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Coforge acquires Cigniti Technologies, posts Rs 808 crore PAT for FY24

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Coforge acquires Cigniti Technologies, posts Rs 808 crore PAT for FY24

New Delhi, May 2 (IANS) Digital services and solutions provider Coforge on Thursday announced the acquisition of Cigniti Technologies that will create three new scaled-up verticals — retail, technology, and healthcare.

Coforge said that the acquisition, for which financial details were not disclosed, will not only help it grow to $2 billion by FY27 but “equally ensure that Coforge’s operating margins improve by 150-200 bps by FY27 itself”.

According to the company, the acquisition will also help it realise its objective of scaling up its presence across South-West, Midwest and Western US markets.

The company posted revenue of around Rs 9,179 crore in FY24, up 11.7 per cent while profit after tax (PAT) was Rs 808 crore for the year, up 16.5 per cent (year-on-year).

“FY24 was an exemplary year where the firm grew 13.3 per cent in CC organic terms, thus becoming one of the very few firms across the industry that was able to deliver on the annual growth guidance given at the beginning of FY24,” said Sudhir Singh, CEO, Coforge.

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“The $400 million TCV deal signed in Q4, the 56 per cent YoY increase in order intake and the 102-bps sequential margin improvement in Q4 set us up strongly to deliver robust growth in FY25 with expanded margins,” he added.

–IANS

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India open up nuclear power sector for Bharat Small Reactors, Bharat Modular Reactors

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India open up nuclear power sector for Bharat Small Reactors, Bharat
 Modular Reactors

India open up nuclear power sector for Bharat Small Reactors, Bharat
 Modular Reactors

New Delhi, June 23 (IANS) In a move to bring in the private sector in the nuclear power sector, the Indian government will partner with private players in setting up small reactors, for research and development of small modular reactors, and newer nuclear energy technologies.

Presenting her seventh Union budget on Tuesday in the Parliament, Finance Minister Nirmala Sitharaman said: “Nuclear energy is expected to form a very significant part of the energy mix for Viksit Bharat.”

“Towards that pursuit, our government will partner with the private sector for setting up Bharat Small Reactors, research & development of Bharat Small Modular Reactors, and research & development of newer technologies for nuclear energy. The R&D funding announced in the interim budget will be made available for this sector,” she said.

The US and Russia have shown interest in developing small modular reactors in India. Small modular reactors are the ones which are factory-made compact with less than 300 MW capacity.

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India and the US are working together to develop next-generation small modular reactor technologies for domestic and export markets.

According to a joint statement issued by the White House, President Joe Biden and Indian Prime Minister Narendra Modi, during the latter’s visit to the US last year, noted “the ongoing discussion on developing next-generation small modular reactor technologies in a collaborative mode for the domestic market as well as for export”.

–IANS

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Centre cuts customs duty on mobile phones, components to 15 pc; industry upbeat

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Centre cuts customs duty on mobile phones, components to 15 pc; industry upbeat

Centre cuts customs duty on mobile phones, components to 15 pc; industry upbeat

New Delhi, July 23 (IANS) The government on Tuesday announced to reduce the basic customs duty (BCD) on mobile phones, printed circuit board assembly (PCBA) and mobile chargers to 15 per cent from the current 20 per cent.

With a three-fold increase in domestic production and an almost 100-fold jump in exports of mobile phones over the last six years, the Indian mobile phone industry has matured.

“In the interest of consumers, I now propose to reduce the BCD on mobile phones, mobile PCBA and mobile chargers to 15 per cent,” said Nirmala Sitharaman while presenting the Union Budget 2024-2025.

India’s electronics sector has experienced rapid growth, reaching $155 billion in FY23.

Production nearly doubled from $48 billion in FY17 to $101 billion in FY23, driven primarily by mobile phones, which now constitute 43 per cent of total electronics production.

Pankaj Mohindroo, Chairman, India Cellular Electronics Association (ICEA), congratulated the government for the landmark budget.

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“We are impressed with its intent and direction focusing on enhancing manufacturing and export competitiveness. The Finance Minister has also acknowledged the tremendous growth of mobile phone manufacturing and exports,” Mohindroo told IANS.

The industry had recommended reducing BCD on mobile phones, its PCBA and charger/adapter to 15 per cent, which has been accepted.

“The announcements will go a long way to enhance manufacturing, exports and our competitiveness. Our proposal for tariff slab rationalisation, as has also been acknowledged and FM has announced that it will be taken up in the next six months, will further embolden the industry and its competitiveness,” Mohindroo explained.

India has significantly reduced its reliance on smartphone imports, now manufacturing 99 per cent domestically.

According to Siddhesh Mehta, research analyst, Samco Securities, this change will reduce costs and support the Indian manufacturers.

“Dixon Technologies will benefit the most from this move, allowing the company to strengthen its market position and grow further,” said Mehta.

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–IANS

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Scientists urge world leaders for unified approach to tackle climate, biodiversity crises

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Scientists urge world leaders for unified approach to tackle climate, biodiversity crises

Scientists urge world leaders for unified approach to tackle climate, biodiversity crises

New Delhi, July 23 (IANS) Global scientists on Tuesday urged world leaders to develop a unified approach to tackle climate change and biodiversity loss, warning that addressing these crises in isolation could hinder progress.

In a paper published in the Journal of Applied Ecology, they proposed a joint work programme between the UN Framework Convention on Climate Change (UNFCCC) and the UN Convention on Biological Diversity (CBD).

The researchers from the Zoological Society of London (ZSL) in the UK and York University, Canada, outlined the critical issues and offered recommendations for successful implementation.

“We urgently need a global approach that addresses the nature and climate crises together because they are intrinsically connected,” said Professor Nathalie Pettorelli, a researcher at ZSL’s Institute of Zoology.

The forthcoming Conferences of the Parties of the UNFCCC and CBD present an opportunity for world leaders to introduce a formal governance structure that integrates biodiversity and climate change agendas.

Professor Idil Boran, co-author, and researcher at York University’s Faculty of Liberal Arts and Professional Studies, stressed the importance of a coordinated approach to avoid actions that could harm one crisis while addressing the other.

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The paper calls for reallocating resources to address imbalances in funding and support for climate change and biodiversity loss, highlighting the need for nature-based solutions to tackle both crises simultaneously.

–IANS

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New tool shows promise in reducing depression risk in elderly

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New tool shows promise in reducing depression risk in elderly

New tool shows promise in reducing depression risk in elderly

New Delhi, July 23 (IANS) US researchers have developed a novel tool that can help reduce the onset of depression in individuals over 60.

Researchers from Mass General Brigham, in collaboration with Yale University, have shown that a higher Brain Care Score (BCS) is associated with a lower risk of late-life depression.

The findings, published in Frontiers in Psychiatry, highlight the potential of the BCS in helping patients make lifestyle changes to improve brain health.

“The Brain Care Score is a simple tool designed to help anyone in the world answer the question, ‘What can I do to take better care of my brain?’” said Jonathan Rosand, co-founder of the McCance Center for Brain Health at Massachusetts General Hospital.

The study indicates that raising the BCS can lower the risk of depression, dementia, and stroke.

It also highlights a bright opportunity to prevent these conditions.

The BCS focuses on modifiable risk factors: Physical (blood pressure, haemoglobin A1c, cholesterol, BMI), lifestyle (nutrition, alcohol intake, smoking, physical activity, sleep), and social/emotional (stress, relationships, life purpose).

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The study, based on data from over 350,000 participants, found that a five-point increase in BCS was associated with a 33 per cent lower risk of late-life depression, although researchers found a significant link between baseline BCS and depression risk in under-50s, contrary to expectations.

They are now investigating the neurobiological basis of this association in younger individuals, although much remains to be learnt.

–IANS

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Recognising symptoms of sarcoma early may boost treatment outcomes: Experts

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Recognising symptoms of sarcoma early may boost treatment outcomes: Experts

Recognising symptoms of sarcoma early may boost treatment outcomes: Experts

New Delhi, July 23 (IANS) Early recognition of sarcoma (rare cancer) symptoms can significantly improve treatment outcomes, increasing patients’ survival rates and quality of life, said experts on Tuesday.

July is recognised as sarcoma awareness month, dedicated to raising awareness about this rare and often overlooked group of cancers affecting connective tissues, including bones, muscles, and fat.

This year’s theme, ‘early diagnosis saves lives’, highlights the importance of early detection and advanced treatment options.

Sarcoma originate in bones and soft tissues such as muscles, fat, blood vessels, nerves, and fibrous tissues. They are categorised into bone sarcomas and soft tissue sarcomas, with the latter further divided into up to 100 types based on cell origin and genetic changes.

While sarcoma accounts for less than 1 per cent of adult cancers, their incidence rises to 10-15 per cent in children, with common types including Ewing’s sarcoma, osteogenic sarcoma, and rhabdomyosarcoma. However, chemotherapy and targeted therapy are used to control the disease, immunotherapy is being evaluated in multiple cancers and has shown promising results.

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“The incidence in the adult population is less than 1 per cent while it reaches up to 10-15 per cent in children. The diagnosis of sarcoma is confirmed by biopsy of the swelling along with imaging- X-rays, CT scan, MRI and PET CT. Whenever detected at a later stage, chemotherapy and targeted therapy are used to control disease,” Sunil Chopade, Consultant Medical Oncology at Jaslok Hospital Mumbai told IANS.

He noted that immunotherapy has also shown promising results in treating multiple cancers.

Mayur Kamani, an Ortho-Oncology Surgeon at HCG Cancer Centre Ahmedabad, said, “Sarcomas can be present as painless lumps or swellings, and recognising these symptoms early is crucial.”

Early detection and diagnosis are key to achieving a cure. If you experience any symptoms, consult your doctor or oncologist promptly.

–IANS

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