Newswala aaya, taaza khabre laya! Good morning!
 

MARKETS

Markets: The market initially started on a negative note amid mixed global cues but recovered from early losses to trade higher, with the Nifty surpassing the 21,700 mark during the day. Both the Sensex and the Nifty rallied one per cent each, supported by widespread buying activity on the eve of the budget and ahead of the US Federal Reserve meeting.

BUSINESS

TCS and Aviva Forge a 15-Year Collaboration Deal

What happened

Tata Consultancy Services (TCS) secured a colossal 15-year contract renewal with British insurance group Aviva, the leading UK-based insurance, wealth, and retirement provider. The deal is valued at a minimum of $2.5 billion, making it potentially TCS's largest outsourcing deal to date. 

The partnership aims to revolutionise Aviva's "UK Life business" and enhance customer experience. This collaboration follows a seasonally weak quarter for TCS with no large deals reported. 

Why it matters

Aviva and TCS have shared a robust partnership for two decades. In this extended agreement, TCS will employ TCS BaNCS to transform Aviva’s policy administration and servicing, covering over 5.5 million policies. 

Diligenta, TCS’s FCA-regulated subsidiary in the UK, will manage this expansion on Aviva's behalf. The strategic move aims to enhance customer service, simplify operations, and support Aviva's growth goals by streamlining systems and improving efficiency.

• Since March 1, 2012, TCS has been handling administrative tasks for 3.2 million Aviva policies until 2027. 

• They're guaranteed $146 million in revenue every year through this partnership.

Zoom out

TCS, operating in the UK for over 45 years, enjoys a leadership position in software and IT services. With a workforce exceeding 23,000 in the UK and Ireland, TCS is a major IT employer in the region. This mega deal with Aviva further solidifies TCS's standing, adding to its extensive portfolio of collaborations with top businesses in the UK. 

BIG MONEY MOVES

HSBC faces £57 million fine for deposit protection failures

UK watchdog fines HSBC £57 million ($73 million) for wrongly excluding customer deposits from a protection program. The Prudential Regulation Authority stated that HSBC failed to comply with deposit protection rules between 2015 and 2022. The fine, the second-highest by PRA, reflects the seriousness of the lapses. Client deposits up to £85,000 are insured in case of bank failure.

UPS plans 12,000 job cuts and Coyote business overhaul

UPS, an Atlanta-based global shipping company is set to cut 12,000 jobs and explore options for its Coyote trucking brokerage business as it aims to reduce costs by $1 billion after a challenging year. The company's shares dropped 8% to $145.32 on the NYSE due to weak demand from retail, manufacturing, and high-tech customers.

BUSINESS

Govt Unveils Bharat 5G Portal for Quantum, IPR, and 6G Exploration

What happened

India's Telecom Secretary, Neeraj Mittal, unveiled the Bharat 5G Portal, a comprehensive platform for quantum, intellectual property rights (IPR), and research related to 5G and upcoming 6G technologies. Highlighting India's rapid 5G rollout, Mittal expressed pride in the country's position as the world's second-largest telecom network.

Why it matters

With India making waves in 5G development, the launch of the Bharat 5G Portal signals the government's commitment to staying at the forefront of telecom innovation. The move towards 6G research showcases India's determination to lead in cutting-edge telecom technologies. The government's facilitation of investments in telecom startups further cements India's reputation as a trusted global partner in technological advancements.

Mittal's acknowledgement of India's one lakh startups underlines the vast opportunities for collaboration, positioning India as a sought-after ally in the evolving landscape of 5G and 6G technology.

The unique session, "Bridging Dreams and Funding," not only provides a platform for startups but also attracts venture capitalists and investors, fostering growth and innovation in the telecom sector. The Bharat 5G Portal not only marks a significant milestone but sets the stage for India's continued leadership in the dynamic landscape of telecommunications.

Zoom out

The launch of the Bharat 5G Portal is a strategic move by the Indian government to harness the momentum gained in the 5G boom and propel the nation into the realm of 6G technology. As India solidifies its position as the third-largest tech startup ecosystem globally, the portal becomes a central hub for fostering collaboration, innovation, and investment. 

BIG PICTURE

Pakistani rice exports soar amidst Indian restrictions 

India's export restrictions have paved the way for Pakistan's rice exports to hit record highs. Buyers, spurred by India's cutbacks, are turning to Islamabad, causing a surge in demand. With projections of up to 5.2 million tons in 2023/24, up from 3.7 million last year, Pakistan's rice industry is flourishing. Now in high demand, rice is commanding premium prices globally. 

DTDC makes an entry into the Malaysian market

DTDC, an India-based logistics company has ventured into the Malaysian market. Strengthening its global footprint, it will offer enhanced trans-shipment solutions to clients in Southeast Asia and the Australian peninsula. Already present in Singapore and Australia, DTDC aims to provide seamless shipping solutions, facilitating export and import services between India, Singapore, Australia, and Malaysia. The move aligns with the company's global expansion plans, focusing on countries like India, Australia, UAE, and the UK. 

BUSINESS

Centre Cuts Import Duty on Mobile Phone Parts to 10%

What happened

The Indian government has announced a reduction in import duties on key components used in mobile phone manufacturing, bringing the rate down to 10% from the previous 15%. This move aims to support the mobile phone industry and enhance its competitiveness both domestically and globally.

The list of components benefiting from this reduction is extensive and includes screws, SIM sockets, battery covers, front covers, main lenses, back covers, GSM antennas, PU cases, sealing gaskets, and various other mechanical and plastic items. 

Why it matters

The reduction in import duties on mobile phone parts is a significant step that aligns with industry demands for cost reduction in smartphone production. This move is particularly crucial as it comes ahead of the Interim Budget presentation by Finance Minister Nirmala Sitharaman.

• Duty cuts on the import of mobile phone parts would assist major global manufacturers like Apple in establishing large-scale mobile assembly lines in India and significantly boosting mobile phone exports.

• In the fiscal year ending March 2023, exports reached $11.1 billion, doubling year-on-year.

• Industry estimates project a further increase, with exports expected to reach $15 billion in the current fiscal year.

The move also reflects the government's efforts to create a competitive environment for smartphone manufacturing, aligning with demands from industry players to lower production costs and strengthen domestic production capabilities.

Zoom out

With the reduction in import duties on crucial components for mobile phone manufacturing, the Indian government aims to support the growth of the mobile phone industry, enhance manufacturing capabilities, and boost exports. 

As Finance Minister Nirmala Sitharaman prepares to unveil the Interim Budget for FY25, stakeholders in the mobile phone industry are optimistic about further measures to support domestic manufacturing and bolster India's position as a global manufacturing hub.

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