Nium Appoints Banking Industry Expert, Alexandra Johnson, To Scale Global Banking And Payment Operations As Chief Payments Officer

Nium, the leader in real-time cross-border payments announced the appointment of Alexandra Johnson as the company’s first “Chief Payments Officer”. With this newly-created position, Nium sets itself up to closer align itself with partners across the payments ecosystem. Johnson will work across Nium’s markets, leading the Global Banking and Payment Operations teams. She will report into Prajit Nanu, Co-Founder and CEO of Nium.

In her role as Chief Payments Officer, Johnson will oversee strategy, day-to-day activities, and the evolution of Nium’s payments network team. She will manage and grow the Nium payments network, applying best practices and regulatory policies globally and will work with the Risk and Compliance teams in each market to enhance frameworks, build new relationships, and build upon the existing strength of the existing financial network of Nium.

Her wealth of knowledge and expertise in the banking and payments space will support Nium’s global and vertical business growth.

“Fostering and growing our network is one of the most critical aspects of building Nium,” said Nanu. “Alex’s experience in the world of banking and payments is invaluable and I’m excited to see her tackle this role head on and contribute to the growth of the business.”

Johnson added, “I am ready and excited for the opportunity to level-up the already stellar network that exists at Nium and deliver innovative and market leading solutions to our customers across the globe.”

Prior to joining Nium, Johnson was the Head of New Product Development & Innovation in Global Transaction Services (GTS) at Bank of America where she led a team responsible for exploring new technologies and concepts, that drove greater efficiencies, security and advancement of treasury solutions. Before Bank of America, she led Global Go-to-Market, Commercialization and Partnerships at JP Morgan for its foreign exchange product, where she oversaw product design, partnerships, pricing, and strategy for the bank’s multiple market-leading cross currency solutions. Prior to this she led network implementation and strategy at Hyperwallet, a member of the PayPal group of companies. She sits on the board of Bottomless Closet, a non-profit supporting disadvantaged NYC-based women in entering the workforce and achieving success. She holds an MBA from the George Washington University and dual-bachelor's degrees from Michigan State University.

Tanishq Presents GlamDays - A Range Of Nordern Daily Wear Jewellery

~Jewels designed to #MakeEverydaySparkle ~

With the auspicious occasion of Akshaya Tritiya approaching, Tanishq, India’s largest jewellery retail brand from the house of Tata unveils ‘GlamDays’, a stunning and versatile range of contemporary daily wear jewellery inspired by designs from around the world. Combining elegance with a modern fashion-forward aesthetic, GlamDays promises to elevate your everyday style, becoming a treasured addition to every woman's wardrobe.  In addition to this versatile range, Tanishq will be  hosting a series of engaging and interactive styling sessions at its stores. The styling sessions are curated to provide customers with a personalized experience with stylists offering expert advice and guidance to help customers discover the perfect daily wear pieces to complement their individual style and personality.

With over 10,000 unique designs to choose from and create a stunning new look every day you and your jewellery can #MakeEverydaySparkle.  Drawing inspiration from diverse global designs, GlamDays redefines everyday elegance with stylish yet versatile daily wear jewellery that can be adorned everyday from AM to PM.  Whether it's floral pendants exuding delicate charm, bold yet refined gold hoops, evergreen infinity rings, or chic gold bracelets, GlamDays offers a contemporary range of gold and diamond daily wear jewellery, that effortlessly transitions from daytime sophistication to evening glamour. The range caters to the diverse style preferences to create a beautiful new look every day. To add to the excitement, Tanishq is also offering customers Up to 20%* off on Making Charges of Gold jewellery and on Diamond Jewellery Value. In addition, customers can also make use of Tanishq’s ‘Gold Exchange Program’  wherein customers can avail upto 100%* exchange value on old gold purchased from any jeweller in India. With the increasing gold rates, Tanishq is also offering Gold Rate Protection* that allows customers to book in advance and stay protected against increasing gold rates. The offer is valid for a limited time period* only.  Each piece in this range is thoughtfully designed to complement the dynamic lifestyles of today's women comprising extensive designs in 18Kt and 22Kt gold.

With designs inspired from around the globe and the use of differentiated techniques, GlamDays provides a unique assortment designed to be a versatile companion for every look, whether it is pairing for a polished professional look, family dinners, leisure days at home or incorporating them into your minimalist ensemble. GlamDays reflects Tanishq's commitment to curating a jewellery line that enables self-expression and boosts confidence. With a variety of styles to choose from, GlamDays offers a diverse range of necklaces, earrings, bracelets, and rings offering women to curate a personalized look that aligns with their unique preferences and daily wear styling.

Discover the perfect accessories to complement your daily style and #MakeEverydaySparkle. GlamDays is now available across all Tanishq showrooms and on E-commerce platform https://www.tanishq.co.in/dailywear?lang=en_IN , with prices starting from INR 15,000/- .

Perfect ID Gears Up To Meet Surge In FASTags Demand For Banks And Fintechs

Perfect ID, India's leading manufacturer of FASTags, is actively preparing to address the significant rise in FASTags demand triggered by the recent Reserve Bank of India (RBI) directive on a FinTech company. This surge stems from the requirement for customers to replace their existing FASTags with new ones issued by authorized banks.

Approximately 1.8 crore FASTags will need to be replaced swiftly to avoid delays and inconvenience at toll booths. This sudden increase in demand poses a challenge for FASTag manufacturers to fulfil these requirements quickly and efficiently.

Perfect ID, recognizing the critical need, has proactively invested in new equipment over the past few months, expanding its FASTags production capacity by 40%. This significant investment ensures they are well-equipped to handle the surge in demand from banks and FinTech companies.

Commenting on this Satendra Singh, CEO of Syrma SGS says, “As the leading manufacturer of Fastags, we leverage cutting-edge technology in our manufacturing processes to assist our clients and contribute to the Make in India initiative. We have made substantial investments in enhancing our production capacity to efficiently address the sudden and time sensitive increase in demand. Our Perfect ID team (A subsidiary of Syrma SGS Technology Limited) is fully prepared to support our customers meet this surge in demand.”

The company specializes in RFID design and with a 55,000 square feet facility in Gurgaon covering IC bonding, inlay manufacture, tag conversion, and personalization, Perfect ID stands as the largest supplier of FASTags to top banks for over 6 years.

About Perfect ID–

Perfect ID is a global leader in RFID and IoT-powered digital transformations for businesses across industries. Perfect ID designs products to help its customers take control of their productivity-boosting and efficiency-augmentation objectives by tracking and tracing their business operations from manufacturing through the entire supply chain to their customers. A Subsidiary of Syrma SGS, an Indian manufacturing leader servicing customers across the world. Perfect ID is dedicated to leveraging over 50 years of combined experience in RFID and IoT manufacturing to design and develop products of unparalleled quality and finesse. Perfect ID’s clients utilize their products for a spectrum of applications, including Automatic Toll Collection, Asset Management, Item-level inventory management, garment and laundry tracking, and much more.

Wipro Sees Steady Performance; Green Shoots Not Yet Visible In Q1 Guidance

Wipro reported steady performance in Q4 — revenue grew 0.1% QoQ to USD2.65bn (-0.3% CC), tad better than our estimates. Growth was aided by Top- 10 clients, which added ~USD40mn QoQ, on the back of large-deal ramp up. IT Services EBITM of 16.4% was slightly higher than our estimate. The new CEO, Srini Pallia, highlighted five focus areas: 1) Accelerate large deal momentum. 2) Strengthen relationship with large clients. 3) Focus on industry-specific offerings, led by consulting and infused with AI. 4) Build an AI-ready skilled workforce. 5) Continue to simplify the operating model. Wipro has guided for -1.5% to 0.5% revenue growth in Q1, with the mid-point of the guidance being 50bps lower than our estimate. While the macro environment remains uncertain with further challenges in the short run, the management is seeing some green shoots and remains focused on execution rigor with speed to accelerate growth. We tweak our FY25E/26E EPS by less than 1%, factoring in-line Q4. We retain ADD with unchanged TP of Rs500/sh at 19x Mar-26E EPS.

Results Summary

Wipro’s IT services revenue grew 0.1% QoQ (0.3% QoQ decline in CC) to USD2.65bn, tad above mid-point of its guidance and broadly in line with our estimate of USD2.64bn. Growth was aided by the Top-10 clients, which grew 7.4% QoQ, and it was across top, top 2-5, and top 6-10 clients. IT services margin expanded 40bps QoQ to 16.4%, ahead of our estimate of 16%, while overall margin for Q4 expanded 110bps QoQ to 15.9%, in line with our estimates, due to the ~Rs1bn of reconciling items impact. Among verticals, 5 of the 7 reported a sequential decline in CC terms. Consumer, ENU, Technology, Manufacturing, and Communications saw a decline of 0.6%, 0.3%, 6%, 0.6%, and 4.8%, respectively, while BFSI and Healthcare reported growth of 2.1% and 1.2%, respectively. Americas 2 was the only strategic market unit to post growth, up 1.9% QoQ CC, while Americas 1, Europe, and APMEA saw a decline of 1.8%, 0.1%, and 2.2%. TCV of orders stood at USD3.6bn, while large-deal TCV was USD1.2bn (18 large deals). Total headcount declined 2.6% QoQ/9.5% YoY to 234,054. Attrition was stable QoQ at 14.2%. What we liked: Margin resilience, recovery in Capco, Strong cash conversion (~119% OCF/ EBITDA). What we did not like: Sequential decline (in CC) in 3 out of 4 strategic units, and 5 out of 7 sectors.

Earnings Call KTAs

1) There are no material changes in the demand environment compared to the start of the year CY2024. The management’s immediate focus is to accelerate growth. The core tenets of the operating model will remain unchanged under the new CEO. Consulting-led, AI-infused offerings will be the key differentiator for the company. 2) Management suggested green shoots in consulting last quarter, which continued in Q4 as well, with Capco revenue growing 6.6%, and order clocking growth of 43.6% QoQ. 3) BFSI retuned to growth after 4 quarters of softness. Healthcare has continued to do well. ERU and manufacturing have been soft, though there is a good pipeline of interesting deals. Consumer and Lifesciences continue to be impacted by the spend environment owing to high inflation. 4) Large deal pipeline continues to be strong, and also consists of a few mega deals. 5) Management will remain selective on the M&A front, and will prefer tuck-in acquisitions. It acquired 60% stake in Aggne for a cash consideration of USD66mn in Q4 to strengthen its P&C core system implementation capabilities, specifically in the area of Duck Creek. 6) Utilization was at an all-time high in Q4, and the management hopes to sustain it. Headcount decline has been driven by operational efficiency.

NUEGO Launches India's First “Long-Haul Electric AC Seater + Sleeper Bus” Service

NueGo, a pioneer in sustainable mass mobility, is set to revolutionise the long-distance travel journey with the launch of India's first “intercity electric bus” service. This is a significant step towards decarbonization and creating a more sustainable public transportation ecosystem in India. There is growing adoption of electric buses amongst consumers, as they produce zero tail pipe emissions and reduce air pollution.

NueGo has deployed multiple seater + sleeper buses on its major routes across India such as Bengaluru - Chennai, Bengaluru - Coimbatore, Vijaywada - Vizag, Delhi – Jaipur,  Delhi - Amritsar. NueGo is planning to expand its operations by launching new routes and build charging infrastructure to ensure smooth on-road operations. NueGo is also actively hiring across genders to increase inclusivity in its workforce and is the only bus brand to have women coach captains.

Devndra Chawla, MD & CEO GreenCell Mobility, commented on the debut, saying, "NueGo is revolutionizing intercity bus travel with launch of India’s 1st long-haul Electric AC Sleeper Bus service. This marks a significant milestone to advance sustainable mass mobility across India and is consistent with our commitment to provide innovative solutions that benefit both the travellers and the environment. We are also elevating long-distance travel experience for our guests by incorporating smart technologies and emphasising on comfort, safety, and world class amenities.”

The cutting-edge buses have an aerodynamically designed FRP front fascia, a rollover-engineered structure to enhance passenger safety, and a weight-optimised GI tubular construction for better cruise mileage. The monocoque chassis design provides greater handling and stability for a smoother and safer ride. An electronically adjustable exterior rear-view mirror, lowered passenger step height for simple boarding, and a kneeling option for elderly or disabled passengers are all notable features.

Likewise, inside the bus, guests can have a comfortable journey with a variety of amenities such as bigger seats (1220mm), soft-touch ABS interiors, LED strips for ambient lighting, and individual amenities such as night reading lamps and USB charging connections for each berth. The buses are outfitted with advanced safety features such as a driver monitoring system, passenger saloon cameras, emergency buttons, and fire detection and suppression systems.

NueGo's electric sleeper buses are also an environmentally friendly transportation alternative with zero exhaust emissions. The quiet and vibration-free nature of these buses, combined with developing technology such as regenerative braking, contribute to a soothing and enjoyable journey experience for passengers.

About NueGo:

NueGo is India’s leading premium electric intercity bus brand from GreenCell Mobility. A guest centric brand, NueGo which is currently operating in 100+ cities in India, runs through 25 stringent safety checks including mechanical and electrical inspections. These electric coaches can run 250 kilometers in a single charge, with the air conditioners on, in traffic conditions. NueGo coaches are fitted with innovative technology and offer end to end convenience for inter-city travellers with focus on Safety, Punctuality, and seamless Guest experience. NueGo has well trained and courteous staff, offers airport-like premium lounges in selective cities. These lounge offers guest assist, luggage management services and curated F&B menu and on board with on-time performance. https://nuego.in/

Sterling And Wilson Renewable Energy Gets Stronger, Attaining Over 50% Revenue Growth With Improved Performance For Q4 & FY24

Key Highlights

*   Healthy Performance with Unexecuted Order Book at over INR 8,000 crore

*  Revenue growth of over 50% at INR 3,035 crore

*  Strong rebound in Financials both sequentially and YoY

* Company turns EBITDA positive at INR 54 crore in FY24 aided by growing Domestic EPC business

~ Reported consolidated positive PBT and PAT in Q4

~ Achieved gross margin in excess of 10% in FY24

~ Unexecuted order value has grown 64% in FY24 showcasing robust future growth prospect

~ Net debt reduction by over 90%

~ Balance sheet significantly strengthened in FY24 and well positioned to capture strong industry growth  

Sterling and Wilson Renewable Energy Limited (SWREL) (BSE Scrip Code: 542760; NSE Symbol: SWSOLAR), a leading home-grown renewable EPC, announced its results for the fourth quarter and the Full Year ended 31st March, 2024.

SWREL has had a strong recovery in financial performance and the company turned EBITDA positive at INR 54 crore in FY24 backed by robust growth recorded in the Domestic EPC business. There was a strong rebound in financials both sequentially and YoY, with significant strengthening of FY24 balance sheet and a net debt reduction by over 90% that well positions the company to secure a larger portion of industry growth. The company attained substantial growth of 64% in its unexecuted order value in FY24, reiterating trust from its clients and the market.

Commenting on the results, Mr. Amit Jain, Global CEO, Sterling and Wilson Renewable Energy Limited said, “We have overcome several challenges in FY24 and SWREL is in a much better place than earlier. The company delivered a robust financial performance which includes positive gross margins throughout the year and positive EBITDA for the year. Q4 results were also profitable. Our future growth prospects look promising based on our strong unexecuted order book and business fundamentals continuing to improve. The company’s balance sheet has become more resilient through debt reduction, thereby solidifying our stakeholder’s confidence. The market opportunity for renewable EPC players like ours is continuing to grow significantly both in India and internationally, and we are well aligned to capture the growth. As SWREL comes back stronger, we remain confident of delivering an improved performance in terms of growth and revenues over the next few quarters.”

“In addition, our prediction is that the growing awareness and resultant action towards opting for cleaner energy sources will lead to higher adoption of renewables, thereby accelerating business momentum. Renewables are essential for a better tomorrow and solar will be at the forefront of this march towards a sustainable future”, he further commented.

About Sterling and Wilson Renewable Energy Limited

Sterling and Wilson Renewable Energy Limited (SWREL) is a global pure-play, end-to-end renewable engineering, procurement, and construction (EPC) solutions provider. The company provides EPC services for utility-scale solar, floating solar and hybrid & energy storage solutions and has a total portfolio of over ~18 GWp (including projects commissioned and under various stages of construction). SWREL also manages an operation and maintenance (O&M) portfolio of 7.6 GWp solar power projects, including for projects constructed by third parties. Present in 28 countries today, Sterling and Wilson Renewable Energy Limited has operations in India, South-east Asia, Middle East, Africa, Europe, Australia, and the Americas.

Visit us – www.sterlingandwilsonre.com  

AU Small Finance Bank Launches International Fund Transfers, Cross-Border Trade Finance & Forex Services On Its 7th Banking Anniversary

-          India’s largest SFB commemorates its 29th Foundation Year and 7th banking anniversary by introducing ‘AU Remit’ & ‘AU DigiTrade’

-          AU Remit enables Non-Resident Indian (NRI) customers to effortlessly transfer funds digitally from their AU NRE Savings Account to their overseas accounts in foreign currency.

-          Digital Trade Portal ‘AU DigiTrade’ will enable MSME customers to initiate trade transactions from anywhere/anytime, track the transaction status and access reports online

AU Small Finance Bank, India’s largest SFB, commemorates its 29th Foundation Year and 7th banking anniversary by introducing ‘AU Remit’, a platform to initiate international fund transfers under the Liberalized Remittance Scheme (LRS), designed to meet the diverse needs of its retail customers. The bank has also launched ‘AU DigiTrade’ platform for its MSME customers and a host of Trade Finance and Forex services for exporters and importers. The unveiling of both these services marks a significant milestone in AU Small Finance Bank's journey towards enhancing customer-centric financial solutions.

Notably, AU Small Finance Bank had obtained the Authorized Dealer Category 1 (AD 1) license from the Reserve Bank of India (RBI) in April 2023, empowering the bank to conduct a wide array of foreign exchange transactions. Leveraging this authorization, AU Remit sets a new standard in international fund transfers for retail customers while the ‘AU DigiTrade’ will benefit MSME exporters and importers.

AU Remit enables Non-Resident Indian (NRI) customers to effortlessly transfer funds digitally from their AU NRE Savings Account to their overseas accounts in foreign currency. Besides, it also extends its services to residential individuals and proprietorship firms, enabling them to send money abroad for purposes listed by the RBI under the LRS scheme through the Web Portal and AU Small Finance Bank branches. AU Remit streamlines the transfer process, eliminating cumbersome documentation requirements and elevating the overall customer experience.

Highlights of AU Remit include:

-          Multiple Currency Options: Currently available in 4 major currencies for existing AU SFB customers, with plans for expansion to New-To-Bank (NTB) customers in phase 2.

-          High Transaction Limit: Customers can remit funds online up to USD 25,000 equivalent per transaction for purposes including education, family maintenance, gifts, health services, and NRE repatriation.

-          User-Friendly Interface: Intuitive digital platform with fast payment processing, 24*7 remittance services, real-time tracking, and transparent fee structure.

-          Accessibility: Accessible through the online portal using mobile number authentication or in-person at AU SFB branches.

The Trade Finance and Forex services will facilitate cross- border trade of its customers by providing financing, document handling and cross-border remittance solutions along with support in regulatory compliances. The bank has also launched a Digital Trade Portal ‘AU DigiTrade’ that will enable MSME customers to initiate trade transactions from anywhere/anytime, track the transaction status online and access reports online.

Highlights of Trade Finance Services for MSME customers include:

-          Multiple Currency Options - AU SFB would handle export and import transactions in four major currencies viz, USD, EUR, GBP and AED for exporters and importers.

-          Wide Spectrum of Trade Finance & Forex products – AU SFB would offer products like Export Finance, Import Letter of Credit, Foreign Bank Guarantee, Forward Covers, Forex rates and all services for export and import collections.

-          Special purpose Foreign Currency Accounts – AU SFB would open ‘Exchange Earners Foreign Currency (EEFC)’ accounts and ‘Diamond Dollar Account (DDA)’ for its export customers.

-          Customized Current Accounts- AU SFB has launched current accounts - “AU Royale Trade” and “AU Trade Platinum” which have customized features and preferential pricing.

Speaking on the launch, Mr. Sanjay Agarwal, Founder, MD & CEO of AU Small Finance Bank, said, "I express my deep gratitude towards the bank's 1.1 Crore customers, 46,000 employees, 2 lac domestic and international shareholders, regulatory bodies, the Government, and all other stakeholders for their wholehearted support during the first seven years of our banking journey. Today, as AU Small Finance Bank celebrates its 29th Foundation Year and 7th Banking Anniversary, we stand at the threshold of a new era, enriched by our recent expansion in Southern India post completing amalgamation with Fincare Small Finance Bank. This milestone not only signifies our journey of growth and expansion but also reinforces our unwavering commitment to innovation and customer-centricity."

Mr. Agarwal further said, “With the operationalization of our Authorised Dealer Category I (AD – Cat I) license within one year of procuring the license, the Bank has completed its product offerings and will now have a chance to work with our venerated exporter-importer community base. Our latest offering- AU Remit, AU DigiTrade and various other Trade Finance & Forex products and services will enable our NRI customers and EXIM customers to seamlessly undertake various international remittance transactions such as fee payments, medical treatments, family maintenance, trade payments as well as various export and import credit facilities from the Bank.”

About AU Small Finance Bank

AU Small Finance Bank Limited (AU SFB) is a scheduled commercial bank and has established itself as the largest SFB in India since starting its banking journey in April 2017. Established in 1996 by Mr. Sanjay Agarwal, a first-generation entrepreneur, AU SFB boasts a 29 years-legacy with deep understanding of the rural and semi-urban markets and customer segments. The Bank operates a sustainable business model that facilitates credit to the unserved and underserved retail and MSME customer segments while providing complete banking solutions to its deposit and branch banking customers. As a tech-led Bank, AU has a strong digital presence with innovative products and services like 24X7 video banking, credit cards, personal loans, UPI QRs, payments, merchant lending, WhatsApp Banking, Chatbots etc. and its digital bank application AU0101 remains among the higher rated banking apps in India.

Post the amalgamation of Fincare Small Finance Bank into the Bank, AU SFB now operates from 2,382 physical banking touchpoints across 21 States & 4 Union Territories serving 1.1 Crore customers with an employee base of 46,000 plus employees. As on 31st March 2024, on a merged basis, the Bank has deposit base of ?97,704 Crore, Loan AUM of ?96,490 Crore and a Balance sheet size of ~?1.2 Lacs Crore. AU SFB enjoys the trust of marquee investors and is listed at both NSE and BSE. The Bank has consistently maintained high external credit Rating and is presently rated ‘AA/Stable’ by CRISIL, CARE Ratings and India Ratings, while the Bank’s FD is rated ‘AA+/Stable’ from CRISIL Ratings.

For more information, please visit the company’s website: www.aubank.in