Infosys Q3 preview

Sales seen rising 19% YoY; 2023 outlook pivot for D-Street Infosys NSE 1.56 % is likely to report strong double-digit year-on-year (YoY) growth in both the topline and bottomline for the quarter ended December due to strong deal pipeline and execution. Consolidated revenue is seen rising nearly 19% on year, and 4% sequentially to Rs 37,890 crore, according to the average of estimates given by 10 brokerages. The net profit is seen rising 11% on year and 7.2% sequentially to Rs 6,455.40 .. The Bengaluru-headquartered software major will release its quarterly numbers after market hours on Thursday. Furloughs and cross-currency headwinds are likely to restrain the constant currency sales growth for Infosys at about 1.5-1.8% sequentially, said analysts. Earlier this week, peer Tata Consultancy Services NSE 1.21 % reported a 19% growth in the topline and a 11% rise in the bottomline, but the net profit missed analysts .. While the near-term outlook for the IT sector remains murky in view of the economic slowdown in the US and Europe, most analysts expect Infosys to retain its sales growth and margin guidance for the current financial year. Infosys had guided for a 15-16% growth in sales in constant currency terms for FY23, and a 21-22% operating margin, calculated as earnings before interest and tax (EBIT). For the second quarter in a row, the software major will .. Peer TCS NSE 1.21 % had reported strong double-digit growth across these sectors in the last quarter. From a geography perspective, the Street will watch for growth in North America, the UK and Europe. TCS saw a double-digit growth in both North America and the UK, while the growth was in single digits for Europe, and the company had highlighted heightened uncertainty in this market when compared to North America and UK.

Adani Group

Ports-to-energy conglomerate Adani Group on Wednesday said that it has plans to invest Rs 60,000 crore in mineral exploration, energy, agriculture, renewable energy and coal sectors. The group, however, did not give timelines for the investment. "During one-to-one interaction with Madhya Pradesh chief minister Shivraj Singh Chouhan on the sidelines of the two-day Global Investors Summit (GIS) in Indore, Pranav Adani, managing director (Agro, Oil & Gas), and director of Adani Enterpr .. The chief minister asked him to give priority to the local youths in employment to which Adani said, "It is our duty". The group will run skill development centres as per its requirement to train the youths of the state and it also has plans to establish a hospital in Madhya Pradesh. Chouhan also apprised him about opportunities to set up food processing units in the state, the release said. Meanwhile, addressing the GIS summit, Aditya Birla Group head Kumar .. At present, seven businesses of Birla Group are running in the state and their total investment has crossed Rs 60,000-crore mark. Referring to the state's economic progress in the last decade, he said that Madhya Pradesh has presented itself as a "ready for the future" state. He informed that over 25,000 employees in the state are part of the Birla Group. In separate interactions with the chief minister, while Dalmia Bharat Group's Puneet Dalmia has expressed interest .. Meswani informed Chouhan that 5G network will be expanded till tehsil level by the year end and also said that at present 175 petrol pumps are being operated by the group and their number will be doubled. He informed that the group has plans to invest big in the solar energy sector and a necessary survey and studies are going on in the Chambal area. He also showed interest in setting up full processing units of textile in the state, the release added.

Sterlite Power

Sterlite Power secures Rs 305 crore funds The project involves construction of a transmission system comprising a 400/132kV GIS sub-station at Kishtwar and a 400 kV transmission line from Kishenpur to Dulhasti, the company said in a statement. Sterlite Power on Wednesday said it has received funds worth Rs 305 crore from Aseem Infrastructure Finance to set up the Kishtwar Transmission Ltd (KTL) project in Jammu. The project involves construction of a transmission system comprising a 400/132kV GIS sub-station at Kishtwar and a 400 kV transmission line from Kishenpur to Dulhasti, the company said in a statement. “Sterlite Power secures Rs 305 crore funding from Aseem Infrastructure Finance for Kishtwar Transmission project,” it said. The transmission system will aid evacuation of 1,000 MW of power from Pakaldul Hydro Electric Project to the Kishtwar sub-station. “This will be our second project in the region after delivering the mega NRSS Kashmir project ahead of schedule,” Akshay Hiranandani, Executive Director – Corporate Finance at Sterlite Power, said. In December 2022, Sterlite Power acquired the KTL Special Purpose Vehicle. Aseem Infrastructure Finance Ltd is a Non Banking Financial Company (NBFC) promoted by the Strategic Opportunity Fund (SOF) of National Investment and Infrastructure Fund (NIIF), with anchor investments from the Indian government and Japan’s Sumitomo Mitsui Banking Corporation (SMBC). Sterlite Power is a leading private sector power transmission infrastructure developer and solutions provider with projects covering approximately 13,700 circuit kilometres of transmission lines across India and Brazil.

Auto Expo 2023 highlights Day 1

Maruti Suzuki eVX SUV, MG Hector facelift pricing, Hyundai Ioniq 5 launch, and more Day 1 of the 2023 Auto Expo comes to an end with some new product launches, unveils, announcements, and concepts. The day started with Maruti Suzuki unveiling the eVX electric SUV concept, followed by MG India announcing prices of the updated 2023 Hector SUV. MG India also showcased the eHS and the MG4 electric vehicles, which are global models and will come to India at a later stage. The highlight of the day was the launch of the Hyundai Ioniq 5 EV, priced at Rs 44.95 lakh ex-showroom. The Ioniq 5 is powered by a 72.6kWh battery pack that can be charged fully in 18 minutes using a 350kW DC charger. Following Hyundai, Kia showcased the EV9 concept, along with the Kia KA4 MPV, which in essence, is the updated version of the Kia Carnival SUV. Kia also announced its investment plans for India and its road ahead in the EV space. Lexus unveiled the new RX500h for India, which will be available in two powertrains, including the F Sport version, while Toyota showcased a host of models including the Prius, the new Land Cruiser, the Corolla, and the Mirai. It was not all cars that stole the limelight though, as Volvo Eicher showcased its electric bus that has a range of 500 km while it can be fully charged in 45 minutes. Going one up, JBM Auto showcased its electric bus that has a range of 1000km on a full charge. Cummins took the other route showcasing its products based on internal combustion engines that can run on hydrogen. Greaves Cotton showcased three electric two-wheelers while Matter showcased a few concepts at the ongoing Expo. Keeway and Benelli also showcased their offerings for India, which included Keeway’s portfolio, and the launch of the retro SR250 motorcycle. The star of the show was possibly Liger Mobility, a Mumbai-based startup that showcased the world’s first self-balancing electric scooter. Liger’s unique self-balancing tech kicks in at low-speed mode (up to 5kmph) which allows the user to not keep their feet on the ground, in a typical start-stop or crawl traffic scenario. Finally, Tata Motors wraps up day 1 of the Auto Expo by showcasing its hydrogen-powered commercial vehicles, the Tata Prima E.55S and H.55S. Finishing off was the announcement of the CNG version of the Punch and Altroz, along with the Tata Harrier EV AWD, that was showcased. That brings a wrap to the first day of the 2023 Auto Expo, which is scheduled to take place till the 18th of January. Although some big names such as Mahindra, TVS, Skoda, Volkswagen, Royal Enfield, and others were missed, the Expo had a lot to offer. Stay tuned for Day 2 of the Auto Expo as we bring all the action live from the venue.

Bajaj Allianz Life, Punjab & Sind Bank enter into strategic partnership

Punjab & Sind Bank becomes 25th Bank to partner Bajaj Allianz Life Insurance for distribution of the insurer’s products Punjab & Sind Bank (PSB), a public sector bank, and Bajaj Allianz Life Insurance Company (BALIC) have entered into a Corporate Agency Partnership. The partnership will allow PSB’s new and existing customers to avail a variety of retail life insurance products from BALIC including term, savings, retirement and investment options. It will allow BALIC to offer protection and savings life insurance plans to bank’s customers through its branch network. Swarup Kumar Saha, MD & CEO, Punjab & Sind Bank and Tarun Chugh, MD & CEO, BALIC signed the partnership agreement in the capital on Wednesday. PSB is the 25th Schedule Commercial Bank that is partnering with BALIC for distributing its life goals-based product suite. Swarup Kumar Saha, MD & CEO, PSB said, “Punjab & Sind Bank is happy to partner with a leading private life insurer to offer our customers with value-packed solutions for their life insurance needs. The Bank is in the phase of diversifying its third party product portfolio and with this tie-up we are happy to announce the introduction of Credit Life protection for our loan customers”. Tarun Chugh, MD & CEO, Bajaj Allianz Life Insurance, said, “It is a prestigious moment for all of us at Bajaj Allianz Life Insurance. To provide the Bank’s customers, across segments, a delightful experience towards fulfilling their life goals with us, we have a comprehensive suite of products and services backed by robust technology. The life insurer will work closely with the bank to enable customers to get seamless service and help them achieve their long-term financial goals in a planned manner. This includes responding to customer support requests made via WhatsApp or a self-service tool like the Bajaj Allianz Life LifeAssist App, in addition to the well-trained bank employees servicing the life insurance division.

NPCI allows UPI transactions for non-resident accounts

NPCI allows UPI transactions for non-resident accounts linked to international numbers Move will widen the use of digital payments as Indians living overseas will also be able to make instant transactions The National Payments Corporation of India (NPCI) has allowed UPI transactions for non-resident bank accounts linked to mobile numbers of 10 countries, it said in a notice. Non-resident account types like NRE/NRO accounts having international mobile numbers shall be allowed to get on-boarded/transact in UPI, the notice said, adding that the step was taken after NPCI received several requests from the payments ecosystem and customers for the same. NPCI has been working to expand and boost the use of UPI across the world, and this move will widen the use of digital payments as Indians living overseas will also be able to make instant transactions, said Rajsri Rengan, Head of Development-Banking & Payments, India and the Philippines, FIS. It had allowed UPI transactions to and from NRO/NRE accounts linked to Indian numbers in October 2018. NRIs couldn’t access the UPI network since SIM binding, which is an important security feature of UPI, was available only to Indian SIM cards (phones), said Mandar Agashe, Founder and MD of Sarvatra Technologies, adding that allowing mobiles (SIMs) from other countries will open up huge pending demand from NRIs. The 10 countries allowed under the facility are Singapore, Australia, Canada, Hong Kong, Oman, Qatar, USA, Saudi Arabia, UAE and United Kingdom. NPCI has mandated all UPI members, including banks and payments platforms, to comply with the norms by April 30. The facility will soon be extended to mobile numbers of other countries as well, it said. Instant transfer “The major convenience factor would be in the form of ‘payment/money transfer convenience’ for NRIs when they visit India, and can pay easily across millions of Indian merchants accepting UPI, thus, doing away with the use of their expensive international cards,” said Vishwas Patel, Chairman of Payments Council of India (PCI) and Executive Director of Infibeam Avenues Ltd. This also will also facilitate increasing adoption and popularity of Indian payments technology internationally and help make UPI a global payment and money transfer network, he added.

Green power

In a first, Tata Power to help Mumbai housing complex go green with solar energy A residential society in Mumbai is all set to go off the grid,  using captive solar energy for domestic usage. Tata Power Renewable Energy Limited has signed an agreement with Vivarea Condominium, a housing society in Mumbai, to supply solar power. A first of its kind, the 3.125 MW solar plant will be set up at Himayatnagar, Maharashtra to power the society with clean energy. TPREL will undertake the construction, operation and maintenance of this captive solar power plant, which is expected to generate about 7.5 MU of energy and offset 6.15 tonnes of CO2 in the first year itself. The project will be commissioned by October and will provide green power at approximately 40 per cent less than the cost of the existing tariff to Vivarea Condominium. ‘Future of mankind’ “Vivarea Condominium is extremely delighted to partner with Tata Power on a group captive solar open access that will produce green energy for our use. We will be the first in the country to get green power at roughly 40 per cent less than the cost of the existing tariff. With the backing of all the residents, we have always been at the forefront when it comes to switching to clean energy. We believe that investment in green energy is investment in the future of mankind,” said Mitesh Mehta, Honorary President, Vivarea Condominium. Tata Power has a portfolio of more than 10 GW of ground-mount utility-scale solar projects and over 1.3 GW of rooftop and distributed generation projects across the country. The total renewables capacity of TPREL is 6,048 MW with an installed capacity of 3,884 MW (solar — 2,956 MW and wind — 928 MW) and 2,164 MW are under various stages of implementation.