AG&P Pratham Kicks Off Its Pipeline Laying Work For Domestic And Commercial PNG Connections In Mysuru

AG&P Pratham, a leading player in the Indian City Gas Distribution (CGD) industry, held a ground breaking ceremony today to mark the start of construction for its Piped Natural Gas (PNG) pipeline laying work in Mysuru, Karnataka. AG&P has already set up 9 CNG stations in Mysuru District and the number of stations will grow to 24 by March 2023. The network of CNG Stations will further be expanded to Mandya and Chamrajanagar Districts and reach a total of 42 Stations by March 2023.

The ground breaking ceremony was graced by MP Shri Pratap Simha, MLA Shri L Nagendra, Commissioner MCC Shri Laxmikant Reddy, Corporator Shri M.U. Subaiah (Ward 20), Corporator Shri Shivakumar (Ward 47) in the presence of AG&P Pratham representatives Mr. Arun Nayak, Regional Head and Mr. Nitin Huilgol, Cluster Marketing Head, Karnataka.

The company has received permission from Mysuru Municipal Corporation for Ward number-20 Vijay nagara and Ward number-47 Kuvempunagara and permission for Ward number-3 Mahadeshwara Badavane is expected shortly, for MDPE laying for the benefit of domestic and commercial customers. The PNG Pipeline Laying will not only provide continuous PNG supply to domestic customers but will also transform their lives by allowing them to experience a fuel that is safer, economical, reliable as well as convenient. It helps save up to 22% on household cooking fuel in comparison to LPG cylinders.

“The construction of AG&P Pratham’s PNG pipeline in Mysuru is an important milestone in the roll-out of natural gas networks being developed in Karnataka. It is in lockstep with our mission of helping the country in moving toward energy sufficiency and transform into a gas-based economy. We are committed to taking a step ahead for ensuring a clean, economical, and sustainable future supply of natural gas to every household in Mysuru.” said Mr. Arun Nayak, Regional Head, AG&P Pratham.

About AG&P Pratham:

AG&P Pratham is the leading international player in the Indian City Gas Distribution (CGD) industry. AG&P Pratham holds 12 CGD licenses awarded by the Petroleum & Natural Gas Regulatory Board (PNGRB) to exclusively provide natural gas for everyday use in 34 Districts in Tamil Nadu, Andhra Pradesh, Karnataka, Kerala, and Rajasthan. The exclusive rights cover the supply of Piped Natural Gas (PNG) to households, industrial, commercial, non-commercial, and non-domestic exempt commercial (NDEC) establishments, as well as CNG for use in vehicles. These CGD networks will cover 278,000 square kilometers, 17,000 inch-km of the pipeline, and over 1,500 new CNG stations.

Serial Entrepreneur - Ashok Soota Unveils Happiest Health Portal With In-Depth Knowledge Related To Health And Wellness

Serial Entrepreneur and Executive Chairman of Happiest Minds, Ashok Soota today announced the launch of his latest entrepreneurial venture Happiest Health, a global health and wellness knowledge enterprise that aims to provide in-depth, credible and trustworthy knowledge related to health and wellness. Happiest Health formally launched its website Happiest Health, accessible to all across the globe. This is Ashok Soota’s second commitment to the health and wellness space, having launched SKAN last year, a not-for-profit Medical Research Trust that focuses on aging and neurological disorders.

Happiest Minds 5-year Vision statement includes:

*   Be recognized amongst the top 2 most trusted and credible sources of knowledge on health and wellness globally.

*   Be recognized for our thought leadership for kinder, gentler & newer therapies.

*   Prepare the company for a successful IPO around FY-29.

* Be known as the company with the highest standards of Corporate governance.

*   Be recognized by Great Places To Work (GPTW) as a best place to work, best place for women, best place for health and wellness

* Achieve carbon neutrality by FY23 and net-zero emission by FY25.

Happiest Health will aim to be recognized amongst the top two trusted and credible sources of knowledge on health and wellness globally, while driving thought leadership for integrated medicine and gentler, kinder therapies.

Speaking at the launch, Ashok Soota, Executive Chairman, Happiest Health said, “Happiest Health owes its genesis to a cognizance that globally healthcare knowledge is merely about repetitive factual information that may not necessarily answer concerns of a common person or provide in-depth, coherent understanding on complex health and wellness issues. We want to become global leaders of health and wellness knowledge and position ourselves as Happiness and Wellness Evangelists. Through Happiest Health, we want to build the importance of integrated medicine, provide valuable knowledge through experts on early diagnosis and evidence-based therapies and do so with empathy and passion.”

Armed with the mission of ‘Better Knowledge. Better Health’, Happiest Health aims to be a game changer in providing customised, interactive wellness and health knowledge across digital platforms with a strong focus on research-driven content, breakthroughs and developments in related fields, tools for early diagnosis, user stories & comments and kinder, gentler therapies. The platform will have articles and blogs from esteemed doctors, a rich panel of wellness experts lending their voice to the knowledge base. Another key highlight will be the platform’s collaboration with globally renowned medical research institutes for knowledge sharing. While keeping abreast of all modern allopathic practices, Happiest Health will also put the spotlight on therapies such as Ayurveda, Homeopathy, Naturopathy, Yoga for wellness, to name a few.

Commenting on the launch, Ravi Joshi, Chief Editor (Digital), Happiest Health said, “There is a huge potential for verifiable medical content that can be put to good use. Happiest Health aims to bridge gaps in wellness knowledge that is relatable, credible and, most importantly, relevant for people across the spectrum. We wanted to create a platform that is pathbreaking in its content while passionately caring for all-round wellness of our readers. We aim to reach maximum users in India and across the world to deliver happiest health and wellness.”

Happiest Health will educate audiences with breakthroughs and developments in health and wellness sourced from new research including studies from global institutes of excellence. The platform’s panel of doctors will cover multiple disciplines through guest essays, articles which offer unique perspectives and interesting medical experiences.

Commenting on the roadmap for Happiest Health, Ashish Pratap Singh, Chief Marketing Officer, Happiest Health said, “The growing urban population is aware and concerned about increasing lifestyle-driven health issues. At Happiest Health, we see the need to mitigate concerns through preventive wellness and early diagnosis. People of all ages are increasingly understanding the importance of holistic wellness and integrated medicine. Through Happiest Health, we are well-positioned to address these needs and bring all of this knowledge in a coherent, meaningful manner.”

Happiest Health will also cater to tier-II & III regions in India with regional written and video content, which the platform will launch in the next one year. Happiest Health will also soon launch its own podcast, web series and audio content.

Shapoorji Pallonji Real Estate Launches “Residential Home Inventory” of Rs. 400 Plus Crores At Parkwest 2.0

* The new tower CEDAR stands 32 storeys tall, will offer luxurious 2.5 BHK & 3 BHK apartments 

After the successful launch of earlier Parkwest towers, Shapoorji Pallonji Real Estate, one of India’s most trusted real estate brands, has announced the launch of its residential home inventory of Rs. 400 plus crore at its Bengaluru project. The new tower CEDAR at Parkwest 2.0, is a luxurious project situated in Central Bengaluru. Part of a 46-acre development and with a total saleable area of over 3 lakh square feet, the project is located in Binnypet. 

The newly launched tower, CEDAR, at Parkwest 2.0, stands at 32 storeys and offers 225 efficiently & smartly designed luxury apartments with 2.5 & 3 BHKs ranging from 1588 square feet to 2065 square feet. Priced at Rs. 1.62 crore onwards, tower CEDAR at Parkwest 2.0 will offer spacious homes with large decks, ample sunlight, fresh air, breath-taking views, and the utmost privacy to its occupants.  

The company has launched over 2371 (excluding t8) apartments. Of these, 700+ apartments have been handed over to the residents.   

Strategically located, Parkwest offers easy connectivity to the Metro Station, Majestic Bus Stand and City Railway Station. The project is in close proximity to the Central Business District, shopping malls, schools, hospitals, commercial complexes, restaurants, and entertainment options.  

Commenting on the launch, Mr Venkatesh Gopalakrishnan, Chief Executive Officer at Shapoorji Pallonji Real Estate, says, “Considering the overwhelming response from home buyers, we are launching tower CEDAR at Parkwest 2.0. We believe this is the right time to bring the best products to the Central Bengaluru micro-market. Moreover, the smart way of living offered at tower CEDAR is the best fit for Bengaluru residents as the city is well known as a tech hub of the country.” 

Mr Sumit Sapru, Business Head, Shapoorji Pallonji Real Estate said, "We have witnessed a steady demand for spacious luxury homes in the Bengaluru market. Parkwest will not only deliver but exceed customers’ expectations of luxury living. We look forward to ensuring that Parkwest becomes Binnypet’s most desirable address.” 

Equipped with the latest security and home automation solutions, tower CEDAR at Parkwest 2.0 will offer a smart way of living to its homebuyers. It will offer a package of smart security and home automation solutions which will include a smart door lock, smart video door phone, motion alarm, panic alarm, smart control for AC, smart control for the television, smart energy monitoring, smart water purifier, electric vehicle charger and remote activation of the water heater. With the existing lush greenery at Parkwest 2.0, the project will offer the best-balanced blend of nature and technology. With Parkwest, Binnypet has become a desirable location for investors and home buyers.  

About Shapoorji Pallonji Real Estate (SPRE)  

Shapoorji Pallonji Real Estate is a well-regarded, reputed player in the Indian real estate sector owing to cutting-edge design innovation, construction quality and architectural excellence. It constitutes a significant segment of the Shapoorji Pallonji Group – an enormous multi-business conglomerate. The group has a 150+ years legacy that bridges the earliest celebrated structures of India and the modern marvels. Shapoorji Pallonji Real Estate has made inroads into most Indian cities – Mumbai, Pune, Bangalore, Gurugram and Kolkata - with a variety of developments from luxury apartments, opulent residences to aspirational homes for mid-income homebuyers as well as one of the largest mass housing projects in India. 

Link to the website: https://www.shapoorjipallonji.com/  

PNB MetLife Announces INR 594 Crore Bonus For 4.95 Lakh Participating Policyholders

* The bonus amount for FY22 is 12% higher than that of FY21 and the highest since the company’s inception

PNB MetLife India Insurance Company Limited (PNB MetLife) has announced a bonus of INR 594 crore for all eligible policyholders of participating products for FY22. 

The insurance company has been consistently declaring bonuses on participating products every year, and the bonus amount for FY22 is 12% higher than that of FY21. This bonus sum will benefit 4.95 lakh customers whose policies were in force as of 31st March 2022.

Ashish Kumar Srivastava, MD & CEO, PNB MetLife, said, “As a company, our business goals orbit around customer-centricity and we strive to assist our clients in building a more secure financial future. Though the pandemic outbreak led to market volatility, we at PNB MetLife have been able to deliver consistent returns to our policyholders as a result of our prudent management practices. We are happy to announce that our annual bonus in FY22 is INR 594 crore and this is the highest bonus that we have ever given out since our inception. Our customers placed their trust in is to help them achieve their long-term financial goals, and we believe that this incentive will do exactly that.”

A policyholder bonus is the share of profits generated by the company’s participating fund which is paid to the customers at specific benefit events. PNB MetLife’s strong fund management capabilities coupled with robust risk management practices have enabled the company to reward policyholders with consistent bonus pay-outs. Significant peer fund and benchmark index outperformance across key categories in a competitive market make PNB MetLife a preferred choice for our policyholders in their journey of long-term wealth creation.

At PNB MetLife, customer-centricity permeates all aspects of PNB MetLife's operations. The company follows the ‘Circle of Life’ approach, which offers solutions for different life stages, including child education, family protection, long-term savings as well as retirement benefits. Customers who invest in our life insurance plans like the PNB MetLife Century Plan, PNB MetLife Super Saver, PNB MetLife Retirement Savings Plan, and PNB MetLife Bachat Yojana benefit from both life insurance coverage which ensures their goals are secured and the opportunity to create wealth through bonus accruals and pay-outs.

About PNB MetLife India Insurance Company Limited

PNB MetLife India Insurance Company Limited (PNB MetLife), one of the leading life insurance companies in India (Source – CRISIL), has as its shareholders MetLife International Holdings LLC. (MIHL), Punjab National Bank Limited (PNB), M. Pallonji and Company Private Limited Jammu & Kashmir Bank Limited (JKB), and other private investors, with MIHL and PNB being the majority shareholders.

For more information, follow us on Twitter @PNBMetLife1, www.facebook.com/PNBMetLife, or visit www.pnbmetlife.com.

·         The marks “PNB” and “MetLife” are the registered trademarks of Punjab National Bank and Metropolitan Life Insurance Company, respectively. PNB MetLife India Insurance Company Limited is a licensed user of these marks”.

LTI Constant Currency Revenues Grow 26.6% YoY; Net Profits Up 27.7% YoY

Larsen & Toubro Infotech (BSE code: 540005, NSE: LTI), a global technology consulting and digital solutions company, announced its Q1 FY23 results today.

In US Dollars:

Revenue at USD 580.2 million; growth of 1.7% QoQ and 23.4% YoY

Constant Currency Revenue growth of 2.9% QoQ and 26.6% YoY

In Indian Rupees:

Revenue at INR 45,228 million; growth at 5.1% QoQ and 30.6% YoY

“We are pleased to report 26.6% YoY revenue growth in constant currency. We added 4 Global Fortune 500 logos to our client list in Q1, taking our total Global Fortune 500 customers to 77. We are also happy to announce 4 large deal wins during the quarter with net new TCV of US$ 79mn.”  

- Sudhir Chaturvedi, President Sales & Executive Board Member

“Our healthy pipeline will ensure that we maintain our large deal momentum. Our sustained net headcount addition reflects our confidence and continued focus to deliver strong growth in FY23”

- Nachiket Deshpande, Chief Operating Officer & Executive Board Member

Net Income at INR 6,344 million; decrease of 0.5% QoQ and growth of 27.7% YoY

Recent Deal Wins

-          Selected by a Global Fortune 500 energy company for management and implementation of a safety program across their operations

-          Chosen by a global organization present in over 130 countries involved with protecting human rights to transform their data management, collaboration and communication solutions, digital experience, and ERP landscape

-          Engaged by a Global Fortune 500 technology company to develop, support and enhance solutions for products on their hybrid cloud and AI platforms

-          One of the largest financial institutions in the Middle East has selected LTI for a multi-year managed services contract to transform their channels landscape under “Change the Bank” initiative

-          A Global Fortune 500 food and services company has chosen LTI for a managed services deal to provide support and enhancements for SAP applications, Anaplan and other AWS Infrastructure and security apps

-          Selected by a full-service broker as a strategic partner for managing their mission critical applications. LTI will perform development, maintenance, and production support services for applications while reducing cost and improving operational efficiency

-          Selected to set up an automated and integrated governance, risk, and compliance (eGRC) solution for one of the largest Smart Cities coming up in the Middle Eastern region

-          Engaged by a Global Fortune 500 technology and manufacturing company to deploy a strategic sales solution across locations to ensure an efficient and smooth sales process

-          One of India’s largest private sector banks has chosen LTI for managing their Security Operations Center (SOC) using analytics and artificial intelligence for advanced threat monitoring, detection, remediation, and risk management processes

-          Chosen by a key group member of an international financial organization to design and architect cloud native enterprise applications on Azure cloud platform

-          Selected by a large insurance and financial services provider for implementation of Guidewire InsuranceNow platform for several new products and services rollouts to increase efficiency

Analyst Recognitions

-          Fosfor by LTI Positioned as a Major Contender in Everest Group’s Intelligent Document Processing (IDP) – Technology Provider Landscape with Products PEAK Matrix® Assessment 2022

-          LTI recognized in 2022 Gartner® Magic Quadrant™ for Oracle Cloud Application Services, Worldwide

-          LTI recognized in The Forrester Now Tech: Cloud Migration and Managed Service Partners In Asia Pacific, Q2 2022

-          LTI recognized in 2022 Gartner® Competitive Landscape: IT Service Providers to the Global Insurance Industry

Awards & Other Business Highlights

-          LTI has been named the GSI Global Delivery Platform Partner of the Year by Snowflake, the Data Cloud company. The award demonstrates LTI’s leadership and excellence, as an Elite Partner of Snowflake, in accelerating migrations and implementations on the Snowflake Data Cloud at speed and scale

-          LTI won multiple accolades at the Institutional Investor 2022 Rest of Asia ex-Mainland China Executive Team rankings.  LTI has been ranked amongst the top 3 across all sell-side categories in the Technology/IT Services & Software space. It was also recognized in the ‘Most-Honored’ Companies Asia List 2022

-          LTI has been ranked among the top 5 players in the latest IT Sourcing study for the Nordic region by Whitelane Research and PA Consulting

-          LTI expanded its operations by setting up a new facility in Kolkata. The new center marks company’s expansion in the Eastern region of the country and is designed to meet the requirements of a futuristic and modern workplace

Emirates Statement On Flight Operations At London Heathrow Airport

Emirates values our partnerships with airport stakeholders across our network with whom we engage continuously, and collaboratively, to secure our flight operations and ensure minimal customer disruption, particularly over the peak travel months. 

It is therefore highly regrettable that LHR last evening gave us 36 hours to comply with capacity cuts, of a figure that appears to be plucked from thin air. Their communications not only dictated the specific flights on which we should throw out paying passengers, but also threatened legal action for non-compliance. 

This is entirely unreasonable and unacceptable, and we reject these demands. 

At London Heathrow airport (LHR), our ground handling and catering – run by dnata, part of the Emirates Group - are fully ready and capable of handling our flights. So the crux of the issue lies with the central services and systems which are the responsibility of the airport operator. 

Emirates is a key and steadfast operator at LHR, having reinstated 6 daily A380 flights since October 2021. From our past 10 months of regularly high seat loads, our operational requirements cannot be a surprise to the airport. 

Now, with blatant disregard for consumers, they wish to force Emirates to deny seats to tens of thousands of travellers who have paid for, and booked months ahead, their long-awaited package holidays or trips to see their loved ones. And this, during the super peak period with the upcoming UK holidays, and at a time when many people are desperate to travel after 2 years of pandemic restrictions. 

Emirates believes in doing the right thing by our customers. However, re-booking the sheer numbers of potentially impacted passengers is impossible with all flights running full for the next weeks, including at other London airports and on other airlines. Adding to the complexity, 70% of our customers from LHR are headed beyond Dubai to see loved ones in far flung destinations, and it will be impossible to find them new onward connections at short notice. 

Moving some of our passenger operations to other UK airports at such short notice is also not realistic. Ensuring ground readiness to handle and turnaround a widebody long-haul aircraft with 500 passengers onboard is not as simple as finding a parking spot at a mall. 

The bottomline is, the LHR management team are cavalier about travellers and their airline customers. All the signals of a strong travel rebound were there, and for months, Emirates has been publicly vocal about the matter.  We planned ahead to get to a state of readiness to serve customers and travel demand, including rehiring and training 1,000 A380 pilots in the past year. 

LHR chose not to act, not to plan, not to invest. Now faced with an “airmageddon” situation due to their incompetence and non-action, they are pushing the entire burden – of costs and the scramble to sort the mess - to airlines and travellers. 

The shareholders of London Heathrow should scrutinise the decisions of the LHR management team. 

Given the tremendous value that the aviation community generates for the UK economy and communities, we welcome the action taken by the UK Department for Transport and Civil Aviation Authority to seek information from LHR on their response plans, systems resilience, and to explain the seemingly arbitrary cap of 100,000 daily passengers. Considering LHR handled 80.9 million passengers annually in 2019, or a daily average of 219,000, the cap represents greater than a 50% cut at a time when LHR claims to have 70% of ground handling resources in place.  

Until further notice, Emirates plans to operate as scheduled to and from LHR.  

Forays Into Consumer Space With The Launch of Protective Head Gear (Helmets)

* Launches two-wheeler Fiber Parts with 1500+ variants

Minda Corporation Limited (referred to as “Minda Corp” or the “Company”; NSE: MINDACORP, BSE: 538962), is the flagship company of the Spark Minda Group, launched 17 helmet models with 145 variants in the Indian retail market. The launch marks Spark Minda’s foray into the B2C space at a time when India is emerging as the largest and fastest growing helmet market globally.

During the next few years, the company plans to add 200+ distributors and open exclusive Spark Minda branded outlets across the country, making the distribution network more robust. The Protective Head Gear will be available across three customer segments- Economy (Knight series), Mid (Garrison series) and the Premium (Armored series) category.

Spark Minda also announced the launch of 1500 fiber parts (Plastic-molded, painted components for two-wheelers) to meet the growing demand of 2W riders across the country. This number is targeted to increase to 2400 in the next two years, representing the largest range of fiber parts available in the country.

Mr. Ashok Minda, Chairman and Group Chief Executive Officer, Minda Corporation Ltd. said:

“The last six decades have seen Spark Minda ushering industry leading solutions in the automotive industry. The amalgamation of the group's experience along with its impetus on extensive research has lodged it well ahead of its league when it comes to developing products for the future.

India is the fastest growing major economy in the world. Our foray into the consumer business category will not only make us a part of this iconic growth story of the country, but also reinforce our commitment to provide the highest standards of safety for 2W riders across the country."

Mr. Neeraj Sharan, CEO, Aftermarket Division, Minda Corporation Ltd. said:

“India is world’s biggest helmet market with 40-45% of the sector still being served by unorganized players. The launch of this extensive product range will bring a significant disruption and help us become one of the leading players in the helmet segment. We want to ensure that certified helmets are available to every 2W rider in India. Going forward, the company plans to expand the merchandise portfolio by launching a range of new products and have the largest range of Fiber parts for our 2W riders in the country.”

Currently, the aftermarket division at Spark Minda has a network of 500+ distributors and 12,000+ retailers across India with 12 product lines including Locks, Wiring Harness, Instruments, Auto Electrical components (Starter Motor), Flasher, Relays, CDI, Wiper, Cable, Filter, Lubricant, Brake shoe, Clutch plate, and Bearing.

About Minda Corporation (BSE:538962; NSE: MINDACORP)

Minda Corporation is one of the leading automotive component manufacturing companies in India with a pan-India presence and significant international footprint. The Company was incorporated in 1985. Minda Corporation is the flagship company of Spark Minda, which was part of the erstwhile Minda Group. The Company has a diversified product portfolio that encompasses Mechatronics; Information and Connected Systems and Plastic and Interior for auto OEMs. These products cater to 2/3 wheelers, passenger vehicles, commercial vehicles, off-roaders and after-market. The Company has a diversified customer base including Indian and global original equipment manufacturers and Tier-1 customers.

For assimilating the latest technologies, Minda Corporation has a dedicated R&D facility and collaborations with the pioneers and leaders of the automobile industry. This has provided Minda Corporation with the cutting-edge in product design and technology to meet strict international quality standards.