the automotive industry. 

About Pinnacle Industries: 

Started in 1996, Pinnacle Industries Ltd. is India’s leading automotive seating, interiors and special application vehicles company. Pinnacle Industries has continuously expanded its product range through investing in its employees, clientele, and technology partners, with the group today employing over 3000 people in India, Spain & USA. 

Symphony Limited: Robust Profitability of International Business In FY 2021-22

The Board of Directors have recommended a final dividend of Rs 6 /- (300%) per equity share of Rs 2/- each amounting to Rs 41.97 cr. for FY 21-22. The total dividend for FY 21-22 aggregates to Rs 9 /- (450%) per equity share of Rs 2/- each amounting to Rs 62.96 cr. which includes two interim dividends aggregating to Rs 3/- (150%) per equity share paid during the year.  

Consolidated Gross Profit Margin at 45% (FY21: 45%) and EBITDA Margin at 19% (FY21: 18%), despite elevated raw material cost and logistic cost 

Consolidated PBIT stood Rs 177 Cr. (+25% YoY Growth).  International Business contributed PBIT of Rs 70 Cr. (FY21: Rs 11 Cr.), registering the growth of 536% on YoY basis. Robust performance from International likely to continue. 

USA business generated sales of Rs 133 Cr. (FY20: Rs 48 Cr.), up by 177% in two years and by 55% in one year.  

Complete normalization of the trade inventory, driven by excellent sales across India 

April 2022 sales (Symphony India) is higher than historical highest ever April sales, after liquidation of massive trade inventory 

Good traction in sales through Large Format Space (LFS) and E-Commerce channels.  

Various measures of cost optimization, value engineering and many other initiatives in last two years yielding the result.  

Outlook  

Upbeat on the domestic & overseas business and the strong sales growth trajectory to continue going forward.  

Close watch on input cost, logistic cost and supply chain  

Agile international supply chain being built to address emerging logistic and raw material cost dynamics 

Increasing traction for LSV, driven by new products, better cost structure, and Above the Line (ATL) advertising spends.  

ABOUT SYMPHONY LIMITED: 

A world leader in evaporative air coolers, Symphony focuses on innovative design to create better and eco-friendly products for domestic, commercial and industrial customers in 60 countries across the globe. At Symphony, design-driven innovation and green engineering is a sustainable competitive advantage. Company delivers market-leading products with engineering and design innovation, improved energy conservation, distinctive styling, and customer-centric design. Established in 1988, Symphony leverages a unique and successful asset-light business model for its residential coolers in India and in-house lean manufacturing for its industrial coolers in Mexico to achieve sustainable and profitable growth. Headquartered in Ahmedabad, Gujarat, India, Symphony is a global company committed to develop sustainable and responsible products. This means leading the air-cooling industry's efforts to develop breakthrough green technologies to combat climate change. A publicly traded company in India having subsidiary companies in Mexico, China, Australia, USA and Brazil offering products in over 60 countries, Symphony continuously delivers value to its stakeholders in a profitable and predictable way. For the Year ended March 2022, Symphony posted on standalone basis net profit of Rs 111 crore on net sales of Rs 637 crore. 

India Poker Championship And India Online Poker Championship

* Experience the best of both felts this summer with a whopping combined Prize Pool of 36.5 Crore GTD.  

Spartan Poker announced the dates for its leading poker championships. The India Poker Championship (IPC) is heading to Casino Vegas by Big Daddy, Nepal, and will be held from 17th - 22nd May 2022. The 13th edition of the Indian Online Poker Championship (IOPC) will be held from 2nd - 19th June 2022. Indian poker enthusiasts will get to experience the best of both felts this summer with a whopping combined Prize-Pool of 36.5 Crore GTD. 

India Poker Championship, the five-day live event hosted in Casino Vegas by Big Daddy, Nepal, will include four high-octane tournaments with a combined prize pool of 3.5 Crore. The IPC May ’22 MegaStacks edition is also designed in a best-in-class live tournament structure with heavy buy-ins & deep stacks for a high-quality gaming experience. 

The India Online Poker Championship, which follows immediately post IPC, would be the biggest ever online poker series in India with a massive prize pool of 33 Crore GTD! The 18-day-long virtual series will provide an online experience unlike any other gaming event in India. 

Speaking on the launch, Mr. Amin Rozani, CEO of Spartan Poker Group said, “We are excited to host the India Poker Championship live this year and follow it up with our very successful India Online Poker Championship that will be hosted on the Spartan Poker platform, along with other streaming partners like AIO Games, Blitzpoker, PokerHigh, and PokerDaddy. We know how incredible the level of play in these competitions can be! We aim to offer an even better experience for players & fans, and even more opportunities for skilled players to raise their games and win huge prizes.” 

At Spartan Poker, we provide a seamless and a fair gaming experience to the Indian poker community, and we are driven to build Poker as a professional sport in India, along with all its inherent thrill, while also showcasing the country's untapped poker talent. Added Mr. Rozani.  

About Spartan Poker and IPC:  

Spartan Poker is an India-centric one-stop gaming destination for the Indian online poker community, that offers a smooth, multi-player gaming experience. Founded in 2014 by Amin Rozani, Sameer Rattonsey, and Peter Abraham, the Spartan Group started with poker as its forte. They created well-known massive IPs in both the live poker space (India Poker Championship) and the online poker space (India Online Poker Championship) to empower players from across the country to play and compete at the highest levels. The group aims to encourage mind sports as a professional cum entertainment avenue where young aspirants can look at taking up gaming even as a rewarding career. For more information, visit https://www.spartanpoker.com/ 

Vitesco Technologies Receives Major Order For Electric Axle Drive

* Vitesco Technologies will deliver its EMR4 axle drive to Hyundai Motor Group’s global B/C-segment electric vehicle In total the order has a volume in the 2 billion euros magnitude: first mentioned during the annual press conference in March 

* EMR4is a highly integrated 3-in-1drive platform: consisting of an electric machine, power electronics and a gear box EMR4 is the fourth generation of axle drive, developed by Vitesco Technologies and follows the successful EMR3 

Vitesco Technologies, a leading international supplier of modern drive technologies and electrification solutions, is further expanding its strong-going axle drive business: The company has secured a 2billion euros contract to supply its new generation axle drive EMR4 (Electronics Motor Reducer) to Hyundai Motor Group. The order was already mentioned in March at Vitesco Technologies' annual press conference - without naming the customer. The highly integrated 400 V/160 kW 3-in-1 unit will be used by the vehicle manufacturer Hyundai Motor Group in its global B/C-segment electric vehicle. 

“We are proud to contribute to Hyundai Motor Group's upcoming electric vehicle platform with this highly attractive axle drive. This order once again confirms us in our strategy with the very early focus on electric mobility,” said Andreas Wolf, CEO of Vitesco Technologies. 

State-of-the-art axle drive 

The powertrain is a core component of an electric car as it greatly influences its range and the fun of driving. This asks for a high level of efficiency and power density. Also, the electric drive has to be as compact and lightweight as possible to integrate easily into vehicle designs that make use of the new degrees of freedom electro
mobility opens up. EMR4 is built on the enabling groundwork, laid with EMR3. 

Through further optimization measures, the use of new technologies and comprehensive industrialization know-how, the global development team succeeded in making the EMR4 platform even more efficient and powerful. The silicon carbide (SiC)  semiconductors in the inverter of the drive platform, for example, have played a significant role in this. 

The new axle drive design supports a particularly high level of scalability: With the EMR4, complete vehicle platforms and also different vehicle segments can be equipped with just one drive system. This was achieved by applying a consistently modular approach with well-defined interfaces and a design-for- manufacturing philosophy. 

“For our new electric axle drive, we have standardized the internal interfaces, while generating the greatest possible flexibility externally, so that we can offer customized and at the same time cost-optimized solutions,” confirmed Thomas Stierle, member of the Executive Board and head of the Electrification Technology business unit at Vitesco Technologies.