TECH MAHINDRA CHIEF PEOPLE OFFICER
Lt Gen Upendra Dwivedi takes over as Indian Army Chief; Gen Manoj Pande accorded with Guard of Honour on last day
General Upendra Dwivedi assumed command of the Indian Army on Sunday, becoming the 30th Chief of the Army. Hailing from Madhya Pradesh, he is a veteran of the Jammu and Kashmir Rifles and previously served as the Vice Chief of Army Staff from February of the same year. General Dwivedi attended Sainik School Rewa in Madhya Pradesh before joining the National Defence Academy in January 1981. He was commissioned into the 18th Battalion of the Jammu and Kashmir Rifles on December 15, 1984. Throughout his career, he has commanded this battalion in both the challenging terrains of Kashmir valley and the deserts of Rajasthan.
Global Chess League to generate business value of $40 m in 5 years: Tech Mahindra CEO Mohit Joshi
The Global Chess League (GCL), initiated by Mahindra Group chairman Anand Mahindra, is projected to generate over $40 million in business value over five years, according to Tech Mahindra's CEO Mohit Joshi. The league, a joint venture with the International Chess Federation (FIDE), is the world's first franchise-based chess league and targets expansion into the US and Europe alongside India. With six current teams and plans to expand to eight teams from the third season, GCL aims to boost engagement across social media and TV platforms.
BigBasket, 1mg’s plans for capex; win for epharmacies in Madras HC
Tata’s online grocery BigBasket and epharmacy 1mg will largely depend on debt capital to fuel expansion this fiscal. More on this in today’s ETtech Morning Dispatch.
Zurich Insurance set to raise India headcount by 40% in next three years
“India will soon be the world’s third largest economy, the largest working age population, the biggest middle class amongst emerging markets, the strongest route of growth in the G20 for insurance,” Tulsi Naidu, chief executive officer for Asia Pacific, said in an interview.
Flipkart-Swiggy deal talks; Corning’s India plan
Flipkart considered buying a stake in Swiggy months ago amid the rise of quick commerce. This and more in today’s ETtech Morning Dispatch.
How GenAI is opening up new revenue streams for IT firms and GCCs
The rise of generative AI (GenAI) presents an opportunity for IT firms to unlock new revenue streams. Companies like Accenture, Infosys, and Tech Mahindra, alongside global capabilities centers (GCCs), are seeing a surge in data standardisation work. This is driven by the vast amount of "uncleaned/unstructured" data held by their clients and parent companies.
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Facing an unprecedented slowdown, IT companies are undergoing a shift. Here’s what’s changing
IT companies like TCS, HCLTech, Wipro and Tech Mahindra are reorganising their businesses to wade through disruptions and prepare for Gen AI. TCS, under new leadership, merged AI and cloud operations into a unified AI.Cloud unit, responding to growing demand in cloud migration and transformation services.
Indian IT engineers are a cricket craze in the US
Indian IT professionals from companies like Cognizant, ServiceNow, and Cigniti are actively involved in promoting cricket in the USA during the T20 World Cup matches. The IT industry's role includes owning cricket franchises, sponsoring leagues, and even participating in matches. They are contributing to the growth of cricket in North America, with Indian origin players like Saurabh Netravalkar and Nosthush Kenjige playing for the USA team.
Tech Mahindra arm Comviva strengthens leadership in Europe, North America
Tech Mahindra said in a statement, "The new leaders will aim to support Comviva's strategic vision based on the new market expansion and deep client relationship." To enhance its focus on growth, the digital solutions provider has divided Europe into two sub-regions. Salah Rich, head of Europe 1 subregion, will lead the markets of Italy, Russia and France.
IT companies go startups way, appoint chief growth officers
Facing a cautious market and clients tightening their purse strings, IT companies are adopting a strategy from startups and web commerce: creating a new C-suite role – the chief growth officer (CGO).
Kotak Bank's credit profile to improve over next 12 months: S&P
Despite the Reserve Bank of India's (RBI) restriction on onboarding new customers online and issuing fresh credit cards, Kotak Mahindra Bank is expected to improve its credit and funding profile over the next 12 months, according to S&P Global Ratings analyst Nikita Anand. Although the restrictions may impact the bank's growth and profitability, particularly in its high-yielding credit card segment, the bank has made significant technological advancements, including hiring a Chief Technology Officer.
Mahindra to focus more on driving range, tech over price in future electric cars
Speaking to ET, R. Velusamy, president, automotive technology and product development at M&M said while TCO (total cost of ownership) approach to EV development or how much one saves after switching from petrol or diesel cars to EVs may work in the short term for “early adopters”, in the long term, it’s the range, technology and overall experience that will help in creating new market segments and to grow sales.
2024 Lok Sabha polls more tech-driven than 2019 elections: Delhi poll panel chief
Delhi's 2024 Lok Sabha polls emphasize technology, with mobile app reliance noted by CEO P Krishnamurthy. Election Commission app ensures transparent data flow, aiding in seizure notifications. Online voter registration reduces physical visits while CVigil app manages complaints and ESMS handles election expenditure.
Kotak Mahindra Bank plans to hire 400 engineers to ramp up tech transition
The lender, backed by billionaire Uday Kotak, has already brought on board more than 500 engineers from scratch over the last two years, according to Milind Nagnur, the bank’s chief technology officer. It has pulled them from firms like Google and Amazon.com Inc. as well as from Paytm and PhonePe Pvt., Nagnur said in an interview.
People+ai partners with 24 tech organisations to enable open cloud compute infra
AMD, Oracle, and various technology providers collaborate to address the increasing compute requirements. The partnership aims to enhance the compute ecosystem in India through the creation of a network of providers for accessible and tailored compute resources.
View: The Indian banks' tech you love is a banana peel for RBI battling potential scams
The Indian financial system, recovering from a history of bad loans, faces new challenges as banks grapple with technology pitfalls. Kotak Mahindra Bank Ltd. was recently penalised for security deficiencies, highlighting broader risks of fraud and system vulnerabilities in the digital age. Regulatory scrutiny intensifies amid concerns about financial stability and cybersecurity in the evolving landscape of digitisation.
Kotak Bank reveals how Indian banks fail to keep up with Modi's ambitions
Kotak Mahindra Bank Credit Card & Mobile Banking Curbs: Prime Minister Narendra Modi aims to export India's digital payments system worldwide, but faces obstacles as Indian banks struggle with outdated technology. Despite massive investments in tech to boost financial inclusion, banks are grappling with system glitches and cyber threats. The government urges modernization to safeguard the financial system and customer data.
BHEL & Ircon are real "fire in the belly", will outperform till elections at least: Sanjiv Bhasin
Bhasin advises caution in markets due to potential US data impact and advises profit-taking. Ranks private banks and emphasizes PSU stocks for performance. Prefers BHEL, Ircon, LTIM, HCL Tech, and Wipro for investment. Bhasin says: "The faint-hearted or the larger-term retail should keep their SIPs going but take some money off the table whenever there is leverage."
Tech Mahindra to hire 6,000 freshers in FY25
Total headcount for Tech Mahindra declined by 795 from the previous quarter to 145,455, and falling by 6,945 from 152,400 employees a year ago.
Tech Mahindra Q4 Results: PAT plunges 41% YoY to Rs 661 cr; Rs 28/share dividend declared
Tech Mahindra Q4 Results: Tech Mahindra reported a 41% YoY drop in March quarter net profit to Rs 661 crore. Revenue fell 6.2% YoY to Rs 12,871.30 crore. FY24 PAT was Rs 2,396.80 crore.
Tech companies plug into India's smaller cities for talent
The trend of Indian IT companies relocating to smaller cities is gaining momentum, driven by factors such as cost efficiency, government incentives, and the availability of talent. Workers like B. Ramachandran are choosing to live in places like Madurai over major tech hubs like Bengaluru and Chennai, citing reasons such as familial ties and lower living costs.
ESG mutual funds: Why these MFs may not be the right choice for investors
Having failed to beat even simpler fund categories, ESG funds may not be the right choice for investors.
Staff safety on India Inc radar in troubled West Asia
Indian companies are closely monitoring the safety of employees in Israel, a West Asian innovation hub, amid the intensifying Israel-Iran conflict. Sun Pharma, with a presence in Israel through its subsidiary Taro Pharmaceutical, is taking steps to ensure the safety and wellbeing of its employees and their families.
Iran-Israel conflict: India Inc closely watches developments to ensure safety of employees in West Asia
Sun Pharma, which operates in Israel through its subsidiary Taro Pharmaceutical, is actively monitoring the situation in the country and is taking all necessary steps to ensure safety and wellbeing of employees and their families, a company spokesperson said in an email response to ET.
Bengaluru tech belt hit by double whammy of water supply crisis and rising demand due to work from office rules
Bengaluru tech parks face a severe water shortage crisis due to weak monsoon and work-from-office policies. Residents are advised to ration water, and tanker rates are high. The IT industry and areas like Whitefield and Mahadevpura are affected. Images of residents in the area queuing up for water are popping up over social media. A techie living in Mahadevpura said she needs to now book tankers about two days in advance to get water, as well as pay a hefty price.
Six out of 10 IT companies opt for hybrid work: Study
Hybrid work is here to stay. Six out of 10 IT companies have adopted a flexible work model with employees going to office 2-3 days a week while only 23% companies have withdrawn work from home completely, shows a CIEL HR Services study conducted exclusively for ET.
SAP elevates Kulmeet Bawa as global chief revenue officer for biz tech platform
Kulmeet Bawa will continue as India head through February, during which time a new leader for SAP India will be announced, the company said in a statement.
Tech Mahindra appoints Richard Lobo as its chief people officer
Lobo served as an “exclusive” advisor to troubled edtech Byju’s and was with Infosys for 23 years before that.
Anupam Kaura joins Kotak Mahindra Bank as CHRO
Anupam Kaura brings with him over 25 years of experience in leadership roles across Indian and global banking and finance companies. He has an extensive background in strategic HR leadership, business partnering, compensation and benefits management, boards, and HR consulting, the company said in a statement.
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