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Tuesday,18-January-2022

Business

AWS veteran Bikram Singh Bedi to lead Google Cloud’s India biz

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Bikram-Singh-Bedi

Google Cloud on Thursday announced that Bikram Singh Bedi, who set up the Amazon Web Services (AWS) operations in India, will succeed Karan Bajwa as its new Managing Director for the country.

Bajwa has already been elevated to become the new leader for Asia Pacific and is leading all regional revenue and go-to-market operations for Google Cloud, including on Google Cloud Platform (GCP) and Google Workspace.

Bedi joins Google Cloud from online grocery delivery service Grofers where he served as President Strategy and New Initiatives.

“The true test of 2021 will be how enterprises will leverage cloud computing to modernise and scale for growth and Google Cloud is committed to help them accelerate their digital transformation to build a strong foundation for the future,” Bedi said in a statement.

Prior to Grofers, Bedi set up the AWS business in India and was the head of India and South Asia for six years.

He also held various leadership positions at IBM and Oracle.

“I’m happy to welcome Bedi to lead our India business. With a proven track record of building and growing successful enterprise businesses, his experience will be a tremendous asset to the team as we embark on this next phase of growth,” said Karan Bajwa, Vice President of Google Cloud in Asia Pacific.

Google Cloud reported $3.8 billion in sales in the fourth quarter — a 46 per cent jump from the fourth quarter of 2019 — and India has been a growth market.

Organisations running their operations on Google Cloud include Wipro, Sharechat, Tech Mahindra, TVS ASL, ICICI Prudential, nobroker.com and Cleartrip, among others.

Google Cloud also continues to invest in India and is on track to launch its Delhi cloud region in India this year — it’s second after Mumbai which was launched in 2017.

Business

Tata Motors to raise passenger vehicle prices

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Automobile manufacturer Tata Motors will marginally increase the price of its passenger vehicles from Wednesday (January 19).

According to the company, there will be an average increase of 0.9 per cent, depending on the variant and model.

“At the same time, the company has also taken a reduction of up to Rs 10,000 on specific variants, in response to feedback from customers.

“While the company is absorbing a significant portion of the increased costs, the steep rise in overall input costs has compelled it to pass on some proportion through this minimal price hike.”

Additionally, the company has decided to offer ‘price protection’ on Tata cars booked on or before January 18.

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GST hike deferment, PLI make textile stocks’ attractive, several Cos shares double

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Shares in textile business have witnessed a consistent uptick in the recent months due to various policy measures and on hopes of a firm outlook for the sector going ahead.

Besides, the GST council’s recent move to defer rate hike on textiles has buoyed investors’ sentiment.

In its latest GST council meeting, it was unanimously decided to defer a hike in rates on textiles from 5 per cent to 12 per cent, which was to come into effect from January 1.

The matter will be discussed again in the next council meeting.

The deferment came as several states flagged higher tax rates on textile products to be put on hold.

The decision by the Council gave a breathing space to the industry.

Accordingly, stocks of several textile firms zoomed.

Till date, shares of Bhilwara Spinners, Nitin Spinners and Nahar Spinning Mills have seen a sharp rally.

The shares of Bhilwara Spinners, Nitin Spinners and Nahar Spinning Mills companies rose 252 per cent, 316 per cent, 711 per cent, respectively, over the past one-year period.

Notably, much of the rally in the textile stocks was due Centre’s production-linked incentive (PLI) schemes in the key manufacturing sectors, which included the textiles sector.

On September 8, 2021, the Union Cabinet had cleared the PLI scheme for the textile sector with an estimated budget outlay of Rs 10,683 crore.

The Centre, through the scheme, aims to provide a big fillip to the man-made fibres and technical textiles segments by promoting industries that invest in the production of some select textile categories.

Consequently, shares Of companies such as Alok Industries rose 40 per cent, Trident 333 per cent, KPR Mill 315 per cent, Arvind 195 per cent, Welspun India 134 per cent, Gokaldas Exports 344 per cent, Lux Industries 147 per cent, Filatex India 109 per cent, and Ambika Cotton Mills 105 per cent during the period.

In addition, analysts said that the stock price movement is likely to continue in the near future.

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Business

Ford India closure: Compensation talks on with workers

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A couple of rounds of talks on the compensation to be paid to the workers have been held between the representatives of Ford India Private Ltd’s workers and the management, said a worker union leader.

He said the company management wants to conclude the talks and arrive at a settlement by February 2022.

“Couple of rounds of talks have been held with the workers in Chennai. We have given our charter of demands and the management said it has to be negotiated,” the Chennai plant union official told IANS preferring anonymity.

According to him, talks with the workers in the Gujarat plant have also started.

“We have asked for compensation for completed and remaining years of service. The company is not agreeable for the same. The management has not indicated as to the compensation they are willing to pay to the workers,” the union official said.

Majority of the workers are young and have about 25 years of service remaining before they retire and the compensation calculated on that basis will be a sizeable sum, is the management’s view.

However, the parent company will be infusing funds in dollars and as per the exchange rate between dollar and the rupee the outgo for Ford India will not be much, the worker leader said.

Last September, Ford India announced its decision to wind down vehicle assembly in Sanand in Gujarat by the fourth quarter of 2021, and vehicle and engine manufacturing in Chennai by the second quarter of 2022.

Ford India has four plants in the country — vehicle and engine plants in Chennai and Sanand.

Ford’s ‘quit India’ decision will result in an uncertain future for about 5,300 employees — workers and staff, the officials said last year.

The Chennai plant has about 2,700 associates (permanent workers) and about 600 staff.

“In Sanand, the number of workers will be about 2,000,” Sanand workers’ union General Secretary Nayan Kateshiya had told IANS.

Ford India had said more than 500 employees at the Sanand engine plant, which produces engines for export, and about 100 employees supporting parts distribution and customer service, also will continue to support Ford’s business in India.

According to Ford India, about 4,000 employees are expected to be affected by its decision.

The workers at Ford India want the prospective buyer of the car plants to hire them.

Meanwhile, Ford India has declared a holiday for majority workers till January 27.

About 100-200 workers have been asked to report for work to make the spares for the aftermarket, the union leader said.

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