Category Archives: Business

Skanray Partners with Tata Elxsi to Advance Surgical Imaging and Healthcare Innovation

Mumbai, August 5, 2024: Skanray, a leading global MedTech R&D and Manufacturing company specialising in diagnostic imaging, critical care and surgery/OT solutions, has chosen Tata Elxsi as a strategic partner for advanced surgical imaging core technology and software platform development. This collaboration aims to revolutionise diagnosis and treatment by leveraging cutting-edge technology modules, making them predictable, accurate, and consistent.

 Skanray is actively pursuing a long-term strategy to expand its portfolio by including new device families and modalities. This initiative aims to build a suite of reusable modules and components for medical devices, alongside the development of an advanced analytics cloud platform.

 Tata Elxsi will lead a software platform-led approach to diagnostics that will support all imaging, critical care and surgical systems from the Skanray family, ensuring interoperability, compatibility and multi-modal functionality. This platform will also incorporate the latest technologies and process efficiencies from AI and GenAI.

  Combining Skanray’s expertise in medical devices, core component technology, systems and applications with Tata Elxsi’s domain experience in medical imaging, software platform development, digital capabilities in cloud, AI and analytics, and ready-to-use solution accelerators provides Skanray an opportunity to redefine the landscape of medical technology, with advanced, modular, and yet affordable diagnostics systems.Pankaj Madhukar Wani, Head of Healthcare Business Unit at Tata Elxsi said, “The diagnostic imaging landscape is being transformed by software and digital technologies such as cloud and AI. We are delighted to be supporting Skanray in realising their long-term strategy and vision for healthcare. This long-term partnership will help create transformative solutions for healthcare facilities and patients worldwide.”

 “By combining Skanray’s core technology and deep understanding of medical applications with Tata Elxsi’s capabilities in futuristic technology, we are poised to drive significant advancements in healthcare delivery. Our collaborative efforts will result in solutions that are not only technologically advanced, but are also operator-friendly and cost-effective, helping healthcare providers deliver significantly improved health outcomes for patients.” said Priyanka Chatterjee, VP – Corporate Communications at Skanray Technologies Ltd.

Celebrate the Bond of Raksha Bandhan with Gargi by PNGS’ New Rakhi Collection

Place, 05/08/2024: Gargi by P N Gadgil & Sons (PNGS), a distinguished name in the fashion jewellery realm, is thrilled to announce the launch of its exclusive Rakhi Collection for this festive season. Embracing tradition with a modern twist, Gargi’s Rakhi Collection offers a range of trendy and beautiful designs in 92.5 Silver, making it a perfect choice for celebrating the cherished bond of Raksha Bandhan.

 This year, Gargi’s Rakhi Collection is set to captivate hearts with its exquisite designs and affordability. Featuring over 120+ unique designs, the collection includes motifs like Om, Swastik, Ganesha, and Shri, each crafted to embody India’s rich cultural heritage. Priced competitively, these 92.5 Silver Rakhi’s are designed to be both beautiful and accessible, ensuring that celebrating Raksha Bandhan with Gargi’s elegance is within everyone’s reach.

 Speaking about this, Aditya Modak, co-founder of Gargi by P N Gadgil and Sons, said, “At Gargi, we believe that every Rakhi tells a story of love and tradition. Our collection is designed to honor the sacred bond between siblings while reflecting the elegance and beauty that our brand stands for. We are committed to making this Raksha Bandhan memorable for families across India.”

 With a commitment to nationwide reach, Gargi ships pan India, from Kanyakumari to Kashmir, covering approximately 4000+ pin codes across the country. This extensive and reliable distribution network ensures that every sibling can celebrate Raksha Bandhan with a touch of Gargi’s elegance, no matter where they are, and they can be confident that their order will be delivered promptly and securely.

 Named after the revered ancient Indian female scholar from the Ramayana era, Gargi symbolizes beauty, honesty, style, fearlessness, and scholarship. Leveraging the legacy of the iconic P N Gadgil & Sons brand, which boasts an annual turnover of over INR 10,000 crores, Gargi maintains exceptional operational standards and product quality. The brand’s success has set new benchmarks in the Indian fashion jewellery industry, combining innovation with tradition.

 Looking ahead, Gargi aims to reach a significant milestone by becoming a 100-crore company within the next two years. This ambitious goal reflects the brand’s unwavering commitment to excellence and strategic growth plans.

Bank of India : Financial Results for the Quarter/Full Year ended 30″ July 2024

KEY HIGHLIGHTS (Q4FY24)

*Global Business increased by 12.34% YoY.

* Global Deposits increased by 9.74% YoY.

* Global Advances increased by 15.82% YoY.

* Advances (Dom.) increased by 17.29% YoY.

* RAM Advances grew by 18.78% YoY and it constitutes 56.01% of Advances.

* Retail Credit grew by 20.46% YoY.

* Agriculture Credit grew by 22.18% YoY.

* MSME Credit grew by 13.06% YoY.

* CASA deposits increased by 5.51% YoY and CASA ratio at 42.68%.

* Net Profit increased by 10% YoY to Rs.1,703 Cr.

* Yield on Advances (Global) improved by 50 bps YoY.

* Yield on Advances (Dom.) improved by 52 bps YoY.

* Gross NPA ratio down by 205 bps YoY.

* Net NPA ratio down by 66 bps YoY.

* Provision Coverage Ratio (PCR) at 92.11%.

* CRAR stood at 16.18%, with CET-1 ratio at 13.62%.

Profitability:

* Net Profit for the quarter improved by 10% YoY and stood at Rs.1,703 Cr for Q1FY25 against Rs.1,551 Cr in Q1FY24.

* Operating Profit stood at Rs.3,677 Cr for Q1FY25 against Rs.3,752 Cr in Q1FY24.

* Net Interest Income (NII) increased by 6% YoY and stood at Rs.6,275 Cr for Q1FY25 against Rs.5,915 Cr for Q1FY24.

* Non-Interest Income stood at Rs.1,302 Cr for Q1FY25 against Rs.1,462 Cr in Q1FY24.

Ratios :

* NIM (Global) improved by 4 bps to 3.07% in Q1FY25 against 3.03% in Q1FY24. NIM (Domestic) improved by 6 bps to 3.43% in Q1FY25 against 3.37% in Q1FY24.

* Return on Assets (RoA) stood at 0.70% in Q1FY25 against 0.71% in Q1FY24.

* Return on Equity (RoE) stood at 13.48% in Q1FY25 against 15.18% in Q 1FY ’24.

* Cost to Income ratio (Global) stood at 51.47% in Q1FY25 against 49.14% in Q1FY24.

* Slippage ratio improved to 0.35% in Q1FY25 against 0.53% in Q1FY24.

*Credit Cost stood at 0.85% in Q1FY25 against 0.64% in Q1FY24.

*Yield on Advances (Global) improved by 50 bps to 8.60% in Q1FY25 against 8.10% in Q1FY24.

* Cost of Deposits (Global) stood at 4.82% in Q1FY25 against 4.22% in Q1FY24.

Business:

* Global Business increased by 12.34% YoY from Rs.12,14,808 Cr in Jun’23 to Rs.13,64,660 Cr in Jun’24.

* Global Deposits increased by 9.74% YoY from Rs. 6,96,544 Cr in Jun’23 to Rs. 7,64,396 Cr in Jun’24.

* Global Advances increased by 15.82% YoY from Rs. 5,18,264 Cr in Jun’23 to Rs. 6,00,264 Cr in Jun’24.

* Overseas Deposits increased by 8.83% YOY to Rs. 1,16,479 Cr and Overseas Advances increased by 8.32% YOY to Rs. 92,095 Cr in Jun’24.

* Domestic Deposits increased by 9.91% YoY from Rs.5,89,517 Cr in Jun’23 to Rs.6,47,917 Cr in Jun’24.

* Domestic CASA went up by 5.51% YoY from Rs.2,60,615 Cr in Jun’23 to Rs.2,74,973 Cr in Jun’24 and CASA ratio stood at 42.68%. A-.

* Domestic Advances increased by 17.29% YoY from Rs. 4,33,246 Cr in Jun’23 to Rs. 5,08,169 Cr in Jun’24.

* RAM Advances increased by 18.78% YoY to Rs.2,84,646 Cr, constituting to 56.01% of Advances in Jun’24.

* Retail Credit grew by 20.46% YoY to Rs.1,15,183 Cr in Jun’24.

* Aorig.ulture Credit grew by 22.18% YoY to Rs.88,977 Cr in Jun’24.

* MSME Credit grew by 13.06% YoY to Rs.80,486 Cr in Jun’24.

Asset Quality:

* Gross NPA declined by 20% YoY from Rs.34,582 Cr in Jun’23 to Rs.27,716 Cr in Jun’24.

* Net NPA declined by 30% YoY from Rs.8,118 Cr in Jun’23 to Rs.5,702 Cr in Jun’24.

* GNPA ratio improved by 205 bps from 6.67% in Jun’23 to 4.62% in Jun’24. Net NPA ratio improved by 66 bps from 1.65% in Jun’23 to 0.99% in Jun’24.

* Provision Coverage Ratio (PCR) stood at 92.11% in Jun’24. Capital Adequacy;

* Bank’s total Capital Adequacy Ratio (CRAR) improved by 58 bps and stood at 16.18% as on 30.06.24 against 15.60% as on 30.06.23.

* CET-1 ratio stood at 13.62% as on 30.06.24.

Priority Sector:

* Priority Sector Advances increased by 15.55% YOY and achieved 45.61% of ANBC as on Jun’24. Agricultural advances achieved 21.29% of ANBC.

* Advances to Small & Marginal Farmers achieved 11.73% of ANBC in Jun’24 against regulatory norm of 10%.

* Advances to Weaker Sections achieved 15.70% of ANBC in Jun’24 against norm of 12%.

Digital Banking:

* Internet Banking users: Increased to 9.0 million in Jun’24 from 8.5 million in Jun’23.

* Mobile Banking users: Increased to 4.9 million in Jun’24 from 3.4 million in Mar’24.

* Number of UPI users increased to 19.5 million in Jun’24 from 16.2 million in Jun’23.

Branch Network:

* As on 30th Jun’24, the Bank has 5155 number of Domestic branches.

* Rural: 1863 (36%), Semi-Urban: 1466 (29%), Urban: 835 (16%), Metro: 991 (19%).

HDFC Life Simplifies Claim Submission Process to Support Wayanad Landslide Victims

Bengaluru, 3rd August 2024: HDFC Life, one of India’s leading life insurers, extends its deepest condolences to the families affected by the tragic landslides in Wayanad, Kerala. The company expresses its heartfelt sympathies to those who have lost loved ones and wishes for a swift recovery for those injured.

The recent landslides in Wayanad have caused significant loss of life and property, leaving many families in distress. In response, HDFC Life has simplified the claims submission process to ensure quick and hassle-free support for the affected families.

Simplified Requirements for Claim Submission:

1. Proof of death issued by local government authorities, police, or hospitals

2. Nominee identity proof and bank details

Sameer Yogishwar, Chief Operating Officer – HDFC Life, shared his heartfelt message, “Our hearts go out to the families affected by the devastating landslides in Wayanad. During these challenging times, we stand committed to providing swift and compassionate support to our policyholders. We understand the pain and hardship faced by the families that have been impacted, and we are here to ensure that the claims process is as seamless and stress-free as possible. Our team is dedicated to assisting them in every way we can during this difficult period.”

Unaudited Financial Results of the Bank for the Quarter Ended June 30, 2024

Tamilnad Mercantile Bank Ltd (TMB) one of the renowned Old Private Sector Banks, having its Head Quarter in Thoothukudi has a long-cherished history of 102 years of eventful existence with strong fundamentals and an enviable track record of continuous profit making in the industry.

TMB having pan India presence with 565 branches and 12 Regional Offices across 17 states and 4 Union Territories serves more than 5 million delighted customers.

The Board of Directors of Tamilnad Mercantile Bank Ltd approved the Unaudited Financial Results of the Quarter Ended June 30,2024 in their meeting held at Thoothukudi on 02.08.2024. Shri. C. Chiranjeeviraj, Independent Director, who is authorized by the Board, declared the results and the Bank issued this press release.

The Bank continues to exhibit strong performance on all fundamental parameters.

Bank’s Performance Highlights

Ø  Operating Profit has increased to ₹469 crore from ₹380 crore Y-o-Y

Ø  Net profit has surged to ₹287 crore from ₹261 crore Y-o-Y

Ø  The NIM has increased to 4.12% from 4.00% Y-o-Y

Ø  Interest income has improved to ₹1,281 crore from ₹1,156 crore Y-o-Y

Ø  Non Interest Income has improved to ₹234 crore from ₹167 crore Y-o-Y

Ø  Total income has moved to ₹1,515 crore from ₹1,323 crore Y-o-Y

Ø  The CRAR% has increased to 29.21% from 26.57% Y-o-Y

Ø  Book Value of Share has increased to ₹520 from ₹454 Y-o-Y

Ø  Total Business has increased to ₹90,041 crore from ₹84,300 crore Y-o-Y

Ø  CASA has increased to ₹13,789 crore from ₹13,101 crore Y-o-Y

Ø  The RAM segment has increased to 92% from 90% Y-o-Y

Ø  Total SMA to Gross Advances has reduced to 4.98% from 7.16% Y-o-Y

Ø  Stressed Assets ratio has decreased to 2.55% from 3.21% Y-o-Y

Q-O-Q Performance:

Ø  The Bank’s deposits has increased to ₹49,188 crores (PY ₹47,008 crores)

Ø  The advance level of the Bank has increased to ₹40,853 crores with a growth rate of 10% as YOY basis.

Ø  The Net Profit is at ₹287 crores for the quarter Q1FY25 as against ₹261 crores for Q1FY24 registering the growth rate of 10% as YOY basis.

Ø  The Net Interest Income is at ₹567 Crores for the quarter Q1FY25 as against ₹514 for Q1FY24 registering a growth rate of 10%.

Ø  Return on Asset at 1.88% & Return on Equity at 14.22% for the reporting quarter. (Q1 FY 24 1.85% and 14.80% respectively)

Ø  The Bank’s Net worth increased to ₹8,244 crores (PY ₹7,190 crores) with an absolute rise of ₹1054 crores registering a growth rate of 15%.

New initiatives

• The Bank has opened 10 New Branches (6 Branches in Tamilnadu and 4 Branches in Other States) during the Q1FY25.
• The Bank has Launched an Online Customer Portal for Foreign Exchange Operations facilities to customers.
• The Bank has Launched “TMB Apartment Savings Bank Account” for High-Net-Worth individuals residing in apartment / housing society / gated community.
• The Bank has launched Online Demat Account opening platform for customers.

 Awards:

• The Bank has bagged Eight Atal Pension Yojana (APY) awards during the Current Quarter for its performance during Previous Financial Year.

Hero MotoCorp and FIH Launch Global Partnership to Boost Hockey

Bengaluru, August 03, 2024: The International Hockey Federation (FIH) is delighted to announce a new partnership with Hero MotoCorp, the world’s largest manufacturer of motorcycles and scooters, for a period of five years.

With this massively important agreement for hockey’s development, Hero MotoCorp becomes FIH’s Global Leadership Partner, and confirms their strong, long-term engagement with global hockey that has spanned over the past 15 years.

This strategic alliance aims to elevate the sport to new heights, drive hockey’s global growth and inspire future generations of hockey enthusiasts worldwide.

Dr. Pawan Munjal and Tayyab Ikram met on the side-lines of the ongoing Paris Olympics to discuss the collaboration.

Commenting on the agreement, Dr. Pawan Munjal, Executive Chairman, Hero MotoCorp said: “As the world gathers for the Olympic Games, I am proud to announce the renewal of our partnership with the International Hockey Federation (FIH) for the next five years. This collaboration highlights one of the most significant international sports alliances. In India, hockey symbolizes national pride and heritage.

“As champions of sports, we recognize its profound impact on transforming lives and communities. Hockey, our national sport, deeply resonates with our cultural values. I congratulate Tayyab Ikram, President of FIH, for the sport’s remarkable evolution through innovative tournaments and formats. These efforts have broadened hockey’s appeal and engagement with future generations.

“Hero MotoCorp is committed to elevating hockey’s prominence, with upcoming global events in India playing a pivotal role. We aim to inspire youth worldwide with values of respect, equality, diversity, sustainability, and fair play, ensuring hockey’s spirit shines brightly across the globe.”

FIH President Tayyab Ikram said: “This renewed partnership with Hero MotoCorp represents a tremendous support for the development of hockey – FIH’s number one mission – all around the world.

“As we have embarked on a new path to grow and professionalise our sport like never before through our Empowerment and Engagement strategy launched last year, this agreement comes at a very significant time.

“Thanks to Hero MotoCorp’s support, we will be able to expand our ambitions and objectives, for the good of hockey.

“In my personal name and on behalf of FIH, I would like to express the sincerest gratitude of the global hockey community to Hero MotoCorp, and in particular its Executive Chairman Dr. Pawan Munjal, whom we had the pleasure to welcome at the Paris 2024 Olympics hockey events.

“This partnership confirms Hero MotoCorp’s trust in FIH, and in our sport’s potential. We share the same vision of sports, fostering physical exercise, uniting people and developing communities. Together, we will grow!”

The partnership starts immediately and includes all FIH events for the next 5 years, including the FIH Hockey World Cup, the FIH Hockey Pro League, the FIH Indoor Hockey World Cup, the FIH Hockey Junior World Cup, the FIH Hockey5s World Cup or the FIH Hockey Nations Cup.

Powers Insurance & Risk Management Adds Two Team Members

Brittany Gaglioti and Contina Hester join the growing insurance agency.

(St. Louis, Mo., Aug. 3, 2024) Powers Insurance & Risk Management, one of the largest family owned and operated independent insurance agencies in the bi-state region, recently hired Brittany Gaglioti as a Commercial Account Manager and Contina Hester as a Personal Lines Marketer.

Gaglioti’s responsibilities include overseeing all aspects of the renewal process for the agency’s commercial lines clients and assisting with new business sales. She will also manage current client accounts to ensure their needs are met promptly.

Gaglioti brings nearly 10 years of experience in the insurance industry to her new position. Prior to joining Powers, she worked as a Commercial Lines Account Manager for a Delaware-based insurance agency. Gaglioti holds a Certified Insurance Service Representative (CISR) designation from the National Alliance for Insurance Education and Research, the nation’s premier provider of insurance and risk management education.

Hester’s responsibilities as Personal Lines Marketer include directing marketing efforts toward contracted carriers while supporting both the agency’s team and clients. She has five years of insurance industry experience, having previously served as a Licensed Account Manager for an insurance company in Wisconsin. Hester holds licenses in Life Insurance, Property & Casualty, and Insurance Producer. She earned her Bachelor of Science degree in Business Administration from DeVry University in Chicago, Illinois.

Founded in 1991, Powers Insurance & Risk Management provides personal and business insurance, surety, risk management, and employee benefits. Founded in 2006, sister company Valley Insurance Agency Alliance is a cohesive family of over 160 independent insurance agencies in Missouri and Illinois that generates more than $600 million in written premium. VIAA is the regional founding member for SIAA – The Agent Alliance, a $12.5 billion national alliance. The companies are headquartered at 6825 Clayton Ave. For more information, call (314) 725-1414 or visit www.powersinsurance.com.