Cognizant partners with Microsoft, to drive enterprise Gen AI adoption
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Cognizant and Microsoft have expanded their partnership to drive the adoption of Generative AI in the Enterprise and industry transformation. Cognizant has purchased 25,000 Microsoft 365 Copilot seats for its associates, along with 500 Sales Copilot seats and 500 Services Copilot seats. The strategic investment aims to boost productivity, streamline processes, and redefine customer interactions. Cognizant plans to deploy Microsoft 365 Copilot to a million users within their global 2000 clients and across 11 industries. The partnership has the potential to deliver substantial innovation for enterprise customers and accelerate AI adoption and innovation in India. Cognizant CEO Ravi Kumar S has announced a $1 billion investment in generative AI over the next three years. Cognizant and Microsoft will collaborate to deliver industry-specific solutions using Copilot Studio, prioritizing applications across industries such as healthcare, retail, financial services, and more.
#Cognizant #Microsoft #GenerativeAi #Enterprise #Partnership #Technology
Cognizant partners with Microsoft, to drive enterprise Gen AI adoption
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Cognizant and Microsoft have expanded their partnership to drive the adoption of Generative AI in the Enterprise and industry transformation. Cognizant has purchased 25,000 Microsoft 365 Copilot seats for its associates, along with 500 Sales Copilot seats and 500 Services Copilot seats. The strategic investment aims to boost productivity, streamline processes, and redefine customer interactions. Cognizant plans to deploy Microsoft 365 Copilot to a million users within their global 2000 clients and across 11 industries. The partnership has the potential to deliver substantial innovation for enterprise customers and accelerate AI adoption and innovation in India. Cognizant CEO Ravi Kumar S has announced a $1 billion investment in generative AI over the next three years. Cognizant and Microsoft will collaborate to deliver industry-specific solutions using Copilot Studio, prioritizing applications across industries such as healthcare, retail, financial services, and more.
#Cognizant #Microsoft #GenerativeAi #Enterprise #Partnership #Technology
Sensex, Nifty this week: Q4 results, US jobs data to guide Dalal Street
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This week, the market is going to watch closely India’s manufacturing PMI, services PMI, Foreign Exchange Reserves data, quarterly results of blue-chip companies along with the trade data, and jobless claims data in the US for guidance. Traders will be closely watching the earnings of prominent companies, including Reliance Industries, Axis Bank, Hindustan Unilever, LTIMindtree, Nestle India, Tech Mahindra, HCL Technologies, Maruti Suzuki India and ICICI Bank will release their Q4 earnings. Other major companies, which will announce their Q4FY24 results during the week are Bajaj Finserv, MAS Financial Services, Tata Consumer Products, Tata Elxsi, Mahindra and Mahindra Financial, Bajaj Finance, Persistent Systems, Cyient, IndusInd Bank, L&T Technology Services, Bajaj Holdings And Investment, L&T Finance, SBI Cards and Payment Services and SBI Life Insurance Company etc. Investors will be eyeing HSBC Composite PMI Flash, HSBC Manufacturing PMI Flash, HSBC Services PMI Flash, which is scheduled to be released on April 23. The HSBC India Composite PMI was revised upward to 61.8 in March 2024 from a preliminary reading of 61.3, pointing to the second-strongest upturn in over the past years. Foreign Exchange Reserves data to be out on April 26. Foreign Exchange Reserves in India increased to $648560 million on April 5 from $645580 million in the previous week. On the global front, investors would be eyeing some important economic data from the world’s largest economy, the United States (US), starting from the Chicago Fed National Activity Index on April 22, Redbook, S&P Global Composite PMI Flash and New Home Sales, on April 23. Besides these, Durable Goods Orders on April 24, Goods Trade Balance Adv, Continuing Jobless Claims, Real Consumer Spending, on April 25, and Michigan Consumer Sentiment, Baker Hughes Oil Rig Count on April 26 data will be released.
#Sensex #Nifty #Q4Results #UsJobsData #DalalStreet
Nirmala Sitharaman on Indian economy after 2014: "Can be case study for Harvard..."
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The finance minister, Nirmala Sitharaman, stated that the restoration of the Indian economy, especially banks, since 2014 can be a lesson for Harvard Business School. She highlighted the Indian government's role in safeguarding the infrastructure of Indian banks during and after the pandemic, citing the example of the Silicon Valley Bank's failure in the US. Sitharaman praised the Indian banking sector for effectively managing mergers and ensuring stability. She acknowledged the difficulties faced by the government in restoring the economy, including merger-related issues, liquidity problems in 2019, the impact of COVID-19, and the fragile economy in need of restoration. Sitharaman expressed optimism about India's future and its ability to achieve the vision of Viksit Bharat by 2047 with continued collective effort.
#NirmalaSitharaman #IndianEconomy #Banks #HarvardBusinessSchool #SiliconValleyBank #Covid19 #ViksitBharat
'This is not justice': Sarabjit Singh's daughter on death of his killer Amir Sarfaraz
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Swapandeep Kaur, the daughter of Sarabjit Singh, an Indian death row prisoner in Pakistan, expressed dissatisfaction with the death of her father's killer, Amir Sarfaraz Tamba, stating that it was not justice. Kaur called for a trial to determine the reasons behind her father's killing and the individuals responsible. She also claimed that the Pakistani government orchestrated her father's murder in 2013 and accused them of covering up the conspiracy. Kaur mentioned that her father's last letter revealed that he was being given slow poison and treated inhumanely in jail. Additionally, she noted that a diary documenting her father's experiences in the Pakistani jail was not sent with his body. Amir Sarfaraz Tamba, a close associate of Lashkar-e-Taiba founder Hafiz Saeed and an accused in Sarabjit Singh's murder, was killed in Lahore by unknown gunmen in a targeted attack. In 2018, a Pakistani court acquitted Tamba and another suspect in the murder case due to a lack of evidence and witnesses turning hostile. Sarabjit Singh was sentenced to death in Pakistan in 1990 for alleged spying and bomb attacks. He was killed in 2013 after being attacked by a group of Pakistani prisoners. Singh's family maintained that he had inadvertently crossed the border while farming.
#SarabjitSingh #AmirSarfarazTamba #SwapandeepKaur #Pakistan #Justice #DeathPenalty
Will Iranian drones sink Dalal Street? What investors should expect in a holiday-shortened week
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Investors will be watching for earnings reports from Infosys, Bajaj Auto, and Wipro later in the week. Geopolitical events, macroeconomic data, and quarterly earnings of corporates would guide the stock market in a holiday-shortened week ahead. Stock markets will remain closed on Wednesday for Ram Navami. Any significant escalation in tensions between Iran and Israel could trigger panic selling and volatility in global equity markets. The movement of crude oil prices, China's GDP data, US retail sales figures, and movements in the US bond yields and the dollar index will be important factors influencing market sentiment. TCS reported a 9% growth in net profit at Rs 12,434 crore in the fourth quarter of FY24 due to strong domestic business. In the entire fiscal year, TCS' net profit surged 9% to Rs 45,908 crore, while the revenue went up to Rs 2,40,893 crore from Rs 2,25,458 crore a year ago. The outlook for the market will be guided by major global and domestic economic data, India's WPI inflation data and WPI manufacturing data, China GDP growth rate, US manufacturing production, and US initial jobless claims. Retail inflation declined to a five-month low of 4.85% in March. India's industrial production growth accelerated to a four-month high of 5.7% in February 2024. The Indian equities' upward march may be halted by negative news from the global front. Last week, the BSE benchmark Sensex dipped marginally by 3.32 points after a record-breaking rally.
#StockMarket #EarningsReports #GeopoliticalEvents #MacroeconomicData #Tcs #GlobalEquityMarkets #CrudeOilPrices #ChinaGdpData #UsRetailSalesFigures #UsBondYields #DollarIndex #India'sWpiInflationData #India'sWpiManufacturingData #UsManufacturingProduction #UsInitialJoblessClaims #RetailInflation #IndustrialProductionGrowth #IndianEquities #BseBenchmarkSensex
Glenmark recalls blood pressure drug over dissolution specifications in US
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Glenmark Pharmaceuticals is recalling 6,528 bottles of Diltiazem Hydrochloride extended-release capsules, a medication used to treat high blood pressure, in the US market. The recall is due to failed dissolution specifications. The affected lot, produced in India, is being recalled by Glenmark Pharmaceuticals Inc. The recall was initiated on March 26 and is classified as a Class II recall, indicating that the use of the product may cause temporary or medically reversible adverse health consequences. India is the largest supplier of generic medicines globally, with 20% market share. India has the highest number of USDA-compliant companies with plants outside of the US.
#GlenmarkPharmaceuticals #BloodPressureDrug #Recall #UsMarket #DissolutionSpecifications
US attacks Iranian 'Shaheed' drones launched towards Israel, guns down a few over Iraq: Report
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The Israeli military stated early on Sunday that Iran has launched over 100 explosives-laden drones towards Israel. U.S. and British warplanes intercepted and shot down several Iranian drones en route to Israel over the Iraq-Syria border area. Iran's Islamic Revolutionary Guards Corps confirmed launching numerous drones and missiles towards Israel. The United States has pledged its support for Israel in response. Iran's Defense Minister warned of strong retaliation against any nation that allows Israel to use its airspace or territory for attacks on Iran. Prime Minister Netanyahu is convening the Israeli war cabinet. Iran's actions come after it perceives an Israeli attack on its Damascus consulate on April 1.
#UsiranTensions #IsraeliiranianConflict #Iran #Israel #Drones #Missiles
Amid tense ties, Maldives wants to settle payment for imports from India in local currency
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Maldives is in talks with India to make payments for its imports in Maldivian Rufiyaa. The move will mark a significant shift away from the dominant use of the US dollar in international transactions. Maldives imports goods worth USD 780 million and USD 720 million from India and China respectively. The aim is to ensure that goods imported from India could be paid for in Maldivian Rufiyaa. Efforts are underway to sign a currency swap agreement between Maldives and China.
'High degree of optimism, but...': Here's what is ailing the Indian economy, according to CII president R. Dinesh
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R. Dinesh, President of the Confederation of Indian Industry (CII) and Chairman of TVS Supply Chain Solutions, expresses optimism about the state of the Indian economy. He acknowledges that while there are geopolitical uncertainties and issues, India's strong economic base justifies the optimism. However, he notes that India has experienced a K-shaped recovery post-pandemic, with some sectors performing well and others struggling. Dinesh highlights concerns about the European and UK markets and their potential impact on the Indian economy. He expects lagging sectors like IT to recover in 2-3 quarters, but sees opportunities in the services sector.
#IndianEconomy #Optimism #Cii #RDinesh #Recovery #Sectors #ServicesSector
Powell sticks with Fed's cautious rate-cut strategy
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Federal Reserve officials, including Jerome Powell, suggest more time and data are needed before deciding on interest rate cuts. Powell stated that rate cuts will happen once inflation reaches the Fed's 2% target. Atlanta Fed President Raphael Bostic believes rates should not be reduced until the fourth quarter of this year, with only one quarter-percentage-point cut anticipated in 2024. Fed Governor Adriana Kugler expects a disinflationary trend to continue and pave the way for rate cuts throughout the year. The Fed last month held its benchmark overnight interest rate steady in the 5.25%-5.50% range. Powell maintains the baseline outlook that rates will fall 'later this year' but has not hinted at when the Fed might loosen its grip on credit. Inflation remains above the central bank's 2% target, and recent progress has been minimal. Published on Apr 04, 2024, 11:41 AM IST.
India's entry into chip equipment manufacturing a masterstroke, says Fab Economics CEO
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India is aiming to bring semiconductor wafer fab equipment (WFE) manufacturing in-house, which is currently restricted to a select few nations. Fab Economics CEO Danish Faruqui believes this move is a masterstroke based on the geopolitics of semiconductors. India's inclusion of WFE manufacturing in its semiconductor decadal roadmap is seen as existential for the domestic semiconductor ecosystem. India's approach differs from China's, as it plans to include domestic WFE manufacturing from the beginning, while China relied on the US, EU, and Korea for semiconductor manufacturing equipment. The US has blocked China from domestically producing semiconductor manufacturing equipment, resulting in a major choke point for China's domestic semiconductor ecosystem growth. India's announcement provides an alternative to China for WFE manufacturing at a similar geo-economic level. India must tailor its semiconductor policy for WFE domestic manufacturing based on the total cost of ownership structures and consider the Asia-Pacific subsidy competitive positioning for WFE. India's entry into chip equipment manufacturing will boost economic competitiveness and provide a complete trusted value chain and supply chain for legacy node semiconductors. This move is seen as a unique alternative for western stack countries like the US and EU, which rely on legacy chips for various end markets.
#Semiconductor #ChipEquipmentManufacturing #WfeManufacturing #Geopolitics #Geoeconomics
How J P Morgan is betting on India's new-age economy
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J P Morgan is prioritizing the new-age economy in India, focusing on financial inclusion and energy transition. The bank is targeting not only large Indian corporates and multinational companies but also new-age companies and potential competitors in the banking industry. J P Morgan is developing solutions on the wholesale side of the business that are relevant for other banks as well, and some Indian banks are evaluating potential partnerships with the foreign bank. The bank is also focusing on innovation and technology, aiming to do the 2% that will keep them ahead of others. J P Morgan has attained critical size and scale in the new-economy segment in the US, which will benefit other key markets including India. New-age companies offer opportunities in banking, investment banking, and the capital market. The bank wants to focus more on financial inclusion and energy transition while advancing in both traditional and investment banking. The Senior Country Officer-India and Vice Chairman-Asia Pacific, Kaustubh Kulkarni, is optimistic about growth opportunities in the banking space in India, with healthy growth on the asset side and reasonable growth on the liability and deposit sides. There will be investment opportunities from the private sector, resulting in financing opportunities for the bank.
#JPMorgan #India #NewageEconomy #FinancialInclusion #EnergyTransition #WholesaleBanking #Innovation #Technology #InvestmentBanking #CapitalMarket
Markets this week: From RBI policy decisions to US unemployment rate, factors that may drive Dalal Street
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This week, RBI policy decisions, bank loan growth, deposit growth, and auto sales data along with the Balance of Trade, and unemployment rate in the US may sway the markets. Indian markets ended the last week with healthy gains amid S&P Global Ratings raising India's Gross domestic product (GDP) growth forecast for the next financial year (FY25) to 6.8%. The coming week will be crucial as it’s the start of the new month and a new financial year. There will be some important macroeconomic data to guide the markets. First, the Investors will be eyeing the HSBC Manufacturing PMI Final, scheduled to be released on April 02, the HSBC Composite PMI Final, HSBC Services PMI Final to be released on April 04. Markets will be keenly waiting for the Reserve Bank of India (RBI) policy decisions, which will be announced on April 05. On the same day, Cash Reserve Ratio, Bank Loan Growth, Deposit Growth, and Foreign Exchange Reserves data going to be out. Additionally, auto companies would grab some attention, as they will announce their monthly sales figures. On the global front, investors would be eyeing some important economic data from world’s largest economy, United States (US), starting with S&P Global Manufacturing PMI Final, ISM Manufacturing Employment releasing on April 01, Redbook, Factory Orders on April 02, S&P Global Composite PMI, ISM Services Business Activity on April 03, Balance of Trade, Initial Jobless Claims on April 04, Non-Farm Payrolls, and Unemployment Rate, will be released on April 05. Nifty extended the winning run on the second consecutive day on March 28 although it pared some gains in the last hour of the session. At close, Nifty was up 0.92% or 203.3 points at 22326.9. Global stocks hit fresh records heading into the long Easter weekend break as equities headed for a second quarterly gain. Nifty once again formed a bull candle with a high upper shadow, reflecting selling pressure on rises. Nifty rose 1.04% for the week, 1.57% for the month and 1.80% for the quarter. “22,526 is proving tough to be breached on the up, while 21973-22180 band could provide the near-term support for the markets,” Jasani said. After a period of bullish resurgence, the Bank Nifty index exhibited strength by surpassing the 20-day moving average hurdle set at 47,000, backed by significant volumes. Despite this, it faced resistance around the 47,500 mark. “A decisive breach above this resistance could propel the index towards the 48,000 level. Conversely, the immediate support is situated at the 47,000-46,800 zone. A conclusive drop below this support level, especially on a closing basis, might indicate a false breakout scenario”, Shah said.
#Markets #Rbi #PolicyDecisions #UsUnemploymentRate #DalalStreet
'We don't need to be in a hurry to cut': Jerome Powell says Fed will wait for inflation to 'come in line'
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Federal Reserve Chair Jerome Powell stated that the US economy has remained resilient despite high interest rates and that the Fed is not in a rush to cut interest rates. Powell mentioned that the fresh inflation data released is in line with expectations, but it won't be appropriate to lower rates until officials are confident inflation is on track toward their 2% goal. The core personal consumption expenditures price index rose 0.3% in February after climbing 0.5% in the previous month. Powell expects inflation to continue falling on a 'sometimes bumpy path' and stated that it would likely be appropriate to ease policy 'at some point this year.' However, he and other policymakers are in no rush given the underlying strength of the economy and recent signs of persistent price pressures.
#FederalReserve #JeromePowell #UsEconomy #Inflation #InterestRates
Gold and silver prices today: Yellow metal edges up amid dollar relief
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Gold prices opened on the Multi Commodity Exchange (MCX) on Thursday at Rs 62,436 per 10 grams and hit an intraday low of Rs 62,375. In the international market, prices hovered around $2,032.21 per troy ounce. Meanwhile, silver opened at Rs 70,091 per kg and hit an intraday low of Rs 70,051 on the MCX. The price hovered around $22.33 per troy ounce in the international market. Analysts say apart from the dilemma over interest rates, geopolitical tensions in the Middle East are providing a strong floor for bullion. The dollar fell slightly from three-month highs. A recent report suggests that the commander of an Iran-backed Militia who attacked three American soldiers in Jordan has been killed. Amit Khare, Associate Vice President at GCL Broking, said, "MCX Gold and Silver gave negative closing yesterday, April Gold closed at 62524(-0.10%) and March Silver closed at 70311(-0.45%)." Adhil Shetty, CEO of BankBazaar, said, "When the RBI maintains the repo rate at 6.5%, it can influence gold hedging strategies in various ways."
#Gold #Silver #Prices #DollarRelief #Mcx #GeopoliticalTensions #MiddleEast #InterestRates #Iran-backedMilitia #GclBroking #Bankbazaar
Federal Reserve policymakers signal no rush to cut interest rates
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Federal Reserve policymakers signal no rush to cut interest rates. In December, most Fed policymakers forecast three or more interest-rate cuts this year. U.S. central bankers want to hold off on cutting interest rates until they have more confidence that inflation is headed down to 2%. Last week the Federal Reserve held the policy rate steady in the 5.25%-5.5% range. Fed Chair Jerome Powell said there would likely not be enough data by the next meeting, in March, to feel sure they have made enough progress against inflation to reduce borrowing costs. Boston Fed President Susan Collins believes it will likely become appropriate to begin easing policy restraint later this year. Minneapolis Fed President Neel Kashkari said two to three cuts would seem to be appropriate for him right now. Richmond Fed President Thomas Barkin said he still wasn't quite sold on the idea that progress on inflation will continue. Fed Governor Adriana Kugler is optimistic that progress on inflation will continue with help from both slowing wage growth and from lower rents. Analysts and financial market expectations both point to the Fed's April 30-May 1 meeting as the likely start for rate cuts this year.
#FederalReserve #InterestRates #Inflation #Economy
Gold and silver prices today: Yellow metal dips, down 1.01% YTD
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Gold prices opened on the Multi Commodity Exchange (MCX) on Monday at Rs 62,493 per 10 grams and hit an intraday low of Rs 62,400. In the international market, prices hovered around $2,033.85 per troy ounce. Silver opened at Rs 70,776 per kg and hit an intraday low of Rs 70,776 on the MCX. The price hovered around $22.58 per troy ounce in the international market. Analysts say escalating tensions in the Middle East is providing a strong floor for bullion. Manav Modi, Analyst, Commodity and Currency, MOFSL, said, "Gold prices slipped in the previous session as the dollar and US bond yields jumped after a strong non-farm payrolls report, which created some uncertainty about Fed's monetary policy path this year." Anuj Gupta, Chief of Commodity and Currency at HDFC Securities, said, "Yesterday gold prices corrected sharply by 0.64% and closed at 62562 levels. Silver prices also corrected sharply by 1.40% and closed at 71208 levels. Strength in the dollar index after FOMC stated that they are not in a hurry to cut rates. The dollar index is trading at 8-week high levels. Positive US economic data also support the dollar index." Fed Chair Jerome Powell, in the FOMC meeting, dismissed the idea of lowering interest rates in the spring but voiced confidence that inflation would return to the 2% target. However, later Governor Powell expressed confidence about a rate cut this year, pinning it on either lower inflation or labour data.
India's semiconductor manufacturing: Has a strong foundation been laid?
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Two years after India brought in a scheme to promote semiconductor manufacturing, it is yet to approve a chip fab application. India's dream of becoming a semiconductor hub isn't new, but hopes soared when the government announced a production-linked incentive scheme worth Rs 76,000 crore for chip and display fabrication units. However, setting up a foundry is an expensive affair, costing between $2 billion and $20 billion, and takes six to eight years to break even. India's nascent chip ecosystem has some distance to go to meet the demands of infrastructure, skilled talent pool, proximity to major clients and markets, lead times and shipping risks, and geopolitical stability. The government is hopeful that once the ecosystem is set up, the floodgates will open. However, there is a dearth of skilled workers in India, and the country lacks manufacturing-grade technology (MGT) companies as technology partners. The infrastructure and operational costs for setting up a semiconductor fab in India are significantly higher than other potential locations like China and Taiwan. The availability of raw materials and the presence of fabless and electronics product companies also pose challenges. India has been aggressive in pitching the country to semiconductor majors and addressing gaps in infrastructure, but it still has a long way to go.
#SemiconductorManufacturing #ChipFab #Production-linkedIncentiveScheme #Foundry #SkilledWorkers #Manufacturing-gradeTechnology #Infrastructure #RawMaterials #FablessCompanies #ElectronicsProductCompanies