Heartfulness And Reliance Foundation Join Hands To Host A Unique Athlete-Centric Meditation Programme At The Paris Olympics

In yet another milestone partnership, Heartfulness has joined hands with the Reliance Foundation to host a unique athlete-centric meditation programme in Paris at the India House, Parc de la Villete, Paris during the 2024 Paris Olympics.  The event will be graced by Guest of Honour Ms. Alexandra de Coubertin - President of Pierre de Coubertin Association and Member of IOC culture and Olympic Heritage Commission on the 29th of July. The Association is named after Pierre de Coubertin who was the known as Father of the modern Olympic Games.

This exciting collaboration between Heartfulness and the Reliance Foundation is an opportunity to showcase how sports can be a connector for all types of people, regardless of background, identity, or ethnicity. The Heartfulness-led event will take place from  29th July  - 1st August and 7th to 8th August.

Conceptualised by Reliance Foundation in association with the Indian Olympic Association, the India House is the first ever country house for India at the Olympics. It will serve as a home away from home for all Indian athletes and also celebrate India completing over 100 years of participating as a team at the Olympics.

The theme of the experience is, ‘Inner Skill for Athletic Excellence’, and aims to apply Heartfulness meditation to achieve optimal athletic performance. The event, entitled “Applying Meditation for Optimal Athletic Performance”, also aims to elevate Indian culture, sports and heritage. During the event, participants will explore various Heartfulness and meditation techniques that can help athletes reach and sustain peak performance, manage stress and maintain mental clarity in high-pressure situations, and recover and build resilience using meditation. The goal is to help athletes discover the intersection of meditation and sports excellence by inspiring and equipping athletes, coaches, and enthusiasts with the tools necessary to enhance their performance and achieve their full potential.

Speaking on the event, Rev. Daaji, Global Guide of Heartfulness and President of Shri Ram Chandra Mission said, “Athletics is not simply about physical and physiological strength, but it also about mental fortitude. Many times, sportsmen lose despite best qualifications because they have not developed that mental resilience. Resilience, focus and inner calm is essential to tackle any situation – be it in sports or in life. This is where Heartfulness meditation helps. I am delighted that the Reliance Foundation has collaborated with Heartfulness to empower athletes, as well as people from other backgrounds. Through Heartfulness, we hope to awaken the dormant consciousness among sportsmen and sports-enthusiasts, and help unleash their unlimited potential. This opportunity at the Paris Olympics is a momentous occasion for us.”

Keynote speeches will also be delivered on topics such as, “The Power of Meditation in Sports”, “How Meditation Enhances Athletic Performance”, and “The Future of Meditation in Sports”.  Participants will also experience Heartfulness meditation as a guided group activity.

About Heartfulness:

Heartfulness offers a simple set of meditative practices and lifestyle changes, first developed at the turn of the twentieth century and formalized into teaching through the Shri Ram Chandra Mission in 1945 in India with a goal to bring peace, happiness, and wisdom to one heart at a time. These practices are a modern form of Yoga designed to support contentment, inner calm, and stillness, compassion, courage, and clarity of thought, as the first step towards a purposeful life. They are simple and easily adopted and are appropriate for people from all walks of life, cultures, religious beliefs, and economic situations, who are over the age of fifteen. Ongoing training in Heartfulness practices continues at thousands of schools and colleges, and over 100,000 professionals are meditating in corporations, non-governmental, and government bodies worldwide. More than 5,000 Heartfulness Centers are supported by many thousands of certified volunteer trainers and millions of practitioners in 160 countries.

Cyient All-Round Miss; Guidance Also Sees Sharp Cut

Information Technology   

Result Update   

July 26, 2024

TARGET PRICE (Rs) : 2,300

ADD

Cyient logged a weak set of results in Q1, widely missing consensus/our estimate. DET revenue fell 5.4% QoQ (-5% cc) – much lower than our estimate of 1.6% QoQ decline. DET EBITM also, fell by 250bps QoQ to 13.5%, missing our estimate. The mgmt attributed this weakness to longer than anticipated delays, right shift in project execution in Connectivity, and persisting challenges in Rail. Also, guidance was sharply cut to flattish YoY growth in FY25 (implying 3.2% CQGR over Q2-Q4) from high single-digit growth earlier, with H2 expected to be better than H1. We cut FY25E-27E EPS by 5%-13%, factoring-in the Q1 miss, sharp guidance cut, and gradual recovery in DET margin. We cut target multiple to 25x (from 27x), given the sharp guidance cut within only a Quarter raising concerns on growth predictability. A big earnings miss will weigh on the near-term stock performance, but valuations remain fairly undemanding. We retain BUY on Cyient, pulling down our TP to Rs2,300/sh (valuing the DET business at 25x Jun-26E, and the DLM business at 20% discount to the CMP).

Result summary

Cyient DET revenue declined 5.6% QoQ (5% drop in cc terms) to US$169.6mn, well below our estimate of US$176.4mn. All verticals posted a QoQ decline in revenue, with Transportation, Connectivity, Sustainability, and New Growth Areas falling 7%, 7.6%, 2.8%, and 1.6% QoQ CC, respectively. Among geographies, Americas saw an uptick of 1.7% QoQ, while EMEA and Asia Pacific sharply declined 14.3% and 5.4%, respectively. Revenue for Top-5 and Top-10 clients declined 3.3% and 2.5% QoQ, respectively. DET adjusted margin fell by 250bps QoQ to 13.5%, considerably lower than our estimate of 15.6%, impacted by sequential revenue dip and continued investments in sales and technology. Order intake was US$182.7mn in Q1. Cyient also signed 5 large deals with total contract potential of US$52.4mn in Q1. Total headcount declined 2.4% QoQ to 15,083. What we liked: Double-digit growth in the order book (YoY). What we did not like: Weak operating performance; sharp cut in FY25 DET guidance.

Tech Mahindra - In-Line Performance; Delivery Execution Off To A Steady Start

Information Technology   

July 26, 2024

TARGET PRICE (Rs) : 1,650

ADD

Tech Mahindra (TechM) reported a broadly in-line operating performance. Revenue inched up 0.7% QoQ to US$1.56bn, largely meeting our estimates. Growth was fairly broad-based, with 5 of the 7 verticals seeing QoQ growth (decline in Communications due to Comviva seasonality). EBITM of 8.5% was also in line with our estimate, with headwinds from Comviva seasonality and higher visa costs offset by benefits accrued from Project Fortius. The management highlighted that its ‘speed at scale’ strategy is being well received by clients, and reiterated that FY25 should be better than FY24. The demand environment has remained fairly similar to last quarter’s, albeit seeing some improvement versus previous year. With the company’s delivery execution to achieve its ‘Vision 2027’ strategy off to a solid start, we hike up our target multiple to 22x (from 19x). We tweak FY25-27E EPS by -2% to +2%, factoring in the Q1 performance and higher ETR assumptions. We maintain ADD and raise our TP to Rs1,650/sh (from Rs1,425 earlier) at 22x Jun-26E EPS.

Results Summary

Revenue grew 0.7% QoQ (0.7% in CC) to US$1.56bn, broadly in line with our estimates. Revenue for IT Services and BPS verticals grew 0.6% and 1.3% QoQ on like-to-like basis. Five of the 7 verticals saw sequential growth, with Manufacturing (2.4% QoQ), Hi-Tech and Media (0.5%), BFSI (0.7%), Retail, Transportation and Logistics (5.2%), and Healthcare and Lifesciences (7.9%) seeing growth. Communications and Others declined 1.9% and 5.2% QoQ, respectively. Among geographies, Americas grew 3.9% QoQ, while Europe and ROW declined 2.6% and 2.7%, respectively. Adj. EBITM expanded by 110bps to 8.5%, broadly in line with our estimate of 8.3%. Net new deal wins remained steady at US$534mn. Total headcount grew 1.5% QoQ/-0.5% YoY to 147,620, with the inclusion of ~2,100 interns among BPO professionals resulting in QoQ growth. Attrition was stable at 10.1% (vs 10% in Q4FY24). What we liked: Steady operating performance and deal intake. What we did not like: Weak cash conversion (~64% OCF/ EBITDA).

Insurtech Startup Covrzy Secures Broking License From IRDAI

* Gears Up to Transform Business Insurance for Indian MSMEs and Startups

* Obtaining the broking license from IRDAI will significantly bolster Covrzy’s credibility

*  Catering to the underpenetrated business insurance market in India, Covrzy’s full-stack platform enables end-to-end management of the entire insurance cycle

*  The startup is working towards making the business insurance buying journey for startups and SMEs in India seamless and hassle-free

Bengaluru-based Bizcovr Insurance Broking Private Limited, operating under the brand name Covrzy, has been granted a direct broking (general) license by Insurance Regulatory and Development Authority of India (IRDAI) – the nation’s insurance sector regulator under Ministry of Finance, Government of India. This enables Covrzy to operate as a direct insurance broker in India, offering a full spectrum of business insurance solutions, while also parallelly enhancing the startup’s credibility.

Covrzy, a fast-growing insurtech startup, is dedicated to providing a seamless, customer-friendly insurance buying journey, particularly for startups and SMEs/MSMEs in India. Addressing the country’s under-penetrated business insurance market, Covrzy’s comprehensive platform – which is currently web-based – helps its users in managing their entire insurance cycle, from product discovery to purchase, servicing, and claims.

Speaking about the milestone, Ankit Kamra, Co-founder & CEO of Covrzy commented, “We are thrilled to receive the broking license from IRDAI – which serves as a testimony to Covrzy’s pioneering innovation and dedication towards revolutionizing the business insurance landscape in India. This significant compliance milestone enables us to serve and establish our credibility amongst a larger customer base and expand rapidly, thus propelling our mission to make business insurance simple, personalized, and accessible to millions of SMEs and MSMEs across India ''.

Cofounded in 2023 by Ankit Kamra and Veera Thota through Antler’s Residency Program, Covrzy has already attracted significant venture capital. In May last year, they raised pre-seed funding of $400K in a round led by Antler, with participation from Shastra VC (formerly Veda VC).Ankit Kamra, is a 2X founder. Before co-founding Covrzy, he was a founding member and head of partnerships at Plum (Healthtech Startup). He has also led the 0-to-1 journey of building Karbon Card (YC-backed) as an operator. Veera Thota (CTO) has 13+ years at Razorpay, PayPal and Amazon where he built scalable systems and public-facing APIs.

“At the moment, only around 1% of Indian MSMEs are insured. With our flagship full-stack platform, we at Covrzy are poised to transform this scenario for the better, as we move ahead to accelerate and enhance insurance penetration within the segment and support these vital business ventures that form the backbone of our economy. In the long term, all of our efforts would be directed towards protecting the health and life of these businesses in the easiest possible manner, allowing the business owners to focus on growth rather than worrying about inherent risks”, adds Ankit Kamra.

Covrzy is well-positioned to solve India's massive underinsurance problem for SMEs by offering simple, affordable and flexible business insurance solutions. Through its digital-first approach, Covrzy empowers SMEs with tailored insurance and claims support, democratizing insurance distribution in India.

Till date, Covrzy has on-boarded over 500 clients pan-India, including both MSMEs and startups, with Redcliffe Labs, Orange Labs, Karboncard, and Schbang being some of their prominent clients. The startup has also collaborated with various renowned insurer partners like ICICI Lombard, Bajaj Allainz, IFFCO Tokio, etc., in a bid to offer a wide array of insurance products such as commercial general liability, fire & theft insurance, product liability, cyber insurance, stock insurance, asset insurance, among others. Currently, the company is on track to onboard and help 10,000+ customers with their business insurance requirements during the upcoming 12 to 18 months. Whereas over the next few years, the company aims to secure over one million businesses through Covrzy.

About Covrzy

Covrzy is an insurtech startup revolutionizing the way Indians buy business insurance. The company is building a digitally-native insurance business that revolutionizes the process of purchasing and servicing business insurance by transforming every step of the customer value chain to attract first-time business insurance buyers. In just a year since its inception, Covrzy has helped 500+ businesses with understanding of right business insurance.

About Covrzy Founders: Ankit Kamra (CEO) scaled Plum as a founding member and head of partnerships. He also led the 0-to-1 journey of building Karbon Card (YC backed) as an operator. Veera Thota (CTO) has 13+ years at Razorpay, PayPal and Amazon where he built scalable systems and public-facing APIs.

Website: https://www.covrzy.com/

Reliance General Insurance Launches "Insurance Awareness Program" In Kadabagere

In a significant move to support the Insurance Regulatory and Development Authority of India's (IRDAI) Vision 2047 - ‘Insurance for All,’ Reliance General Insurance is proud to announce its collaboration with Maruti Suzuki Insurance Broking for launching an Insurance Awareness Program in Kadabagere, which includes a comprehensive health and vehicle check-up camp.

This collaborative initiative underscores our unwavering commitment to enhancing insurance awareness and accessibility in rural areas. By bringing essential health services and vehicle safety checks directly to the community, we are addressing critical needs and promoting both safety and well-being.

The Insurance Awareness Program aims to educate the residents of rural regions about the various insurance products available, the importance of being insured, and how insurance can provide financial security. The health and vehicle check-up camp will offer free health screenings and vehicle safety inspections, ensuring the well-being of the community and the safety of their vehicles.

Maruti Suzuki Insurance Broking has been a pivotal partner in this initiative, providing expertise and support to make this program a success.

ESDS Software In Association With United We Stand Foundation Leads The Way In Conservation With Tree Plantation Drive In Nashik

ESDS Software Solution Limited, a sovereign cloud services company and United We Stand Foundation, recently organized a mega tree plantation campaign at Sandip University, Nashik. Over 2000+ Trees were planted as part of ESDS's ambitious plan to plant over 1 billion trees, symbolizing their commitment to environmental sustainability. Themed "Nashikkar, Your Home Needs a Tree, Join the Mass Movement to #reGREENNASHIK," this initiative was a collaboration between ESDS, and United We Stand Foundation, aiming to engage the entire Nashik community in rejuvenating the city's green spaces.

The drive was inaugurated by?Mr. Piyush Somani, Founder, CMD, CEO – of ESDS Software Solution Ltd, with?Mrs. Komal Somani, WTD, CHRO – ESDS Software Solution, by planting a sapling at Sandip University, Nashik, followed by Dr. Rajendra Sinha, (Vice Chancellor Sandip University), Mr. Sagar Matale (Founder and President United We Stand Foundation), Mr. Prafull B Sawant. (Brand Ambassador Nashik Municipal Corporation), 7 Maharashtra Battalion NCC Nashik, Mr. Amit Kulkarni (Nisarga Yuva Manch Maharashtra), Mr. Ankush Chavan (Vice President United We Stand Foundation), Mr. Sachin Devare (Garden Inspector Nashik), Mr. Bipin Shewale (PI Trimbakeshwar) Mr. Shahaji Shah (Hirvankur Foundation) Mahendra Nikum (RFO Samajik Vanikaran Keshtra Nashik), Mr. Tejas Talware (Nashik Ploggers), Mrs. Asha Suvarna(The Gateway Hotel Taj Nashik), Mrs. Agastya Munim (Rotary Club of Nashik North), Dnyaneshwar Dhamne (Nashik Smart City), Adesh Karpe (Karmayogi Career Academy), Akhula Bhamare (Umeed Foundation), Mr. Dharmesh Panchal (United Rockers), Miss Gauri Bhamare (Royal Enfield United).

"We are immensely proud to launch the 'Nashikkar, Your Home Needs a Tree, Join the Mass Movement to #RegreenNashik' initiative with the United we Stand Foundation. This mega plantation drive is a crucial step towards combating the rising temperatures and environmental degradation in our beloved city. By engaging the entire Nashik community, we aim to create a greener, healthier, and more sustainable future for generations to come. I urge everyone to join us in this mass movement and take an active role in regreening Nashik. Together, we can make a significant impact and ensure a better environment for all, “said Mr. Piyush Somani – Founder, ESDS Software Solution Limited.

Over 750+ volunteers participated in a well-organized campaign, demonstrating a collective solid commitment to environmental conservation. This impressive turnout included employees of ESDS Software Solution, all the members of the United We Stand Foundation, NCC cadets, 20 NGOs, government officials, and various other individuals from Nashik City. The diverse group came together with a shared goal of making a positive impact on the environment. Their collaborative efforts exemplified the power of community engagement in promoting sustainability and set a commendable example for future initiatives. The initial stage of this plantation drive received colossal success, and the subsequent drive will be organized in August. 

Commenting on this occasion, Mrs. Komal Somani, CHRO, ESDS Software Solution Limited, stated?"Once, when I was having a conversation with my son Priyansh, I asked him, ‘What gift would you want from us when we grow old?’ his reply amazed me; he said, 'The only thing I want from you or your generation is a world where we can breathe, live, and be happy.' Priyansh's words remind us that we all have a significant role to play in protecting our environment. Let’s go beyond awareness and take actions to provide a sustainable future for generation to come. The onus of parallelly developing green covers across geographies lies not only with an individual or the government but also with responsible corporates like ESDS. I am happy to be a part of such an initiative where the employees have come together as a family and contributed to the core principles of sustainability by pledging to plant 1B+ tress for the larger good of the community and coming generations.” 

Speaking on the occasion, Mr. Rajendra Sinha, Vice Chancellor Sandip University, “I am honoured to be here and proud to have contributed our property to this wonderful initiative by United We Stand Foundation and ESDS Software Solution Ltd. We are committed to making our surroundings beautiful and green and hope to receive ongoing support from ESDS for these efforts in the future.” 

Commenting on the occasion, Mr. Sagar Matale, Founder and President of United We Stand Foundation, expressed heartfelt gratitude towards all participants: "I extend my sincere thanks to everyone who joined us today, including the dedicated NCC cadets, representatives from all NGOs, government officials, and the enthusiastic individuals from Nashik city. Your presence and active involvement have made this tree plantation drive successful."

He continued, "As the Founder of United We Stand Foundation, it fills me with immense pride to witness such collective efforts towards securing a sustainable future for generations to come. Our foundation will always remain committed to nurturing green spaces and fostering environmental consciousness, United We Stand Foundation will always be in the forefront for social activities that will create an impact for the betterment of the society.

ESDS ardently endeavours to play a pivotal role in fostering a sustainable and ecologically enriched future. Our commitment is demonstrated in the past through our tireless efforts to transform Ramshej, a barren land in Nashik, into a thriving ecosystem. With the collective efforts of ESDSians, we have successfully planted approximately 300,000 trees and distributed seeds, covering a plantation area of 68,710 square meters. This remarkable achievement stands as a testament to our dedication to environmental conservation and our vision of creating a greener planet for future generations. 

About ESDS: ESDS Software is India’s leading cloud service and end-to-end multi-cloud requirements provider, with a presence across the APAC region, Europe, the Middle East, the Americas, and Africa. It offers cloud computing Infrastructure as a Service (IaaS), Software as a Service (SaaS), and managed services. The company operates on an asset-light model and offers products across diversified industries, including government ministries & companies and corporate entities across sectors such as BFSI, manufacturing, IT and ITES, telecom, real estate, pharmaceuticals, retail, and education. The company operates its business through three data centers in India, one each in Navi Mumbai, Nashik, and Bengaluru, covering over 50,000 sq ft. ESDS is an innovation-driven company and is one of the few data center and cloud services providers with its own R&D team comprising 177 members. The team has indigenously developed several products that complement the data center and cloud business, such as eNlight Cloud, eMagic, eCos, eNlight WAF, eNlight IoT, eNlight DRM, eNlight Meet, and eNlight SIEM. The company is committed to innovation and focuses on creating more niche and cost-effective technology products and solutions. ESDS Software is the market leader in hosting government cloud applications and has the largest number of banking customers in India. For more details, visit: www.esds.co.in

IN-SPACe Leads Indian Delegation To The 17th Australian Space Forum, Extending International Collaboration

The Indian National Space Promotion and Authorization Centre (IN-SPACe) led a delegation of Indian space startups to the 17th Australian Space Forum in Adelaide on 24th and 25th July. During the two-day event, the delegation highlighted India's growing prowess in space technology and strengthening international collaboration.

The delegation, led by Dr. Vinod Kumar, Director Promotion, IN-SPACe, and Mr. Shashank Saxena Deputy Director IN-SPACe, included participants from Indian companies such as Agnikul Cosmos, TakeMe2Space, Dhruva Space, Bellatrix Aerospace, XDLINX Space, mistEO OrbitAid Aerospace and Skyroot Aerospace. During the visit, cutting-edge space projects, products, and services were showcased sparking numerous business-to-business meetings and discussions with Australian counterparts.

Notably, two significant Memorandums of Understanding (MoUs) were signed during the forum. The First MoU between HEX20, an Australian Satellite Platform company and OrbitAid, an Indian company specializing in developing satellite life extension solutions. OrbitAID and HEX 20 will collaborate for in-orbit refuelling technology demonstration.

The second MoU was signed between HEX20 and TakeMe2Space, an Indian Startup building AI-first compute & storage satellite infrastructure. TakeMe2Space and Hex20 will collaborate at the intersection of education, space, and AI. As part of the agreement, HEX20 will use TakeMe2Space AI modules and subsystems in their flatsat. TakeMe2Space will give access to its OrbitLab platform for researchers and students to test and run their models on an actual satellite in real-time.

Both the MoUs were signed in the presence of Dr. Vinod Kumar, Director Promotion, IN-SPACe and Mr. Enrico Palermo, Head of Australian Space Agency.

“The Australian Space Forum provided an invaluable platform for Indian space startups to showcase their capabilities and explore potential collaborations with Australian partners. These MoUs represent a significant step towards strengthening ties between our two nations in the space sector." said Dr. Vinod Kumar, Director Promotion, IN-SPACe.

About IN-SPACe:                                                                        

Indian National Space Promotion and Authorization Centre (IN-SPACe) is an autonomous nodal agency under Department of Space, Government of India formed on 24 June 2020 to promote, enable, authorize and supervise non-government entities (NGE) to undertake space activities. These activities include manufacturing of launch vehicles and satellites, providing space-based services, establishing a ground station, sharing of space infrastructure & facilities; and establishing new facilities under DOS.

IN-SPACe is currently functioning with three directorates viz., Promotion Directorate (PD), Technical Directorate (TD) and Program Management and Authorization Directorate (PMAD) and Legal, Finance and Administration Wing with its headquarters at Ahmedabad.