The Big-4 Accounting Firms Admitted to Violating Rules on Audit Independence Hundreds of Times

The so called "Big Four" accounting firms —Deloitte, PwC (PricewaterhouseCoopers), EY (Ernst & Young), and KPMG — have admitted hundreds of violations of regulations designed to protect the independence of their audit work, reported the Financial Times (FT).

This information comes after the introduction of new disclosure rules in the US by the Public Company Accounting Oversight Board (PCAOB), an audit inspector of the US established by Congress to oversee the audits of public companies.

The FT report said that confessions by the Big-4s come as the PCAOB urges companies and investors to pay greater attention to the findings of its annual inspections of audit firms, the latest round of which are expected to be released in the coming weeks.

US regulators require audit firm staff and their immediate family to make thorough financial disclosures, for example of their investments, and they ban employment and financial relationships with audit clients that could impair the firm's independence.

Under the disclosure, PwC said that it had identified 129 breaches of independence rules affecting 74 clients and PCAOB inspectors had found a further one themselves while inspecting audit work in 2022. The figures were included in an update to PwC's audit quality report, published on its website.

Citing a person familiar with the situation at PwC, the FT report said, "one example was the spouse of a staffer (PwC) holding a cash balance on payments app Venmo while PwC was auditing Venmo's parent company PayPal.

Notably, PwC affiliates served as independent auditors of Satyam Computer Services when the report of scandal in the account books of Satyam Computer Services broke. Satyam was an IT services company that once had Fortune-500 clientele, which later merged with Tech Mahindra.

Deloitte had told PCAOB inspectors of 129 breaches across 78 clients in 2022 affecting approximately 3% of its US audits and 107 across 53 clients in the 2023 inspection cycle.

According to the Deloitte, the most common instances of non-compliance were "related to financial relationships and employment relationships of approximately 145,000 professionals monitored".

"I would characterise them as technical violations," said Dennis McGowan, vice-president of the Center for Audit Quality, Deloitte.

In June 2023, Deloitte resigned from India's Byju's statutory auditor midway saying that the financial statement of the edtech company for FY22 was long delayed.

EY disclosed that it had found independence violations affecting 3% of its audits in 2022.

KPMG is the only Big-Four firm not to have disclosed its figures, which will become public in the PCAOB's forthcoming inspection reports for 2022. The PCAOB decided last year to begin routinely including data on independence violations.

Big Four audit clients are what arguably make the largest audit companies in the world worth working for. A staggering 100% of the Fortune 500 are audited by one of the Big Four accounting firms.

Early this month, India's National Financial Reporting Authority (NFRA) has also started investigating audit and non-audit services provided by the Big Four and other firms to clients. NFRA had raised concerns about conflict of interest and independence issues, leading to disciplinary actions. Violations include exceeding the revenue limit for non-audit services and breaching the cap on revenue from a single client.

Samsung Electronics Announces Shareholder Return Program for 2024-2026

Samsung Electronics announced today its Shareholder Return Program for 2024-2026, following an in-depth review by the Board of Directors. After comprehensive evaluation of the current and projected business environment, the Company’s investment strategies and financial structure, and ways to enhance shareholder value, the Board decided to maintain the terms of the previous three-year program.

• Samsung will continue to return 50% of the free cash flow generated in the 2024 to 2026 period.
• The regular dividend will remain at an annual total of KRW 9.8 trillion for 2024-2026.
• As in the previous program, the Company will return any remaining portion of the 50% of FCF after dividend payouts.

After finalizing each year’s results, Samsung will consider executing an early return beyond regular dividends if there is potential for a significant surplus of capital for shareholder return.

The Company will consider implementing a new policy flexibly before the expiration of the proposed one in consideration of M&A activities and cash positions.

Shareholders of record as of the end of 2023 will receive KRW 361 per common share and KRW 362 per preferred share after approval in March at the annual general meeting of shareholders. It is the final quarterly dividend under the policy covering 2021 to 2023, through which the Company pledged to return KRW 9.8 trillion annually in regular dividends as a part of a total return of 50% of free cash flow.

Over the past three years, Samsung generated a free cash flow of KRW 18.8 trillion. Including today’s declared dividend, the Company will have returned capital to its shareholders worth KRW 29.4 trillion, equivalent to 157% of free cash flow.

Samsung remains committed to delivering sustainable shareholder value and will continue to enhance long-term value creation.

Cisco, Microsoft and Samsung Unveil New Meeting Room Solutions

• New integrated video collaboration solutions for Cisco Room series will feature Microsoft Teams Rooms with Front Row, and Samsung’s Smart Signage displays.
• The partnership will give all meeting participants—remote or in person—an inclusive hybrid meeting experience with the best view of each attendee.
• Purpose-built Cisco devices for Microsoft Teams combined with Cisco verified displays from Samsung make it simple for IT teams to deploy and manage at scale.

Today at Integrated Systems Europe (ISE) 2024, Cisco, Microsoft Corp. and Samsung Electronics Co. Ltd. announced new meeting room solutions to deliver enhanced collaboration experiences for hybrid meetings. With a collective vision to enable seamless and inclusive meetings for all, the companies unveiled integrated video collaboration solutions for Cisco Room Series. The solutions feature Front Row - an inclusive content layout for Microsoft Teams Rooms, with either Samsung’s newly unveiled 105” Smart Signage (model name: QPD-5K) with 21:9 aspect ratio and 5K resolution, or Samsung 4K Smart Signage screens.

Today, 98% of meetings include at least one remote participant. Yet, of the 87 million meeting spaces out there, less than 15% are equipped with video conferencing technology. As companies work to attract employees back into offices, meeting experiences need to be better than what people experience at home. This means workers have increased expectations for seamless and easy-to-use technology, equipped with high-quality audio and video. Meanwhile, to meet these demands for frictionless collaboration experiences, IT teams need standardized solutions that can be rapidly deployed and managed at scale.

Earlier in last November, Cisco partnered with HCLTech to launch Meeting-Rooms-as-a-Service (MRaaS). Available on a subscription model, the MRaaS solution modernizes legacy meeting rooms and enables users to join meetings from any meeting solution provider using Webex devices.

“In today’s era of hybrid work, it is essential that workspaces are reimagined to enable great collaboration. This means outfitting conference rooms with intelligent video systems designed to bring immersive collaboration experiences to all participants, regardless of their location,” said Jeetu Patel, EVP and General Manager, Security & Collaboration, Cisco. “Through our collaboration with these industry leaders, we’re delivering something we call Distance Zero, eliminating second-class experiences no matter where you are working.”

The combination of Cisco’s RoomOS-powered collaboration appliances, Samsung’s Smart Signage displays, and the Front Row layout available on all Microsoft Teams Rooms certified collaboration devices, provides seamless collaboration that virtually eliminates distance between meeting participants. This collaboration delivers a new standard for fully scalable, manageable and secure solutions for flagship meeting spaces.

“Our vision is to deliver enhanced collaboration experiences that meet the needs of today’s hybrid workforce for all organizations and workspaces. We are pleased that the collaboration between Cisco and Samsung supports this vision, with integrated solutions supporting equitable meeting experiences that organizations can deploy and manage at scale.” - Ilya Bukshteyn, VP, Microsoft Teams Calling and Devices, Microsoft. 

“We’ve entered a new era in which hybrid work is an integral part of the work experience. Employees simply must be able to have full functionality while working online. Our partnership with Cisco provides users with an accessible work environment, and at the center of that is our 105-inch QPD-5K display that gives users the feeling they are sitting in the same room as their colleagues.” - Hoon Chung, Executive Vice President, Visual Display Business, Samsung Electronics. 

Benefits of the partnership include:

• Immersive views: Samsung 5K (5120 x 2160) and 4K UHD displays deliver lifelike, immersive hybrid meetings experiences with vibrant colors, in an ultra-slim design.
• Advanced, AI-powered collaboration: Customers benefit from advanced camera, audio and speech intelligence capabilities on Cisco devices and in Microsoft Teams Rooms.
• Simplified management and deployment: IT admins get a fully managed solution in the Microsoft Teams Admin Center alongside unrivalled insights into the meeting room with Cisco Control Hub.
• Increased scalability: The tight integration of purpose-built devices, enhanced software experiences, and comprehensive management tools make it possible for IT and Facilities to deliver hybrid work at scale.
• Seamless interoperability: Users can join fully featured Microsoft Teams or Webex meetings on the same device, without needing to reboot or reconfigure the system.

The products in these solutions are generally available today. Cisco support for 21:9 displays will be available starting March 2024.

The integrated video solution featuring Cisco Room Kit EQ and Room Kit EQX will be available on the ISE 2024 show floor. To find out more about Cisco’s full portfolio of certified devices for Microsoft Teams for any workspace visit: cs.co/Teams.

Larsen & Toubro Wins Contract for Dubai's Largest Renewable Generation Plant

The Renewable EPC arm of Larsen & Toubro’s Power Transmission & Distribution business has been chosen as the turnkey Engineering, Procurement and Construction (EPC) contractor to establish a 1800 MWac Solar Photovoltaic Plant in Dubai, United Arab Emirates.

According to the company’s classification of projects, the value of the order is between ₹ 10,000 to ₹ 15, 000 crore.

The project is the sixth phase of the Mohammed bin Rashid Al Maktoum Solar Park, Dubai, United Arab Emirates. This plant will reduce around 2.4 million tonnes of carbon emissions annually.

Spread over 20 sq km, the project will become operational in three phases. In addition to the Photovoltaic plant, the scope includes related evacuation and interconnection arrangements including two Gas Insulated Substations, high voltage underground cabling and medium voltage distribution networks.

Abu Dhabi Future Energy Company PJSC – Masdar, the UAE’s clean energy powerhouse, has signed the Power Purchase Agreement with Dubai Electricity and Water Authority (DEWA) to develop the project. DEWA will retain a 60% stake in the project and be the sole off-taker of the power generated from the plant.

The Mohammed bin Rashid Al Maktoum Solar Park is the largest single-site solar park in the world based on the Independent Power Producer (IPP) model. It has a planned production capacity of 5,000 MW by 2030 and when completed, it will save over 6.5 million tonnes of carbon emissions annually. The Solar Park is a crucial component in both the Dubai Clean Energy Strategy 2050 and DEWA’s strategic initiative for Net Zero emissions by 2050.

Commenting on the development Mr. T. Madhava Das, Whole-Time Director & Sr. Executive Vice President (Utilities), Larsen & Toubro said, “We thank Masdar and DEWA, who are our longstanding customers, for their support in this project. We are committed to bringing in our innovative renewable energy solutions and project management expertise to speed up energy transition in the region which is pursuing economic development combined with sustainable practices”.

Larsen & Toubro is a USD 23 billion Indian multinational engaged in EPC Projects, Hi-Tech Manufacturing and Services. It operates in over 50 countries worldwide. A strong, customer–focused approach and the constant quest for top-class quality have enabled L&T to attain and sustain leadership in its major lines of business for eight decades.

RIC Australia Successfully Implements Infosys Finacle’s SaaS Offering on AWS for Agricultural Financing

Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys, and Regional Investment Corporation (RIC), an Australian Government-backed specialist finance provider for farmers and farm-related small businesses, today announced RIC’s successful implementation of the Finacle Digital Lending Solution Suite in a Software-as-a-Service (SaaS) mode running on AWS.

The transformation project, which included the adoption of the Finacle Online Banking and Finacle Alerts Solution, was completed in just nine months. RIC is now able to offer truly digital financial lending services to its customers in the Australian agricultural sector at significantly lower operating costs and higher self-service capabilities.

The key highlights of RIC’s digital transformation include:

• By choosing a Software-as-a-Service (SaaS) model on AWS, RIC has been able to internalize management of key services, previously provided by a third party. This has led to significant reduction in operating costs and greater efficiencies.
• The new platform, which offers comprehensive API capabilities, has empowered RIC to seamlessly integrate with various service providers across banking, CRM, data lake, and document management providers. With this capability, RIC now has the advantage to implement Federal government mandates much faster than before.
• The Finacle Online Banking Platform, which includes a smart dashboard, is helping RIC offer self-service features to customers, thereby reducing dependencies on customer care support. The new interface provides rich and truly digital functionalities, which has resulted in increased customer satisfaction and enhanced staff engagement.

Chris Rawlins, Executive Director Transformation, Regional Investment Corporation (RIC), said, “At RIC, our mission is to nurture the growth of the Australian farm businesses through affordable loans, while also ensuring their resilience and profitability. With the Infosys Finacle Lending solution, we have a proven technology platform to support the evolving demands of our business and customers, with the agility to roll out new products and regulations as mandated by the Federal Government. The nine-month implementation by the Infosys Finacle team was delivered on schedule and we are impressed by the team’s commitment to facilitate RIC in achieving a smooth transition without any disruptions to our customers."

Sajit Vijayakumar, Chief Business Officer, Infosys Finacle, said, “We are delighted to support RIC in their mission to financially empower the farm businesses in Australia through the Infosys Finacle SaaS platform. This collaboration is yet another testament to Finacle’s commitment to the Australian market, to support financial institutions of all kinds and sizes – banks, credit unions, mutuals and non-banking lenders – on their digital transformation journeys."

Last week, Infosys announced that it is advancing it’s AI footprint at the 2024 Australian Open (AO) with generative AI technologies for fan engagement, player performance, and digital content creation.

Regional Investment Corporation (RIC) is an Australian Government-backed specialist finance provider for farmers and farm-related small businesses. Their loan programs encourage the long-term strength, resilience, and profitability of Australian farm businesses. The RIC was established under the Regional Investment Corporation Act 2018 (RIC Act) with their head office was established in Orange NSW in January 2019. Their key function is to administer farm business loans to strengthen Australian agriculture.

Finacle is an industry leader in digital banking solutions. We are a unit of EdgeVerve Systems, a wholly-owned product subsidiary of Infosys (NSE, BSE, NYSE: INFY). We partner with emerging and established financial institutions to help inspire better banking. Our cloud-native solution suite and SaaS services help banks engage, innovate, operate, and transform better to scale digital transformation with confidence. Finacle solutions address the core banking, lending, digital engagement, payments, cash management, wealth management, treasury, analytics, AI, and blockchain requirements of financial institutions. Today, banks in over 100 countries rely on Finacle to help more than a billion people and millions of businesses to save, pay, borrow, and invest better. For more information, visit www.finacle.com.

Airbus Now the Sole Owner of Airbus OneWeb Satellites (AOS), A JV Founded in 2016

This Monday, Airbus U.S. Space & Defense, Inc. announced completion of a deal with Eutelsat OneWeb to purchase its 50% share of the Airbus OneWeb Satellites (AOS) joint venture, which was established in 2016.

With this announcement, Indian multinational conglomerate, Bharti, and Japan's Softbank, who were earlier the co-owners in OneWeb, are no longer the owners in the satellite constellation company.

Till year 2021, India's Bharti Global along with France-based satellite service provider Eutelsat and the UK Government were the OneWeb’s largest shareholders, while Japan's SoftBank retained an equity holding of 12%. Last year in September, Eutelsat merged with OneWeb and created a new "Eutelsat Group" company, with subsidiaries "Eutelsat" and "Eutelsat OneWeb".

With completion of this 50% shares purchase, Airbus is now the sole owner of Airbus OneWeb Satellites (AOS) and the satellite manufacturing facility in Merritt Island, Florida.

The new structure is expected to provide maximum efficiency and increased competitiveness for commercial, institutional and national security space customers.

“This agreement furthers our position as a market leader in the small satellite constellation business, building on our successful partnership with OneWeb,” said Robert Geckle, Chairman and CEO, Airbus U.S. Space & Defense, Inc. “We will continue mass producing small satellites for our customers and are excited for what the f uture holds for us on Florida’s Space Coast as we move forward,” he added.

Airbus U.S. Space & Defense recently retooled the Merritt Island factory to accomodate the Arrow450 production line and is starting an expansion project to meet increased demand for small satellites from commercial and government customers deepening the company’s presence in Florida.

The Airbus OneWeb Satellites joint venture, established in 2016, built more than 600 satellites at the rate of two per day for the OneWeb first generation constellation, currently operating on orbit.

A couple of months back, OneWeb India received the necessary authorisations from IN-SPACe to launch Eutelsat OneWeb's commercial satellite broadband services in India.

27% Organizations Banned Use of GenAI Over Privacy and Data Security Risks - Cisco Study

• The Cisco 2024 Data Privacy Benchmark Study reveals that most organizations are limiting the use of Generative AI (GenAI) over data privacy and security issues. 27% had banned its use, at least temporarily.
• 48% admit entering non-public company information into GenAI tools.
• 91% of businesses recognize they need to do more to reassure customers that their data is used for intended and legitimate purposes in AI.
• 98% said that external privacy certifications are an important factor in their buying decisions, the highest level in years.

Cisco has recently released its 2024 Data Privacy Benchmark Study, an annual review of key privacy issues and their impact on business. Ahead of International Data Privacy Day, the findings highlight the growing privacy concerns with GenAI, trust challenges facing organizations over their use of AI, and the attractive returns from privacy investment. Drawing on responses from 2,600 privacy and security professionals across 12 geographies, the seventh edition of the Benchmark shows that privacy is much more than a regulatory compliance matter.

Growing Privacy Concerns with Generative AI

“Organizations see GenAI as a fundamentally different technology with novel challenges to consider,” said Dev Stahlkopf, Cisco Chief Legal Officer. “More than 90% of respondents believe GenAI requires new techniques to manage data and risk. This is where thoughtful governance comes into play. Preserving customer trust depends on it.”

Among the top concerns, businesses cited the threats to an organization’s legal and Intellectual Property rights (69%), and the risk of disclosure of information to the public or competitors (68%).

Most organizations are aware of these risks and are putting in place controls to limit exposure: 63% have established limitations on what data can be entered, 61% have limits on which GenAI tools can be used by employees, and 27% said their organization had banned GenAI applications altogether for the time being. Nonetheless, many individuals have entered information that could be problematic, including employee information (45%) or non-public information about the company (48%).

Slow Progress on AI and Transparency

Consumers are concerned about AI use involving their data today, and yet 91% of organizations recognize they need to do more to reassure their customers that their data is being used only for intended and legitimate purposes in AI. This is similar to last year’s levels, suggesting that not much 
progress has been achieved.

Organizations’ priorities to build consumer trust differ from those of individuals. Consumers identified their top priorities as getting clear information on exactly how their data is being used, and not having their data sold for marketing purposes. When asked the same question, businesses identified their top priorities as complying with privacy laws (25%) and avoiding data breaches (23%). It suggests additional attention on transparency would be helpful — especially with AI applications where it may be difficult to understand how the  algorithms make their decisions.

Privacy and Trust: the Role of External Certifications and Laws

Organizations recognize the need to reassure their customers about how their data is being used, and 98% said that external privacy certifications are an important factor in their buying decisions. This is the highest we’ve seen over the years.

“94% of respondents said their customers would not buy from them if they did not adequately protect data,” explains Harvey Jang, Cisco Vice President and Chief Privacy Officer. “They are looking for hard evidence the organization can be trusted. Privacy has become inextricably tied to customer trust and loyalty. This is even more true in the era of AI, where investing in privacy better positions organizations to leverage AI ethically and responsibly.”

Despite the costs and requirements privacy laws may impose on organizations, 80% of respondents said privacy laws have had a positive impact on them, and only 6% said the impact has been negative. Strong privacy regulation boosts consumer confidence and trust in the organizations they choose to share their data with.

Further, many governments and organizations are putting in place data localization requirements to keep certain data within country or region. Whilst most businesses (91%) believe that their data would be inherently safer if stored within their country or region, 86% also said that a global provider, operating at scale, can better protect their data compared to a local provider.

Privacy: a Valuable Investment

Over the past five years, privacy spending has more than doubled, benefits have trended up, and returns have remained strong. This year, 95% indicated that privacy’s benefits exceed its costs, and the average organization reports getting privacy benefits of 1.6 times their spending. Further, 80% indicated getting significant “Loyalty and Trust” benefits from their privacy investments, and this is even higher (92%) for the most privacy-mature organizations.

In 2023, largest organizations (10,000+ employees) increased their privacy spending by seven to eight percent since last year. However, smaller organizations saw lower investment, for example, businesses with 50-249 employees decreased their privacy investment by a fourth on average.

Airbus and Tata Group To Produce H125 Helicopter, the Only to Have Landed on Mt. Everest

On this year's Republic Day of India French President Emmanuel Macron visited India as Chief Guest at the Republic Day celebrations. During his this visit, Airbus Helicopters, (formerly Eurocopter Group) the helicopter manufacturing division of Airbus, announced that it is partnering with the Tata Group to establish a Final Assembly Line (FAL) for helicopters in India.

The FAL, which will be India’s first helicopter Final Assembly Line in the private sector, will produce Airbus’ best-selling H125 helicopter from its civil range for India and will even export to few of India’s neighbouring countries.

The H125-series helicopters (previously designated the AS350 B3e) is a single-engine helicopters for performance, versatility, low maintenance, and low acquisition costs. It is a member of Airbus’ Ecureuil family, which has accumulated 38 million flight hours worldwide.

Airbus claims that the H125-series helicopters have made number of world records. In 2005, the H125 set the world record for the highest-altitude landing and takeoff, performed on Mount Everest at 8,848 metres (29,029 feet). And in May 2013, the AS350 B3 (H125) performed the world's highest long-line rescue operation on Lhotse, the world's 4th-highest mountain, located in the Himalayas at 7,800 metres (25,590 feet).

H125 helicopter (Image - Stephane KERVELLA) 

H125 helicopter (Image - Stephane KERVELLA) 

The H125 series helicopters can operate in high-and-hot and extreme environments and can be easily reconfigured for various missions, including aerial work, firefighting, law enforcement, rescue, air ambulance, passenger transport, and many others.

Headquartered in Marignane, France, Airbus Helicopters will set up the helicopter manufacturing facility in India in partnership with Tata Advanced Systems Limited (TASL), a subsidiary of Tata Group.

H125 helicopter (Image - Stephane KERVELLA) 

 
To recall, TASL has also inked a contract with Airbus rival firm Boeing recently, to manufacture and supply advanced composite assemblies for Boeing 737 MAX, 777X, and 787 Dreamliner. Tata's TASL will manufacture these components from its manufacturing facilities located in Bengaluru and Nagpur.

The FAL in India will undertake the integration of the major component assemblies, avionics and mission systems, installation of electrical harnesses, hydraulic circuits, flight controls, dynamic components, fuel system and the engine.

The proposed H125 helicopter manufacturing facility will be the second FAL to be established in India by Airbus, leveraging Tata Group's TASL’s capabilities in aerospace and defence. The two companies are already building the C295 military transport aircraft FAL in Vadodara, Gujarat.

N. Chandrasekaran, Chairman, Tata Sons, said, “The Tata Group is delighted to set up India’s first helicopter assembly facility in the private sector. This facility will have the final assembly line in partnership with Airbus for the world’s bestselling Airbus H125 single engine helicopter for the Indian as well as export markets.”

Undisputed in its class, the H125 produced in India will catalyse the use of helicopters in the country. This multi-mission workhorse will revolutionise passenger and goods transportation and will also be used for segments such as emergency medical services (HEMS), disaster management, law enforcement, tourism and aerial work missions. Providing last mile connectivity to remote areas, the H125 will significantly contribute to the Government of India’s regional connectivity scheme – Ude Desh ka Aam Naagrik (UDAN) that will further promote the tourism sector in the country.

Adani Green Energy 9M FY24 Results: Revenue Up 57% YoY to Rs. 5,794 Crore; EBITDA at 4.98x v/s 5.6x Last Year

Adani Green Energy Ltd (AGEL), India’s largest and fastest growing pure-play renewable energy company, today announced financial results for the quarter and nine months ending 31 December 2023.

Synopsis 

Financial & Operational Performance

• EBITDA 1 up 52% YoY to Rs. 5,412 crore with industry-leading EBITDA margin of 92%
• Cash profit increases 61% YoY to Rs. 2,944 crore
• Run-rate EBITDA stands at a strong Rs. 7,806 crore
• Operational Capacity increases 16% YoY to 8,478 MW
• Sale of energy increases 59% YoY to 16,293 million units

Key recent milestones

• Completed JV with TotalEnergies for 1,050 MW portfolio raising USD 300 million (Rs. 2,497 crore)
• Promoters to invest Rs. 9,350 crore equity in AGEL through share warrants with Rs. 2,338 crore already received and remaining to be received in 18 months
• Upscaled Debt funding pool under Construction Financing Framework by USD 1.36 billion to USD 3 billion
• Completed funding of reserves for redemption of USD 750 million Holdco bond due in Sep 2024
• ISS ESG ranks AGEL 1st in Asia & amongst Top 3 globally in RE Sector in its latest ESG assessment. 

FINANCIAL PERFORMANCE – Q3 & 9M FY24:
(Rs. in crore)

The robust growth in revenue, EBITDA and cash profit is primarily driven by capacity addition of 1,154 MW over the past year and improved capacity utilization factor (CUF). The consistent industry-leading EBITDA margin is driven by AGEL’s best-in-class operations and maintenance (O&M) practices enabling it to achieve higher electricity generation at lower O&M cost.

The Run-rate EBITDA stands at a strong Rs. 7,806 crore with Net Debt to Run-rate EBITDA at 4.98x as of December 2023 as compared to 5.6x last year.

Mr. Amit Singh, CEO, Adani Green Energy Ltd, said, “With the recently announced equity and debt capital raise, we have put in place the capital management framework for a well-secured growth path to the targeted 45 GW capacity by 2030. We continue to ramp up our execution capability by focusing on a resilient supply chain with emphasis on localization, digitalization at scale, workforce expansion and competency building. We are working on the world’s largest renewable power plant at Khavda in Gujarat and endeavor to set new standards for mega scale development of renewable energy projects as the world embraces the target of tripling renewable power capacity by 2030.”

CAPACITY ADDITION & OPERATIONAL PERFORMANCE – Q3 & 9M FY24:

AGEL has completed the PPA tie up for the entire 8,000 MW manufacturing-linked solar tender issued by Solar Energy Corporation of India (SECI) with remaining 1,799 MW recently tied up. With this, AGEL has a portfolio of 19,834 MW backed by signed PPAs. The total locked-in growth portfolio stands at 20,844 MW including a merchant portfolio of 1,010 MW.

AGEL has been ranked the 2nd largest Solar PV developer in the world with an impressive total solar capacity of 18.1 GW (as of the date of review) in Mercom Capital Group’s latest Global Annual report.

AGEL’s operational capacity grew at 16% YoY to 8,478 MW with greenfield addition of 700 MW solar-wind hybrid, 304 MW wind and 150 MW solar projects.

The sale of energy increased by 59% YoY to 16,293 million units in 9M FY24 primarily backed by strong capacity addition and improved CUF.

The solar portfolio CUF remained stable at 24.0% in 9M FY24 with improved plant availability.

The wind portfolio CUF improved by 510 bps YoY to 32.2% in 9M FY24 with improved wind speed, improved plant availability and significant improvement in grid availability.

The solar-wind hybrid portfolio CUF improved by 750 bps YoY to 41.5% in 9M FY24 backed by technologically advanced solar modules, horizontal single-axis trackers and wind turbine generators as well as consistent high plant and grid availability.

ESG UPDATES:

ISS ESG ranked AGEL among the Top 3 companies in the RE sector globally. AGEL continues to lead in the RE sector in Asia with 1st rank. AGEL maintained its position in the ‘Prime’ (B+) band for robust ESG practices and displaying 'very high' level of transparency.

In S&P Global Corporate Sustainability Assessment 2023, AGEL’s ESG score now stands at 70 out of 100. The score is significantly higher than the average world electric utility sector score of 35.

AGEL has been ranked 1st in power sector in latest CRISIL ESG Assessment with improved score for second consecutive year.

AGEL is conferred with the prestigious Grow Care India ESG Risk Management award in the ‘Platinum’ category for AGEL and Safety award in the ‘Gold’ Category for the ongoing renewable project at Khavda.

KEY MILESTONES:

AGEL has completed the transfer of 1,050 MW renewable portfolio (300 MW operational and 750 MW under execution) to a 50:50 JV between AGEL and TotalEnergies and received proceeds of USD 300 million (Rs. 2,497 crore) towards the same. This reinforces the company’s strategic alliance with TotalEnergies.

Pursuant to board and shareholder approval, AGEL issued share warrants of Rs. 9,350 crore to the promoter group on a preferential basis at a share price of Rs. 1,480.75 per share, calculated in line with SEBI ICDR Regulations. The company has already received Rs. 2,338 crore, with the rest to be infused within 18 months. With this, AGEL is well on track towards its growth path to 45 GW by 2030.

AGEL has completed funding of reserves for redemption of Holdco bond of USD 750 million due in September 2024. The redemption plan includes (i) USD 300 million received towards the new JV with TotalEnergies, (ii) ~ USD 281 million received from promoters (Rs. 2,338 crore received out of the total Rs. 9,350 crore to be received towards share warrants as above) and (iii) USD 169 million available from debt service reserve account, hedge reserves and interest on the reserve accounts.

AGEL has further sealed its largest project financing of USD 1.36 billion senior debt facility as part of its Construction Financing Framework to enhance the funding pool to USD 3 billion. Definitive agreements have been executed with leading international banks, with all of them being existing lenders and instrumental in establishing AGEL’s Construction Financing Framework in March 2021. The green loan facility will not only enable the development of AGEL’s next milestone of developing the world’s largest renewable energy plant at Khavda in Gujarat but also help in its overall target of 45 GW by 2030.

World's First Malaria-Vaccine Program for Children Started in Africa

According to the UNICEF data, nearly every minute, a child under 5 dies of malaria. Many of these deaths are preventable and treatable. In 2022, there were 249 million malaria cases globally that led to 608,000 deaths in total. Of these deaths, 76 per cent were children under 5 years of age.

In Africa, there are about 250 million cases of the parasitic disease each year, including 600,000 deaths, mostly in young children.

Cameroon, a Central African nation that experiences 2.7 million cases of the disease each year, will begin rolling out the world's first routine childhood-malaria immunizations using a vaccine called RTS,S, or Mosquirix. The vaccine targets sporozoites, the transmissible forms of the malaria parasite, and neutralizes them before they can enter the liver and multiply in their thousands.

Cameroon hopes to vaccinate about 250,000 children this year and next year.

The vaccine was approved by the World Health Organisation two years ago.

The WHO have acknowledged the vaccine's limits but says it will still dramatically reduce severe infections and hospitalisations.

The vaccine is only about 30% effective, requires four doses and protection begins to fade after several months.

Professor Sir Brian Greenwood from London School of Hygiene & Tropical Medicine has played a pivotal role in malaria vaccination trials and research since the inception of RTS,S.

It is said that Sir Greenwood had once resigned himself to the possibility that a successful malaria vaccine might not become available in his lifetime. Now, at 86 years old, the resulted vaccine of his decades long research will be used for world's first routine childhood-malaria immunizations.

"It's been a long journey, with many ups and downs," says Sir Greenwood. "The first attempts to develop a malaria vaccine through studies in birds were done over 100 years ago."

RTS,S is, to date, the only malaria vaccine to be recommended and prequalified by the World Health Organization (WHO).

This pediatric vaccine acts against Plasmodium falciparum, the deadliest malaria parasite globally, and the most prevalent in Africa. The vaccine reduces the number of times a child gets malaria, including severe, life-threatening malaria, and it reduces child deaths.

Top Image – Youtube.com/GHTC

Tech Mahindra Q3’24 revenue at ₹ 13,101 Crore; up 1.8% QoQ

Tech Mahindra Ltd., a specialist in digital transformation, consulting and business re-engineering services today announced the audited consolidated financial results for its quarter ended December 31, 2023.

Financial highlights for the quarter (USD)

• Revenue at USD 1573 Million; up 1.1% QoQ, down 5.7% YoY
• Revenue up by 1.1% QoQ, declined by 5.4% YoY in constant currency terms
• EBITDA at USD 138 Million; up 6.4% QoQ, down 47.1% YoY; Margin at 8.8%, up 40 bps QoQ
• Profit after tax (PAT) at USD 61 Million; up 3.0 % QoQ, down 61.0 % YoY
• Free cash flow at USD 228 Million

Financial highlights for the quarter (₹)

• Revenue at ₹ 13101 Crore; up 1.8% QoQ, down 4.6% YoY
• EBITDA at ₹ 1146 Crore; up 6.9% QoQ, down 46.5% YoY
• Consolidated PAT at ₹ 510 Crore; up 3.4% QoQ, down 60.6% YoY
• Earnings per share (EPS) at ₹ 5.8

Other Highlights

• Total headcount at 146250 down 4354 QoQ
• Cash and Cash Equivalent at ₹ 7012 Crore as of December 31, 2023

Mohit Joshi, Managing Director and Chief Executive Officer, Tech Mahindra, said,
“The quarter was a mixed outcome, with growth in the Manufacturing and Healthcare segments but muted spending in areas like Communications, BFSI, and Hi-tech. While this dichotomy in the markets will take its own time to settle, we are focusing internally on realigning under the new structure and strengthening the foundations of our organisation.”

Rohit Anand, Chief Financial Officer, Tech Mahindra, said, “This year has given us the opportunity to step back and review our portfolio. We are confident that these actions will help us correct our course and deliver value in the long term. We are encouraged by the robust cash conversions this year, and we hope to continue this rigor in other operational areas as well.”

Earlier in October last year, Tech Mahindra announced the audited consolidated financial results for its quarter ended September 30th, 2023, wherein it reported revenue at ₹ 12,864 crores that was down by 2.2% QoQ and down 2.0% YoY.

In the quarter ended December 31, Tech Mahindra launched a new business unit Navixus™, within Tech Mahindra Business Process Services (BPS), and acquired Eventus Solutions Group. The company also launched Populii, a crowdsourcing platform that enables gig workers to collaborate with leading organisations through micro jobs requiring human-in-the-loop services.

Consolidated financial for the third quarter ended December 31, 2023 drawn under Ind AS

Accenture and Japan's Mujin Setup JV 'Accenture Alpha Automation' To Bring AI, Robotics to Manufacturing and Logistics

New joint venture will use AI and machine learning to connect operational and management data and accelerate data-driven management

Accenture and Mujin, a Japan based company engaged in intelligent robotics for manufacturing, logistics and supply chain operations, have established Accenture Alpha Automation, a joint venture for the manufacturing and logistics industries. Accenture Alpha Automation will help companies automate their management infrastructure with data-driven solutions that seamlessly combine data from manufacturing and logistics operations with management data. The joint venture is owned 70% by Accenture and 30% by Mujin.

Mujin provides intelligent automation solutions for industrial sites. Its intelligent robotics platform enables companies to deploy industrial robotics systems without the typical complex advance settings and integration, including motion settings and peripheral equipment, often required for other robotics systems.

The joint venture will combine Mujin’s experience in industrial robotics and automation with expertise from Accenture’s digital engineering and manufacturing service, Industry X. Accenture Alpha Automation’s solutions will integrate previously disconnected operational data from manufacturing and logistics sites with business management data, such as the company-wide supply chain status, financial information and market information. Accenture and Mujin will bring these solutions to clients to help them make faster, better decisions and hyper-automate their manufacturing and logistics processes.

Atsushi Egawa, who leads Accenture’s business in Japan, said: “Manufacturing is the cornerstone of Japanese industry. Driving sophistication and efficiency in manufacturing and the logistics that support manufacturing is essential for Japan's further growth. By teaming with Mujin, a leader in robotics technology, Accenture will be able to help our clients take advantage of AI and robotics to connect data throughout the manufacturing and logistics value chain, further contributing to the data-driven transformation of Japan’s important manufacturing and logistics industries.”

Mujin Inc. CEO, Issei Takino adds: “Our mission is to make industrial robots intelligent and easy to use so they can improve productivity and quality and help create new value in an aging society. The new joint venture, which builds on our agreement with Accenture, will utilize our robot automation technology to drive a paradigm shift in the manufacturing and logistics industry and bring new value to customers first in Japan, then around the world.”

Accenture has also invested directly in Mujin through Accenture Ventures, marking its first Project Spotlight investment in Asia. Project Spotlight is an engagement and investment program focused on companies that create or apply disruptive enterprise technologies. The program offers extensive access to Accenture’s domain expertise and its enterprise clients, helping technology companies adapt their solutions to the enterprise market and scale faster and more effectively.

About the Joint Venture

Company name: Accenture Alpha Automation
Location: Sumitomo Fudosan Azabu Juban Building, 1-4-1 Mita, Minato-ku, Tokyo
Operation starts: January 15, 2024
Scope of Operation:

• Consult and develop automation concepts in the manufacturing and logistics industries
• System integration in the manufacturing and logistics industries
• All businesses incidental to the preceding items

Share: Accenture 70%, Mujin 30%


Accenture is a leading global professional services company that helps the world’s leading businesses, governments and other organizations build their digital core, optimize their operations, accelerate revenue growth and enhance citizen services—creating tangible value at speed and scale. We are a talent- and innovation-led company with approximately 743,000 people serving clients in more than 120 countries. Technology is at the core of change today, and we are one of the world’s leaders in helping drive that change, with strong ecosystem relationships. We combine our strength in technology and leadership in cloud, data and AI with unmatched industry experience, functional expertise and global delivery capability. We are uniquely able to deliver tangible outcomes because of our broad range of services, solutions and assets across Strategy & Consulting, Technology, Operations, Industry X and Song. These capabilities, together with our culture of shared success and commitment to creating 360° value, enable us to help our clients reinvent and build trusted, lasting relationships. We measure our success by the 360° value we create for our clients, each other, our shareholders, partners and communities.

Airtel Prepays ₹ 8,325 Crores To DoT To Clear High Cost Deferred Liabilities for Spectrum Acquired in 2015

Bharti Airtel (“Airtel”), one of India’s leading telecommunications service providers, has announced that it has prepaid Rs. 8,325 crores to the Department of Telecom (Government of India) towards part prepayment of the deferred liabilities pertaining to spectrum acquired in auction of year 2015 which were at an interest cost of 10%.

In March 2015, Bharti Airtel won spectrum worth Rs 29,129.08 crore in the auctions but had paid Rs 11,374.7 crore. The upfront amount due was Rs 7,832.20 crore.

Airtel has made two rounds of prepayments of Rs 8,815 crore and Rs 8,024 crore in March 2022 and end-July 2023, respectively, leveraging much lower-cost financing avenues available to cut annual interest payouts. Before that in December 2021, Airtel had cleared all dues relating to spectrum purchases in 2014, by prepaying Rs 15,519 crore to the telecom department.

Since the start of this year, Bharti Airtel stock has risen close to about 15%, reaching an all-time high.

About Airtel

Headquartered in India, Airtel is a global communications solutions provider with over 500 million customers in 17 countries across South Asia and Africa. The company ranks amongst the top three mobile operators globally and its networks cover over two billion people. Airtel is India’s largest integrated communications solutions provider and the second largest mobile operator in Africa. Airtel’s retail portfolio includes high-speed 4G/5G mobile broadband, Airtel Xstream Fiber that promises speeds up to 1 Gbps with convergence across linear and on-demand entertainment, streaming services spanning music and video, digital payments and financial services. For enterprise customers, Airtel offers a gamut of solutions that includes secure connectivity, cloud and data center services, cyber security, IoT, Ad Tech and cloud-based communication. For more details, visit www.airtel.com

Microsoft Becomes 2nd Company To Hit $3 Trillion Market Valuation

Microsoft reached a historic $3 trillion market valuation on Wednesday, becoming only the second company to hit the milestone after Apple.

Microsoft's stock rose as much as 1.3% to $403.95, resulting in a market capitalization of $3 trillion. The threshold cements Microsoft’s status as one of the largest public stocks. Last year, Microsoft briefly surpassed Apple Inc. in value — which became the first company to hit $3 trillion — but eventually dropped back below Apple Inc, with the two trading places ever since.

Microsoft is one of the so-called "Magnificent–7" that fueled the market’s advance over 2023, gaining about 57%. The advance continued into this year, with a7.4% rise that exceeds the 4.6% gain of the Nasdaq 100 Index. Microsoft accounts for 7.3% of the S&P 500 Index.

Before being dethroned by Apple in 2010, in 2018, Microsoft reclaimed its position as the most valuable publicly traded company in the world. In April 2019, Microsoft reached a trillion-dollar market cap, becoming the third U.S. public company to be valued at over $1 trillion after Apple and Amazon, respectively.

Earlier this month, Microsoft announced a subscription offering of artificial intelligence for small businesses via Copilot Pro.

Last November, Satya Nadella announced the former OpenAI CEO Sam Altman and former president and Chairman of Greg Brockman would join Microsoft to lead a new advanced AI research team. However, Altman returned back to OpenAI, in a series of events.

Infosys Brings AI-First Technologies To Australian Open 2024 for A More Immersive Experience

• Infosys and Tennis Australia launch digital platforms to empower fan, player, and media with all-new generative AI features
• Infosys also launched an all-new Gen AI experience ‘Rafa Forever’ inviting millions of fans missing Rafa at AO to celebrate the legend fans missing Rafa at AO to celebrate the legend

Infosys (NSE, BSE, NYSE: INFY), a global leader in next-generation digital services and consulting, is advancing it’s AI footprint at the 2024 Australian Open (AO) with generative AI technologies for fan engagement, player performance, and digital content creation. Infosys and AO are also leveraging a digital skilling platform to build future leaders in Australia.

Infosys is leveraging its AI-first set of services, solutions, with Infosys Topaz, to evolve the AO experience. Infosys Topaz is delivering the large language models and cognitive core to accelerate Tennis Australia’s AI journey. The AO Grand Slam experience has been reimagined in many new ways such as:

AO 2024 Bracket Challenge vs AI: Fans test their predictive mettle against AI through AO’s all-new Bracket Challenge on AO’s website, a Tournament Challenge that went live on Jan 11, in which fans made predictions for the entire tournament & challenge themselves against AI, and a Daily Challenge to predict the day’s match winners.

Infosys Match Centre gets more cognitive with Gen AI Story Cards: For fans experiencing the Infosys Match Centre, the Key Stats feature provides contextual insights in a card-like format as the match progresses. AI Match Bytes, using Gen AI, creates match story visual cards and narrates the story of a match to fans. Win Predictor tracks the probabilities of victory as the match progresses on court.

Graffiti-inspired AI art and VR under one roof: The Fan Zone pays tribute to the iconic graffiti of Melbourne with a series of graffiti portraits, created using generative AI technology powered by Infosys Topaz. Inside the Fan Zone, fans can get up close with Iga Swiatek and Rafael Nadal through Augmented Reality selfies and face off against Rafa in the ultimate VR tennis match up. They will also go home with bespoke giveaways inspired by the graffiti portraits of Rafael Nadal.

Amplifying human potential on court and beyond: AI is watching match action at AO 24 to feed players and coaches winning insights to unlock the keys to victory through a series of features. For the media team, the AI Shot of the Day enhances Tennis Australia’s ability to quickly post the highlights from each day’s play, packaged as social media ready clips, enabling engagement without the time-consuming task of scouring through match footage manually.

Off the court, Infosys and Tennis Australia are also collaborating for AI-enabled digital skilling, by giving year 10 and 11 students from metropolitan Melbourne, regional Victoria and New South Wales access to curated learning powered by Infosys Springboard. The students will also get a
glimpse of a generative AI future by visiting the Infosys Fan Zone.

Beyond the transformation for Australian Open, to celebrate the tennis legend and Infosys ambassador Rafael Nadal, who misses out on this year’s tournament due to injury, Infosys has also launched an all-new Generative AI experience ‘Rafa Forever’ (Infosys.RafaForever.com), through which fans can imagine their personalized creative masterpiece to celebrate the tennis legend, with Generative AI technology.

Craig Tiley, CEO of Tennis Australia, and Australian Open Tournament Director, said, “For the past six years, Infosys has helped Tennis Australia to raise the bar and serve up new experiences for fans using digital technologies. We’re excited to see the leaps being made with AI at AO 2024. AI is enabling new dimensions of interactivity for fans and insight for players, not to mention the speed and scale it brings to our content delivery."

Andrew Groth, Executive Vice President Asia Pacific, Infosys, said, “Our association with AO has enabled us to push the boundaries of innovation across key digital and physical touchpoints, to create experiences that inform and engage as much as they entertain. This year, we are leveraging Infosys Topaz to bring a host of AI-first experiences to serve players, fans, and the media, and shape the future of the game. We have also enjoyed our ambassador Iga Świątek, take to the courts to compete in the first grand slam of the year. We are also excited to see our purpose in play at the Australian Open, even as our technologies continue to empower and manifest the next opportunity for everyone.”

Follow all the action from the tournament on AusOpen.com and discover more about the partnership at Infosys.com/AusOpen.

About Infosys

Infosys is a global leader in next-generation digital services and consulting. Over 300,000 of our people work to amplify human potential and create the next opportunity for people, businesses and communities. We enable clients in more than 56 countries to navigate their digital transformation. With over four decades of experience in managing the systems and workings of global enterprises, we expertly steer clients, as they navigate their digital transformation powered by cloud and AI. We enable them with an AI-first core, empower the business with agile digital at scale and drive continuous improvement with always-on learning through the transfer of digital skills, expertise, and ideas from our innovation ecosystem. We are deeply committed to being a well-governed, environmentally sustainable organization where diverse talent thrives in an inclusive workplace.

In A NielsenIQ Study, 97% Respondents Prefer Streaming on TV Around Dinner Time with Family

• Customers increasingly prefer streaming movies and shows on TV: Study
• Better video and sound quality, variety of content across OTT providers, and comfort of watching on big screen such are the top reasons for streaming on TV
• 66% of respondents binge-watch for more than 5 hours during weekends
• 97% of respondents prefer streaming on TV around dinner time with family

A custom study conducted by NielsenIQ and commissioned by Amazon for TV streaming trends*1 in December 2023, has revealed interesting insights about preferences of Indian audiences to stream their favorite movies and shows. According to the study, 78% respondents prefer streaming online content on their TVs through streaming sticks, smart TVs, and set-top-boxes compared to their other available options like smartphones, tablets and laptops.

Almost 66% of respondents streamed five hours daily over the weekend, as opposed to less than three hours during the weekdays. Additionally, 97% preferred to stream online content on TV around dinner time, and 74% of them watched the same with family especially spouse and children. Per the study, comedy was the most popular genre of content watched by respondents. It was closely followed by sports, thriller, romantic, horror, international TV shows, and news in order of preference. 

Preference to stream on TV due to comfort and better viewing experience

In addition to the availability of an active broadband connection at home, people are streaming on TV due to better video and sound quality, and convenience of accessing variety of content across OTT providers and online sources. Ergonomic benefits also contribute to this preference. Viewing on TV may also allow to maintain a comfortable body posture, alleviating the aches and pains sometimes associated with watching content while holding the phone. 

Speed matters to Indian viewers

When streaming on TV, the most sought-after features according to the respondents were lag-free streaming (39%), and wide range of OTT Apps (24%). Other preferences were availability of voice assistant for searching content and controlling smart home appliances, and ability to stream online content and live TV shows from DTH channels on a single screen.

“Online video streaming has come a long way since its inception, and so has streaming habits of consumers. What has remained a constant is our preference to view content on the biggest screen in our homes – the television. Fire TV is a convenient way to get your favorite shows, movies, sports, and more on your TV,” said Parag Gupta, Director and Country Manager, Amazon Devices India. “Be it to stream content on your older non-smart TV, or get more out of your existing smart TV, the Fire TV stick provides a faster streaming experience, simpler content discovery with Alexa’s universal voice search, and access to 12,000+ apps across genres to users. We are encouraged by the popularity of Fire TV, rated 4+ stars consistently by users.”

Based on a study conducted by NielsenIQ in October 2023*2, it was noted that Fire TV offers the most advanced TV streaming experience to customers. 

*1: The study was conducted by NielsenIQ and commissioned by Amazon for TV streaming trends in December 2023 across 12 major cities including Delhi, Mumbai, Bangalore, Chennai and Hyderabad. The sample size included 800 respondents between the ages 25-45 years, with a demographic distribution of New Consumer Classification System (NCCS) under socio-economic level– A. 

*2: The study was conducted by NielsenIQ in October 2023 in Delhi, Mumbai, Bangalore, and Kolkata. The sample size included 311 respondents between the ages 25-45 years, with a demographic distribution of New Consumer Classification System (NCCS) under socio-economic level– A.

“Estimates and values are incomplete and unreliable, do not accurately represent Amazon’s position within a segment, and do not include the full set of substitutable products available to customers. These data limitations likely underestimate segment shares and understate the impact of competitors in the segment.” While the report has been prepared by Nielsen, it is clarified that the conclusion, views and findings have not been verified by Amazon and the shares noted are an estimate by Nielsen.”

About Amazon

Amazon is guided by four principles: customer obsession rather than competitor focus, passion for invention, commitment to operational excellence, and long-term thinking. Amazon strives to be Earth’s Most Customer-Centric Company, Earth’s Best Employer, and Earth’s Safest Place to Work. Customer reviews, 1-Click shopping, personalised recommendations, Prime, Fulfillment by Amazon, AWS, Kindle Direct Publishing, Kindle, Fire TV, Amazon Echo, and Alexa are some of the things pioneered by Amazon. For more information, visit www.aboutamazon.in and follow @AmazonNews_IN.

About NielsenIQ (NIQ)

NIQ is the world’s leading consumer intelligence company, delivering the most complete understanding of consumer buying behavior and revealing new pathways to growth. In 2023, NIQ combined with GfK, bringing together the two industry leaders with unparalleled global reach. With a holistic retail read and the most comprehensive consumer insights—delivered with advanced analytics through state-of-the-art platforms—NIQ delivers the Full ViewTM.

NIQ, is an Advent International portfolio company with operations in 100+ markets, covering more than 90% of the world’s population. For more information, visit NIQ.com.

Amity University Online and HCLTech Launches 5 Industry-focused Courses

Introduces specializations in Cybersecurity, Software Engineering, Data Engineering and Data Analytics

Amity University Online, India's first university entitled to offer online degree programs, today announced a strategic partnership with leading global technology company HCLTech. The collaboration aims to offer 5 industry-focused specializations at the undergraduate and postgraduate levels, addressing the evolving demands of today's job market, and these are:

1. MCA with specialization in Cybersecurity,
2. MCA with specialization in Software Engineering,
3. BCA with specialization in Data Engineering,
4. BCA with specialization in Software Engineering
5. BBA with specialization in Data Analytics.

This initiative is set to empower over 5,000 learners with skills aligned to industry requirements.

Amity University Online and HCLTech collaborated to develop specialized programs, integrating industry-relevant curriculum and hands-on training, leveraging Career Shaper, HCLTech’s learning and assessment platform. The learning journey concludes with a ‘Last Mile Job Readiness' program, ensuring graduates are industry ready to be a part of the highly skilled workforce. Students meeting academic and job readiness thresholds can appear for an HCLTech interview.

This partnership marks a significant step forward in academia-industry collaboration, enabling graduates to enter the workforce fully prepared to drive innovation in the technology and data-driven sectors.

The courses will provide a comprehensive learning experience through videos, reading materials, quizzes, lab exercises and live sessions. Accessible through the HCLTech Career Shaper platform via single sign-on using Amity’s state of the art learning management system Amigo, learners will be able to avail learning resources including chat room sessions and email support. Graded internal assessments will contribute to 30% of the final marks.

Speaking on the partnership, Mr. Ajit Chauhan, Chairman, Amity University Online, said: “Through this partnership, we reaffirm our shared dedication to providing students with exceptional educational prospects and meeting the evolving demands of the technology industry. Our ultimate objective with these new specializations is to build a bridge between academic knowledge and industry requirements, offering students a holistic education that seamlessly integrates theory with practical skills.”

"In today's rapidly evolving digital landscape, acquiring the right skills is crucial. HCLTech, with its four and a half decades of legacy in technology services, is proud to bring its expertise to the education sector. With Career Shaper, HCLTech is dedicated to empowering students with industry-relevant knowledge, bridging the gap between academia and the ever-changing demands of the IT industry. Through this collaboration, we aspire to not only educate but also inspire the next generation of IT professionals, providing them with the tools they need to succeed and contribute meaningfully to the workforce," said Srimathi Shivashankar, Corporate Vice President and Global Head, EdTech Business, HCLTech.

Amity University Online offers a flexible learning experience, allowing students to study from the comfort of their homes. With global and Indian faculty who are experts in their fields, diverse learning mediums, and career services provided, Amity University Online is reshaping online higher education.

For more information about these degree programs, please visit amityonline.com.

Amity University Online is devoted to creating a transformative learning environment, a digital classroom with true mobility and access to education from anywhere, inheriting Amity’s vision of building the nation through education. Amity University Online is India’s first university entitled by UGC to offer Online Degree, Diploma & Certification programs. These career- oriented programs are specially designed for working professionals offering futuristic learning experiences on our awarded LMS, along with face-to-face interactions, live sessions, webinars, video lectures, one-to-one session with faculty designed and delivered by eminent corporate experts and faculties.

HCLTech is a global technology company, home to more than 224,000 people across 60 countries, delivering industry-leading capabilities centered around digital, engineering, cloud, AI and software, powered by a broad portfolio of technology services and products. We work with clients across all major verticals, providing industry solutions for Financial Services, Manufacturing, Life Sciences and Healthcare, Technology and Services, Telecom and Media, Retail and CPG, and Public Services. Consolidated revenues as of 12 months ending December 2023 totaled $13.1 billion. To learn how we can supercharge progress for you, visit hcltech.com.

Hyundai, Kia Unveil New Technology to Increase Range of Electric Vehicles

• Reducing the drag coefficient (Cd) in an automobile improves the performance of the vehicle as it pertains to speed and fuel efficiency.
• Hyundai Motor and Kia Unveil ‘Active Air Skirt’ Technology to Help Electric Vehicles Go Faster and Farther
• New 'Active Air Skirt' (AAS) technology controls the turbulence generated during high-speed driving by operating variably depending on the vehicle’s speed
• Installed between the front bumper and the front wheels, AAS is hidden during normal operation but operates at speeds over 80 km/h when the aerodynamic resistance becomes greater than the air resistance and is stored again at 70 km/h
• Taking into account the specificity of the E-GMP platform, it is positioned only in front of the tires without completely covering the front end.

Hyundai Motor Company and Kia Corporation has just unveiled the ‘Active Air Skirt’ (AAS) technology that minimizes the aerodynamic resistance generated during high-speed driving, effectively improving the driving range and driving stability of electric vehicles (EVs).

AAS is a technology that controls the flow of air entering through the lower part of the bumper and effectively controls the turbulence generated around the vehicle wheels by operating variably according to the vehicle speed during high-speed driving.

In the EV era, competition to secure a better driving range from a single charge has become fierce, making the relationship between vehicles and aerodynamics even more important. Furthermore, aerodynamic performance has a significant impact not only on power performance but also on driving stability and wind noise.

In response, manufacturers are exploring various measures to reduce the coefficient of drag (Cd), which is the resistance coefficient of the air acting in the opposite direction of the vehicle’s motion.

Reducing the drag coefficient (Cd) in an automobile improves the performance of the vehicle as it pertains to speed and fuel efficiency.

AAS is installed between the front bumper and the front wheels of the vehicle and is hidden during normal operation, but it operates at speeds over 80 km/h when the aerodynamic resistance becomes greater than the rolling resistance and is stored again at 70 km/h. The reason for the difference in deployment and storage speeds is to prevent frequent operation in specific speed ranges.

Also, the reason why AAS only covers the front part of the tires without completely covering the front is related to the characteristics of Hyundai Motor Group’s E-GMP platform for EVs. This is because it is more effective in improving aerodynamic performance to only cover the tire part since the platform floor is flat. This also functions to enhance downforce of the vehicle, thereby improving vehicle traction and high-speed stability.

AAS can also operate at speeds over 200 km/h. This was possible thanks to the application of rubber material on the lower part, which reduces the risk of external objects splashing and damaging while driving at high speeds and ensures durability.

Hyundai Motor and Kia announced that they have tested and reduced the drag coefficient (Cd) by 0.008, improving drag by 2.8 percent, by installing AAS in Genesis GV60. This is a figure that can expect an additional range improvement of about 6 km.

Hyundai Motor and Kia have applied for related patents in South Korea and the United States, and plan to consider mass production after durability and performance tests.

“This technology is expected to have a greater effect on models such as SUVs where it is difficult to improve aerodynamic performance,” said Sun Hyung Cho, Vice President and Head of Mobility Body Development Group at Hyundai Motor Group. “We will continue to strive to improve the driving performance and stability of electric vehicles through improvements in aerodynamics.”

Meanwhile, Hyundai Motor and Kia are applying various technologies, such as rear spoilers, active air flaps, wheel air curtains, wheel gap reducers and separation traps, to vehicles to secure competitive drag coefficients. Hyundai IONIQ 6, which incorporates these technologies, has achieved a global leading Cd of 0.21.

In A World's Largest, India's ACME Group Inks Agreement with Japan's IHI Corp for Green Ammonia Plant with $5 Bn Investment

Indian Renewable Energy company - ACME and Japanese heavy industry major IHI Corporation sign one of the largest pact to supply Green Ammonia from India to Japan

ACME Group, a leading renewable energy company in India, and IHI Corporation, a Japanese integrated heavy industry group, signed an offtake term sheet for supply of green ammonia from Odisha, India to Japan. The term sheet was signed by Founder and Chairman of Acme Group, Manoj Upadhyay and President and CEO of IHI Corporation, Hiroshi Ide, in the presence of Union Minister for Power and New & Renewable Energy R. K. Singh.

The two companies will set up a green ammonia plant in Gopalpur, Odisha at an investment of Rs 60,000 crore.

The term sheet between IHI and ACME covers the supply of 0.4 MMTPA (million metric tons per annum) of green ammonia from Phase-1 of Odisha project in Gopalpur on a long-term basis.

Both companies wish to partner across the value chain, starting from production to logistics, supply to the Japanese customers and to create the market for green ammonia for use in a range of applications in power generation and various industrial uses in Japan to reduce the overall emissions.

Speaking about the agreement, the Union Minister for Power and New & Renewable Energy Shri R. K. Singh said that this is one of the first and largest agreements in the world in the field of green hydrogen and green ammonia. “Japan has been a close friend and partner of India. This collaboration in renewable energy in going green will further strengthen our partnership. India’s cost of making green hydrogen and green ammonia is already among the most competitive in the world. We are going to emerge as one of the largest manufacturers of green hydrogen and green ammonia in the world.”

Speaking about the strategic partnership, Ambassador of Japan to India Mr. Hiroshi Suzuki said that the signing of the term sheet marks a major milestone. “The partnership between Acme and IHI will bring remarkable success, given the potential of globally competitive green hydrogen in India. I express the Government of Japan’s unwavering support in taking forward the collaboration between India and Japan in the energy sector”, he added.

The Ambassador said that India-Japan Clean Energy Partnership, established by Prime Minister Narendra Modi and Prime Minister Fumio Kishida, has been driving the cooperation between the two countries. “I express the Government of Japan’s unwavering support in taking forward the collaboration between India and Japan in the energy sector”, he added.

The Ambassador also requested the Union Power & NRE mimister for early signing of Green Hydrogen and Green Ammonia Joint Declaration of Intent (JDI) involving the Ministry of Economy, Trade and Industry, Government of Japan and Ministry of New & Renewable Energy (MNRE) Government of India.

Japanese company IHI Corporation will be supporting the project to set up the 1.2 million tonne plant that is expected to require $5 billion of total investment.

Director and Managing Executive Officer, IHI Corporation, Shri Jun Kobayashi said: “This agreement builds upon our earlier MoU with ACME and represents the strong relationship and alignment between the two companies in developing the market for this new generation fuel”.

Last month, Adani Group also announced that the group had partnered with IHI Corporation along with an another Japanese major, Kowa company, to study & explore ammonia co-firing at the Adani Power Mundra plant. The studies aim at initially de-carbonizing Adani’s coal fired plants but with a larger objective to implement the technology in other coal-fired plants across India.

In October last year, AMG Green, a company founded by Hyderabad-based renewables group, Geenko, has secured $1.75 billion from Gentari of Malaysia's Petronas, and Singapore’s GIC sovereign wealth fund, to develop one of world's largest green ammonia platform. Prior to that, in April, Avaada Group today announced fundraise of $1.07 billion for its green hydrogen and green ammonia ventures in India.