The CEO of HCL Technologies Ltd. might become the highest-paid manager among his peers

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August 9, 2021

The CEO of HCL Technologies Ltd. might become the highest-paid manager among his peers

President and CEO C. Vijayakumar of IT services business HCL Technologies Ltd. is expected to earn roughly $10.8 million per year over the next five years, making him the highest-paid IT executive among peers in the Indian software services industry.

The salary increase also indicates that the country’s third-largest software exporter has abandoned its decades-long practice of being a cautious paymaster.

Vijayakumar, the company’s CEO since October 2016, was not on the board of directors. Last month, founder Shiv Nadar stepped down from the board of directors, allowing Vijayakumar to be named Managing Director, along with the titles of CEO and MD, for a five-year term beginning July 20.

The Noida-based company revealed its CEO’s remuneration in its annual report for the primary time, adding that Vijayakumar will bring home an annual base salary of $2 million for the year ending March 31, up to $2 million in variable pay, as well as $384,000 in perquisites and other benefits, taking his total compensation to $4.38 million.

In addition, he will receive $31.5 million available options and restricted stock units over the subsequent five years, from March 31, 2026, to March 31, 2026. HCL, on the other hand, did not provide the breakdown of stock options and restricted stock units (RSUs) Vijayakumar will receive each year.

Google is planning to release its own processor for future Pixel phones

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August 3, 2021

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Google is planning to release its own processor for future Pixel phones

Google, owned by Alphabet Inc., will utilize in-house processors for its Pixel phones, which will be released later this fall, marking a departure from Qualcomm Inc.’s technology, which has powered the search giant’s Android smartphones for more than 15 years.

Google announced in a blog post that the Tensor processor would power the Pixel 6 and Pixel 6 Pro phones, with further specifics to be revealed closer to the launch.

Qualcomm, the world’s largest producer of wireless processors for cell phones, was down slightly in afternoon trade.

The next Pixel phone, the 5a, will still use a Qualcomm CPU, according to Google.

“We will continue to work closely with Google on existing and future products based on Snapdragon platforms,” – a Qualcomm spokesperson said in a statement.

Reliance Retail in discussions to purchase Subway India

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August 2, 2021

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Reliance Retail in discussions to purchase Subway India

Reliance Retail, owned by Mukesh Ambani, appears to be eyeing the India franchise of the world’s largest single-brand restaurant chain, Subway. The retail giant is buying subway India for $200-250 million, or Rs 1,488-1,860 crore. This comes as the restaurant business, led by Chief Executive John Chidsey, is undergoing reorganization, intending to reduce expenses and worldwide staff as revenues decline.

Reliance Retail has ventured into a variety of industries, including groceries, e-pharmacy, payments, apparel, and furniture. Quick service restaurants, on the other hand, appear to be right in their wheelhouse.

According to a story in The Economic Times, if the discussions are successful, RIL will obtain a network of 600-plus Subway restaurants across the country. RIL-Subway would ratchet up the rivalry, including Domino’s Pizza, Pizza Hut, Burger King, and Starbucks.

In contrast to the present arrangement of regional master franchisees and individual networks, the global chain has been trying to simplify its India operation with a local partner. Several Indian Subway franchisees attempted to build a platform in 2017 and were in negotiations with investors for a buy-in.

Sundaram Home Finance is looking to raise Rs 2,500 crore to fund its expansion plans

Real Estate

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July 29, 2021

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Sundaram Home Finance is looking to raise Rs 2,500 crore to fund its expansion plans

Sundaram Home Finance Ltd, a subsidiary of Sundaram Finance Ltd, achieved a net profit of Rs 40.04 crore for the quarter ended June 30, 2021, the company announced on Wednesday. Sundaram Home Finance, situated in Chennai, reported net gains of Rs 33.94 crore in the preceding quarter of the previous year, according to a statement.

For the quarter under review, the company disbursed Rs 249.27 crore, compared to Rs 99.98 crore in the previous fiscal quarter.

According to the statement, the company was hoping to raise Rs 2,500 crore this year using a combination of debt instruments and bank borrowing to fund its expansion goals.

“The second wave of COVID-19 led to an uncertainty during the quarter, but relaxation of lockdown in most States in June led to a partial bounce back in demand in the real estate space towards the end of Q1”, company MD Lakshminarayanan Duraiswamy said on the financial performance.

“The disbursements in Q1 were driven by mid market segments, especially the salaried class, in tier II and III towns”, he added.

On the outlook for the year, he said, “..we are cautiously optimistic on the growth prospects for the rest of the year and believe that the worst is behind us”.

Sundaram Home Finance is a leading player in the housing finance sector and has 107 branches across the country. It provides home loans, plot loans, home improvement and loans against property among others.

Tesla CEO Elon Musk expects ‘temporary relief’ for electric vehicles in India in terms of import duty relaxation

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July 25, 2021

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Tesla CEO Elon Musk expects ‘temporary relief’ for electric vehicles in India in terms of import duty relaxation

According to Tesla CEO Elon Musk, the brand may establish a manufacturing operation in India if it first succeeds with imported automobiles in the country.

He did say, though, that India’s import levies are currently “the highest in the world,” and that he hopes for “at least a temporary tariff relief for electric vehicles.” Mr. Musk responded to fans on Twitter who urged him to offer Tesla automobiles in India, saying, “We want to do so, but import duties are the highest in the world by far of any large country!” Currently, India charges a 100% import duty on fully imported cars with a CIF (Cost, Insurance, and Freight) value of more than $40,000, and a 60% tariff on those costing less.

“Clean energy vehicles are treated the same as diesel or petrol,” Mr. Musk continued, “which does not seem entirely consistent with climate goals of India.” He, on the other hand, stated, “We are hopeful that there will be at least a temporary tariff relief for electric vehicles. That would be much appreciated”. “If Tesla is able to succeed with imported automobiles, then a factory in India is quite likely,” Mr. Musk remarked when asked by a fan if Tesla might start with local assembly in India. Tesla had requested a reduction in import duty, according to a senior government official on July 23. Tesla has a golden opportunity to set up its production facility in India, according to Union Minister Nitin Gadkari, given the country’s push for electric vehicles.

According to the road transport and highways minister, Tesla is already sourcing numerous auto components from Indian automakers and that establishing a base here would be economically viable.

B.S. Yediyurappa, the Chief Minister of Karnataka, said in February that Tesla would establish a manufacturing facility in the state. Tesla India Motors and Energy Pvt Ltd has been registered with the Registrar of Companies in Bengaluru.

The Flipkart app will have an AR camera option for customers

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July 22, 2021

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The Flipkart app will have an AR camera option for customers

Flipkart, India’s largest e-commerce platform, launched an immersive e-commerce experience on Wednesday with Flipkart Camera, an Augmented Reality (AR) feature on the Flipkart App.

Before making a purchase, customers will be able to go from “imagining” to “experiencing” what a product would seem like in real life.

Flipkart Camera, according to the business, seeks to make consumers’ online experiences more interesting and useful by assisting them in making informed decisions.

“With the Flipkart Camera feature, we aim to make this experience a notch higher by offering in-house demonstrations of products from the comfort of a consumer’s living room, thereby helping them make an informed decision before purchasing,” Jeyandran Venugopal, Chief Product and Technology Officer at Flipkart, said in a statement.

“This technology has far-reaching applications and can improve customer experience manifold while also helping customers find the right product fit,” Venugopal added.

Customers may have a visual, 3D experience of items in categories like furniture, bags, and large appliances, where they need to assess the size and fit of the object as well as comprehend its aesthetics before making a purchase choice.

Another significant sector in which this capacity will boost customer confidence and eliminate uncertainty is the beauty industry, where customers will be able to virtually sample items before making a purchase. Customers are increasingly using augmented reality as a result of the rising use of smartphones.

According to a Gartner research, Gen Z and millennials are driving demand for augmented reality (AR) and virtual reality (VR) features, with 30% of the sample space requesting more AR/VR capabilities in their purchasing experience.

Xiaomi surpasses Apple to become the world’s second-largest smartphone manufacturer

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July 16, 2021

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Xiaomi surpasses Apple to become the world’s second-largest smartphone manufacturer

Xiaomi Corp, a Chinese smartphone company, surpassed Apple Inc to become the world’s No. 2 smartphone producer in the second quarter, according to Canalys, a market research firm.

With 19 percent market share and 15% growth, Samsung was the most popular smartphone vendor, while Xiaomi gained 17 percent market share owing to an 83 percent increase in smartphone sales during the quarter. Apple had a 14 percent market share, with Oppo and Vivo each having a ten percent share.

Xiaomi’s success may indeed be attributed to its international expansion, with shipments growing by more than 300 percent in Latin America, 150 percent in Africa, and 50 percent in Western Europe. Xiaomi is recognised for offering more affordable smartphones, with an average selling price that is around 75% less than Apple’s iPhones.

To catch up to Samsung, Canalys predicts that Xiaomi would need to sell more high-end devices, such as the Mi 11 Ultra, which costs more than $900.

Infosys announces the fastest increase in first-quarter sales in a decade, as well as a 23 percent increase in net profit

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July 15, 2021

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Infosys announces the fastest increase in first-quarter sales in a decade, as well as a 23 percent increase in net profit

Infosys announced a consolidated net profit of Rs 5,195 crore in the first quarter of fiscal 2022, up 2.34 percent from Rs 5,076 crore the previous quarter.

In currency terms, revenue grew 6% to Rs 27,896 crore from Rs 26,311 crore in the previous quarter.

In dollar terms, the topline increased by 4.7 percent to $3,782 million, surpassing expectations of Rs 27,718 crore and $3,758 million for the quarter.

On a sequential basis, sales increased by 4.8 percent in constant currency.

The digital business grew 9.7% sequentially to $2,040 million, but the core business fell 0.7 percent QoQ to $1,742 million in the second quarter of 2021.

As of June 2021, the overall contribution of digital business to revenue has risen to 53.9 percent, up from 51.5 percent in March 2021.

The business reported in an exchange filing that big deal volumes were robust in Q1, with a total contract value of $2.6 billion.

Infosys raised its revenue growth forecast for FY22 to 14-16 percent from 12-14 percent before, while maintaining its full-year EBIT margin forecast of 22-24 percent.

“We grew at the fastest pace in Q1 in a decade, at 16.9% year-on-year and 4.8% quarter-on-quarter in constant currency. This gives us confidence to increase our revenue growth guidance to 14%-16%,” said Salil Parekh, CEO and MD, Infosys.

EBIT climbed 2.5 percent to Rs 6,603 crore from Rs 6,440 crore in the previous quarter, but EBIT margin fell 80 basis points to 23.7 percent from 24.5 percent.

Infosys’ operational performance fell short of expectations. EBIT was projected to be Rs 6,787 crore, with a 24.5 percent EBIT margin.

“We remain confident of delivering on the margin guidance, underpinned by our comprehensive cost optimization program, despite increasing cost headwinds arising largely from compensation review, talent acquisition and retention”, said Nilanjan Roy, Chief Financial Officer, Infosys.

“Our free cash conversion was strong at 122.3% of net profit and ROE improved to 29.3%”, he added.

Employee expenditures such as retention reduced the company’s profits. Infosys said that it will expand its employment of freshers and that it has already hired over 10,000 freshers this quarter.

“As the demand for digital talent explodes, rising attrition in the industry poses a near-term challenge. We plan to meet this demand by expanding our hiring program of college graduates for FY 22 to 35,000 globally,” said Pravin Rao, Chief Operating Officer, Infosys.

On the BSE, Infosys shares closed 2.07% higher at Rs 1,576.90 each on Wednesday.

Cisco Appoints Daisy Chittilapilly As India And SAARC President

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July 14, 2021

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Cisco Appoints Daisy Chittilapilly As India And SAARC President

Daisy Chittilapilly has been named as Cisco’s new president for India and the SAARC region. She succeeds Sameer Garde, who recently announced his wish to leave Cisco after four years to work in the social sector.

Cisco said Ms Chittilapilly would be responsible for strategy, sales, operations, and investments to drive long growth in the region.

Ms Chittilapilly will begin her new position on August 1, 2021, which will also be the start of Cisco’s next fiscal year.

She has over 25 years of experience in the technology sector, including 17 years in the leadership role at Cisco. Ms Chittilapilly has a proven track record of transforming operations and cultures to achieve development at scale, according to a statement released by Cisco on July 13.

Ms Chittilapilly most recently served as managing director of Cisco’s Digital Transformation Office, where she engaged with customers in capturing and scaling new digital possibilities.

Dubai leads the way for global tourism recovery

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July 12, 2021

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Dubai leads the way for global tourism recovery

The latest data published by Dubai’s Department of Tourism shows the city welcomed 3.7 million overnight visitors during the 11 months from July 2020 to May 2021.

“A speedy recovery in Dubai’s tourism and associated sectors did not happen by accident; rather a clear and meticulous implementation of rigorous precautionary health protocol regime in the emirate and across the country is gradually bearing fruits in terms of growing confidence in the emirate as a safe destination for travellers,” commented Gulf News.

In its editorial, the paper said that the positive performance of Dubai’s tourism comes as a beacon of hope at a time when tourism and associated industries have been facing an existential threat following long drawn shutdowns and extended flight bans caused by the spread of new and more infectious strains of Covid-19 virus in different parts of the world.

The paper quoted a recent report by the United Nations Conference on Trade and Development (UNCTAD) and the UN World Tourism Organisation (UNWTO), which showed that the impact of the Covid-19 on tourism could result in more than $4 trillion (AED14.68 trillion) loss to the global economy. “Clearly, the estimate based on losses caused by the pandemic’s direct impact on tourism and the ripple effect on related sectors, is worse than previously expected,” the paper noted.

The steep drop in tourist arrivals worldwide in 2020 resulted in a $2.4 trillion economic hit and a similar figure is likely this year depending on the uptake in Covid-19 vaccines.

“Amid such widespread gloom, Dubai’s tourism revival story is indeed matter of great solace for the rest of the world,” the paper went on to say. According to the data published by Dubai Tourism, the emirate received more than 1.7 million visitors between July and December 2020 from open markets and an additional two million visitors in the first five months of 2021.

Tourism is seen recovering faster in countries with high vaccination rates. “The UAE is a clear winner in this regard with the country emerging as the world’s most vaccinated nation,” the Dubai-based English language newspaper said.

As of July 9, the country had administered over 15.86 million vaccine doses. According to data released by the National Emergency Crisis and Disaster Management Authority (NCEMA), 64 percent of residents are fully vaccinated against Covid-19, while 74 percent have received at least one dose.

According to Bloomberg’s vaccine tracker data, the UAE has overtaken the Seychelles to become the most vaccinated country. Seychelles has administered enough doses to cover 71.7 per cent of its population.

“As Dubai gears up for Expo 2020, it is expected that the exceptional health standards will reinforce Dubai and the UAE’s stature as safe travel destination,” the paper concluded.

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