Manipal Institute of Technology Attains Prestigious Accreditation From The Institution of Engineering And Technology, UK

The Manipal Institute of Technology, a constituent college of Manipal Academy of Higher Education, has achieved a significant milestone by securing academic accreditation from The Institution of Engineering and Technology (IET), UK. The accreditation decision comes after a thorough evaluation conducted by the Academic Accreditation Committee during the visit to the Department of Engineering from 24th to 27th April 2023.

The IET, a renowned professional body for engineering and technology worldwide, has accepted the report and Action Plan submitted by the institute, leading to the accreditation of its UG and PG engineering programs. The accreditation signifies the high-quality education and standards maintained by the Manipal Institute of Technology. The rigorous accreditation process involved comprehensive assessments, ensuring that the academic programs offered by the institution meet the IET's stringent criteria for excellence in engineering education. As part of the accreditation, the Manipal Institute of Technology's programs have been granted an initial accreditation for a specified period, with a monitoring review scheduled for the academic year 2024/2025. The successful monitoring review will pave the way for a full 5-year accreditation extension.

The IET's accreditation serves as a mark of assurance to students, employers, and the engineering community that the programs offered by the Manipal Institute of Technology align with global standards. It signifies the institute's dedication to fostering technical excellence, innovation, and ethical practices within its engineering education. In addition to recognizing the institute's achievement, Michelle Richmond, Director of Membership and Professional Development at The Institution of Engineering and Technology, emphasized the importance of the accreditation process's transparency. She commended the Manipal Institute of Technology for its cooperation during the evaluation and encouraged them to share the visit report with external examiners, further promoting transparency.

"We are pleased to receive the accreditation from The Institution of Engineering and Technology, UK, this accomplishment validates our commitment to providing outstanding engineering education and preparing students for successful careers in the industry. We extend our gratitude to the Academic Accreditation Committee for their meticulous evaluation and guidance throughout the process." said Commander (Dr) Anil Rana, Director, Manipal Institute of Technology (MIT).

About Manipal Institute of Technology:

The Manipal Institute of Technology, a constituent college of Manipal Academy of Higher Education, is a premier engineering institute with a legacy of producing top-notch engineers, fostering research, and innovation. Offering a wide range of undergraduate, postgraduate, and doctoral programs in engineering, the institute is committed to providing a conducive learning environment and empowering students to become leaders in the field of engineering and technology.

About The Institution of Engineering and Technology (IET), UK:

The IET is a globally respected professional body representing engineers and technicians. With a rich heritage dating back to 1871, the IET strives to inspire, inform, and influence the global engineering community, supporting technological innovation and promoting engineering excellence for the benefit of all. Through its accreditation process, the IET ensures the highest standards in engineering education are met, fostering a skilled and competent engineering workforce.

Tata Motors Joins Hands With South Indian Bank, Offers Exclusive Financing Program For Authorized Passenger EV Dealers

In a bid to make this festive season special, Tata Motors, India’s leading automotive manufacturer, has joined hands with South Indian Bank, one of India’s leading private sector banks, to extend an exclusive Electric Vehicle Dealer Financing Program and offering comprehensive retail financing solutions to all customers.

The MoU for this partnership was signed by Mr. Ramesh Dorairajan, Senior General Manager – Network Management & EV Sales, Tata Motors Passenger Vehicles Ltd. and Mr. Praveen Joy, Head, Transaction Banking Group, South Indian Bank.

Commenting on the partnership, Mr. Ramesh Dorairajan, Senior General Manager – Network Management & EV Sales, Tata Motors Passenger Vehicles Ltd. said, “Driving EV adoption in India is an integral part of our strategy and we are happy to have collaborators who are aligned to the same. This partnership with South Indian Bank for an exclusive financing program for our authorized electric passenger vehicle dealers is a step forward in this direction. Our dealer partners form an integral part in our journey towards enabling widespread EV adoption in India, and we are positive that this initiative will further allow us to democratize electric vehicles in the country.”

Speaking on this partnership, Mr. Murali Ramakrishnan, MD & CEO, South Indian Bank said, “We are delighted to have associated with Tata Motors to offer a financing program exclusively for their passenger electric vehicle dealers. This program will help the bank to expand its asset base and expand into newer consumer segments. We look forward to continuing our association with Tata Motors with various programs and offers to meet their dealers’ and consumers’ needs.”

Tata Motors has been pioneering the Indian automotive market with its groundbreaking efforts and is currently leading the e-mobility wave in India with a commanding market share of 71% with over 90,000 EVs produced till date in personal and fleet segments. 

South Indian Bank is a pioneer in technology-based banking, offering an array of digital products and services. It has one of the youngest workforces in the banking sector in the country. The Bank’s Vision 2024 focuses on the 6 Cs - capital, CASA, cost-to-income, competency building, customer focus, and compliance.

Star Health And Allied Insurance Enters Into Bancassurance Tie-Up With Standard Chartered Bank

Partnership to provide health insurance solutions across 100 branches in 42 cities

A significant step in enhancing health insurance solutions among urban affluent

Tie-up will ensure new potential customers avail a comprehensive product line and excellent customer service.

Star Health and Allied Insurance, India's leading standalone health insurer, has established a strategic corporate alliance with Standard Chartered Bank. Under this collaboration, Standard Chartered Bank will offer Star Health's insurance products through their extensive branch network across India. This collaboration showcases Star Health's commitment to customer service, its robust reputation, and its proven history of success within the insurance sector.

Through this strategic agreement, Star Health will make its top-notch health insurance products readily accessible to customers via Standard Chartered Bank's extensive distribution network. With 100 branches spread across 42 cities, the bank will serve as a convenient one-stop destination for its customers seeking comprehensive health insurance coverage.

This strategic alliance will enhance Star Health distribution network. As of 30th June 2023, the company has over 6.4 lakh agents and 38 bancassurance partners.

The escalating healthcare costs in India have resulted in an unprecedented surge in the demand for health insurance. Customers now require comprehensive policies that cater to their medical requirements, encompassing benefits such as OPD Care, Hospi Cash, and Critical Illness covers. Moreover, there is an increasing emphasis on health and fitness, leading to a growing interest in customized wellness programs. Recognizing this, Star Health provides personalised wellness programs that address the unique health and wellness needs of individuals. The company's team of experienced doctors works closely with policyholders, ensuring they attain their specific health goals. Additionally, Star Health provides telemedicine services, staffed by over 550 experienced doctors across various specializations, enhancing policyholders’ access to quality healthcare.

This partnership will help Star Health touch new lives through its wide array of customer friendly products and service.

Anand Roy, MD and CEO, Star Health and Allied Insurance Co. Ltd. said, "At Star Health, our commitment lies in tailoring health insurance to cater to a wide spectrum of customers, encompassing even those with substantial financial portfolios. Our health insurance policies are meticulously crafted to cater to the varied health insurance requirements of individuals, offering holistic protection for every customer. By collaborating with Standard Chartered, a reputed international bank with a strong presence in key Indian markets, we not only expand the reach of insurance in these areas but also deliver top-tier services that align with the distinct needs of India's affluent clientele."

Saurabh Jain, MD & Head, Wealth Management India, Standard Chartered Bank said “Health and protection are key needs today for clients managing their wealth, with Standard Chartered’s Wealth Expectancy Report for 2022 revealing that over 54% of respondents in India have prioritised health and wellness post the pandemic. We are pleased to partner with Star Health and bring their products and services to address the evolving health needs of our clients.”

This partnership will help increase insurance penetration in India and will contribute to Star Health’s endeavour to make quality health insurance accessible to everyone in every part of the country.

About Star Health Insurance:

Star Health and Allied Insurance Co Ltd (BSE:543412 | NSE:STARHEALTH) commenced its operations in 2006 as India’s first Standalone Health Insurance Company with business interests in Health, Personal Accident and Overseas Travel Insurance. The company uses its vast resources to focus on service excellence and product innovation to deliver the best to its customers. Star Health has been providing innovative health insurance products to individuals, families and corporates, directly and through various channels – agents, brokers, online and digital channels like web aggregators, fintech, etc. Star Health is also a prominent Bancassurance player with long standing relationship with various banks. 

Star Health currently has 835 branch offices spread across 25 states and 5 union territories in India. These existing branches are also supplemented by an extensive network of over 369 Sales Managers Stations (“SMS”), which are small individual service centres, located across India. As of 31st March 2023, the company has 14,203 network hospitals pan India.  In FY23, Star Health had a gross written premium of Rs. 12,952 crore and a net worth of Rs. 5,430 crore. 

Star Health and Allied Insurance Company Limited is listed on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) 

For more information, visit www.starhealth.in    

Federation of Automobile Dealers Associations Releases July’23 Vehicle Retail Data

Highlights

July's Auto Retail Performance: Auto retail sales in July maintained a steady 10% YoY growth, mirroring the previous month. Notably, all vehicle categories recorded positive figures: Two-Wheelers (2W) at 8%, Three-Wheelers (3W) at 74%, Passenger Vehicles (PV) at 4%, Tractors (Trac) at 21%, and Commercial Vehicles (CV) at 2%. 

Monthly Analysis Reveals Mixed Results: Despite the consistent YoY growth, the month-on-month trend observed a 5% decline in retail sales. The exception was the 3W segment, which grew by 9%, while categories like 2W, PV and Trac, registered reductions of 6%, 4%, 8%. CV closed flat at -0.2%. 

Performance Versus Pre-COVID Levels: When compared with pre-COVID figures, overall retails showed a 13% decline. The 2W segment grappled with a significant 23% dip, while CVs also underperformed with a 4% contraction. 

Three-Wheeler Segment Shines: July was particularly commendable for the 3W category, which registered an all-time high sale of 94,148 units, translating to a 74% YoY and 9% MoM growth. 

Inventory Insights: The inventory for Passenger Vehicles has surpassed the 50-day mark and currently hovers between 50-55 days, suggesting an inventory build-up in anticipation of the forthcoming festive season. 

Agricultural Forecast: The Indian Meteorological Department (IMD) predicts below-average rainfall in August. This raises potential apprehensions regarding reduced yields of kharif crops, which could potentially dampen the immediate resurgence of rural demand. 

FADA's Stance: While caution remains the operative word in the short term, FADA is hopeful about retail growth prospects, especially with the festive season on the horizon. 

The Federation of Automobile Dealers Associations (FADA) released Vehicle Retail Data for July’23.  

July’23 Retails 

Reflecting on July 2023, FADA President, Mr. Manish Raj Singhania said, "Auto retail grew 10% YoY in July, mirroring last month's trend. However, the MoM decline continued highlighting short-term slowdowns.  

On a YoY basis, segments like 2W, 3W, PV, Tractor, and CV grew at rates of 8%, 74%, 4%, 21%, and 2%. On MoM basis, except 3W's 9% growth, other segments declined. Compared to pre-COVID figures, auto retail decreased by -13%, with significant drops in 2W and CV at -23% and -4%. 

3W hit record sales in July'23 at 94,148 units, a 74% YoY and 9% MoM increase, surpassing previous high of March’23’s 86,857 units.  

Despite challenges like heavy monsoons and a tilt towards EVs due to high fuel prices, 2W showed resilience in July '23, with increased demand and trust in reputable brands. The 3W segment's record numbers indicate industry potential and a growing EV interest. Yet, addressing issues like OEM support and dealer engagement remains crucial. 

PV sales in July '23 were a mix of challenges and triumphs. The month saw a surge in orders and timely OEM supplies, especially with the introduction of new products. However, severe monsoons and flood like situations especially in North India, impacted sales. SUVs continued to remain a popular choice. 

The CV segment showed mixed dynamics. Despite robust stock availability and growth in areas like school buses, challenges from erratic weather and high vehicle costs affected demand. However, infrastructure project boosts remain a silver lining." 

Near Term Outlook 

The automotive industry is poised for an intriguing August, marked by a blend of opportunities and challenges. Across the board, there are common positive indicators echoing hope. The 2W sector expects an uptick, driven by upcoming festivals, a harmonious supply-demand equilibrium and the rollout of new models. The 3W category, too, is witnessing a surge in interest, particularly towards electric variants. In the realm of CV, the anticipation of the festive season, the aftermath of a good monsoon and pent-up demand set the stage for potential growth. Similarly, the PV segment is likely to benefit from festive euphoria and new product introductions coupled with high demand in SUV category. 

However, challenges loom on the horizon. The 2W segment's entry-level category continues to be a cause for concern. In the CV space, there are apprehensions regarding streamlined loan disbursements for buyers. Inventory level in PV has breached 50 days mark in anticipation of upcoming festival season and the slowdown in entry level car remains. A larger concern is the IMD's projection of a below-average rainfall in August, potentially leading to lower crop yields. This could impact the purchasing power, especially in rural regions. While the industry has experienced a tepid trend over the past two months, FADA remains watchful in the short term. Nonetheless, there's optimism about a rise in retails as we approach the festive season. 

Key Findings from our Online Members Survey 

Inventory at the end of July’23 

Average inventory for Passenger Vehicles ranges from 50-55 days 

Average inventory for Two – Wheelers ranges from 20-22 days 

Liquidity 

Good                   42.57% 

Neutral              38.55% 

Bad                      18.88% 

Sentiment 

Good                   44.58% 

Neutral              38.55% 

Bad                      16.87 

Expectation from August 

Growth               59.84% 

Flat                      30.52% 

De-growth         09.64% 

Capri Global Capital Consolidated Key Performance Highlights For Q1 FY24

The Board of Directors of Capri Global Capital Ltd. (CGCL), a non-deposit taking and systemically important NBFC (NBFC-ND-SI) on announced the reviewed financial results for the quarter ended June 30, 2023.  

Key takeaways as follows: 

Core Profitability Continues to Strengthen CGCL’s spreads improved further as the loan portfolio continued to re-price on account of yield resets. The average yield on advances improved 118bps YoY to 15.7% while the average cost of funds increased 49bps YoY to 8.72% leading to a net change of 51bps YoY in spreads. Rising share of higher yielding Gold loan portfolio as well as tangible improvements in yields of MSME, Housing, and Construction Finance portfolio contributed to the improvements in loan yields. As a result, NII increased 77% YoY / 26% QoQ in Q1FY24. Non-interest income increased 97% YoY in Q1FY24 to Rs807mn. Share of non-interest income in net income was at a healthy 25% in Q1FY24. Car loan fees and co-lending income were key contributors to the non-interest income.  

Although opex in absolute terms increased sequentially owing to branch and headcount increase, the C/I ratio softened marginally. The C/I ratio softened for a second consecutive quarter to 66.0% in Q1FY24 from a peak of 69.5% in Q2FY23. Adjusted for direct expenditure incurred on Gold Loan branch additions, the cost-income ratio in Q1FY24 would have been ~50%.   

The Q1FY24 Consolidated Profit after Tax was Rs636mn, up 38.0% YoY but lower 2.0% QoQ owing to sequentially higher credit cost. The Q1 FY24 Consolidated RoE was 7.1% while RoA was 2.2%. 

Disbursals - Momentum Continues In A Seasonally Weak Quarter 

Disbursals in Q1FY24 increased 128% YoY but dipped 5% QoQ to Rs26,869mn. Gold Loans had a ~51% share in disbursals while MSME and Housing contributed ~12% and ~11% respectively. The MSME and Housing verticals usually experience a weaker momentum in Q1 every year and the performance in Q1FY24 was in-line with the past experience. CF and IL together had a share of ~25%. 

On distribution side, the car loan business carried ahead its strong momentum, originating loans worth Rs19.4bn for our partner banks. This was up 106% YoY and 6% QoQ. The business had a presence across 714 locations in 33 States and UTs as of June 30, 2023. 

AUM Growth – Granular and Steady 

Consolidated AUM including co-lending AUM increased ~61% YoY and ~9% QoQ to touch Rs112,262mn. The Company maintained granularity across its portfolios with average ticket sizes on loans in non-Gold businesses remaining stable. The average ticket size in Gold Loans has declined from Rs113K in Q2FY23 to Rs94K in Q1FY24 and is in-line with expectations of improving granularity in the business. Momentum across the non-Gold businesses was steady while Gold Loan, which was launched in Q2FY23 and is growing on a smaller base, maintained a significantly stronger growth rate of 42% QoQ. The Company aims to cross Rs30bn in Gold Loan AUM during FY24. 

Asset Quality 

Gross Stage 3 ratio was 1.89%, lower 82bps YoY and +15bps QoQ. The PCR on Stage-3 assets was 27.8%. Including aggregate ECL provisions, the PCR stood at 92.6%. 

Strong Capital Adequacy 

CGCL CAR was strong 37.2% level in Q1FY24. It may be noted that the Company concluded a Rs14.4bn Rights Issue in Mar’23, which boosted its capital adequacy. CGCL is well capitalized from a 5-year growth perspective. The Company Board also approved infusion of up to Rs4bn by way of fresh equity in its wholly-owned subsidiary CGHFL (capital adequacy 38.2% and Networth Rs5.4bn in Q1FY24).  

Founder & Managing Director Mr. Rajesh Sharma Commented: “We have begun FY 2024 on a sound note. Despite the seasonal softness in select lending verticals, the business momentum overall has been extremely strong in Q1FY24. We are seeing an improving trend in the core earnings parameters like our loan spreads and cost-income ratio. Going ahead in FY 2024, we expect this performance to improve as we pause our aggressive branch expansion in Gold Loans in Q2FY24 and move rapidly towards break-even by Q4FY24. The increase in credit cost during Q1FY24 had one-off elements. On a full year basis, we remain positive on the asset quality trends staying robust.”  

India Should Soon Become A Global Hub For Medical Career: Says Experts At UK Medical PATHWAY FAIR 2023 Bengaluru

InspireIMG, a free global community for doctors, in collaboration with GooCampus is organized  a UK MEDICAL CAREER PATHWAY FAIR - on August 5, 2023, at Royal Orchid, Yelahanka, Bengaluru. UK Medical Career pathway fair  was more than just a platform for medical career sourcing; it highlighted the significant benefits such efforts bring to society. By embracing sustainable practices, the event demonstrates the medical professional’s determination to create a positive impact on both the environment and the communities it serves.

UK Career Pathway Fair is a highly anticipated event offered an exceptional opportunity for medical professionals and aspiring doctors to explore and navigate the diverse landscape of medical careers in the UK.

Mr. Santosh Shekhar, Director of InspireIMG & GooCampus Edu Solutions says, “GooCampus is an educational counseling & student assistance organization in Bangalore with extensive experience of mentoring students, providing career guidance and admission assistance. Distinguished healthcare professionals from the UK will be present at the event to educate and guide young medical graduates on international career opportunities. They will also participate in discussions regarding career prospects and progression”.

Walkathon Held In 26 Cities Across India On National Vascular Day

* Dr. K R Suresh, Sr. Vascular Surgeon and Sh M N Anucheth IPS Joint Commissioner Bengaluru Traffic Police, Flagged off from Sri Kanteerava Stadium.

* Health Minister MoS. Prof. S.P Singh Baghel flags off the National

* Walkathon Campaign from Delhi with a Pledge - Amputation FREE India!

Vascular Society of India, founded on 6th August 1994 in Chennai, today, celebrated the National Vascular Day across the nation. On this occasion, a Walkathon was organised in 26 cities across India including Bengaluru and Mysore in Karnataka, and to spread awareness by a message of 'Walk a Mile to Live with a Smile' with a theme - Amputation FREE India. The Walkathon started from Sri Kanteerava Stadium, Chinnasamy Stadium, Vidhan Soudha, Freedom Park, Sri Kanteerava Stadium.

Following the vision of the Prime Minister Narendra Modi for a Fit India, the VSI organised the WALKATHON with an aim to bring the national focus on promoting healthcare, awareness, and timely interventions to prevent conditions that could lead to lower limb amputations (diabetes, smoking, hypertension and high cholesterol).

Vascular Society of India’s Achievements!

*  The World Federation of Vascular Societies (of which VSI is a member) stands with our fellow medical specialists, surgeons, interventionalists, nurses and allied health professionals who work for the sanctity and preservation of human life.

*  VSI has presence and members pan India and today the total strength is over 700 members, which makes it one of the biggest Chapter in the world.

* VSI members ever since its inception are continuously working towards saving the legs of patients to prevent amputation.

* VSI today is one of the most sought-after body in the Health Industry.

Dr. Ravikumar B L, Senior Vascular Surgeon and Chief Organizer, Bengaluru - Vascular Society of India said,

“We are very encouraged to see the amazing response of our campaign in Bengaluru. Our Mission is to Promote Healthier Communities through comprehensive Vascular Health Care Delivery System resulting in Amputation FREE India. Today on the National Vascular Day, Walkathon has taken place simultaneously in 26 cities across the nation, where over 8,000 enthusiastic participants joined with great fervour.” Other noted Vascular surgeons present on this occasion to lend their support to the initiative were Dr Vivekanand (President-elect, VSI), Dr Sanjay Desai and Dr Venkatesh Reddy.

This national drive becomes more relevant in today’s times, when India is becoming the diabetic capital of the world. More and more population is at the risk of preventable amputations because of unhealthy lifestyle and diet. This is an effort to create nationwide awareness, so that these amputations can be prevented by lifestyle changes, and if at all the need arises, treatment can be done early, thus preserving their quality of life.

Vascular Day Walkathon in 26 Cities:

Karnataka: Bangalore; Mysore

UT: Delhi

J&K: Jammu

UT: Chandigarh

Rajasthan: Jaipur

Uttrakhand: Dehradun

Telengana: Hyderabad

Andhra Pradesh: Visakhapatnam (Vizag)

Kerala: Trivandrum; Kochi Calicut (Kozhikode)

Maharashtra: Mumbai; Nashik, Pune, Nagpur

Gujarat:

Ahmedabad Surat, Baroda, Rajkot

Tamil Nadu: Chennai; Madurai; Trichy; Vellore

West Bengal: Kolkata

Uttar Pradesh: Lucknow

Vascular Society of India

Vision

·         Embrace the latest technology to achieve acceptable standards of complete well-being among patients with vascular ailments.

Objectives

·         Spread awareness of Vascular Surgeons and Vascular Diseases: One of the major challenges ahead is to develop awareness among healthcare providers and also the general population.

Common symptoms of vascular diseases are:

·         Leg swelling

·         Sudden occurrence of pain/discolouration in legs

·         Non healing wounds

·         Gangrene

·         Visible, dilated veins

If you have any of the above symptoms, consult your nearest Vascular and Endovascular Surgeon at the earliest. They know your blood vessels the best and provide the most comprehensive care for your limbs.

For details, visit https://vascularsocietyofindia.com/