Archives July 2023

Bangalore,29th July 2023: ACC Limited, the cement and building material company of the diversified Adani Group, today announced the financial results for the quarter ended June 30, 2023. The stronger financial performance in this quarter was driven by volume growth and business excellence.

Operational Highlights:

• Volume increased by 23.2% YoY at 9.4 MioT supported by increase in blended cement and improvement in efficiency parameters. Market leadership maintained across key markets.
• Kiln fuel cost reduced by 15.5% from Rs. 2.52 per ‘000 kCal to Rs. 2.13 per ‘000 kCal
• WHRS at Jamul & Kymore plants (22.4 Mw) has become fully operational. WHRS share has improved from 2.0% to 8.4%. Further 16.3 Mw is expected to commission this year tacking total capacity to 46.3 Mw.
• Energy efficiency, manpower productivity, and other operational efficiency improvement measures have helped to optimize cost.

Financial Highlights: 

• YoY basis, Net Revenue experienced a 16.4% increase, reaching Rs. 5,201 Cr, while EBITDA surged by 77% to Rs. 848 Cr. EBITDA margin expanded by 5.6% from 10.7% to 16.3%.
• EBITDA is expected to sustain with further improvement due to various efficiency & operational excellence initiatives
• RMX & Construction Chemicals sectors are on robust growth trajectory and likely to grow faster driven by investments in construction segments & rapid urbanisation
• Ametha Integrated Unit to be commissioned by Q2 FY24 which will increase Clinker capacity by 3.3 MTPA (EC approvals in hand for 2.75 MTPA) and Grinding capacity by 1 MTPA.

Consolidated Financial Performance for the quarter ended June 30, 2023: 

Mr. Ajay Kapur, Whole Time Director & CEO, ACC Limited said, “We are delighted to report a strong performance in the first quarter of FY 2023-24, with a 16.4% increase in revenue and 105% increase in PAT compared to the previous year’s same quarter. The growth was driven by robust demand for high-quality cement products across all markets, as well as our continuous efforts to optimize operations and reduce environmental impact. As we are committed to delivering the best for every stakeholder, we are proud to be ranked No.2 in ‘India’s Most Trusted Cement Brands 2023’ by TRA. We thank our customers, partners, employees and shareholders for their trust and support, and we look forward to building on this momentum in the rest of the year.

Sustainability has been a fundamental tenet of operational and growth planning, woven seamlessly into all our endeavors. We are proud to be recognized amongst ‘India’s Top 50 Most Sustainable Companies’ Cross Sector by BW Businessworld while winning several other awards and accolades for our outstanding work. We have persistently strived to diminish our carbon footprint by reducing the clinker factor, curbing thermal and electrical energy intensity, implementing Waste Heat Recovery Systems across facilities, and augmenting usage and capacity for renewable energy generation.

We started this financial year with a campaign highlighting the aspect of Building India since 1936 through ACC’s Suraksha film. With cricket being something that our target audience strongly associates with, we capitalized on the India v/s Australia World Test Championship through our advertisements during the series. Through our Technical Services, we are enabling an ecosystem of right and sustainable construction practices for the larger benefit of society.

Our long-term competitiveness remains robust, ensuring industry-leading profitability even as we chase our ambitious growth goals. With a firm belief in strategic approach, we are poised to continue our trajectory of outstanding performance in the forthcoming quarters.”

Outlook 

Cement industry is in a positive cycle of demand as well as cost factors. This is coming at the most appropriate time when the company is in the transformation phase, buoyed by synergies with the group. We expect the positive trend of the industry to continue in the coming quarter.

ESG Highlights:

• ACC continues its strong focus on low carbon portfolio through green products and solutions launched.
• Launched the state-of-the-art Cement and Concrete Research facility in Navi Mumbai.
• Increasing the WHRS capacity and scaling up renewable power.
• Committed to achieving five times water-positive status by 2030.
• 57,000 new beneficiaries were added during the quarter under CSR initiatives. A strong focus on Water Management, Sustainable Livelihoods, and Social Inclusion continues.
• Improvements in energy efficiency result in low carbon emissions.

Awards:

• ACC ranked No.2 in ‘India’s Most Trusted Cement Brands 2023’ by TRA Research
• ACC recognized amongst ‘India’s Top 50 Most Sustainable Companies’ Cross Sector by BW Businessworld
• ACC was felicitated with the ‘Digital Customer Experience Award 2023’ for Best Customer & Influencer Engagement
• ACC received the ‘Safety Award’ by the National Safety Council of India

Hyderabad, 29th July 2023 On a momentous occasion, Prime Minister Shri Narendra Modi inaugurated 125,000 Pradhan Mantri Kisan Samriddhi Kendras (PMKSK) across the country on July 27, reinforcing the government’s commitment to agricultural welfare. The Ministry of Chemicals and Fertilizers handpicked nine centers nationwide to be part of this transformative program, with Coromandel International Limited’s PMKSK center at Shamirpet securing its position among the selected few.

The ceremony witnessed the esteemed presence of Union Minister Shri G. Kishan Reddy from the Ministry of Tourism and Cultural Affairs, Government of India. He passionately explained the significance of PMKSKs, highlighting the range of services provided by the Central Government to the farming community, including fertilizer subsidies.

Among the distinguished attendees were representatives from Coromandel International, including Mr. G.V. Subbareddy garu and Shri Madhav Adhikari, who actively participated in the event. Over 500 farmers from Medchal district attended the program, underscoring the widespread support and enthusiasm among the farming community.

The honorable Prime Minister also marked the occasion by unveiling the revolutionary Sulfur Coated Urea and disbursing a staggering sum of 17,500 crore rupees to 8.5 crore farmers as part of the 14th tranche distribution of PM Kisan Funds.

The PMKSK centers established by Coromandel International were broadcast live to 4200 locations in Andhra Pradesh and Telangana, ensuring that farmers across the two Telugu states could witness and benefit from the knowledge shared about sustainable agriculture and integrated nutrient management.

Addressing the gathering, Mr. GV Subbareddy, Vice President of Coromandel International Limited, emphasized the importance of utilizing soil testing and extension services available through PMKSK centers. Additionally, Mr. Adhikari Vaidya Garu reaffirmed the organization’s commitment to farmers’ economic growth by providing quality fertilizers, micronutrients, and organic fertilizers inappropriate measures.

The event saw the presence of esteemed dignitaries ferom CIL, including Mr. P. Bhaskar Reddy, Dr. Binay Kumar Parida, Dr. Sudhakar Reddy, Mr. Venkateshwarlu, Shri. Prasad, Mr. DVCN Raju, Shri Avinash, Shri Vinay, and others, who actively participated in the proceedings.

28th July 2023, Gurugram: Luminous Power Technologies, India’s leading power and energy brand, celebrated World Nature Conservation Day 2023 in a significant way by bringing together its employees from across the country to observe this important occasion. With an unwavering dedication to the planet’s well-being, Luminous has embraced ‘Project LIFE’ (Luminous Initiatives For Environment) under which they run many such initiatives for a sustainable environment.

Through Project L.I.F.E., Luminous has set three year targets for planting trees to help combat deforestation, mitigate climate change, and restore the ecosystems. The initiative embodies the company’s core values of corporate social responsibility and social impact, serving as a beacon of hope for environmental stewardship.

In collaboration with the Green Dream Foundation, this conscious effort aims to contribute to local, national, and global conservation efforts while addressing multiple Sustainable Development Goals (SDGs). During the past year, under Project LIFE, Luminous and the Green Dream Foundation successfully planted over 7500 trees across Gurugram, Baddi, Gagret, Hosur and Haridwar. Continuing with the same fervour, Luminous has continued its commitment by planting an additional 6500 trees this year. The commitment extends to nurturing these trees and ensuring their survival, too.

Speaking on the occasion, Niharika Mohan Vohra, Chief Human Resource Officer, Luminous Power Technologies, expressed gratitude to all the Luminous employees who voluntarily participated in this activity. Adding further she said, “As we look to the future, Luminous Power Technologies remains unwavering in its commitment to environmental preservation. World Nature Conservation Day 2023 is a testament to our dedication as our employees united under this cause for a greener Earth, through ‘Project LIFE.’ By harnessing innovation and collaboration, we envision a world where sustainability is at the core of everything we do. Our partnership with the Green Dream Foundation exemplifies our mission to create a positive global impact, setting an example for the industry and inspiring a collective effort towards a thriving, green future.”

28th July 2023: Medanta group of hospitals, a leading healthcare service provider, announced the launch of Tele-ICU services in India as Medanta e-ICU project, in association with GE HealthCare, a leading global medical technology and digital solutions innovator, with a vision to nurture ‘super specialty based critical care practices’.Thisassociationaims transform healthcare delivery and address the existing gaps in critical care, with high-level knowledge transfer via 24×7 Medanta e-ICU Command Centre, powered by cutting edge technology from GE HealthCare that equips both central and bedside medical teams.

The Command Centre was inaugurated by the Hon’ble Chief Minister of Uttar Pradesh Yogi Adityanath.This medical-technical platform will provide near real-time patient monitoring, even during the odd hours like midnight, enabling early patient interventions.As a result of this fusion, the decision-making ability of an ICU can bring extraordinary results in clinical outcomes.

In India,the availability of round-the-clock, well qualified on-site intensivist staff is limited and costly which can result in delays of appropriate clinical decisions and may lead to increased morbidity, mortality, and financial burnout. Alternate strategies were needed to bring expertise and proactive, continuous care to critically ill patients. TheCommand Centreaids direct integration ofhospitals systems to devices, enabling increased efficiency, greater collaboration, enhanced patient care, and a reduction in cost of care, improving the overall experience for patients and clinical teams. Medanta will support the service delivery with the help of a closed super specialised critical care medicine team at the command centre, applying globally accepted best practices.

Dr. Naresh Trehan, Chairman & Managing Director, Medanta said, “Infrastructural gaps in critical care are more pronounced with limited resources in districts and smaller towns. Through this association with GE HealthCare, we aim to offer valuable lifesaving digital/tele-ICU services. The platform will provide continuous 24×7 advanced consultation, care, and monitoring to critically ill patients without having to physically transfer them to a super-specialty hospital, enhancing a healthcare professional’s capability to treat and consult more patients.”

Chaitanya Sarawate, President & CEO, GE HealthCare South Asia and Managing Director, Wipro GE Healthcaresaid,“Our mission is to bringquality care to every citizen in India. With thisassociation, we are combining our proven precision technology with expert clinical knowledge from Medanta to help break the barriers of accessand cost; and contribute to better patient care and improved outcomes across all of India.” He further added, “In critical patient conditions, accurate diagnosis is vital and every second matters.The Command Centre, powered by guidance from a super speciality critical care team will help make this possible. Medanta is among the finest healthcare institutes in the country with deep clinical knowledge and we are confident this associationwill be a big step forward in transforming critical care delivery in India.”

Dr. Dilip Dubey, Director, Medanta Digital Critical Care Services said, “Evolution of critical care medicine as a super speciality took long journey. Over a period, the medical world acknowledged the importance of its diversified approach which incorporates the potential of superior diagnosis establishment, intelligent monitoring, and timely therapeutic decisions. To match the above standards, Medanta created a dedicated tele-ICU team to cater these digital critical care services. The team will work round the clock in theCommand Centre, with specific expertise in diagnostic critical care medicine and ICU infections.”

In January 2023, GE HealthCare completed its spin-off and began trading on Nasdaq.Over the past decades, GE HealthCare has strengthened its presence in India by investing significantly in R&D, manufacturing, distribution capabilities and supply chain.

Mumbai, 28th July 2023: In an endeavor to empower the underserved youth of India, mPokket – the leading digital lending platform for millennials – hosted the #mPokketIdols contest. The mega contest emerged as an exciting opportunity for the youth to showcase their exceptional talent and compete for a cash prize of Rs1 lakh. The contest not only recognized exceptional skills and rewarded talented individuals but also served as a platform to empower the youth and inspire them to pursue their dreams.

The winner, a first-year college student, Suvrat Jain from Jaipur, received the grand prize of Rs 1 lakh from Gaurav Jalan, CEO & Founder of mPokket, for his exceptional talent and dedication for playing guitar and singing. Additionally, mPokket recognized the first runner-up Paramjeet Kaur with the Brand’s Choice award, presenting them with high-quality speakers from BOAT worth Rs 4K as a special recognition for their performance in mono acting. Moreover, all participants received Amazon vouchers as a token of appreciation for their efforts. The contest received more than 100 entries with over 1 million views and received a 106% spike in followers in just a week of the launch.

Emphasizing the significance of empowering the youth in driving India’s growth and progress, Gaurav Jalan, CEO & Founder of mPokket, said, “Our primary objective at mPokket is to eliminate the financial barriers that impede the growth and aspirations of the youth. This is why we are thrilled by the overwhelming response to the contest. The tremendous participation is a testament to the immense talent that resides within our country. mPokket remains firmly committed to empowering college students and young working professionals in India. We are proud of the exceptional performances of these participants and thank our followers for their enthusiastic engagement and support.”

The contest tagline, “Ab Sapne Huye Sach”, resonated with participants from diverse backgrounds, who revealed their talent in singing, dancing, playing musical instruments, mono-acting, mimicry, and more. Contestants were asked to create and share videos of their talent, which captivated the hearts of the audience. To add extra excitement to the contest, mPokket collaborated with renowned influencers, Luv Juyal, Panvelkars Crew, and Abdul Mukhri, as part of the campaign. Their involvement inspired further participation, fostering a vibrant community of aspiring talent.

To ensure fairness and transparency in the judging process, mPokket invited its social media followers to vote for their favorite contestants using Instagram polls. Entries attracting the highest engagement, including likes, comments, and views were showcased on mPokket’s Instagram stories. The social media followers chose between “Yes” and “No” for each participant and the entry that garnered the most votes emerged as the winner.

mPokket’s commitment to empowering the youth extends beyond this contest. With a core mission to facilitate financial independence for the youth, mPokket provides instant personal loans specifically tailored for college students and young professionals. This allows them to pursue their dreams and aspirations without the burden of financial constraints. Through initiatives such as the #mPokketIdols contest, mPokket is dedicated to fostering a supportive and nurturing environment for passionate youth, empowering them to pursue a specific passion and realize their full potential.

Bengaluru,28th July 2023: Onmeta, India’s leading fiat on-ramp & off-ramp solution provider, announced today, that it has become the first such solution in India to register with the Financial Intelligence Unit (FIU) of the Finance Ministry of the Government of India. In March this year, the Government of India brought digital assets under PMLA which included crypto businesses to register with the FIU and was widely perceived as a major step towards regulating the sector.

As mandated by the amendments to the PMLA, Onmeta already has a robust yet breezy one-time KYC process. It has also established a comprehensive AML policy including Sanctions screening that identifies and reports suspicious transactions promptly and proactively to the FIU. It also does comprehensive client due diligence and maintains all the relevant information up-to-date and accurate.

Commenting on the development Bharath T, CoFounder at Onmeta, said “We’re thrilled to announce Onmeta’s registration under FIU, highlighting our commitment to compliance and trust in the VDA sector. We extend our sincere appreciation to the Indian government for their invaluable support in fostering a regulated environment that promotes innovation and industry growth.”

As a pioneer in the fiat-to-crypto On-Ramp & Off-Ramp space, Onmeta has relentlessly focused on simplifying the crypto buying/selling experience for the masses and making the best of the global web3 products accessible to Indian users. As India’s crypto industry evolves with the introduction of such pragmatic regulations, Onmeta aims to lead the way in adhering to these new norms and fostering a secure crypto landscape. This latest development should go a long way in instilling confidence in the potential of the Indian crypto ecosystem and encourage more companies to build for India.

28th July 2023: Air India, India’s leading global carrier and a Star Alliance member, today announced non-stop flights between Delhi and Dhaka, bringing greater convenience and comfort to travellers flying between the capital cities of India and Bangladesh.

Starting 15 September 2023, Air India will fly four times a week between the two cities using its Airbus A320 aircraft.

Air India currently flies thrice weekly between Kolkata and Dhaka. The additional frequency will help serve the increased demand for international travel to and from Dhaka on the back of Bangladesh’s rapid economic growth and overall development.

Air India’s flight AI237 will depart Delhi at 1755hrs, arriving in Dhaka at 2045hrs. The return flight AI238 will leave Dhaka at 2145hrs, arriving in Delhi at 2350hrs. All times are local.

Bookings for the flights progressively open today on all channels, including Air India’s website: (www.airindia.com), mobile app, and through travel agents (including online travel agents).

With four additional weekly flights from Delhi, Air India offers enhanced frequency to Dhaka, enabling convenient connections via Delhi to and/or from 14 destinations in India and 14 destinations across North America, UK, Australia, the Middle East, and the Far East.

New Delhi, 28th July 2023: HFCL Limited (‘HFCL’), a leading technology enterprise with operations in the manufacturing of high-end telecom equipment, optical fiber and optical fiber cables and offering communication network solutions for telcos, defense and railway sector announced its Un-audited financial results for the first quarter ended 30th June 2023.

Commenting on the Company’s performance, Mr. Mahendra Nahata, Managing Director, HFCL said, “Despite the volatile global macroeconomic environment, the Indian telecom industry looks promising and is expected to emerge as one of the top 5G ecosystems in the entire world. HFCL has also sustained its growth momentum with its strategic initiatives focusing on margin accretive products, shift in revenue mix from projects to products, backward and horizontal integration, capacity expansion, research & development, tapping new geographies and widening customer base. During Q1FY24, we have significantly increased revenues from international business to ₹ 176.23 crores witnessing a growth of 156% on a Y-o-Y basis. HFCL’s strategy to focus on increased revenue from products, expand its capacities and tap into new geographies has resulted in an increase in the product revenue share to 67% in Q1FY24 as compared to 59% in same quarter last year. Revenue from private customers has also increased significantly in last few quarters.”

Mr. Nahata outlining HFCL’s strategic moves added, “The Company has entered into a significant partnership with Bharat Electronic Limited, India’s largest defense PSU, for a two year MOU to develop indigenous technologies for Defense, Telecom, and Railway sectors. As we are seeing strong fiber demand from our customers across the Globe, we have revised our optical fiber manufacturing capacity expansion plan upwards by about 300% to 33.90 mn fkm/p.a. The proposed expansion will bolster our margins and also ensure supply chain stability. The Company is developing a number of products for 5G networks which are expected to start being commercially available in the current financial year. He further added that, open-source Wi-Fi 7 Access Points developed in collaboration with Qualcomm, will also be available within the current financial year.

Consolidated Financial Highlights – Q1FY24

On a standalone basis, the Company reported quarterly revenue of ₹ 880.32 Crores, EBIDTA of ₹ 108.55 Crores, PBT of ₹ 65.52 Crores and PAT of ₹ 48.75 Crores.

India, 28th July 2023: Selligion Technologies, makers of the world’s first consumer cloud computer, raised INR 5 crore in a pre-Series A round led by Malpani Ventures, one of the most respected VC firms in the country that helps and funds frugal innovations. They are leading the round with an investment of INR 3 crores, with the remaining investment being contributed by leading entrepreneurs, venture capitalists, and investors from India, Singapore, and the USA. The funds raised will be used for research and development and to augment the manufacturing efforts for Selligion’s next phase of expansion.

Selligion Technologies’ focus is to change the face of learning and redefine computing in India by leveraging cloud technology and providing affordable yet uncompromised computers on a subscription model to every Indian student deprived of quality computing ecosystem due to a lack of spending capabilities.

Commenting on the collaboration Apeksha Mehta, Co-Founder and Spokesperson at Selligion Technologies, said, “At Selligion, we are dedicated to empowering every child with essential digital skills by offering a powerful computer hardware, a user-friendly operating system, and a robust cloud infrastructure. Thanks to our recent Pre-Series round A funding, we are poised to make significant strides in our mission. Our research efforts will focus on further enhancing our offerings, with the aim of increasing our manufacturing capacity multi-fold—allowing us to reach more than 1 lakh students by March 2024. Through our subscription-based model, we are committed to providing affordable and easily accessible advanced computers to students across India. These devices will serve as a catalyst for their growth, equipping them with the necessary digital skills to pursue rewarding careers.”

Dr. Aniruddha Malpani of Malpani Ventures, a pioneer in the field of medicine and one of the most celebrated champions for the cause of education for all, added, “Embracing digital literacy is the key to unlocking India’s potential, but with only 10-15 per cent of Indian homes owning a computer, our nation’s digital infrastructure demands immediate strengthening. We aim to bridge this divide, creating a technologically inclusive ecosystem that empowers every learner, regardless of their background, to thrive in the digital age. By strengthening our digital foundations, we can forge a brighter, more equitable future for our beloved nation.”

Selligion delivers a powerful, no-compromise home computer loaded with all the apps needed for school and office work, along with a Keyboard and Mouse. Selligion Praho is the world’s first hybrid cloud computer, specially designed to solve all possible use cases in education. Selligion Praho is conceptualized and designed in India and runs on Selligion Abacca OS.

Haldwani, 28th July 2023: Eye-Q, the leading hospital eye care chain, has announced that it’s Haldwani Centre has been awarded the prestigious National Accreditation Board for Hospitals & Healthcare Providers (NABH) certification. Having treated more than 75 lakh patients to date across all hospitals, this recognition comes as a testament to Eye-Q’s unwavering commitment to providing exceptional eye-care services and patient safety.

The NABH is a constituent board of the Quality Council of India, established to develop and operate an accreditation program for healthcare organizations. This program is designed to meet the needs of consumers while setting benchmarks for the progress of the health industry. Eye-Q’s Haldwani Centre successfully met the stringent criteria set forth by NABH and received the certification on 15th May 2023.

On receiving the NABH certification, Dr Ajay Sharma (Founder & Chief Medical Director, Eye-Q) stated, “We are thrilled to celebrate our Haldwani Centre’s NABH certification as a mark of excellence in eye care. This achievement solidifies the unwavering dedication of our team to endorsing the highest standards of quality, safety, and patient satisfaction. With the NABH seal, we embark on a new chapter of assurance and trust, assuring our patients that their vision health is in the most capable hands. At Eye-Q, we remain focused on delivering compassionate and cutting-edge eye care, ensuring brighter vision and a better quality of life for all our patients.”

“Obtaining the NABH certification for our Haldwani Centre has been an incredible journey of perseverance and dedication. This recognition sets a new benchmark in the industry, motivating us to continuously raise the bar and redefine what exceptional eye care truly means. We are equally excited about the future possibilities that this certification brings- from increased patient trust and turnover to elevated staff job satisfaction as well as cultivating a thriving learning environment.” said Dr. Mahesh Mathur (Medical Superintendent of Eye-Q).

The Eye-Q vision hospital in Haldwani is well-known for the high-quality treatment of various eye ailments such as Cataract, Refractive, Disorders associated with Retina, Cornea, Squint & other vision problems.

The NABH certification brings several benefits to all stakeholders involved. For patients, it ensures a higher quality of care and enhanced patient safety. Patients can rest assured that they are receiving treatment at a facility that adheres to all government and local compliances. For the hospital itself, the accreditation stimulates continuous improvement and provides a marketing advantage in the competitive healthcare landscape. In addition, the dedicated staff at an accredited hospital experiences higher job satisfaction due to opportunities for continuous learning, a positive work environment, and effective leadership. As part of its commitment to quality assurance, Eye-Q also maintains an internal monitoring committee to ensure that all clinical and non-clinical practices exceed industry standards, further assuring the quality of patient care.