IDBI Bank Limited - Financial Results For The Quarter Ended June 30, 2023

* Net Profit at Rs 1,224 crore, registers strong growth of 62% YoY

* Operating profit at Rs 3,019 crore, YoY growth of 47%

* Net Interest Income at Rs 3,998 crore, YoY growth of 61%

* Net Advances at Rs 1,65,403 crore, YoY growth of 20%

IDBI Bank announced its quarterly results for Q1 FY24. The Net Profit stood at Rs 1,224 crore for Q1 FY24, registering a strong growth of 62% YoY. The operating profit stood at Rs 3,019 crore, with a YoY growth of 47%. NIM was recorded at 5.80%, with a YoY growth of 178 bps and the Net Interest Income stood at Rs 3,998 crore with a YoY growth of 61%. Cost of Deposit stood at 4.12%. CRAR stood at 20.33% with YoY growth of 76 bps. Return on Assets (ROA) was recorded at 1.49% (YoY growth of 46 bps) and Return on Equity (ROE) stood at 18.63% (YoY growth of 383 bps). Net NPA stood at 0.44% as against 1.26% as on June 30, 2022, down by 82 bps. Gross NPA at 5.05% as against 19.90% as on June 30, 2022, down by 1485 bps. PCR stood at 98.99% as against 97.78% as on June 30, 2022, up by 121 bps.

EDII And Research & Information System For Developing Countries Organises Y20 India Brainstorming Session

As part of its efforts to engage the youth and seek their active participation in India’s G20 presidency, the Entrepreneurship Development Institute of India (EDII), Ahmedabad in association with Research and Information System for Developing Countries (RIS) organised the Y20 India Brainstorming Session on Future of Work: Industry 4.0, Innovation, and 21st Century Skills.

The programme was organised to give youth a platform for meaningful discussions, knowledge-sharing, and advocacy on diversity and inclusion, thus sensitising them to the cause and empowering them with updated information and knowledge.

The inauguration of the programme took place in the presence of Chief Guest, Shri Hitesh Makwana, Mayor, Gandhinagar Municipal Corporation, Dr Pankaj Vashisht, Associate Professor, RIS and Dr Sunil Shukla, Director General, EDII.

The key agenda of the programme was to provide the youths a platform for discussions on various aspects related to the challenges that technology poses for the future of work in India and deliberate on the same, and strategise on the most effective use of cutting-edge technologies for development. A series of panel discussions were also organised as part of the event. The panel discussions and the brainstorming focused on the challenges and solutions of MSMEs in the backdrop of Industry 4.0. The panellists and the audience engaged in deliberating upon the futuristic skills required to cope with the challenges. 

Shri Hitesh Makwana, Hon’ble Mayor, in his address said, “I beckon the youth to play a significant role in the sphere of development.  They must come up with thoughts, plans, and strategies that help build a rewarding structure and system. I urge the youth to fix a goal and carve a path towards it in a responsible way. Time is an essential factor and I advise youth to respect time, be resilient and pursue their goals with all devotion.”

Highlighting the significant role that youths could play, Dr Pankaj Vashisht said, “This year focus has been given on the role of various engagement groups in the G20 Summit.  Y20 is one of the engagement groups which provides a platform for youth to voice their opinions and brainstorm ideas on the future of work. I want the youths to step forth, discuss their aspirations, and inhibitions, prioritise innovation and the hard work required to pursue dreams.”

Addressing the audience, Dr Sunil Shukla said, “We must encourage abilities and capacities in our youth, and involve them in development. EDII is privileged to be a part of the process where youths are guided towards entrepreneurship, ensuring balanced growth. The younger generation has to be introduced to this field of entrepreneurship, more so, because they have a strong affinity with innovation and technology, which are ultimately the foundation of development, startups and businesses.”

About Entrepreneurship Development Institute of India (EDII)

The Entrepreneurship Development Institute of India (EDII), Ahmedabad was set up in 1983 as an autonomous and not-for-profit Institute with support of apex financial institutions - the IDBI Bank Ltd., IFCI Ltd., ICICI Bank Ltd. and State Bank of India (SBI). The Government of Gujarat pledged twenty-three acres of land on which stands the majestic and sprawling EDII Campus.  EDII has been recognized as the CENTRE OF EXCELLENCE by the Ministry of Skill Development and Entrepreneurship, Govt. of India. The Institute has also been listed as the Institute of National Importance by the Education Department, Govt. of Gujarat. For more information visit: www.ediindia.org

GreenCell Mobility Secures INR 3,000 Crores Debt Funding From REC For “Sustainable Transportation Services”

GreenCell Mobility, a leading pan-India shared electric mobility player, proudly announces the signing of a momentous Memorandum of Understanding (MOU) with REC Limited, a prestigious Maharatna Central Public-sector enterprise. The recently signed MOU solidifies a substantial financial commitment of INR 3,000 crores from Rural Electrification Corporation (REC) Limited towards bolstering GreenCell Mobility's mission to revolutionize sustainable transportation in India. 

GreenCell Mobility has received unequivocal support from REC, which has agreed to extend crucial financial assistance in the form of debt funding to support the company’s ambitious projects. The allocated INR 3,000 crores will be dedicated to fund the acquisition of 3,000 e-buses and supporting alternative fuel technology buses projects, battery energy storage initiatives, and establishing a robust charging infrastructure network. 

As part of the agreement, GreenCell Mobility along with its subsidiaries, or ventures that work in the business of electric mass mobility as a service, will be eligible to avail financial assistance from REC for their related activities during the next five years, up to March 2028. 

REC Limited, is known for providing financial assistance for new Power Generating Stations based on conventional and renewable energy sources, as well as new technology projects such as Battery Energy Storage Systems, e-Buses including Hydrogen buses, e-Vehicles, Green Hydrogen/Ammonia, Hydrogen Fuel Cells storage, and more. REC’s assistance recognizes the potential of GreenCell Mobility's innovative ventures in the field of electric mass mobility. 

Mr. Devndra Chawla, MD & CEO of GreenCell Mobility said, "We are extremely delighted to join forces with REC Limited. This MOU signifies a momentous achievement in our quest to provide India with sustainable and environmentally friendly transportation solutions. With REC Limited's financial backing, our vision of revolutionizing urban mobility, minimizing carbon emissions, and improving the well-being of our communities comes one step closer to reality. We pledge to conscientiously and efficiently employ these funds to build a greener, cleaner, and more interconnected future." 

The MOU shall remain effective not only for the ongoing projects involving electric buses, alternative fuel technology buses, battery energy storage, and charging infrastructure networks but also for any future projects undertaken by GreenCell Mobility. 

This partnership between GreenCell Mobility and REC Limited stands as a testament to their shared dedication to sustainable development, clean energy solutions, and a greener India. As the world moves towards a more eco-conscious future, GreenCell Mobility continues to play a pivotal role in driving change and shaping a cleaner, more sustainable tomorrow. 

About GreenCell Mobility Pvt. Ltd 

GreenCell Mobility has been promoted by Eversource Capital, India’s leading climate impact investor. Eversource Capital is an equal joint venture between Everstone Group (www.everstonegroup.com), one of Asia’s premier investment manager with assets in excess of US$7 billion across private equity, sustainability and climate impact, logistics, digital and venture capital; and Lightsource bp, a global leader in development and management of solar energy projects. 

Eversource manages India's largest climate impact fund with anchor investments from India's National Investment & Infrastructure Fund and UK Government’s Foreign, Commonwealth & Development Office (FCDO). 

GreenCell is building a platform to provide Electric Mobility-as-a-Service (eMaaS), initially using electric buses and delivering the core value proposition of cheaper non-polluting on-demand shared transportation, charging infrastructure, and enabling products for the e-mobility value chain. For more information,  visit www.greencellmobility.com  

Valtech Expands Operations In India With The Introduction Of Valtech Mobility

* The decision to bring Valtech Mobility into the fold aligns with the company's global expansion strategy, underscoring its commitment to growth and establishing a strong presence in diverse markets

India: Valtech, a global business transformation agency, today announced the expansion of its operations in India by introducing Valtech Mobility, a leading provider of mobility and automotive solutions.

Poised to drive innovation in connected car technologies, Valtech's Automotive Mobility Center of Excellence (CoE) in Pune, India will bring expertise in connected vehicles, shared mobility, electrification, and data monetization to the regional and global customers. It will assist automotive companies in navigating the ever-evolving mobility landscape, delivering mobility solutions and services to some of the world's best automotive brands.

Peter Ivanov, Managing Director, Strategic Business Unit – Valtech Mobility, said: "Valtech Mobility CoE in Pune is dedicated to delivering seamless solutions that bridge the experience gap between customer expectations and the current reality. Our ability to offer a true 360° experience, both in-car and out-of-car, gives us a unique position in the market. While we have industry-renowned experience within mobility, we can also tap into and bring together experiences from other sectors, such as retail and luxury. This makes us the ideal bridge between our mobility clients, technology partners, and big tech."

Andreas Peters, Managing Director of Valtech Mobility, added: "Valtech Mobility aims to support automotive market growth in India and drive innovation in mobility through our global network and supplier collaborations. India plays a crucial role in Valtech's global expansion in the automotive and mobility sector. Backed by our unmatched connected car experience covering over 30 million cars worldwide, our goal is to assist automakers of the world as they offer superior experiences to millions of drivers. Our investment in India demonstrates our commitment to the local market to deliver top-notch solutions for our automotive and mobility customers. Together, we’ll redefine the future of mobility in India."

Shiv Kumar, Managing Director of Valtech India, commented: "Valtech's success in India, with established offices in Gurugram and Bengaluru, now extends to Pune with Valtech Mobility. Leveraging Pune's automotive hub, we aim to scale our team with 300 engineers in the next 2-3 years. We’ll continue to foster close collaborations with our clients as we drive innovation right from the design and development phase."

About Valtech:  

Valtech is a global business transformation agency that delivers innovation with purpose. We enable our clients to anticipate tomorrow's trends and connect more directly with consumers in their digital and physical spaces, optimising time to market and return on investment. 

Valtech is the preferred strategic business transformation partner for many of the world's best-known brands, including?Dolby,?L'Oréal,?Philips,?P&G,?Toyota,?Volkswagen, and many others. 

Established in 1993, we currently employ more than 6,000 professionals, including experienced designers, marketers, data scientists, creatives, and software engineers across five continents, with more than 60 offices in over 20 countries.. 

With strong experience in design, technology and marketing, our passion is to address our clients' transformational business challenges. We reimagine the customer journey and build new connected experiences, put data to work for businesses in this new era, and help our clients transform their operations. 

Our services include strategic consulting, service design, technology services and optimisation of essential digital platforms for omni-channel marketing and merchandising.

About Valtech Mobility:

Valtech Mobility is a joint venture between Valtech Group and VW Group, focused on business transformation powered by digital innovation. As a global company, Valtech Mobility combines experience design, business consulting, technology engineering, and marketing execution to deliver innovative solutions for the automotive and mobility industry. With a robust global network and expertise in connected vehicles, shared mobility, electrification, and data monetization, Valtech Mobility is at the forefront of shaping the future of mobility. Valtech Mobility's joint venture with the Volkswagen Group has positioned the company as a prominent player in the connected car space. Through their combined efforts, Valtech Mobility is dedicated to accelerating the development and deployment of cutting-edge solutions that enhance the overall mobility experience for customers worldwide. Valtech Mobility works with the world's leading automotive brands, such as Toyota, BMW, Audi, Volvo, Ford, Bentley, Polaris, Porsche, and Lamborghini.

Vi Enables Access To Over 10,000 International Job Opportunities For The Bharat Youth

* Job openings in the field of Manufacturing, Sales, Business Development, Customer Support, Logistics across countries such as UAE, Japan, Australia, Canada amongst others.

* Candidates with educational qualification including Graduate degree, ITI certification, or a Specialized Diploma can aim to get overseas employment

In line with its endeavor to help Bharat’s aspiring and ambitious youth move ahead in life for a better tomorrow, India’s leading telecom operator, Vi in partnership with Apna, India’s largest job search platform, is offering access to over 10,000 international job opportunities for its customers exclusively on Vi Jobs & Education platform on Vi App.

Vi users can now apply for lucrative international job openings in the field of Manufacturing, Sales, Business Development, Customer Support, Logistics etc. across countries such as United Arab Emirates (UAE), Japan, Malaysia, Russia, Germany, South Africa, Australia, Canada, and United Kingdom (UK).

Candidates applying for these opportunities are required to have an educational qualification of a Graduate degree, ITI certification, or a Specialized Diploma. Additionally, candidates must possess the relevant skill set and a prior work experience in the same field within the Indian job market.

The unique proposition from Vi and Apna is in line with the Govt’s vision to make India the skill capital of the world taking advantage of the demographic dividend. Several countries prefer Indian talent as the Indian youth are considered to have problem-solving mindset, are digitally literate, have the ability to adapt to new technologies, and an innate commitment to hard work.

Vi International Jobs opening is available for all Vi customers at no cost. Users can access Vi Jobs platform on the Vi App through this link: https://bit.ly/3RgRrQj.

About Vodafone Idea Limited:

Vodafone Idea Limited is an Aditya Birla Group and Vodafone Group partnership. It is amongst India’s leading telecom service provider. The company provides pan India Voice and Data services across 2G, 3G and 4G platforms. Company holds large spectrum portfolio including mid band 5G spectrum in 17 circles and mmWave 5G spectrum in 16 circles. To support the growing demand for data and voice, the company is committed to deliver delightful customer experiences and contribute towards creating a truly ‘Digital India’ by enabling millions of citizens to connect and build a better tomorrow. The company is developing infrastructure to introduce newer and smarter technologies, making both retail and enterprise customers future ready with innovative offerings, conveniently accessible through an ecosystem of digital channels as well as extensive on-ground presence. The company’s equity share are listed on National Stock Exchange (NSE) and the BSE in India.

The company offers products and services to its customers in India under the TM Brand name “Vi”. 

For more information, visit: www.MyVi.in

PhonePe Launches Income Tax Payment Feature On Its New App

* Enables users to pay self-assessment and advance tax directly from the PhonePe app

* Users can pay using UPI or credit cards

PhonePe, today announced the launch of the ‘Income Tax Payment’ feature on its app. The feature allows taxpayers, both individuals and businesses to pay self-assessment and advance tax directly from within the PhonePe app. This eliminates the need to log in to the tax portal, creating a seamless and efficient experience for taxpayers.

PhonePe has partnered with PayMate, a leading digital B2B payments and service provider to enable this feature. Users can choose to pay their taxes using their credit card or UPI. With credit card payments, users also get a 45-day interest-free period and earn reward points on their tax payments, depending on their bank. Once the payment has been made, taxpayers will receive a Unique Transaction Reference (UTR) number as an acknowledgement within one working day. The challan for the tax payment will be available within two working days.

Commenting on the announcement, Niharika Saigal, Head of Bill Payments and Recharge Business at PhonePe said, “At PhonePe, we are committed to continuously enhancing our offerings to meet the evolving needs of our users. We are thrilled to announce the launch of our latest feature, the convenience of paying income taxes on the PhonePe app itself. Paying taxes can often be a complex and time-consuming task, and PhonePe is now offering its users a hassle-free and secure way to fulfill their tax obligations. We believe that this will transform the way our users pay taxes as we have now made the process both simple and easy.”

Here’s how users can pay their taxes in just 3 simple steps on the PhonePe app:

Step 1: Open the PhonePe app homepage and tap on the ‘Income tax’ icon

Step 2:  Select the Type of Tax you would like to pay, the assessment year, and PAN Card details

Step 3: Enter the total tax amount and pay using the preferred mode of payment

Step 4:  Post successful payment, the amount will be credited to the tax portal within 2 working days.

About PhonePe:

PhonePe was founded in December 2015 and has emerged as India’s largest payments app, enabling digital inclusion for consumers and merchants alike. With 47+ crore (470+ Million) registered users, one in four Indians are now on PhonePe. The company has also successfully digitized 3.5+ crore (35+ Million) offline merchants spread across Tier 2,3,4 and beyond, covering 99% pin codes in the country. PhonePe is also the leader in Bharat Bill Pay System (BBPS), processing over 45% of the transactions on the BBPS platform. PhonePe forayed into financial services in 2017, providing users with safe and convenient investing options on its platform. Since then, the company has introduced several Mutual Funds and Insurance products that offer every Indian an equal opportunity to unlock the flow of money and access to services. PhonePe was recently recognized as the Most Trusted Brand for Digital Payments as per the Brand Trust Report 2023 by Trust Research Advisory (TRA).

For more information contact: media@phonepe.com

Tata Motors Inaugurates State-Of-The-Art Registered Vehicle Scrapping Facility In Bhubaneswar

* Launched by Hon'ble Minister of Water Resources, Commerce & Transport, Government of Odisha, Smt Tukuni Sahu, the world-class facility has a capacity of 10,000 vehicles per year

Tata Motors, India’s leading automobile manufacturer, continues its commitment to sustainable mobility with the launch of its second Registered Vehicle Scrapping Facility (RVSF) in Bhubaneswar, Odisha. Named ‘Re.Wi.Re - Recycle with Respect’, this advanced facility was inaugurated by Smt Tukuni Sahu, Hon'ble Minister of Water Resources, Commerce & Transport, Government of Odisha. The event was graced by delegates from the Odisha Government and Tata Motors. The state-of-the-art facility uses environmentally friendly processes and has the capacity to disassemble 10,000 end-of-life vehicles safely and sustainably each year. The RVSF is developed and operated by Tata Motors’ partner Empreo Premium to scrap end-of-life passenger and commercial vehicles of all brands. This launch follows the success of the first facility in Jaipur, Rajasthan, and marks another significant milestone for the company's sustainable initiatives.

Speaking at the launch of Tata Motors’ Re.Wi.Re RVSF in Odisha, Smt Tukuni Sahu, Hon'ble Minister of Water Resources, Commerce & Transport, Government of Odisha, said, "Today marks a significant milestone in our efforts towards sustainable development in Odisha. With the inauguration of this new scrappage facility, we take a crucial step towards reducing the environmental impact of our transportation sector. This facility not only provides a convenient and safe way to dispose of old vehicles but also promotes the adoption of cleaner and more efficient modes of transportation. We applaud the commitment of Tata Motors and all parties involved in bringing this project to fruition while urging our citizens to unite with us in our pursuit of a cleaner and greener future.”

Commenting on the launch, Mr. Rajesh Kaul, Business Head – Trucks, Tata Motors, added, "At Tata Motors, we are committed to drive sustainable, eco-friendly mobility solutions and complete lifecycle management. As we inaugurate our latest RVSF in Odisha, we embark on a transformative journey towards responsible end-of-life vehicle scrapping in the state. By implementing globally benchmarked recycling processes that hosts modern equipment for safe and sustainable vehicle scrapping, we aim to extract the utmost value from scrap materials and minimise waste for a brighter future. We extend our appreciation to the extraordinary efforts of the Government of Odisha for making this project a reality. These decentralised facilities will benefit our customers, foster economic growth, generate employment opportunities and fulfil the need of eco-friendly vehicle scrapping.”

A cutting-edge facility, Re.Wi.Re. is purpose-built for dismantling end-of-life passenger and commercial vehicles across all brands, with a focus on employing environmentally friendly practices. A fully digital facility, all operations are seamless and paperless. Additionally, there are dedicated stations for the safe dismantling of various components, including tyres, batteries, fuel, oils, liquids and gases. Every vehicle undergoes a meticulous documentation and dismantling process specifically designed to meet the requirements of passenger and commercial vehicles. By doing so, the dismantling process ensures maximum attention to detail, guaranteeing the safe disposal of all components. Ultimately, the Re.Wi.Re. facility embodies a ground-breaking leap towards fostering sustainable practices within the automotive industry.

About Tata Motors

Part of the USD 128 billion Tata group, Tata Motors Limited (BSE: 500570 and 570001; NSE: TATAMOTORS and TATAMTRDVR), a USD 42 billion organization, is a leading global automobile manufacturer of cars, utility vehicles, pick-ups, trucks and buses, offering extensive range of integrated, smart and e-mobility solutions. With ‘Connecting Aspirations’ at the core of its brand promise, Tata Motors is India’s market leader in commercial vehicles and amongst the top three in the passenger vehicles market.

Tata Motors strives to bring new products that fire the imagination of GenNext customers, fuelled by state-of-the-art design and R&D centres located in India, UK, US, Italy and South Korea. With a focus on engineering and tech enabled automotive solutions catering to the future of mobility, the company’s innovation efforts are focused to develop pioneering technologies that are sustainable as well as suited to evolving aspirations of the market and the customers. The company is pioneering India's Electric Vehicle (EV) transition and driving the shift towards sustainable mobility solutions by preparing a tailor-made product strategy, leveraging the synergy between the Group companies and playing an active role liasoning with the Government in developing the policy framework.

With operations in India, the UK, South Korea, Thailand, South Africa and Indonesia, Tata Motors’ vehicles are marketed in Africa, Middle East, Latin America, South East Asia and SAARC countries. As of March 31, 2023, Tata Motors’ operations inter alia includes 88 consolidated subsidiaries, 2 joint operations, 3 joint ventures and numerous equity-accounted associates, including their subsidiaries, in respect of which the company exercises significant influence.