Red Hat And Accenture Expand Alliance To Accelerate Hybrid Cloud Innovation

* Companies collaborate on new solutions to help organizations operate in the cloud continuum, adopting open hybrid cloud technologies to drive innovation and IT modernization at scale

Red Hat Inc., the world’s leading provider of open source solutions, and Accenture (NYSE: ACN) have expanded their nearly 12 year strategic partnership to further power open hybrid cloud innovation for enterprises worldwide. The companies are jointly investing in the co-development of new solutions to help organizations more seamlessly navigate a multi- and hybrid cloud world, define their strategy, and accelerate their pace of innovation to get to value faster.

With the combination of Accenture Cloud First and Red Hat OpenShift, organizations are better equipped to embrace the cloud continuum – a range of capabilities, from public to private to edge computing, all connected by modern networks and built with a zero-trust security mindset – to accelerate enterprise reinvention. A hybrid solution brings the public cloud benefits of innovation, speed, consumption and scale with private cloud advantages of regulatory compliance, performance and data gravity.

To further help organizations migrate to hybrid cloud, Red Hat and Accenture are co-developing new solutions over the next year with an initial focus on the following four areas:

Open hybrid cloud application and mainframe modernization – With the boundaries for public and private cloud blurring and no one-size-fits-all solution, Accenture and Red Hat are helping clients develop a holistic cloud strategy that embraces hybrid to enable greater operational efficiency and drive innovation based on Red Hat OpenShift.

Automation – As organizations continue to modernize, they need consistent, resilient and standardized solutions for managing their cloud estate. Accenture and Red Hat are developing solutions that automate and orchestrate workloads across the IT infrastructure to reduce risk and lower costs of technology operations. This includes the development of Accenture solutions on Red Hat Enterprise Linux and Red Hat Ansible Automation Platform to deliver stable, automated cloud computing capabilities. As a result, the companies helped one client achieve a 99% reduction in downtime for rolling upgrades, a 100% reduction in downtime for operating system patching, and 50% faster development time through infrastructure as code.

Edge Computing – The scale and complexity of data created by connected devices are continuously pushing the limits of network and infrastructure capabilities. New solutions under development by Red Hat and Accenture are focused on analyzing and processing data where it is generated to improve the customer experience and reduce latency. With Red Hat OpenShift and Red Hat Ansible Automation Platform, applications can be deployed and automated at the edge, reducing dependency on a physical footprint.

Sovereign Cloud – Organizations are navigating an intricate patchwork of technology solutions while aligning with new, emerging industry standards and compliance requirements in various countries and sectors. Accenture and Red Hat are jointly committed to helping clients control the location, access to and processing of their data in the cloud through open source technologies and services.

Red Hat and Accenture have worked together to deliver transformative outcomes for hundreds of organizations across industries. For example, Finanz Informatik, an innovative IT partner for the financial sector, worked with Red Hat and Accenture to implement an ambitious next-level multi-channel architecture for its core banking applications. Using Red Hat OpenShift and Red Hat Ansible Automation Platform, with strategic support from Accenture, Finanz Informatik modernized its IT infrastructure to significantly improve business agility and more quickly respond to evolving customer needs.

Unlocking the rich value and capabilities of hybrid cloud requires deep collaboration across an ecosystem of IT vendors. A recent IDC white paper sponsored by Red Hat revealed that organizations can accelerate application migration projects by 47% and achieve a three-year return on investment of 523% when implementing Red Hat OpenShift with a Red Hat accredited global systems integrator such as Accenture1. With this expanded partnership, Red Hat and Accenture bring together robust partner ecosystems, equipped with deep technical expertise to support customers across any cloud and any industry, in order to support multi-partner engagements and deliver tailored cloud solutions.

Supporting Quotes

Stefanie Chiras, senior vice president, Partner Ecosystem Success, Red Hat

“Operating in the hybrid cloud enables customers to optimize their existing systems with the added layers and capabilities necessary to support innovation and efficiency at scale. At Red Hat, we believe that success not only lies in the technical components we bring to the cloud, but also with the impactful partnerships that drive successful implementations and business outcomes. Our long-standing collaboration with Accenture means that customers have access to the open source solutions they need and expertise they can trust to navigate the complexities of open hybrid cloud and grow their business where it needs to be - in the cloud.”

Raj Wickramasinghe, Hybrid and Emerging Platform lead, Accenture

“Organizations are increasingly turning to hybrid cloud to help overcome complex challenges around core business functions like customer service and supply chain, and to drive growth and innovation. Through our expanded alliance with Red Hat, we can further help clients embrace the cloud continuum to enable greater operational efficiency and drive innovation.”

Robert Bersdorf, division head for multi-channel applications, Finanz Informatik

“Our business-critical applications are used every day by nearly 400 financial institutions, so regulatory compliance, security and reliability are crucial. Our hybrid cloud strategy is critical for helping us drive resilience, while balancing agility with stability and security. By using OpenShift and Ansible Automation we took a pioneering step forward to embrace the private cloud to continuously deliver innovation while delivering a seamless experience and maintaining the performance of our own technology estate. It was a great experience working with Accenture and Red Hat on this project and together pushing the envelope.”

NIC Honestly Natural Ice Creams Names Blue Lotus Communications As Its PR Strategy Partner

Walko Food Company Pvt Ltd has named Blue Lotus Communications as its communication partner for all of its four brands (owned by its subsidiary), which include NIC Honestly Natural Ice Creams, Grameen Kulfi, Cream Pot, and Café Chokolade, as well as any future brands. Following a multi-agency pitch, Blue Lotus Communications was awarded the mandate.

Blue Lotus will work with Walko Food Company Pvt Ltd. to establish strong customer communication, raise brand awareness, and increase media visibility for NIC Honestly Natural Ice Creams as part of its partnership.

Commenting on the tie-up Himanshu R. Bajpai, Head of Marketing at Walko said "We are excited to partner with Blue Lotus Communications as our PR strategy partner because we were impressed by their passion and research capability. We are glad to embark on a focused public relations campaign for NIC Honestly Natural Ice Creams in order to communicate directly with the consumers who have shown us their love by making us the fastest growing ice cream brand in India,"  

Mirroring these thoughts N. Chandramouli, CEO of Blue Lotus Communications said "It is a pleasure for us to work with NIC Honestly Natural Ice Creams because we personally believe in the growth potential of company and the brand. The entire Blue Lotus team is excited to work with them and add more value to the brand through our PR experiences in the consumer space.”

Jeetendra Bhandari, a first-generation entrepreneur, created the NIC Honestly Naturals Ice Creams brand from the ground up. The brand's mission is to provide the highest-quality ice creams, including exotic Indian flavours suitable for the local & international palate, while also using healthy and natural ingredients.

Blue Lotus Communications is rated among the top PR agency, and has worked with reputed national and international brands in the past. Blue Lotus Communications is a 20-year-old award-winning PR agency, which uses a proprietary Brand Trust Matrix to help create and enhance trust in brands through public relations.

Walko Food Company Pvt Ltd.:

NIC Honestly Natural Ice Cream was launched in 2015 on the principles of providing uncompromising quality, innovation, and a superior customer experience. Honestly Natural Ice Cream is not only their motto; it is also a promise that contains no artificial flavours, colouring agents, or preservatives. NIC Honestly Natural Ice Creams is the most popular ice cream brand on food-tech platforms such as Swiggy and Zomato, with flavours ranging from fruit and dry fruit variations to international flavours such as Mediterranean Sea Salted Caramel, Madagascar Chocolate, Belgian Chocolate, French Vanilla, and those inspired by Indian sweetmeats such as Gulab Jamun, Sheer Khurma, Til Gud, and Gajar Halwa, to name a few.

L&T Technology Services Lends Technical & financial Support To IIT Madras’ Avishkar Team For Hyperloop Project

* Team Avishkar aims to build world's largest vacuum testing facility for Hyperloop, the 5th mode of transportation featuring a high-speed train that travels in near-vacuum tube at speeds of 1,200 Km/Hr

Indian Institute of Technology Madras Students’ Team Avishkar Hyperloop has received investment from global pure-play engineering services provider L&T Technology Services Limited (LTTS) to develop innovations in the Hyperloop landscape.  LTTS is providing funding & technical support to Team Avishkar on their Hyperloop project.

LTTS will enable Team Avishkar to further gain traction on its breakthrough disruptions in the emerging domain of Hyperloop-based transportation solutions for futuristic commuting experience.

The Hyperloop model proposed by Team Avishkar can achieve a top speed of over 1,200 kilometres per hour. It is completely autonomous, safe, and clean. The team is spearheading Hyperloop Tube research in India and has already patented a novel and cost-effective tube design.  Hyperloop has been a buzzword in India for the last few years. Several companies have proposed routes including Mumbai-Pune and Chandigarh-Amritsar.

Commenting on this project, Prof. V. Kamakoti, Director, IIT Madras, said, “The vacuum tube, when developed, will be the first of its kind in academia anywhere globally and would be on par with the test facility of the commercial entity, Virgin Hyperloop One in the U.S.A. As such, ours would be the only one of its kind available in public, which we intend to utilize to organize international Hyperloop competitions.”

Avishkar Hyperloop is a student team from the Centre for Innovation, IIT Madras, focusing on revolutionizing transportation with Hyperloop technologies. It is a 70-member strong interdisciplinary team, drawing members from 11 different academic disciplines.

Prof. Mahesh Panchagnula, Dean (Alumni and Corporate Relations), IIT Madras, said, “CSR funds invested in developing sustainable technology solutions is the only way to be ready for tomorrow’s challenges. We are excited that LTTS has chosen this route.”

Team Avishkar is aiming to build the world's largest student-developed Hyperloop testing facility at IIT Madras and is hoping to complete the construction of this 500-metre-long Hyperloop facility by this year. This facility will be constructed at Discovery Campus, the Satellite campus of IIT Madras located about 35 km from the main campus.

Speaking about this Project, Mr. Amit Chadha, CEO and Managing Director, L&T Technology Services Limited, said, “The future of everyday commuting will be determined by the innovations and disruptions that we as a human race pursue today. LTTS, with its focus on ER&D and digital engineering, is committed to pushing the boundaries of modern transportation. As an engineering organization, we always look forward to rendering support to academic institutions on R&D activities in upcoming technologies.”

About L&T Technology Services Ltd

L&T Technology Services Limited (LTTS) is a listed subsidiary of Larsen & Toubro Limited focused on Engineering and R&D (ER&D) services. We offer consultancy, design, development and testing services across the product and process development life cycle. Our customer base includes 69 Fortune 500 companies and 57 of the world’s top ER&D companies, across industrial products, medical devices, transportation, telecom & hi-tech, and the process industries. Headquartered in India, we have over 20,800 employees spread across 17 global design centers, 28 global sales offices and 89 innovation labs as of March 31, 2022. For more information, please visit https://www.ltts.com/

About IIT Madras

Indian Institute of Technology Madras (IITM) was established in 1959 by the Government of India as an ‘Institute of National Importance.’ The activities of the Institute in various fields of Science and Technology are carried out in 16 academic departments and several advanced interdisciplinary research academic centres. The Institute offers undergraduate and postgraduate programs leading to B.Tech., M.Sc., M.B.A., M.Tech., M.S., and Ph.D., degrees in a variety of specializations. IITM is a residential institute with more than 600 faculty and 9,500 students. Students from 18 countries are enrolled here. IITM fosters an active entrepreneurial culture with strong curricular support and through the IITM Incubation Cell.

Recognized as an Institution of Eminence (IoE) in 2019, IITM has been ranked No.1 in the ‘Overall’ Category for the third consecutive year in India Ranking 2021 released by National Institutional Ranking Framework, Ministry of Education, Govt. of India. The Institute has also been ranked No.1 in the ‘Engineering Institutions’ category in the same Rankings for six consecutive years – from 2016 to 2021. It was also adjudged as the ‘Top innovative Institution’ in the country in Atal Ranking of Institutions on Innovation Achievements (ARIIA) in 2019, 2020 and 2021. ARIIA Ranking was launched by the Innovation Cell of Ministry of Education.

Switch Mobility Ltd. Celebrates 1st Anniversary And Achievement of Key Strategic Milestones

·         Significant progress made in first year with 300 vehicles on the road, an order book for over 650 buses and a further 1200 buses in the pipeline

·         Expanded global presence to nine locations across three countries and two continents, breaking ground on first site in mainland Europe in March 2022

·         Exciting product launches planned for 2022 including Switch’s first 12m electric bus in India and first 12m European bus, to be unveiled at the European Mobility Expo in June

·         Significantly grew breadth and depth of Board and management team with key appointments

·         Multiple investments planned, including €100m investment in Spain over the next decade and £300m in the UK and India over the medium term

·         Formally certified as a carbon neutral company, the first global bus manufacturer to achieve this accolade

Switch Mobility Ltd (‘Switch’), the next-generation net zero carbon electric bus and light commercial vehicle company, following its one-year anniversary on 8 April 2022, today provides an update on its progress over the last year.

Following Switch’s formation in April 2021, the company has grown significantly, delivering on key strategic milestones in support of its mission: to enrich lives through green mobility, delivering cleaner, smarter journeys that are accessible to all. Now with 300 vehicles on the road and a significant forward order bank, Switch continues to grow in line with its global strategy.

Andy Palmer, Vice Chairman and CEO of Switch Mobility Ltd, commented: “I am delighted with the progress we have made over the last 12 months. In a highly competitive sector, Switch has continued to grow, both in profile and in market share, and it is very pleasing that we are increasingly seen as a leading player in the industry. The investment interest we have garnered and the quality of partnerships we have formed are testament to that achievement. Our team of talented engineers have developed some of the most innovative vehicles and technologies currently available on the market, which continue to develop at pace. We have started 2022 well, building on last year’s momentum, and have an exciting 12 months ahead with the development of our site in Spain and further product launches, including our latest project at the European Mobility Expo in June, and electric LCVs in India.”

Mahesh Babu, Director & CEO – Switch Mobility India, COO – Switch Mobility Ltd, commented: “Our focus is to provide efficient, clean, safe and lowest total cost of ownership value proposition for our customers. In India, the exponential 10x increase in order book with 600 buses and almost 1200 in the pipeline is a testament of the trust built on our brand and our products. Switch EV buses in India have clocked over 7 million kms across the country, saving 4500 tonnes of CO2, with a significant uptime of over 97%. Our ability to bring value, along with our strong channel and service workforce, will certainly help us to establish Switch as a key player in India’’.

Expanding global footprint creating jobs and a workforce of experts

·         Switch has expanded to nine sites across three countries – the UK, Spain and India – in line with the company’s ambitious global growth strategy

·         First site in mainland Europe – in Valladolid, Spain – broke ground in March 2022 and is set to create 7,000 direct and indirect jobs in the region, supported by a planned €100m investment over the next decade 

·         £300m investment announced in April 2022 to support development of new products, a technical centre in Warwick and a new office in Chennai, increasing employee numbers by up to 4000 across the UK and India in the medium term.

Pioneering innovative new technologies and eMaaS solutions to create next generation EV products

·         ’Project ODIN’, expected to be the lightest widely available 12m electric bus on the market, will be launched at the European Mobility Expo in Paris on June 7th. Boasting a monocoque design, the vehicle is equipped with the latest NMC battery technology and Switch’s pioneering digital tools.

·         Switch set to unveil its new Indian eLCV in early 2023 and a new 12m bus for India will commence deliveries from June 2022.

·         Switch established its first subsidiary, OHM Global Mobility, in April 2021 to pioneer Mobility as a Service (eMaaS) solutions in India and then globally.

Building in-house expertise and quality governance

·         Notable board appointments include Andy Palmer as CEO, Mahesh Babu as COO of Switch Mobility Ltd. and CEO of Switch Mobility India, Sarwant Singh, President and Chief Planning Officer of Switch Mobility Ltd and CEO of OHM Global Mobility Ltd, Peter Freedman as Chief Marketing and Sustainability Officer, Stuart Jeff as Chief Quality Officer, and Miranda Brawn and Diane Moore as independent Non-Executive Directors.

·         These board appointments bring together experienced leaders in the fields of engineering, finance, ESG and all bring significant advisory knowledge to strengthen Switch’s future growth.

·         Employee base has grown to 774 and continues to expand at pace.

Creating industry-leading strategic partnerships

·         Switch has agreed a series of partnerships over the last year to support its rapid development including a co-operative technological partnership with Siemens to execute eMobility projects in India.

·         A strategic agreement between Switch and Dana Incorporated, a global leader in drivetrain and e-propulsion systems, was agreed in July 2021. Included was a 1.1% investment to become Switch’s preferred supplier of electric drivetrain components, valuing Switch at $1.6bn.

Generating growth with sustainability at the heart

·         Switch joined the Race to Zero and the Science Based Targets initiative (SBTi) in April 2021. This commits Switch to reducing Scope 1 and 2 CO2 emissions by 50% by 2030 and further reducing Scope 3 emissions.

·         Already hit several key milestones including saving over 5 million tonnes of CO2 from its Metrodecker buses. In March 2022 Switch were proud to become officially carbon neutral certified, the first global bus manufacturer to achieve this.

·         Played a key role at COP26, partnering with Abellio and ScotRail to provide electric transport around the event. Switch was selected as one of only eleven companies to officially exhibit as part of the UK Green Zone EV and Hydrogen showcase while Andy Palmer and Sarwant Singh also spoke at several COP26 events.

About Switch Mobility

Switch Mobility is a next-generation electric bus and light commercial vehicle company with the mission to enrich lives through green mobility. A mature start up, Switch was forged from the innovative EV elements of Ashok Leyland, the fourth largest bus OEM in the world, and Optare, the UK bus manufacturer with over a century of expertise in using the latest technologies in bus design. In 2014, Switch (then Optare) introduced the first British built, pure electric buses to London’s roads and since then has put 300 EVs on the road, clocking up over 30 million electric miles in developed and developing markets.

With dedicated teams at our sites in Leeds, UK and Chennai, India, as a Group, our market-leading vehicles are sold in over 46 countries around the globe and combine the best of British and Indian design, technology and engineering to create unique products. Capitalising on our demonstrable experience and proven expertise in light weight architecture, net zero carbon technologies, data analytics, software and customer service, Switch Mobility aims to be the commercial EV provider and employer of choice in the industry. Through its subsidiary OHM, Switch also offers a range of eMaas services, supporting communities in their transition to a zero emission transport network.

Ethos Limited’s Initial Public Offering To Open On May 18, Sets Price Band At Rs 836.00 To Rs 878.00 Per Equity Share

 ·       Price Band of Rs 836.00 – Rs 878.00 per equity share bearing face value of Rs 10 each (“Equity Shares”).

·       Bid/Offer Opening Date – Wednesday, 18 May, 2022 and Bid/Offer Closing Date – Friday, 20 May, 2022.

·       Minimum Bid Lot is 17 Equity Shares and in multiples of 17 Equity Shares thereafter.

·       The Floor Price is 83.60 times the face value of the Equity Share and the Cap Price is 87.80 times the face value of the Equity Share.

Chandigarh-based Ethos Limited (“The Company” / “Ethos”) has fixed the price band at Rs 836.00 to Rs 878.00 per Equity Share for its maiden public offer. The initial public offering (“IPO” or “Offer”) of the Company will open on Wednesday, May 18, 2022, for subscription and close on Friday, May 20, 2022. Investors can bid for a minimum of 17 Equity Shares and in multiples of 17 Equity Shares thereafter.

The IPO consists of a fresh issue of equity shares aggregating to Rs 37,500 lakhs (Rs 375 crore) and an offer for sale (OFS) of up to 1,108,037 equity shares.

Ethos has a sizeable portfolio of premium and luxury watches in India and retail to 50 premium and luxury watch brands like Omega, IWC Schaffhausen, Jaeger LeCoultre, Panerai, Bvlgari, H. Moser & Cie, Rado, Longines, Baume & Mercier, Oris SA, Corum, Carl F. Bucherer, Tissot, Raymond Weil, Louis Moinet and Balmain. It enjoys a healthy market share of 20% in the luxury watch retail segment and 13% in the premium and luxury watch retail segment in India.

Under the brand name “ETHOS, it opened Its first luxury retail watch store in January 2003 in the Union Territory of Chandigarh by its Promoter, KDDL Limited, with an experience in the watch industry. It established strong relationships with the global watch brands and further strengthening its business.

In addition to the premium and luxury watch retail, it also undertakes retail of certified pre-owned luxury watches since Fiscal 2019. It has 50 physical retail stores in 17 cities in India in a multi store format, and offers an Omnichannel experience to its customers through its website and social media platforms. Through its Omnichannel approach it is premised on its endeavour to provide experience, content, customisation, reach and convenience to the customers through its website, which is the India’s largest website for premium and luxury watches in terms in number of brands and watches offered.

The Company’s revenue from operations stood at Rs  38,657.07 lakhs (Rs 386.57 crore) for the fiscal 2021, while its restated profit for the year was Rs  578.53 lakhs (Rs 5.78 crore) for the same period. For the nine months ending December 2021, revenue from operations was Rs 41,859.31 lakhs (Rs 418.59 crore) and restated profit for the period was Rs  1,598.78 lakhs (Rs 15.98 crore).

ESAF Bank’s Q4, 2022 Net Profit Rises 144% To Rs 106 Crore

ESAF Small Finance Bank posted 143.93 per cent increase in net profit to 105.60 crore for the fourth quarter ended March 31, 2022. It was Rs. 43.29 crore during the same period a year ago. The annual Net Profit of the bank for the fiscal ended 31 March 2022 is Rs. 54.73 crore. The operating profit during the January-March quarter increased by 174.99% to Rs 158.09 crore against Rs 57.49 crore in the same period of the previous year. Total business increased by 44.36 per cent to Rs. 25156 crore, compared to Rs. 17425 crore of the previous fiscal. The operating profit for the fiscal increased by 17.96 per cent to Rs. 491.84 from 416.98 crore despite the challenges during the year on account of the pandemic.

Deposits increased by 42.40% from Rs. 8999 Crore to Rs 12815 Crore for the year ended 31 March 2022. Total CASA Improved by 67.45% from Rs. 1748  Crore to Rs. 2927 Crore. CASA proportion to Deposits also significantly improved from 19.42% for the Year ended 31 March 2021 to 22.84% for the year ended 31 March 2022. Gross Advances increased by 44.15% from Rs. 8415 crore to Rs. 12131 Crore as of 31 March 2022. The collection efficiency sustainably improved after the covid pandemic and the activity level at the field has attained near normalcy.

Commenting on the results, K Paul Thomas, MD & CEO, ESAF Small Finance Bank said: "The overall performance during the financial year was commendable and we as a bank could continue to serve our valued customers better in the difficult times, thereby delivering the joy of banking to everyone."

Gross NPA and net NPA increased to 7.83% and 3.92% from 6.70% and 3.88% respectively during FY 2022. The Bank as a prudent measure holds additional provision in excess of the RBI requirement in the standard category to the extent of Rs. 66.06 Crore as at 31 March 2022 as against 44.04 Crore as at 31 March 2021.

Prasanna School of Public Health, MAHE Organizes Event To Promote Innovation And Entrepreneurship Amongst Students

To promote the culture of innovation and orient towards start-ups among students, a two-day event on 'A Walkthrough Of Hospital Model For Non-Clinical Services' was organized by Master of Hospital Administration (MHA) Programme, Prasanna School of Public Health, recently in MAHE, Manipal.

Year 2022 has been marked as the Year of Innovation & Entrepreneurship at MAHE in-line with the National Innovation and Startup Policy 2019, by Ministry of Education, Govt. of India. This initiative was organised keeping in line with the agenda of encouraging students to develop entrepreneurial acumen.

Teams comprising of 62 students from MHA Programme, Prasanna School of Public Health showcased innovative 3D models of hospitals including eye care, ortho-care, rehabilitation, multispecialty, mother & childcare, renal care, and cardiac care to explore the various services specific to hospitals. Through this initiative the students had the opportunity to develop confidence in establishing functional relationships and layout of various departments in the hospitals

The 12 developed models by the students had visited and appreciated by several visitors, including administrative heads of various hospitals across Udupi- Manipal and MHA student groups from Mangalore. This initiative was coordinated and mentored by Dr. Usha Rani, faculty under Dr. Somu G, coordinator- MHA Programme, PSPH, MAHE.

Dr Venkatraya Prabhu, Pro Vice Chancellor (Health Sciences), MAHE said “We are extremely glad to see such enthusiastic participation of all teams from MHA programme in this event. MAHE has always strived to encourage innovation and entrepreneurship amongst its students. Events like these provide the students a platform to showcase their talent and innovative thinking, which is an extremely crucial aspect in the healthcare industry”

Speaking about the event Dr. Asha Kamath, Associate Director, Prasanna School of Public Health said “This initiative would build a strong ecosystem for students to think and bring innovative designs keeping in mind the needs of patients and would inspire, engage our students towards entrepreneurship”