Toyota Group Signs MoU With Government of Karnataka For Big Investments

* Toyota Group of Companies (TKM & TKAP) & its related company TIEI* together invests INR 4,800 crores

* Toyota’s large-scale investment to make deeper cuts in CO2 emissions

* Aims to enhance electrification & shift towards greener technologies

* Promote ‘Atma Nirbhar Bharat’ to manufacture for India and the world

Toyota’s additional investment coincides with 25 years of successful journey of Toyota Kirloskar Motor

The Investments are focused towards ‘Greener Technologies’ and ‘Make in India’ (Go Green. Make in India)

In its effort to contribute to the country’s vision of “Make in India” and to enable a faster reduction in carbon emissions, out of total investment of INR 4,800 crores, Toyota Group of Companies that constitutes of Toyota Kirloskar Motor and Toyota Kirloskar Auto Parts today announced their Memorandum of Understanding (MOU) with the Government of Karnataka to invest INR 4,100 crores. This announcement coincides with Toyota Kirloskar Motor’s 25 years of successful journey in India, by winning the hearts of millions of happy customers.

In-addition to boosting the local manufacturing eco-system, the new development will provide an impetus to employment generation and local community development. This investment will also spur the growth of local supplier base and hence result in higher investments and further job creation.   

The MoU was exchanged between Hon’ble Chief Minister of Karnataka Shri Basavaraj Bommai and Mr. Vikram S. Kirloskar, Vice-Chairman, Toyota Kirloskar Motor, in the presence of Dr. Murugesh R. Nirani, Hon’ble Minister of Large & Medium Industries, Government of Karnataka, Mr. Ravi Kumar, IAS, Chief Secretary of Karnataka State, and among other dignitaries present at this momentous occasion of MoU Signing Ceremony.

As part of the MoU, Toyota Group of Companies will systematically invest towards making India a self-reliant manufacturing hub, thus contributing towards the Government’s Make in India and Atma Nirbhar Bharat mission. The investments are aimed at promoting greener technologies that will help lower dependence on fossil fuels and mitigate carbon emissions. This investment will also enable local production facilities to build electric powertrain parts and components, thereby cater to the electrified vehicle manufacturing in India. As a part of the Toyota Environmental Challenge 2050, Toyota will continue to focus on reducing carbon emissions in a holistic manner going beyond tailpipe emissions to address manufacturing and lifecycle CO2 emissions in order to realise its carbon neutrality goals by 2050, as announced earlier.

Speaking at the auspicious occasion, Hon’ble Chief Minister of Karnataka, Shri Basavaraj Bommai said, “Our aim is to build ‘New Karnataka for New India’ by creating new 21st century industrial townships and corridors. As a state committed to sustainable development and contributing to the nation’s progress, we want to make Karnataka a global supply-chain and manufacturing hub under our ‘Build for the World’ mission. This MoU with Toyota Group of Companies is a huge stride in this regard, and Karnataka Government is confident of Toyota’s commitment towards sustainable growth and local manufacturing quality for Karnataka’s growth and development. Karnataka being the hub of electric vehicles, welcomes this MoU which adds another feather to State’s cap as leader in this sector”.

Sharing his views on the MoU Signing, Hon’ble Minister for Large & Medium Industries, Government of Karnataka, Dr. Murugesh R. Nirani said, “Toyota Group investments will also enhance the local supplier growth in Karnataka, further leading to higher investments and more job creation. Besides boosting the local manufacturing sector, these investments will also support local community development.”

Since its inception, Toyota has been passionate and committed to build a stable, sustainable, and competitive local supply chain and has taken significant efforts in promoting localization of auto parts and components in line with Government’s ‘Make in India’ mission. The Group has invested in strengthening and increasing supplier base through consistently partnering with them to enhance their capacities and capabilities by sharing Toyota best practices, efficient processes and skilling of manpower, by imparting world-class training program to enhance the production excellence with high quality standards.

On upscaling the skill levels at suppliers, Toyota spent 40,000 man-hours every year to enhance processes through system, management, training, and hardware development. Further, another 8,500 man-hours are spent per year on suppliers’ people development.

Speaking on this occasion, Mr. Vikram S. Kirloskar, Vice-Chairman, Toyota Kirloskar Motor said, “Toyota is committed to enhance the pace of electrification strengthen domestic production with ‘Make in India’. Today’s MoU signing with the Government of Karnataka, in the gracious presence of Hon’ble Chief Minister Basavaraj Bommaiji and all dignitaries, is a very important milestone in terms of ushering in large-scale investment to make deeper cuts in carbon emissions, higher employment generation, creating local manufacturing hub not only for domestic needs but also for global markets, local community development and advancement in innovation. I believe that such investments are needed to provide technologically viable and economically competitive alternatives to fossil-fuel-intensive technologies in vehicle mobility space.

As a part of our philosophy, we always conduct deeper studies, analyse and explore multiple technological pathways that are best suited to optimally achieve the national goals on lowering dependence on fossil fuels, make India truly self-reliant, reducing carbon emissions and creating jobs. Toyota remains committed to serve our nation and the community where we operate.”

Toyota believes that the choice of technologies for achieving our national goals should be practical, sustainable, best suited for unique local conditions that helps to realise the transition in the fastest possible manner. Thus, while our long-term decisions are shaped by our Global environment challenge of achieving zero carbon emissions by 2050, our immediate technology decisions are influenced by our desire to achieve maximum immediate societal & environmental benefits, which in turn is largely determined by, the local energy mix of the country, infrastructure readiness as well as customer acceptance in line with our belief of ‘Leave No One Behind’.

These companies have so far invested Rs. 11,812 crores and employ more than 8,000 people. Over the years, the group has consciously adopted sustainable business practices and transforming from a carmaker to a mobility company.

Toyota believes in holistic approach and aims to strongly contribute to the State and country’s sustainable growth, as we are stepping into the greener future. Toyota is confident in creating an electrified manufacturing hub in India, thereby achieve our goal of delivering ‘Mass Happiness to All’.

Generali Completes The Transaction To Become The Majority Shareholder In Its Indian P&C Insurance Joint Venture

Generali completed the acquisition from Future Enterprises Limited of 25% of the shares of Future Generali India Insurance (FGII) and will now hold a stake of around 74% in FGII.  

Generali received the approval from the relevant regulatory and competition authorities.  

The deal is fully in line with the ‘Lifetime Partner 24: Driving Growth’ strategy, strengthening Generali’s position in fast-growing markets and confirms the Group’s commitment to deliver profitable growth whilst creating value for stakeholders. Generali is the first player among international insurers to step-up to a majority stake in both its Indian Life and P&C insurance Joint Venture companies since the new foreign ownership cap came into effect.  

Jaime Anchu?stegui Melgarejo, CEO International of Generali, said: “This acquisition is in line with Generali’s strategy to reinforce its position in a high potential market and we look forward to deepening our presence in India, becoming Lifetime Partners to an increasing share of Indian customers in both Life and P&C businesses.”  

Rob Leonardi, Regional Officer, Generali Asia, said: “We’re excited that we are now able to consolidate our position also in our P&C Indian insurance JV and to create more value for our customers, agents, partners and distributors.” 

Around 500 Students Congregate For Largest Intercollegiate Optometry Cultural Fest

* Reflektionz – Annual Cultural Festival of Sankara College of Optometry, Bengaluru completed successfully.

Sankara College of Optometry, Bangalore hosted ‘Reflektionz’, a National Intercollegiate Cultural Festival on 5th and 6th May 2022 at the Sankara Eye Hospital Campus. Around 500 students from optometry colleges across Karnataka, Kerala, Tamil Nadu & Puducherry participated in the festival.

Themed ‘Carnival’, to celebrate the 75th Year of India’s Independence, the 2 day event provided students with a platform to showcase their talent through a variety of literary events, cultural and performing arts events.

Professor Aditya Goyal, Principal, Sankara College of Optometry said ,“To achieve excellence in optometry, one requires hard work, diligence and a need to be empathetic. We are overwhelmed by the response to the event as students from different states have added much-needed vibrancy to the profession. We hope this edition has reignited the pride of being Indian and enhances harmony and brotherhood. This festival provided a real-life learning platform to our students who were involved from planning to execution.”

Conscious that these students would be the flag bearers of India as we enter the 75th year, the festival looked to encourage them to celebrate India and also take Responsibility. In a special address by Ms Rajni Jajodia, Chair Climate Change, CII – Young Indians Bangalore shared, “We need to be aware of how important it is to reuse & up-cycle products. Waste of any form be it in manufacturing or in fashion would only end in landfills and contribute to further climate change.” She appreciated the Art from Waste, which brought out creative ideas.

A special installation allowed participants to reflect on ‘India at 75’. Ms. Rachana Inder, Kannada actress Love 360 wrote, “Indians need to respect our soil and understand that each move of ours impacts it a lot”.

Mr. Avinash, lead actor Ranavyuha, said “ We understood in the last 2 years how difficult it is for health care workers. While we are the heroes on screen, all of you are real life heroes and we appreciate the work all of you carry out daily.”

The 9th edition of Reflektionz had 22 events and the valedictory function and handing of the rolling trophy to Nethradhama College of Optometry, Bangalore was the perfect curtain downer for the event.

Tech Gadgets To Delight Your Mom This Mother’s Day Under 20k

Is your mom someone who would like watching recipes, and repeat of their daily soaps on their gadget. Is she someone who loves video calling her friends and relatives every time? Nokia brings you the perfect gifting guide this mother’s day that will suit your pocket and would surely make your mother happy. 

Here are our special picks from a range of categories of Nokia that would be your mother’s constant dose of uninterrupted entertainment.

Nokia C01 Plus: Locked with a jio connection would mean that you get a pre-installed jio connection with the device that ensures uninterrupted internet connection in whichever part of the country your mom is. With HDR imaging, the Nokia C01 Plus will ensure your memories are as beautiful as the moment itself. It features 5.45-inch display, a selfie camera with LED flash, and a removable 3,000 mAh battery. The price for its base variant i.e. 16 GB storage is ?6,299 and the price for its 32 GB storage variant is ?6,799.

BH-205-HeroNokia BH 205 Earbuds: There should be no compromising on audio quality for your mom, whether it comes to listening to music or calling a distant relative. Priced at just Rs. 2,799, the TWS buds are powered by 6mm speaker drivers and promise to offer 36-hours of playtime with one full charge.

Nokia T20 Tab – With age your mother’s eyes might strain on smaller devices, fret not Nokia NokiaT20-3has got you covered with a bigger screen.

An 8,200mAh unit that can easily last for days with standard usage.  The Nokia T20 supports 15W charging. The 4G-enabled variant is only available with 4GB of RAM and 64GB of storage and is priced at Rs. 18,499. The Nokia T20 is only available in a Deep Ocean colour. The Nokia T20 has a big 10.4-inch display with sizable bezels all around. This makes it convenient to hold the tablet without touching the screen accidentally. The Nokia T20 has a metallic body and it feels sturdy to the touch. The weight is manageable at 465g. The Nokia T20 really stands out with its aluminum body and stock Android software experience. It also promises two years of software updates and three years of security update.

LTI And Mindtree Announce Merger To Create India’s Next Large-Scale IT Services Player

The Boards of Directors of LTI and Mindtree at their respective meetings held today approved a composite scheme of amalgamation of both these independently listed IT services companies under the Larsen & Toubro Group. The proposed integration will see LTI and Mindtree join strengths to create an efficient and scaled-up IT services provider exceeding $3.5 Bn. The transaction is subject to shareholder and regulatory approvals.

Both LTI and Mindtree have delivered market leading financial performance and created value for shareholders. Given that recent industry shifts (e.g., prominence of large deals, preference for end-to-end offerings) are benefitting at-scale players, the two companies have decided that the time is appropriate to combine the strengths of both organizations to better serve the customers.

Significant scale benefits are anticipated through LTI and Mindtree’s complementary strengths resulting in a stronger portfolio of offerings across verticals. Enhanced customer engagement and delivery model through industrialization of delivery and streamlined value-enabling processes is expected to result in improvement in large deal capabilities. These opportunities will create a more distinctive employee value proposition and stronger partnerships with ecosystem players.

Upon the scheme becoming effective, all shareholders of Mindtree will be issued shares of LTI at the ratio of 73 shares of LTI for every 100 shares of Mindtree. The new shares of LTI so issued will be traded on the NSE and BSE. Larsen & Toubro Limited will hold 68.73 % of LTI after the merger.

For now, the companies will continue to function independently. A Steering Committee will be constituted to oversee the transition till the merger process is complete. The name of the combined entity will be “LTIMindtree” leveraging the advantages of both the brands and creating value for all the stakeholders.

Speaking about the merger, A. M. Naik, Chairman, LTI, said, “This merger represents our continued commitment to grow the IT services business in line with our strategic vision. The highly complementary businesses of LTI and Mindtree will make this integration a ‘win-win’ proposition for our customers, investors, shareholders, and employees.”

Speaking about the merger, S. N. Subrahmanyan, Vice Chairman, LTI, said, “We are confident that the proposed merger will help us build on the combined strengths of both these organizations to unlock synergies through scale, cross-vertical expertise, and talent pool. This will help us emerge as a partner of choice for large-scale tech transformations and create a distinctive employee value proposition.”

Advisors

Citigroup Global Markets India Private Limited acted as financial advisors to LTI. Cyril Amarchand Mangaldas acted as the legal advisors to LTI.

Kroll Advisory Pvt. Ltd. provided fairness opinion to LTI on the valuation done by the valuer for the proposed transaction. GT Valuation Advisors Private Limited were appointed as valuers by LTI.

About LTI:

LTI (NSE: LTI) is a global technology consulting and digital solutions Company helping more than 485 clients succeed in a converging world. With operations in 33 countries, we go the extra mile for our clients and accelerate their digital transformation journeys. Founded in 1997 as a subsidiary of Larsen & Toubro Limited, our unique heritage gives us unrivalled real-world expertise to solve the most complex challenges of enterprises across all industries. Each day, our team of more than 45,000 LTItes enable our clients to improve the effectiveness of their business and technology operations and deliver value to their customers, employees, and shareholders. Find more at http://www.Lntinfotech.com or follow us at @LTI_Global.

Canara Bank's Record Strong Financial Results For The Quarter And Year Ended March 31, 2022

Key Highlights (12 Months period ended)

(Mar-2021 V/s Mar-2022)

Net Profit grew by 122% to Rs. 5678 Cr 

Operating Profit grew by 17.27% to 23090 Cr

Net interest income grew by 9.46% to Rs.26384 Cr

Gross Advances grew by 9.77% to Rs. 741147 Cr

Retail Credit grew by 9.51% with Housing loan at 14.77% 

CASA Deposits increased by 11.52 %

Savings Bank Deposit grew by 12.22% 

Net NPA Ratio stood at 2.65% down by 117 bps

Gross NPA stood at 7.51% down by 142 bps 

Provision Coverage Ratio (PCR) stood at 84.17% improved by 449 bps 

CRAR stood at 14.90% as at Mar-2022. Out of which Tier-I is 11.91% and Tier-II is 2.99%

Fee based income Grew by 16.59% to Rs.6113 Cr

The Board of Directors has recommended a dividend of Rs 6.50 per equity share (65%) for the year ended on 31.03.2022 subject to requisite approvals

Considering the Bank’s Performance, Board of Directors have permitted to pay 15 days salary as Performance Linked Incentive (PLI) to the employees

Key Highlights (3 Months ended)

(Mar 2021 V/s Mar 2022)

Net Profit grew by 64.90% to Rs.1666 Cr

Operating Profit grew by 18.80%

Net Interest income grew by 24.84%

Key Highlights (3 Months ended)

(Dec 2021 V/s Mar 2022)

Net Profit grew by 10.89% to Rs.1666 Cr

Net Interest income grew by 0.85%

Non-Interest Income grew by 23.53%

Bank’s Global Business surpassed Rs.18,25,000 Crore

Key Summary of Business Performance (as on 31.03.2022)

Business

Global Business increased by 8.39 % (y.o.y) to Rs 1827556 Cr as at Mar 2022 with Global Deposits at Rs 1086409 Cr (7.47% y.o.y) and Global Advance (gross) at Rs 741147 Cr (9.77 % y.o.y)

Domestic Deposit of the Bank stood at Rs 1027767 Cr as at Mar 2022 with growth of 6.69% (y.o.y)

Domestic Advances (gross) of the Bank stood at Rs 711046 Cr as at Mar 2022 grew by 8.96% (y.o.y)

Retail lending Portfolio increased 9.51% (y.o.y) to Rs 126277 Cr as at Mar 2022

Housing Loan Portfolio increased 14.77% y.o.y to Rs 73828 Cr

Advances to Agriculture & Allied activities grew by 12.75% (y.o.y) to Rs 175955Cr as at Mar 2022

Asset Quality

Gross Non-Performing Assets (GNPA) ratio reduced to 7.51% as at Mar 2022 down from 7.80 % as at Dec 2021 and 8.93% as at March 2021.

Net Non-Performing Assets (NNPA) ratio reduced to 2.65% as at Mar 2022 down from 2.86% as at Dec 2021 and 3.82% as at March 2021.

Provision Coverage Ratio (PCR) stood at 84.17% as at Mar 2022 improved from 83.26% as at Dec 2021, 79.68% as at Mar 2021.

Financial ratios

Net interest Margin (NIM) stood at 2.82 improved by 6 bps.

Cost to income Ratio stood at 46.16% improved by 339 bps.

RoE stood at 12.82 improved by 611 bps.

C-D Ratio stood at 68.22% improved by 143 bps.

Capital Adequacy

CRAR stood at 14.90% as at Mar-2022. Where CET-1 is 10.26% Tier-I is 11.91% and Tier-II is 2.99%

Bank successfully raised capital during FY22 through:

QIP Equity      : Rs.2500 Cr

AT-1 Bonds     : Rs.4000 Cr

Tier II Bonds   : Rs.2500 Cr

Network

As on 31.03.2022, the Bank has 9734 Number of Branches, out of which 3042 are Rural, 2757 Semi- Urban, 1978 Urban & 1957 Metro along with 10817 ATMs and 1391 Recyclers.

Venus Pipes & Tubes’ Initial Public Offering To Open On May 11, Sets Price Band At Rs 310 To Rs 326 Per Equity Share

·      Price Band of Rs 310 – Rs 326 per equity share bearing face value of Rs 10 each (“Equity Shares”).

·      Bid/Issue Opening Date – Wednesday, 11 May, 2022 and Bid/Issue Closing Date – Friday, 13 May, 2022.

·      Minimum Bid Lot is 46 Equity Shares and in multiples of 46 Equity Shares thereafter.

·     The Floor Price is 31.00 times the face value of the Equity Share and the Cap Price is 32.60 times the face value of the Equity Share.

Gujarat-based Venus Pipes & Tubes Limited (“The Company”) has fixed the price band at ? 310 to ? 326 per Equity Share for its maiden public offer. The initial public offering (“IPO”) of the Company  will open on Wednesday, 11 May, 2022 for subscription and close on Friday, 13 May, 2022. Investors can bid for a minimum of 46 Equity Shares and in multiples of 46 Equity Shares thereafter.

The IPO  is through a fresh issue of equity shares of up to 5,074,100 Equity Shares.

Venus Pipes and Tubes Limited is one of the growing stainless-steel pipes and tubes manufacturer and exporter in the country having over six years of experience in manufacturing of stainless steel tubular products in two broad categories namely seamless tubes/pipes; and welded tubes/pipes. The company holds pride in supplying its wide product range to more than 20 countries internationally.

The company supplies products for applications in diverse sectors including chemicals, engineering, fertilizers, pharmaceuticals, power, food processing, paper, and oil and gas.

The Company has one manufacturing plant which is strategically located at Bhuj-Bhachau highway, Dhaneti (Kutch,Gujarat) in close proximity, around 55 kilometers and 75 kilometers from the ports of Kandla and Mundra, respectively, that helps us in reducing the logistic costs on procurement of raw materials and imports and export of the  Products. The manufacturing plant  has separate seamless and welded divisionswith latest product-specific equipment and machineries including tube mills, pilger mills, draw benches, swaging machines, pipe straightening machines, TIG/MIG welding systems, plasma welding systems, etc.

For the financial year ended on March 31, 2021, the revenue from operations was Rs 3093.31 million   with a net profit of Rs 236.32 million. For nine months ended December 31, 2021, the revenue from operations was Rs. 2767.69 million with a net profit of Rs. 235.95 million.

The Company may, in consultation with the book running lead manager to the Issue, consider participation by Anchor Investors in accordance with the SEBI ICDR Regulations, whose participation shall be one Working Day prior to the Bid/Issue  Opening Date, i.e., Tuesday,  May 10, 2022. The Issue  is being made in terms of Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, as amended, read with Regulation 31 of the SEBI ICDR Regulations. The Issue  is being made through the Book Building Process, in terms of Regulation 6(1) of the SEBI ICDR Regulations, wherein not more than 50% of the Issue  shall be available for allocation on a proportionate basis to Qualified Institutional Buyers, not less than 15% of the Issue shall be available for allocation to Non-Institutional Bidders out of which a) one third of such portion shall be reserved for applicants with application size of more than Rs. 0.2 million and up to Rs. 1.0 million and (b) two-third of such portion shall be reserved for applicants with application size of more than Rs. 1.0 million, provided that the unsubscribed portion in either of such sub-categories may be allocated to applicants in the other sub-category of Non-Institutional Bidders and not less than 15% of the  Issue  shall be available for allocation to Retail Individual Bidders in accordance with the SEBI ICDR Regulations, subject to valid Bids being received from them at or above the Issue Price 

All capitalized terms used herein and not specifically defined shall have the same meaning as ascribed to them in the red herring prospectus dated May 2, 2022 (“RHP”) filed with SEBI and the stock exchanges.