RHI Magnesita India launches Youth Empowerment Program in 6 Indian states

Mumbai, October 5, 2023: RHI Magnesita India, the leading manufacturer and supplier of high-grade refractory products, systems, and solutions, has partnered with Don Bosco Tech Society to launch a “Youth Empowerment Program” for skill development of marginalized youths across 6 states in India. As a part of its Corporate Social Responsibility outreach, the company is taking a significant step towards bridging the widening skill gap and providing employment opportunities to the youth who are ‘Not in Education, Employment or Training (NEET)”. Under this initiative, the first skill training batch got started at the Don Bosco Tech Najafgarh centre in New Delhi recently.

The collaboration primarily seeks to benefit women aged 18-35, by empowering them with the necessary skills to succeed in today’s competitive job market. Through this partnership, RHI Magnesita and Don Bosco Tech Society will jointly train more than 700 students across six Indian states, namely Andhra Pradesh, Tamil Nadu, Jharkhand, Delhi, Odisha, and Chhattisgarh.

Expressing his views, Parmod Sagar, MD & CEO of RHI Magnesita India said, “At RHI Magnesita India, we seek to positively impact the communities where we live and operate. We are excited about this partnership with Don Bosco Tech Society, the pioneer in education and skill training in the country since decades, will be meaningful and seek to bring in transformational change to the lives of the youth. Women empowerment has been a consistent focus area at RHI Magnesita, and we are ensuring that we include more and more women in our workforce. With this thought, we have made it a priority even in our social responsibility programmes.”

Fr. George Mathew, Executive Director of Don Bosco Tech Society, asserted that “skill development and empowerment of our youth is at the heart of what we do. By leveraging RHI Magnesita’s expertise in industrial processes and their commitment to community development, we aim to create a sustainable impact. This collaborative endeavour will focus on providing quality vocational training, mentorship, and career guidance to India’s youth.”

The key highlights the programmes under this collaboration are:

· Targeted Skill Training: A comprehensive three-month skill training curriculum for each batch, which is carefully designed to provide a well-rounded learning experience, encompassing classroom sessions, hands-on practical work, enlightening guest lectures, and industry visits. Participants can expect to gain practical, job-ready skills.

· Integration of Women: A standout feature of this program is its unwavering commitment to promoting gender equality in the workforce, which is a key tenet of RHI Magnesita’s efforts to promoting diversity and inclusion. This will be done through special efforts

Don Bosco Tech Society has a strong track record of skill development initiatives, while RHI Magnesita India brings its industry expertise to the table. This partnership is on the back of the shared commitment of both the organizations to make a positive impact on the lives of young people. This partnership seeks to create a brighter future for India’s youth, equipping them with the skills and confidence needed to succeed in today’s world.

RHI Magnesita strongly believes in the upliftment of the communities it lives and works with. The company’s sustainability initiatives are driven by the belief that as a responsible corporate, an organization must proactively commit to a more sustainable future by serving a larger societal purpose. Earlier this year, RHI Magnesita India announced that it has achieved 100% utilization of its CSR fund during FY 2022-23 through implementation of the projects, that are aimed at bringing positive changes in the communities it works with. The company further announced that its CSR budget for FY 23-24 is INR 5.6 crore which is a 14% increase from the previous year.

FTCCI, the 106-year-old trade body to organise a Certificate Course on GST

Hyderabad, October 05, 2023.….FTCCI–The Federation of Telangana Chambers of Commerce and Industry to organise a Certificate Course on GST. It will be held every Thursday and Friday for four weeks starting from October 12 and will conclude on November 2nd. The classes will be held half a day from 2.30 pm to 6 pm.

The best of the Indirect Tax Faculty will conduct the Certificate Course. It will cover an overview of GST, Input Tax Credit, Recent Amendments, Tax Invoices, Debit/Credit Notes, E-Way bills, E-Invoicing, Exports under GST, Refunds and others.

The course is ideally suitable for CFOs, Heads of Accounts/Finance/Taxation, industry owners, practitioners and professionals.

The need for the course arose because of its complex nature, constantly changing business environment and tax landscape and amendments to the GST Law.

People are realizing how crucial it is to take a GST course in order to successfully navigate this complex tax system. The course on GST provides a thorough and in-depth explanation of GST’s core ideas, its real-world applications, and the subtleties of compliance standards.

The purpose of doing a GST course is to provide individuals with an in-depth understanding of the GST system, its principles, and its practical implications. And it is conducted by an Industry trade body which has a legacy of 106 years.

It helps in professional development, career advancement, and business compliance, saves on fines, and improves efficiency.

By understanding GST provisions and exemptions, businesses can structure their operations and transactions in a way that minimizes tax liabilities. For individuals starting a new business or operating a small business, a GST course can be particularly beneficial. It can help entrepreneurs navigate the complexities of GST regulations from the outset, ensuring compliance and avoiding costly mistakes. Even for individuals who are not directly involved in taxation or finance, understanding GST can be valuable in everyday life. It provides insights into how taxes impact the economy, consumer prices, and government revenue. This knowledge can enable individuals to make informed decisions and engage in discussions related to tax policies and reforms. Overall, the purpose of doing a GST course is to acquire a comprehensive understanding of the GST system, gain practical skills, and leverage this knowledge for professional development, career advancement, business compliance, and informed decision-making.

Step inside Sawan Gandhi’s luxurious store in Hyderabad

Fashion designer Sawan Gandhi recently opened doors to a new store in Banjara Hills, Hyderabad. The newly launched store is a mid-century modern space styled in a stark monochromatic look with color accents, a signature to Sawan Gandhi’s existing aesthetics. Cocktail sarees, sharp blazers, dress trousers, and playful and functional separates for modern men and women will all be housed in the store, along with groom wear and other cocktail glam.

Hyderabad, an emerging fashion hub, will be a stronghold for Label Sawan Gandhi, and the new store is something the brand is excited for. The label is at home in Hyderabad and is looking forward to being known as the go-to brand for the city’s fashion followers. Meanwhile, the interiors depict a classic and minimalistic style, with ivory being the dominant color, giving the store an edgy yet luxe look. With party season around the corner, the label is all set to introduce shoppers to a captivating interplay of rhythmic hues and varied versatility.

The Sawan Gandhi collection exudes an aura of royalty. Known for their intricate chickankari embroidery with traditional motifs and amazing cuts and falls, the creations have a timeless quality and are reflective of an era gone by. For brides and grooms, the new store promises to be a haven; apart from catering to wedding attire requirements, the store also keeps in mind the demands of a luxury millennial consumer. An intimate yet luxuriant space for consumer appointments, the label facilitates special requests for customizations.

Sawan Gandhi has always been inspired by art, culture, and heritage and believed firmly in considering the label’s potential in Hyderabad to provide convenience to the huge client base in the city. The core offering still remains the hand-woven sarees, French knot sherwanis, and handmade garments decked with embroidery highlighting Indian craftsmanship. The idea is to push the envelope on haute couture and present coveted embroideries, sculpted cuts in silhouettes, the techniques of ombres, and much more in an exclusive way. His collection offers bespoke services with a range of shirts, bandhgalas, chikankari sarees, and lehengas, all with a touch of detailing that makes the garment stand out from the vast sea of uniformly dressed folks.

For the man of today, Sawan Gandhi is the perfect solution for all things modern and traditional- right from festive shirts and formal jackets, to exquisite sherwanis, traditional kurtas and footwear! The label houses hues of pastels along with classic blacks and whites in a myriad of silhouettes so there is something for everyone!

Sawan Gandhi, the visionary behind the brand, stated, “Hyderabad is the heart, the epicenter of art, design, and culture. It was imperative for me to initiate the establishment of a store in a city that has a rich history and coincides with my brand’s perspective.”

Discover a surreal narrative for the brand. The new Hyderabad store is a must-visit for fashion aficionados.

Answer Genomics raises $500K in a Pre-Series A Round from Inflection Point Ventures

October 5th, 2023, Bengaluru: Hyper-personalized & data driven wellness platform, Answer Genomics has raised $500K in a pre-series A Round from Inflection Point Ventures. The funds will be utilized for supporting Sales & Marketing efforts and expanding the talent pool through strategic hiring initiatives. Additionally, these investments will enable Answer Genomics to continue pioneering advances in genomics and ultimately enhance the well-being of individuals through personalized health insights by sequencing 10K genomes in the next 12 months.

Answer Genomics is a data driven precision health company dedicated to harnessing the power of multi-ominc data to assist individuals in making informed decisions about their health. Their approach involves delving directly into the genetic blueprint, microbiome and physiological parameters decoding both physical and mental health factors. Founded in 2019, Answer Genomics is led by Rahul Ranganathan as CEO, a Molecular Biologist from Delhi University, and an MBA from XLRI Jamshedpur with experience across organizations like PepsiCo and Flipkart. Dr. Balamurali AR serves as the CTO and is a Ph.D. in AI/ML from IITB and Monash University, along with a Post Doc in AI/ML from CNRS France. He has worked for over 20 years in reputed companies like IBM and Samsung, with additional contributions as a Visiting Faculty at IIM Vizag.

Vikram Ramasubramanian, Partner, Inflection Point Ventures, says, “Research and development in healthcare has always been of critical importance, with Genomics being at the cutting edge. Data science lends itself very well to Genomics, allowing healthcare companies to provide deep insights, and bio hacks to improve one’s lifestyle quality. As an early mover, Answer Genomics not only addresses an individual’s need for better health, but also provides data for large organizations to create better products.”

India, with one of the largest and diverse populations in the world, is not represented well globally when it comes to genetic information. Most of the data used for reference comes from Western countries. This can lead to incorrect results in the tests, which would prove harmful. Answer Genomics plans to unlock the power of genetics to provide potential know-how for dealing with several health and lifestyle ailments.

The company is collecting samples from people with their consent to create a database of genetic information. They take a small amount of blood and analyze more than 5 million data points from it. This helps them give personalized advice for staying healthy. They look at various parameters including genes, medical history, microbiome, and lifestyle to give you advice on how to be healthy now and in the future. Based on the data collected, they give advice suggesting food habits, lifestyle choices, supplements, and medications. Answer Genomics is already working with large companies to help their employees understand health issues with the help of Genomics.

The company has also filed for 2 patents and holds publications papers in important peer reviewed journals.

Rahul Ranganathan, CEO, Answer Genomics, says, “The advent of AI is changing the landscape of healthcare. We now possess the technology capable of understanding the human body for the masterpiece that it is. Multi-omnic data collected over a course of time forms a picture of current and future health allowing accurate prognosis, early diagnosis, and precision treatment. We believe precision health would reduce the burden on our healthcare infrastructure by allowing for accurate predictions, remote interventions, and faster recoveries.”

Answer Genomics is the only company in genomics that is covered under insurance. The company has a pan India presence. The Indian healthcare market in 2022 was estimated to be valued at $372 billion, according to Niti Ayog. The Indian preventive healthcare market is poised for substantial growth, projected to expand at an impressive compound annual growth rate (CAGR) of 22%. By 2025, this sector is expected to reach a substantial market size of $197 billion, as indicated by a collaborative report from Redseer, Chirate, and AWS. This anticipated growth underscores the increasing emphasis on preventive healthcare and its significance in the Indian healthcare landscape. The genetic testing market in the Asia-Pacific region is expected to grow at a CAGR of 7.65% to $15.33 billion by 2027. Geographically, the Indian genetic testing market is the fastest growing in the APAC region.

Thoughtsol Infotech earns recognition amongst the Top 100 India’s Best Workplaces for Women 2023

New Delhi, 5th October, 2023: ThoughtSol Infotech Pvt. Ltd, a leading IT system integrator and cloud services provider firm, has been recognized amongst the 𝐓𝐨𝐩 𝟏𝟎𝟎 𝐈𝐧𝐝𝐢𝐚’𝐬 𝐁𝐞𝐬𝐭 𝐖𝐨𝐫𝐤𝐩𝐥𝐚𝐜𝐞𝐬™️ 𝐟𝐨𝐫 𝐖𝐨𝐦𝐞𝐧 𝟐𝟎𝟐𝟑 𝐢𝐧 𝐭𝐡𝐞 𝐦𝐢𝐝𝐬𝐢𝐳𝐞 𝐜𝐚𝐭𝐞𝐠𝐨𝐫𝐲 by the Great Place to Work® Institute (India).

Great Place to Work Certification serves as a global benchmark for identifying and recognizing great employee experiences acknowledged by both companies and employees globally. Having received the recognition of “India’s Best WorkplacesTM” for Women in 2023 in the midsize category for the fourth time in a row underscores ThoughtSol’s unwavering commitment to progressively build a trustworthy and high-performance culture for each of their female employees.

Sharing his views on the recent achievement, Mr. Vinet Kuumar Founder & CEO, ThoughtSol Infotech Pvt. Ltd said, “We will continue to solicit our employees’ feedback and strive for excellence in our workplace practices that promote the potential for a brighter future. We truly owe this success to the passion and trust of our employees. Moreover, this accomplishment is a reflection of our company’s values, culture and the inclusive environment that we have cultivated over the years.”

Ratan Dargan, Co-Founder & Chief Technology Officer at ThoughtSol Infotech said, “We are grateful to our entire workforce for their ongoing effort, and we are committed to providing a workplace that empowers and celebrates the achievements of women in our company. We are excited to continue on this path to success in the coming years!”

Our success stems from a positive culture, strong employee engagement, work-life balance, a continuous learning process, and a customer-centric focus. These pillars drive our organization forward, ensuring our team’s well-being and our sustained recognition among the top best workplaces from women.

Ex Google launches WhatsApp Learning Platform ‘chaabi’ to Transform Blue-Collar Upskilling

India, 5th October 2023: With the vision to make upskilling easy & accessible, chaabi launches their WhatsApp Learning Platform—a first-of-its-kind solution set to revolutionize blue-collar workforce training in India. Engineered with AI-Powered Vernacular Content offered in 10+ Indian native languages, the platform elevates training accessibility and completion rates through a dynamic gamification approach. To drive business impact, chaabi’s platform distinguishes itself by offering limitless customization options for training creation, real-time data analytics, and intelligent user enrollment.

Recent market analysis has underscored an impressive 73% surge in job openings targeting blue and grey collar workers. This surge serves as a clear indicator of the escalating demand for skilled labour across various sectors. Upon conducting a survey, we found that 92% workers don’t receive any vocational training and 87% of the workers were struggling with learning in English and some in Hindi as well which made chaabi build AI-Powered Vernacular Content that trains people in their preferred languages. The incorporation of advanced AI technology facilitates personalized learning journeys, enabling individuals to progress at their own pace while honing skills that align with their career aspirations.

Speaking on the launch, Puneet Dhiman, Founder and CEO of chaabi.ai said, “India’s 500 million plus blue-collar workforce is poised for transformation. With WhatsApp, India’s most widely used app, as the primary platform we ensure efficient delivery of job-specific training tailored to blue-collar workers. This approach helps in enhancing productivity and employability among this vital segment of our workforce.”

With its innovative approach, chaabi aims to reshape the landscape of skill development and employment prospects for millions of blue-collar workers across the nation. By seamlessly integrating the convenience of WhatsApp with the power of AI, chaabi is at the forefront of this transformative journey.

TiE Bangalore appoints Ritu Sharma as its Executive Director

Bangalore, 5th Oct 2023 – TiE Bangalore, a chapter of The Indus Entrepreneurs (TiE) global network, is delighted to announce the appointment of Ritu Sharma as its Executive Director. With an illustrious career spanning 27 years across diverse sectors such as technology, telecom, media and broadcasting, Ritu Sharma brings a wealth of experience and leadership to her new role.

Ritu Sharma’s professional journey is marked by her exceptional ability to seamlessly navigate various leadership roles, including sales, marketing, operations, and general management. She has excelled in both global multinational corporations and dynamic startup ventures, showcasing her adaptability and versatility. Ritu Sharma held key positions in renowned organization – her experience includes serving as Country Manager at AppsFlyer India, Global Sales leader at Amagi, VP Sales, Marketing & Operations Asia Pacific at Encompass Digital Media, and various leadership roles at Network 18 and Vodafone.

Madan Padaki, Hon. President of TiE Bangalore said “All of us on the Governing Board of TiE Bangalore are excited to welcome Ritu as our full-time Executive Director. Her extensive experience, leadership acumen, and keen interest in building collaborative ecosystems will undoubtedly contribute to the vibrancy of the entrepreneurial ecosystem, growth of our entrepreneurs and the success of our chapter”.

Ritu Sharma added “TiE’s mission to foster and nurture start-ups, mentor budding entrepreneurs, and facilitate meaningful connections aligns perfectly with my passion for creating a positive impact.I am excited about the opportunity to learn from seasoned entrepreneurs, bring my own experiences to the table and contribute to the vibrant entrepreneurial ecosystem that TiE fosters”.

Beyond her professional achievements, Ritu Sharma has diverse personal interests. She is deeply passionate about fitness and fashion, and she is a trained fitness and nutrition trainer. She derives immense satisfaction from extending her expertise and assistance to others in these areas.

CRISIL upgrades Fusion Micro Finance Limited to ‘CRISIL A+/Stable’

New Delhi, October 5, 2023: Fusion Micro Finance [BSE (BOM: 543652) and NSE (NSE: FUSION)], one of India’s leading NBFC-MFIs, has announced that CRISIL, the Credit Rating Agency, has upgraded its credit rating on the Bank Loan Facilities and Non-Convertible Debentures of Fusion Micro Finance Limited to ‘CRISIL A+/Stable’ from ‘CRISIL A/Stable’. Notably, this is the second upgrade by CRISIL for Fusion Micro Finance Limited in a short span of 11 months. In November 2022, CRISIL had upgraded Fusion Micro Finance Limited to ‘CRISIL A/Stable’ from ‘CRISIL A-/Stable’.

Summary of Rating Action is as below:

Total Bank Loan Facilities Rated – Rs. 5000 Crore
Long Term Rating – CRISIL A+/Stable (upgraded from CRISIL A / Stable)
Rs. 50 Crore Non-Convertible Debentures – CRISIL A+/Stable (upgraded from CRISIL A / Stable)
Commenting on the upgrade, Mr. Devesh Sachdev, Managing Director and CEO, Fusion Micro Finance Ltd, said, “We are delighted with this significant achievement of getting a second upgrade in less than 11 months. It reflects our resilience and strong business model. We remain committed to build upon our strong foundation laid over the years and creating long term value for all our stakeholders.”

Detailed rationale:

CRISIL’s Ratings has upgraded its long-term rating on the bank facilities and debt instruments of Fusion Micro Finance Limited (Fusion) to ‘CRISIL A+/Stable’ from CRISIL A/Stable.

The rating action takes into consideration the substantial improvement in earnings profile driven by higher net interest margins (NIMs) and controlled credit costs. It also factors in the improvement in scale of operations along with improving asset quality.

In line with revised regulatory framework, the company has enhanced its risk-based pricing by increasing its yields by ~200 to 300 bps during fiscal 2023 leading to expansion in NIMs to 10.5% during the fiscal as against 8.2% the previous year. At the same time, credit costs continue to remain low at 2.2% supported by collection efficiency being consistently over 99% for newer originations done. Benefitting from both improvement in NIMs as well as lower credit costs, overall profitability has improved as reflected in return on managed assets (RoMA) 4.3% for fiscal 2023 (4.5% during Q1 fiscal 2024). The company is expected to sustain improved profitability over the medium term.

The company’s portfolio has seen steady growth with Fusion being among the top 5 MFIs operating in India. The company’s AUM stood at Rs 9,712 crore as of June 2023 (Rs 9,296 crore as of March 2023 (Y-o-Y growth of 37%) and is expected to have crossed Rs 10,000 crore by end of September 2023. The company has also maintained equal focus on improving its asset quality along with the growth. As of June 30, 2023, the 90+ dpd improved to 3.2% as against 3.5% as of March 31, 2023 and 5.7% as of March 31, 2022. CRISIL ratings notes that company didn’t sell any portfolio to ARCs and wrote off Rs 307 crore (3.2% of the portfolio as of June 2023) in last 15 months. Collection efficiency has remained strong with low delinquencies for loans originated in the last 12-18 months. This in-turn has resulted in lower credit costs on incremental basis.

The rating also continues to factor in healthy capital position which continues to strengthen overall credit profile of Fusion. The company was successfully able to raise Rs 600 crore through IPO done in Q3 of fiscal 2023. With this equity raise and substantial improvement in accretions Fusion’s net worth improved to Rs 2,445 crore in June 2023 as compared to Rs 2,322 crore in March 31, 2023 and Rs 1,338 crore in March 2022. Company’s adjusted gearing also improved stood at 3.4 times as on June 30, 2024 as compared to 3.3 times as on March 31, 2023 (4.8 times as on March 31, 2022). Nevertheless, with continuous growth in scale of operations, the ability of company to maintain adjusted gearing below 4.0 times will remain key rating sensitivity factor.

The rating also reflects experienced leadership and senior management team along-with sound risk management/audit processes that are set-up by Fusion. These strengths are partially offset by inherently modest credit risk profile of borrowers, and potential risk from local socio-political issues inherent to the microfinance sector.