Happiest Minds Technologies Collaborates With ServiceNow To Accelerate Digital Transformation

Happiest Minds Technologies Limited (NSE: HAPPSTMNDS), a ‘Born Digital. Born Agile’, Mindful IT Company, today announced that it has joined the ServiceNow® Partner Program to become a Managed Service Partner (MSP) for ServiceNow, with coverage across all its focus geographies for strengthening its IT service offerings. Happiest Minds is accelerating digital transformation with the ServiceNow solution to enable ITSM, ITOM, ITAM, TPSM, HRSM, ITBM, and investments in emerging spaces like GRC, SecOps, Automation and LCAP.

Happiest Minds has proven experience to provide end-to-end ServiceNow services that includes advisory, consulting, design, implementation and manage by leveraging in-house capabilities, accelerators and frameworks. With its wide domain knowledge on digital transformation for enterprise customers coupled with ServiceNow deep expertise, differentiated offerings and solutions using new-age modules will help connect the customer ecosystem, enable proactive service delivery, and improve the customer experience.

Ram Mohan C, President & CEO, Infrastructure Management & Security Services (IMSS), Happiest Minds Technologies said, “We are delighted to announce our enrollment into the partner program at ServiceNow. This collaboration helps us rapidly scale up our capabilities on a technology that’s core within large enterprise clients globally & offers them a differentiated managed services delivery (MSP) model. Apart from their best-in-class ITSM/ITOM offerings, the newer solutions around GRC and automation are perfectly aligned with Happiest Minds’ focus on emerging technologies. We believe this alliance offers our customers the win-win combination of market-leading technology and Happiest Minds’ proven global delivery capability.”

About Happiest Minds Technologies:

Happiest Minds’ Technologies Limited (NSE: HAPPSTMNDS), a Mindful IT Company, enables digital transformation for enterprises and technology providers by delivering seamless customer experiences, business efficiency and actionable insights. We do this by leveraging a spectrum of disruptive technologies such as artificial intelligence, blockchain, cloud, digital process automation, internet of things, robotics/drones, security, virtual/augmented reality, and more. Positioned as ‘Born Digital. Born Agile’, our capabilities span digital solutions, infrastructure, product engineering and security. We deliver these services across industry sectors such as automotive, BFSI, consumer packaged goods, e-commerce, edutech, engineering R&D, hi-tech, manufacturing, retail, and travel/transportation/hospitality.

A Great Place to Work-Certified™ company, Happiest Minds is headquartered in Bangalore, India, with operations in the U.S., UK, Canada, Australia, and the Middle East.

ServiceNow, the ServiceNow logo, Now, Now Platform, and other ServiceNow marks are trademarks and/or registered trademarks of ServiceNow, Inc. in the United States and/or other countries.

Bengaluru Midnight Marathon 2022 To Be Held On December 10/11, 2022, At KTPO, Whitefield, Bengaluru

* Bengaluru Midnight Marathon- An event for All Ages and All Running Enthusiasts

* Key Events include Wissen Fast 5K - Timed Run, Wissen 5K IT City Fun Run, Akamai Open 10K Run, Agriplast Half Marathon, Full Marathon, Airbus Corporate Relay, Prime VP FittestStartupChallenge Relay and Community relay

Register @  www.midnightmarathon.in or

https://registrations.indiarunning.com/bmm-2022

India’s 3,000m Steeplechase National record holder and the silver medalist at the recently concluded Commonwealth Games, Avinash Sable has been named as the Brand Ambassador of the 15th Edition of Bengaluru Midnight Marathon (BMM) 2022. Recognised as the country’s only midnight marathon, BMM, a member of AIMS (Association of International Marathons and Distance Races), has grown into a marathon of international repute over the last 14 years and today is one of the leading Marathons run in the world, with participation of 11,000+ runners. BMM 2022 is being held on December 10/11, 2022, under the patronage of its organisers, the Rotary Bangalore IT Corridor (RBITC) at KPTO, Whitefield, Bengaluru.

A running event for all- BMM 2022 has all the right ingredients for those looking for some serious running experience and also for those who want to better their timing- whether it is 5K or 10K or the Half/Full Marathon. BMM is also the perfect platform for those who want to experience the fun of participating in a Midnight Running event. The theme for this year’s BMM is aptly chosen as “Run Freely Again.” After two years of the Pandemic controlling most of our lives, it’s time to celebrate the spirit of freedom, the freedom to ‘BE.’

Shared Mr. Viraf Sutaria, Chairman of BMM 2022, “We are honoured to have Avinash Sable as the Brand Ambassador for this year’s edition of BMM. He is an inspiration for today’s generation and shows us that nothing is impossible if you have the courage to believe in yourself.”

I am extremely pleased to be part of an event like Bengaluru Midnight Marathon that not only provides a platform for athletes and running enthusiasts but is also deeply involved in socially relevant causes. I am looking forward to this new experience and seeing all the participants on the event day,” said Avinash Sable in a statement issued by RBITC.

The highlight of the 15th edition of Bengaluru Midnight Marathon (BMM) is the introduction of the Fast 5K Run and introduction of the Virtual Marathon in association with India Running to reach out to the larger audience who can’t be physically present at the event.

The online registrations for all the events have been announced and participants can register online by logging onto www.midnightmarathon.in. The key events on December 10, 2022 will include the Full Marathon, Half Marathon, Akamai Open 10K Run, Wissen 5K IT City Fun Run, Airbus Corporate Relay, Community Relay, Prime VP FittestStartupChallenge Relay and the new addition – Fast 5K Run (timed).

Thousands of professional runners, international athletes, supporters, corporates and NGOs are expected to run in this year’s BMM. The event day ensures live entertainment, cultural events and multi cuisine Food Court to keep the runners and their supporters pumped up all through the night.

Marathons have come to be known and well established as one of the largest community sports events in the nation, for some years now. Every year, hundreds of thousands of runners have been actively participating in Marathons across the country for creating awareness on various social and charitable causes. Bengaluru Midnight Marathon has the distinction of being one of them and is the key fundraising event for RBITC’s various charitable activities. Rotary Bangalore IT Corridor has been successfully conducting the Bengaluru Midnight Marathon since 2007 and has over the years attracted 80,000 plus runners from across the world in celebration of the city, its people and to create awareness about living healthy. The first edition of the BMM was held on May 19th, 2007.

More on the race at www.midnightmarathon.in

MFIN Releases 2nd Edition Of India Microfinance Review FY 2021-22

~ Report launched by Deputy Governor, RBI and CMD, SIDBI ~

Microfinance Institutions Network (MFIN), industry association for Microfinance and RBI-recognized self-regulatory organization launched the 2nd edition of Micro Matters: Macro View – India Microfinance Review FY 2021-22 on 4th of November in Mumbai. Dr Alok Misra, CEO and Director of MFIN welcomed the audience in a packed hall, set the context of the report, and shared some key highlights. This was followed by the unveiling of the report by Deputy Governor of RBI, Shri M. Rajeshwar Rao in the presence of Mr Sivasubramanian Ramann, CMD-SIDBI and members of MFIN’s Board.

Speaking on the release, Shri M. Rajeshwar Rao, Deputy Governor of RBI said, “At the Reserve Bank, we strive to ensure that the measures introduced to increase economic well-being and financial inclusion reach to those at the bottom of the pyramid. In this context, microfinance serves as an important tool to assist the underprivileged in improving their economic and societal situation. The focus of revised microfinance regulations is customer protection while according operational flexibility to institutions. We expect the new regulatory changes would enable lenders to form transformational relationships with their customers and grow responsibly.”

Addressing the various Microfinance institutions, investors and lenders at the gathering, Mr. Sivasubramanian Ramann, Chairman and Managing Director – SIDBI said, “The microfinance sector has navigated various adverse events and progressed over the last ten years and I am pleased that SIDBI has contributed in this journey. We are now geared to assist the sector in its next phase of progression through mainstreaming of informal micro-enterprises who would be the real the engines of the growth. Starting with PM Svanidhi and now with the help of MFIs, several informal micro-enterprises will soon have their Udyam numbers which will enable them to not only access formal financial services but also get benefitted under various government schemes for MSMEs. The proposed new initiative of Vyapar Credit Card to provide easy access and regular flow of finance to MSMEs will further help the sector. As it is important to support the small and medium sized MFIs, SIDBI introduced the ‘India Microfinance Equity Fund’. MFIN also took various initiatives like the Impetus Platform to assist small MFIs raise funds. SIDBI will be happy to partner with MFIN and its members to take forward these various measures.”

Dr. Alok Misra – CEO & Director, MFIN said, “The second edition of this report is designed to provide 360-degree insight based on data and our experience as an industry SRO. It shows a picture of resilience of microfinance clients and draws attention to the vast credit demand, likely to reach 17 lakh crore in a moderate scenario. Findings of NCAER study show that microfinance contributes 2.3% to India's GVA and sustains 1.2 crore jobs. In the new regulatory paradigm, it is imperative for lenders to adhere to code of conduct in letter and spirit and thereby further strengthen building of responsible finance industry.”

Mr. Devesh Sachdev, Chairperson MFIN said, “For India and Bharat to progress together towards becoming a global powerhouse, Financial Inclusion or empowerment of every Indian with access to formal financial services is very critical. Therefore, the future growth of the sector is an imperative for inclusive growth of India and our pursuit of $5 trillion economy. “

The launch event was held in partnership with HSBC Bank, M-SWASTH by M-insure, a technology-driven company focusing on digital health inclusion and Craft Silicon, a leading financial and technology solutions provider.

Microfinance Institutions Network (MFIN)

MFIN is a premier industry association comprising 56 NBFC-MFIs and 43 Associates including Banks, Small Finance Banks (SFBs) and NBFCs. By virtue of bringing all microfinance entities under one common umbrella, MFIN acts as a bridge between them and the regulators to build a dialogue for greater transparency, better policy frameworks and stronger client protection standards for responsible lending, thus enabling the microfinance industry to partake in meeting the larger financial inclusion goals.

Tata Motors Celebrates Its Production Milestone Of 50,000 EVs In India

* A strong testament to the faster adoption of electric vehicles in India

India has embraced the EV revolution and this has driven Tata Motors, India’s leading automotive brand to a key milestone – the rollout of 50,000th EV in the country. The Company today, rolled-out its 50000th EV, from its Pune facility. Favorable policy environment, positive word of mouth from existing customers, practical product options, better ride and handling and attractive cost of ownership have helped the Company achieve this feat ahead of its target.

Commenting on this achievement, Mr. Shailesh Chandra, Managing Director, Tata Motors Passenger Vehicles Ltd. and Tata Passenger Electric Mobility Ltd. said, “As the pioneers of EVs in the country, the onus of ensuring successful adoption was on us. With well calibrated product mix, strong consumer facing initiatives, we have been able to address barriers to EV adoption. We created an entire EV ecosystem with Tata Group companies to provide simple, cost effective solutions for our customers.

“Celebrating 50,000th EVs in India is a strong testament to how our portfolio is resonating with people across the country. EVs are offering a practical solution to problems of rising fuel price and worsening pollution. Customers are now ready to welcome EVs and we are thrilled to witness the transition from early adopters to now EVs becoming a mainstream choice for Indian customers.” 

To democratize electric mobility in India Tata Motors is ensuring that there is an EV option for everyone. From the most popular SUV brand in India, the Nexon EV to the newest addition– Tata Tiago.ev, India’s first electric hatchback, the Company’s deep understanding of EV customers has resulted in an exciting product mix with the most relevant features. To address customer needs, the Company has not only introduced features like Multi Mode Regen and Multi Drive Mode, but also educated customers about the best way to drive their EVs for optimal range. All products are powered by the high voltage Ziptron architecture, which is driven and proven for over 450 million kms across diverse and challenging Indian terrains, providing an unmatched, uncompromising EV experience.

While new products are developed to cater to evolving customer needs, Tata Motors also offered software updates to existing EV customers so they can enjoy a renewed driving and ownership experience.  Furthermore, with an aim to make EVs easily accessible, Tata Motors has entered 80 new cities, expanding its network to more than 165 cities, helping consumers embrace EVs as their mode of personal mobility.

Going forward, Tata Motors is focusing on a three-phased architecture approach for EVs and plans to launch 10 EVs in 5 years.

To know more about offers and car buying options, call your nearest dealership or visit https://ev.tatamotors.com/

Arya.ag Invests In Computer Vision-Focused SaaS Start-Up, Assert AI’s Latest USD 2 Million Fundraising Round

* Assert AI Plans To Utilize The Funds To Expand Into New Markets And Develop Exclusive Products For The Agriculture Industry

Arya.ag, India's largest & only profitable integrated grain commerce platform, has announced a strategic investment in computer vision-focused SaaS startup Assert AI. The development is part of Assert AI's latest fund-raise amounting to USD 2 million and involved participation from Prashant Purker, Ex- MD & CEO of ICICI Venture, in his personal capacity. 

Assert AI aims to utilize the funds to expand its presence overseas in the USA market and develop exclusive products for the agriculture industry. Computer Vision is rapidly assuming prime business consideration with the increasing demand for insights-driven digital images and videos.  This strategic investment aims to strengthen Arya.ag’s blockchain offerings and AI & deep tech vision for unprecedented visibility and assurance for its storage, financing, and commerce offerings.

Assert AI has already established itself as a formidable name in computer vision with offerings that include face recognition, object detection, weapon detection in high-risk areas, docks utilization, packet counting in warehouses, and safety gear detection, among others. Under this context, Assert AI aims to have a unique proposition in translating computer vision analytics into actionable business intelligence for businesses of all sizes.

On the development, Job Philip, Co-Founder, Assert AI commented, "Digitization and related proliferation of video, as well as other forms of the visual medium, is on an ever-increasing exponential curve. The need of the hour is to transform observations from these mediums into actionable business insights and ensure that this is executed in real-time. The latest round of funding furthers our resolve to continue pioneering innovation in the visual analytics landscape and expand its reach to large untapped segments, including agriculture."

Prasanna Rao, Co-Founder & Managing Director, Arya.ag said, "At Arya.ag, we endeavour to digitize an otherwise conventional agri value chain. Tech-led computer vision ensures complete assurance for farmers, lenders, and buyers as they transact on our platform. Through our strategic investment in Assert AI, we aim to consolidate our AI & Blockchain offerings. This partnership will work towards conceptualising and innovating computer vision solutions specifically for the agricultural ecosystem."

For Arya.ag, investment in Assert AI follows the startup's recent move to acquire data science company, Prakshep, which consolidated the company's deep tech capability to provide traceability, transparency, and quality assurance for seamless commodity commerce. Arya.ag is also in the advanced stages of introducing a first-of-its-kind public agri blockchain ledger in the country.

ABOUT ARYA

Arya.ag, India’s largest and fastest-growing integrated grain commerce platform, eliminates the trust deficit in the grain commerce value chain through its disruptive integrated PAN India platform that delivers value to all stakeholders by enabling access to high-quality produce, products, and services. Powered by an exponentially growing layer of visibility and control currently stretching across 425 districts in 21 states, 10,000 warehouses and USD 2 billion of grain, Arya.ag offers the assurance of quality supply to buyers and on-time fair payment for their produce and allied services to seller. It seamlessly embeds finance to maximize value for both sellers and buyers and the platform facilitates over USD 700 Mn of finance annually. More at www.arya.ag

Elgi Equipments Limited – Second Quarter 2022-23 Results Announced

Elgi Equipments Ltd, manufacturer of Air Compressors, announced the results for the second quarter ended September 30, 2022. Consolidated PAT for the quarter was Rs. 72 Crore compared to Rs. 51.6 Crore in the same period in 2021-22. Consolidated sales for the second quarter was Rs. 739 Crore as against Rs. 652 Crore in the corresponding quarter in 2021-22.

The standalone PAT for the second quarter was Rs. 72.7 Crore compared to Rs. 56.9 Crore in the same period in 2021-22.

The compressor business in the domestic market was close to projected numbers. Business growth in Europe, North America and Brasil was strong. Middle East, Africa, Australia and South East Asian Countries are slowly recovering.

The automotive business witnessed growth on the back of improvements in the Indian automotive sector.

Outlook for Q-3, FY 2022-23

Shades of recession are being spoken about in Europe while such trends are not visible in North America. The domestic market may see minor ups and downs but overall, we are in one towards achieving our targets.

Bank of Baroda Announces Positive Financial Results For Quarter Ended September 30, 2022

Key Highlights 

Bank of Baroda (BOB) declares record profits. Net profit for Q2FY23 grows by 58.7% YoY to reach INR 3,313 crore 

Net profit in (H1FY23) stood at INR 5,482 crore registering a strong YoY growth of 66.3%  

Advances registered a strong YoY growth of 19% in Q2FY23  

Organic Retail Advances grew by 28.4%, led by growth in high focus areas such as Home Loan (19%), Personal Loan (172.8%), Auto Loan (29.2%), Education Loan (23.2%) 

GNPA at 5.31% a reduction of 280 bps YoY and 95 bps QoQ 

NNPA at 1.16% a reduction of 167 bps YoY in Q2FY23 and 42 bps QoQ  

Provision coverage ratio (PCR) at 79.14% w/o TWO 

Net Interest Margins stands at 3.33% in Q2FY23, increase of 48 bps YoY & 31 bps QoQ 

Healthy Capital base – CRAR stands at 15.25% in Sep’22 

Business Performance 

Global Advances of the Bank increased to INR 8,73,496 crore, +19% YoY. 

Domestic Advances of the Bank increased to INR 7,16,737 crore, +15% YoY.  

International advances registered a robust growth of 41.7% YoY. 

Global Deposits increased by 13.6% YoY to INR 10,90,172 crore.  

Domestic Deposits increased by 10.9% YoY to INR 9,58,967 crore in Sep’22. 

International Deposits grew by 38.3% on a YoY basis to INR 1,31,205 crore in Sep’22.  

Domestic Current Account Deposits stands at INR 64,873 crore, registering a growth of 7.9% on a YoY basis.  

Domestic Savings Bank Deposits grew by 9.4% to INR 3,45,278 crore. Overall Domestic CASA registered a growth of 9.2% on a YoY basis. 

Organic Retail loan portfolio of the Bank grew by 28.4% led by growth in Personal loan portfolio by 172.8%, Auto loan by 29.2%, Education loan by 23.2%, Home loan by 19% on a YoY basis. 

Agriculture loan portfolio grew by 14.1% YoY to INR 1,14,964 crore. 

Total Gold loan portfolio (including retail and agri.) stands at INR 33,502 crore, registering a growth of 27.8% on a YoY basis. 

Organic MSME portfolio grew by 13.4% YoY to INR 1,01,278 crore.  

Profitability 

Net Interest Income grew by 34.5% YoY and 15.1% QoQ to INR 10,714 crore in Q2FY23. It registered a growth of 23% YoY for H1FY23 and stands at INR 19,013 crore.   

Fee based Income for the quarter increased by 12.3% to INR 1,515 crore. 

Operating Income for Q2FY23 stands at INR 12,000 crore, increase of 7.7% YoY. 

Yield on Advances increased to 7.22% in Q2FY23 as against 6.55% in Q2FY22.   

Cost of Deposits stands at 3.59% in Q2FY23 as against 3.52% in Q2FY22. 

Operating Profit for Q2FY23 stands at INR 6,031 crore, increase of 6.4% on a YoY basis. Operating Profit for H1FY23 stands at INR 10,558 crore. 

Core Operating Profit (ex-Treasury gains/losses and Interest on IT refund) grew by 44.6% YoY at INR 6,270 Cr in Q2FY23. 

Bank reported a standalone Net Profit of INR 3,313 crore in Q2FY23 as against a profit of INR 2,088 crore in Q2FY22. 

Global NIM stands at 3.33% in Q2FY23, increase of 31 bps QoQ. NIM for H1FY23 stands at 3.17% against 3.03% for FY22. 

Return on Assets (annualised) improved to 1.01% in Q2FY23 from 0.73% in Q2FY22. Return on Assets for H1FY23 stands at 0.84%. 

Return on Equity (annualised) increased by 554 bps YoY to 19.56% in Q2FY23. Return on Equity for H1FY23 also increased by 511 bps YoY to 16.18%. 

For the consolidated entity, Net Profit stood at INR 3,400 crore in Q2FY23 as against INR 2,168 crore in Q2FY22. 

Asset Quality 

The Gross NPA of the Bank reduced by 12% QoQ to INR 46,374 crore in Q2FY23 and Gross NPA Ratio improved to 5.31% in Q2FY23 from 6.26% in Q1FY23. 

The Net NPA Ratio of the Bank improved to 1.16% in Q2FY23 as compared with 1.58% in Q1FY23. 

The Provision Coverage Ratio of the Bank stood at 91.73% including TWO and 79.14% excluding TWO in Q2FY23. 

Slippage ratio declined to 1.53% for H1FY23 as against 2.45% in H1FY22. 

Credit cost for the Q2FY23 stands at 0.79%. 

Capital Adequacy 

CRAR of the Bank stands at 15.25% in Sep’22 from 15.55% in Sep’21. Tier-I stood at 12.81% (CET-1 at 10.95%, AT1 at 1.86%) and Tier-II stood at 2.44% as of Sep’22.  

The CRAR and CET-1 of consolidated entity stands at 15.77% and 11.60% respectively .