ENGINEERING FIRMS
Prompts and the art of earning in times of AI
Digital artists are leveraging AI prompts to enhance their income by selling unique prompts on various online marketplaces. Prompt engineering plays a crucial role in translating human intent into AI-generated art. Competition in the market is increasing, challenging artists to stay innovative.
Inside Goldman Sachs' expanding but risky financing engine
The fund finance unit, housed in the bank's global banking and markets division, lends money secured by different types of assets to private equity and other funds. Such assets, however, can be hard to value and trade, and some loan products are yet to be tested in a downturn, making lending against them risky.
Accenture boosts silicon design chops with its third acquisition Cientra
Accenture will add Cientra's 530 employees to its Advanced Technology Centres in India. In the growing semiconductor market, several firms are taking the acquisition route to expand their businesses in the space. From September 2023 to May 2024, Accenture made a total of 35 acquisitions. The company also acquired Excelmax Technologies earlier this week.
Sadbhav Engineering seeks debt restructuring; interim debt at two SPVs
The company's chief executive officer appeared before the tribunal, stating that a restructuring package had been proposed to all financial creditors and the court asked to convene a meeting of lenders, as reported by ET on July 2.
India needs 1 million high-tech engineers as economy expands
India’s $250 billion tech sector plays an important role in the economy, employing about 5.4 million people. Tech services make up about 7.5% of the country’s $3 trillion-plus gross domestic product.
US chipmaker Analog Devices increases India headcount by 30%
Analog Devices has offices in Bengaluru, Gandhinagar, and Hyderabad, with a current workforce of 1,500 in India, including 1,200 engineers, according to Srinivas Prasad, senior director and head of Analog Devices in India. Globally, the company employs 26,000 people across 31 countries, with over 11,000 being engineers.
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IT hiring: After prolonged slowdown, data signals green shoots
After months of subdued hiring numbers, IT companies are in for good news. Overall, tech hiring has seen a slight improvement in Q1, as per staffing firms, in line with expectations of some green shoots in demand. IT firms seem to be favouring experienced hires due to immediate project needs.
Chinese AI firms showcase resilience, innovations at AI event despite US sanctions
The World AI Conference in Shanghai featured AI products from Tesla, Qualcomm, and Chinese firms. SenseTime debuted SenseNova 5.5 after ChatGPT. Optimism remains despite U.S. sanctions, as Huawei's Cloud Computing advocates innovation. Baidu CEO Robin Li calls for focusing on AI applications over foundational models.
Global Capability Centres drive office leasing in H1 2024, with a 37% share
India's office leasing market is dominated by Global Capability Centres (GCCs), with 37% of total leasing activity in January to June 2024. The country's robust workforce, competitive costs, and established ecosystem make it a key market for GCCs. With a projected 20% growth in GCC presence by 2025, the Indian office market is poised for significant expansion. 67% of GCCs plan to increase their office portfolios by over 10% in the next two years.
Persistent Systems buys US software firm Starfish Associates for Rs 173 crore
Persistent Systems said in a statement, "Known for its cutting-edge Enterprise Communications automation platform, Starfish Associates caters to the world’s largest enterprises including many Fortune 500 companies." Following the acquisition announcement on Wednesday morning, Persistent’s stock hit a 52-week high to 4,596 apiece rising over 2% on the BSE.
Q-comm audits; modest Q1 for IT firms
Happy Wednesday! Due to recent hygiene lapses by quick commerce, the government has intensified surprise inspections of their warehouses. This and more in today’s ETtech Morning Dispatch.
Should you be rushing to pick up the latest AI smartphone?
Samsung leads the smartphone industry with cutting-edge genAI features, while Apple introduces the groundbreaking Apple Intelligence. Sundar Pichai unveils the innovative Gemini AI assistant, and Craig Federighi presents Apple Intelligence, reshaping the future of smart devices with powerful generative models.
CBI books former CMD of Heavy Engineering Corporation in corruption case
The CBI has filed a corruption case against former HECL chairman Avijit Ghosh for alleged irregularities in collaboration with a Russian company to set up a skill development center. Ghosh is accused of cheating the government exchequer through a manipulated Expression of Interest. The FIR states that Ghosh proposed a consultation fee of Rs 30 crore to train engineers, but only 86 were trained and Rs 16 crore was paid out.
JK Solutions-led group's Valecha buy gets NCLT nod
Nishit Dhruva stressed the importance of saving jobs and assets through successful resolution. The consortium plans to pay creditors ₹79.52 crore against total liabilities of ₹2,869 crore, including financial creditors like JC Flowers Asset Reconstruction and State Bank of India.
Priyank Kharge meets IT minister Ashwini Vaishnaw, requests Centre's support for state's chip firms
Karnataka IT minister Priyank Kharge met Ashwini Vaishnaw, union IT minister, to seek support for the state's semiconductor and electronics space. Kharge said that the State has the highest share of 46% in India in housing innovative companies and contributes 10% of India's industrial output.
GRSE secures export order worth $54 mn from German co for commercial vessels
Defence PSU Garden Reach Shipbuilders and Engineers (GRSE) Ltd has signed a $54 million contract with Germany-based shipping company Carsten Rehder Schiffsmakler und Reederei GmbH and Co. KG for the construction and delivery of four multi-purpose cargo vessels. The vessels, each 120 meters in length and 17 meters in width, will carry 7,500 metric tonnes of cargo.
Triveni Engineering buys addl 36.34 pc stake in sugar firm Sir Shadi Lal Enterprises for Rs 45 cr
Triveni Engineering & Industries Ltd acquires 36.34% stake in Sir Shadi Lal Enterprises Ltd for Rs 45 crore, enhancing its position as a major sugar producer. Vice Chairman Tarun Sawhney views the acquisition as a strategic move to boost Triveni's sugar and alcohol businesses.
BPEA credit raises Rs 375 cr in re fund
Private equity firm BPEA Credit closed the first round of its latest rupee fund, SSTIF-I, targeting ₹750 crore with a green shoe option. Kanchan Jain leads the fund with a unique yield profile for 10-12 investments in various sectors.
Sequoia backs AI startup that automates engineering tasks
Matan Grinberg, a former physics PhD student, founded Factory, an AI startup valued at over $100 million.
IndiGo to receive compensation from Pratt & Whitney for grounded aircraft
IndiGo's parent company, InterGlobe Aviation, has announced that it will receive a "customised" compensation from Pratt & Whitney's affiliate firm International Aero Engine for grounded aircraft. The company has amended an existing agreement with IAE to provide IndiGo with a customized compensation for the ongoing situation of grounded aircraft due to engine unavailability.
Cognizant to acquire US digital engineering firm Belcan for $1.3 billion
Cognizant Technologies to acquire Belcan for $1.3 billion, expanding into aerospace, defense, space, and automotive sectors.
Cognizant to acquire Belcan for $1.3 billion
The deal would expand Teaneck, New Jersey-based Cognizant's footprint in the aerospace, defense, space and automotive sectors. Cincinnati-based Belcan, which has been owned by private equity firm AE Industrial Partners since 2015, employs 10,000 people across 60 locations globally. Some of its clients include Boeing, General Motors, Rolls-Royce, the U.S. space agency NASA and the U.S. Navy.
Ghatkopar hoarding was installed on weak foundation: Mumbai institute's report
A report submitted by a technological institute revealed that the hoarding that collapsed in Mumbai, claiming 17 lives, had been installed on a weak foundation. Despite the city's standards for wind resistance, the structure could only withstand 49 kmph winds, leading to tragedy. Investigations and arrests followed, uncovering negligence and lack of proper oversight.
NIIT Q4 Results: Firm reports profit of Rs 11.16 crore vs YoY loss
Skill and talent development company NIIT on Friday reported a consolidated net profit (attributable to owners of the parent company) of Rs 11.16 crore for the quarter ended March 31, 2024. The company had posted a loss of Rs 9.36 crore in the year-ago period, according to a regulatory filing.
Stupa Sports Analytics raises Rs 28 crore from Centre Court Capital, Peer Capital
Founded in 2020, Stupa Sports Analytics provides games federations and sports teams with analytics of player performance data, broadcasting capabilities and sports digitisation tools through its various platforms.
Hyderabad engineer arrested in Gujarat for allegedly spying for Pakistan
An aeronautical engineer was arrested in Bharuch, Gujarat, for allegedly spying for a Pakistani intelligence agency. Pravin Mishra, employed with a Hyderabad firm specializing in missile and drone components, is accused of gathering and passing on confidential information about the Indian armed forces and defence-related research to Pakistan. Mishra's arrest is part of a broader investigation into an espionage network involving individuals associated with missile system development and organizations like DRDO and HAL.
Midcaps up M&A game with winds of tech spends revival
Indian IT sector witnesses a surge in acquisitions by firms of all sizes, driven by the need to pivot to new technologies and business models. Smaller players innovate and acquire to become key innovation partners in digital areas.
Wipro Infra Engineering’s hydraulics business acquires Canadian firm
Wipro Hydraulics acquires Mailhot Industries, expanding into new markets and strengthening its global presence. The acquisition enhances capabilities in various segments and positions the company for better customer service and leadership in the industry.
Govt should encourage large Indian engineering firms to get into semiconductor design: ICEA
Additionally, the government must also increase funding for the semiconductor design ecosystem by designating semiconductor design and manufacturing as a sector of strategic importance.
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