Considered as a cash cow for India’s IT services companies for long, the banking and financial sector is gradually being weaned off the outsourcing model. The companies are now opting to build and maintain software in-house.With emerging technologies, such as blockchain, which are touted to play a pivotal role in the financial sector, bankers are keen to keep their cards close to their chest and cut reliance on third parties for technology. India still continues to be the preferred destination for technology hubs though. Many foreign banks have set up global in-house centres (GIC) in cities such as Mumbai, Bengaluru, and Chennai.The banking domain has been key to the fortunes of Indian IT companies, but the share of the finance vertical in their earnings has been on a downward spiral in the past couple of years.Close The share of revenue derived from the banking sector by Tata Consultancy Services (TCS), the largest IT company in the country, declined by 2.3 percentage … [Read more...] about Indian IT companies take a hit as foreign banks switch to in-house tech solutions
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Indian drug makers are staring at diminishing margins as raw material imports from China has increased while drug prices have stagnated. The cost of raw materials sourced from China has risen after Chinese government started cracking down on facilities that violate the country’s pollution control norms.Many production units have been mothballed till the required clearances are clinched. This has resulted in a drop in production, which has consequently led to price inflation. India is one of the largest markets for pharmaceuticals, but production of drugs is usually undertaken with imported raw materials and intermediaries.The pricing pressure on imports is hurting domestic manufacturers. Costly imports from China has led to an about 3 percent decline in Q1 FY19 margin for Laurus Labs, reports Business Line. Lack of an indigenous ecosystem for the extraction and processing of minerals, among other raw materials used in pharmaceuticals, could leave the sector vulnerable to … [Read more...] about Rising cost of Chinese raw materials eat into margins of Indian pharma companies
Bharat Bond ETF, the initiative of the Department of Investment and Public Asset Management (DIPAM) of the government, was launched on December 12.The government had announced plans for debt ETFs in Budget 2019. The ETF has a duration of 3 years maturing in 2023 with a yield return of 6.69 percent and another duration of 7 years maturing in 2030 with a yield return of 7.58 percent. Both will be listed on NSE and BSE.Stressing on the appeal factor of 3-year and 7-year duration, Deepak Jasani Head Retail Research, HDFC Securities said, "Returns of this 3-year variant could be compared to Banking and PSU debt funds that have an average maturity of 2-4 years and a similar portfolio holding. Longer duration variant (10-years) would naturally bear high duration risk and can be considered by informed investors who want to take high duration bets."Close This ETF is managed by Edelweiss Mutual Fund. So the fund is called Edelweiss BHARAT Bond ETF, and the fund will invest in the bonds … [Read more...] about Mutual funds wrap: Bharat Bond ETF NFO open until December 20; Will retail investors bite?
United States Food and Drug Administration (USFDA) has conducted a good manufacturing practices (GMP) inspection of Sun Pharmaceutical Industries' Halol facility (Gujarat, India) from December 03-13, 2019, as per company release.At the conclusion of the inspection, the agency issued a Form 483, with eight observations.The company is preparing the response to the observations, which will be submitted to the USFDA within 15 business days, it said in release.Close The company is committed to addressing these observations promptly. related news Oil India Limited appeals to people in Assam to allow it to carry out day-to-day operations Mother Dairy hikes milk prices by up to Rs 3/litre Kerala requires Department of Design to become creative hub of world: Experts The company remains committed to working closely with the USFDA and continues to enhance its GMP compliance on an ongoing basis, it added.On December 13 share price of Sun Pharmaceutical Industries ended 1.12 percent … [Read more...] about Sun Pharma’s Halol facility gets 8 observations post USFDA inspection
Understanding mutual funds, deciding the best options for investments and even redeeming them can be challenging for customers from a non-financial background or those embarking on their investment voyage.Though companies often display plenty of information about their mutual fund products on their website, customers still find it difficult to comprehend it and get the precise information they require.Realising this, Tata Mutual Fund (TMF) sought to make it easier and effortless for its existing and prospective customers to understand the nuances of mutual funds.Close It selected Haptik, a conversational AI company and a subsidiary of Reliance Industries, to create an Intelligent Virtual Assistant (IVA) that could replicate the content available on their site and offer it in an interactive way to answer customer queries. related news VoPay & Hydrogen to offer clients seamless access to open banking payments Commercial Banks Struggle to Use AI for Competitive Impact … [Read more...] about ‘Prof. Simply Simple’—the chatbot that will resolve 70% of Tata Mutual Fund’s customer queries