Category Archives: Business

Volkswagen India expands its network in Kerala with the inauguration of six new touchpoints

Chandigarh, 6th August 2024: Volkswagen India continues to strengthen its network footprint in the state of Kerala with the inauguration of six new customer touchpoints. Expanding its presence in key markets across the state, the new touchpoints include city stores in Calicut, Trivandrum, and Kochi, as well as a new body shop facility in Kochi.

The addition of these outlets marks a significant expansion for Volkswagen in Kerala, growing its footprint to 21 sales and 16 service facilities in the state. This growth underscores the brand’s commitment to providing premium mobility solutions to the growing customer base in Kerala.

Mr. Ashish Gupta, Brand Director, Volkswagen Passenger Cars India, said, “Kerala has always been a key market for Volkswagen India with its dynamic economy and discerning customer base. The opening of these new touchpoints as well as the introduction of special celebratory Onam Edition of Taigun and Virtus, are a testament to our commitment to the Kerala market and our endeavor to provide premium, German-engineered vehicles to our valued customers here. With the expanded network, we are well-positioned to meet the increasing demand from the upcoming festive season while continuing to offer a seamless, transparent, and value-for-money products & services to our customers in Kerala.”

The new city stores will showcase Volkswagen India’s premium product portfolio of the 5-star GNCAP safety rated Taigun, Virtus as well as the Brand’s globally acclaimed Tiguan SUV. The Calicut city store features a two-car display, while the Trivandrum and Kochi outlets will each house displays of three cars from the Brand’s product portfolio.

The new body shop facility in Kochi, is equipped with 11 service bays and will also offer comprehensive services including Express Service and full-fledged body repair facilities This facility is designed to provide efficient, high-quality service to meet the needs of Volkswagen customers in the region.

Under the leadership of Mr. Ajit Bhaskaran, Managing Director of Pheonix Cars, there has been addition of two more Sales & Service facilities both at Kodungallur & Palakkad in the last six months in addition to the new city stores in Calicut .

Mr. Sabu Johny, Managing Director of EVM Motors will be leading the City Stores in Kochi and Trivandrum alongside the body shop in Kochi. Together, these touchpoints will cumulatively be staffed by a team of more than 110 skilled and trained sales and service executives, ensuring a seamless and customer-centric experience.

Rejoicing the upcoming festive spirit, the Brand has launched a special celebratory Onam Edition on the Virtus and Taigun that will feature Front Parking Sensors, Dual Tone Horn, Puddle Lamps, TSI Fender Badge and more.

The network expansion of Volkswagen in Kerala reflects the Brand’s ongoing dedication to increasing accessibility and enhancing the customer experience across India. With 200+ sales and 140+ service facilities nationwide, Volkswagen continues to set expand its presence amid a growing appetite for premium mobility in India.

IceWarp connects with Top IT Leaders at 25th Annual CIOandLeader Conference

Goa, August 6, 2024: IceWarp, the leading provider of Business Email and Collaboration solutions is proud to announce its participation in the 25th Annual CIOandLeader Conference as Associate Partner at Holiday Inn Resort, Goa.

The 25th CIO&Leader Conference, an exclusive annual event that saw the participation of the top 200+ CIOs and future CIOs of India is a platform to discuss AI’s transformative powers and its application in shaping the future of business. This year’s theme, “The Intelligent Enterprise-AI Edition” directly responds to the evolving business landscape, promising insightful talks, solution-focused workshops, and knowledge-sharing discussions. The conference sessions delved into trends and technologies, such as AI, Cloud, Data, and Security, that are poised to significantly enhance business efficiency, deliver exceptional user experiences, foster innovation, and expand the organization’s global reach.

Talking about their participation in the event, Anita Kukreja, Head -Strategic Alliances & Brand at IceWarp India commented, “We are delighted to be a part of the 25th Annual CIOandLeader Conference, this event has provided IceWarp a platform to engage with their customers and network with top CIO’s from all over the country. This conference has given every participant an opportunity to associate with their prospective partners and a chance to augment their growth possibilities”.

Unified business communications and collaboration are essential for modern enterprises, streamlining various communication channels into a single, cohesive system. This integration enhances productivity, ensuring seamless interaction across teams, reducing misunderstandings, improving decision-making, and accelerating project completion regardless of location. By participating in the 25th Annual CIOandLeader Conference, IceWarp was able to showcase its expertise in Business Email and Collaboration solutions, strengthen relationships within the IT community, and foster knowledge exchange.

IceWarp has been a part of the Indian market for more than 8 years and has over 1500+ Mid Enterprise & Enterprise customers using their solutions. Having worked with various companies; small, mid-size, and enterprise-level, IceWarp solutions are created keeping in mind that it is suitable for all verticals especially the verticals with strict external and internal guidelines such as BFSI, Pharma and Healthcare, Manufacturing, FMCG, IT & ITeS.

Honeywell Unveils Complete Emissions Monitoring Solution for Offshore Platforms and Marine Vessels

INDIA, August 6, 2024 – Honeywell today announced its Emissions Management Suite is now Hazardous Location (HazLoc) and marine certified, making it one of the industry’s first end-to-end solutions for offshore oil and gas assets to measure, monitor, report and reduce emissions. Within its Emissions Management Suite, Honeywell has also added new solar capabilities into the Honeywell Versatilis™ Signal Scout™ hardware, expanding the lifespan of the gas detector by more than eight years with little additional maintenance requirements.

By helping the energy industry reduce its environmental footprint, the Emissions Management Suite supports Honeywell’s alignment of its portfolio to three compelling megatrends, including energy transition and automation.

Emissions management and monitoring are critical for shallow water offshore oil and gas platforms that can leak methane at much higher rates than land operations. For example, the methane loss rate of shallow water offshore oil and gas platforms in the Gulf of Mexico can range from 23-66%, compared to similar upstream land operations in the Permian Basin that can range from just 3.3-3.7%, according to a study by Cabon Mapper.i These unknown emissions can leave companies with offshore assets prone to regulatory hyperspectral satellite inspections, which could lead to large fines if a super-emitter event is detected.

Honeywell’s optimized solution provides offshore oil and gas assets with near real-time visibility for platform operations, enabling quick event response and the ability to balance emissions performance with production. At an enterprise level, this can allow flexibility to drive production from low emissions platforms while ramping back high emissions assets until repairs are completed, maintaining production while controlling emissions.

“By continuing to innovate, Honeywell is now able to provide an end-to-end solution that enables marine vessels and offshore platforms to accurately measure and report fugitive emissions when they happen,” said Pramesh Maheshwari, President of Honeywell Process Solutions. “With the help of our Honeywell Forge Sustainability+ for Industrials software, we are moving the industry forward by helping companies reach net-zero operations, both on land and offshore.”

Honeywell’s Emissions Management Suite is an effective solution for companies to measure fugitive emissions levels and help take action to reduce them. The solution is available now for several verticals including upstream and downstream oil and gas, refining, chemicals, utilities and more.

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.”