Micron Foundation Partners With UNICEF And Local Nonprofits To Empower Underrepresented Children In India

* New partnership with UNICEF supports pathways to empowerment for vulnerable young people from Karnataka and Telangana

Micron Technology, Inc. (NASDAQ: MU) today announced a key partnership between the Micron Foundation and UNICEF India aiming to build interest in science, technology, engineering and mathematics (STEM) education for children from rural and low-income communities. The Micron Foundation’s $408,000 USD grant will fund UNICEF programs focused on strengthening systemic approaches to fostering STEM learning and 21st-century skills for vulnerable children and youth in Karnataka and Telangana, with a special focus on supporting girls.

With this support, UNICEF will partner with schools across Karnataka and Telangana to improve Atal Tinkering Labs (ATLs) and set up low-cost makerspaces in schools to increase girls’ engagement with STEM education. The grant will help UNICEF strengthen ATLs by providing some of the funding necessary to build capacity and support for teachers, engage with volunteers to mentor students, and organize knowledge-sharing and workshops to expand girls’ access to STEM education. By supporting UNICEF in its makerspace efforts in Telangana and Karnataka, the Micron Foundation will help create a customized design of low-cost makerspaces, enabling UNICEF to reach 20,000+ students in the two states by March 2025.

UNICEF will also enhance their Passport to Earning (P2E) platform, allowing girls and other marginalized groups in India to expand their access to key 21st-century skills, helping to ready them for success in the modern world. The Micron Foundation’s funding will help UNICEF increase P2E’s outreach to vulnerable groups in India, in part by translating and contextualizing courses into additional languages to help expand access to traditionally underserved youth.

The partnership announced today bolsters Micron’s long-term commitments in India. The company and the Micron Foundation both aim to deepen their community impact as Micron’s operational footprint in India continues to grow, following the June 2023 announcement of Micron’s plans to build India’s first semiconductor assembly and test facility for memory and storage with an initial investment of $800 million.

“UNICEF’s work will help to provide access to STEM and 21st-century skills for vulnerable children and youth, especially girls, and encourage them to pursue STEM education and careers,” said Micron Technology President and CEO, and Chairman of the Micron Foundation, Sanjay Mehrotra. “Micron’s innovations touch the lives of nearly every human being on the planet, and we feel a sense of responsibility to invest in our people and our communities.”

“UNICEF works to improve education opportunities in India, and Micron’s partnership with them exemplifies our commitment to long-term impact in the communities where we live and work,” said Micron Managing Director in India Anand Ramamoorthy.

“Young people have highlighted in several consultations how 21st-century skills are critical for their future,” said Chief of YuWaah (Generation Unlimited in India) at UNICEF Dhuwarakha Sriram. “Together with Micron, UNICEF is harnessing the power of technology and forging public-private-youth partnerships to strengthen the skilling ecosystem for young people to realize their full potential. Our partnership marks a pivotal step towards equipping young people, particularly the most marginalized and girls, with access to 21st-century skills and learning pathways through the Passport to Earning (P2E) initiative. This will also equip them with the knowledge necessary to make informed decisions about their lives and livelihoods.”

Expanding access to education and opportunities through additional regional partnerships

In addition to the partnership with UNICEF, over the last several months, the Micron Foundation has invested in other nonprofits across India to expand access to education and critical life skills. These investments include:

Teach For India

With a special focus on Gujarat, the Micron Foundation is supporting Teach For India’s efforts to develop a strong pipeline of STEM teachers to ensure students receive the academic foundations and the 21st-century skills required to succeed in the workforce of the future. Our support will allow Teach For India to reach 15,000 students in the 2023 – 2024 school year.

Udayan Care

The Micron Foundation is working with Udayan Care to support children aging out of childcare institutions and alternative care programs with opportunities and access to resources for skilling and economic empowerment. The program is implemented in Gujarat and Delhi and will directly support over 400 children and vulnerable youth.

SOS Children’s Villages of India

The Micron Foundation will support SOS Children’s Villages of India in their efforts to provide education sponsorship support for nearly 100 vulnerable children to continue their education and build pathways to economic empowerment.

UN Women

The Micron Foundation supports UN Women’s ‘WeSTEM’ program, which aims to empower women in science, technology, engineering and mathematics. The initiative is focused on motivating and supporting 1,000 young women who are already enrolled in higher or vocational STEM education courses in select tribal areas of Madhya Pradesh, India. The program will enhance their employability skills, especially looking towards jobs of the future, and improve their access to higher education, internships, apprenticeships and decent job opportunities in STEM industries.

Providing equitable opportunities and enriching the communities where Micron’s team members live and work are priorities of the Micron Foundation. These partnerships and other investments help increase and improve access to STEM education and opportunities for historically underrepresented and vulnerable groups. 

About Micron Technology, Inc.

We are an industry leader in innovative memory and storage solutions transforming how the world uses information to enrich life for all. With a relentless focus on our customers, technology leadership, and manufacturing and operational excellence, Micron delivers a rich portfolio of high-performance DRAM, NAND and NOR memory and storage products through our Micron® and Crucial® brands. Every day, the innovations that our people create fuel the data economy, enabling advances in artificial intelligence and 5G applications that unleash opportunities — from the data center to the intelligent edge and across the client and mobile user experience. To learn more about Micron Technology, Inc. (Nasdaq: MU), visit micron.com.

Since its founding in 1999, the Micron Foundation has contributed over $180 million USD through philanthropy and people to communities where our team members live and work. The Foundation and Micron's corporate giving are driven by the Micron Gives organization with grants, programs and volunteer efforts focused on promoting science and engineering education and addressing basic human needs.

Save On Your Holiday Or Stopover To Dubai This Winter With Emirates

Enjoy complimentary entry to the Museum of the Future and Atlantis Aquaventure when you fly to Dubai before 31 March 2024. You can also enjoy free entry tickets when you add a stopover in Dubai of 8 hours or more. 

The Museum of the Future is the newest jewel in the Dubai skyline where you’ll be transported into the world 50 years from now. And you can cool off on the slides and rides at Atlantis Aquaventure, the world’s largest waterpark.  

It’s always sunny in Dubai

Soak up the sun on beautiful beaches, shop at huge malls, and dine at incredible restaurants in Dubai. You can’t miss famous sights like the world’s tallest building, the Burj Khalifa, Dubai Mall, the Dubai Frame and more. 

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Book flights to Dubai or add a stopover of 8 hours or more between 12 January and 1 February, for travel between 15 January and 31 March 2024.  

When you book on emirates.com(Opens page in the same tab), use the code EKDXB24. We’ll send you two unique codes, one for each venue. Use them to book free tickets directly with the attraction for everyone in your flight booking by 5 April 2024. 

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Infosys Reported A Tad Better-Than-Expected Operating Performance For Q3, 2023-24

Infosys reported a tad better-than-expected operating performance for Q3. Revenue declined 1.2% QoQ to USD4.66bn (1% in cc) due to weak discretionary spending, further accentuated by lower volumes because of higher furloughs. EBITM fell 70bps QoQ to 20.5% due to wage hikes (effective 1-Nov-23), cyber security incident partially offset by margin-improvement initiatives under Project Maximus, and currency benefits. Large deal TCV stood at USD3.2bn, with 71% net new (9MFY24 – large deal TCV of USD13.2bn, up 70% YoY; net new TCV of USD7.2bn, up 106% YoY). Infosys has tightened its FY24 revenue growth guidance to 1.5-2% CC (from 1-2.5%), implying -1.5% to 0.5% sequential growth in Q4. As per management, the demand environment is largely unchanged, with cost takeout and consolidation deals continuing to see traction. We expect growth to accelerate in FY25 on account of ramp-up of large deals, strong deal pipeline, and expected recovery in discretionary spending. We tweak FY24-26 EPS estimates by under 1%, factoring in Q3 performance. We retain BUY with an unchanged TP of Rs1,850 at 25x its Dec-25E EPS.

Results Summary

Infosys reported a revenue dip of 1.2% QoQ (down 1% QoQ in CC) to USD4.66bn in Q3, broadly in line with our estimate of USD4.64bn. Third-party items bought for service delivery increased further by 80bps QoQ/140bps YoY, reflecting increased contribution from pass-through revenue. EBITM declined 70bps QoQ to 20.5% compared with our estimate of 20.3%. Margins were impacted by wage hikes effective 1-Nov-23 (-70bps) and cyber security breach at Infosys McCamish (-60bps), partially offset by Project Maximus-led cost optimization (50bps) and currency benefits (10bps). Among verticals, the laggards were Retail (-5.1% QoQ), Life Sciences (-3.7%), Hi-Tech (-2.4%), Communications (-1.2%), and Financial Services (-0.1%), while EURS (+1.9%) and Manufacturing (+3%) reported growth. Europe continued to do well, with 5.2% QoQ growth, while revenue from North America declined 4.6% QoQ. Headcount declined 2% QoQ to 322,663. Deal wins were healthy at USD3.2bn (71% net new and 1 mega deal), with transformation deals remaining out of favor. What we liked: Strong deal intake, progress on margin-improvement initiatives under Project Maximus and moderation in LTM attrition to 12.9%. What we did not like: Continued weakness in North America, BFSI, Communication, and Hi-Tech.

Earnings Call KTAs

i) Clients remain cautious and focus more on cost-optimization programs. ii) The number of digital programs in the deal pipeline is low, whereas the number of cost takeout and vendor consolidation programs is relatively high. Further, GenAI has garnered significant interest and traction, despite lower revenue currently. iii) CME clients continue to face growth challenges, thus putting pressure on opex. Clients are focusing on conserving cash, leading to a delay in decision-making and project deferrals. iv) Manufacturing is witnessing good traction due to new deal wins and the ramp-up of large deals. While the budget remains largely stable, clients continue to find ways to channel run savings into newer areas like digital, cloud, data, and IoT. v) Cost takeout and vendor consolidation programs are driving spends in the retail segment. The deal pipeline remains strong, although the decision cycle stays long. vi) Budget discussions are currently underway and management does not see any material changes so far. vii) Infosys acquired InSemi Technology Services, a leading semiconductor design and embedded services provider, for a cash consideration of Rs2.8bn (EV/Sales: ~1.8x). viii) Utilization (ex-trainees) rose ~90bps QoQ to 82.7% in Q3 and management sees further scope of improvement. 

Infosys signed 23 large deals in Q3, including 1 mega deal, split across geographies (10 in America, 9 in Europe, 3 in ROW, and 1 in India) and verticals (8 in Manufacturing, 6 in BFSI, 4 in EURS, 2 each in Communications and Retail, and 1 in Others). 

Samsung Opens A Portal To New Mobile AI Possibilities In Las Vegas On Sphere’s Exosphere, Before Unpacked 2024

In anticipation of Galaxy Unpacked on January 17, Samsung is teasing new mobile AI-powered capabilities.

To celebrate the new era of Galaxy innovations, Samsung teamed up with Marvel Studios’ “What If…?” Season 2 for an epic takeover of Sphere’s giant exterior LED display on January 8.

Featuring Doctor Strange, the Las Vegas skyline lit up to hint at new mobile AI capabilities coming soon to Galaxy users worldwide. Just as Marvel’s renowned character Doctor Strange discovers new portals of endless possibilities, Galaxy AI will enable discovery in a whole new way.

“We are ushering in a new era of innovation at Galaxy Unpacked, introducing AI experiences on mobile like never before,” said Stephanie Choi, EVP & Head of Marketing of Mobile eXperience Business at Samsung Electronics. “Galaxy AI will empower users in every facet of life. This campaign teased one of the ways we are evolving and pioneering mobile technology through a special collaboration with a long-standing tech industry partner, which will be revealed soon.”

A new era is coming with Galaxy AI. Tune into Galaxy Unpacked on January 17.

Link to video: https://www.youtube.com/watch?v=5DaJN5nY6ds

IIITB’s Competitive Programming Course Witnesses Massive Student Enrollment

In a remarkable display of enthusiasm, 40% of the student population at International Institute of Information Technology Bangalore (IIITB) has registered for the institution's newly launched value-added course in competitive programming. The course inaugurated by IIITB alumni Aditya Paliwal and Simran Dokania, both prominent figures in the tech industry, aims to equip students with fundamental problem-solving skills crucial for excelling in technical interviews and becoming industry-ready.

Aditya Paliwal, Quantitative Researcher at Citadel Securities, and Simran Dokania, Staff Software Engineer at Rippling, demonstrated the significance of problem-solving skills in the face of rapid advancements in artificial intelligence technologies, such as OpenAI's ChatGPT. They showcased how even sophisticated AI solutions can falter, emphasizing the need for human problem-solving capabilities.

The course, led by renowned instructors Prof. V N Muralidhara and Prof. Vivek Yadav has garnered 550 registrations, making it the most popular course at IIIT Bangalore. Both instructors are distinguished in competitive programming and coached Aditya and Simran to represent India at the World Finals of the prestigious ICPC in 2017 and 2018.

Prof. V N Muralidhara, an expert in competitive programming, emphasized, "Mastering algorithms through competitive programming is a cornerstone for innovation. Competitive programming lays a robust technical groundwork essential for a thriving IT career."

On the practical aspects, Prof. Vivek Yadav noted, "Competitive programming teaches you to write more efficient code. Quick thinking in competitive programming translates to faster software development."

Aditya and Sirman shared their perspective, "Tackling complex problems in competitive programming prepares you for advanced AI technologies." This sentiment resonates with the mission of the course, providing students with the tools necessary to excel in the ever-evolving landscape of artificial intelligence.

As the demand for skilled professionals in AI continues to rise, IIITB’s initiative to blend competitive programming with AI education proves to be a strategic move, ensuring that students are not only equipped with theoretical knowledge but also possess the practical problem-solving skills crucial for success in the industry.

About IIIT-Bangalore

IIIT-Bangalore is a premier institute focused on Post-Graduate IT education and research, located in the heart of Electronic City, Bangalore. IIIT-Bangalore is graded A+ by National Assessment and Accreditation Council (NAAC). In the National Institutional Ranking Framework (NIRF) for 2022, IIIT-B has secured 74th ranking. The institute was ranked number 1 among India's Best Technical Universities (Private) by India Today. IIIT-Bangalore contains state-of-the-art infrastructure, eminently qualified faculty, a vibrant alumni community, cutting-edge research facilities, and close industry collaborations.

The institute’s specially designed courses make the students cognitive of the current technologies. Experiential learning and practices followed in the institute equip them with the tools and knowledge to solve contemporary real problems. IIIT-Bangalore has consistently achieved excellent placement records every year since its establishment in 1998, thanks to the unwavering support of the industry and the expanding pool of highly skilled alumni.

For more details, log onto https://www.iiitb.ac.in

AU Small Finance Bank Strengthens Presence In Bengaluru With 9th Branch Launch In Malleswaram

Building on the remarkable success of its initial branches in Bengaluru, AU Small Finance Bank (AU SFB), India’s largest SFB, is entering the next phase of expansion in the city. Today, signifies the inauguration of its 9th branch at Malleswaram, Bengaluru, with five additional branches in the pipeline for this fiscal year.

Over the last two years, AU SFB has received immense appreciation for its innovative banking products and services in Bengaluru. The inauguration of the Malleswaram branch underscores the bank’s dedication to addressing the evolving banking needs of the tech-savvy community in Karnataka.

The strong economy of Karnataka makes it significant market for the banking segment, offering high potential of deposits and credits. As per Economic Survey 2022-23, Karnataka offers fourth largest deposit market worth Rs 13,82,552 crores and fourth largest credit market worth Rs 8,88,922 crores. Bangalore alone contribute to around Rs 9 lakh crores of deposits of the State and remains a key city in AU SFB’s expansion plan in South India.

On Malleswaram branch inauguration, Uttam Tibrewal, Executive Director, AU Small Finance Bank, said, “As a customer-centric bank, we strive to serve customers in Karnataka with our unique proposition while fostering long-term relationships.

We aim for the customers in Bengaluru to enjoy the advantages of our flagship features, such as monthly interest payout on savings accounts, extended banking hours, 24x7 video banking, along with meticulously crafted wealth management products. To date, the positive response and trust from our tech-savvy clientele have instilled confidence in us to extend our presence. AU SFB aims to expand its footprint strategically and progressively in Bengaluru and other Southern states over the next few years.”

As of December 2023, the Southern region has surpassed Rs 3,000 crore in the deposit book of AU SFB, instilling confidence of AU SFB to scale up its operations in South India. With 19 operational branches already in place, including the recent initiation in Coimbatore, AU SFB is set to fulfill its promising expansion plans in the South. The bank aims to reach approximately 37 branches in South India by March 2024.

About AU Small Finance Bank

AU Small Finance Bank Limited (AU SFB) is a scheduled commercial bank and a Fortune India 500 Company. Starting its journey from the hinterlands of Rajasthan, today AU SFB is the largest Small Finance Bank with a deep understanding of the rural and semi-urban markets that has enabled it build robust business model facilitating inclusive growth.

With 28 years legacy of being a retail focused and customer-centric institution, AU SFB started its banking operations in April 2017 and as on 30th Sep 2023, it has established operations across 1,042 banking touchpoints while serving 44.3 Lac+ customers in 21 States & 3 Union Territories with an employee base of 28,523 employees.

As on 30th Sep 2023, the Bank has a net worth of ? 11,763 Crore, deposit base of ? 75,743 Crore, Gross Advance of ? 65,029 Crore and a Balance sheet size of ? 95,977 Crore. AU SFB enjoys the trust of marquee investors and is listed at both the leading stock exchanges viz. NSE and BSE. It has consistently maintained high external credit Rating from all major rating agencies like CRISIL, CARE Ratings and India Ratings.

Website: www.aubank.in | Twitter: @aubankindia | Facebook: AU Small Finance Bank | LinkedIn: AU Bank.

JLR India Has Reported Their Achievement On Securing Three Consecutive Quarters Of Record Sales

Financial year-to-date:

* Best nine-month retail sales ever, at 3,582 units and a YoY growth of 93%

* Defender sales stand strong with 150% YoY increase while Range Rover sees incredible growth of 250% in the same period

* Total order book remains strong with a growth of 92% vs the same period last year

Quarter ending 31 December 2023:

* Strong performance delivered in Q3 FY24 with 74% YoY growth 

* Range Rover Velar records highest growth in Q3 with 183% YoY increase in sales

JLR India reported three consecutive quarters of record sales, selling 3,582 units and experiencing a remarkable year-on-year (YoY) growth of 93% in the nine-month period ending 31 December 2023. Range Rover and Defender continue to lead with a YoY increase of 250% and 150% (YTD), respectively, contributing to over 75% of the current order book.

JLR India achieved 74% YoY growth in the third quarter of FY24, achieving retail sales of 1,226 units. The newly launched 24MY Range Rover Velar showcased an outstanding YoY growth of 183% in the quarter, significantly bolstering sales in the period.

Mr. Rajan Amba, Managing Director, JLR India, said, “Over the past nine months, JLR's progress in India has been characterized by consistent and substantial growth. Each quarter has shown an impressive year-on-year surge of nearly 100%. The burgeoning order bank and continuous order intake signal a robust demand, underscoring promising future prospects. We are pleased to see that the eagerly awaited Range Rover BEV has generated significant interest among clients across the country, and with our upcoming launches this quarter, we are poised to sustain our remarkable growth trajectory in India."

The order book at the end of Q3 FY24 remains strong with a YoY growth of 92%. The current total order book covers more than eight months of sales and is seeing a consistent increase month-on-month.

JLR’s certified pre-owned business grew by 74% YTD versus the same period last year, reflecting the growing demand and the equity of JLR brands in India.