Category Archives: Business

Medtronic and SWIZTON Medcare Collaborate to Establish Their First Vein Clinic

July 29, 2024,Mumbai, Maharashtra, Bengaluru, Karnataka, India : India Medtronic Private Limited, a wholly-owned subsidiary of Medtronic plc, and SWIZTON Medcare (an initiative of 98 Farenheit Pvt. Ltd. subsidiaries), a healthcare services provider, have joined hands to inaugurate vein clinics, aiming to offer advanced varicose vein treatments in partnership with leading hospitals. The signing ceremony for this milestone collaboration took place at Aveksha Hospital in Singapura, Bengaluru. It also happens to be this partnership’s first vein clinic.

It is estimated that about 20% of all adults will get varicose veins at some point in their lives. Recognizing the pressing need for accessible and effective treatments, Medtronic and SWIZTON Medcare are committed to democratizing healthcare by making specialized vein treatments available to a wider population.

Under this partnership, Medtronic will provide innovative varicose vein treatment solutions, along with training and education for healthcare professionals and patient education and awareness initiatives, to enhance patient outcomes. SWIZTON Medcare will leverage its expertise in healthcare services to deliver varicose vein-related therapies, ensuring holistic patient care and promoting awareness among the public about treatment modalities.

This partnership will empower individuals seeking relief from varicose veins. Equipped with advanced treatments such as adhesive treatment and radiofrequency ablation (RFA) from Medtronic, as well as sclerotherapy, the clinic is poised to deliver comprehensive care at an affordable cost.

Present at the inauguration were Mandeep Singh, Managing Director and Vice President, Medtronic India, Dr. Tahsin Neduvanchery and Dr. Rahul Deep from SWIZTON Medcare.

Commenting on the partnership, Mandeep Singh, Managing Director and Vice President, Medtronic India, said, “With the opening of the first partnered vein clinic and many more partner vein clinics in the future, we are committed to our mission to deliver accessible healthcare solutions. By collaborating with SWIZTON Medcare, we are not only establishing clinics but also initiating a patient care pathway that will support our patients with prompt access to advanced varicose vein treatment.”

Dr. Tahsin Neduvanchery, a renowned expert in varicose vein treatments associated with SWIZTON Medcare, said, “The rise of minimally invasive treatment options is revolutionizing the way varicose veins are managed. With fewer risks, less pain, and faster recovery times, these options are empowering patients to take control of their vascular health and improve their quality of life. The establishment of vein clinics with advanced treatment options would improve accessibility to prompt care.”

Dr. Rahul Deep, another specialist from SWIZTON Medcare, expressed optimism about the collaboration’s impact on patient care, stating, “By combining innovative adhesive and radiofrequency ablation technologies from Medtronic with our healthcare services, we are poised to make a meaningful difference in the lives of individuals suffering from varicose veins. Together, we will strive to enhance awareness and accessibility to ensure better outcomes for all.”

Through these collaborative efforts, both entities are dedicated to addressing the growing need for specialized vein treatments while empowering patients with knowledge and options for better health.

NIIT IFBI Announces ACE Banker Program in Collaboration with HDFC Bank

July 29, 2024, New Delhi, Delhi, India : NIIT Institute of Finance, Banking and Insurance (NIIT IFBI), a subsidiary of NIIT, today announced the launch of the “ACE Banker Program” in collaboration with HDFC Bank, India’s largest private sector bank. A key component of NIIT’s Talent Pipeline as a Service (TPaaS) initiative, this programme aims to recruit and train customer service professionals for HDFC Bank.

The ACE Banker Program is designed to address the evolving needs of the banking sector by equipping participants with the essential skills and knowledge required to excel in customer service roles at HDFC Bank. This comprehensive full-time program includes 45 days of residential training at NIIT University’s Campus. Upon completion of the course, candidates will receive a joint certificate from HDFC Bank and NIIT Limited and would be offered jobs, subject to the terms and conditions of the Program.

Pankaj Jathar, Chief Executive Officer, NIIT Ltd., said, “At NIIT, we are dedicated to fostering skilled human capital and enriching the talent ecosystem to meet the evolving demands of the business landscape. Our strategic collaboration with HDFC Bank for the ACE Banker Program will not only address the talent needs of HDFC Bank but also unlock new employment opportunities for aspiring individuals and will contribute to the banking industry’s talent pool.”

Vinay Razdan, CHRO, HDFC Bank said, “The ACE Banker Program is a positive step that will further help add to and nurture high-caliber talent in customer service. This initiative seeks to establish a robust talent pool in the customer experience domain, offering substantial career opportunities to young professionals eager to join the banking sector.”

Hero FinCorp Exclusive Offer Alert

July 29, 2024, New Delhi, Delhi, India : Hero FinCorp Personal Loans are extremely popular among Indian consumers. Thanks to their instant loan amount of up to Rs 5 Lakh, competitive interest rates and flexible repayment terms of up to 36 months. To make borrowing instant loans more rewarding, Hero FinCorp is now offering a Rs 500 Amazon voucher on approval of Personal Loan finance online. So whenever you apply for a Personal Loan and it gets approved, you get a Rs 500 voucher as a bonus to shop at Amazon.

What You Can Use the Voucher for

The Rs 500 Amazon voucher is a nice perk to look forward to. Amazon is an all-inclusive online store where you can find almost everything you need. You can use the voucher for various things at Amazon, including the following:

Buy yourself a travel bag or an outfit if planning for a trip this summer.
Spend the voucher on a decor item to enhance the beauty of your home.
Purchase the necessary study material or stationery items for yourself or your kids.
Order a fancy wallet, cosmetics, or artificial jewellery for your next vacation.
Buy health equipment or medical supplies for the needs of your family.

Like a Personal Loan, the Amazon voucher imposes no end-use restrictions. So, you can purchase anything within Rs 500 on Amazon.

How to Avail of the Amazon Voucher

To obtain the Rs 500 Amazon voucher, you must get approval for a Personal Loan at the Hero FinCorp instant loan app. Here are the conditions you must fulfil:

Age: 21 to 58 years
Profession: Salaried or self-employed
Work Experience: Six months for salaried and two years for self-employed
Monthly Income: At least Rs 15,000 per month

Apart from these, you should have a credit score of 750 or above and a low DTI ratio to show a solid repayment capacity. Once you qualify, you must submit the following documents to prove your eligibility For Personal Loan finance online:

Mandatory Documents: Dully filled application form and passport-sized coloured photograph
Identity Proof: Passport, PAN Card, Aadhaar Card, Driving License
Address Proof: Passport, Aadhaar Card, Driving License, Utility Bill, Ration Card

For Salaried Employees:

Home Ownership Proof: Property documents, electricity bills, maintenance bills
Income Proof: Form 16, last six months’ bank account statements of the salary account, previous three months’ salary slips
Job Continuity Proof: Current employer’s appointment letter, previous employer’s experience certificate

For Self-Employed Professionals:

Office Address Proof: Rent agreement, property documents, utility bills, maintenance bill
Income Proof: Last two years’ income tax returns, last six months’ bank statement
Business Existence Proof: Company’s registration certificate, shop establishment proof, copy of tax registration

To apply for an instant Personal Loan, you must download the Hero FinCorp instant loan app, enter a few necessary details, upload scanned copies of the required documents, and wait for the verification process to complete. Once you accept the loan offer, you get disbursal directly into your bank account and an Amazon voucher worth Rs 500, both with no usage restrictions.

So, don’t wait any longer. Grab this limited-period Amazon voucher offer and buy your favourite things.

DBS Bank’s Pivotal Study Reveals Indian Businesses More Focused Than Global Peers on ESG Reporting and Compliance

July 29, 2024, Mumbai, Maharashtra, India : A comprehensive, global study entitled ‘Pivotal: How treasury and finance enable a new era of globalisation’ conducted by DBS Bank in partnership with the Financial Times Longitude reveals the strategic priorities as well as the potential challenges for businesses in a new era of globalisation. Surveying over 570 senior executives from 15 countries1, including India, it offers valuable insights into how financial strategies and diversification efforts are driving growth and innovation.

The research study identifies the top three priorities for Indian businesses over the next two years:

78% will give precedence to securing new skills and talent,
76% will focus on improving productivity and operational performance,
72% are committed to business diversification through innovation, financing, and exploring new market channels.

When examining insights from the subcontinent, it was seen that Indian businesses are more likely than their regional peers to be engaged in ESG reporting and compliance (65% in India, compared with 62% in Singapore, 53% in Hong Kong and 41% in China). This aligns with the increase in stringency and rigour required from mandatory reporting and disclosure norms in the country. Another interesting aspect that emerged was that one of the biggest considerations for Indian companies deciding where to locate their treasury and finance functions was the presence of a diverse talent pool, with 84% of organisations citing it as a critical factor, compared to a global average of 70%. A stable political environment and robust financial ecosystem, aspects that are very reliable in India, also rank high on this list of location influencers, each factor cited by 72% of businesses in India.

Speaking on the launch of this survey, Rajat Verma, Managing Director and Head of Institutional Banking, DBS Bank India said, “Amidst global headwinds, there are emerging opportunities for companies to benefit from the shift towards Asia by harnessing the power of innovation and data-driven decision making. The new DBS study reveals how the role of Treasury has been evolving strategically within this paradigm to drive business results, unlock value and manage risk. As a trusted partner, DBS Bank is committed to leveraging our established regional network and expertise in digitalisation to help companies navigate this path forward.”

A significant finding is that 42% of Indian executives (compared to the global average of 27%) perceive the emergence of new market entrants as a key barrier, hampering business growth. Access to capital (40%), and growing regionalisation and nationalism, (36%), are also fundamental concerns. Despite these challenges, Indian enterprises are actively pursuing global expansion, with treasury and finance departments playing an increasingly central role. These functions are driving decisions, with 92% of treasury and finance teams engaged in corporate strategy and 88% of these teams in Indian businesses closely involved in procurement and supply chain management, vital functions in the current trade landscape.

Divyesh Dalal, Managing Director & Head – Global Transaction Services, SME & Institutional Liability Business, DBS Bank India shared, “The Pivotal 2024 survey indicates that businesses in India are leading their regional peers in ESG reporting and compliance, which corresponds closely to trends we have seen with DBS clients in the country. Treasury and finance teams are going beyond their traditional remit in driving value for the organisations. They are increasingly looking to better leverage emerging technologies like AI & Gen AI to build their core businesses. As companies become more global, the competitive advantage derived from integrating sustainability and digitalisation into operations will be the deciding factor for long-term business success.”

The findings of the DBS Bank study, in partnership with the Financial Times Longitude, point to the fact that companies that embrace the more involved role of their treasury and finance leaders and enable them to adapt to new responsibilities, stand to benefit from a more informed approach to unlocking new opportunities in a dynamic global marketplace.
1Over 85% of respondents were from companies with an annual revenue of over USD 1 billion. The study was conducted by FT Longitude, the specialist thought leadership division of the Financial Times Group.

IDFC FIRST Bank Q1 FY25 PAT at Rs. 681 Crores, Core Operating Profit up 30.2 percent YOY

July 29, 2024, Mumbai, Maharashtra, India : Financial results at a glance The Board of Directors of IDFC FIRST Bank, in its meeting held today, approved the unaudited financial results for the quarter ended June 30, 2024.

Deposits & Borrowings

Total Deposits of the Bank increased by 35.8% YOY from Rs. 1,54,427 crore as of June 30, 2023 to Rs. 2,09,666 crore as of June 30, 2024.
Customer Deposits increased by 37.8% YOY from Rs. 1,48,474 crore as of June 30, 2023 to Rs. 2,04,572 crore as of June 30, 2024.
CASA Deposits grew by 36.1% YOY from Rs. 71,765 crore as of June 30, 2023 to Rs. 97,692 crore as of June 30, 2024.
CASA Ratio stood at 46.6% as of June 30, 2024.
Retail Deposits grew by 43.5% YOY from Rs. 1,14,272 crore as of June 30, 2023 to Rs. 1,64,001 crore as of June 30, 2024.
Retail Deposits constitutes 80.2% of total customer deposits as of June 30, 2024.
Legacy High Cost Borrowings reduced from Rs. 16,055 crore as of June 30, 2023 to Rs. 10,084 crore as of June 30, 2024.
The Bank opened 11 new branches during Q1 FY25 to reach branch count of 955 by June 30, 2024.

Loans and Advances

Loans and Advances (including credit substitutes) increased by 22.0% YOY from Rs. 1,71,578 crore as of June 30, 2023 to Rs. 2,09,361 crore as of June 30, 2024.
The Bank continues to wind down infrastructure financing as per the stated strategy and now constitutes only 1.3% of total funded assets as of June 30, 2024.
Exposure to top 20 single borrowers improved from 7.0% as of June 30, 2023 to 5.4% as of June 30, 2024.
Credit to Deposit Ratio improved from 107.3% as of June 30, 2023 to 98.1% as of June 30, 2024.
Incremental Credit to Deposit ratio between June 30, 2023 to June 30, 2024 was 72.1%.

Assets Quality

Gross NPA of the bank has improved from 2.17% as of June 30, 2023 to 1.90% of June 30, 2024, improved by 27 bps on YOY basis.
Net NPA of the bank has improved from 0.70% as of June 30, 2023 to 0.59% of June 30, 2024, improved by 11 bps on YOY basis.
Gross NPA of the Retail, Rural and MSME Finance has improved from 1.53% as of June 30, 2023 to 1.46% as of June 30, 2024, improved by 7 bps on YOY basis.
Net NPA of the Retail, Rural and MSME Finance has improved from 0.52% as of June 30, 2023 to 0.46% as of June 30, 2024, improved by 6 bps on YOY basis.
Excluding the infrastructure financing book, which the Bank is running down, the GNPA and NNPA of the Bank would have been 1.60% and 0.43% respectively as of June 30, 2024.
SMA-1 and SMA-2 in Retail, Rural and MSME Finance portfolio continues to be low at 1.01%, but increased from 0.85% as of March 31, 2024 due to rise in SMAs of JLG book (due to floods) which increased from 1.26% as of March 31, 2024 to 1.70% as of June 30, 2024.
Provision coverage ratio (excluding technical write-off) of the bank has increased from 68.11% as of June 30, 2023 to 69.38% as of June 30, 2024. Excluding the run-down infrastructure book, PCR was at 73.48% at June 30, 24.
Profitability

Net Interest Income (NII) grew 25% YOY from Rs. 3,745 crore in Q1 FY24 to Rs. 4,695 crore in Q1 FY25.
Net Interest Margin (Gross of IBPC and sell-down) reduced from 6.33% in Q1 FY24 to 6.22% in Q1 FY25.
Fee and Other Income grew by 19% YOY from Rs. 1,341 crore in Q1 FY24 to Rs. 1,595 crore in Q1 FY25.
Core Operating income grew 24% from Rs. 5,086 crore in Q1 FY24 to Rs. 6,290 crore in Q1 FY25.
Operating Expense grew by 21% YOY from Rs. 3,659 crore in Q1 FY24 to Rs. 4,432 crore in Q1 FY25.
Core Operating Profit grew by 30% YOY from Rs. 1,427 crore in Q1 FY24 to Rs. 1,858 crore for Q1 FY25.
Provisions increased 109% YOY from Rs. 476 crore in Q1 FY24 to Rs. 994 crore in Q1 FY25. This was primarily due to rise in provisions of JLG portfolio, impacted by the flood in Tamil Nadu and seasonal impact.
The annualized credit cost as % of average funded assets (gross of IBPC) for Q1 FY25 was 1.90%. Without the impact of JLG book, the annualized credit cost as % of average funded assets for Q1-FY25 was 1.70%. Bank expects the credit cost to get normalized from Q3-FY25 onwards.
Net Profit de-grew 11% YOY from Rs. 765 crore in Q1 FY24 to Rs. 681 crore in Q1 FY25. Excluding trading gains from respective period, the degrowth in profit was at 7% YOY.
Provisions for JLG business was higher by Rs. 132 crores in Q1 FY25 over the Q1 FY 24. Excepting this impact, the PAT for the quarter would have been higher by Rs. 100 crores.
RoA stood at 0.91% and RoE stood at 8.32% in Q1 FY25.

Capital Position

Capital Adequacy including profit for Q1-25 was strong at 15.88% with CET-1 Ratio at 13.34% as on June 30, 2024. Including Capital raised in July 2024, the Capital Adequacy Ratio as on June 30, 2024 would be 17.21%, with CET-1 ratio at 14.67%.

Comments from Managing Director & CEO

Mr. V Vaidyanathan, Managing Director and CEO, IDFC FIRST Bank, said,

“The biggest requirement in Banking today is the ability to raise deposits. On this front, we continue to get strong growth in deposits based on top quality service levels, top in class mobile App, and excellent corporate governance. Our CASA ratio is sustained at 46.6%. Our customer deposits have grown 38% YOY. We thank our customers for their goodwill towards us.

Overall Gross NPA was stable at 1.90% and Net NPA was 0.59%. Provisions normalized this quarter in line with the industry. We took extra provisions for MFI business because of massive floods in Tamil Nadu and because of seasonality. We expect credit cost to normalise in H2 FY25 as guided earlier.

On the profitability front, the Core Operating Profit (Income less Opex) rose 31% YOY excluding trading gains. This continues on the back of strong core Operating Profit in FY24, which was up 31% from Rs. 4,607 crore in FY23 to Rs. 6,030 crore in FY24.”

Lineage Announces Closing of Initial Public Offering

July 29, 2024,NOVI, Mich., United States : Lineage, Inc. (the “Company”) (Nasdaq: LINE) today announced the closing of its underwritten initial public offering of 56,882,051 shares of its common stock at a public offering price of $78.00 per share. The net proceeds from the offering were approximately $4.2 billion, after deducting underwriting discounts and commissions and estimated expenses payable by the Company. The Company intends to use the net proceeds received from the offering to repay borrowings outstanding under its delayed draw term loan, repay borrowings outstanding under its revolving credit facility, fund one-time cash grants to certain of its employees in connection with this offering and estimated cash to pay tax withholding obligations associated with stock grants and redeem its Series A preferred stock. Following such uses, the Company expects to use the remaining net proceeds for general corporate purposes, which may include the repayment of additional borrowings outstanding under its revolving credit facility.

The Company’s common stock began trading on the Nasdaq Global Select Market on July 25, 2024, under the ticker symbol “LINE”.

Morgan Stanley, Goldman Sachs & Co. LLC, BofA Securities, J.P. Morgan and Wells Fargo Securities acted as joint lead book-running managers for the offering. RBC Capital Markets, LLC, Rabo Securities USA, Inc., Scotia Capital (USA) Inc., UBS Securities LLC, Capital One Securities, Inc., Truist Securities, Inc., Evercore ISI, Robert W. Baird & Co. Incorporated, KeyBanc Capital Markets Inc., Mizuho Securities USA LLC, PNC Capital Markets LLC, Deutsche Bank Securities Inc., CBRE Capital Advisors, Inc., HSBC Securities (USA) Inc., Piper Sandler & Co. and Regions Securities LLC acted as joint book-running managers for the offering. Blaylock Van, LLC, Cabrera Capital Markets LLC, C.L. King & Associates, Inc., Drexel Hamilton, LLC, Guzman & Company, Loop Capital Markets LLC, Roberts & Ryan Investments, Inc. and R. Seelaus & Co., LLC acted as co-managers.

A registration statement relating to these securities was declared effective by the U.S. Securities and Exchange Commission on July 24, 2024. The offering was made only by means of a prospectus. Copies of the final prospectus related to this offering may be obtained from Morgan Stanley, Prospectus Department, 180 Varick Street, New York, New York 10014, or email: prospectus@morganstanley.com; Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316, or email: prospectus-ny@ny.email.gs.com; BofA Securities, NC1-022-02-25, 201 North Tryon Street, Charlotte, North Carolina 28255-0001, Attention: Prospectus Department, email: dg.prospectus_requests@bofa.com; J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by email at prospectus-eq_fi@jpmchase.com and postsalemanualrequests@broadridge.com; and Wells Fargo Securities, 90 South 7th Street, 5th Floor, Minneapolis, MN 55402, at 800-645-3751 (option #5) or email a request to WFScustomerservice@wellsfargo.com.

Uniqus Consultech Launches Its Tech Consulting Practice

July 29, 2024, Mumbai, Maharashtra, India : Uniqus Consultech Inc., a tech-enabled global platform that offers consulting solutions in the accounting & reporting, finance operations, governance, risk, and ESG domains, today announced the launch of its Tech Consulting practice.

Based on interactions with its clients across the globe, Uniqus has identified four challenges faced by business leaders as they seek to harness the power of technology. First, disparate multiple systems within an organization impair the ability to productively obtain and analyze real-time data for decision making. Second, the fact that data resides in different places poses significant data management and data quality issues. Third, organizations are struggling with ways to practically adopt the power of AI/GenAI to solve real-world problems. Finally, the risk environment has become increasingly complex with heightened cyber and other tech risks – adoption of AI posing an additional level of risk and governance challenges.

Uniqus’ Tech Consulting practice has been designed to address these challenges and will offer four core solutions – Digitization & Automation; Data & Analytics; Artificial Intelligence & Machine Learning and Technology & Cyber Risk.

The Tech Consulting practice will be aided by Uniqus’ existing and future suite of proprietary tech products, including UniQuest (AI-powered research product) and ESG UniVerse (cloud-based ESG solution).

“We are incredibly excited about the launch of our Tech Consulting practice. Our clients across the globe have repeatedly told us about the challenges they face in harnessing the power of technology. The solutions to these challenges are very intuitive but difficult to implement without deep knowledge of underlying domains. Our practice is designed to solve core complex business problems and not just implement technology,” said Jamil Khatri, Co-Founder & CEO, Uniqus Consultech.

“AI and GenAI bring with them immense opportunities. Businesses are trying to find the best use cases to leverage these new technologies, while managing the governance and regulatory challenges that come up. We look forward to partnering with our clients on this journey,” said Abhijit Varma, Global Head of Tech Consulting.

Uniqus’ Tech Consulting practice is based on the core principle of solving business problems holistically by combining deep functional knowledge in the areas of finance, risk, and sustainability with equally deep tech knowledge and experience. Uniqus will deploy its differentiated integrated global delivery model to ensure that clients have access to the best and most cost optimal talent irrespective of geography. Given that Uniqus Tech Consulting is designed as an AI-first practice, it will integrate the power of this new technology for implementing solutions for its clients, while being mindful of the security, privacy, and governance challenges that new technologies bring with them.