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The <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords">Reserve Bank of India</keyword> has imposed <keyword id="21834852" type="General" weightage="20" keywordseo="monetary-penalties" source="keywords">monetary penalties</keyword> on three Non-Banking Financial Companies for <keyword id="20170050" type="General" weightage="20" keywordseo="non-compliance" source="keywords">non-compliance</keyword> with directions of <keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword> on <keyword id="20200326" type="General" weightage="100" keywordseo="housing-finance-companies" source="keywords">housing finance companies</keyword>. As per the official statement from RBI on Friday, it has imposed a monetary <keyword id="19899183" type="General" weightage="20" keywordseo="penalty" source="keywords">penalty</keyword> of Rs 5 lakh on <keyword id="23068625" type="General" weightage="20" keywordseo="Godrej-Housing-Finance" source="keywords">Godrej Housing Finance</keyword> Limited, Rs 5 lakh on <keyword id="20389260" type="General" weightage="20" keywordseo="Aadhar-Housing-Finance" source="keywords">Aadhar Housing Finance</keyword> Limited, and Rs 3.5 lakh on Housing and Urban Development Corporation Limited. These penalties by the regulator have been imposed in the exercise of powers conferred on RBI under the provisions of Section 52A of the <keyword id="20200606" type="General" weightage="20" keywordseo="National-Housing-Bank" source="keywords">National Housing Bank</keyword> Act, 1987. As per RBI, the statutory inspection of these companies was conducted by the National Housing Bank (NHB) with reference to their financial positions as of March 31, 2022. The RBI stated that based on the supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the companies advising them to show cause as to why a penalty should not be imposed on them for their failure to comply with the RBI directions. After considering the companies' replies to the notice, oral submissions during the personal hearing, and additional submissions made by them, the RBI found that Godrej Housing Finance Limited failed to obtain two independent valuation reports before sanctioning certain loans of Rs 75 lakh and above. For Aadhar Housing Finance Limited, the RBI stated that the company charged interest on loans for a period prior to the date of the actual disbursement of the loan/issuance of the check to certain borrowers, in contravention of RBI directions on the 'Fair Practices Code.' The penalty on Housing and Urban Development Corporation Limited has been imposed because the company failed to undertake risk categorization of its customers during the financial year 2021-22, did not put in place a system for periodic review of risk categorization of accounts, and did not create a floating charge on the assets invested by it in terms of Section 29B of the NHB Act, in favor of its depositors, and register the same with the Registrar of Companies.

RBI imposes penalties on three housing finance companies for non-compliance with directions

The initial public offering (<keyword id="19898327" type="General" weightage="20" keywordseo="ipo" source="keywords">IPO</keyword>) of <keyword id="20879401" type="General" weightage="20" keywordseo="bajaj-housing-finance-limited" source="keywords">Bajaj Housing Finance Limited</keyword> (BHFL) was subscribed to as many as 67 times at the end of the Day 3 window. The portion reserved for the retail investors was subscribed by over 7 times, publicly available data showed. Qualified institutions subscribed about 222 times of the shares reserved for them while Non-institutional buyers booked nearly 44 times, respectively, data showed. <keyword id="8079187" type="General" weightage="100" keywordseo="bajaj-housing-finance" source="Orion">Bajaj Housing Finance</keyword> Limited aims to raise Rs 6,560 crore. The public issue had set a price band between Rs 66-70. Headquartered in Pune, Bajaj Housing Finance Limited (BHFL) offers finance to individuals as well as corporate entities for the purchase and renovation of homes, or commercial spaces. The company also provides <keyword id="3722621" type="General" weightage="20" keywordseo="Loans-against-property" source="Orion">loans against property</keyword> for business or personal needs as well as working capital for business expansion purposes. BHFL also offers finance to developers engaged in the construction of residential and commercial properties as well as lease rental discounting to developers and high-net-worth individuals. The IPO consists of a fresh issue of 50.86 crore shares, aggregating to Rs 3,560 crore, and an offer for sale of 42.86 crore shares, totaling Rs 3,000 crore. The proceeds from the fresh issue will reportedly be used to strengthen the company's capital base to support future lending operations. Investors had bid for a minimum of 214 equity shares and in similar multiples thereafter. The minimum amount a retail investor required to bid for the IPO was Rs 14,980. As per reports, the allotment for the IPO is expected to be finalized on Thursday, with a tentative listing on the exchanges on Monday.

Bajaj Housing Finance IPO subscribed about 67 times at the end of Day 3

<keyword id="19902194" type="General" weightage="20" keywordseo="Anil-Ambani" source="keywords">Anil Ambani</keyword>'s <keyword id="20479923" type="General" weightage="100" keywordseo="Reliance-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Group" meta.hostid="261" meta.entityid="Reliance Group">Reliance Group</keyword> has launched the <keyword id="24017314" type="General" weightage="20" keywordseo="Reliance-Group-Corporate-Centre" source="keywords">Reliance Group Corporate Centre</keyword> (RGCC) as part of its <keyword id="24017313" type="General" weightage="20" keywordseo="2030-growth-strategy" source="keywords">2030 growth strategy</keyword>. "The RGCC will serve as a strategic hub, providing guidance to the Group's companies as they pursue new opportunities and technological advancements," the firm said in a statement. The core team of RGCC will include experienced leaders of the Group -- Sateesh Seth, Punit Garg, and K Raja Gopal. Garg currently leads as CEO of <keyword id="20144587" type="General" weightage="20" keywordseo="Reliance-Infrastructure" source="keywords">Reliance Infrastructure</keyword>, while K Raja Gopal has been at the helm of Reliance Power for six years. He has over 27 years experience in the power sector. Other leaders from the Group companies will also be invited to the RGCC. "The establishment of RGCC aims to harness the in-house expertise of these seasoned leaders to support the Group's forward-looking growth initiatives and cultivate a new generation of leadership for future project," the statement said. The RGCC will play a pivotal role in mentoring and developing emerging leaders, blending experience with fresh talent to propel the Group towards sustained growth. A Reliance Group spokesperson highlighted, "We are thrilled to introduce RGCC, a team of seasoned professionals with a broad spectrum expertise. This strategic move aims to steer the Group's future growth by tapping into the vast experience of these leaders, will help navigate industry challenges and capitalise on new opportunities, drive innovation, and deliver exceptional value to our customers and stakeholders. We believe RGCC will be instrumental in shaping the next phase of our Group's success." In recent developments, Reliance Infrastructure Ltd and Reliance Power Ltd, key entities under the Reliance Group, have achieved zero bank debt status and outlined plans for expansion into new growth areas. Reliance Power has secured 1,270 MW of renewable power projects in Bhutan, while Reliance Infrastructure, through its subsidiary Reliance Defence Ltd, is setting up a manufacturing facility for small arms, ammunition, and explosives in Ratnagiri, Maharashtra, spanning 1,000 acres. "To support these ambitious expansion plans, the companies have announced a combined fundraising effort of Rs 17,600 crore. This includes Rs 4,500 crore via preferential equity issues, Rs 7,100 crore from Varde Partners through equity-linked long-term FCCBs, and Rs 6,000 crore via Qualified Institutional Placement (QIP), with Reliance Power and Reliance Infrastructure each targeting Rs 3,000 crore," it added.

Anil Ambani's Reliance Group sets up centre to helm 2030 growth strategy

<ul class="summary-list"><li>Excel is a Zyn competitor with branding straight out of Wall Street's hustle culture.</li><li>Aimed at 'productivity pioneers,' it's the brainchild of Soylent cofounder John Coogan.</li></ul>A new nicotine pouch brand is looking to stand out in a buzzy market, with branding that seems plucked from an episode of "<a target="_blank" class="" href="https://www.businessinsider.com/industry-season-3-bankers-true-story-mickey-down-konrad-kay">Industry</a>" and tailor-made for Wall Street's "grindset" bros.<a target="_blank" class="" href="https://excelpouches.com/products/pouches-five-pack">On its website</a>, Excel targets "productivity pioneers.""Consume to increase shareholder value," reads the outside of the minimalist black and white cans. A pack of five is priced at $30.Excel's is-it-ironic-or-not branding makes sense, given the growing popularity of synthetic nicotine pouches among <a target="_blank" href="https://www.businessinsider.com/zyn-pouches-become-popular-some-workers-2024-3">office workers wanting a boost</a>."Starting Excel was the next logical step in continuing my life's mission of productivity at all costs," said John Coogan, the creator of Excel and a Los Angeles-based entrepreneur and <a target="_blank" class="" href="https://www.youtube.com/@JohnCooganPlus">YouTuber.</a>Largely seen as a safer alternative to dip, vaping, and cigarettes, market leader Zyn said it shipped roughly 385 million cans of its nicotine products in the US in 2023, <a target="_blank" href="https://www.businessinsider.com/zyn-nicotine-pouches-huge-increase-us-shipments-2024-2">up 62% year-over-year</a>.<div type="image" title="John Coogan sitting in an armchair and holding a newspaper with a can of Excel nicotine pouches." height="963" width="1284" msid="113551338" hostid="261" sizebytes="85418"></div>In addition to the corporate world, the pouches have also found loyal devotees <a target="_blank" href="https://www.businessinsider.com/chuck-schumer-nicotine-zyn-republican-right-wing-2024-1">within certain circles of the political right</a>.Tucker Carlson, for instance — who has said the product "frees your mind" — is launching his own brand in November. He's calling it Alp, which he's positioning as a more <a target="_blank" href="https://www.wsj.com/business/tucker-carlson-interview-nicotine-pouch-2327797c?mod=hp_lead_pos8">masculine alternative</a> to Zyn.<h2 id="c50690c3-7c31-427a-8243-d441778d69a0">The brainchild of a Soylent cofounder</h2>Coogan told BI he cofounded <a target="_blank" href="https://www.businessinsider.com/soylent-drinkers-tech-meal-replacement-food-millennials-genz-2022-5">Soylent,</a> a beverage and snack brand, "so that people would no longer need to leave their desk."Coogan — who also serves as an entrepreneur-in-residence at Founders Fund — cofounded nicotine startup <a target="_blank" class="" href="https://www.businessinsider.com/soylent-founder-new-startup-nicotine-gum-help-smokers-quit-2019-1">Lucy Goods</a> in 2016, and it closed a <a target="_blank" class="" href="https://www.prnewswire.com/news-releases/lucy-closes-10-million-in-series-a-funding-to-create-safer-nicotine-products-301010029.html">$10 million Series A</a> funding round in 2020.Lucy houses several sub-brands, Coogan said, with others on the way.Lucy's first product was nicotine gum, and it also vends a <a target="_blank" class="" href="https://lucy.co/products/breakers?variant=41460834468026&amp;selling_plan=711622842">Breakers</a> brand whose nicotine pouches contain a flavor capsule. "More for the Montauk season than the office," he said.Excel was founded in 2022.The branding for Excel — which straddles a fine line between earnestness and parody — was developed by Los Angeles-based creative studio Day Job, which has worked with clients including Colgate and sauce startup <a target="_blank" class="" href="https://www.businessinsider.com/guides/kitchen/fly-by-jing-review">Fly By Jing</a>.In an email interview with BI, Day Job cofounder Rion Harmon said the branding was inspired by Wall Street's hedonistic heyday."We've all heard of storied output derived from cocaine in the 80's," Harmon said of decreasing productivity levels today. "We felt an obligation to find a solution."Coogan likened Excel to "American Psycho," a satire that he said has been "rightly embraced by finance bros as a style guide.""We hope that Excel will quickly enter the Wall Street canon," Coogan said, "to sit alongside Patrick Bateman, Gordon Gekko, and many other icons."

A new Zyn competitor is marketing its nicotine pouches to the finance bros

New Delhi, <keyword id="20389260" type="General" weightage="20" keywordseo="Aadhar-Housing-Finance" source="keywords" meta.keywordsubtype="org" meta.entityname="Aadhar Housing Finance" meta.hostid="282" meta.entityid="Aadhar Housing Finance">Aadhar Housing Finance</keyword> Ltd, which is backed by private equity major Blackstone, on Thursday said it has fixed a price band of Rs 300 to Rs 315 a share for its Rs 3,000-crore <keyword id="19913114" type="General" weightage="20" keywordseo="initial-public-offering" source="keywords">initial public offering</keyword>. The initial share sale will be open for public subscription during May 8-10 and the bidding for anchor investors will open for a day on May 7, the company said in a statement. This will be the third maiden public issue opening next week after TBO Tek and Indegene. Aadhar Housing Finance's initial public offering (<keyword id="19898327" type="General" weightage="20" keywordseo="IPO" source="keywords">IPO</keyword>) is a combination of a fresh issue of <keyword id="20035340" type="General" weightage="20" keywordseo="equity-shares" source="keywords">equity shares</keyword> worth Rs 1,000 crore and an offer for sale (OFS) of Rs 2,000 crore by promoter BCP Topco VII Pte Ltd, an affiliate of Blackstone Group Inc. Currently, BCP Topco holds a 98.72 per cent stake in Aadhar Housing Finance and <keyword id="19900482" type="General" weightage="20" keywordseo="ICICI-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="ICICI Bank" meta.hostid="282" meta.entityid="ICICI Bank">ICICI Bank</keyword> owns a 1.18 per cent stake. The company plans to utilise Rs 750 crore of the fresh issue proceeds to meet future capital requirements towards onward lending and a portion will also be used for general corporate purposes. "The listing is a significant milestone for Aadhar Housing Finance and its transformation is a great example of what we do best: building businesses that build India. We brought our scale, network, and best global practices to grow the business, and empowered the company in digitising its processes, end-to-end from origination to collection," Amit Dixit, Head of Private Equity Asia at Blackstone, said. Half of the issue size has been reserved for qualified institutional buyers (QIBs), 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors. Earlier this month, Aadhar Housing Finance received Sebi's go-ahead to float the IPO. Aadhar Housing Finance offers a range of mortgage-related loan products, including loans for residential property purchase and construction; home improvement and extension loans; and loans for commercial property construction and acquisition. The company is an HFC focused on the low-income housing segment, serving economically weaker and low-to-middle-income customers, who require small-ticket mortgage loans. It has a network of 471 branches, including 91 sales offices, as of September 30, 2023. The company benefits from the resources, relationships and expertise of Blackstone, one of the world's leading investment firms. ICICI Securities, Citigroup Global Markets India Pvt Ltd, Kotak Mahindra Capital Company Ltd, Nomura Financial Advisory and Securities (India) Pvt Ltd and SBI Capital Markets are the book-running lead managers to the issue. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/news/april-auto-sales-hyundai-continues-to-hold-the-second-position-as-tata-motors-inches-closer/articleshow/109777834.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/april-auto-sales-hyundai-continues-to-hold-the-second-position-as-tata-motors-inches-closer/articleshow/109777834.cms" target="_blank">April auto sales – Hyundai continues to hold the second position as Tata Motors inches closer</a><a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-may-2024/slidelist/109723620.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-may-2024/slidelist/109723620.cms" target="_blank">Upcoming cars and two-wheelers launching in India in May 2024</a><a href="https://www.businessinsider.in/tech/mobile/news/vivo-v30e-with-5500mah-battery-launched-in-india-starting-at-27999/articleshow/109781103.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/vivo-v30e-with-5500mah-battery-launched-in-india-starting-at-27999/articleshow/109781103.cms" target="_blank">Vivo V30e with 5,500mAh battery launched in India starting at ₹27,999</a>

Aadhar Housing Finance sets IPO price band at ₹300-315 per share

New Delhi, Indian-Canadian billionaire Prem Watsa-backed <keyword id="20847043" type="General" weightage="20" keywordseo="fairfax-india" source="keywords">Fairfax India</keyword> on Wednesday announced its commitment to provide up to USD 200 million (about Rs 1,650 crore) liquidity support to IIFL Finance after the <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> barred the non-bank lender to disburse gold loans. The RBI's embargo has raised liquidity concerns among the company's investors and lenders, Fairfax India Holdings Corporation said in a statement. In response to these concerns, Fairfax India has agreed to extend up to USD 200 million of liquidity support on terms to be mutually agreed and subject to applicable laws, including regulatory approvals (if any), it added. "We have been long-term investors in the IIFL group of companies and have full trust and confidence in the company's strong management team led by Nirmal Jain and R Venkataraman. We are confident that Nirmal and Venkat will take corrective actions to meet and exceed RBI's compliance standards," said Fairfax India chairman <keyword id="20146567" type="General" weightage="20" keywordseo="prem-watsa" source="keywords">Prem Watsa</keyword>. Commenting on the development, IIFL Finance Managing Director Nirmal Jain said at this crucial juncture, Fairfax India's and Prem's generous offer to provide liquidity support is very timely and motivating. "We are committed to complying fully with RBI's directives and growing the business under the regulator's guidance on the strong foundation of compliance, risk management, and fair practices," Jain said. Earlier this week, the <keyword id="19922074" type="General" weightage="20" keywordseo="reserve-bank" source="keywords">Reserve Bank</keyword> barred <keyword id="20849308" type="General" weightage="20" keywordseo="iifl-finance-ltd" source="keywords">IIFL Finance Ltd</keyword> from disbursing gold loans, with immediate effect following multiple supervisory concerns, including serious deviations in assaying and certifying the purity of the yellow metal. IIFL Finance offers a range of loans and mortgages. The latest directions from the RBI pertain to only the gold loan business. The RBI in a statement had said certain material supervisory concerns were observed in the gold loan portfolio of the company. The concerns include serious deviations in assaying and certifying purity and net weight of the gold at the time of sanction of loans and at the time of auction upon default; breaches in loan-to-value ratio; significant disbursal and collection of the loan amount in cash far in excess of the statutory limit; non-adherence to the standard auction process; and lack of transparency in charges being levied to customer accounts.

Prem Watsa-backed Fairfax India commits up to $200 mn to IIFL Finance

<ul class="summary-list"><li>Much of the office market may be mired in a downturn, but demand has been strong for high-end space.</li><li>New office construction has dropped off sharply, leading to a potential upcoming shortage.</li></ul>Office vacancy is at a record high in Washington, DC, and the city is regarded as one of the nation's <a target="_blank" href="https://www.businessinsider.com/the-federal-government-is-cutting-back-its-office-footprint-2023-6">most challenged</a> markets – in part because of its heavy reliance on federal tenants that have continued to slim down their spaces.Yet Hilary Goldfarb, a senior managing director at Rockefeller Development who leads the company's Washington, DC, operations, has little doubt about the sleek 400,000-square-foot office property her firm is raising at 600 Fifth St.When the building is completed in mid-2026, Goldfarb says she is "confident it will be full.""This is not hope as a strategy," she added, noting that half of the project was pre-leased to the law firm Crowell &amp; Morning. "It's based on real data and real activity."Across the country, major office markets from New York to San Francisco have been pummeled by the lasting popularity of remote and hybrid work. Newly built, high-end offices, however, are finding takers.That demand has persisted even as office construction has been stifled by higher interest rates and inflation, which have pushed up costs. Worries over the health of the office market have also made lenders reluctant to finance new development.About 30 million square feet of new office space will be completed this year in the US, roughly half of what was built in 2019, before the pandemic, says CBRE, the real estate services firm. In 2025, deliveries will fall even further, to 14 million square feet, CBRE projects.While the overall office market is awash in hundreds of millions of square feet of empty space, CBRE predicts that vacancy in the market's upper segment will drop to pre-pandemic levels by 2027 – around the same time projects that are breaking ground now will be ready.A growing number of office developers have taken notice and see a budding shortage they are eager to cater to. Large office tenants, who often plan their space decisions years in advance, have also begun to recognize that while space options may abound now, they are likely to vanish in the coming years – raising interest in new development."The last six, seven months, there's not just people coming kicking the tires, there's people that are really looking to engage," said Scott Rechler, the CEO of RXR Realty, referring to what he says is growing tenant interest in 175 Park Ave., a 2.8-million-square-foot skyscraper designed by Skidmore, Owings &amp; Merrill that developers RXR and TF Cornerstone are planning next to Grand Central Terminal in midtown Manhattan.The group now aims to begin construction on the more than $4 billion, 1,575-foot-tall tower midway through 2025 and with significantly less pre-leasing than originally planned because of their growing confidence in demand. Asking rents at the tower will be above $200 per square foot, among the highest ever sought in the city."There used to be a point where we thought we would need to pre-lease all of it," Rechler said. "Now, we think that at 500,000 feet, it's probably enough to get going."Rechler said that interest in elite new space had been stoked by other high-end offerings in the market, such as One Vanderbilt, a recently built nearby tower, JPMorgan's new headquarters at <a target="_blank" href="https://www.businessinsider.com/jpmorgan-nyc-headquarters-design-270-park-avenue-request-proposals-2021-4">270 Park Ave.</a>, and a planned skyscraper at 350 Park Ave. that will house the <a target="_blank" href="https://www.businessinsider.com/ken-griffin-citadel-office-space-real-estate-fifth-avenue-2024-8">investment firm Citadel</a>."If your competitors have a building like that that they're identified with and you're trying to be on a parallel path, you're going to say I want to be in a space at the same level or better," Rechler said.<div type="image" title="Large conference room and office space overlooking Midtown Manhattan." height="1852" width="5000" msid="113908775" hostid="261" sizebytes="387772"></div><h2 id="5d3faa99-284e-4185-804a-807a2344cd11">Other developers are laying plans for new towers</h2>The large development firm Related Companies, meanwhile, says that four office towers it has built with Oxford Properties as part of their Hudson Yards mega-project, are now 99% full. The team is readying to begin a new 45-story, 1.1-million-square-foot office property called 70 Hudson Yards next year."We think we're going to be one of the only new buildings in '27, '28 when there's going to be no new supply," Philippe Visser, Related's president of office development, said.Even as overall office vacancy is now at 15.1% in Manhattan, according to CBRE, Visser sees little competition between the overwhelming majority of that empty space and Hudson Yards, where a number of major corporate names have migrated in recent years to take occupancy of newly built buildings. Tenants include Wells Fargo, KKR, BlackRock, Meta, and L'Oréal."All these successful companies who are looking for really dynamic office space want new construction," Visser said.70 Hudson Yards will feature an array of state-of-the-art features, including a triple-paned glass facade, which greatly enhances the insulating properties of glass exteriors and will make the building more energy efficient and appealing to sustainability-conscious office users.In Lower Manhattan, Larry Silverstein hinted that he is close to moving ahead with plans to erect the final office skyscraper at the World Trade Center, a 2.8 million-square-foot tower designed by architect Norman Foster.Rumors abound that Silverstein is close to signing a large lease with American Express that would allow the project to proceed."Just stay tuned" was all Silverstein would say about the possible deal at the tower, 2 World Trade Center.Silverstein said he was certain other tenants would fill up the remainder of the building's available space once construction is underway."When you put everything this buildings has all together, it's superior," Silverstein said. "It never left my mind that someday we would succeed in accomplishing Tower 2 – and that's where we are today."Manhattan is particularly conducive to new construction in that it has both a large captive audience of corporate office users and a deep inventory of old, outdated office properties that have fallen out of favor.But because there is so little office construction on the horizon nationally, builders have begun to lay similar plans in other markets with similar dynamics.Visser, for instance, says Related expects to break ground on a new 40-story, 925,000-square-foot office tower at 725 W. Randolph St. in Chicago by next year.Although that city is also awash in available space, the building would be one of the only available newly built office properties in the Fulton Market neighborhood, a desirable sub-district in the city's West Loop that is known for its retail and restaurants, he said.Related Ross, a spinoff development firm launched earlier this year by Related's founder, Stephen Ross, is about to begin construction on 15 City Place, a nearly 500,000-square-foot office building in West Palm Beach, Florida. The project is about 70% pre-leased to an undisclosed roster of tenants, according to Jordan Rathlev, a senior vice president of development at the company.Rathlev said he recently received a space inquiry from a financial technology firm that is seeking at least 300,000 square feet – far more than 15 City Place can accommodate. The interest from that tenant and others has given a boost to the company's ambitions to begin building a neighboring office property called 10 City Place that will also be around 500,000 square feet in size."The intent is that they're both going at the same time," Rathlev said, indicating Related's hope that it will sign enough anchor tenancy at 10 City Place to build it and 15 City Place simultaneously.<h2 id="70c57a95-0968-4007-a21d-96efb55c9ff3">A tale of two office markets</h2>There is a yawning gap between the health of top tier office space and the wider market, according to data from CBRE.The firm labels new and heavily renovated spaces that meet a host of quality measures as "prime" – a segment that encompasses only 8% of overall office inventory nationally.A net total of 49.3 million square feet of prime space was absorbed between 2020 and the first quarter of 2024, according to CBRE. Around 170.3 million square feet of net vacancy accrued in the rest of the office market during that same period.Overall office vacancy nationally was 19.1% in June, close to a record level. Prime vacancy was 15.5% and CBRE forecasts that figure will drop by almost half, to 8.2% by 2027, its pre-pandemic average."We believe that this absorption estimate is conservative, and the prime vacancy rate could return to its pre-pandemic level sooner given continued job growth," Jessica Morin, CBRE's director of US office research, said.These top-of-the-market spaces, which charged a 60% premium before the pandemic, are now 84% more expensive than competing spaces.With little supply, that differential could grow."8.2% is a healthy prime market and we expect rent growth in this tranche," Morin said.Driving the solid metrics is a lack of new supply.While a total of 44 million square feet of office space is presently under construction, only about 17.3 million square feet of it, 39% of the total, is considered prime, according to CBRE. 8 million square feet of that is pre-leased, meaning that there is only about 10 million square feet of upcoming available top quality space.<h2 id="ccbe14d6-6f15-40b7-b453-f934e9df0594">Financing remains a sticking point</h2>Even with the tailwinds, financing high end office construction remains a challenge. Banks have grown wary of lending to office projects, even those that are likely to be a financial success, because of broader concerns around declining values, increased foreclosures, and potential financial losses in the sector.Rechler said that RXR was considering "alternative strategies" to arrange financing for 175 Park Ave., as a result."The scale of this project is of a level, I'm not sure you'd be able to get enough traditional banks, as an example, to be a lender," Rechler said.Rechler said RXR has explored other routes to arrange the billions of dollars of debt necessary to fund 175 Park Ave.'s construction, including the municipal bond market, in part because the project includes $500 million of transit upgrades to Grand Central Terminal."I feel good," Rechler said, "that we'll have the right combination of pre-leasing and financing to begin next year."

What office meltdown? Developers see a shortage of high-end space and are rushing to build it. 

<ul><li><keyword id="111876" type="General" weightage="20" keywordseo="bajaj-finance" source="Orion">Bajaj Finance</keyword>’s market cap overtakes that of <keyword id="45123" type="General" weightage="20" keywordseo="hdfc" source="Orion">HDFC</keyword>, one of the largest home financing companies.</li><li>With this, Bajaj Finance is now the eighth largest company on the exchanges in terms of market cap.</li><li>The market capitalisation of the NBFC became ₹4.18 lakh crore more than that of HDFC at ₹4.17 lakh crore.</li></ul>Pune-based financial services company, Bajaj Finance, has now become the eighth largest company in the Indian market in terms of market capitalisation, even surpassing home financier major Housing Development Finance Corporation. Bajaj Finance is putting its best efforts to grow a digital community for its lending and credit business. It has now brought all its offerings under one app and has also done away with more physical credit cards. The app allows customers to secure loans, repay, get EMI cards, track their FDs, house insurance, investments etc. For future growth, the company is expecting investments from global giants for capital and technology partnerships. Bajaj Finance is also eyeing a banking license with its huge loan book. “We expect the digital transformation to start bearing fruit in terms of better cross-sell from the second half of FY23,'' said a Bernstein Research report. In fact, analysts believe the depth of offerings on the BAF app are in line or even better than apps of the large private sector banks. This offers Bajaj Finance a new lever for customer acquisition, engagement, and cross-sell. The market capitalisation of Bajaj Finance became ₹4.18 lakh crore more than that of HDFC at ₹4.17 lakh crore. Shares of Bajaj Finance surged more than 2% today as market momentum picked up slightly <a href="https://www.businessinsider.in/stock-market/news/indian-stock-market-is-bummed-out-for-at-least-three-reasons-and-none-of-them-are-going-away-in-a-hurry/articleshow/89561390.cms">after a stressful day on February 14</a>. India top ten biggest companies listed on the stock exchange <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><thead><tr><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Top 10 large companies </th><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Market capitalisation </th></tr><tr><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Reliance Industries </th><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">₹16.10 lakh crore </th></tr><tr><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">TCS </th><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">₹13.99 lakh crore </th></tr><tr><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">HDFC Bank </th><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">₹8.29 lakh crore </th></tr><tr><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Infosys </th><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">₹7.24 lakh crore </th></tr><tr><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Hindustan Unilever </th><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">₹5.39 lakh crore </th></tr><tr><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">ICICI Bank </th><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">₹5.26 lakh crore </th></tr></thead><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SBI </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹4.53 lakh crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Finance </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹4.18 lakh crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Housing Development Finance Corp </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹4.17 lakh crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bharti Airtel </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3.88 lakh crore </td></tr></tbody><tbody></tbody></table>Later, shares of Bajaj Finance came down slightly and at par with HDFC. On the other hand, home finance company HDFC is also doing well with strong demand but with multi-year low home loan rates. Adding to it, shares of other listed group companies have been underperforming the market for a long time now. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Companies </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Last one-year </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Finance </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+24.10% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Finserv </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+55.78% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-18.96% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-6.08% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC Life Insurance </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-17.49% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC Asset Management Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-26.85% </td></tr></tbody><tbody></tbody></table>Shares of the company will rise more as the core business i.e. home lending has got potential and is well on track to get transformed into an adaptable new age fin-tech, said analysts at ICICI direct. The brokerage firm expects the price to rise by 37% to ₹9,500 per share. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Brokerage firms </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Target price </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Axis Capital </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹8,700 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICIdirect </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹9,500 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bernstein Research </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹9,440 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">CLSA </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹6,500 </td></tr></tbody><tbody></tbody></table>High return ratios, superior asset quality, high growth rates, which bounced back very fast post lockdowns and digital initiatives will keep multiples of Bajaj Finance well above best-in-class banks (like <keyword id="6357149" type="General" weightage="20" keywordseo="hdfc-bank" source="Orion">HDFC Bank</keyword>, Kotak Mahindra) and be at par with companies like SBI Cards, said analysts at Axis Capital. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/personal-finance/news/these-are-discounts-and-perks-for-lic-policyholders-will-get-while-applying-for-the-ipo/articleshow/89585424.cms">These are discounts and perks for LIC policyholders will get while applying for the IPO</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/rbi-is-hiring-950-assistants-with-a-salary-of-36000-per-month/articleshow/89583515.cms">RBI is hiring 950 assistants with a salary of ₹36,000 per month</a>

Bajaj Finance’s strong digital move made it bigger than home loans giant HDFC

On September 12, Business Insider convened a roundtable of top technology executives as part of our <a target="_blank" class="" href="https://www.businessinsider.com/build-it-series">"Build IT" series</a>.These executives spoke about how they use AI large language models in their personal and professional lives, how their roles have evolved as a result of the AI boom, and their top priorities. The conversation was moderated by BI's senior tech reporter Emma Cosgrove.The roundtable participants were:<ul><li>La'Naia Jones, the chief information officer of the <a target="_blank" class="" href="https://www.cia.gov/">CIA</a>.</li><li>John Roese, the global chief technology officer and chief AI officer of <a target="_blank" href="https://affiliate.insider.com?h=89435d8fc76d09828f04475db59d25e39ae30562373c6e7d81ff9d9cffa72374&amp;postID=66eb0f7b69657a7deb4351bd&amp;postSlug=technology-executives-on-artificial-intelligence-applications-role-of-cto-cio-2024-9&amp;site=bi&amp;u=https%3A%2F%2Fwww.dell.com%2Fen-us">Dell Technologies</a>.</li><li>Elaine Zhou, a co-CEO of <a target="_blank" class="" href="https://www.sagecxo.com/">SageCXO</a> and <a target="_blank" class="" href="https://www.change.org/">Change.org's</a> former CTO.</li><li>Faisal Masud, the president of worldwide digital services at <a target="_blank" href="https://affiliate.insider.com?h=b9201568fbe393fd7c8826f24b11068b25db2ec28af44407721de564b92896e5&amp;postID=66eb0f7b69657a7deb4351bd&amp;postSlug=technology-executives-on-artificial-intelligence-applications-role-of-cto-cio-2024-9&amp;site=bi&amp;u=https%3A%2F%2Fwww.hp.com%2Fus-en%2Fhome.html">HP</a>.</li><li>Erin DeCesare, the CTO of <a target="_blank" class="" href="https://www.ezcater.com/">ezCater</a>.</li></ul>The following transcript of the discussion was edited for length and clarity.Emma Cosgrove: What's your favorite use of an LLM in your daily life right now?Erin DeCesare: My favorite use of an LLM lately is trying to do more cross-functional, creative prompting. So using ChatGPT to say, "Can you give me some creative prompts to start the meeting?" has been a super fun way to bring energy into these conversations.John Roese: I renovated a 1780 house a couple of years ago, and I embedded a home AI system called <a target="_blank" href="https://www.josh.ai/">Josh</a>, which runs on a server in my basement.It's very privacy-oriented. I have a house that I just talk to or ask a question. I could ask it to close the shades, turn up the air conditioning, or tell me what the weather is. Or, I can say, "Could you explain something about the historical house down the street?"We all know that intrusive and difficult technology is never successful until it becomes invisible. That's what's happening in my world, where I forgot that I have an LLM in my house.Faisal Masud: For me on the personal front, it's been medical issues. A friend of our son recently had an issue. We just took a picture of it, and <a target="_blank" class="" href="https://www.businessinsider.com/anthropic-claude-chatbot-google-chatgpt-2023-3">Claude</a> gave an unbelievable diagnosis. Turns out the doctor's review was 100% identical to that diagnosis as well.I was at an outdoor event, got a rash, and did the same thing, just took a picture of it. It's literally having access to the world's encyclopedia at your fingertips.La'Naia Jones: I typically ask general questions and summarizations. I also look at how the LLMs are formulated to include topics such as bias, and how the underlying technology is used, which largely consists of data from the internet.Elaine Zhou: The thing I find most exciting about AI usage is my mom. She's turning 80. She's using it to plan for her Spain trip in November. She asked ChatGPT in Chinese, "How do you spend your time in Spain?" and it spit out all the recommendations for what you should do in Madrid.Cosgrove: How has the role of the CTO and CIO changed in the past 18 months?DeCesare: Historically, we thought of the CTO as leading engineering and the CIO as leading all the technology, the business uses. But we've had all these dynamics coming together, like cloud-based AI, where that line is completely blurred.My team realized this past year how things operate very differently. <a target="_blank" class="" href="https://www.businessinsider.com/microsoft-strategy-low-code-development-market-cloud-wars-2021-6">Low code</a> was a promise a few years back, but now it's a necessity. And we are in the phase where we want to move away from costly engineering and toward more automated practices.Things like Retool or Nintex are platforms that allow us to move what would be a software-engineering concern over to an IT-like business-operated capability.These distinctions are going away, and having the whole organization partner and cocreate is really testing people's identities. It's a creative, fun way to challenge people to think differently and out of their comfort zones.Roese: Every industry has technology disruptions that show up every few years. When you think about the speed at which we have to take advantage of these, that's not a typical IT cycle; that is a research and development cycle. So, obviously, we're blurring the lines, not just in terms of who does what work but how that work is done.We have to be able to interface in ways that we didn't before. The question is, how do you get the internal part of a giant company to move faster and behave more like an R&amp;D organization?We've been focused on understanding how our processes are evolving before we AI them. We don't waste a lot of time AI-ing bad processes, which was our biggest strategic risk at our scale. So there's lots of discipline and prioritization, but most importantly, a dramatic blurring of advanced software-development culture and the rest of the company. In the long term, those two have to come closer together to achieve the speed necessary for an AI cycle.Masud: To me, a lot of CIOs, specifically, as the lines blur, are looking at AI for all the purposes that we mentioned earlier but also to have fewer people because AI will solve XYZ problems.I feel like it's the opposite. It's about doing more with what you have versus what you potentially can get rid of. There has been a massive shift in consumer expectations and end-user expectations. If you look at Gen Z, they don't expect to wait five minutes for the computer to boot up. That's just not acceptable. They were born and raised in this generation, they use all the LLMs, and they're expecting a seamless experience.The challenge is going to come in where a lot of orgs are not going to allow you to use publicly available, cloud-sourced LLMs on corporate devices because they want to protect their data. Of course, they need to, but policing that is not going to be anywhere near easy. It's probably never going to happen because people have their own devices. So the quality of what you produce in your organization as a CTO — if you're going to provide models built in-house — better be superstar quality, or no one's using it.Another challenge is that the adoption of things like <a target="_blank" href="https://www.businessinsider.com/microsoft-copilot-everyday-ai-companion-paid-subscription-2024-1">Copilot</a> is <a target="_blank" class="" href="https://www.businessinsider.com/pharma-cio-cancelled-microsoft-copilot-ai-tool-2024-7">not as rapid</a> as one would have expected because the end users are used to a lot more, so the corporate user is still behind.Jones: Many of our colleagues have backgrounds in the IT or the defense community. There is nothing that we do singularly within the intelligence community because it's a team effort and a team sport.When talking about the question of the CTO and the CIO and about how it's changed in the last 18 months, I do think that government and public sector have a little bit of a different perspective versus the private sector, partially because within the public sector and more directly within government, the role of the chief information officers is actually listed or written in policy and statute.I think the role of the CIO has become, at least in government, a little more ingrained. We meet with lawyers, civil liberty and privacy experts, policy SMEs, and many others since data is foundational to the intelligence mission.We also do a lot of large-scale procurements and acquisitions with technology companies. We want to ensure that the contracts and the business relationships are fair and equitable as they may serve a government organization or even the nation from a broader national security perspective.Cosgrove: What's the most important North Star priority that you're looking at?DeCesare: It is trying to make something that's either benefiting the customer or driving productivity internally. You've got to have every function thinking of themselves as customers and seeking the solution because it's changing by the month — and unless you're having them actively test and try out new AI products, you're unlikely to find that value.I'll give a recent example: Our whole product team, we've been trying to encourage them to leverage AI to move faster on getting ideas to market and to test in our software product and having them pay attention to the GPT store. The recent <a target="_blank" href="https://www.chatprd.ai/">ChatPRD</a> is a way to automate creating the product-requirements documents. It's sort of fascinating how great it can actually get an initial baseline and just having the product manager create some edits, and that is enabling our speed to market for our own features out into the product. Everyone's got to be looking for the solutions and then understanding if it is actually helping them do their job better.Roese: The first and most important questions you have to answer as a company to figure out where to apply this technology are pretty simple: What makes you special? What is the core of your company?At Dell, it's four things: We have a giant at-scale engineering capability, the largest secure supply chain in the world, a global services capability, and the largest enterprise sales force in the world. You take those four things, and anything I do to them that makes them more competitive materially impacts my business. What you'll notice isn't on that list: HR and finance facilities. I could do lots of <a target="_blank" class="" href="https://www.businessinsider.com/dell-workers-layoffs-reaction-ai-restructuring-jobs-tech-2024-8">AI projects</a> there.We are interested in other areas, but in terms of prioritization, where do we land on <a target="_blank" class="" href="https://www.businessinsider.com/chatgpt-openai-ai-dictionary-help-understand-nvidia-2023-12">our GPUs</a>? What do we run in our data center? Where do we put the resources today? They are in those four areas as a priority. Once you understand that those are high level, then you have to ask if you are actually on a path where if you apply AI, you're going to get to an outcome.Are your processes and people even oriented to be successful when you bring AI into the equation? Each of those needed to go through a level of process re-engineering consideration. If you can't get to a point where your vision of a process re-engineered to solve a strategic problem is executable, your path to production is questionable.Masud: I spent the early part of my career at Amazon, and we were always about the inputs and not the outputs. When you focus on the inputs, the single biggest import in your company is your customer. Everything else, honestly, has to take a back seat.The implementation of any gen-AI or AI capabilities is first a crawl. What are the thorniest issues that the company faces today? If you can't solve those in a rapid fashion with the most basic, easy use cases, then trying to go from crawling to walking is a bit of a mirage because you're assuming you'll have some capability when you haven't even solved the most basic issues.What we should be measuring is how to use AI to prevent those issues from happening. That's the focus area for us at HP, through all sorts of mechanisms that we deploy in anomaly detection and remediations that don't require humans to be out of the loop.Zhou: The hardest part is to determine what is the problem. The No. 1 thing for me is that once you determine that, then, based on the problem, you can have all kinds of metrics and figure out how to measure the successes. The bottom line is to actually solve the problem in a good way.Cosgrove: How do you keep up with the artificial-intelligence space?Jones: It's constant learning. I would say we all deal with that, but the beauty of technology is it's always changing and evolving, and so I think all of us should focus on continuously learning, evolving, and embracing new ideas and not getting stuck in the same way of dealing with the issues that we have.Masud: I have two older kids, 26 and 22. Both of them code, so they are immensely involved in everything from ChatPRD and <a target="_blank" href="https://www.nytimes.com/2024/02/15/arts/design/aaron-ai-whitney.html">Aaron</a>, and I get links every day from my son on what he is building next. I think this rapid transformation of what [<a target="_blank" class="" href="https://www.businessinsider.com/nvidia-taiwan-tsmc-jensen-huang-china-disruption-2024-9">Nvidia CEO</a>] <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-ceo-jensen-huang-details-ai-infrastructure-roi-goldman-sachs-2024-9">Jensen [Huang]</a> <a target="_blank" href="https://www.tomshardware.com/tech-industry/artificial-intelligence/jensen-huang-advises-against-learning-to-code-leave-it-up-to-ai">said</a>: Not a single line of code is going to be written after next year by a developer. Well, let's see. <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-swift-returns-on-ai-infrastructure-2024-8">Jensen</a> is somebody I follow. Jensen is somebody I have an unbelievable amount of respect for. This is the GOAT.Zhou: So I love the concept of mom tests. If I can explain to my mom or someone who has absolutely no background in tech and then, in the way that I can explain, she can understand, that means I truly get it. And second, I keep up with my developers and many youngsters and crazy ideas, and they help me keep up and then use AI to help me keep up to date for AI development.DeCesare: I've been most inspired to drive the leverage of AI through the company by finding out how people have applied it. So honestly, with anyone that I'm meeting, whether it's on my team or my colleagues at other companies, I'm asking, "Where have you been applying?" and, "What are you learning?" Because it's the use cases that spark most of the creativity, leading me to a new idea of how we could use it in our company.Roese: Your customers will tell you what the problem is. They don't know what the solution is, but you have to listen to them about what the problem and the pain point is to figure out the solution. I spend a great deal of time out with startups and Silicon Valley companies and anybody in academics, anybody I can talk to, not because any of them have the answer but because they expose patterns. So it's very important to talk to the industry and the innovators to see what they're thinking about, even if they don't know what problem they're solving.

Leaders from the CIA, Dell Technologies, HP, SageCXO, and ezCater share how they keep up with AI development 

<keyword id="107851" type="General" weightage="50" keywordseo="housing-development-finance-corporation" source="Orion">Housing Development Finance Corporation</keyword> (<keyword id="45123" type="General" weightage="100" keywordseo="hdfc" source="Orion">HDFC</keyword>) plans to raise up to Rs 10,000 crore, which includes Rs 5,000 crore in greenshoe through bonds maturing in 10-year, a person close to development said. The bidding for the bonds will take place on September 5 on the <keyword id="35140" type="General" weightage="50" keywordseo="bse" source="Orion">BSE</keyword>'s bidding platform. "We have a fixed coupon rate of 7.80 per cent on our proposed bond issue," the person cited above said. Axis Bank and <keyword id="6653" type="General" weightage="50" keywordseo="icici-bank" source="Orion">ICICI Bank</keyword> were appointed as an arranger to the issue.

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