Category Archives: Business

Workday Deepens India Commitment with New Local Data Center and Expanded Team

MUMBAI, India – July 3, 2025 – Workday, Inc. (NYSE: WDAY), the AI platform for managing people, money, and agents, today announced a strategic expansion of its operations in India. Building on an already established customer base, Workday is deepening its commitment to the region through several key initiatives. These include the availability of a local data center, an expansion of its local sales operations team, and a strengthening of its partner ecosystem. This further solidifies India’s crucial role in Workday’s global strategy. These investments will enhance Workday’s ability to serve both its global customers with operations in India and the increasing number of local organisations seeking to modernize their business operations.

A cornerstone of Workday’s deepened commitment is that it will begin offering services from a data center located in India for the first time, with operations expected to begin in the first half of 2026. As a result, Workday customers in India will have the option to deploy Workday Human Capital Management (HCM), Workday Financial Management and Workday Adaptive Planning on Amazon Web Services (AWS) located in India. This domestic hosting will provide highly available services while preserving the security, scalability, and performance inherent in the Workday platform. Importantly, it will also enable customers to incrementally adopt services that adhere to data sovereignty regulations specific to the Indian market, providing critical assurance and compliance for businesses operating within India’s evolving regulatory landscape.

“India plays a crucial role in Workday’s global strategy, and these strategic investments, coupled with the upcoming appointment of a dedicated Country Leader, signify our deepening commitment to the region,” said Simon Tate, President of Asia Pacific at Workday. “Deploying Workday on a local AWS data center will provide critical data residency capabilities for our Indian customers, while our expanded sales presence will allow us to better serve the growing market. We are building on our strong foundation in India to accelerate adoption and foster deeper relationships.”

Empowering India’s Growth and Transformation

Workday’s leading cloud-native platform with AI at its core, is ideally positioned to support the dynamic growth and digital transformation initiatives of Indian organizations. Empowering 1,800 global customers with approximately 3.8M monthly* active users on Workday in India, valuable insights have been gained into the specific challenges and opportunities within the local business landscape. This deep understanding, coupled with the platform’s AI-embedded, extensible design, uniquely equips Workday to help meet the evolving needs of Indian enterprises as they navigate the changing expectations of an increasingly global-aware workforce, focus on employee engagement, and shift towards skills-driven talent management.

Workday’s significant and rapidly expanding presence in India includes a strong foundation of almost 700 talented employees, with business operations, technology, and services support teams in Pune and Mumbai. Workday recently deepened its commitment to the region by announcing plans to establish a new Global Capability Center (GCC) in Chennai, which will serve as a vital hub for product and technology development, supporting Workday’s global operations and driving innovation in next-generation AI.

Workday’s operations in India are significantly supported by its established ecosystem of partners, including Accenture, Deloitte, EZE Cloud, IBM, KPMG, PwC, Ramco, and Strada. These collaborations are critical to extending Workday’s reach, delivering exceptional value to customers, and supporting successful implementations across the country. This robust partner network helps ensure that Indian organizations receive comprehensive support, from initial deployment to ongoing optimization, maximizing their investment in Workday.

Manish Dubey, Senior Vice President, Global Head of Enterprise Technology at Sagility said: “Workday has played an important role in helping us transform our global HR and Finance operations. It has provided us with the agility and insights needed for our extensive Indian operations – where we have our largest resource pool – to thrive in the fast-paced global environment. We are excited about Workday’s deepened commitment to the region, which further reinforces our trust and confidence in their platform.”

*Based on February 2025 data.

End-user Homebuyers Back in The Driver’s Seat

– by Akash Pharande, Managing Director – Pharande Spaces

Recent headlines from leading real estate consultancies, as well as commentary from self-styled experts, seem to indicate that Indian housing sales are slowing down alarmingly. They mention double-digit drops in sales volumes in all the major cities. Not surprisingly, though perhaps not intentionally, these agencies and agents have caused concern among hopeful homebuyers – is the market in bad shape? Is now not a good time to buy a home?

Let’s take a closer look at the data and market dynamics behind it and see if these fears are justified or misplaced for genuine end-users.

What the Headlines Say

– A recent report by one real estate consultancy states that there has been a 20% drop in housing sales across the country’s top seven metropolitan cities in Q2 2025 when compared to the same period last year. The Mumbai Metropolitan Region (MMR) saw a 25% decline.
– Another real estate agency estimates that there was a 23% annual sales decline in Q1 2025 across nine major cities and says that this drop is because of high prices and worries about India’s economic growth.
– Yet another agency found a 19% year-on-year decline in housing sales in Q1 2025, and that there was also a 10% decline in new launches.
– The consensus, if there is one at all, seems to be that premium and luxury housing has been most affected and that unsold stock in these segments is now high and may increase further.

While most of these agencies don’t say so, the impression these figures seem to signal is that the Indian housing market is now entering a downturn phase. Others seem to imply that perhaps, aspiring homebuyers should hold put off purchases for now.

What the Data Really Means

1. This is a correction, not a crash

– We should remember that the recent slowdown comes on the heels of three years of record-breaking sales and supply infusions after the Covid-19 pandemic. These levels were in any case not sustainable, and everybody knew it.
– The current decline is the kind of market correction which always follows a massive boom. It is not a sign of systemic weakness.

2. Investors are withdrawing, not end-users

– A major part of the current drop in sales is in the premium and luxury segments, which are heavily investor-driven segments. Very simply, speculative buying has caused prices to go too high in these segments and in some areas.
– One of the real estate consultancies referred to above clearly mentions that investors make up less than 10% of housing buyers now, and that the market is primarily served by end-users — people who buy homes to live in them, not rent out or to flip for quick profits.
– The pain that these experts infer is clearly in the premium and luxury segments while it is the affordable and mid-segment housing segments that most Indian end-users focus on. In these segments, there is less supply now because most big developers started focusing on the higher-margin categories – but demand and therefore sales in them remains robust

3. End-users now enjoy much better affordability

– Home loan interest rates are on the decline – the RBI has cut the repo rate by 100 basis points this year to date, so EMIs have become much more manageable.
– There are still Government schemes such as PMAY and various state-level incentives for first-time and affordable housing buyers in any part of the country.
– In most major cities, the affordability of housing has improved to its best levels since the Covid-19 pandemic.

For example, Pune and Pimpri-Chinchwad (PCMC) housing affordability has improved significantly with Pune’s affordability ratio now at 22% – making it the 2nd-most affordable major Indian city after Ahmedabad. PCMC has seen an 80% rise in housing sales and a 155% increase in property values since 2020, and it remains very affordable.

In Ahmedabad, homebuyers now have to spend only 18% of their annual household income on EMIs, which is very much under the 40% affordability threshold.

Even Mumbai, notoriously the least affordable city of India, has seen its affordability ratio drop below 50% for the very first time.

Why Genuine Homebuyers Should Ignore the Headlines

1. End-users buy homes to live in them, not to turn profits

– Most homebuyers in India buy homes to live in them, not as speculative assets. The security, stability, and long-term wealth creation potential of ownership housing remains intact, regardless of what the short-term sales trends are.
– End-users are not concerned with the volatility that upsets investors – who are far more concerned about price cycles and liquidity issues.

2. End-users benefit from the current market conditions

– Many builders are now offering attractive deals, including discounts, flexible payment plans, and various add-ons, to attract end-users.
– Rental values are rising constantly in most major Indian cities, often making owning a home a lot more financially viable than continuing to live in rented homes – especially given the current interest rates and tax benefits.

3. India’s long-term fundamentals remain strong

– Our GDP growth is still very robust, and household incomes are going up. This strongly supports long-term housing demand.
– The real estate sector is growing at a CAGR of over 24%, and housing remains – by far – the most incentivized asset class in India. No other asset class offers comparable tax breaks and other financial benefits.
– Homeownership remains the most aspirational goal for most Indians, and India’s rapid urbanization, the constant increase in nuclear families, and ever-rising migration into our cities will always guarantee steady end-user demand for housing.

Buying a Home Makes More Sense Than Ever

No doubt, the market slowdown that these consultancies and experts report is real. But its implications need to be understood better. We are looking at data which shows that speculative activity, especially in the luxury segments, is cooling off after an unsustainable boom. This is not a collapse in end-user demand, or a crisis in the system. For genuine homebuyers, the fundamentals remain as strong as ever.

In fact, end-users are now firmly in control of the housing market and face far less competition from investors. They have more bargaining power than ever before. For those who are looking to buy a home to live in, the current market environment is, in many ways, more favourable than ever. Let the headlines spook investors – for end-users, this is the right time to make the most important investment of their lifetimes.

Tata Asset Management Launches AI-powered WhatsApp Bot to Simplify Investing

Mumbai | July 03, 2025: As part of our ongoing commitment to redefine how India invests, Tata Asset Management (Tata AMC), one of India’s most trusted investment partners, announces the launch of AI-powered WhatsApp bot, ‘Mr. Simple.’ Designed to offer investors a seamless, intuitive, and always-accessible experience, this launch marks another milestone in our digital transformation journey.

Earlier this month, the brand introduced a first-of-its-kind mobile app that provides users with a comprehensive view of their financial world – ‘One App. One View. Infinite Opportunities.’ The app sets the tone for Tata AMC’s integrated digital ecosystem, and the WhatsApp bot builds on that potential, simplifying investing at every touchpoint.

With ‘Mr. Simple’, the AMC is bringing investing even closer to its users, offering them the ability to start an SIP, make lump sum investments, redeem units, or check NAVs, all through a simple WhatsApp conversation. The bot also supports key service requests such as updating bank details or downloading statements, without requiring users to log into separate platforms or navigate complex interfaces.

This initiative reflects the vision to make investing not only smarter and more inclusive but also as effortless as sending a message to a friend.

“At Tata Asset Management, we are focused on removing the friction from investing and replacing it with simplicity, intelligence, and convenience,” said Hemant Kumar, Chief Distribution and Digital Officer, Tata Asset Management. “The recent launch of our mobile app and now our AI-powered WhatsApp bot is a testament to that focus. By leveraging AI and conversational interfaces, we are reshaping how investors discover, decide, and act on their terms, and in real time. It reflects our broader vision of using technology to make investing simpler, smarter, and more inclusive.” 

The bot also features intelligent discovery capabilities, allowing users to explore Tata Mutual Fund’s wide range of offerings through natural language queries, empowering them with personalised responses and real-time assistance.

Through initiatives like these, Tata Asset Management remains committed to building a future-ready digital ecosystem that caters to the evolving needs of today’s investors.

ITC Gardenia Brings in a Treat for All Burger Lovers

Get ready to give in to your cravings as ITC Gardenia, Bengaluru presents a menu featuring a range of smash burgers. Indulge in the popular signature burgers in a fun setting at the food truck placed at the main porch or order your favourite pick at the restaurant.

Choose from creations like The Double Trouble Smash, The Shepard Stack, and The Bourbon Hog stacked high with melting cheese, crisp lettuce, and perfectly toasted buns. Each bite bursts with juicy patties hot off the grill, smoky notes, and sauces that add just the right kick. Crafted with care and flair, these burgers promise a hearty escape from the everyday.

Paired with the elegant yet relaxed ambience of ITC Gardenia, this becomes more than just a meal — it’s an indulgent escape from the everyday. Whether you come for a leisurely lunch, a casual evening out, or simply to treat yourself, every visit offers the perfect blend of comfort, flavour, and signature hospitality.

Ampere Nexus Now Comes with Industry-Leading 5-Year Battery Warranty and Attractive Financing Options

Ampere, the 2W brand from Greaves Electric Mobility, announces a major update to its flagship electric scooter – Ampere Nexus. Lauded as India’s first high-performance family electric scooter, the Nexus has earned top honours, including the India Design Mark and Best Electric Scooter Award.

Equipped with the safest Lithium Ferro Phosphate (LFP) battery, the Nexus delivers a real-world range of 100–110 km, a top speed of 93 kmph, and features best-in-class suspension, aerodynamics, and an industry-fastest charging time of just 3 hours 22 minutes. It also made history by becoming the first electric scooter to complete a 10,000+ km Kashmir to Kanyakumari ride, setting four national records.

In a move to further strengthen consumer trust, Ampere now offers a 5-year / 75,000 km battery warranty (whichever is earlier) across Nexus variants—an industry-leading assurance. Alongside, Ampere has rolled out an affordable financing scheme with lowest down payment and interest rates starting at just 6.99%.

Starting at an ex-showroom price of ₹1,14,900, the Ampere Nexus now delivers unmatched value, performance, and peace of mind—making it the most compelling choice in the EV segment today and offering a Complete EV Experience to the evolved Indian audience.

Virtual Galaxy Infotech Secures Rs 19.78 Crore Renewal Contract from Osmanabad DCC Bank

VIRTUAL GALAXY INFOTECH LIMITED SECURES AROUND RS. 19.78 CRORE RENEWAL CONTRACT FROM OSMANABAD DISTRICT CENTRAL COOPERATIVE BANK

July 03, 2025: Virtual Galaxy Infotech Limited, a leading player in hybrid SaaS and enterprise software solutions, has secured a renewal contract order to the tune of Rs 19.78 crore from Osmanabad District Central Cooperative Bank. As a part of the contract, the company will work on Core Banking Solution project on hybrid SaaS (Capex/ Opex) mode for supply, installation, commissioning and management of CBS, Data Center, DR Site, networking and connectivity. The contract is for a period of seven years.

Virtual Galaxy Infotech provides core banking software solutions, IT solutions, ERP implementation and customized software solutions development and IT services for the BFSI, ERP, and E-Governance domains. BFSI segment accounts for nearly 92 per cent of its total business but it has also been witnessing a steady traction in the other segments including ERP and e-governance among others.

Commenting on the development, Sachin Pande, Co-founder & Managing Director of Virtual Galaxy Infotech, said, “The renewal contract from Osmanabad District Central Cooperative Bank is a testament to the company’s unwavering commitment to providing exceptional services tailored to the needs of customers. This strategic seven-year engagement represents the renewal of a relationship that has flourished for the past seven years, demonstrating the exceptional client retention capabilities of the team. The company’s evolution reflects our steadfast commitment to innovation and client-centric service delivery. From securing our first significant project with a cooperative bank in 1998, we have systematically expanded our footprint to serve multiple bank branches, over 200 clients including numerous manufacturing firms and business houses.”

The company recently forayed into the cybersecurity domain by launching a groundbreaking cybersecurity product, Cyber Sentinel to address the rapidly evolving threat landscape. With this product, the company aims to leverage its extensive expertise in AI-driven technologies and enterprise solutions and redefine how organizations safeguard their digital assets in an era of increasing cyber risks.

For the year ended March 31, 2025, the company registered 97.05 per cent rise in net profit on a standalone basis at Rs 32.12 crore, as compared with Rs 16.30 crore in 2023-24. Revenue from operations on standalone basis increased by 95.48 per cent at Rs 120.14 crore during 2024-25, as against Rs 61.46 crore in FY24.

The company recently made a stellar debut on the stock exchange and got listed at a premium of 26.76 per cent on NSE Emerge.

Volkswagen India announces the return of Autofest – The annual National Exchange Carnival

National: Volkswagen India is proud to announce the return of Volkswagen Autofest, the brand’s highly anticipated National Exchange Carnival. This annual event is designed to offer customers across the country an exceptional opportunity to upgrade their drive and experience the premium engineering of a Volkswagen.

Running for a limited period at Volkswagen dealerships nationwide, Volkswagen Autofest brings together exclusive exchange and attractive finance offers, loyalty rewards and comprehensive service packages — making it the ideal time for prospective buyers to bring home a Volkswagen.

Mr. Nitin Kohli, Brand Director, Volkswagen India, said, “Volkswagen Autofest is more than just a sales event—it’s a celebration of our commitment to offering Indian customers premium mobility solutions with added value. Whether it’s the elegant Virtus, the striking Taigun, or the Beyond betteR Tiguan R-Line, Autofest gives customers the perfect gateway to upgrade their driving experience with unmatched benefits.”

Key Highlights of Autofest – National Exchange Carnival:

• Attractive exchange and loyalty rewards
• Special finance options
• Complimentary vehicle evaluation and test drives
• Special service and maintenance benefits

Autofest reflects Volkswagen’s continued focus on delivering accessible German engineering, backed by a strong service network and future-ready ownership experience. The event is open to both existing Volkswagen owners and new customers looking to own a car engineered with precision, safety, and style.

For more information about Volkswagen products and services, customers can visit their nearest Volkswagen showroom or www.volkswagen.co.in 

SLIC Reconstituted to Boost Insurance Awareness in Karnataka

State Level Insurance Committee (SLIC) reconstituted to strengthen Insurance Awareness and Penetration efforts in Karnataka 

Bengaluru, July 03, 2025: The lead insurers for Karnataka, ManipalCigna Health Insurance, Reliance General Insurance, Canara HSBC Life Insurance, CreditAccess Life Insurance, and Narayana Health Insurance, today reaffirmed their commitment to deepening insurance penetration and awareness for the state at the State-Level Insurance Committee (SLIC) Meeting held in Bengaluru. This initiative is in line with the Insurance Regulatory and Development Authority of India’s (IRDAI) State Insurance Plan and its vision towards “Insurance For All by 2047”.

The meeting brought together key stakeholders from the government, regulatory bodies, and insurance industry to review the progress made and chart a collaborative roadmap for enhancing insurance coverage across the state. Among the dignitaries present were Dr. Vishal R, Secretary to Government, Finance (Fiscal Reforms), Government of Karnataka, Shri Sunil Kurtkoti, Financial Advisor, Finance Department, Government of Karnataka, Shri Krishna Deshpande, Consultant, Finance Department, Government of Karnataka and Shri Inderjeet Singh, Secretary General, General Insurance Council.

Karnataka has consistently stood at the forefront of India’s economic development, and its contribution to the insurance sector is no exception. As the second-highest contributor to national insurance premiums and ranked 2nd in Gross Direct Premium Income (GDPI) in FY24, the state plays a pivotal role in driving inclusive financial protection. The collaborative efforts of all lead insurers through their initiatives enable the spreading of health insurance awareness and accessibility across the state, especially in Tier 2 and 3 cities.

Addressing the audience, Dr. Vishal R, Secretary to Government, Finance (Fiscal Reforms), Government of Karnataka, commended the efforts of insurers and congratulated them on the successful conduct of the second State-Level Insurance Coordination (SLIC) meeting. Highlighting the importance of insurance awareness, he called for greater synergy between SLIC, the State Level Bankers’ Committee (SLBC), and the District Level Bankers’ Committee (DLBC) to strengthen outreach. He also stressed the need to adopt government-backed schemes such as Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) as the starting point for building awareness and driving insurance inclusion at the grassroots level.

Shri Inderjeet Singh, Secretary General, General Insurance Council, recognized the industry’s sustained initiatives to spread insurance awareness and penetration across the state of Karnataka. He emphasized the importance of continued collaboration and support for the sector, particularly in facilitating timely access to data.  He reaffirmed the industry’s commitment to working closely with the government to deepen insurance awareness, highlighting the launch of the ‘Achha Kiya Insurance Liya’ campaign, a key step towards deepening insurance penetration and strengthening financial protection for all.

Indian Bank waives off Minimum Balance Charges on Savings Accounts; Reduces MCLR to 9 percent

Chennai, July 3, 2025: In a significant customer-centric initiative, Indian Bank has announced the complete waiver of minimum balance charges across all Savings Bank accounts, effective July 7, 2025. This move is aimed at fostering financial inclusion and making banking more accessible and affordable for all sections of society.

This landmark move is set to benefit a vast spectrum of Indian Bank account holders, ranging from students and senior citizens to small business owners and rural customers. The waiver is expected to encourage more individuals, especially those from underserved communities, to enter the formal banking system.

Further reinforcing its commitment to affordable credit, the Bank has also announced a reduction of 5 basis points in its one-year Marginal Cost of Funds Based Lending Rate (MCLR), bringing it down to 9.00%, effective July 3, 2025. This reduction will directly benefit borrowers with lower interest rate on loan.

Bharat Forge successfully completes acquisition of AAM India Manufacturing Private Limited.

Chandigarh, 2^nd July, 2025: In continuation to the announcement of 17^th October 2024, and post receiving approval from CCI on 22^nd April 2025 for the transaction, BFL successfully concluded the acquisition of AAM India Manufacturing Private Limited (AAM India) at an Equity Value of Rs 7,464.6 million including Cash on books of the acquired entity of Rs 1,894.8 million. This cash is available for addressing future growth opportunities.

The final equity value is subject to Net Working Capital adjustments as of June 30, 2025.

We are acquiring an entity which has a formidable name in the automotive products space supplying to all major OEM across traditional and New Mobility technology. This acquisition will enable us to complement our component offerings with products solutions to OEMs in India & Globally.