Archives May 2023

Kochi: ESAF Small Finance Bank posted a 452.40% increase in net profit to Rs. 302.33 crore for the year ended 31st March 2023. It was Rs. 54.73 crore during the previous year. The net profit for the quarter was Rs. 101.38 crore as against Rs. 37.41 crore during the trailing quarter. Total business (including advances under collection management) increased by 23.22% to Rs. 30,996.89 crore, compared to Rs. 25,155.76 crore in the previous fiscal year. The operating profit for the fiscal year increased by 81.70% to Rs. 893.71 crore from Rs. 491.85 crore. The Net Interest Income improved by 60.08% from Rs. 1,147.14 crore to Rs. 1,836.34 crore.

Deposits increased by 14.44% from Rs. 12,815.07 crore to Rs. 14,665.63 crore for the year ended 31st March 2023. Total CASA improved by 7.18% from Rs. 2,927.40 crore to Rs. 3,137.45 crore. Gross Advances increased by 16.38% from Rs. 12,130.64 crore to Rs. 14,118.13 crore as of 31st March 2023. The collection efficiency sustainably improved after the COVID pandemic and the activity level at the field has attained near normalcy.

Commenting on the results, Shri. K. Paul Thomas, MD & CEO, ESAF Small Finance Bank, said: “The soaring profit stands testimony to the opportunities in front while being steadfast in our commitment to sustainability. For us, this result is a celebration of the resilience shown by our loan customers. Also, we are happy that we could create a meaningful impact on the lives of many especially the underprivileged. As we expand our footprints across India, we will continue to ensure inclusive growth and prosperity for all.” Gross NPA and Net NPA stands reduced to 2.49% and 1.13% from 7.83% and 3.92%, respectively, during FY 2023. CRAR stood at 19.83% as on 31st March, 2023 as against the minimum requirement of 15% and Earnings per share improved from Rs. 1.22 to Rs. 6.73.

Tech Day 2023 is just around the corner, and it’s the perfect time to explore the top tech brands around various sectors that are revolutionizing the industry with their ground-breaking innovations. From cutting-edge smartphones and powerful laptops to brands working in conversational AI and cybersecurity, these brands have consistently pushed the boundaries of technology. In this listicle, we present you with the top tech brands that are set to dominate Tech Day 2023 and beyond, inspiring us with their innovation.

Apple:

As a frontrunner in the tech industry, Apple continues to captivate consumers with its sleek designs, intuitive user interfaces, and unmatched performance. From the latest iPhone models to the powerful MacBooks, Apple’s devices are known for their seamless integration and remarkable user experience. With their relentless focus on innovation and attention to detail, Apple is sure to impress tech enthusiasts once again during Tech Day 2023.

Google:

Google’s innovative approach to technology has made it one of the most influential tech brands in the world. From the revolutionary Google Pixel smartphones to the ever-evolving Google Assistant, Google consistently delivers products that redefine the way we interact with technology. With their focus on artificial intelligence, machine learning, and cloud computing, Google is poised to present groundbreaking innovations at Tech Day 2023.

Haptik:

Haptik is a prominent tech brand that specializes in conversational artificial intelligence (AI) solutions. Founded in 2013, Haptik has made significant strides in the field of chatbot technology and virtual assistants. The company’s primary focus is to enhance customer experiences and streamline business operations through AI-powered chatbots and voice assistants.

Microsoft:

Microsoft has been a pioneer in the tech industry for decades, and its commitment to innovation remains unwavering. From the powerful Surface lineup of laptops and tablets to the immersive Xbox gaming consoles, Microsoft’s products are synonymous with cutting-edge technology. As the industry shifts towards cloud computing, artificial intelligence, and mixed reality, Microsoft is expected to unveil exciting developments during Tech Day 2023.

Noventiq:

Noventiq is a leading global solutions and services provider in digital transformation and cybersecurity, headquartered and listed in London. The company enables, facilitates and accelerates digital transformation for its customers’ businesses, connecting 75,000+ organizations from all sectors with hundreds of best-in-class IT vendors, including AWS, Google, Microsoft, Adobe, Oracle, VMWare, among many others, alongside its own services and solutions. With a turnover of US$ 1.1 billion in the fiscal year of 2021, Noventiq is currently one of the fastest-growing companies in the sector.

Tech Day 2023 promises to be an exhilarating event, featuring the top tech brands that are at the forefront of innovation. From Apple’s sleek designs to Samsung’s wide-ranging product offerings, these brands are reshaping our world with their ground-breaking technologies. Whether it’s advancements in artificial intelligence, cloud computing, or immersive experiences, these tech giants will showcase

NEW DELHI, May 11, 2023 – Cisco, a global technology leader, announced today that it will start manufacturing in India, a major step in the expansion of its footprint in the country. This move is a part of Cisco’s strategy to create an even more diverse and resilient global supply chain and support India’s vision of becoming a global manufacturing hub. With this latest investment, Cisco will cater to the growing demand from customers in India and aims to drive more than $1 billion in combined domestic production and exports in the coming years.

The creation of a new manufacturing operation was announced by Cisco Chair and CEO Chuck Robbins in New Delhi, following a meeting with Prime Minister Narendra Modi, and a series of strategic engagements with Dr.S.Jaishankar, External Affairs Minister, Rajeev Chandrasekhar, Union Minister of State for Entrepreneurship, Skill Development, Electronics & Technology, B.V.R. Subrahmanyam, CEO of NITI Aayog, and K. Rajaraman, Telecom Secretary.

“Today, we are announcing strategic investments in Indian manufacturing capabilities as the next step in delivering cutting-edge technologies to our customers in India and across the globe,” said Chuck Robbins, chair and CEO of Cisco. “Fueled by a rapidly developing digital economy, India is a focal point of innovation and business for Cisco, and we remain deeply committed to our partnerships here.”

As organizations in India and across the globe fast-track their digitization, their technology needs are growing and evolving rapidly. The manufacturing facility will build Cisco’s best-in-class technology, designed to provide flexible, cost-effective delivery of next-generation services and applications and support complex cloud computing environments. The products can meet companies’ dynamic demands as they strive to foster agility in an increasingly hybrid, digital-first world.

Cisco is now building core manufacturing capabilities in India, including testing, development and logistics, and expanding in-house repair operations. In addition to supporting supply chain resiliency, reducing lead times, and elevating customer experience, this will add further impetus to the local economy.

“India is of strategic importance for Cisco, and we continue to bet on India. Today’s announcement marks a significant milestone to power the next phase of growth for Cisco. This investment will enable us to bring state-of-the-art technologies to more people and businesses and help accelerate India’s transition into a leading digital economy,” said Daisy Chittilapilly, President, Cisco India & SAARC.

India is a key market for Cisco and its second largest R&D center outside the US. Since commencing operations in India in 1995, Cisco has focused on helping the country digitize at scale and speed, including accelerating the transformation of critical sectors like transport, agriculture, including through the Country Digitization Acceleration program, and building a skilled workforce through the Cisco Networking Academy program.

Second annual fundraiser supports growing youth hockey nonprofit.

(St. Louis, Mo., May 10, 2023) – The St. Louis Youth Hockey Foundation – a nonprofit that provides support to young players who face financial difficulty – will hold its second annual golf tournament on Mon., Aug. 14 with registration beginning at 9:30 a.m. and a shotgun start at 11 a.m. The tournament will be held at the Greenbriar Hills Country Club located at 12665 Big Bend Blvd. in Kirkwood, Mo.

Tickets are $175 per golfer and $700 per four golfers, which includes 18 holes with a golf cart, snacks and beverages plus a luncheon and awards ceremony at 4 p.m. Proceeds will go toward assisting young players who need financial assistance.

This year the St. Louis Youth Hockey Foundation has awarded 16 grants to help young players continue playing hockey. Financial support is given to local club teams, as well as AAA and high school players based upon an individual’s need and family circumstances. In exchange for these scholarships, youth recipients pay-it-forward through volunteerism and community service.

Founded in 2018, the St. Louis Youth Hockey Foundation was created to give all local hockey players the ability to participate in this costly sport. The nonprofit was formed by local hockey coaches and hockey parents in response to a local De Smet Jesuit High School hockey player who struggled with mental illness and took his own life.

For ticket details or to become a sponsor, call (314) 807-3007 or visit www.stlyouthhockey.org.

Jaboor to provide computer and software networks support for one of St. Louis’ largest family-owned insurance agencies.

(St. Louis, Mo., May 10, 2023) Powers Insurance & Risk Management, one of the largest family-owned and operated independent insurance agencies in the bi-state region, recently promoted Drew Jaboor to IT Associate. His responsibilities include troubleshooting, maintaining, and repairing issues with the organization’s technology systems. Jaboor will also assist with onboarding new employees, as well as performing ongoing system training for all employees.

Jaboor previously worked at Powers’ IT Help Desk where he resolved networking issues for company employees. He earned his associate degree in Information Systems & Technology from Vatterott College.

“Drew brings five years of IT experience to our organization and its evolving infrastructure,” said Powers Insurance & Risk Management’s president JD Powers. “We rely on his expertise to assist us with overall communication among our team, clients, vendors, and carriers. Drew earned his promotion based upon the crucial role he has played to date, and we look forward to all he will accomplish in the future.”

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 generates more than $600 million in written premium and is the regional founding member for the Strategic Insurance Agency Alliance (SIAA), a $11 billion national alliance. The companies are headquartered at 6825 Clayton Ave. For more information, call (314) 725-1414 or visit www.powersinsurance.com.

May 10, 2023, New Delhi: The economictimes.com brings you exclusive coverage of the upcoming Karnataka assembly elections, the polls that open the election season ending with the Lok Sabha elections next year.

In the run-up to the elections, the economictimes.com’s blanket coverage of the high-intensity contest will include mood and trends in key constituencies, profiles of main candidates, curation of verbal battles, tracking of issues that shape the electoral discourse and deep insights into strategies and tactics of various parties and candidates. The ET website will parse the polls for you with quick takes, in-depth articles, expert opinion, liveblogs, multimedia coverage and videos from ground zero.

On the day of the results, the economictimes.com will run a results live blog and an animated results dashboard, in addition to commentary on key victories and defeats as well as analysis of overall results. A post-election stock-taking will round off the economictimes.com election coverage with various articles, stories and opinion pieces.

Commenting on the election coverage, Sanjeev Kumar, Business Head, ET, said, “The ET website is well-known for its comprehensive coverage of finance, business and economy news, offering deep insights into diverse trends and events. Given Karnataka’s significant economic importance and the intense competition between the three major parties in the upcoming assembly elections, ET website’s detailed coverage of the crucial polls will further enhance its reputation as a leading source for the audience to understand significant events.”

by Blox, India’s first technology-based and consumer-centric real estate buying platform

In the digitization era, buying everything online has become a norm. With the easy accessibility of smartphones, wi-fi along with the online transaction platforms, people have the luxury to buy anything in convenience of a single click. Though people are still inclined towards the traditional norms in real estate sector, the scenario is slowly changing.

Here are five prime reasons for booking homes online-

• • More transparency:In order to standout and be transparent in a bid, the property developers are providing home specification or exact floor planning information. A few developers are taking help of advanced technologies like virtual reality (VR) walkthroughs and conversational chat desks to offer sufficient information to the buyers.
  • Implementation of Government policies like RERA: With the consumer-friendly government policies like Real Estate Regulation Act (RERA), it has become mandatory for all the property developers to register and provide specific details about their projects with authorities for the sake of the home buyers. The detailed online information allows the consumers to cross check the reputation, credentials and project delivery track record of the developer before investing their savings in to a project.
  • Attractive price rates on online pre-booked properties: The developers tend to offer maximum special offers like lower interest rates, freebies, discounts etc at the initial phase of their projects. In such cases pre booking properties can prove to be affordable for the buyers. To avail the price benefits and book the property, the buyers need to pay the advance money online and then they can pay the rest in instalments.
  • Online availability of home loan documentation and sale agreements: The home buyers, especially the first-time home buyers often find the heaps of various types of home buying paperwork confusing. This can derail their whole home buying experience. However, with all the online information available on home buying platforms, the buyers can conveniently pay the booking amount and can complete the paperwork later.
  • Smooth availability of online bookings: Another boon for the online home buyers is that the service is available 24*7. With a smartphone and internet access, the buyers can log in to any online property buying platform, check out and invest into any project by doing online transaction. The whole process is both time and money saving as the buyers need not to go to multiple project sites every time.

With the various benefits offered by the online home buying platforms, opting for online home buying is becoming a trend. With the rising number of young home buyers, developers and sellers are also taking help of these online platforms. Therefore, it can be said that the online home buying trend is going to get stronger in real estate sector with each passing year.

by Blox, India’s first technology-based and consumer-centric real estate buying platform

Buy or rent a property- an eternal question for all the home hunters. Nowadays, more people are staying away from their hometown to different cities for work. In such cases, renting a property may sound tempting. But buying a property will always be financially beneficial in the long run.

Here are 6 advantages of buying a home over renting-

1.  Easy financial options:Now buying a home becomes easy with the surging availability of finance options. People do not need to wait till their old age to buy a home with their lifelong savings. Buyers need to carefully select a home loan lender who can offer flexibility in managing the home loan repayment by tailoring the home loan EMI to suit all present and future income patterns of the buyer
2. Building own asset:Paying chunks as rent is a pure expenditure. Instead, one can pay the home loan EMI with that much amount and build own asset over time. With every paid EMI, the equity of the buyer in home goes up.
3. Tax benefits on home loan:Home loan principal and interest repayment usually fetch the owner attractive tax breaks. On the contrary, the renters do not earn any interest on the deposit amount paid to the owners which is pretty high at prime locations.
4.  Home as investment:Buying a property in a city brings a sense of permanency and belongingness. Besides property prices generally appreciate over the long term. Delaying the property purchase will result in investing a higher amount which includes the paid rent over an extended period of time.
5.  No landlord hassle:Living in a rented property means dependency on the landlord for almost everything such as electricity, maintenance, water etc. Where owning a home means having authority on everything-be it the minor repairs to complete revamping of the entire home.
6.  No compromise: Renting a property means an additional expense which leads to cut down other expenditure. Therefore, people often compromise on different aspects such as size, locations and amenities. While owning a property means it will meet all the expectations of the owner.

With the surge in income levels, availability of easy and innovative loan options, higher disposable incomes, tax incentives etc a home purchase appears a viable proposition any day. Apart from a boost in acquired wealth, buying home gives a sense of achievement abiding by the social norms.

Mumbai, 10th May 2023: Colorbar Cosmetics, one of India’s leading cosmetics brands, is pleased to announce its retail expansion plans for Maharashtra, one of the most significant markets in the West region of India. With an extensive presence across 200 cities in India, Colorbar aims to strengthen 100 new stores in the in the West region, out of which 78 will be in Maharashtra, which is a testament to its unwavering dedication to broadening its reach across the country.

The brand is set to expand its reach to 20 more cities in India in 2023, with Mumbai, Pune, Nashik, Amravati, Nagpur, and Kolhapur leading 50% of the expansion.

Speaking on the subject, Mr. Samir Kumaar Modi, Founder and Managing Director, Colorbar Cosmetics said, “Maharashtra has always been one of the key performing markets for us and we are thrilled to unveil our plans for retail expansion in the state. Our aim is to establish a stronger foothold and bolster our position in the beauty industry driven by the philosophy of ‘Made for Magic’, and to deliver a unique and unforgettable experience to every individual by infusing color and magic into their lives. Furthermore, we are deeply committed to empowering individuals across India through the pioneering initiative – BA Programme. This innovative program embodies the belief ‘Dare to Dream’ and offers unique incentives that are designed to help individuals embark on a ‘magical journey’ that creates pathways to achieve financial independence”.

Colorbar Cosmetics strives to be a multifaceted force for positive change, with the goal of promoting equality and economic empowerment for everyone. The brand has 3,000 Beauty Advisors, with women representing over 70% of this talented cohort. These Beauty Advisors are presented with a remarkable opportunity to earn up to INR 2,00,000 (two lakh rupees) per month, alongside numerous additional benefits such as medical insurance, home and car ownership, and other attractive perks which is an industry first move. Through their BA Programme, Colorbar Cosmetics is creating a new paradigm for success and inspiring a new generation to achieve their full potential and attain emotional and financial freedom.

The brand has also introduced Project Lagan, a program that recognizes the contributions of its Beauty Associates by providing them with a wedding shagun worth INR 50,000 upon completing a five-year tenure with the brand.

Colorbar Cosmetics is a brand that is at the forefront of innovation, consistently pushing the boundaries of the beauty industry to introduce products that redefine the Indian beauty market. Demonstrating its dedication to sustainable practices, the brand recently unveiled its latest offering, India’s first-ever refillable lipstick ‘Take Me As I Am,’ a revolutionary product that reflects the brand’s commitment to clean and sustainable beauty. This launch marks a significant milestone for Colorbar and emphasizes the brand’s relentless efforts to develop eco-friendly products, that are ultimately revolutionizing the beauty industry.

The brand also introduced a personal care brand ‘Co-Earth’, from the house of Colorbar, a brand that is built on the fundamental belief of co-existing with Mother Nature. Its personal care solutions are derived from nature, and the brand follows a Clean Beauty Promise. Co-Earth gives back to nature by contributing a significant portion of its sales to impactful conservation and rescue efforts that protect and save endangered species, such as elephants, bears, leopards, rhinos, and tigers.

May 10, 2023: Nazara Technologies Limited (BSE: 543280) (NSE: NAZARA) a diversified gaming and sports media platform announced its audited Standalone and Consolidated results for the quarter and full year ended 31st March 2023.

The company delivered strong numbers powered by growth across all major segments and surpassed an important milestone of INR 1000 cr in annual revenues as well as 100 cr in EBITDA.

Key Consolidated Financial Highlights for FY23 are as follows:

• Revenue grew by 75% to INR 10,910 Mn (INR 1,091.0 Cr) as against INR 6,217 Mn (INR 621.7 Cr) in FY22
•  EBITDA grew by 16% to INR 1,097 Mn (INR 109.7 Cr) as against INR 946 Mn (INR 94.6 Cr) in FY22
•  Revenue growth has been broad based with all three segments of the company showing strong growth- 28% revenue growth in gaming, 75% in eSports and 53% in adtech
•  PAT growth of 21% in FY23 – INR 614 Mn (INR 61.4 Cr) as against INR 507 Mn (INR 50.7 Cr) in FY22
•  Cash & Cash Equivalents (incl. liquid investments) of INR 6,283 Mn (INR 628.3 Cr) as of 31st March 2023

Key Consolidated Financial Highlights for Q4FY23 are as follows:

•  Revenue rose by 65% to INR 2,893 Mn (INR 289.3 Cr) as against INR 1,751 Mn (INR 175.1 Cr) in Q4FY22
•  EBITDA increased by 86% to INR 277 Mn (INR 27.7 Cr) as against INR 149 Mn (INR 14.9 Cr) in Q4FY22
•  PAT increased by 92% to INR 94 Mn (INR 9.4 Cr) as against INR 49 Mn (INR 4.9 Cr) in Q4FY22

Commenting on the FY23 performance, Nitish Mittersain, Founder, CEO & Jt MD of Nazara Technologies stated:

“We are delighted to report another milestone year for Nazara. Our strong performance in FY23 with revenues surpassing the INR 1,000 crores mark at INR 1,091.0 crores and EBITDA surpassing the INR 100 crores mark at INR 109.7 crores is a testament to the hard work and dedication of our team, as well as our strategic investments in high-growth segments. We believe India is well on its way to becoming the Gaming Nation of the world in the years to come and we will continue to play a pivotal role in this journey.”

The company also announced that it will increase its stake in Nextwave Multimedia Private Limited, which is the developer of the popular World Cricket Championship from 52.38% to 71.88% to consolidate its ownership.

“WCC has established itself as the leading mobile cricket game franchise globally with millions of active gamers and has developed a very high-end cricket simulation engine on top of which many new games can be launched. We believe the potential of this popular franchise is significant for us in the years to come and are happy to have had the opportunity to increase our ownership. We will continue to work closely with the team to provide an enhanced gaming experience to cricket enthusiasts all over the world.”