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Monday,28-September-2020

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Global software company, Infosys opens office in Switzerland for client servicing

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Infosys

Global software major Infosys on Friday said it has opened a new office at Baden in Switzerland to help service its clients in the energy and aerospace industries.

“The new office at Baden will strengthen our capabilities in turbo-machinery and propulsion in Europe and help serve clients in the energy and aviation industries,” the city-based IT behemoth said in a statement.

The office will also help clients navigate their digital transformation journey and play an integral role in innovations in the renewable energy markets and aerospace vertical.

Located near Zurich and 55 miles from Swiss capital Bern, Baden has been home to the engineering industry, building on the legacy of Brown Boveri, a pioneer in the turbo-machinery industry.

“By setting up Baden as a key centre for turbo-machinery and propulsion business, we will enhance our capability to deliver services through a network of engineering centres at Mysuru in Karnataka, Moscow in Russia and Karlovac in Croatia,” said the statement.

The services include design of core components and accessories, system integration, testing and validation, controls and automation, customer service, manufacturing and field support and digital technologies.

“The Baden office is an important step in our strategy to strengthen our capabilities to deliver solutions to our customers in the turbo-machinery and propulsion industry,” said Infosys Vice President and global head of manufacturing, Jasmeet Singh, in the statement.

In partnership with the US-based General Electric (GE), the company has enhanced its competencies with talent from its engineering business.

As the company’s many clients in these niche industries are based in Europe, the Baden office is strategically located to meet their needs in the region.

“We are committed to help our clients leverage the potential of engineering services to transform their businesses. The office will accelerate that effort by providing the clients access to our talent in this niche domain,” said Infosys Senior Executive Nitesh Bansal.

According to Urs Hofmann, Economic and Interior Minister in the Cantonal government, Baden has been an important economic region and knowledge centre for long.

“We are honoured that Infosys is investing in the region to support and advance this business location with new technologies and services and jobs,” Hofmann said.

Business

RBI MPC reschedules policy review meet

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Reserve Bank Of India

The Reserve Bank’s Monetary Policy Committee (MPC) meet for the penultimate policy review for 2020 has been rescheduled.

Earlier, the MPC was supposed to have met from Sep 29 to Oct 1.

“The meeting of the Monetary Policy Committee (MPC) during September 29, 30 and October 1, 2020… is being rescheduled,” the Reserve Bank said in a statement on Monday.

“The dates of the MPC’s meeting will be announced shortly.”

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Business

SBI waives processing fee on select retail loans

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State-Bank-of-India

To enlarge retail loans and online business, lending major SBI on Monday announced a 100 per cent waiver in the processing fee f or “Car, Gold, and Personal loans” availed through its integrated digital banking platform – YONO.

“The bank is offering the lowest interest rate starting from 7.5 per cent to customers opting for the car loan. They will also get 100 per cent o n-road finance on select models,” the lending major said in a statement.

“To enhance the availability and affordability of credit to individuals in the times of the current crisis, the bank is offering personal loans with lending rates as low as 9.6 per cent.”

According to the lending major, digital banking has increasingly gained momentum especially in the current scenario.

Besides, the bank gave a complete waiver on processing fees on home loans in approved projects.

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Business

Housing sales up 34% in July-September: JLL report

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India’s residential market got back to action as the lockdown restrictions eased in the third quarter of 2020. Housing sales, during the July-September quarter, jumped up 34 per cent compared to the April-June quarter, which was largely impacted by the nationwide lockdown, showed a report by JLL Research.

A total of 14,415 units were sold during the quarter ended September, as against 10,753 units sold during the previous quarter.

The report showed that Mumbai accounted for 29 per cent of the total sales during the period under review, while 22 per cent of sales was contributed by Delhi-NCR.

Growth in sales activity was also driven by stronger demand in Chennai, Hyderabad and Pune.

Ramesh Nair, CEO and Country Head, India, JLL, said: “We are feeling cautiously optimistic about the residential market, driven by sales volumes in Mumbai and Delhi. A combination of favourable factors such as low mortgage rates, attractive prices combined with developers’ lucrative payment plans together reinforce the longer-term potential of the sector. For end users, the next 12 months are ideal to buy a house.”

“In the subsequent quarters, the translation of demand into sales will primarily hinge on enhanced consumer confidence, which, in turn, depends upon the continued implementation of progressive government policies amidst the gradual revival of the Indian economy at large,” he added.

Residential market activity is also being supported by renewed interest from NRIs in Q3 2020, resulting in more pent up demand in the market and increased enquiries received by developers, the report said.

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