10, Nov 2023
Air India Now Provides Air-Rail Connections Across 5600 Train Stations In Germany On Deutsche Bahn
Bangalore, 10 November 2023: Air India, India’s leading global airline, has entered an intermodal interline agreement with WorldTicket, the exclusive distributor for Europe’s largest railway operator, Deutsche Bahn.
The collaboration enables Air India guests to travel on a single intermodal ticket beyond Frankfurt with convenient train connections to or from other cities and towns across Germany, including those without airports, on Deutsche Bahn. This lets travellers to connect to and from over 5600 train stations in Germany on the Deutsche Bahn network. Travellers can also take train connections on Deutsche Bahn to and from Amsterdam, Brussels, and Zurich via Air India’s Frankfurt gateway. WorldTicket is an IATA travel partner with its own AOC-holding airline, FlexFlight, bearing designator code W2, thus making intermodal journeys on a single ticket possible.
The partnership with WorldTicket for Deutsche Bahn also allows Air India guests to enjoy the benefit of the same baggage allowance on the rail routes as offered by Air India on its own flights.
Nipun Aggarwal, Chief Commercial & Transformation Officer, Air India, said, “While we continue to expand our own route network globally, such partnerships help us to provide an extended network to our guests, and make journeys to their final destinations more convenient. We observe substantial passenger traffic on our Frankfurt flights that further connects to and from other German cities and towns, and this partnership addresses the needs of an increasing number of such guests. We are delighted to be working with WorldTicket and Deutsche Bahn in this effort.”
Air India recently entered another similar intermodal partnership to provide guests easy access to an extensive network of rail and bus operators in the UK, Italy, Austria, Belgium, and the Netherlands.
Currently, intermodal tickets with Air India are available for booking through travel agents globally. The airline also plans to extend the facility to its own sales channels progressively.
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- By Rabindra
10, Nov 2023
People in India are exposed to nearly 12 fake messages daily, reveals McAfee’s Scam Message Study
INDIA, November 10, 2023– McAfee Corp., a global leader in online protection, today released its first-ever Global Scam Message Study. The study surveyed more than 7,000 adults in seven countries, including India, to understand how scam messages, and the increased scam sophistication brought about by artificial intelligence (AI), have impacted the lives of consumers worldwide.
AI is a scammer’s favorite tool, helping cybercriminals increase the scale and sophistication of scam messages. The speed of phishing and text message scams is on the rise – a new phishing site is created every 11 seconds. This spotlights the increasing need for solutions that turn the tables on AI scammers; there has never been a more critical time for the country’s 900 million internet users to protect themselves online.
This study reveals that Indians receive nearly 12 fake messages or scams each day via email, text or social media daily. An average Indian consumer spends 1.8 hours a week reviewing, verifying or deciding whether a message sent through text, email, or social media is real or fake. 82% of Indians have clicked on or fallen for fake messages. 49% of Indians said that scam messages no longer have typos or errors, making them more believable and harder to identify. Amongst the most common forms of sophisticated trickery, most Indian consumers fall for fake job notifications or offers (64%) and bank alert messages (52%).
“It’s truly a sign of the times that most Indian consumers would rather subject themselves to the pain and distress of a root canal than be subjected to scam texts and messages throughout the year,” said Roma Majumder, SVP of Product at McAfee. “And it’s not just the speed and volume, but the sophistication. Thanks to AI it can be incredibly difficult to know if that delivery text message or bank alert notification is real or not. So much so that 73% of Indians believe they have a better shot at solving the Rubik’s cube than identifying a scam message.”
“This onslaught of scam messages is a drain on people’s time, energy, and finances. And it’s why we all need AI to beat AI. Unfortunately, seeing is no longer believing and we need to be equipped with advanced AI technology that can stop and block scam messages in real time. I’m proud that McAfee offers solutions to protect people’s privacy, identity, and personal information and helps make the online world more enjoyable for everyone,” said Majumder.
The 2023 McAfee Scam Message Study
McAfee’s research revealed four key insights about online scams. It highlights the increased stress people are facing due to the AI-driven increase in the number and sophistication of scam messages. Hence, the a need for a robust AI-driven defense solution to beat AI scams. The survey results are detailed below.
Today’s scam messages are cleverly camouflaged
60% of Indian respondents think it has become harder to identify scam messages, attributing this trend to hackers using AI to make their scams more believable. Further, 49% of people said that scam messages no longer have typos or errors, and are very believable as a result, and that scam messages are harder to identify because they are often very personal.
This sophisticated trickery takes five common forms:
“You’ve won a prize!” – 72%
Fake job notifications or offers – 64%
Bank alert message– 52%
Information about a purchase the recipient didn’t make – 37%
Netflix (or similar) subscription updates – 35%
Fake missed delivery, or delivery problem, notification – 29%
Amazon security alert, or notification messages regarding account updates – 27%
People are drowning in scam message sea
An average Indian spends 105 minutes each week reviewing, verifying, or deciding whether a message sent through text, email, social media is real or fake. This amounts to more than two full work weeks each year, spent on scam-spotting. About 90% of Indians surveyed indicate that they receive fake messages or scams via email and text on a daily basis, and 84% say the same about social media.
To click, or not to click, is a potentially complicated question
With the increased volume and more advanced appearance of scam messages, 82% of Indians have clicked on or fallen for fake messages. The most believed messages are:
“You’ve won a prize!” – 41%
Fake missed delivery, or delivery problem, notification – 23%
Information about a purchase the recipient didn’t make – 24%
Sign-in and location verification messages – 24%
An AI ally is needed as scam stakes rise and online trust sinks
As the number of AI-powered scams continues to rise, 37% of India survey respondents say their trust in digital communications has decreased. This trend is largely due to a lack of depth of digital defense knowledge. Most Indians say they don’t know if they are doing the right things to protect themselves. People manage this knowledge gap in different ways:
28% of people ignore an email when they receive an email or text that they think might be a scam
28% block the sender when they receive this type of message
31% report suspected scam messages
However, people do believe in new, AI-driven tools and resources to fight fraudsters: 88% of Indians say they’d trust a solution or feature that uses AI to detect online scams, and 59% believe we need AI to beat AI.
How to Protect Yourself from Scam Messages
Think before you click. Cybercriminals use phishing emails or fake sites to lure people into clicking links that could lead to malware. If you receive an email asking you to click on a link, even if it’s a great-sounding deal or indicates it’ll provide useful information, it’s best to avoid interacting with the message altogether. Always go directly to the source and interact with reputable companies.
Remember that if it seems too good to be true, it probably is. Many scams are effective because the scammer creates a false sense of urgency or preys on a heightened emotional state. Pause before you rush to interact with any message that is threatening or urgent, especially if it is from an unknown or unlikely sender.
Use AI to beat AI. From blocking dangerous links that appear on text messages, social media, or web browsers, customers across all platforms can take advantage of the AI-driven technology behind McAfee Scam Protection to engage with text messages, read emails, and browse the web peacefully and securely.
10, Nov 2023
Infusing Holiday Cheer: Cake Mixing at Sayaji Hotel Kolhapur
Sayaji Hotel Kolhapur, a prominent destination in South Maharashtra, recently hosted a grand cake-mixing ceremony, a beloved tradition that marks the beginning of the festive Christmas season. The picturesque Skygreen at Sayaji Hotel Kolhapur served as the backdrop for this enchanting event, which took place on November 4, 2023.
Hon. Shri. Prithviraj Patil, Trustee of the D. Y. Patil Group, graced the occasion as the chief guest, emphasizing the hotel’s commitment to spreading joy and preserving the Christmas spirit in the community.
Mr. Amitabh Sharma, General Manager of Sayaji Hotel Kolhapur, expressed his excitement for the event, highlighting the significance of the Christmas cake in their festive celebrations. He stated, “Christmas is right around the corner, and the traditional Christmas cake is an essential part of our festivities. To mark this special occasion, we were thrilled to host the cake-mixing event, uniting our esteemed guests, dedicated team, and people from diverse backgrounds in embracing the spirit of the season.”
The cake-mixing ceremony saw a delightful blend of cultures as participants gathered to marinate an assortment of dry fruits, including almonds, cashews, and pistachios. These ingredients were lovingly soaked in an array of spirits to infuse the cakes with rich flavors and warm holiday cheer. Guests had the opportunity to witness the aromatic transformation of these ingredients, as they became an integral part of the cherished Christmas cake recipe at Sayaji Hotel Kolhapur.
This age-old English tradition, which harks back to the origins of the Christmas cake as plum porridge, gave rise to the delectable confections characterized by an assortment of ingredients. Moist Zante currants, sultanas (golden raisins), and raisins, all soaked in spirits such as brandy, rum, whisky, wine, and sherry, are the heart of these cakes. They are lovingly adorned with layers of marzipan and icing, often featuring decorative elements like plaid ribbon bands and Christmas-themed models, including snowmen and fir trees.
Guests enjoyed a delightful evening filled with soothing music and delectable high tea snacks, creating the perfect ambiance for the occasion. The event spread the warmth and joy of the festive season, bringing together the community in a celebration of shared traditions and merriment.
Sayaji Hotel Kolhapur is renowned for its luxurious accommodations and world-class amenities, making it a landmark destination in South Maharashtra. The hotel’s opulent rooms, exquisite fine-dining restaurants, and grand banquet facilities make it the preferred choice for discerning guests seeking the ultimate in hospitality.
10, Nov 2023
Vistara Awarded As 2024 Best Overall Airline In Central/Southern Asia At Apex Awards
Mumbai, 10, November 2023: Vistara, India’s leading full-service airline and a joint venture between Tata Sons and Singapore Airlines, today, won two recognitions at the prestigious APEX Awards 2024. Vistara has been awarded as the ‘2024 Best Overall Airline in Central/Southern Asia’ and rated as a ‘2024 Five-Star Major Airline’ at the award ceremony held at the FTE APEX Asia EXPO taking place in Singapore.
The APEX ‘Best In Airline’ Awards are based on neutral, third-party passenger feedback and insights gathered through APEX’s partnership with TripIt® from Concur®, the world’s highest-rated travel-organizing app. For the 2024 Awards, nearly one million flights were rated by passengers across more than 600 airlines from around the world using a five-star scale. The APEX ‘Best In Airline’ Awards are independently certified by a professional external auditing company.
Delighted with the achievement, Vinod Kannan, Chief Executive Officer, Vistara, said, “We are humbled to have been named the Best Overall Airline in Central/Southern Asia and rated as a Five Star Major Airline at APEX by our customers once again. This award is a strong endorsement of our intuitively thoughtful approach to customer service. It is also a testament to Vistara setting benchmarks for excellence in operations and service delivery in India and markets across the globe.
Warm hospitality and thoughtfulness are integral to the customer-first culture at Vistara, and each of our employees strive to deliver it consistently. This award is a tribute to all the employees on the frontline, as well as at the backend, who ensure our customers enjoy the finest experience every time they travel with us. We thank our customers for their constant support and would also like to thank APEX for these accolades that motivate us to continuously raise the bar.”
The APEX Five Star (and APEX Four Star) Airline Awards, formally the APEX Official Airline Ratings™, are the first airline rating program based solely on certified passenger feedback. The industry’s most anticipated honour is based on neutral, third-party passenger feedback and insights gathered through APEX’s partnership with TripIt® from Concur®, the world’s highest-rated travel-organizing app.
Vistara is India’s highest-rated airline on Skytrax and TripAdvisor, and it has been the winner of several ‘Best Airline’ awards, besides being lauded for world-class cabin cleanliness and upholding high safety standards. The only Indian carrier to feature amongst World’s Top 20 Airlines, Vistara has been named ‘16th Best Airline’ globally while also being recognized as the ‘Best Airline in India and South Asia’ for the third time in a row, ‘Best Airline Staff in India and South Asia’ for the fifth consecutive year, ‘Best Cabin Crew in India and South Asia’ for the third time in a row and ‘Best Business Class Airline in India and South Asia’ for the second time in a row at the coveted World Airline Awards 2023 by Skytrax. Vistara also received the ch-aviation Asia’s Third Youngest Airline Fleet award for the second consecutive year. The airline has been awarded with multiple recognitions at APEX Awards including five-star ratings and awards for the ‘Best Airline – Central/South Asia’ consistently since 2019.
10, Nov 2023
Deepfake Dilemma: Decoding the Dark Art of Digital Duplication
By Jaspreet Bindra, Founder & MD, The Tech Whisperer Ltd, UK
Mumbai, 9th November 2023: The amount of deepfake content online is growing at a rapid rate. At the beginning of 2019, there were 7,964 deepfake videos online, according to a report from start-up Deeptrace; just nine months later, that figure had jumped to 14,678. It has no doubt continued to balloon since then. 96% of deepfakes are porn.
With the use of GenerativeAI (GenAI), the world of ‘fake news’ and ‘true lies’ just got murkier. Last week, President Joe Biden’s ‘fake’ video resulted in his Administration issuing an Executive Order related to the governance of AI frameworks. The fake video of Rashmika Mandanna earlier this week took Bollywood by storm, with senior members of the fraternity calling for legal action. Deep Fake Love is a Spanish reality TV dating show on Netflix that uses deepfake technology to blur the lines between reality and fabrication.
Deepfakes, using Generative Adversarial Networks (GANs), have been around for many years. However, with the emergence of GenAI, they have become more lifelike and much easier to produce at scale. Invariably, fake videos would be of celebrities and politicians. With several elections round the corner in India, politicians and political parties could be both creators, as well as at the receiving end of such fake videos. These would be used to spread misinformation, put political opponents on the spot, or even build an entire campaign to sway voters.
The aam junta – people like you and me – could also be victims. It could be someone wanting to embarrass us professionally, or a jilted lover wanting revenge on their ex. It could even be an inconsequential prank by ‘friends’ wanting to make fun of us on social media. The possibilities, unfortunately, are endless.
It is extremely important for regulators to sit up and take notice – this is the time to put in place stringent regulation with exemplary punishment to offenders. It should be mandated that anyone using an AI model to produce an image or information must disclose it. People must be made aware of Classifiers – software which can detect AI-generated content – and widespread use of the same, much like antivirus. There is an entire ethical and moral conversation that must gain traction to create awareness of how GenAI must be utilised.
10, Nov 2023
GIC Re announces Financial Performance for the Half Year ended 30.09.2023
Mumbai, November 10th, 2023: GIC Re announced financial performance for the half year ended 30th September 2023 at the Board Meeting of the company held in Mumbai.
We give below the details of our financial performance for the half year ended 30.09.2023:
Gross Premium Income of the company was ₹ 19,679.85 crore for the half year ended 30.09.2023 as compared to ₹ 19,122.45 crore for the half year ended 30.09.2022.
Underwriting Loss is ₹ 3,029.04 crore for the half year ended 30.09.2023 as compared to ₹1,696.07 crore for the half year ended 30.09.2022.
Investment Income is ₹ 5,555.91 crore for half year ended 30.09.2023 as compared to ₹ 5,096.75 crore for the half year ended 30.09.2022.
Solvency Ratio is 2.82 as on 30.09.2023 as compared to 2.25 as on 30.09.2022.
The company recorded Profit Before Tax of ₹ 2,782.78 crore for the half year ended 30.09.2023 as compared to Profit Before Tax of ₹ 3,450.08 crore for the half year ended 30.09.2022.
Profit After Tax for the half year ended 30.09.2023 recorded as ₹ 2,336.87 crore as compared to Profit After Tax of ₹ 2,549.65 crore for the half year ended 30.09.2022.
Total Assets are ₹ 1,67,640.89 crore as on 30.09.2023 as compared to ₹ 1,53,384.76 crore as on 30.09.2022.
Net Worth of the company (without fair value change account) recorded at ₹33,266.61 crore on 30.09.2023 as against ₹ 28,006.66 crore as on 30.09.2022.
Net Worth of the company (including fair value change account) recorded as ₹ 71,376.53 crore on 30.09.2023 as against ₹ 60,585.14 crore as on 30.09.2022.
Combined Ratio is 116.98 % for the half year ended 30.09.2023 as against 113.92 % for the half year ended 30.09.2022.
Adjusted Combined Ratio is 95.11 % for the half year ended 30.09.2023 as against 92.07% for the half year ended 30.09.2022.
Summary of Revenue and Profit and Loss Account
(₹’ crore)
| Particulars | Quarter ended | Half Year ended | Year ended | |||
| 30.09.23 | 30.06.23 | 30.09.22 | 30.09.23 | 30.09.22 | 31.03.23 | |
| Gross Premium | 10,762.14 | 8,917.71 | 8,100.62 | 19,679.85 | 19,122.45 | 36,591.59 |
| Net Premium | 9,966.81 | 8,231.17 | 7,355.04 | 18,197.98 | 17,848.72 | 33,644.43 |
| Earned Premium | 9,958.11 | 8,632.56 | 8,763.98 | 18,590.67 | 19,500.14 | 35,808.01 |
| Incurred Claims | 9,795.04 | 8,205.39 | 8,543.35 | 18,000.43 | 18,712.26 | 32,739.38 |
| % of Earned Premium | 98.4% | 95.1% | 97.5% | 96.8% | 96.0% | 91.4% |
| Net Commission | 1,653.69 | 1,840.94 | 1,425.41 | 3,494.63 | 3,080.96 | 5,610.51 |
| % of Net Premium | 16.6% | 22.4% | 19.4% | 19.2% | 17.3% | 16.7% |
| Expenses of Management | 87.33 | 86.28 | 75.51 | 173.61 | 125.31 | 404.44 |
| % of Net Premium | 0.9% | 1.0% | 1.0% | 1.0% | 0.7% | 1.2% |
| Profit/(Loss) on Exchange | 115.81 | (59.13) | 352.10 | 56.68 | 702.93 | 596.40 |
| Premium Deficiency | 9.46 | (1.74) | (8.41) | 7.72 | (19.40) | (8.54) |
| Underwriting Profit/(Loss) | (1,471.61) | (1,557.44) | (919.79) | (3,029.04) | (1,696.07) | (2,341.37) |
| Investment Income (Net of exp) | 3,100.97 | 2,454.94 | 3,206.32 | 5,555.91 | 5,096.75 | 10,594.00 |
| Transfer to Catastrophe Reserve | (512.55) | |||||
| Other income less outgoings | 218.23 | 37.68 | 174.83 | 255.91 | 49.40 | 9.37 |
| Profit/ (Loss) Before Tax | 1,847.60 | 935.18 | 2,461.36 | 2,782.78 | 3,450.08 | 7,749.44 |
| Tax | 242.51 | 203.40 | 601.44 | 445.91 | 900.43 | 1,436.94 |
| Profit/ (Loss) After Tax | 1,605.09 | 731.79 | 1,859.92 | 2,336.87 | 2,549.65 | 6,312.50 |
| Combined Ratio | 115.83% | 118.47% | 117.89% | 116.98% | 113.92% | 109.31% |
International and Domestic Business Composition
(₹’ crore)
| Gross Premium | Half year ended 30.09.2023 | Share | Half year ended 30.09.2022 | Share | Growth |
| Domestic | 13,087.98 | 67% | 13,422.96 | 70% | -2% |
| International | 6,591.86 | 33% | 5,699.49 | 30% | 16% |
| Total | 19,679.85 | 100% | 19,122.45 | 100% | 3% |
Breakup of Gross Premium
(₹’ crore)
| Gross Premium | Half year ended 30.09.2023 | Half year ended 30.09.2022 | Growth | ||
| A) Fire | 6,505.75 | 6,827.90 | -4.7% | ||
| B) Miscellaneous – Total | 11,424.83 | 10,908.99 | 4.7% | ||
| Misc – Motor | 4,426.08 | 3,302.82 | 34.0% | ||
| Misc – Health | 2,164.31 | 1,951.62 | 10.9% | ||
| Misc – Agriculture | 2,543.51 | 2,980.16 | -14.7% | ||
| Misc – Other LOBs | 2,290.93 | 2,674.39 | -14.3% | ||
| C) Marine | 1,035.63 | 674.90 | 53.4% | ||
| Marine – Cargo | 773.76 | 350.53 | 120.7% | ||
| Marine – Hull | 261.87 | 324.37 | -19.3% | ||
| D) Life | 713.63 | 710.65 | 0.4% | ||
| Total – A+B+C+D | 19,679.85 | 19,122.45 | 2.9% |
| Incurred Claim and Combined Ratio | ||||
| Particulars | Incurred Claims (₹ crore) | Combined Ratio (%) | ||
| Half Year ended | ||||
| 30.09.2023 | 30.09.2022 | 30.09.2023 | 30.09.2022 | |
| Domestic | 11,458.55 | 12,194.53 | 106.17% | 105.40% |
| International | 6,541.88 | 6,517.73 | 139.44% | 133.34% |
| Total | 18,000.43 | 18,712.26 | 116.98% | 113.92% |
| Particulars | Fire | Motor | Health | Agri | Cargo | Hull | Life |
| Incurred Claims (₹ crore) | |||||||
| Domestic | 2,939.55 | 1,936.71 | 1,655.76 | 2,954.94 | 214.95 | 115.16 | 518.31 |
| International | 2,134.36 | 1,883.87 | 15.17 | 8.68 | 1,543.84 | 392.61 | 67.06 |
| Total | 5,073.91 | 3,820.58 | 1,670.93 | 2,963.62 | 1,758.79 | 507.77 | 585.37 |
| Combined Ratio | |||||||
| Domestic | 108.16 | 111.17 | 112.63 | 104.22 | 99.59 | 110.64 | 78.63 |
| International | 100.54 | 130.56 | 315.38 | 44.59 | 592.48 | 255.33 | 194.89 |
| Total | 104.65 | 121.01 | 113.16 | 103.61 | 367.88 | 196.23 | 84.48 |
Note:
Combined Ratio = (Net incurred claims/ Net earned premium) + (Management expenses + Commission on reinsurance)/ Net written premium
Net Commission = Commission paid on reinsurance accepted – Commission on reinsurance ceded.
Consolidated Financials of GIC Re
GIC Re’s group includes subsidiary companies namely, GIC Re South Africa, GIC Re Corporate Member, London, and GIC Perestrakhovanie LLC, Moscow. The group also includes three associate companies namely GIC Re Bhutan, India International Insurance Pte Ltd, Singapore and Agriculture Insurance Company of India Ltd. The group performance highlights based on Consolidated Financial Statements for the half year ended 30.09.2023 are given below:
· Consolidated Gross Premium Income of the company was ₹ 19,962.02 crore for the half year ended 30.09.2023 as compared to ₹ 19,367.00 crore for the half year ended 30.09.2022.
· Investment Income of the group was ₹5,590.37 crore for the half year ended 30.09.2023 as compared to ₹ 5,111.19 crore for the half year ended 30.09.2022.
· Consolidated Profit Before Tax for the half year ended 30.09.2023 was ₹ 3,008.94 crore as compared to Profit Before Tax of ₹3,701.64 crore for the half year ended 30.09.2022.
· Consolidated Profit After Tax for half year ended 30.09.2023 was ₹ 2,666.60 crore as compared to Profit After Tax of ₹ 2,945.89 crore for the half year ended 30.09.2022.
· Incurred claims Ratio is 95.72 % for the half year ended 30.09.2023 as compared to 95.01 % for the half year ended 30.09.2022.
· Group’s net worth (without fair value change account) for the half year ended 30.09.2023 is ₹36,498.86 crores as compared to ₹ 31,091.00 crore for the half year ended 30.09.2022.
Summary of Revenue and Profit and Loss Account of Consolidated Financials
(₹’ crore)
| S No | Particulars | Half Year ended | |
| 30.09.2023 | 30.09.2022 | ||
| 1 | Gross Premium | 19,962 | 19,367 |
| 2 | Net Premium | 18,293 | 17,904 |
| 3 | Earned Premium | 18,651 | 19,596 |
| 4 | Incurred Claims | 17,853 | 18,617 |
| 5 | Incurred Claims Ratio (on earned premium) | 95.72% | 95.01% |
| 6 | Net Commission | 3,515 | 3,109 |
| 7 | Net Commission Percentage (on Net Premium) | 19.22% | 17.37% |
| 8 | Expenses of Management | 186 | 143 |
| 9 | Expenses of Management Ratio (on net premium) | 1.02% | 0.80% |
| 10 | Profit/(Loss) on Exchange | 59 | 717 |
| 11 | Premium Deficiency | 8 | (19) |
| 12 | Underwriting Profit/(Loss) | (2,853) | (1,537) |
| 13 | Investment Income net of expenses | 5,590 | 5,111 |
| 14 | Other Income less Outgoings | 271 | 128 |
| 15 | Profit/(Loss) Before Tax | 3,009 | 3,702 |
| 16 | Taxation | 447 | 931 |
| 17 | Share of Profit in Associate Companies | 105 | 175 |
| 18 | Profit/(Loss) After Tax | 2,667 | 2,946 |
10, Nov 2023
Neeti Sharma, Co-Founder of TeamLease EdTech, unveils the benefits and challenges in workplace evolution in conversation with WION
It’s a new shift in the world of work. Indian tech companies like Infosys and Tata Consultancy Services (TCS) are leading the charge, mandating in-office work for their employees. This marks a significant departure from the remote working era that dominated during the pandemic. WION recently delved into this transition, engaging in a conversation with Neeti Sharma, Co-Founder and President of TeamLease EdTech, to explore the benefits and challenges inherent in this workplace evolution.
Some of the interesting key insights to note from WION’s interview with Neeti Sharma are as follows:
· Benefits of In-Office Work:
Neeti Sharma emphasized on the multifaceted advantages of in-office work, ranging from the revival of social skills to enhanced collaboration and improved communication. These elements are deemed crucial for fostering a productive and innovative work environment. The move back to the office seeks to address the potential erosion of these vital components in the virtual work landscape.
· Challenges of the Transition:
The return to the office is not without its challenges. Employees, accustomed to months of remote work, may experience inertia in adapting to a hybrid way of working. Employers face the task of ensuring a smooth transition and providing the necessary support to employees as they navigate this shift.
· The 4-Day Workweek and Work-Hour Flexibility:
A recent Randstad survey sheds light on a fascinating shift in employee preferences. A significant percentage of respondents express openness to working in the office daily if a 4-day workweek were implemented. Neeti Sharma underscores the importance of flexibility in work-hour arrangements. A 4-day workweek, often incorporating remote work on Fridays, is seen as a solution that combines the structure of an in-office environment with the comfort of remote work. This approach aims to optimize productivity by reducing stress and cutting down on travel time, contributing to a more balanced and efficient work culture.
· Insights and the Path Forward:
Analysis of these insights paints a clear picture: flexibility is the key to productivity in the current era. Companies that recognize the significance of balancing in-office and remote work are poised to benefit from an engaged and motivated workforce. This shift in work dynamics reflects global trends in the post-pandemic world, where the boundaries between work and life are increasingly blurred.
As the tech industry adapts to this evolving work landscape, the focus is not only on where work takes place but also on how it takes place. The amalgamation of in-office work, remote work, and a 4-day workweek offers a glimpse into the future of the workplace—one that prioritizes employee well-being, innovation, and productivity. This transformation underscores the adaptability of the tech sector, showcasing that innovation extends beyond technology to redefine the very fabric of work in the modern era.
10, Nov 2023
Green Portfolio launches Samvat 2080 to gear up for Diwali
New Delhi, 10th November: Green Portfolio, one of the top smallcase managers and PMS providers is happy to announce the launch of their Diwali special Samvat 2080 Smallcases. The Samvat small cases are baskets of stocks with shares from varying companies and sectors. Green Portfolio’s Samvat small, first launched two years ago for the Hindu calendar year 2078, are designed to give beginner investors confidence in the markets. Since then, the company has been introducing a new smallcase at the beginning of each Samvat year making the first step towards a beginner’s investment journey easy. This year is the third edition of Samvat Portfolios.
As investment products, Samvat portfolios are really simple to understand and start with. The company has two Samvat portfolios that invest in the small and Midcap space. Samvat 2080: Small-cap Picks is the portfolio with 7 stocks across 6 different sectors and Samvat 2080 – Midcap Picks invests in 8 companies across 7 sectors. Their aim here is to make sure that the portfolios have the perfect ratio of focus to diversification. The PE ratio ranges from 8 to 15 and the market cap is from 1300 Cr to 9000 Cr. All these are the factors that make this portfolio ideal for beginner investors.
Small and Midcap companies are the areas of focus for the company and with these portfolios, it is giving investors a small glance at its services. The portfolios are very consolidated with just seven or eight stocks since their approach with the Samvat portfolios is pretty straightforward – keeping it simple and easy for beginner investors.
Commenting on the launch, Divam Sharma, Co-founder, of Green Portfolio, said “My co-founder Anuj and I started Green Portfolio five years ago with the idea of helping retail investors create wealth in the stock markets. We always see investors having doubts and struggling while starting their investment journey thus our thought process with Samvat smallcases is simply to give investors a starting point in the markets. We are hand-holding small investors and helping them begin. In India, we already have a culture of making new purchases on Diwali which makes it easier for us to make new investments during the festive season. Investors are confused out there trying to start in the markets and we’re here to help them with expertly managed portfolios.”
In 2020, Green introduced smallcases to reach small investors and has been offering many different portfolios successfully since. Managing over 750 crore, the company is currently offering six smallcases and five PMS funds with their key focus being on the retail segment to make quality research available to small individual investors. Curated for small retail investors, Samvat portfolios were launched to encourage individual investors towards a financially healthy future.
10, Nov 2023
Virtusa Supports Restoration of Iconic B.J.P.C Institution, Preserving Mumbai’s Cultural Legacy
MUMBAI, 10th November 2023 – Virtusa Corporation, a leading provider of digital engineering, and technology services through its philanthropic arm, Virtusa Foundation, is pleased to announce the successful completion of the Byramjee Jeejeebhoy Parsee Charitable Institution (B.J.P.C.I) Heritage School Restoration Project. The restoration of this iconic institution not only preserves a vital piece of history but also underscores Virtusa’s commitment to fostering education, empowering future generations, and contributing to a sustainable environment.
Furthermore, Swwapnil Joshi, renowned actor and an esteemed alumnus of the B.J.P.C.I, graced the event with his presence. In addition, Santosh Thomas, Chief Executive Officer and Executive Director, Virtusa Corporation, Amit Bajoria, Chief Finance Officer, Virtusa Corporation, Ram Meenakshisundaram, Chief Technology Officer, Virtusa Corporation, and the B.J.P.C.I trustees together unveiled the captivating Coffee Table Book – “Unwrapping The Story of a Landmark Restoration,” making the event a truly exceptional and meaningful occasion.
At the event, Santosh Thomas, Chief Executive Officer and Executive Director of Virtusa Corporation, emphasized, “It has been a great privilege for Virtusa to collaborate with the Byramjee Jeejeebhoy Parsee Charitable Institution (B.J.P.C.I) in the restoration of this historic structure. As a company that believes strongly in social responsibility, this project aligns with our corporate sustainability ethos.”
He continued, “The Virtusa Foundation has built a comprehensive program to foster access to education for over 15 years. These initiatives have benefitted over 20,000 students. Today, with the restoration of this 132-year-old beautiful structure, we are able to mark another milestone in this mission that will benefit students and society for generations. The opportunity to support the restoration of this iconic building and preserve a piece of history that will provide opportunity to young minds will always be cherished. It has been an honour to help the B.J.P.C.I safeguard this mission so that the dreams of countless students can be fostered for years to come.”
Founded in 1891, the B.J.P.C.I holds an esteemed position in the annals of Mumbai’s cultural and educational history. Nestled at 33, M. Karve Marg, this architectural masterpiece stands as a cornerstone of the city’s rich heritage. The B.J.P.C.I is recognized as a heritage structure in Mumbai and was the recipient of The Urban Heritage Award in 1993 for being the “Best Preserved Monumental Building”.
Key highlights of the B.J.P.C Institution and the restoration project include:
Historical Significance: With a legacy spanning 132 years, the B.J.P.C.I stands as one of Mumbai’s oldest educational institutions, making significant contributions to the city’s academic landscape.
Architectural Marvel: The institution’s heritage building, designed by Master Architect Khan Bahadur Muncherji C. Murzban follows the Gothic Revival style and boasts unique teakwood screens and coloured glass elements.
Academic Excellence: The B.J.P.C.I offers a comprehensive educational program spanning from kindergarten to senior classes, serving over 1400 students. The institution consistently maintains an impressive 100% success rate in board exams, which stands as a testament to its steadfast commitment to academic excellence.
Amit Bajoria, Chief Finance Officer, Virtusa Corporation, echoed this sentiment, said, “Revitalizing a heritage school like the Byramjee Jeejeebhoy Parsee Charitable Institution (B.J.P.C.I) not only preserves its rich legacy but also empowers future generations.”
He further added, “Our participation in this initiative has brought us great satisfaction, and the accomplishment strongly aligns with the core pillars of the Virtusa Foundation: enhancing access to education, preserving our environment, and empowering society.”
Rustom N.B, Trustee of The B.J.P.C institution, expressed gratitude, said, “Virtusa, our collaborators, have generously financed the restoration and renovation of the building. Their patience and timely input of funds made the difference between the old and the freshly renovated appearance of our building. This building is a rarity in our city, and we are happy and honoured to say it will be sent as an entry for the UNESCO Heritage award by our architect. A resounding thanks to Virtusa Corporation from the trustees, staff, and students of The B.J.P.C.I.”
Through strategic partnerships and active community engagement, the Virtusa Foundation is dedicated to addressing societal challenges while paving the way for a brighter future. Virtusa employs an “Engineering First” approach to creative problem-solving, which empowers individuals and communities to enhance social outcomes for all. This approach is what Virtusa refers to as “Engineering with Purpose.”
10, Nov 2023
Ice Make H1FY24 PAT grows by 27 Percent to Rs 9.81 CR
| Performance Highlights | Q2 FY24 | Q1 FY24 | Q2 FY23 | H1 FY24 | H1 FY23 |
| Revenue | 77.02 | 79.31 | 67.31 | 156.33 | 132.22 |
| EBITDA | 7.71 | 8.35 | 7.53 | 16.05 | 12.89 |
| PAT | 4.47 | 5.34 | 4.63 | 9.81 | 7.72 |
| EPS | 2.85 | 3.40 | 2.94 | 6.24 | 4.91 |
Hyderabad, November 10, 2023:
Ice Make Refrigeration Limited (NSE: ICEMAKE), a pioneering leader in innovative cooling solutions and a distinguished manufacturer of over 50 refrigeration equipment in India has reported an impressive 27.07% increase in its H1FY24 consolidated net profit, reaching Rs 9.81 crore, compared to Rs 7.72 crore in the second half of the previous fiscal year.
The H1FY24 consolidated revenue experienced stable growth, rose by 18.23% to Rs 156.33 crore from Rs 132.22 crore in the corresponding H1 of the last fiscal year.
Operating profits significantly improved, owing to effective cost control and an enhanced product mix. During H1FY24, the company recorded an EBITDA of Rs 16.05 crore, representing a strong increase of 24.51%. EBITDA margins for H1FY24 stood at a healthy growth rate of 10.27%.
The quarterly consolidated revenue for Q2FY24 rose by 14.42% to Rs 77.02 crore, while net profit experienced a slight dip of 3.45% to Rs 4.47 crore. The Q2FY24 EBITDA improved by 2.34% to Rs 7.71 crore, with EBITDA margins reaching 10.01% in Q2FY24.
Notably, the earnings per share (EPS) for H1 improved to Rs 6.24, marking a significant increase from Rs 4.91 in the corresponding H1 of the previous fiscal year.
At the midpoint of the year, the operating cash flow stands at a negative Rs 10 crores, primarily driven by the company’s deliberate strategic move to increase inventory of select finished goods, which are anticipated to be quickly converted into cash. Additionally, the allocation of capital advances for machinery orders related to our new capital expenditure project has further impacted operating cash flow, reducing it by Rs 5.33 crores. It is important to note that these measures are part of our long-term growth strategy.
The company remains confident that these initiatives will lead to a robust year-end cash flow position.
Management Comments
Mr. Chandrakant Patel, the CMD of Ice Make Refrigeration Limited, shared his insights on the Company’s success, stating, “Considering the recent spike in input costs, patchy monsoon, and persistent global uncertainties, our second-quarter earnings have remained stable. Given the strong long-term growth opportunities, including increased attention on the manufacturing sector in India, the outlook for our business moving forward is promising. We currently have a robust order book and leads totalling Rs 135 CR, positioning us to sustain an annual growth rate of 30% or higher.”
Mr. Patel further added, “This year we have embarked on our most ambitious growth plan to date. By implementing a Rs. 200 crore Capex plan over the next three years, we aim to substantially augment our production capacity, enabling us to surpass our long-term revenue target of Rs. 1500 crore. Our immediate goal is to exceed the turnover target of Rs. 500 crore by FY 2024-25, and we aspire to achieve a revenue of Rs. 1000 crore by FY 2027-28.”
Mr. Patel concluded by highlighting the Company’s comprehensive presence in all refrigeration segments, including Cold Room Storage, Ammonia Refrigeration, Industrial Refrigeration, Commercial Refrigeration, and Transport Refrigeration. He stated, “With a robust demand for innovative cooling and cold chain storage solutions, both in India and various overseas markets, Ice Make is strategically positioned to capitalize on these opportunities.”
