Union Bank of India Signs “Agreement With LIC Mutual Fund”

Union Bank of India has signed an agreement with LIC Mutual Fund for distribution of their Mutual Fund products through Union Bank Branches. The agreement was signed by Shri Sanjay Narayan, General Manager of Union Bank of India and Shri Nityanand Prabhu, Executive Director & Business Head, LIC Mutual Fund, in the presence of Shri T.S.Ramakrishnan, MD & CEO of LIC Mutual Fund. 

Union Bank of India has been showing good performance in third party income, and is closely working with the Insurance and Mutual Fund partners, to provide niche products to their customers.  

Speaking on the occasion, Shri Sanjay Narayan, GM, Union Bank of India said “At Union Bank of India, it has always been our endeavour to provide best of the products to our customers. We are happy to announce our tie-up with LIC Mutual Fund, which will augur well for our customers especially in rural and semi-urban areas”. Shri T.S.Ramakrishnan, MD & CEO of LIC Mutual Fund said “We are delighted to partner with Union Bank of India to offer our mutual fund products. Union Bank and LIC MF’s extensive reach across the country, especially in the rural and semi-urban areas, will enable us to reach wider diaspora of investors.” 

About LIC Mutual Fund  

LIC Mutual Fund (LICMF) was established on 20th April 1989 by LIC of India, is one of the oldest & leading Mutual Fund operating in India, which is sponsored by LIC of India, trusted brand in the Insurance Industry. LICMF offer a complete basket of 28 products covering Debt, Equity, Hybrid, Passive and Solution oriented Schemes. LICMF’s Average Assets Under Management (AAuM) is INR 17,232 crores as on October 31, 2022. LICMF operates through 31 Branch Offices and 182 Investor Service Centres (as on Oct -2022). 

Photo Caption- Shri Rohit Mistry, Head- Business Development & Marketing, LIC Mutual Fund; Shri Nityanand Prabhu, Executive Director & Business Head, LIC Mutual Fund; Shri T S Ramakrishnan, MD & CEO, LIC Mutual Fund; Shri Sanjay Narayan, General Manager – Retail Assets Vertical, Union Bank of India; Shri A.Radhakrishnan, Dy General Manager, TPPD, Union Bank of India.).

MoUs Worth Rs 9.8 Lakh Crore Signed At Global Investors’ Meet : CM Bommai

* Do not use the MoUs as a tool to influence markets. Commitments are to be honoured, the Chief Minister said at the finale of the State’s three-day Global Investors’ Meet

Karnataka is able to see the silver lining among dark clouds even as the world in is reeling under recession and leading economies in particular are trying to meet both ends, said Chief Minister Basavaraj Bommai here on Friday.

Karnataka put a foot forward and showed courage when the whole world was reeling under recession, inflation was on the rise, and the top world order countries were suffering and trying hard to meet their financial requirements, he said at the finale of the State’s three-day investment exposition, Global Investors’ Meet (GIM).

Changing times

He thanked investors for favourably responding to the State’s call for investment. “Times are challenging, but trust is an important factor,’‘ Mr. Bommai said. “Our strength is our people, talent, our policies, and tech-driven industries,’‘ he added.

The Chief Minister said this edition of GIM resulted in the signing of MoUs involving Rs 9.8 lakh crore (over $100 billion). This has been cleared under the State’s single-window clearance agency and high-level committee. However, how much of it would eventually convert to investments on the ground is critical. Of this, a chunk of Rs 2.83 lakh crore has already been cleared, he said.

Addressing investors, he said, “Do not use these MoUs as a tool to influence markets. Commitments are to be honoured. If you are ready to take the challenge, we will be with you. Within three months, these MoUs should become investment reality.’‘

Rate of conversion

He said investments received through GIM have only been on the rise over the years. For instance, the maiden edition of GIM in 2000 had MoUs involving Rs 27,057 crore of which 40% became a reality. In 2010, MoUs for Rs 3.94 lakh crore were signed with a 14% conversion. In 2012, of  Rs 6.77 lakh crore, there was 8% conversion. In 1016, of Rs 3.05 lakh crore, 15% saw conversion.

“With GIM 2022, we have changed gears to more than double the speed of its growth from 50 to 60 km speed to 120 to 140 km,’‘ the Chief Minister said.

Renewable energy.

On renewable energy initiatives Mr. Bommai said that Karnataka accounted for 63% of the total production in the country. “We are going ahead of the Gulf countries in terms of producing ammonia and green nitrogen based energy sources. I want our first hydrogen-based renewable energy project groundbreaking by February-March next year.’‘

Cummins India Limited Results For The Quarter And Period Ended September 30, 2022

Cummins India Limited (NSE: CUMMINSIND and BSE: 500480) The Board of Directors of Cummins India Limited (‘CIL’), at their meeting held & reviewed and approved the unaudited financial results (consolidated and standalone) for the quarter and period ended September 30, 2022.  

Performance Highlights (based on standalone financial results) for the quarter and period ended September 30, 2022: 

Total Sales for the quarter at ? 1,922 Cr. increased by 14% compared to the same quarter last year and by 16% compared to the previous quarter. 

Domestic sales at ? 1,391 Cr. increased by 11% compared to the same quarter last year and by 19% compared to the previous quarter. 

Exports Sales at ? 531 Cr. increased by 21% compared to the same quarter last year and by 9% compared to the previous quarter. 

Profit before exceptional items and tax at ?336 Cr. is higher by 15% compared to the same quarter last year and higher by 21% compared to the previous quarter. 

Profit before tax at ?336 Cr. is higher by 15% compared to the same quarter last year and higher by 27% compared to the previous quarter. 

Ashwath Ram, Managing Director, Cummins India Limited, said:  CIL reported a record revenue for the quarter with sustained demand visible across most of our domestic and exports end markets. Despite headwinds of inflation, geo-political issues etc. economic activities are sustaining growth momentum. Robust tax collections, softening of commodity cost, focus on infrastructure and continued efforts on digitizing the economy are auguring well for our products and services. While the supply chain constraint continues, we being part of a global integrated supply chain is enabling us to secure supplies to meet the demand. We remain cautiously optimistic about the short to medium term demand outlook. 

Future Outlook: 

The Company believes that in the near to medium term the strong demand from various end markets may likely sustain. We continue to closely monitor impact of rising inflation and consequential monetary policy action of raising interest rates and its impact on consumption across our end markets. The Company is well positioned to deal with these uncertainties as we have a strong Balance Sheet, integration with global supply chain and in-country world class infrastructure and human resources. Given the uncertain economic environment due to rising inflation and geo-political issues, the company is not providing guidance for FY’23.   

Aditya Birla Fashion And Retail Posts Highest Ever Quarterly Revenues With 50% Growth YoY; PAT Rises ~6 Folds

Aditya Birla Fashion and Retail has posted yet another outstanding quarterly performance. The company posted its highest-ever quarterly sales in Q2FY23 at Rs. 3075 Cr, up 50% YoY and 33% over pre-COVID levels. Strong performance across business segments led to a 24% YoY growth in EBITDA to Rs.418 Cr. Robust Like-to-Like and consistent E-commerce performance have been key drivers of growth in the quarter.

The key highlights of the quarterly performance are as follows:

Aggressive network expansion across brands, with Pantaloons adding 21 stores on a net basis and the Branded business adding 85 stores.

E-commerce sales grew 24% YoY across the portfolio

Consistent enhancement of Omni-channel coverage at over 1600 stores

Closed the quarter with net debt of Rs. 243 Cr. at consolidated level against Rs. 504 Cr. at the end of March’ FY22.

Lifestyle Brands: Best quarter for the branded portfolio as revenue grew 45% YoY (34% over pre-COVID levels) to reach Rs. 1680 Cr on the back of industry-leading retail L2L growth of 27%.

Pantaloons: Business achieved highest-ever quarterly revenues to grow 64% YoY to Rs. 1094 Cr. EBITDA margins now ahead of pre-COVID levels.

100 Days TO Ace Hyderabad E-Prix: The Countdown Begins To India’s First Formula E Race

·        Formula E’s first ever E-Prix in India will take place at a new street circuit in Hyderabad on February 11th, 2023

·        A Formula E car was unveiled and on display at the launch in New Delhi

·        The four-year association between Formula E, Government of Telangana and Ace Nxt Gen ensures the championship will take place in India until 2026, starting from 2023

·        Accelerated by Greenko, the 2023 Ace Hyderabad E-Prix will also be the first ever net zero carbon motorsport event in the country

The ABB FIA Formula E World Championship, accelerated by Greenko - the world’s leading energy transition and decarbonization solutions provider - is all set to debut in India, with Hyderabad being the host city.

To further build anticipation amongst fans, the 2023 Ace Hyderabad E-Prix today started a 100-day countdown untill 11th of February 2023, by previewing a Formula E show car in New-Delhi. The year 2023 marks the first year of India being one of the host countries for the world championship and will continue to do so until 2026.

The initial countdown was kicked off in the august presence of Shri Hardeep Puri, Hon’ble Minister of Petroleum and Natural Gas of India, Shri Amitabh Kant, Former CEO of Niti Aayog, Mr. Alberto Longo, Co-founder, and Chief Championship Officer at Formula E, Shri Anil Kumar Chalamalasetty, Founder of Ace Nxt Gen, CEO & MD of Greenko Group and Shri Arvind Kumar I.A.S. Special Chief Secretary, MA&UD representing Govt. of Telangana.

The ABB FIA Formula E World Championship has successfully enthralled global fans for eight seasons (years) now, completing 100 races in 21 cities. The championship focuses on accelerating the development, awareness and uptake of electric vehicles around the globe. For the coming season, Formula E fans will see 11 teams and 22 drivers racing the new Gen3 around the most iconicic world cities, including the Mahindra Racing Formula E team, part of the Indian-based Mahindra Group.

Hyderabad being one of the host cities will witness round 4 of the total 17 races for Season 9 of the championship taking place between January and July 2023. Fans will witness the electric Gen3 Formula E cars race past on the city circuit around the famous Hussain Sagar Lake.

Shri. K.T Ramarao, Hon'ble Minister of IT, Municipal Administration and Urban Development, Government of Telangana conveyed from Hyderabad that, “It is an honour for us to welcome racing enthusiasts across the world for the Formula E championship in the city. It is also a proud moment for us, as Hyderabad is one of the 13 world-cities where the races are scheduled. Moreover, it is also aimed at raising awareness and inspire change in sustainable practices and adopting EVs in the state.”

Mr. Alberto Longo, Co-Founder and Chief Championship Officer, Formula E said, “We are thrilled to bring the ABB FIA Formula E World Championship to India for the very first time and showcase our new Gen3 car to a thriving new audience. It has been a must have destination for us for some time, and so we cannot wait to be racing in Hyderabad on the 11th February. 

“India has a large and passionate Formula E fan base that continues to grow, and with the involvement of Mahindra Racing local fans have a home team to get behind and support. Racing in Hyderabad, one of India’s foremost technological hubs, is also the perfect location to not only display high-performance racing and cutting edge innovation, but educate people on the adverse effects of climate change and how the development and adoption of electric vehicles is part of that solution.”

Anil Kumar Chalamalasetty, Founder of Ace Nxt Gen and CEO & MD of Greenko said, “We are excited about hosting the planet’s favourite sport and India’s first ever Formula E Race in partnership with Govt of Telangana and support from the Govt of India. We share Hon’ble PM Shri Modi Ji’s bold and courageous vision to combat climate change and building the country as a reliable, sustainable source of technologies to propel global decarbonisation. Being a Hyderabadi, I’m delighted that my city which is one of the world’s greenest cities will host the greenest race, under the dynamic leadership of Minister K T Rama Rao. With just 100 Days to go for the first Net Zero carbon race, we will accelerate our race to ensure that India Drives the future of sustainability and decarbonisation.”

Hyderabad city, recipient of the “World Green City Award 2022”, brings innovation to the forefront in its pursuit to be the biggest tech hub in India. Formula E is the world’s only certified net zero carbon sport from inception, with the Hyderabad E-Prix becoming India’s first net zero motorsport event. Using the vision of sport, Formula E is sending a powerful and meaningful message to help alter perceptions and speed up the switch to electric mobility operating as a testbed to push the development of new technologies needed for an electric, low-carbon future. As a part of its core vision Ace Nxt Gen is accelerating its efforts to win the race against climate change and achieve Net Zero goals through innovative solutions. Formula E – the Planet’s favourite sport - is coming to India, accelerated by Greenko in partnership with the Government of Telangana.

About Formula E World Championship:

As the world’s first all-electric FIA World Championship and the only sport certified net zero carbon since inception, the ABB FIA Formula E World Championship brings dramatic racing to the heart of some of the world’s most iconic cities providing an elite motorsport platform for the world’s leading automotive manufacturers to accelerate electric vehicle innovation.

The Formula E network of teams, manufacturers, partners, broadcasters and host cities are united by a passion for the sport and a belief in its potential to accelerate sustainable human progress and create a better future for people and planet.

www.FIAFormulaE.com

For Formula E media enquiries, contact - media@fiaformulae.com

About Ace Nxt Gen:

Ace Nxt Gen is the official promotor of the Formula E Race in India in partnership with Formula E and Government of Telangana. Ace Nxt Gen is founded by Mr. Anil Kumar Chalamalasetty.

Tata Motors Takes A Marginal Price Hike On Its Passenger Vehicles

Tata Motors, India’s leading vehicle manufacturer has announced a marginal price increase across its passenger vehicles. Effective November 7, 2022, weighted average increase will be 0.9%, depending on the variant and model.

The company has been absorbing a significant portion of the increased costs but the steep rise in overall input costs has compelled it to pass on some proportion through this minimal price hike.

Hero MotoCorp Partners With Gurugram Police To Promote Women's Safety In India

Hero MotoCorp, the world's largest manufacturer of motorcycles and scooters, today handed over 50 motorcycles and 10 scooters to the Gurugram Police to enhance the mobility of police personnel responsible for ensuring the safety of women and controlling other crimes across the region.

As part of the company’s umbrella platform for Corporate Social Responsibility (CSR) - ‘Hero WeCare’ – the initiative fulfils its larger mandate of enabling safe and secure environments for women across the country.

Receiving the motorcycles and scooters at the Police Commissionerate here today, Mrs  Kala Ramachandran (IPS), Commissioner of Police, Gurugram, said “We are thankful to Hero MotoCorp for this support as it will improve the reach and efficiency of our officers on the ground. The motorcycles will be used by them for active patrolling in their respective areas of jurisdiction and will go a long way towards enhancing people’s overall security, particularly women’s safety. This will also include making emergency services available during road-related situations.” 

Bharatendu Kabi, Head of Corporate Social Responsibility (CSR) and Corporate Communication, Hero MotoCorp, said “As a responsible corporate citizen, Hero MotoCorp is committed to improving the overall wellbeing of the society, including women’s safety. We have been engaged in creating and spreading awareness on these key subjects through a series of initiatives at the national and regional levels. This support to Gurugram Police is a step forward in creating a safe environment and cementing a sense of security amongst all citizens, especially women. I am confident that the motorcycles and scooters will help in increasing the patrolling reach and speed of the team and ensure a quicker response time in case of emergencies.”

Hero MotoCorp – through its CSR platform ‘Hero We Care’ – has had a long-term commitment to the promotion of environment, road safety, women’s empowerment, healthcare, education and sports in the state of Haryana.