Tag: Managing Director

Business World

HDFC Bank launches Shaurya, 1st-of-its-kind card for armed forces

Aug 14, 2020 by Gouri Achary 0 Comments #“Shaurya KGC Card”, #Business Head, #card for armed forces, #HDFC Bank, #Managing Director, #Mr Aditya Puri, #Mr. Rajinder Babbar, #Rural Banking Group, #Shaurya

Mumbai, August 14, 2020:

HDFC Bank Ltd. today announced the launch of a 1st-of-its-kind product for the armed forces. Called “Shaurya KGC Card”, this unique product comes with never-seen-before features and eligibility criteria specially crafted for our over 45 lakh Indian armed forces personnel.

The product is based on the Kisan Credit Card guidelines by the government.

The key benefits are as follows:

# Life cover of Rs 10 lakh as against Rs 2 lakh for an average card

# Simple and easy documentation that doesn’t require the personnel’s physical presence to accommodate the nature of his job and his availability

The new product was launched digitally from Mumbai by Mr. Aditya Puri, Managing Director, HDFC Bank in the presence of Mr. Rajinder Babbar, Business Head, Rural Banking Group, HDFC Bank on the eve of India’s 74th Independence Day.

Speaking at the launch, Mr. Puri said, “It’s an absolute honour to launch this product for the armed forces and their families. Coming from an Air Force family, I have seen from close quarters the sacrifices they make and hardships they go through – the personnel on duty and their families back home. I feel like my career is complete now that we’re able to do something for them. With this, we have an equally good product for armed forces brethren as we have for farmers. This is our Independence Day gift to our protectors. Jai Jawan, Jai Kisan, Jai Hind.”

To view the launch video: //www.youtube.com/watch?v=D2wJkVQMg7I&feature=youtu.be

The Shaurya KGC Card will provide armed forces personnel with finance for agricultural requirements like production of the crop, post-harvest maintenance and consumption needs. They can also avail of this funding to purchase farm machinery, irrigation equipment or construct storage structures etc.

The loan facility has been designed keeping in mind the financial needs of the armed forces and can be availed by:

1. Visiting HDFC Bank Branches

2. Applying for the loan through recently launched HDFC Bank e-Kisan Dhan app

3. By dialling an all India Interactive Voice Response (IVR) toll-free number (1800 120 9655).

All branches of the armed forces including those who serve in Army, Navy and Air Force, as well as Para Military Forces.

This activity is part of the Bank’s ‘Har Gaon Hamara’ initiative to provide banking facilities to customers in the rural and under-served areas of the country.

The Bank has already disbursed over five lakh agri-loans and has set up 12 Krishi Dhan Vikas Kendras across India, which has enabled farmers to avail facilities like soil testing and access the latest information on the best farming practices.

Business World

Steelbird has launched first ever hands free Face Shield in India.

Aug 12, 2020 by Gouri Achary 0 Comments #first ever hands free Face Shield in India., #IGN-1 HF Static Face Shield priced at MRP Rs. 1879/-, #Managing Director, #Mr. Rajeev Kapur, #Steelbird, #Steelbird Group

New Delhi 12th Aug 2020: Asia’s largest Helmet manufacturer, Steelbird Helmets today announced the launch of first of -its -kind revolutionary IGN-1 HF Static Face Shield.

In the present time of COVID-19 pandemic, this revolutionary face shield has inbuilt hands free functions that allow the user to take the calls without touching the mobile phone which might have many viruses on its screen, and these might go inside the user’s body when the person touches the nose and mouth with the same fingers. Thus, Steelbird IGN-1 HF Static Face Shield minimises the risk of spread of Coronavirus.

Recent reports suggest that mobile phones might be one of the reasons for the spread of Coronavirus. It is not possible to disinfect the screen of mobile phones very frequently. Thus, Steelbird came up with the unique product IGN-1 HF Static Face Shield priced at MRP Rs. 1879/- that provides dual benefits to the users-  protection from Coronavirus and the feature of accessing mobile phones without having to pick the phone up again and again in your hand. The product is available for sale on Amazon.in & Flipkart.com and also on www.steelbirdhlemt.com

According to Mr Rajeev Kapur, Managing Director, Steelbird Group, “With the widespread of Coronavirus, we thought of coming with a product that gives 360-degree protection to people. So, we innovated IGN-1 HF Static Face Shield, which is a first of its kind revolutionary hands-free face shield. This face shield will not only help you to save yourself from coronavirus infection but you can also pick or receive a phone call and speak to the caller through the inbuilt Battery-less speakers and microphone system. One can also enjoy music through the Face Shield.”

Through this launch, we plan to manufacture 1,00,000 pcs of IGN-1 HF Static Face Shield in Three months (Aug-Oct) We have a vast portfolio of face shields for customers across age groups. So far, we have manufactured over 6,00,000 pcs face shields.” Added Mr. Kapur

Steelbird IGN-1 HF Static Face Shield is battery-less so there is no hassle of charging it, thus, one can enjoy uninterrupted music, take phone calls and access Google Assistant. The high-quality sound, noise cancellation through a single directional microphone makes it a must-have for the music lovers. It is compatible with all mobile phones. It can be used during the rainy season as it has a waterproof mechanism with IP5 water resistant hands-free part. It can be used by anyone as it has adjustable ear pads for added comfort as per an individual ear’s size and position.

Amid the COVID-19 situation, earlier this year Steelbird had entered into the medical devices segment. The company has already launched different types of face shields. Apart from the face shields, Steelbird has recently launched the Herbal Immunity Booster SHOTs and N95 Masks to fight against the viruses.  

News

Cancer Patients, Survivors Face New Challenges in the COVID 19 World

Aug 11, 2020 by Gouri Achary 0 Comments #Cancer Patients, #Chairman, #Dr R Ranga Rao, #Dr. Dharminder Nagar, #Gurugram., #Managing Director, #Paras Cancer Centre, #Paras Healthcare., #Paras Hospitals

Delhi NCR, 11 Aug 2020: As the world grapples with the COVID 19 pandemic, cancer patients, as well as cancer survivors, are facing particularly unique challenges, with a higher risk of complications from the viral disease, the need to manage their illness and mental health challenges affecting them disproportionately, say experts at leading healthcare provider Paras Healthcare.

With the disease as well as the treatment compromising the immunity of cancer patients and survivors, they face a heightened risk of a series of infections, COVID 19 being one of them. The evidence clearly suggests a higher rate of mortality from COVID 19 among people with cancer.

“Cancer patients and survivors are already dealing with a lot of difficulties. The COVID 19 crisis has only made it more challenging for them to manage their illness. Cancer patients and survivors are often immuno-compromised because of the disease or its treatment. A very critical element of disease management in them, therefore, is the need to safeguard them from all sorts of infections. People with compromised immune systems are not just at higher risk of contracting infections including COVID-19 but are also prone to severe complications from them. This translates into the need for additional precautions and care. Healthcare providers must adopt a comprehensive approach to the treatment of cancer patients during these times including ensuring the continuation of highest standards of care, unhindered treatment as well as psychological support,” said Dr. Dharminder Nagar, Managing Director, Paras Healthcare.

Cancer patients and their healthcare providers are facing a series of challenges during these times. Patients are worried about how to navigate their daily care, whether it is safe to continue visiting hospitals for chemotherapy or other sessions. They are also concerned about being de-prioritized as care receivers in the ‘new normal’. For patients whose treating hospitals have been converted into COVID 19 centres, there is a sudden crisis of how to continue receiving treatments.

“As cancer care providers, we have also grappled with several questions. For example, the pros and cons of starting or continuing chemotherapy at such a time because chemotherapy suppresses the immune system and makes patients more vulnerable to infections. On the other hand, stopping or delaying treatment puts cancer patients at greater risk of disease progression. Till now we have tried to ensure that no treatments are delayed or stopped. It is also extremely important to completely isolate the wards for cancer patients so that the risk of infection is minimized. At Paras Healthcare, we have been highly considerate of the needs of cancer patients and survivors. We have initiated special measures to ensure that they continue receiving highest standards of care while mitigating the risk of infection during treatment, diagnosis as well as imaging,” said Dr R Ranga Rao, Chairman, Paras Cancer Centre, Paras Hospitals, Gurugram.

An often overlooked aspect of cancer treatment is mental health management. The mental health of cancer patients takes a major hit even in normal circumstances. However, currently with a precarious disease situation, they are finding it extremely difficult to cope with the anxiousness and heightened risk of infection.

“We clearly see a rise in the incidence of anxiety and depression among cancer patients in the current circumstances. Offering psychological support, counselling, and medication support if needed to deal with mental health deterioration is important in these circumstances,” adds Dr. Rao.

Two studies published recently in The Lancet journal indicate a high rate of mortality among COVID-19 patients who also have cancer. In one of the studies, data from more than 900 COVID-19 and cancer patients from the US, Canada, and Spain showed a 13% mortality rate. Another study of 800 UK patients with COVID-19 and cancer found a 28% mortality. The studies also concluded that male patients with other COVID-19 mortality risk factors, such as older age and additional comorbidities, had an increased risk of death. However, cancer treatments such as chemotherapy did not appear to have an effect on mortality in either study.

Another study conducted in the US found that 10.4% of 1018 patients with cancer and COVID-19 had died between March and April. As compared to this, the mortality rate was 5.8% for each 100 confirmed cases.

Business World

ELGi’s AB ‘Always Better’ Series powers the Indian pharmaceutical industry

Aug 8, 2020 by Gouri Achary 0 Comments #Africa and the Middle East), #Director, #Dr. Jairam Varadaraj, #ELGi ((BSE: 522074 NSE: ELGIEQUIP)) AB series range of oil-free screw compressors, #Elgi Equipments Ltd, #IS:10500:2012 certification for water quality, #ISAAME (India, #Managing Director, #Mr. Rajesh Premchandran, #South Asia

India’s leading pharmaceutical companies rely on the ELGi ((BSE: 522074 NSE: ELGIEQUIP)) AB series range of oil-free screw compressors, to deliver pure, clean, class “0” oil-free air. With high reliability, consistent air quality, better return on investment, lower cost of ownership, and fast, efficient service support for sensitive applications with moisture content between +3°C, to -20°C PDP; the AB series range of air compressors meets the ISO 8573–1 compliance requirements. In addition, the ELGi AB Series delivers unmatched air quality in line with the ISO8573-Class 7 compliance norms ensuring zero traces of microbial contaminants. With the IS:10500:2012 certification for water quality, the AB series also guarantees the safest pneumatic air for the pharmaceutical industry. The sheer performance of the ELGi AB Series, coupled with its compelling value proposition has resulted in India’s leading pharmaceutical companies replacing existing machines with the AB series, while successful installations have prompted pharmaceutical companies, across the country, to revisit their entire fleet of air compressors.

India’s pharmaceutical industry is forecasted to grow at 22.4% annually, to the US $100 billion by 2025; addressing over 50% of the global demand for vaccines, 40% of generic demand in the US and 25% of all medical requirements in the UK. Dr. Jairam Varadaraj, Managing Director, Elgi Equipments Ltd said “In light of the pandemic, India’s pharmaceutical industry has a tremendous opportunity to play a pivotal role in global healthcare. With growing FDA scrutiny, strict warnings over toxic impurities and delicate pharmaceutical manufacturing processes, the quality of compressed air meeting the highest standards, is of quintessential importance. On the other hand, continuous air supply must be guaranteed, since a disruption can lead to an immense loss of production. At ELGi, we endeavoured to address the needs of the pharmaceutical manufacturing industry in a new way. The ELGi AB ‘Always Better’ series is a disruption in oil-free compressed air technology, and we’re delighted to witness its growing adoption as the customer’s choice for sensitive pharmaceutical applications.”

Pharmaceutical customers traditionally buy oil-lubricated compressors for requirements below 500cfm (90kW) owing to low capital investments, and conventional oil-free compressors, to meet stringent air quality requirements. The flip side of using lubricated screws is the multi-layer filtration systems which increase pressure drop and cause downtime due to the replacement of oil filters resulting in increased lifecycle costs. On the other hand, conventional oil-free compressors in this range, are normally air-cooled and also face reliability issues and temperature trips at high ambient temperature conditions (above 45°C), resulting in significant downtime and operational losses, in addition to excessive initial and running costs.

The ELGi AB Series is the #Always better choice; offering pharmaceutical manufacturing customers reliability and high performance at temperatures beyond 50°C due to the water injection inside the compression chamber. The AB Series delivers Class ‘0’ quality air, while the water in the closed circuit is insulated with a proprietary material to ensure zero contamination due to corrosion.

The ELGi AB Series has a unique air cooling system which ensures ample condensation of water from air particles, aiding the self-replenishment of water in the closed-loop. This eliminates the need for external water top-up and also reduces the load on the driers and the water management system. The in-built microbial inhibition system prevents microbial growth, across all scenarios of operation, thereby ensuring microbe-free air.

The ELGi AB Series operates with a single airend, as opposed to conventional oil-free machines that operate with dual airends. This results in lower footprint, fewer rotating components and lower maintenance costs. Fitted with stainless steel rotors for better performance, every ELGi AB series air compressor comes with standard bearings for ease of maintenance. Additionally, the AB series range operates at a lower RPM, resulting in less wear and tear of rotating parts, low noise levels and reduced power consumption. Additionally, the low noise levels ensure the AB series does not require a dedicated compressor room and can be placed right next to the application area, thereby reducing costs involved with the build-up of additional infrastructure and compressed air supply systems.

Mr. Rajesh Premchandran, Director, ISAAME (India, South Asia, Africa and the Middle East) said, “The AB Series is a disruption in oil-free compressed air technology, offering pharmaceutical customers a no-compromise, oil-free solution at reduced lifecycle costs when compared with prevailing oil-free technologies. With the AB Series compressors, pharmaceutical installations get the purest form of compressed air with higher efficiency, increased reliability and quicker return on investment.”

Business World

Adani Power Q1 FY21results

Aug 7, 2020 by Gouri Achary 0 Comments #Adani Group, #Adani Power Limited, #Adani Power Ltd, #Chairman, #financial results[1] for the first quarter of FY 2020-21., #Managing Director, #Mr. Anil Sardana, #Mr. Gautam Adani

Adani Power Ltd, a part of Adani Group, today announced the financial results[1] for the first quarter of FY 2020-21.

Operating performance

Average Plant Load Factor (PLF) achieved during the first quarter of FY21 is 51%, as compared to 78% achieved in Q1 FY 20. The PLF is lower due to the decline in power demand following the announcement of a nationwide lockdown to combat COVID-19. Consolidated Units sold for the quarter are 12.7 BU, as compared to theQ1 FY20 sales volume of 16.5 BU.

Despite the lockdown, the 3,300 MW Tiroda plant saw good demand for power for a major part of the quarter, due to its advantageous position in the Maharashtra merit order. The 1,320 MW Kawai plant also saw improving PLF in the month of June 2020, after the lockdown was relaxed and power demand started to normalize.

However, the Udupi plant witnessed a sharp fall in PLF due to a slump in power demand. The Mundra plant self was also affected by lower power demand and subdued short term market tariffs.

On the other hand, all power plants were able to achieve or exceed normative availability under long term PPAs through diligent efforts, despite restrictions imposed during the lockdown, in fulfilment of their role as providers of the essential service of electricity generation.

Financial performance

Consolidated total revenue for Q1 FY21 stood at. 5,356 crore as compared to Rs. 8,015 crore in Q1 F20. Adjusted for one-time revenue recognition and prior period items, the normalized revenue for the quarter was Rs. 5,353 crore, as compared to Rs. 6,892 crore for the corresponding previous quarter.

Consolidated EBITDA for Q1 FY21 declined to Rs. 1,541 crore as compared to Rs. 2,894 crore for Q1 FY20. EBITDA for the quarter was lower mainly due to higher one-time income recognized in the corresponding quarter of the previous year, lower EBITDA of Mundra due to lower PLF, and incorporation of operating expenses of REL and REGL post-acquisition.

Depreciation and interest charge during the quarter were higher mainly due to the incorporation of the consolidation of REL and REGL.

The results of the corresponding previous quarter included an exceptional item of Rs. 1,004 Crore, pertaining to the write off of certain receivables and advances, owing to the acceptance of resolution plan submitted by the company for the acquisition of REGL (previously Korba West Power Co. Ltd.). In comparison, Q1 FY21 has not recorded any exceptional items.

The loss after tax and exceptional items for Q1 FY21 was Rs. (-) 682 Crore, as compared to a loss after tax and exceptional items of Rs. (-) 263 Crore for Q1 FY20. The Total Comprehensive Loss after Tax was Rs. (-) 705 Crore for Q1 FY21, as compared to a Total Comprehensive Loss of Rs. (-) 266 Crore for the corresponding quarter of the previous year.

Other developments

The Madhya Pradesh Electricity Regulatory Commission has approved a 25 year, 1,230 MW Power Supply Agreement (PSA) entered into by the Company’s wholly-owned subsidiary, Pench Thermal Energy (MP) Ltd. with MP Power Management Company Ltd. The power to be supplied under this PSA will be supplied by a greenfield, 1,320 MW Supercritical power plant to be set up in Madhya Pradesh under a Design, Build, Finance, Own, and Operate basis.

Adani Power Ltd. has also signed a definitive agreement to acquire a 49% stake in Odisha Power Generation Corporation Ltd. (OPGC) from the affiliates of AES Corporation, a US-based energy company, for the INR equivalent of USD 135 million. OPGC operates a 1,740 MW thermal power plant in Odisha, which includes a recently commissioned Supercritical capacity of 1,320 MW. It has a 25 year PPA with the Odisha Grid Corporation, and a dedicated captive mine in the State. Balance 51% stake in OPGC is held by the Odisha State Government.

Commenting on the quarterly results of the Company, Mr. Gautam Adani, Chairman, Adani Group said, “Adani Power continues to march ahead towards the achievement of its vision to play an important role in fulfilling India’sgrowing demand for electricity. The Adani Group has a strong belief in India’s economic fundamentals and potential and the role of the infrastructure sector in attaining long term growth. Achieving the Government’s ambitious targets for the infrastructure sector will call for a confluence of enabling policy actions, procedural reforms, and support from the financial sector, in order to reinvigorate investments by the private sector. We remain committed to sustainable growth and being an active contributor to nation-building.”

Mr. Anil Sardana, Managing Director, Adani Power Limited, said, “Having combated and overcome the challenge posed by the COVID-19 pandemic, our resolve is to excel in all spheres of our activity and to meet the aspiration of millions of Indian who don’t have access to affordable power, has only become firmer. As we continue to seize opportunities of value creation in a challenging market and a fast-changing competitive landscape, we are focusing on operational excellence and sustainability, while taking long term decisions to enhance our strategic capability and resource flexibility. We are committed to fulfilling our promise to all stakeholders and creating lasting value for the nation and society.”

Business World

RBI approves appointment of Sashidhar Jagdishan as HDFC Bank’s new MD & CEO

Aug 5, 2020 by Gouri Achary 0 Comments #Chairperson, #HDFC Bank Limited., #Managing Director, #Mr Aditya Puri, #Mr Sashidhar Jagdishan as Managing Director & CEO of HDFC Bank., #Ms Shyamala Gopinath

The Reserve Bank of India approved the appointment of Mr Sashidhar Jagdishan as Managing Director & CEO of HDFC Bank. The appointment is for a period of 3 years beginning October 27, 2020, and is subject to the approval of the Bank’s board and shareholders.

Mr Aditya Puri, the iconic Managing Director who led the bank since inception retires on October 26, 2020.

Shyamala Gopinath

“Sashi brings to the table a rare combination of IQ and EQ. Given his understanding of the business, coupled with a strong people connect, we’re confident that he’ll take the bank to the next level. My best wishes are always with him,” said Ms Shyamala Gopinath, Chairperson, HDFC Bank Limited.

Aditya puri

“I congratulate Sashi on his appointment. He understands the Bank’s ethos, a culture which has made it what it is. Given our inherent strengths and now Sashi’s leadership, I believe that the best of the Bank is yet to come,” said Mr Aditya Puri, Managing Director, HDFC Bank Limited.

Mr. Jagadishan

“I’m humbled by this. I fully recognise that Mr Puri’s are huge shoes to fill. But I’m confident that with the support of my colleagues, the board, other stakeholders, and indeed God’s grace, I’ll be able to live up to the faith that Mr Puri, the Board, and the regulator have reposed in me. I’ll leave no stone unturned to carry forward the rich legacy,” said Mr Jagdishan.

Sashi to his friends and colleagues, Mr Jagdishan joined the Bank in 1996 and has played a critical role in its growth ever since. Starting as a manager in the Finance department, he’s grown from strength to strength wearing different hats. In 1999, he became Business Head – Finance and in 2008, the Chief Financial Officer of the bank. In 2019, he was appointed the “Change Agent of the Bank’ and given additional responsibilities of Legal & Secretarial, Human Resource, Corporate Communication, Infrastructure & Administration, and CSR.

Mr Jagdishan has an overall experience of 30 years, 24 of which he’s spent in HDFC Bank. Prior to HDFC Bank, he had a 3-year stint with Deutsche Bank, AG, Mumbai.

Mr Jagdishan is a Science Graduate (Physics) from Mumbai University and a qualified Chartered Accountant. He also holds a Master’s degree in Economics of Money, Banking & Finance from the University of Sheffield, UK.