Category: Business

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Business Tech Lite

Lord Rami launches ‘Zozter’ business card app

Lord Rami Ranger CBE (Left) with Mr Amritpal Sachdeva during the launch of the Zozter app
Lord Rami Ranger CBE (Left) with Mr Amritpal Sachdeva during the launch of the Zozter app

Zozter app comes as digital solution which enables one to avoid depending on hundreds of paper business cards. The concept has been developed by a long-standing employee of Lord Rami Ranger’s company, Sun Mark Ltd, Mr Amritpal Sachdeva, fondly known as Lucky.

Lord Ranger CBE, at the launch event, said to local media, “I am very proud to see how Lucky has developed his business acumen and customer service skills whilst at Sun Mark and I am very impressed with his Zozter App. The pioneering Zozter App developed by Lucky provides solutions in today’s digital world. It is reducing the need to use paper and to carry business cards to help the environment.

It is challenging to manage so many business cards which one gets daily when going about the businesses. It is child’s play to store the information, all the information one needs to run an effective business. The app helps you network with like-minded professionals and also helps you find suitable employment and business opportunities.”

Lucky had started his working life at Sun Mark Ltd and progressed up the ranks to become the Distribution Manager, having worked there for over 18 years.

Lucky said, “I owe all my success to Lord Ranger who has been my guiding light and mentor and who has made me what I am today.  I am proud to have created the start-up Zozter; it is the world’s first online social card sharing application based on the idea of enhancing the sharing of business cards and services to a global community, it is the next level in marketing and business networking”.

Zozter’s unique features allow it to be used on all platforms. It is a digital business card holder for your old business cards. The mission is to create a global community to help facilitate business networking and to help both employers and employees connect in a seamless way. Further information on the innovation can be gathered from www.zozter.com

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Business Tech Lite

Samsung captures lead in global smartphone market

Samsung.(File Photo: IANS)

Samsung took the top spot in the global smartphone market in August driven by sales growth in India as the market recovered from a nationwide lockdown, a Counterpoint Research report said on Friday.

The South Korean tech giant also recaptured the top spot in India in July-August period, according to Counterpoint’s latest Monthly Market Pulse report.

Samsung has now reached its highest market share in India since 2018 by adopting an aggressive online channel strategy to benefit from opportunities arising due to anti-China sentiments in the country, said the report.

“Geopolitical policies and political affairs among nations are affecting the smartphone market in many ways. There will be heightened marketing activity to seize opportunities in these regions and segments,” Research Analyst Minsoo Kang said in a statement.

“As a result, the concentration of top players in the smartphone market will be much stronger. We see players like Samsung, Apple, Xiaomi and OPPO benefiting the most.”

However, even as Samsung snatched the top spot in the India market dominated by Xiaomi for long, the Chinese smartphone maker is showing a significant increase in its market share globally, especially in markets where Huawei used to have strong presence, such as Central Eastern Europe.

In the global smartphone market, Samsung captured 22 per cent share.

In April, Samsung lost the top spot to Huawei due to sharp declines in its major markets of India and Europe.

After achieving its highest global share of 21 per cent in April, Huawei became No. 2 in the market with 16 per cent share in August.

Huawei’s market share is expected to fall further in the future due to US trade sanctions, said the report.

Apple has managed to maintain its share well in the off-season period. With the October 13 launch of the new iPhone 12 series, Apple’s sales are expected to rise but only in November as the launch is later than previous years.

The long lifecycle of iPhone 11 series and successful new iPhone SE will help Apple bridge the gap till then, Counterpoint said.

Also Read: Samsung profits fall 60%, Galaxy S10 selling strong

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Business

IPL First: Kohli plays 200 games for a single team

Virat Kohli

Virat Kohli has added yet feather to his illustrious cap by becoming the first player to play 200 matches for a single Indian Premier League (IPL) franchise.

Kohli achieved the feat during Royal Challenger Bangalore’s game against Kings XI Punjab which his side lost by eight wickets at the Sharjah Cricket Stadium on Thursday evening.

He has played 185 matches for RCB in the IPL, in addition to 15 appearances for the Bengaluru-based franchise in the now defunct Champions League T20. The 31-year-old is the leading run-scorer in the IPL history, accumulating 5,716 runs in 185 matches.

“RCB means a lot to me, not many understand that emotion. 200 games for them is unbelievable, I wouldn’t have believed it in 2008. It is an honour, they’ve kept me and I have stayed on,” Kohli had said before the start of RCB’s game against Kings XI.

Kohli’s RCB has not been able to win the IPL trophy even once in the past 12 editions, a stat which he is eager to change in the ongoing IPL edition. So far, RCB have won four games of the eight matches and stand at the third spot in the points table in IPL 2020.

They will take on Rajasthan Royals in their next encounter in Dubai on Saturday.

Also Read: Anrich Nortje Shatters IPL Pace Records

Also Read: Rohit Sharma becomes third in IPL to cross 5K runs

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Business World News

Global spending on cloud set to cross $1 trillion: Report

Accelerated by Covid-19 disruption, the global spending on overall Cloud services will surpass $1 trillion in 2024, sustaining a double-digit compound annual growth rate (CAGR) of 15.7 per cent, according to a new IDC report.

The total worldwide spending includes the hardware and software components underpinning cloud services and the professional and managed services opportunities around cloud services.

The strongest growth in cloud revenues will come in the [cloud] as a service category – public (shared) cloud services and dedicated (private) cloud services.

This category, which is also the largest category in terms of overall revenues, is forecast to deliver a five-year CAGR of 21 per cent, accounting for more than 60 per cent of all cloud revenues worldwide by 2024, the whole cloud forecast from IDC said late on Thursday.

“Cloud in all its permutations – hardware/software/services/as a service as well as public/private/hybrid/multi/edge – will play ever greater, and even dominant, roles across the IT industry for the foreseeable future,” said Richard L Villars, group vice president, Worldwide Research at IDC.

Also Read: Microsoft and Telstra partner to harness next-gen Cloud, IoT

“By the end of 2021, based on lessons learned in the pandemic, most enterprises will put a mechanism in place to accelerate their shift to cloud-centric digital infrastructure and application services twice as fast as before the pandemic,” he added.

The services category, which includes cloud-related professional services and cloud-related management services, will be the second largest category in terms of revenue but will experience the slowest growth with an 8.3 per cent CAGR.

This is due to a variety of factors, including greater use of automation in cloud migrations.

The smallest cloud category, infrastructure build, which includes hardware, software, and support for enterprise private clouds and service provider public clouds, will enjoy solid growth (11.1 per cent CAGR) over the forecast period, the IDC said.

Also Read: ‘Accenture Cloud First’ gets $3 Billion Investment

The Covid-19 pandemic has largely proven to be an accelerator of cloud adoption and extension and will continue to drive a faster conversion to cloud-centric IT.

“The adoption of cloud services should enable organisations to shift IT from maintenance of legacy IT to new digital transformation initiatives, which can lead to new business revenue and competitiveness as well as create new opportunities for suppliers of professional services,” the IDC report mentioned.

Hybrid Cloud has become central to successful digital transformation efforts by defining an IT architectural approach, an IT investment strategy, and an IT staffing model “that ensures the enterprise can achieve the optimal balance across dimensions without sacrificing performance, reliability, or control”.

Also Read: Wipro, IBM Partner To Offer Cloud Solutions

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Business USA

Artemis Programme: NASA grants $374 mn worth contracts to 14 Cos

NASA has picked 14 US companies, including several small businesses, as partners and awarded them $370 million in total to develop a range of technologies that will help forge a path to sustainable Artemis operations on the Moon by the end of the decade.

The space agency selected partners to develop technologies in cryogenic fluid management, lunar surface, and closed-loop descent and landing.

NASA’s Space Technology Mission Directorate will negotiate with the companies to issue milestone-based firm fixed-price contracts lasting for up to five years.

“NASA’s significant investment in innovative technology demonstrations, led by small and large US businesses across nine states, will expand what is possible in space and on the lunar surface,” said NASA Administrator Jim Bridenstine.

“Together, NASA and industry are building up an array of mission-ready capabilities to support a sustainable presence on the Moon and future human missions to Mars.”

Bridenstine announced the selections during a keynote address at the virtual fall Lunar Surface Innovation Consortium meeting on Wednesday.

The selected companies include SpaceX, Lockheed Martin, Nokia, Sierra Nevada, SSL Robotics and United Launch Alliance (ULA), among others.

“This is the most Tipping Point proposals NASA has selected at once and by far the largest collective award value,” said NASA’s Associate Administrator for Space Technology Jim Reuter.

The majority of the funding will help mature cryogenic fluid management technologies via in-space demonstrations led by small business Eta Space, Lockheed Martin, SpaceX, and ULA.

The ability to store these super-cold liquids, whether they are launched from Earth or produced in space, for an extended period and transfer propellant from one tank to another, is crucial for establishing sustainable operations on the Moon and enabling human missions to Mars.

Intuitive Machines will develop a small, deployable hopper lander capable of carrying a 2.2-pound payload more than 1.5 miles.

As part of its Artemis program, NASA plans to send the first woman and next man to the lunar surface in 2024 and establish a sustainable presence there by the end of the decade.

The agency will use the Moon to prepare for its next giant leap – human exploration of Mars.

Also Read: 8 Nations Join NASA’s Lunar Exploration Programme

Also Read: MUSK: SpaceX will send NASA astronauts to space this year

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Business Economy

Indian e-com to garner $6.5bn in festive sales: Report

Online retailers in India are expected to generate approximately $6.5 billion (Rs 47,751 crore) in sales during the festive month (October 15-November 15), with around 5.5-6 crore online buyers participating, a new report forecast on Thursday.

About 75 per cent of these sales will occur from October 15-21, the period in which Flipkart will hold its ‘Big Billion Days’ event and Amazon’s ‘Great Indian Festival’ sale will start on October 17, according to the report by global market research firm Forrester.

“The growth in online retail spending during the festive month will see a growth of 34 per cent (year-over-year),” said Satish Meena, Senior Forecast Analyst.

There has been a fundamental shift in buying behaviour, with consumers having developed a general averseness to go out and latched on to online channels.

“The inhibitions of buying online are gone, and a transformation that would have taken two years has happened in five months. With sharp contraction in the economy and a pressured job market, consumers flocked to online channels to get the best bargains,” Meena elaborated.

Some pent-up demand from the lockdown period was let out during the Prime Day sales event in August, but “we expect a lot of demand in consumer electronics, home appliances, smartphones, and home furnishing to drive more sales during the festive month”.

“We also expect an increase in share of purchase from tier 2 and 3 cities due to migration of employees to smaller cities as offices are closed,” said Sanjeev Kumar, Forecast Analyst at Forrester.

Due to Covid-19 and the ensuing lockdown, retail and recreation-related mobility saw its highest decline for the month of April.

Most of these are likely to be micro, small, and medium enterprises, which are increasingly recognising a greater potential for sales as the pandemic drives more people to shop online.

“Attractive festive deals and product discounting along with flexible payment options will boost affordability for consumers, hence making it another successful festive-year period for e-tailers in India,” he added.

Also Read: India Set To Be A Top Investment Choice: Survey

Also Read: India Inc skeptical of govt’s plan to push festive demand

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Business Economy

Fall In External remittances To Weaken Demand: Ind-Ra

Fall in external remittances is likely to affect the consumption demand, according to the India Ratings and Research (Ind-Ra). The rating agency on Thursday also said that muted external remittances growth is more of a structural issue than transitory.

According to Ind-Ra, the muted growth would further weaken aggregate consumption demand, though the impact will be restricted to few states, given their skewed shares in foreign remittances.

“On the macro front, a considerable flow of remittances directly impacts aggregate demand and thus banking sector deposits,” the agency said in a report.

“Meanwhile, banks with a higher non-resident Indian (NRI) deposit ratio in the total portfolio will be better able to hedge their risk than others, as the overall banking sector deposits are stable along with muted credit offtake.”

Historically, India has remained as the largest receiver of remittances in the world; however, the share of remittances as a percentage of gross disposable income receded to 2.5 per cent in FY19 from 3.5 per cent in FY10.

“Foreign currency non-resident (FCNR) has witnessed a year-on-year fall in deposits, whereas overall NRI accounts have reported an increase,” the report said.

“However, in Ind-Ra’s rated portfolio, The Federal Bank Limited (‘IND AA’/Stable) and The South Indian Bank Limited (‘IND A’/Negative) have reported subdued growth in NRI deposits.”

The agency opined that the key risk for banks will only emerge if the fall in deposits will continue amid an increase in withdrawals due to the factors induced by pandemic.

“At the same time, banks will be able to manage this risk better with the help of improved domestic deposits amid muted credit growth,” the agency said.

It added that in spite of the muted external remittances, the impact would largely be restricted to the aggregate consumption level in the first order.

“The agency believes the buoyancy in foreign capital flows would compensate the requirement of capital,” it added.

Also Read: IMF Foresees Steep Fall And Rise For India’s GDP

Also Read: India Set To Be A Top Investment Choice: Survey

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Business

Railway rejects speculations on sleeper class coaches

Railway Board Chairman and CEO V.K. Yadav

The Indian Railways on Thursday refuted reports that it was going to discontinue the sleeper class on mail and express trains and said that the aim behind introducing three-tier coaches was to make journey of passengers more affordable and comfortable.

Addressing a virtual press conference, Railway Board Chairman and CEO V.K. Yadav said: “We will continue with sleeper class coaches. There’s absolutely no ambiguity related to it.”

Noting that the railways plans to increase the speed of trains on its network and soon, trains on the New Delhi-Mumbai and New Delhi-Kolkata routes will run at 130 kmph, while work to upgrade tracks to enable trains run at 160 kmph has also started, he, however, said that with the increased speeds, passengers in sleeper class coaches will face difficulties and discomfort.

“So, we have decided to make a new AC-3 tier coach which will be introduced next year. Our aim is to make AC travel more affordable for the passengers and fare will be between that of AC-3 and sleeper class,” he said.

The Indian Railways on Sunday said that it plans to introduce AC-3 tier coaches in mail and express trains, giving rise to speculations that it has planned to do away with the sleeper class coaches.

The announcement led to widespread criticism.

The CEO also said that the freight revenue up to October 13 this year has witnessed a jump of 11 per cent as compared to the same period last year. He also said that the automobile loading has gained momentum and witnessed a jump of over 68 per cent as the railways has loaded 126 automobile rakes.

He also said that the national transporter is currently operating 682 special trains and 20 clone trains.

“Apart from this, 416 festival special trains will also be run from October 20 to November 30,” he said.

He also said that a new timetable will be implemented when regular train services resume but it is difficult to tell a time period when it will come into effect.

Also Read: UNLOCK 4: Railways Plans More Special Trains

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Business India News

Sensex down 1,000 points

Bombay Stock Exchange. (File Photo: IANS)

The BSE Sensex slumped over 1,000 points on Thursday breaking its 10 day gaining streak amid selloff across global stock markets.

Heavy selling in banking and IT stocks weighed on the domestic indices. Fading hopes of further stimulus in the US subdued the investor sentiments globally. Further resurgence of the novel coronavirus cases globally also impacted the stock markets.

Sensex closed at 39,728.41, lower by 1,066.33 points or 2.61 per cent from its previous close of 40,794.74.

It had opened at 41,048.05 and touched an intra-day high of 41,048.05 and a low of 39,667.47.

The Nifty50 on the National Stock Exchange closed at 11,680.35, lower by 290.70 points or 2.43 per cent from its previous close.

Also Read: IMF Foresees Steep Fall And Rise For India’s GDP

Also Read: India Set To Be A Top Investment Choice: Survey

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Business India News

Infosys posts whopping 20.55% rise in profits

IT major Infosys on Wednesday reported a 20.55 per cent increase in its consolidated net profit for the July-September quarter, on a year-on-year basis, at Rs 4,845 crore.

During the corresponding period of the last financial year, Infosys had reported a consolidated net profit of Rs 4,019 crore.

The company’s total revenue from operations stood at Rs 24,570 crore, 8.58 per cent higher than Rs 22,629 crore earned in the year-ago period, it said in a regulatory filing.

It has revised the FY21 revenue growth guidance upward to 2-3 per cent in constant currency.

Infosys CEO Salil Parekh (Photo: IANS)

The IT major has declared an interim dividend of Rs 12 per equity share and fixed October 26, 2020 as record date for interim dividend and November 11, 2020 as the payment date.

“Our second quarter performance is a clear reflection of our ability to help clients on their digital transformation journeys. Our digital and cloud capabilities combined with intense client relevance are helping us achieve differentiated results in the market as is visible in 2.2% year on year overall revenue growth and 25.4% growth from digital offerings, which now are at 47.3% of revenues”, said Salil Parekh, CEO and MD.

On Wednesday, its shares on the BSE closed at Rs 1,136.10, lower by Rs 21.90 or 1.89 per cent from its previous close.

Also Read: IMF Foresees Steep Fall And Rise For India’s GDP

Also Read: India Set To Be A Top Investment Choice: Survey