Espresso: Biocon Biologics gets ADG20 licence

Biocon Biologics to manufacture ADG20

Biosimilars company Biocon Biologics has got an exclusive licence from Adagio Therapeutics to manufacture and commercialise an antibody treatment based on ADG20 for India and select emerging markets.

ADG20, a novel monoclonal antibody that targets the spike protein of SARS-CoV-2 and related coronaviruses, is in global clinical development by Adagio as a single agent for both the treatment and prevention of COVID-19, its variants, as well as future variants that may emerge.

Kotak Mahindra Bank’s profit up 32 percent

Kotak Mahindra Bank reported a standalone profit of Rs 1,642 crore in the first quarter of fiscal year 2022. It was 2.4 percent lower than the previous quarter, but 32 percent higher than a year ago.

The bank is actively pursuing automation as a theme, and reported 128 percent quarter-on-quarter (QoQ) increases in hours saved by deploying robotics process automation (RPA) in 23 of its business verticals.

There was also a 427 percent QoQ growth in the requests processed via RPA. While more than 40 of its service options are available on WhatsApp Banking, there was a 101 percent QoQ increase in the number of active WhatsApp Banking users, according to a press statement.

HCL Tech ties up with MS cloud

HCL Technologies will partner with Microsoft to launch its cloud for financial services, designed to handle complex regulatory frameworks.

“We partnered with Microsoft in this key initiative because they will enable our HCL Financial Services Ideapreneurs to incorporate their decades of domain expertise into a futuristic hyperscale foundation,” said Rahul Singh, President of HCL Financial Services.

Microsoft introduced Microsoft cloud for Financial Services earlier this year, and made its public preview available on 31 March, 2021.

Hitachi ABB Power Grids project

Hitachi ABB announced the commission of an 1,800-km long  6,000-megawatt (MW) ultra-high voltage direct current (UHVDC) transmission link for Power Grid Corporation of India.

The link will stretch from Raigarh in central India to Pugalur in Tamil Nadu. It will help 80 million people meet their electricity needs. It supports the government’s mission and the UN Sustainable Development Goal No. 7 of increasing access to affordable, reliable, sustainable, and modern energy for all, the company said in a press statement.

Zensar Technologies’ Q1 results

Zensar Technologies posted a consolidated profit of Rs 102.6 crore in the first quarter of fiscal year 2022 (FY 2022). It was 37 percent higher than a year ago, and 13 percent more sequentially.

Its consolidated revenue of Rs 955.2 crore in the first quarter of FY 2022 was 8 percent higher than the previous quarter, but 5.3 percent lower than a year ago.

Ajay S Bhutoria, CEO and Managing Director of Zensar Technologies, said the company had a healthy performance in key verticals like hi-tech/manufacturing and financial services, and momentum in its US and South Africa markets.

South Indian Bank’s digital tryst

South Indian Bank (SIB) in Thrissur, Kerala, saw its share of digital transactions go up to 89.9 percent in fiscal year 2021.

SIB seeks to strengthen its data analytics infrastructure, adopt cloud, improve its loan management systems, provide self-service features, among other measures, according to SIB in its latest annual report.

“A great deal of emphasis is being placed by SIB on digitising core business processes, reassessing organisational structures and harnessing internal talent for digital journey.