Procter & Gamble India Announces New Commitments And Shares Progress On Actions To Strengthen Equality In India

* The commitments were announced at P&G’s #WeSeeEqual summit that saw participation from equality and inclusion advocates and personalities like Union Minister of State for External Affairs and Culture of India Smt. Meenakshi Lekhi, Kunal Khemu, Radhika Piramal, Dr Rukmini Banerji, Soha Ali Khan, Twinkle Khanna, Yami Gautam, Zoya Akhtar among others

Procter & Gamble India today announced new commitments aimed toward advancing Equality & Inclusion across India, at its third annual #WeSeeEqual summit. The event saw participation from distinguished advocates and personalities who came together to discuss the challenges that society faces on equality and inclusion, and how different stakeholders can accelerate progress together.

Built on the theme ‘#Unlearn and #Unleash’, the summit saw P&G India commit to several actions needed to advance progress towards creating an equal and inclusive world: 

P&G India will spend a cumulative total of INR 500 Cr by deliberately working with women-owned and women-led businesses in India from the year 2021 to 2025

Last year, P&G committed to spending a cumulative total of INR 300 Cr by deliberately working with women-owned and women-led businesses in India, from the year 2021 to 2025. With already more than INR 200 Cr invested through this initiative in the first year across India, the company is now elevating this commitment to INR 500 cr by 2025

P&G India will introduce the ‘P&G ReLaunch program’ – to welcome back talented professionals who took a break from the workforce and are looking to restart their careers in STEM roles, with targeted support and development 

This program is part of the company’s commitment to strengthening diversity in STEM (Science, Technology, Engineering, and Mathematics) and will focus on people looking to relaunch their careers in IT, Research & Development, and Product Supply

P&G India will improve the accessibility of its brand advertising, including social media content and websites, by making it accessible to people with sight and hearing impairments by 2024 

The company will do this for all new brand advertising across India. This initiative will make P&G brands more inclusive and accessible to all members of our community

P&G India will introduce ‘P&G Shiksha Betiyan Scholarship Program’ to provide financial aid and mentorship to girls wanting to pursue STEM (Science, Technology, Engineering, and Mathematics) education 

This program will be introduced across 50+ colleges including technical institutes, undergraduate colleges and post-graduate universities. The program will be aimed at underprivileged girls and will provide them with financial support and mentorship as they pursue STEM education

P&G India will sensitize students pursuing advertising and marketing courses on accurate portrayal and representation of women in advertising

P&G will partner with leading marketing and communication colleges to shape the next generation of marketers and advertisers 

Madhusudan Gopalan, CEO, P&G Indian Subcontinent said, “In India, we have made strong progress in driving equality and inclusion inside and outside of P&G by taking deliberate actions that break barriers and tackle biases that hold us back. This year, taking this further, we are announcing bold actions and new commitments and also expanding existing ones which will enable us to play an active role in driving equality and inclusion in society. We will continue to leverage the voice of our company and brands to raise awareness on issues that matter and partner with expert organizations and individuals to address them. We remain steadfast in our commitment to advance equality and inclusion by making meaningful impact for our employees, through our brands and with our partners in our communities”

The company also shared strong progress on commitments made last year as part of the annual #WeSeeEqual summit. In 2021, P&G announced its ‘Share the Care’ parental leave policy, which has introduced greater leave benefits and flexibility for all new parents within the company. P&G also extended its company offered benefits to partners of LGBTQ+ employees. In India, the company has spent more than INR 200 Cr by deliberately working with women-owned and women-led businesses. On its commitment to educate more than 2.5 crore girls on puberty and hygiene by 2024, through its Whisper Menstrual Health and Hygiene program, P&G has already educated more than 1 crore girls. In line with its commitment to drive equality behind the camera and increase diversity in the creative pipeline, in the past year, nearly 40% of P&G’s advertising films were directed by female directors. P&G also entered into a partnership with the NITIE Institute to tackle on-ground, perception-based and opportunity-linked barriers on STEM education. 

The third edition of P&G India #WeSeeEqual Summit engaged business leaders, government officials, and personalities in candid conversations around strategic actions that can be taken to advance equality and inclusion. In addition to global and regional P&G leaders, the Summit also saw the participation of influential personalities and global leaders, including:

Smt. Meenakshi Lekhi, Minister of State for External Affairs and Culture of India 

Dr Prasad Dandekar, Head – Radiation Oncology, HN Reliance Foundation Hospital and Founder – Health Professionals for queer Indians  

Kunal Khemu, Actor 

Radhika Piramal, Executive Director and Vice Chairperson, VIP Luggage 

Dr Rukmini Banerji, CEO, Pratham Education Foundation

Soha Ali Khan, Actor 

Dr Trinetra Haldar Gummaraju, Transwoman, Doctor/Intern, Content creator, Artist, Actor 

Twinkle Khanna, Author, Film Producer, CEO Tweak India

Yami Gautam, Actor

Zoya Akhtar, Filmmaker 

The #WeSeeEqual program demonstrates P&G’s continued commitment to creating a more equal and inclusive world. The actions needed today to shape the minds of the future generations, the challenges and solutions to addressing equality in education and economic opportunities and the importance of building an inclusive workplace were some of the key topics discussed across the various panels throughout the summit. 

About Procter & Gamble: P&G serves consumers in India with one of the strongest portfolios of trusted, quality, leadership brands, including Vicks ®, Ariel®, Tide®, Whisper®, Olay®, Gillette®, Venus®, AmbiPur®, Pampers®, Pantene®, Oral-B®, Head & Shoulders®, Herbal Essences® and Old Spice®. Please visit in.pg.com for the latest news and in-depth information about P&G India and its brands.

Cygnet Infotech Announces The Launch Of Cygnet Fintech In India

* Cygnet Infotech aggregates its credit underwriting and financial risk assessment solutions under Cygnet Fintech

Cygnet Infotech, a leading technology company with its clients across India, North America, Europe, Middle East, and Africa, announced grouping of its products and solutions for the Fintech space under the Cygnet Fintech brand. 

SMEs and MSMEs are the major growth engines of economies that rely on banks and financial institutions to help with their funding needs. Banks and financial institutions need solutions to help them navigate through multiple challenges of minimizing lending risks, securing data, streamlining credit operations, and safeguarding their profitability.

To meet such challenges, Cygnet Fintech offers solutions such as Credit Assessment & Decisioning platform which comprises of GST Data Analysis, Bank Statement Analysis, ITR & Financial Statement Analysis, Underwriting Model, Invoice Verification for Trade Finance or Bill Discounting and more. These offerings equip banks, NBFC’s, and other financial institutions with data, financial ratios, and insights for a better credit assessment to reduce risk and turnaround time for credit underwriting decisions. With a rich experience in technology, Cygnet Fintech also assists to digitize lending journeys from onboarding to disbursals.

“Cygnet Fintech is yet another step in the digital transformation of the financial sector. It will empower and enable businesses to take informed financial decisions, automate and simplify financial institutions' customer acquisition process, and manage underwriting services with ease. We envision to build a connected and smart ecosystem that helps businesses reduce data-driven credit risk by providing intelligent insights’’, observed Niraj Hutheesing, Founder and Managing Director of Cygnet Infotech.

Cygnet Fintech will build on Cygnet Infotech’s existing base of customers that use its credit risk assessment and compliance of vendor ecosystem. These solutions will enable credit managers, business heads and product heads make informed decisions to drive sustainable growth. Irrespective of the borrower ticket size, these offerings will help them quickly analyse borrower creditworthiness and digitize the entire lending journey from customer onboarding to loan disbursement for improved customer experience.

MADAME Continues To Grow Post-Pandemic, Plans To Have 185 Exclusive Brand Stores By FY 2023

MADAME, one of India’s biggest western wear fashion brands, has managed to perform well during the Covid-19 pandemic and continues to grow rapidly as the world now returns to normalcy. The company managed to keep its market intact, with some setbacks, during the peak pandemic as it focused on e-commerce. Beginning quarter 3 of 2021, the brand has managed to pick an impressive pace and continues to expand and capture the market.

This can be attributed to the swift and creative decision making from the management. With the change in customer preference as the work-from-home trend became mainstream, MADAME managed to satiate their need by introducing attire which was suitable for the prevailing conditions. Diversifying and catering to the unique needs of Indian customers has been a strong point of the brand since the beginning.

Now the brand has also moved into the space of accessories like handbags and sunglasses. This segment has shown a promising trend in the recent past and MADAME plans to focus on its growth. At the same time, the company has also set a goal to expand its digital footprint, leveraging the e-commerce space, by using digital marketing and influencer marketing. It also launched its exclusive online store, Glamly.com, and is working towards its expansion as well.

“We are very aggressively targeting the expansion of our business and we have already started opening our brand exclusive stores in Tier 2 and Tier 3 cities. Now, the focus is to get 40% business from these Tier 2 and 3 cities, while 60% business comes from metros. To ensure that our customers remain loyal to the brand, we are also providing competitive pricing on our products. While the raw material costs have skyrocketed, we have not increased the prices of our products exponentially. At the same time, our products are prices at least 8% lesser than the other international brands that operate in the Indian market. Our focus is to provide the customer with the best quality, design, and that too at an affordable price,” said Akhil Jain, Executive Director of the Jain Amar Group.

The brand currently boasts of more than 140 points of sales across the country and plans to take it up to 800+by the end of the year. MADAME looks forward to having more than 185 exclusive offline stores by the end of the financial year 2022. The brand is also focusing on sustainable fashion to have a positive environmental impact. It has been launching Eco-wear fashion range every year which includes clothing prepared from a biodegradable cotton-based fabric. “We understand the impact of fast fashion on the environment and have been looking for sustainable solutions like using recycled plastic to manufacture clothes. If we achieve that, it will help us in being more sustainable,” Mr. Jain added.

The brand expects a 38% increase in YoY demand as compared to pre-covid levels. MADAME has been receiving a promising response from the customers at the beginning of the summer season 2022 and it has recently opened new exclusive stores in many cities. The company continues to work on enhancing customer experience and learning and development of its human resource. The company, which debuted in 1993 and opened its first store in 2002, now boasts over 140 unique locations across the country.

LTI-MTCL Merger - Disruptive In Near Term, Value-Accretive In Medium Term

* The boards of L&T Infotech (LTI) and Mindtree (MTCL) have approved a merger scheme of the two companies. The combined entity will be called 'LTI Mindtree Limited' and will have revenues of >USD3.5bn. The merger is expected to be completed in 9-12 months, and till that time, the two companies will continue to operate independently; a steering committee is being constituted to oversee the transition to merger consummation. Debashis Chatterjee, CEO and MD of MTCL, will lead the combined entity, while Sanjay Jalona, CEO and MD of LTI, has resigned from LTI due to personal reasons.

*  Share exchange ratio and promoter holding: Shareholders of MTCL will receive 73 shares of LTI for every 100 shares they own. The promoter (L&T Group) will have a 68.73% stake in the merged entity, LTIMindtree.

* Rationale for amalgamation: The amalgamation will drive synergies for the combined entity: 1) enhance scale for the combined business, enabling LTIMindtree to bid for larger technology deals, and drive a cohesive "go to market" strategy in various geographical markets; 2) help in exploiting the complementary capabilities of both companies, allowing the combined business to consolidate its position in the BFSI; enhance scale in high-growth verticals like high-tech, CPG, retail; and expand into new verticals; 3) enable cross-selling and up-selling opportunities to achieve a higher number of active clients (750+ clients with minimal overlap), cater to a wider customer base and diversify the combined revenue profile with reduced client concentration risks; 4) develop a competitive and cogent business model, leveraging the combined managerial and technical expertise; and 5) enable focus on opportunities for growth in customer and strategic partner relationships (75 unique partnerships) and create value through attention to corporate brand building and stronger implementation capabilities resulting from the amalgamation. Further, the amalgamation is also expected to improve the financial strength of the combined entity by realizing cost efficiencies and synergies, such as optimization of SG&A costs and consolidation of delivery operations (domestic and overseas), overseas entities, and branches. Digital transformation projects require end-to-end capabilities with scale, and the new entity will be able to address it more effectively with complementary capabilities.

*  Deal timeline: The deal closure is expected in 9-12 months, subject to approvals from shareholders and creditors, as well as the NSE, BSE, SEBI and the NCLT.

* Con-call takeaways: 1) Both companies will operate independently till the completion of the merger, and they remain confident of delivering on FY23 business outlook; 2) LTI and MTCL have complementary offerings (LTI is strong in the Temenos practice and MTCL in the salesforce practice), resulting in better cross-selling and up-selling opportunities in BFSI; 3) Management aims to expand the margin profile of the combined entity in medium term with scale and cost synergies benefits after merger; 4) The merger will give access to a larger cash pool, helping the combined entity address white spaces through M&A.

* Our view: The merger has the potential to create greater value for all stakeholders: 1) clients - diversified end-to-end offerings, participation in large contracts and deeper domain expertise; 2) employees - providing better growth opportunities and ability to attract and retain the best talent; 3) partners - broader collaboration opportunities, improved integration solutions, augmented intellectual capital and stronger implementation capabilities; and 4) investors - strong consolidated financial position, profitability improvement with scale benefits in the medium- to long term; however, there is also a potential for near-term business and growth disruption, given risks of employee attrition and the impact on execution and delivery. While a merger between the two entities was always on the cards, management believes that the time seems opportune now as both entities have steady operations, scale and strong leadership in place, and can also avoid potential conflicts with growing scale in existing relationships and prospects. While the proposed amalgamation will be an overhang in the short term due to the leadership transition and risks of some disruptions in operations, we expect it to be positive in the medium- to long term on account of the complementary portfolio of verticals and geographies, synergies through scale, cross-vertical expertise, and talent pool. We have put our TPs for LTI and MTCL, as well as our ratings on the two stocks Under Review, as we assess the short/long-term impact of the proposed merger on earnings (revenue growth and margin profile of the combined entity) and leadership transition.

Vi Ties-Up With SonyLIV To Offer Exclusive Plans Bundled With Premium Content

·         Launches add-on data + entertainment packs for all the pre-paid users

·         Opens door to the huge library of binge-worthy content and LIVE Sporting action

In line with its continuous endeavour to offer unmatched entertainment to its users, Vi, the leading telecom brand, today announced its partnership with SonyLIV to offer premium content services which will bring the world of binge-worthy content and add-on data benefits together for Vi users. Creating a unique bundle option for the customers, Vi in association with SonyLIV has launched a new Prepaid pack offering subscription of SonyLIV Premium along with extra data benefits to the users. 

From sports properties like UEFA Champions League, WWE, Bundesliga, UFC to originals like Scam 1992 – The Harshad Mehta Story, Maharani, Tabbar, Rocket Boys, Gullak Season 3; regional content like Salute, Kaanekkaane, Shantit Kranti and James and international shows The Good Doctor, Fantasy Island and Magpie Murders, SonyLIV has a bouquet of attractive content offerings appealing to audiences across age and interests. The new proposition will enable all Vi prepaid users to enjoy SonyLIV Premium without having to worry about data quota.

For Prepaid Users, Vi has introduced a new add-on recharge of Rs. 82 offering free mobile only subscription of SonyLIV Premium for 28 days along with an added data benefit of 4GB with 14days validity.

In addition to this, Vi offers a rich content library for its customers under Vi Movies & TV (VMTV) on the Vi app. VMTV app has 450+ live TV channels, live news channels and premium content from other OTT apps.

About Vodafone Idea Limited:

Vodafone Idea Limited is an Aditya Birla Group and Vodafone Group partnership. It is India’s leading telecom service provider. The Company provides pan India Voice and Data services across 2G, 3G, 4G and has a 5G ready platform. With the large spectrum portfolio to support the growing demand for data and voice, the company is committed to deliver delightful customer experiences and contribute towards creating a truly ‘Digital India’ by enabling millions of citizens to connect and build a better tomorrow. The Company is developing infrastructure to introduce newer and smarter technologies, making both retail and enterprise customers future ready with innovative offerings, conveniently accessible through an ecosystem of digital channels as well as extensive on-ground presence. The Company is listed on National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) in India.

The company offers products and services to its customers in India under the TM Brand name “Vi”. For more information, please visit: www.MyVi.in and www.vodafoneidea.com

About SonyLIV:

SonyLIV is an Indian OTT platform by Sony Pictures Networks’ (SPN) providing multi-screen engagement for users on all devices. The digital streaming player is home to 24 years of rich content from the library of Sony Pictures Networks India (SPN) with over 40,000 hours of programming. SonyLIV subscribers get exclusive access to key sporting events from across the globe, the latest Hollywood Shows, Originals, 18,000+ hours of TV Shows and LiveTV.

With 100 million+ app downloads, the platform has shows and movies from across Hindi, Marathi, Tamil, Malyalam and Telugu languages. SonyLIV recent originals include Tabbar, Avrodh, Your Honor season 1&2, Undekhi, Scam 1992 - The Harshad Mehta Story, Maharani, Gullak season 1,2 & 3 amongst many more.

Apart from being the official Indian streaming partner for Global Sporting events, SonyLIV keeps its viewers entertained throughout the year with Live action Cricket, Football, Tennis, Basketball, eSports, Racing and Fighting Sports. The platform has been offering its subscribers a host of premium International tournaments like the UEFA Champions League, Australian Open, Serie A, W.W.E., N.B.A., UFC, F.A. Cup, UEFA Europa League, UEFA Euro 2020, Olympic Games Tokyo 2020, ATP Tours, Impact Wrestling and The Ashes to name a few. SonyLIV also has rights to tournaments of Cricket Boards inclusive Cricket Australia, England and Wales Cricket Board & Cricket Ireland. In 2019, the service launched in the Middle East and has plans to expand its complete bouquet of services in several Southeast Asian countries.

SonyLIV has partnerships with key International studios – SPE Films, Lionsgate and iTV, which allows its subscribers exclusive access to award-winning shows like, Seinfeld, Power, The Good Doctor and Mr. Mercedes. The platform recently added a host of celebrated Hollywood shows to its library like LA’s Finest S2, On Becoming a God in Central Florida, Alex Rider, For Life, Lincoln Rhyme, War of the Worlds, Commons and Indebted amongst others.

For more information, log onto www.sonyliv.com   

Goldman Sachs Launches ‘10,000 Trees’ Initiative In Bengaluru

* Commitment to plant one tree around Bengaluru for every India employee by 2025

Goldman Sachs today announced the launch of “10,000 Trees” initiative in India, a pledge to plant one tree around Bengaluru for every India employee by 2025 to help restore city’s green cover. Launched in collaboration with Bruhat Bengaluru Mahanagara Palike (BBMP), this commitment is one of several green initiatives undertaken by the firm’s Bengaluru office that advances its environmental sustainability focus.

The initiative was launched by Sri. Arvind Limbavali, Member of the Karnataka Legislative Assembly, Mahadevapura constituency, through a tree planting ceremony at Sadaramangala Lake in Bengaluru. Several government officials including Sri. R. Venkatachalapathi, Joint Commissioner, BBMP, Sri. Hanumanthappa Patil, Range Forest Officer, BBMP, together with Ravi Krishnan, chief administrative officer of Goldman Sachs Services, participated in the event where 200 saplings were planted.

Sri Arvind Limbavali, Member of the Karnataka Legislative Assembly, Mahadevapura constituency, said, “The rapid rate of infrastructure projects in Bengaluru to support growth, has impacted our city’s well-known pleasant climate. Goldman Sachs’ 10,000 trees program demonstrates the critical role that companies can play in rebuilding the garden city’s green heritage.”

Gunjan Samtani, Head of Goldman Sachs Services in India, added, “In continuation of the firm’s efforts to reduce global carbon footprint, our Bengaluru office is planting 10,000 trees to further sustainable development in the city of Bengaluru. This is in addition to increasing renewable energy use, incorporating recycling and water efficiency systems and converting our vehicle fleet to electric vehicles (EVs) in our office. Addressing the impact of climate change on our business and our own climate impact remains an imperative for us.”

Over 2,000 native tree species of Karnataka state, such as Neem, Jamun, Dhuma and Peepal, will be planted this year around the surrounding areas of Sadaramangala Lake, Chikkabanahalli Lake and Hoodi Lake in Mahadevapura. All the trees will be maintained for the next three years, in collaboration with BBMP, to ensure maximum survival of saplings.

In addition to today’s commitment, Goldman Sachs announced the inclusion of 150 EVs in its employee transport this year, and launched free shuttle bus services for employees residing within five kilometers from its Bengaluru office campus - Helios Business Park, Outer Ring Road. This will reduce the carbon emissions and further help de-congest the traffic situation in the area, amid construction of Bengaluru Metro.

The 10,000 Trees initiative in Bengaluru will also contribute towards the afforestation efforts around Outer Ring Road, where a significant number of trees are impacted from the ongoing Metro construction.

Goldman Sachs is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and individuals. In India, Goldman Sachs operates from offices in Mumbai, Bengaluru and Hyderabad. The Bengaluru office is a LEED Platinum and a ISO 14001 certified 1.35 million square feet campus with comprehensive environmental sustainability measures, including recycling of 100% grey and black water, 100% offset of electricity consumption based emissions and extensive use of renewable energy sources.

Narayana Health City In Collaboration With The Thalassemia And Sickle Cell Society of Bangalore Observed World Thalassemia Day

* Hosts a free HLA Screening camp and awareness seminar to commemorate the occasion

Narayana Health City, a division of Narayana Health in association with The Thalassemia and Sickle Cell Society of Bangalore today celebrated World Thalassemia Day at Narayana Health City by conducting a free HLA Screening camp and awareness seminar. The event was inaugurated and graced by Dr A N Desai – Deputy Director & State Nodal Officer, State Blood Cell & Blood Storage Unit, Directorate of Health and Family Welfare Services, Arogya Soudha, Bangalore, Dr. Sunil Bhat, Director and Clinical Lead, Pediatrics Haematology, Oncology and Blood & Marrow Transplantation, Narayana Health City, Bengaluru, Mr Gagandeep Singh Chandok – President and other Members from The Thalassemia and Sickle Cell Society of Bangalore.

The camp offered free HLA (Human Leukocyte Antigen) screening test and Blood Investigation for patients. More than 100 patients were screened at the free check-up camp.

Elaborating about the condition Dr. Sunil Bhat, Director and Clinical Lead, Pediatric Hematology, Oncology and Blood & Marrow Transplantation, Narayana Health said, “On an average, each year over 10,000 children are born with thalassemia and around 3-4% of people are carriers among the population. But unfortunately, it is inadequately addressed. Through this awareness seminar and free screening camp, we wanted to create better awareness about the condition and guide those suffering from it on how to manage and treat the condition.”

“Thalassemia is caused by variant or missing genes that affect how the body makes hemoglobin, the protein in red blood cells that carries oxygen. People with thalassemia make less hemoglobin and have fewer circulating red blood cells than normal, which results in anemia requiring lifelong blood transfusions. Thalassemia can be prevented by undergoing certain tests on individuals before their marriage to ascertain the genes they carry with respect to thalassemia. Only option of cure for this condition is bone marrow transplant” added Dr. Sunil Bhat.

The seminar that followed the free HLA screening camp & Blood Investigation and consultations saw more than 10 doctors attending the same. The event also had a Stand-up Comedian entertaining the participants.

The event was held at the Mazumdar Shaw Medical Center at Narayana Health City, Bengaluru. Set up 15 years ago the Haematology, Oncology and Blood & Marrow Transplantation today is a known for its state-of-the-art care for adult & children with Blood Disorders and Cancer. The Centre today evolved as a one-stop solution, which provides Comprehensive Cancer Care. The center offers quaternary care through “site specific” specialists and teams. The department also provides immunotherapy-based treatments for various cancer types. The unit is also equipped with a 18 bedded state-of-the art Bone Marrow Transplant facility. The unit is equipped with  HEPA filtration system and en-suite facilities and has done over 1600 plus transplantation till date which is the largest in Karnataka and one of the largest in the country.

About Narayana Health City, Bengaluru:

Narayana Health City is located in Bommasandra, Bengaluru. It is comprised of Narayana Institute of Cardiac Sciences (NICS), a superspecialty hospital for cardiology and cardiac surgery, and Mazumdar Shaw Medical Center (MSMC), a multispecialty hospital for cancer care, neurology, neurosurgery, nephrology, urology, and advanced multidisciplinary intensive care unit (MICU).