A weak fourth quarter sets the seal on 11-year low for

 A weak fourth quarter sets the seal on 11-year low for annual gold demand

The COVID-19 pandemic, with its far-reaching effects, was the driving factor behind gold consumer demand weakness throughout 2020, leading to a 14% decline in annual demand to 3,759.6t.[1] Last year was the first sub-4,000t year since 2009 according to the World Gold Council’s latest Gold Demand Trends report.

Global gold demand dropped by 28% y-o-y to 783.4t in Q4, making it the weakest quarter since the midst of the global financial crisis in Q2 2008.

Gold jewellery demand in Q4 fell 13% y-o-y to 515.9t, resulting in a full-year total of 1,411.6t, 34% lower than in 2019 and a new annual low for our data series. While demand improved steadily from the severely depleted Q2 total, the coronavirus continued to impact consumer behaviour.

Conversely, increased uncertainty and policy response to the pandemic supported annual investment demand, which increased 40% y-o-y to a new high for our series of 1,773.2t. Most of the growth came in the form of gold-backed ETFs (gold ETFs) but was aided by bar and coin demand growth in H2. In addition, evidence suggests that over-the-counter (OTC) activity, which is not directly captured in our data set, was also robust throughout the year. However, in Q4 there was a notable decline in investment demand for gold ETFs with outflows totalling 130t.

 Total annual gold supply also took a hit and was 4% lower y-o-y (4,633t), the largest annual fall since 2013. The drop can be largely explained by coronavirus-related disruption to mine production, offset by a marginal 1% increase in recycling to 1,297.4t for 2020.

Inflows into global gold ETFs reached an annual record of 877.1t (US$47.9bn). An 11-month consecutive run of positive inflows starting in December 2019 came to a halt in November when a recovery in sentiment and gold price drop led to 130t of outflows in Q4.

The US dollar gold price returned 25% in 2020 supported by investor demand. After reaching a record high in August across most currencies, the LBMA Gold Price PM dropped back to US$1,762.55/oz at the end of November, before recovering to close the year at US$1,887.6/oz.

Demand for gold bars and coins grew 10% in Q4. A recovery in China and India in the second half of 2020 added to continued strength in Western markets to lift annual demand to 896.1t (+3%).

2020 marked a record low of 1,411.6t for gold jewellery demand. Despite a quarterly recovery in Q4, demand was unable to overcome the continued challenges presented by COVID-19.

Gold buying by central banks slowed sharply in 2020, 59% lower at 273t. Q4 saw a return to modest net buying: global official reserves grew by 44.8t during the quarter, more than reversing the 6.5t of net sales from Q3.

Louise Street, Senior Markets Analyst, Research at the World Gold Council, commented: “The impact of the COVID-19 pandemic was felt across the gold market throughout 2020, and Q4 was no different. Consumers around the world remained at the mercy of lockdowns, economic weakness and high gold prices, resulting in a new annual low in jewellery demand.

“Nevertheless, despite outflows in Q4, gold-backed ETFs saw record annual inflows due to low interest rates and high levels of uncertainty, highlighting gold’s role as a safe haven asset. Bar and coin demand also saw a strong recovery in the second half of the year, showing that retail investor sentiment remained relatively stable in these volatile markets. Overall, we believe the effects of the pandemic are likely to reverberate into Q1 2021, and possibly beyond.”

The key findings included in the latest Gold Demand Trends report for FY 2020 are as follows:

 Annual demand (excluding OTC) declined to 3,759.6t (-14%), the first sub-4,000t year since 2009

• Record gold ETF inflows totalled 877.1t (US$47.9bn) and global AUM reached 3,751.5t
• Gold bar and coin demand grew 3% in 2020 to 896.1t
• Global jewellery demand declined by 34% y-o-y to 1,411.6t, a new annual low
• Central banks gold buying slowed in 2020, 59% lower y-o-y at 273t
• Demand in the technology sector fell by 7% in 2020 to 307.9t
• Mine production declined 4% y-o-y
• Recycling increased only marginally by 1% y-o-y

 The key findings included in the latest Gold Demand Trends report for Q4 2020 are as follows:

 Overall demand in Q4 declined by 28% year-on-year to 783.4t

• Gold-backed ETF saw outflows of 130t in Q4
• Gold bar and coin continued to see strong demand and increased by 10% y-o-y
• Global jewellery demand continued to improve from the record low in Q2 but was 13% lower year-on-year at 515.9t
• Central banks returned to net buying, adding 44.8t to global holdings
• Demand in the technology sector grew marginally to 84t

The Gold Demand Trends Q4 & FY 2020 report, which includes comprehensive data provided by Metals Focus, can be viewed at http://www.gold.org/research/gold-demand-trends.

You can follow the World Gold Council on Twitter at @goldcouncil and Like on Facebook. 

95% Aware but Only 49%in Tamil Nadu comply to

            95% Aware but Only 49%in Tamil Nadu comply to wearing masks: EkDesh and Crownit

·         Less than 50% of people in Tamil Nadu use face mask while stepping out of home

·         52% people quote breathing problemsas the key reason for not wearing a face mask

·         34% respondents in Tamil Nadu believe that masksmay not be enough to control COVID-19

EkDesh, a non-profit organization in partnership with Crownit, a leading research company has conducted a survey to understand the overall compliance around wearing masks across Tamil Nadu.Inching towards a complete unlock, the report suggests a staggering low-level compliance towards safe practices in the state.Despite 95% of people in Tamil Nadu being aware of mask usage to prevent COVID-19, only 49% people are complying to wearing masks.

 The survey explores various aspects of mask wearing among SEC A and SEC B sections of society and has been structured to understand the following:

§  Awareness on safe practices for safeguarding oneself from being infected by the coronavirus

§  Compliance amongst different segments of the population towards wearing masks.

 According to Shekhar Kirani, Founding Member ACT Grant and Partner Accel Ventures, "While India has steadily moved towards unlock, battling the pandemic needs a unified effort by the authorities at one level and citizens at another level to help control the spread. There is global evidence that face masks help in the slow-down of COVID-19 spread.  In India, our survey findings have revealed that while there is a high level of awareness around wearing a mask, the compliance is very low or flawed. Through our Corona Soldier movement, we want every citizen in the country to step up and pledge support towards 100% mask compliance. We firmly believe that diligent efforts towards masking a billion Indians will help save lives.”

 The report estimates that 95% respondents diligently comply with safety guidelines by wearing masks and amongst them, 74% are conscious and ensure proper use of face mask with face and nose covered and only 53% respondents wear a mask during the entire duration while out of home.Also, 57% respondents who wear masks said that they put on the mask only when someone is in close vicinity.

 Highlighting the reason for non-compliance, breathing problems emerged (52%) as key reason, followed by discomfort and inconvenience at 50%. Surprisingly, 41% of respondents who didn’t wear a mask believed that social distancing is enough to protect them from COVID-19.

Poonam Kaul, Brand Evangelistsaid “India’s Covid-19 fatalities are increasing by the day. In fact, as per recent reports, India’s Health Ministry has confirmed that coronavirus deaths have surpassed 100,000. Amidst this global health emergency, while most of the people have the awareness pertaining to importance of wearing masks, the compliance is still very low.  Through our social initiative, ApnaMask, we are committed to moving the needle from awareness of masks wearing to its diligent compliance.”

Approximately 70% of respondents in Tamil Nadu re-use their face masks and wash them regularly with soap and water.

 To encourage people to wear masks, ApnaMask has launched a pan India campaign ‘I am a Corona Solider’ aimed at recruiting ‘Corona Soldiers’who pledge to wear a mask every time they step out of their homes and also encourage others to do the same. The campaign builds on patriotism, layered it with inconvenience that the soldiers face at the battle front yet continue to fight for the country.  Army veterans, Lt Col MK Sinha (Retd) and Major Gaurav Arya (Retd) gave out a battle cry to every citizen of the country to become a Corona Soldier and protect the country from coronavirus. Till date over they have recruitedalmost350,000 Corona Soldiers including Kiran Mazumdar-Shaw (Indian entrepreneur), Rajan Anandan (Managing Director, Sequoia Capital and Surge), Saina Nehwal (Badminton player), Mary Kom (Boxer and a Member of Parliament), Yogeshwar Dutt(Wrestler), Michelin star Chef Vikas Khanna, Bipasha Basu (Actress), Mouni Roy (Actress) and Diana Penty (Actress).

 Methodology

An online mobile based nationwide survey conducted across 18 cities with a sample size of over 1800 people in the age group of 15-55 yrs.

Idli Cart launched for Transgenders by

Idli Cart launched for Transgenders by Apsara Reddy on 1^st September 2020

 

Transgender community remains a highly targeted and economically backward community. Many senior transgenders suffer illness, abuse and solitude. To help them earn an income and also look at other avenues as a career Apsara Reddy has launched the Dignity Project that aims to help transgender women set up food carts, tailoring units and small businesses. 

Launching the first pilot idli cart, Apsara Reddy, said, "As a transgender woman I've seen so much of prejudice and lack of opportunities. We need to fight doubly harder and often hunger forces my sisters into other professions. As they age and suffer medical bills or expenses and during emergency situations like Coronavirus they suffer in silence and suffer starvation. I feel the need to empower them with a small business that they can run and manage."

She adds, "There have been so many great supporters who've come forward to help and contribute with provisions and utensils. It's a way to show the transgender community a way to integrate and also work within their local community."

Shreya Chauhan of Causewear, a fashion initiative to raise awareness who was there to inaugurate the first cart, says, "As a fashion brand we believe in the messages that various mediums can convey. But this is a non-conventional way for us to engage with a community that is for far too long been misunderstood and side lined. It was a pleasure to learn first-hand about the needs and how we as a society can aid this community feel included."

Apsara says this initiative will be taken across TN with the help of government authorities, TN Police and corporation officials.

AirAsia India and Avis partner to offer

AirAsia India and Avis partner to offer premium
car rental services for guests

AirAsia India has partnered with Avis India to offer guests discounted car rental services, and other benefits such as complimentary upgrades in India and internationally when booking on https://www.avis.co.in/partner/AirAsia

AirAsia India guests can opt to hire airport transfers, chauffeur-driven vehicles, long term car rentals or self-drive cars from Avis’s fleet of mid, premium, luxury and SUV cars.

With restrictions on mobility, particularly in major Indian cities, flyers are turning to car rental and chauffeur-driven vehicles as a safe, private and flexible alternative to public transport.

Through this partnership, AirAsia India guests can use the services of Avis across 14 cities - Delhi, Noida, Gurugram, Faridabad, Bengaluru, Mumbai, Hyderabad, Chennai, Kolkata, Chandigarh, Kochi, Pune, Bhubaneswar, Jaipur.

Sunil Gupta, MD & CEO, Avis India said, “In the wake of coronavirus, many people remain apprehensive about taking public transport or booking cabs. With this partnership, we are happy to take forward the responsibility to offer a hassle-free and safe travel experience once our travelers depart the airport. We have a strong legacy of providing clean vehicles and improving the customer experience. Our primary focus has always been and remains the health and well-being of our employees, chauffeurs, and customers.”

Speaking about the partnership, Mr. Ankur Garg, Chief Commercial Officer, AirAsia India said “As a guest-obsessed airline, we are always looking out for opportunities to improve travel experiences, enhance customer happiness and deliver value with best in class services. It is our pleasure to partner with businesses who demonstrate exemplary service standards and performance in their own categories and create value for customers. At a time when safety and hygiene is paramount in the minds of travellers, this partnership extends the secure and warm experience we seek to provide our guests beyond inflight services to on-ground experiences of their choice, taking the hassle away from travel and elevating the overall experience.”

The partnership between AirAsia India and Avis India reflects the synergies that both brands share and the desire to elevate the customer experience. AirAsia has recently introduced many new and innovative services like the AirAsia FlyPorter - doorstep to doorstep baggage delivery and AirAsia RedCarpet - priority boarding, baggage and check-in services, to provide customers a safe, personalised and enhanced travel experience. The partnership with Avis extends this to safe and secure ground transportation and is another step intended to facilitate customers with optimal choices for a comprehensive journey experience.

Avis India customers are supported by a team of dedicated and professional rental executives 24X7 who will manage Domestic, Inbound & Outbound - Chauffeur and Self-drive car requests.

Avis India also has the safety of its customers front of mind at all times, which is why every vehicle comes equipped with a GPS system and a Panic/ SOS Button; Avis India also proactively calls lady travelers to check in on their safety throughout their journey.

After every service, Avis chauffeurs follow a proper sanitization process to maintain the highest standard of hygiene in all vehicles provided by them, in line with guidelines of the National Health Authorities. A 2 2 level sanitization process is followed where-in the cars are sanitized daily in the morning and then after each ride using only standard R1/Oxivir disinfectant. As well as cleaning the exterior & interior, special attention is paid to frequent touch points such as steering wheels, indicators controller, dashboards, hand grips, in-car entertainment system controls, cup holders, center consoles and door handles, both inside and out.

Noteworthy performance in an

Noteworthy performance in an unprecedented quarter

For most of the quarter, the Company focused on safety of its workforce, transition to productive remote working, staying engaged with all its stakeholders, conserving resources and resuming business in a carefully calibrated manner in an economic environment debilitated by the Coronavirus black swan event. While most businesses were significantly impacted by the pandemic, the Company ensured that interests of all concerned including customers, employees, sub-contracted labour force, partners, associates and vendors were taken care of in a befitting manner. It is

during these difficult times that the Company’s committed employees, diversified business portfolio, geographical mix of business, robust Balance Sheet, strong Order Book position and execution strengths enabled it to ride out the unprecedented crisis that the world at large is grappling with.

Larsen & Toubro recorded Consolidated Gross Revenue of ₹ 21,260 crore for the quarter ended June 30, 2020, registering y-o-y decline of 28%. Revenue was impacted by nation-wide lockdown, resulting in halting of manufacturing and construction activities, non-availability of labour and disruptions to the supply chain ecosystem. International revenues during the quarter at ₹ 9,497 crore constituted 45% of the total revenue, with increased composition of the non-cyclical

IT&TS segment.

The Company earned a total Profit After Tax of ₹ 544 crore of which allocation to Non-controlling interest is ₹ 241 crore. The consolidated PAT attributable to shareholders of the Company, including profits from discontinued business, is ₹ 303 crore reflecting a decline of 79% vis-à-vis PAT of ₹ 1,473 crore for the corresponding quarter of the previous year. The PAT was impacted mainly due to

lower revenue, credit provisions in Financial Services business and under recovery of overheads.

The Company bagged orders worth ₹ 23,574 crore at the Group level during the quarter ended June 30, 2020 registering decline of 39%, in a quarter characterized by low interest towards fresh investment and deferment of award decisions.

International orders during the quarter at ₹ 8,872 crore constituted 38% of the total

order inflow.

The Consolidated Order Book of the Group stood at ₹ 305,083 crore as at June 30, 2020, with international Order Book constituting 24% of the total Order Book.

Infrastructure Segment

Effective from April 1, 2020, Smart World and Communication business, which was hitherto reported under Infrastructure segment, has been reclassified to “Others Segment” to reflect the revised organisation structure, performance evaluation parameters and management of financial performance. Accordingly, previous year figures have been regrouped wherever necessary.

Infrastructure segment secured orders of ₹ 11,349 crore, during the quarter ended June 30, 2020, lower by 32% compared to the corresponding quarter of the previous year. Major orders received included a large barrage project, rural water supply schemes, an expressway project and some international orders in Power Transmission and Distribution. International orders at ₹ 1,653 crore constituted 15% of the total order inflow of the segment during the quarter, mainly from Middle East region.

The Order Book of the segment stood at ₹ 221,115 crore as at June 30, 2020, with the international order book constituting 22% of the total Order Book.

Infrastructure segment recorded Customer Revenue of ₹ 6,393 crore for the quarter ended June 30, 2020, registering a y-o-y decline of 53%, with stoppage in project execution on account of nation-wide lockdown, restricted availability of labour and disruptions to the supply chain ecosystem. International revenue constituted 29% of the total customer revenue of the segment during the quarter.

The EBITDA margin of the segment during the quarter ended June 30, 2020 was stable at 6.3% vis-à-vis 6.4% recorded in corresponding quarter of the previous year, due to favourable input costs and expense control measures.

Power Segment

Power segment did not receive any major order for the quarter ended June 30, 2020, given the significant slowdown in the sector consequent to the recessionary economic conditions. Order inflow during the corresponding quarter of the previous

year, included a large value order for a 2x660 MW ultra- supercritical thermal power

plant in Buxar, Bihar.

The Order Book of the segment stood at ₹ 15,443 crore as at June 30, 2020, with the

international order book constituting 7% of the total Order Book.

Power segment recorded customer revenue of ₹ 374 crore during the quarter ended

June 30, 2020, registering a y-o-y decrease of 33% as all sites were operating at suboptimal

levels for major part of the quarter under review. International revenue constituted 8% of the total customer revenue of the segment during the quarter.

The segment EBITDA margin for the quarter ended June 30, 2020 was at 1.0%, lower

compared to 3.3% recorded in corresponding quarter of the previous year mainly due

to early stage of execution of orders won in the previous year.

Heavy Engineering Segment

Heavy Engineering segment secured orders at ₹ 476 crore during the quarter ended June 30, 2020, recording a significant y-o-y increase over a low base. International orders constituted 70% of the total order inflow of the segment during the quarter.  The Order Book of the segment stood at ₹ 4,118 crore as at June 30, 2020, with 52% being international.

The segment recorded Customer Revenue of ₹ 378 crore registering a y-o-y decline of 57% over the corresponding quarter of the previous year. The decline was mainly in the refinery business, which in the previous year included simultaneous execution of multiple high value heavy reactor orders, as well as due to lower manufacturing activity during the lockdown period. International sales constituted 66% of the total customer revenue of the segment.

The EBITDA margin of the segment at 17.5% for the quarter ended June 30, 2020 registered decline over the corresponding quarter of the previous year at 19.5%, on account of under-recovery of overheads amidst low capacity utilisation. 

Defence Engineering Segment

Military communication business, which was reported under Defence Engineering segment till last year, has been made part of the Smart World and Communication  business which is now reclassified to “Others Segment”. Accordingly, previous year figures are regrouped wherever necessary.

Defence Engineering segment received orders of ₹ 140 crore during the quarter ended June 30, 2020, lower by 47% over the corresponding quarter of the previous year with deferment of awards from Ministry of Defence. International orders constituted 2% of the total order inflow of the segment.

The Order Book of the segment stood at ₹ 8,581 crore as on June 30, 2020, with a 20% international component.

Defence Engineering segment recorded customer revenue of ₹ 473 crore registering a y-o-y decline of 49% over the corresponding quarter of the previous year due to delay in procurement of materials on account of nation-wide lockdown.

International Revenue constituted 19% of the total customer revenue of the segment.

The EBITDA margin of the segment at 12.9% was lower for the quarter ended June 30, 2020 as compared to the corresponding quarter of the previous year at 16.6%, mainly on account of under-recovery of overheads and delay in realisation of price variation claims.

Hydrocarbon Segment

Hydrocarbon segment secured orders valued at ₹ 1,220 crore during the quarter ended June 30, 2020, a decline of 64% compared to corresponding quarter of the previous year, with relatively muted tendering activity in a global low oil price scenario. Orders received during the quarter being from Middle East, there were no domestic order wins during this period for the segment.

The Order Book of the segment stood at ₹ 42,094 crore as at June 30, 2020, with the

international order book constituting 49% of the total Order Book.

Hydrocarbon segment recorded Customer Revenue of ₹ 3,062 crore during the quarter ended June 30, 2020, registering y-o-y decline of 19% due to slow progress in construction and fabrication work. International Revenue constituted 51% of the total customer revenue of the segment.

The EBITDA margin of the segment at 5.3% was lower for the quarter ended June 30, 2020 as compared to the corresponding quarter of the previous year at 7.6% mainly due to impact of cost pressures created on project margins by under recoveries during the lockdown.

IT & Technology Services (IT&TS) Segment

As Mindtree Limited was consolidated from second quarter of FY 2019-20, the previous year Q1’FY 2019-20 does not include performance of Mindtree Limited.  Hence the current period is not comparable with the previous period on a like-tolike basis.

IT & Technology Services segment achieved Customer Revenue of ₹ 6,028 crore during the quarter ended June 30, 2020, registering a growth of 58%. The growth was led by consolidation of Mindtree and growth in L&T Infotech Group.

International sales constituted 93% of the total customer revenue of the segment for the quarter ended June 30, 2020.

The EBITDA Margin for IT&TS segment declined to 20.7% for the quarter ended June 30, 2020 as compared to the corresponding quarter of the previous year at 23.2%, mainly due to drop in manpower utilisation and pressure on pricing during the pandemic.

Financial Services Segment

Financial Services segment recorded Customer Revenue of ₹ 3,284 crore during the quarter ended June 30, 2020, a y-o-y decline of 5% which is symptomatic of the sectoral contraction of business in the NBFC space. With this the Loan Book was marginally lower at ₹ 98,879 crore as compared with June’19 at ₹ 99,904 crore.

The operating margin of the financial services segment for the quarter ended June 30, 2020 was lower as compared to the corresponding quarter of the previous year on account of higher credit cost due to COVID-19 related provisions as per RBI guidelines and increased macro prudential provisions, partly offset by gains from divestment of the wealth management business.

Developmental Projects Segment

Developmental Projects Segment registered Customer Revenue of ₹ 554 crore during the quarter ended June 30, 2020, recording a decline of 53% over the corresponding quarter of the previous year, on account of lower offtake from Nabha power plant by the state of Punjab and shut down of Metro services during lockdown period in Hyderabad city.

The EBITDA Margin of the segment for the quarter ended June 30, 2020 declined to 7% as compared to 10% during the corresponding quarter of the previous year on account of shutdown of operations in Hyderabad Metro.

“Others” Segment

“Others” segment comprises Smart World and Communication, Realty business, Construction & Mining Machinery, Rubber Processing Machinery and Valves business. Customer Revenue of “Others” segment during the quarter ended June 30, 2020 at ₹ 714 crore registered a decline of 51% over the corresponding quarter of the previous year. The decline was mainly in Realty business, which in the previous year included higher handover of residential units in 2 projects in Mumbai. Construction Equipment and other allied businesses have recorded a decline with lower demand

for wheel loaders, excavators and rubber processing machinery. Smart World and Communication business also registered decline, as new projects are yet to pick up execution momentum. International sales constituted 18% of the total customer revenue of the segment, mainly driven by Valves business.

During the quarter ended June 30, 2020, the segment EBITDA margin stood at 6.7%, lower as compared to 19.9% margin in the corresponding quarter of the previous year. Current quarter margins were impacted by sharp contraction in Realty business revenues and under-recovery of overheads in the product businesses. 

Electrical & Automation Segment (Discontinued Operations)

The Company is on course to complete the divestment of its Electrical & Automation business to Schneider Electric. The sale is expected to conclude in FY 2020-21.

The segment clocked Customer Revenue of ₹ 711 crore during the quarter ended June 30, 2020 registering a decline of 48% over the corresponding quarter of the previous year on reduced industrial offtake due to COVID-19. International Revenue constituted 36% of the total customer revenue of the segment for the quarter ended June 30, 2020.

The EBITDA margin of the segment at 2.5% was lower for the quarter ended June 30, 2020 as compared to the corresponding quarter of the previous year at 16.9% mainly due to under-recovery of overheads in constrained conditions of low manufacturing capacity utilisation and disrupted distribution & supply chain ecosystem.

Outlook

The Indian economy has witnessed simultaneous demand and supply shocks consequent on multi-phased lockdowns imposed by the Central and State Governments in an attempt to contain the pandemic. Government announced several measures to alleviate the effect of the economic distress such as loan moratoriums, extension of concession periods, increase in the borrowing programs

of the Central and State Governments, announcement of ‘Atmanirbhar Bharat Abhiyaan’ package which included structural reforms as well as relief measures.

With partial lifting of lockdown and graded resumption of business operations, the domestic economy is expected to improve incrementally over the next few quarters. Ordering activity in roads, urban infra particularly health care, railways, Water distribution and waste-water treatment and irrigation sub-segments are expected to pick up in the later part of the fiscal year.

On the global front, the coronavirus continues to cause concern and economic activity is expected to remain depressed for most of the current fiscal. World over, geo-political disputes with China are escalating and businesses globally are contemplating strategic shifts in the supply chain sourcing ecosystem. Further with

increasing protectionist policies and soft oil prices, timelines and strength of economic recovery remains uncertain.

Against the backdrop of this intractable business environment, the Company has been pursuing a multi-pronged strategy to weather the economic crisis and restoring normalcy in business operations, while complying with all Governmental directives and measures to ensure safety of its customers, employees and contract staff.

Labour availability and productivity, working capital levels, Balance Sheet health and pick-up in execution pace is constantly monitored. The Company’s focus continues to be on responsible resumption, profitable execution of its large Order Book with higher operational efficiencies, liquidity management, tight expense control and successful transitioning to a new work environment. 

Background:

Larsen & Toubro is an Indian multinational engaged in technology, engineering, construction,

manufacturing and financial services with over USD 21 billion in revenue. It operates in over

30 countries worldwide. A strong, customer–focused approach and the constant quest for top-class

quality have enabled L&T to attain and sustain leadership in its major lines of business for

eight decades.

VELS UNIVERSITY LAUNCHES ‘VELS FREE EDUCATION SCHEME’ FOR CHILDREN OF CORONA WARRIORS

Dr. Ishari K Ganesh, Founder and Chancellor of VISTAS (Vels University), one of Tamil Nadu’s leading multi-disciplinary institution for higher education has announced a free education scheme for children of various service personnel who have been tirelessly working at the frontline to combat the spread of coronavirus.

The scheme will provide an opportunity for students who have cleared their class 12 examinations in this academic year, to pursue their higher education in any of the fifty undergraduate courses offered at Vels University. Recognising the sacrificing efforts of the frontline fieldworkers and to ensure a quality higher education for their children, this scheme can be availed by Corona warriors (nurses, police personnel, and sanitation workers).


Under this scheme, a total of 300 students (100 wards of parents working in each of the three fields – nurses, police personnel and sanitation workers), will be selected on the basis of their marks and their education will be sponsored by Vels University at complete free of cost. Priority will be given to the children of those who had lost their lives in the battle against the virus.

This shall be a trendsetting plan for Tamil Nadu. Interested candidates are requested to register themselves at www.velsuniv.ac.in or contact 9003461468 / 9952018671 / 8807307082 / 9445507603 / 9445484961 / 99620 14445 either by phone or on WhatsApp for additional information and clarification. They can also contact the university staff in person for more information.

Speaking about the free education scheme in a video released on his official handle, Dr. Ishari K. Ganesh, Chancellor of Vels University, has also requested the Chancellors of other private Universities and heads of educational institutions to offer such similar schemes as a token of respect and gratitude for the faceless warriors who are waging a war against the Covid – 19 virus

SpiceJet facilitates insurance of

SpiceJet facilitates insurance of passengers for COVID-19 hospitalisation starting at ₹ 443/-

First and only airline in India to offer a medical insurance cover for hospitalisation due to coronavirus

·         Policy to be valid for a period of 12 months

·         Covers expenses from hospitalisation due to COVID-19 for up to ₹ 3 lakh & pre and post hospitalisation expenses for up to 30 and 60 days respectively

·         Covers hospitals (private, government, army), tests, medication & consultations as recognised by Government upon testing positive for COVID-19

·         No limit on ICU or room rent charges until the insured sum lasts

·         Insured can make a cashless or a reimbursement claim

SpiceJet, the country’s favourite airline and the biggest air cargo operator, has facilitated insurance cover for COVID-19 hospitalisation which can be availed by its passengers – a first-of-its-kind initiative by an airline in India. As part of our constant efforts to ensure the safety and well-being of our passengers amidst the pandemic, SpiceJet has joined hands with Go Digit General Insurance Limited through its Digit Illness Group Insurance Policy to offer this insurance cover that will further boost the confidence and morale of passengers.

Passengers can opt for the insurance cover ranging between ₹ 50,000 to ₹ 300,000 at a premium for as low as ₹ 443 to ₹ 1564 a year (including GST). The insurance covers hospital expenses and all pre and post hospitalisation expenses for 30 and 60 days respectively. The comprehensive cover includes tests, medication and consultations upon testing positive for COVID-19. 

Ajay Singh, Chairman & Managing Director, SpiceJet, said, “The health, well-being and safety of our passengers is our topmost priority and this medical insurance cover that we have facilitated is certainly relevant for the current times. It will further boost the morale of our passengers to travel freely and frequently. The insurance cover is not only very affordable but is also valid for a one-year period. I would also reiterate the fact that air travel was and remains the safest mode of public transport and we have not seen a single case of transmission of the coronavirus on a SpiceJet flight.”

This insurance has no restrictions on room or ICU rent. This implies there is no limit on ICU charges or room rent until the insured sum lasts.

The policy will be valid for a period of one year from the date of issuance and covers all types of hospitals including Private, Military, Army, Government etc. and ensures a zero-touch process to avail the claim. While making a claim, customers can either opt for a cashless claim post positive diagnosis report of Covid-19 or a reimbursement claim. Under cashless, the amount is settled with the hospital or the provider directly whereas in case of a reimbursement claim, the claim amount is transferred to the customer’s bank account. The claim process offered by Digit is completely “zero-touch” enabled by Audio Claims, Soft-copy Document submission & 24*7 customer care assistance.

The pandemic has taken a huge toll on people’s physical, emotional as well as financial health. At a time when anyone could face sudden health mishaps, health insurance plays an important role. With its association with Digit, SpiceJet has brought a product offering that is relevant -- available at low premium, offering comprehensive coverage in terms of hospitalisation and medication and a hassle free claim process.

To avail the cover, passengers can click on ‘Get Insured’ button at   https://www.spicejet.com/covidinsurance.aspx. By selecting the premium option and filling in the details of the members, customers can then proceed to pay and complete the enrollment.

Rajniesh Duggall shares 'Jai Hind Jai Bharat' song as a

Rajniesh Duggall shares  'Jai Hind Jai Bharat' song as a tribute to frontline warriors

Doctors, medical staff, police, and all the frontline workers are working tirelessly helping us fight the deadly coronavirus. As a tribute to their hard work during these testing times, popular actors like Rajniesh Duggall, Krushna Abhishek, Urvashi Dholakia, Mugdha Godse, Raju Srivastava, and many others have come together with a special song 'Jai Hind Jai Bharat' as an ode to the frontline warriors.

The song evokes pride and the immense gratitude all the citizens of India have for all their hard work and selflessness.

Actor Rajniesh Duggall wrote, "This is for all the frontline warriors who have been fighting for us every day, risking their lives and guarding us fearlessly. We salute you! Jai Hind, Jai Bharat."

Link: https://www.instagram.com/tv/CB09_CbFZcF/?igshid=a0j5l9h7w4z4

The song is produced and directed by Sonu Vijan and composed by Dhruv Dhalla, sung by Aabhik Ghosh and  Kanchhan Srivas and is penned by Secret Yash.

TULIPS COVID-19 SWABS TO TACKLE GLOBAL

TULIPS COVID-19 SWABS TO TACKLE GLOBAL TESTING KIT SHORTAGE

Accelerated testing key to overcome the novel coronavirus global pandemic

With COVID-19 cases rising fast, Tulips, Asia’s leading personal hygiene consumer care product innovator, today, announced that it is accelerating production of special, affordable ICMR and NIV approved swabs to help overcome the world’s shortage of test kits. Test kit swabs are one of many medical and personal protection equipment in short supply globally.

The pandemic can’t be fought without widespread testing to find out who has the disease. And, it’s critical for finding those people who may be spreading the virus with or without showing all the symptoms. Millions of testing swabs are needed across world, and so Tulips is focussed on innovation and scaling up the production in record time, to tackle the situation.

Revised ICMR guidelines asks all symptomatic and asymptomatic high-risk contacts of confirmed cases to be tested. Even under these guidelines, India may need to step up to five lakhs tests a day, as the country opens up and further spread seems inevitable.

While Tulips has already supplied more than 10 million affordable swabs to major VTM kit producers present throughout India within a month, it is now keen to meet the global demand. Most of the states are using low cost Indian special Swabs, as these have helped them to cut their Test Kit costs by almost 40 percent to 60 percent.

With promising design, indigenous innovation, and stringent quality, Tulips is resolute to scale up production for widespread availability of swabs to help timely diagnosis. Besides producing sufficient swabs to meet the surging testing needs, the company is keen on partnering with governments to share their processing expertise and donate free swabs to those in need.

Accelerating testing is an integral part of the response mechanism to combat COVID-19. For instance, the US has recently accelerated production of tests as labs process as many as 450,000 tests a day. As India reopens the economy, testing will be key to its wider success.

The intent of Tulips is to fulfil the critical national demand in nasal and throat swabs, a key component in fighting COVID-19 war and rely less on supplies from other countries, in these testing times. With rising number of COVID-19 cases, the company shifted focus to affordable swabs, as domestically produced swabs would cost one-tenth the imported swabs.

As the COVID-19 cases surpass 8.34 million globally, with more than 436,899 deaths, according to the Johns Hopkins University - the global ecosystem must work together in synergy to fight the virus.

“Shortage of key kits hurt COVID-19 diagnosis. And, enhanced testing is the only way out to tackle the novel coronavirus global pandemic till a cure or a vaccine is found. Tulips understands this well and is trying to ensure that it supplies Swabs to other countries in Asia & Africa as well. The situation also demands more innovation for finding faster and cheaper testing methods, to scale up the testing in our country. As swabs are going to be an integral part of any COVID-19 diagnostics test kit, we are willing to collaborate and partner with any Indian company, institute or innovators doing research on making the tests faster, cheaper, and may need to have special swabs developed,” said Rahul Jain, Partner, Tulips.

With a footprint across the world, Tulips products are exported to more than 15, quality-discerning, nations. State-of-the-art facilities, world-class quality standards, product consistency, and automated production lines, makes the company one of the lowest cost manufacturers in the world.

Incorporated in 1998, Tulips is one of the largest and the most qualitative manufacturer and exporter of personal hygiene products, like cotton buds, special swabs, cotton balls etc., in entire South Asia.