Cyient introduces new gender-neutral parental leave policy globally

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Global engineering, manufacturing, and technology solutions company Cyient on Wednesday announced a 12-week gender-neutral parental leave policy across its offices globally. Under the new policy, Cyient employees, including birth and adoptive parents of any gender, can take up to 12 weeks of paid time off at full pay following the birth or adoption of their child, the company said in a statement.

This policy applies to all Cyient employees globally and is effective immediately. “We are always striving toward making Cyient a great place to work. In line with our Values FIRST philosophy, we keep innovating our practices and policies to foster an inclusive culture and empower our associates with a better work-life balance. This policy will help new parents spend quality time with their families,” Cyient President and Chief Human Resources Officer PNSV Narasimham said. Cyient’s new policy will make a difference in countries where mandated parental leave policies are not sufficient for new parents or they do not apply to primary and secondary caregivers.

“Building an inclusive culture needs inclusive policies and practices. As a parent and a member of the global tech industry, I vouch for policies that challenge gender stereotypes and celebrate diversity. I am confident our gender-neutral policy will empower all new parents globally at Cyient and provide a better opportunity to share childcare responsibilities,” Cyient Managing Director and CEO Krishna Bodanapu said.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Reduction in mortality, ICU stay and treatment cost among vaccinated patients, reveals study

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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A retrospective cohort study on the impact of vaccination among Covid-19 patients by Star Health and Allied Insurance unveiled the significant impacts of vaccination among individuals 45 years and above.

The study concluded that there was a marked reduction in the total hospitalization expenses by approximately 24 percent, the average length of stay (ALOS) by a mean of 2.1 days, ICU requirement by 66 percent and a reduction of approximately 81 percent in mortality among patients who had completed two doses of vaccination.

The study was conducted during the second wave (March and April 2021) and considered a sample size of 3,820 hospitalized patients from across India who were 45 years and above. The cohort study revealed that the average cost of hospitalization of the unvaccinated group was Rs 2.77 lakh while the vaccinated group recorded an average cost of Rs 2.1 lakh.

The reduction in cost was due to factors like reduced need of ICU requirement and reduction in the length of hospital stay from an average of 7 days among unvaccinated to an average of 4.9 days for the vaccinated group, the study said.

Dr. Madhumathi Ramakrishnan, Joint Vice President Star Health and Allied Insurance said, “Our study covered pan India data of the patients affected by COVID-19. The aim was to assess the medical and financial implications of vaccination. Our study concluded that the ones who had taken the vaccination had a clear advantage over the non-vaccinated as we witnessed a significant difference in parameters like a hospital stay, cost of treatment and death due to infection.”

The cohort study surveyed customers of Star Health and Allied Insurance Company who were admitted for Covid-19 treatment in 1,104 hospitals across the country. While the need for ICU for patients with comorbidities fell from a whopping 9.4 percent to 5 percent amongst those vaccinated, the treatment cost also reduced by nearly 15 percent, the study found.

Conducted and concluded during the early stages of vaccination drive, the study noted that nearly 86 percent amongst those surveyed had not taken the vaccination and amongst these 43 percent did not have any valid reason for not taking the jab.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Wipro Q1 net profit rises 9% QoQ; IT services revenue at Rs 18,368 crore beats estimates

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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IT services firm Wipro on Thursday reported a 9 per cent sequential rise in its consolidated net profit at Rs 3,242.6 crore for the first quarter fiscal 2022.

The company’s IT services segment revenue during Q1FY22 rose 12.45 percent to Rs 18,368.4 crore as compared to Rs 16,334 crore, QoQ. In dollar terms, the company reported revenue growth of 12.2 percent at $2,414.5 million as against $2,152.5 million, sequentially.

Constant currency (CC) revenue growth was at 12 percent.

Wipro now expects Q2FY22 IT services business revenue in the range of $2,535-2,583 million, which translates to a sequential growth of 5.0 percent to 7.0 percent.

“Despite the severe onslaught of the pandemic, we delivered our best-ever quarter, with secular growth across all SMUs, Sectors and GBLs. Our sequential revenue growth of 12.2% was well ahead of the top-end of our guidance range, both organically and with Capco,” said Thierry Delaporte, CEO and Managing Director, Wipro.

EBIT during the quarter ended June 2021 increased 2 percent to Rs 3,485.3 crore from Rs 3,417 crore, while EBIT margin weakened by 190 bps to 19 percent from 20.9 percent, sequentially.

The company’s earnings were higher than CNBC-TV18 analysts’ poll estimates on all fronts.

“Wipro signed an agreement to acquire Ampion on April 1, 2021, and we previously announced that it will be closed during Q1’22. However certain regulatory approvals are still pending and the transaction is now expected to be closed in Q2’22,” Wipro said in a regulatory filing.

The company said it issued its first-ever dollar denominated bond offering of $750 million with a 5-year tenor in June 2021.

Jatin Dalal, Chief Financial Officer said: “We delivered robust growth in EPS of 41 percent YoY even as we continued to invest for growth. At 103.7 percent of our net income, our operating cash flows for the quarter remained healthy. I am also pleased to share that we have successfully issued our debut bond offering in the international markets for $750 million.”

On Thursday, the shares of Wipro ended 2.52 percent higher at Rs 575.75  apiece on the BSE.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Sequoia Capital to not be locked-in for a year post Zomato, Mobikwik IPOs

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Sequoia Capital India will not face a one-year share lock-in period and can cash out of both Zomato and Mobikwik, thanks to the Securities and Exchange Board of India’s (SEBI’s) guidelines for foreign venture capital investors.

While online food delivery platform Zomato launched its initial public offering (IPO) on July 14, digital payment firm Mobikwik is gearing up for an IPO and has released its draft red herring prospectus (RHP) this week.

In the case of Zomato, Mirae-Naver will also be exempted from the lock-in period, as per the Red Herring Prospectus.

“All Equity Shares held by Sequoia Capital India Growth Investment HoldingsI and Mirae Asset-Naver Asia Growth Investment Pte. Ltd as on the date of this Red Herring Prospectus shall be exempt from the aforementioned lock-in requirement since Sequoia Capital India Growth Investment Holdings I and Mirae Asset-Naver Asia Growth Investment Pte. Ltd are FVCIs (foreign venture capital investor),” the Zomato RHP said.

Also Read: Zomato story to stay for decades, could be a solid investment opportunity, says Envision’s Nilesh Shah

Mobikwik’s DRHP also states that all equity shares held by Sequoia Capital India Investment Holdings III shall be exempt from the lock-in requirements.

Sequoia Capital is already participating in Mobikwik’s Rs 400 crore offer for sale and is looking to sell Rs 94 crore. Sequoia Capital India holds a 17.17 percent stake in Mobikwik and about 7.3 percent in Zomato.

Sequoia and Mirae Asset did not respond to queries.

Indian regulations exempt SEBI registered AIFs and FVCIs from the lock-in period of one year, which applies to other pre-IPO investors.

“These regulations were put in to enhance liquidity and allow for larger block sales amongst institutional investors, thus deepening liquidity pools for the listed shares and allowing investors who weren’t allotted securities during the IPO to participate in the growth story,” said Siddarth Pai, founding partner of 3one4Capital.

However, several people in the startup ecosystem believe that many institutional investors are not looking at exits as companies go public, and want to stay on for the long-term journey. “The value creation is still left. An IPO opens up a whole new paradigm for the sector,” a VC, who does not want to be named, said.

Commenting on Zomato’s IPO on July 14, Pine Labs CEO Amrish Rau tweeted, “The difference over the last 2-3 years is that IPO is not considered as an EXIT. It’s a milestone on a bigger journey, and founders continue to dream and build big. It’s time to stop doubting the Indian startup scene. It has truly arrived and is thriving.”

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Swiggy discussed ‘Order Direct’ pilot with NRAI before CCI complaint

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Food ordering and delivery platform Swiggy is piloting an ‘Order Direct’ service with a few restaurants in Mumbai and had even discussed the feature with the National Restaurants Association of India (NRAI).

This comes after NRAI filed information with the Competition Commission of India (CCI) on July 1, 2021, against Swiggy and Zomato on alleged anti-competitive practices.

Swiggy is piloting the service which will help fulfill orders for restaurants where the customer discoverability is done by the restaurant.

Also read: Restaurants see last-mile delivery as key asset; prefer own delivery over aggregators

“We held talks with them a few weeks ago before we filed our information with the CCI,” said Anurag Katriar, president of NRAI, “However, this is currently only an idea and there is nothing concrete. This is why we went ahead with our information to the CCI. Also, he stated that NRAI has been discussing the restaurant’s concerns with both players for nearly two years.

Katriar said Swiggy’s move to “unbundle” certain services for restaurant partners was “directionally good.” TheCapTable was the first to report about Swiggy’s new pilot on Wednesday. Swiggy did not respond to specific queries.

NRAI president said Swiggy could likely charge lower commissions of 3-4 percent per order through the ‘Order Direct’ service. NRAI said Swiggy and Zomato usually charge between 25-35 percent as commissions from restaurants. Other industry members said the average commission charged by these platforms is between 18-22 percent.

Also read: Karnataka halves property tax for hotels, restaurants for FY22

On July 1, the association has filed information with the CCI citing the following alleged practices: Bundling of services, data masking and exorbitant commission charged; price parity agreements; deep discounting: (NRAI cites forcing of restaurant partners to give discounts to maintain appropriate listing); exclusivity of listed restaurants; violation of platform neutrality, vertical integration and lack of transparency on the platform.

NRAI also filed additional information with the CCI on July 12.

Zomato co-founder Gaurav Gupta had dismissed NRAI’s concerns as being ‘misplaced’ during an interview with CNBC-TV18 last week while announcing its IPO.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Here are key stocks that moved the most on July 15

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Indian equity benchmark indices ended at record closing highs Thursday afternoon boosted by strong gains in IT and realty stocks. The Sensex jumped 254.80 points, or 0.48 percent, to 53,158.85, while the Nifty closed 70.25 points, or 0.44 percent, higher at 15,924.20. Broader markets supported the rally with midcap and smallcap indices closing 0.48 percent and 0.95 percent higher, respectively.

Among sectors, Nifty Realty jumped over 4 percent followed by Nifty IT which rose over a percent. Nifty Auto, Nifty PSU Bank and Nifty Pharma indices ended lower. On the Nifty50, HCL Technologies, L&T, Wipro, Tech Mahindra and Hindalco Industries were the top gainers, ONGC, Eicher Motors, Bharti Airtel, Grasim Industries and Coal India led the losses.

Here are the key stocks that moved today:

L&T Technology Services: Shares of L&T Technology Services, the engineering services arm of Larsen and Toubro Group, jumped 19 percent to Rs 3,465.65 after the company reported strong earnings for the June quarter, beating street estimates. The company posted a net profit of Rs 216 crore in Q1FY22, recording a growth of Rs 11.1 percent as compared to Rs 194.5 crore in the March quarter.

KNR Constructions: Shares of KNR Constructions (KNRCL) rose 7.2 percent to Rs 260.40 on the BSE after rating agency CRISIL upgraded its outlook on the firm to ‘positive’ from ‘stable’ and reaffirmed the rating at ‘CRISIL AA-‘. As per CRISIL, the revision in outlook factors in expected improvement in scale of operations in KNRCL’s business risk profile with the sustenance of revenue growth of over 15 percent annually in the medium term while maintaining its healthy financial risk profile.

Sequent Scientific: Shares of Sequent Scientific moved higher by 7.5 percent to Rs 288 amid heavy volumes after the company announced the EUGMP approval for its tablets dosage manufacturing line in Turkey. Sequent Scientific in a press release on Wednesday said the approval was further complemented by the successful renewal of the EUGMP license for eight other manufacturing lines for various dosage forms including beta-lactam, non-beta lactam, terminal sterilisation, mastitis, powder beta-lactam, aerosol, pesticide and solids in Turkey.

Hinduja Global Solutions: Shares of Hinduja Global Solutions were locked in 5 percent upper circuit at Rs 2,968.25 on BSE following a report that Baring Private Equity Asia was set to pick up a controlling stake in its healthcare outsourcing division.

Dilip Buildcon: Shares of Dilip Buildcon slid 4 percent after the highways authority temporarily banned the construction firm from participating in any bids pending the outcome of an investigation into an accident at its project site.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Key tips to protect yourself from digital financial fraud

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Sonu received some SMS messages on his cell phone that ended up resulting in a loss of nearly Rs. 20,000. The text messages warned him that the KYC verification of his bank account was about to expire, and the 30-year-old dialed the number in the message. Then, he spoke to what he thought was a customer care executive of the bank, who asked Sonu to send a request from his phone to begin the KYC process. Since he could not find the option in the bank app, the customer care executive very helpfully sent him a link to download a remote support app to help.

As a result, the so-called customer care executive, who was a scammer, had full access to Sonu’s phone. He installed several apps to silently track incoming OTPs, took out all the money from his savings account, and transferred over Rs. 20,000. The whole process took minutes, but till date, Sonu still feels trauma over the event.

To avoid falling prey to such situations, it becomes important for the users to understand the measures to safeguard themselves from the risks of online thefts like phishing, hacking, and others. Simple precautions to safeguard your finances through digital transactions can prevent cyber frauds.

Let’s see ways to protect yourself against digital frauds:

CREATE FOOLPROOF PASSWORDS

“Be sure to use a strong password” is advice we constantly see online. To ensure your password is unique and strong, use alpha-numeric words with at least 1 capital letter and 1 special character (like @#&*). Avoid using common passwords like your date of birth, and mobile number, etc. It is also suggested that one must keep changing the passwords every six months.

NEVER REVEAL OTPs, CARD DETAILS WITH ANYONE

OTPs make a strong authentication tool to make online transactions more secure. Never share personal information like net banking credentials, OTPs, PIN, etc. over mail or text. Keep it private & confidential at any cost. In fact, do not save account credentials on your phone because phone data can be easily hacked in today’s day and age.

SAFEGUARD YOUR CARD

In the advent of digitilisation, we all prefer to make payments with credit/debit cards. Remember, the details like passwords should be inserted secretly. In case you feel that someone has your password; change it immediately.

USE SECURE GADGETS

Effective anti-virus software can prevent frauds that are caused by viruses and malware. Regularly updating the security software, operating system etc. can save you from falling into a trap.

USE TRUSTWORTHY INTERNET CONNECTION

A private secure network is always preferred for online financial transactions as it safeguards personal information. If a public Wi-Fi network is being used, be cautious of the information that is being shared on the internet.

DON’T FALL FOR PHISHING ATTACKS

It is advisable to refrain from opening emails from suspicious email addresses as phishers may attempt for easy access to your accounts. Watch out for any suspicious activity on your browsers, mailbox, and text messages and stay alert!

The author, Nidhi Malik, is Vice President, CSR and Communications at Home Credit India. The views expressed are personal

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

COVID-19: Mumbai can soon allow fully vaccinated passengers on local trains 

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Brihanmumbai Municipal Corporation (BMC) is mulling at allowing fully COVID-19 vaccinated passengers to travel in local trains. The final decision is expected from Chief Minister Uddhav Thackeray soon.

The planned relaxations follow a change in guidelines for domestic passengers at the Mumbai Airport. Domestic passengers will now be exempted from carrying negative RT-PCR test reports when they enter the airport if they are fully vaccinated.

Maharashtra Health Minister Rajesh Tope too indicated that local trains would resume services if Maharashtra speeds up its vaccination rate. But the state needed more vaccine doses from the Centre to increase the vaccination rate, Tope said.

“If we want to bring the economy back on track, we will have to give utmost importance to vaccination,” Tope said.

While Tope added that districts have been brought under level-3, the trains have not yet fully started as a precaution. Currently, local trains are being used only by local government officials and state administration officials.

Random tests, mostly Rapid Antigen Tests, and tight surveillance are maintained on the trains, but BMC chief Iqbal Singh Chahal said tests will be impossible to conduct with the full passenger capacity.

“In the districts where the second dose is left, more attention will have to be paid. Attention will also be paid to the districts where the infection is high. Also, the districts which are lagging in vaccination will have to be taken forward,” Tope added.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Oil drops on oversupply fears after Saudi-UAE deal, lagging US demand

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Oil prices dropped on Wednesday after Reuters reported Saudi Arabia and the United Arab Emirates had reached a compromise that should unlock an OPEC+ deal to boost global oil supplies as the world recovers from the coronavirus pandemic.

The benchmarks extended their losses after government data showed implied U.S. gasoline demand declining considerably last week. While the U.S. Energy Information Administration said crude stockpiles declined more than expected, in their eighth consecutive draw, the drawdown was overshadowed by lagging gasoline demand. [EIA/S]

“After last week’s emphatic print, implied gasoline demand has dropped off considerably, resulting in a build to gasoline inventories,” said Matt Smith, director of commodity research at ClipperData.

U.S. fuel stocks were higher even as refinery runs eased back a bit. Gasoline stocks rose by 1 million barrels, compared with expectations for a 1.8 million-barrel drop.

Brent crude was down $1.10 a barrel, or 1.45%, at $75.36 a barrel by 1430 GMT. West Texas Intermediate was off by $1.55, or 2%, at $73.73 a barrel.

Prices fell earlier in the session after the two Gulf producers agreed for the UAE to increase its baseline production in an output deal that members of the Petroleum Exporting Countries, Russia and other producers, a group known as OPEC+, reached last year, an OPEC+ source told Reuters.

The agreement should now pave the way for OPEC+ members to extend a deal to curb output until the end of 2022, the sources added.

The UAE energy ministry said in a statement that no deal with OPEC+ on its baseline has been reached and deliberations were continuing.

Disagreement between OPEC’s defacto leader Saudi Arabia and the UAE led to a collapse in talks last week on boosting production to cool oil prices.

Oil prices were earlier under pressure after data showed China’s crude imports dropped by 3% from January to June compared with a year earlier, the first such contraction since 2013, as import quota shortages, refinery maintenance and rising global prices curbed buying.

“Imports were scaled back as surging prices for crude oil have eroded refinery profit margins,” Eurasia Group said in a note.

The International Energy Agency said global withdrawals from storage in the third quarter were set to be the most in at least a decade, pointing to early June stock draws in the United States, Europe and Japan.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow