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New Delhi, Walt <keyword id="19899232" type="General" weightage="20" keywordseo="disney" source="keywords">Disney</keyword> CEO <keyword id="20023956" type="General" weightage="20" keywordseo="bob-iger" source="keywords">Bob Iger</keyword> has said a joint venture with <keyword id="19936674" type="General" weightage="20" keywordseo="reliance" source="keywords">Reliance</keyword> Industries after merging its <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> business would benefit the company in terms of profit and also "derisk" its business in the Indian market. The merger deal will create a big entity and help it to stay in the market at a "significant level", said Iger at a Morgan Stanley investor conference earlier this week. "We had an opportunity to align with Reliance, which is obviously the company that has done very well there and one that we respect. And in doing so, end up owning part of a bigger media company. And we believe that, that not only should benefit us in terms of the bottom-line, but derisk us as well there," he said. Last month, Walt Disney Co. and Reliance Industries announced signing of binding pacts to merge their media operations in India. Under the deal, Reliance and its affiliates will hold 63.16 per cent and Disney will have 36.84 per cent in the JV, which will create India's leading media company that will house two streaming services and around 120 television channels. "We wanted to stay in India. We made a big investment in India when we purchased the assets of 21st Century Fox. We are one of the biggest media companies in India. But even though it is the most populous country in the world, we felt we want to be there because of that, we also know that there are challenges in that market," he said. Iger said, the merger will create a big entity and help it to stay in the market at a "significant level". "So, it's kind of the best of both worlds. We stay in the market at a significant level. We have a very good partner in Reliance, and we get to have a chance of growing a business and lowering the risk of doing so," he added. The transaction values the joint venture at Rs 70,352 crore (USD 8.5 billion) on a post-money basis, excluding synergies. Billionaire Mukesh Ambani-led Reliance has also agreed to invest at closing Rs 11,500 crore into the joint venture to give it the muscle to fight rivals such as Japan's Sony, and Netflix. Its OTT platform Disney + Hotstar has seen its paid subscriber base decline from around 55 million to 40 million in the first quarter of FY24 because of Reliance's <keyword id="19985346" type="General" weightage="20" keywordseo="jio-cinema" source="keywords">Jio Cinema</keyword> winning exclusive rights for live sports. The combined entity will have the largest OTT subscriber base. Disney + Hotstar was launched in India in 2020, post the acquisition of the entertainment assets of 21st Century Fox at a valuation of USD 71.3 billion, thereby taking over the operations of Star India and Hotstar. It housed entertainment and cinema channels such as StarPlus and StarGold as well as sports channels like Star Sports. While Disney + Hotstar rapidly increased its subscriber base initially with the streaming rights of cricket matches (IPL, World Cup), it lost the bid for the digital streaming rights in 2023-27 cycle, which was won by Reliance-backed Viacom18 for USD 720 billion, 12.92 per cent higher than what Star India had paid on an average per match value. Media ventures of Reliance are currently housed in Network 18, which owns TV18 news channels as well as a plethora of entertainment (under the 'Colors' brand) and sports channels. NW18 also has stakes in moneycontrol.com, bookmyshow and publishes magazines. NW18 owns news channels CNBC/CNNNews. Reliance separately owns a movie production arm - JioStudios, and majority stakes in two listed cable distribution companies, Den and <keyword id="20777796" type="General" weightage="20" keywordseo="hathway" source="keywords">Hathway</keyword>. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/webstories/top-selling-cars-in-india-in-february-2024/slidelist/108323754.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/webstories/top-selling-cars-in-india-in-february-2024/slidelist/108323754.cms" target="_blank">Top selling cars in India in February 2024</a><a href="https://www.businessinsider.in/tech/mobile/news/xiaomi-14-and-xiaomi-14-ultra-with-snapdragon-8-gen-3-launched-in-india/articleshow/108304169.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/xiaomi-14-and-xiaomi-14-ultra-with-snapdragon-8-gen-3-launched-in-india/articleshow/108304169.cms" target="_blank">Xiaomi 14 and Xiaomi 14 Ultra with Snapdragon 8 Gen 3 launched in India</a><a href="https://www.businessinsider.in/business/auto/news/retail-auto-sales-grow-by-13-in-february-but-elevated-inventory-levels-a-concern/articleshow/108289901.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/retail-auto-sales-grow-by-13-in-february-but-elevated-inventory-levels-a-concern/articleshow/108289901.cms" target="_blank">Retail auto sales grow by 13% in February, but elevated inventory levels a concern</a>

Merger with Reliance would boost company's profits and reduce risk in India: Disney CEO Bob Iger

<keyword id="19894961" type="General" weightage="20" keywordseo="apple" source="keywords">Apple</keyword>'s revenue in <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> rose nearly 42 per cent (on-year) last year to $8.7 billion, foreign brokerage Morgan Stanley said in a report on Friday. According to the report, iPhone shipments grew about 39 per cent to 9.2 million units last year. "In CY23, India represented 4 per cent of iPhones shipments and revenue, up from 3 per cent in CY22 and 1 per cent 5 years ago," said analysts in the report. "If India continues to grow at the same trajectory while China iPhone shipments stay flat, India would be a bigger iPhone market than China by 2027," it added. TechCrunch was first to report on Apple India's 2023 revenue. Apple registered strong double-digit growth in the December quarter in India, reaching another quarter revenue record in the country, company's CEO <keyword id="19954680" type="General" weightage="20" keywordseo="tim-cook" source="keywords">Tim Cook</keyword> said earlier this month. Responding to an analyst's questions, <keyword id="19905938" type="General" weightage="20" keywordseo="cook" source="keywords">Cook</keyword> said that the India market "hit a quarter revenue record". India's smartphone shipments remained flat in 2023 at 152 million units, but Apple reached the 10-million-unit mark in shipments and captured the top position in revenue in a calendar year for the first time. In a bid to further boost mobile manufacturing in the country, the government in January slashed import duty on parts used for manufacturing of mobile phones to 10 per cent from 15 per cent. The move will help companies like Apple to manufacture more of its high-end premium smartphones in the country. SEE ALSO:<a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-add-subscribers-as-vis-subscriber-base-continues-to-decline/articleshow/107934565.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-add-subscribers-as-vis-subscriber-base-continues-to-decline/articleshow/107934565.cms" target="_blank">Reliance Jio and Airtel add subscribers as Vi’s subscriber base continues to decline</a><a href="https://www.businessinsider.in/tech/mobile/webstories/iqoo-neo-9-pro-vs-oneplus-12r-which-mid-range-phone-should-you-buy/slidelist/107938249.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/iqoo-neo-9-pro-vs-oneplus-12r-which-mid-range-phone-should-you-buy/slidelist/107938249.cms" target="_blank">iQOO Neo 9 Pro vs OnePlus 12R – which mid-range phone should you buy?</a><a href="https://www.businessinsider.in/tech/news/indian-pc-market-down-by-6-6-in-2023-hp-leads-the-market-while-acer-gains/articleshow/107906820.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/indian-pc-market-down-by-6-6-in-2023-hp-leads-the-market-while-acer-gains/articleshow/107906820.cms" target="_blank">Indian PC market down by 6.6% in 2023, HP leads the market while Acer gains</a>

Apple's India revenue up 42% to $8.7 bn in 2023: Morgan Stanley

<ul><li><keyword id="15681942" type="General" weightage="40" keywordseo="chatgpt" source="Orion">ChatGPT</keyword> backed superbots are not the holy grail that can solve all problems of consumer companies. It took <keyword id="8939913" type="General" weightage="80" keywordseo="jio-haptik" source="Orion">Jio Haptik</keyword> six months to learn that these bots need to be schooled before they can be unleashed in the real world.</li><li>LLM backed bots are good for simple queries but are no good when they are expected to multitask.</li><li>For enterprises that want to improve customer satisfaction using bots, Haptik’s <keyword id="19728845" type="General" weightage="50" keywordseo="contakt" source="Orion">Contakt</keyword> has solved many of the challenges around data privacy and hallucination.</li></ul> When <keyword id="3169059" type="General" weightage="20" keywordseo="openai" source="Orion">OpenAI</keyword> launched ChatGPT a year ago, it was seen as a superbot that could slay any problem in a jiffy. Companies across the world went into a huddle to figure how they could unleash the superbot to address concerns of their respective customers. While companies were looking at ChatGPT’s use cases, many were quick to pronounce the death of CRM companies. Jio Haptik – a leader in conversational AI – also went into a huddle to figure out its own future after the launch of OpenAi’s ChatGPT. "Surprisingly, Haptik’s team realised that GPT is not a one-size-fits-all solution for all problems." Explains Swapan Rajdev, Haptik’s CTO and co-founder, “When GPT launched, it was perceived as this holy grail that could solve everything. As we started digging deeper, we realised it struggles with multitasking. If you give it a small task and give clear instructions, it will work very well. As more things get added it will get confused." Haptik decided to figure out a way for enterprises to ensure good customer experience using this new disruptive technology. Actual production grade scalable <keyword id="6373684" type="General" weightage="60" keywordseo="chatbots" source="Orion">chatbots</keyword> are not simple. GPT has ensured that bots can be conversational, but a lot more needs to be done to train them to solve problems in real time. Training a bot that can represent an enterprise means the bot has to undertake several tasks at the same time. One prompt, therefore, cannot answer different queries. Haptik has created an architecture using LLM to address customer engagements not just through the bot but also for contact centre agents who often struggle to understand a customer’s history and context in real time. What consumer companies don’t realise is that hallucination is a bigger problem than many envision. An LLM powered bot can hallucinate when it is asked a question it has not been trained to answer. Haptik decided to work on solving many such problems that would spring up while dealing with consumers. Privacy is one thing that rarely comes up when companies are looking to roll out LLM powered bots on their websites. If it is not trained properly, a superbot can possibly share existing data of customers too. Jio Haptik has spent the last six months finding ways to train this superbot so that guardrails are built around such LLM powered superbots. It has come up with a product (Contakt) that can help companies engage smartly with their consumers, but without the pain points. Artificial intelligence has been around for a while now and has been used by companies to address consumer queries. But in the past, CRM companies had to envisage and feed in potential questions and answers into the system. But it is hard to imagine every question that can be asked by individuals. Haptik’s Contakt can allow a sweep of the knowledge management system of companies to come up with a bot that is well trained to represent the company. Jio Haptik’s CEO &amp; co-founder, Aakrit Vaish, says: “AI has been key to customer experience but limitations of traditional, rule-based chatbots have often left customers frustrated. The launch of ChatGPT was truly a pivotal moment in our history as an industry, and now the technology finally exists to make world class CX a possibility. With Contakt, every brand can now have their own custom LLM assistant that delivers end-to-end customer experiences, starting at the pre-sales stage, driving transactions, and finally in post-sales engagement to unlock customer loyalty.” Powered by LLMs at every touchpoint, Contakt is designed to enhance the user experience throughout the customer lifecycle, enabling every brand to have a ChatGPT-like solution of their own. Contakt is more than a standalone solution that aims to streamline customer experience. It empowers customers with self-serve options and automation of routine tasks, and improves agent productivity with co-pilot offerings. Further, the suite’s analytics engine helps track bot and agent performance, and optimize for better customer outcomes with AI-powered recommendations. Contakt is well suited for pre-sales conversational buying guidance and for customer self-service. Its other interesting feature includes Agent Co-pilot for superior agent productivity, and Intelligent analytics to track and optimize metrics that truly matter. The platform’s self-serve support resolves a vast range of customer queries on its own and actively learns from customer conversations to provide natural and adaptive responses each time, enhancing the overall customer experience.Agent Co-pilot equips agents for better productivity and conversational assistance. It helps reduce query resolution time, query handling time, first-response time among other metrics for improved customer satisfaction.The analytics feature on Contakt allows businesses to create custom reports and dashboards, and get a comprehensive view of customer outcomes, including customer satisfaction score, query completion rate, and others. Commenting on the integrating GPT like capabilities into its sales function, Anand Thakur, Chief Product and Technology Officer at Reliance Retail, says: “The integration of ChatGPT-like capabilities into our web sales assistant will not only streamline the buying process but also elevate overall customer experience - turning window shoppers into buyers! We believe that this will play a pivotal role in shaping the future of retail tech, providing a unique and tailored experience for every Tira Beauty customer." The company is all set to launch its Generative AI Beauty Advisor chatbot on the Tira Beauty website with Jio Haptik. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/openai-exec-says-this-is-the-most-overhyped-and-underhyped-thing-about-ai-right-now/articleshow/105736434.cms" data-type="tilCustomLink" target="_blank">OpenAI exec says this is the most overhyped — and underhyped — thing about AI right now</a>

Chatbots hallucinate and get confused, says Jio Haptik which is ‘training’ them

<keyword id="637412" type="General" weightage="20" keywordseo="infosys-founder" source="Orion">Infosys founder</keyword> <keyword id="6355623" type="General" weightage="20" keywordseo="narayana-murthy" source="Orion">Narayana Murthy</keyword>'s advice to youngsters in India, urging them to work 70 hours a week, has sparked sharp reactions from founders and leaders who said that while extended working hours can boost productivity, a balanced approach is equally necessary. During a podcast, Murthy had said that if India wants to compete with developed economies that have made remarkable progress in recent decades, youngsters should work for 70 hours a week. Reacting to Murthy's comment, <keyword id="1353462" type="General" weightage="50" keywordseo="abhishek-desai" source="Orion">Abhishek Desai</keyword>, founder of CricHeroes, told that while extended working hours can boost productivity in certain contexts, "it's equally vital to focus on work-life balance, employee well-being, and harnessing technology to enhance efficiency". "The success of countries like Japan and Germany is undoubtedly commendable, but we must also acknowledge that their work culture may not be entirely replicable in the Indian context," Desai added. Former BharatPe Co-founder <keyword id="2988161" type="General" weightage="50" keywordseo="ashneer-grover" source="Orion">Ashneer Grover</keyword> said that the public got offended at Murthy's comment as the measure of work done still gets notified based on hours spent rather than the outcome. "I think junta (public) got offended here because work is still being measured in 'hours' rather than 'outcome'. The other thing is people feeling as if youngster's laziness is the only thing keeping India from becoming developed," he posted on X on Friday. Ola CEO <keyword id="1543567" type="General" weightage="50" keywordseo="bhavish-aggarwal" source="Orion">Bhavish Aggarwal</keyword>, however, agreed with Murthy's view. "Totally agree with Murthy's views. It's not our moment to work less and entertain ourselves. Rather it's our moment to go all in and build in 1 generation what other countries have built over many generations," he posted on X. According to Shrijay Sheth, founder of Legalwiz.in, working long hours does not necessarily translate into better work, bigger outcomes and higher returns for the company. "Primarily, it is about enhanced productivity and achieving the organisational goals. Especially for workforces in the Indian context, longer working hours may result in lower efficiency and, thus, impede the realisation of business objectives," he added.

Murthy's 70-hr-a-week work call to youth trigger sharp reactions from founders

<ul><li>Tech brands have fared badly in 2023 due to global headwinds, recession threats and more.</li><li>Banking and financial services companies including fintechs saw their value swell during the year.</li><li>PhonePe and Cred were the new entrants into Kantar’s list of Top 75 Indian brands.</li><li>Auto companies made a comeback from Covid-lows with TVS and Mahindra being among the fastest risers. </li></ul>It is not just the share prices of technology services companies that are falling, even their brand value has taken a beating. India’s top brands have borne the brunt of the global economic downturn in 2023. The combined value of Kantar BrandZ’s top-75 Indian brands shed 4% of their value to $379 billion in 2023. Yet, they have fared better than their global counterparts, as its global list has shed 20% of its value. Most of this loss in brand value was seen in Indian tech brands whose value shrunk by 14%. The brands have a major presence in international markets, and have been impacted by global pressures, recession threats and geopolitical instability, says Kantar. “If you exclude tech, the combined brand value is quite stable,” said Soumya Mohanty, managing director and chief client officer, South Asia, Insights Division of Kantar. TCS on the top, as usual The spot of India’s most valuable brand, however, is retained by tech giant TCS. It has shed 6% of its value but has fared better than tech as a sector. “TCS has a strong corporate reputation which makes it more likely to retain clients and business. It can also help enable customer retention which is also a factor that adds to brand value,” Deepender Rana, executive managing director of South Asia Insights Division at Kantar told Business Insider India. Infosys’ brand value dropped by 17%, while HCL Tech’s brand value rose by 3%. Both these brands made it to the top 10. Wipro’s brand value dropped by a sharp 42%. The rest of the list is dominated by banks, telecom companies with only one consumer company, Asian Paints in the top 10. Kantar BrandZ Top 10 Most Valuable Indian Brands 2023 <table style="border-width: initial; border-style: none;"></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;">Rank 2023 </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;">Brand </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;"> Category </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;">Brand Value 2023 </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;">1 </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;">Tata Consultancy Services </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;">Business Technology and Services Platforms </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;">$42.9 bn </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;">2 </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;">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;">Financial Services </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;">$33.6 bn </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;">3 </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;">Infosys </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;">Business Technology and Services Platforms </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;">$24.1 bn </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;">4 </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;">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;">Telecom Providers </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;">$22.5 bn </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;">5 </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;">State Bank of India </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;">Financial Services </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;">$14.4 bn </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;">6 </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;">ICICI 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;">Financial Services </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;">$12.9 bn </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;">7 </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;">Asian Paints </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;">Paints </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;">$12.8 bn </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;">8 </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;">Jio </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;">Telecom Providers </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;">$11.7 bn </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;">9 </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;">Kotak Mahindra 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;">Financial Services </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;">$10.3 bn </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;">10 </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;">HCL Tech </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;">Business Technology and Services Platforms </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;">$9.3 bn </td></tr></tbody></table> Source: Kantar Autos zoom ahead Auto brands have been buzzing in 2023 and the sector has provided two of the fastest risers of the year. TVS, valued at $1.9 billion, occupies the 51st rank. The company has gained 59% in value and leapt 24 places thanks to a number of successful product launches and a 10-year partnership with BMW that gives it leverage in markets such as Europe, the US and Canada. Mahindra is valued at $2.01 billion and occupies the 47th rank. Mahindra, which grew its value by 48%, made itself incredibly meaningful in consumers’ eyes, and also significantly boosted its salience. The sector saw the second highest category growth of 19%, after tobacco. Royal Enfield’s value also swelled, thanks to Indians’ preference for premium products. A lot of Indian auto brands, like Tata Motors, also entered EV markets and are able to meet consumer needs better, observes Rana. “Auto companies’ value declined during Covid and made a comeback after they dealt with supply chain issues and dealt with bottlenecks,” said Mohanty. India’s largest auto company Maruti Suzuki, however, shed 5% of its brand value, while Bajaj Auto’s brand value went up by 9%. The value in finance Financial services brands have grown their brand value by 6% with 16 brands and contributing to the biggest chunk of the total brand value. Their growth is attributed to growth in digital banking and Axis Bank whose value swelled 28% and now ranks at 17. ICICI Bank which ranks at no 6 also has seen its brand value swell by 18%. Two of this year’s new entrants also belong to the fintech sector — PhonePe and Cred. This is in spite of the fact that tech as a sector saw its value go down during the year. PhonePe has made its debut on the list at No.21 with a value of $4.4 billion. It has quickly become India’s leading digital payment app by investing heavily in the strength of its infrastructure, building connections with partner banks, and developing a huge network of merchant acceptance points, said Kantar. Meanwhile, Cred has entered at no 48 with a brand value of $2 billion. “Growth of credit and other digital trends are adding to the value of fintechs. There is a need for these services and brands are doing a good job of providing them,” Mohanty tells Business Insider India. PayTM, Zomato, Swiggy, Flipkart, Naukri, Oyo and Nykaa have shed value; while Byju’s hasn’t been included in the list this year. FMCG as a sector has seen its brand value remain stable during the year.

TCS retains No 1 spot as India’s top brand but tech sector takes a hit

The share price of Infosys fell by 16.2% a day after whistleblowers complaint on its top management turned public, on Tuesday (October 22). That’s a wealth erosion of about ₹53,000 crore (about $7 billion). It also hit a lower circuit and closed at ₹643 per share. This is due to a whistleblower complaint which alleged that the CEO and CFO top management put pressure on them to not recognise the reversal of $50 million on FDR contracts as it will slash profits. Two anonymous whistleblowers accused the CEO Salil Parekh and CFO Nilanjan Roy of concealing information from auditors and keeping large deal information from the board. But, investors seem to fear that this may only be the tip of the iceberg. And, this is not the first time that Infosys has been accused of ‘corporate governance’’ issues. In fact, the founder of the company and the promoter group has been vocal<a href="https://economictimes.indiatimes.com/markets/stocks/news/infosys-promoters-including-murthy-nilekani-offer-shares-worth-rs-2038-crore-for-buyback/articleshow/60347494.cms?from=mdr"> of possible irregularities</a>, especially during the acquisition of Panaya for $200 million. This was of course, two years back. Ever since, the CEO Vishal Sikka and the CFO R Seshasayee have quit after blaming the founder Naranya Murthy of ‘personal attacks’ on them. The board too had been scrubbed clean and changed by one of its founders Nandan Nilekani but as it seems to be, the troubles are far from over. The severity of the fall in the share price today shows that investors are more worried about the standard of governance at one of India’s most famous home-grown companies that was once touted to be a benchmark in corporate governance. As per he whistleblower complaints, millions in reversals were not added into the accounts, to make profits ‘look good’. Amongst other things, whistleblowers said that Even without a possibly fake facelift, Infosys has been losing out to its competitors. A research report by Nomura has maintained its ‘neutral’ rating on the company preferring TCS over it. “We expect calendar year growth momentum to moderate in the second half below double digits as it should be seasonally weak with furloughs in the third quarter. Incrementally, outlook is weak in retail, and BFSI remains soft which is 50% of revenues combined), though performance and outlook on other verticals is strong,” the report said after Infosys declared its quarterly results. For a company which is growing slow, investigation and accusations will not help. Not during times of slowdown which it already has a lot of ground to cover. If more troubles come out of the Pandora’s box, Infosys will risk comparison to the likes of Satyam Computers which went down in 2009 after the promoter Ramalinga Raju tried to merge it with another infrastructure company he runs, failed and declared his role in a scandal that hit the credibility of entire India Inc.

Infosys lost $7 billion in share value due to $50 million whistleblower complaint-- showing that governance is bigger than money

<ul><li><keyword id="8372" type="General" weightage="100" keywordseo="akash" source="Orion">Akash</keyword> <keyword id="10924" type="General" weightage="80" keywordseo="ambani" source="Orion">Ambani</keyword> is the elder son of one of India’s richest businessmen Mukesh Ambani; and the only Indian to debut on Time Magazine’s Next 100 List. </li><li>During the 2022 Reliance Industries’ annual general meeting, he announced the launch of Jiofibre and virtual PCs. </li><li>Akash Ambani will head India’s largest telecom operator and is one of the heirs of <keyword id="3820" type="General" weightage="50" keywordseo="mukesh-ambani" source="Orion">Mukesh Ambani</keyword>’s<a href="https://www.bloomberg.com/billionaires/profiles/mukesh-d-ambani/"> $80.5 billion empire</a>. </li></ul>He may have become the new boss of <keyword id="6354504" type="General" weightage="50" keywordseo="reliance-jio" source="Orion">Reliance Jio</keyword> – India’s largest telecom operator – recently, but Akash Ambani has been prepping for the top job from birth. As the grandson of <keyword id="6418409" type="General" weightage="50" keywordseo="dhirubhai-ambani" source="Orion">Dhirubhai Ambani</keyword> and son of Mukesh Ambani, the Junior Ambani has always had big shoes to fill, but he seems to be stepping into them quite effortlessly. He is also keeping the family tradition of breaking into lists by becoming the only Indian to enter the Time Magazine’s Next 100 list. Time’s Next 100 list essentially puts the spotlight on emerging leaders who are shaping the world of business, sports, finance, entertainment, politics, science, health, and activism. The list also features the likes of American singer SZA, actress Sydney Sweeney, basketball player Ja Morant, Spanish tennis player Carlos Alcaraz, actor and television personality <keyword id="945810" type="General" weightage="50" keywordseo="keke-palmer" source="Orion">Keke Palmer</keyword>, and environment activist Farwiza Farhan. Not surprisingly, the scion of the Ambani family has made it as an A-lister, given the mantle he holds as the Chairman of Reliance <keyword id="2003276" type="General" weightage="50" keywordseo="jio" source="Orion">Jio</keyword> with 426 million users. One of the heirs of <a href="https://www.bloomberg.com/billionaires/profiles/mukesh-d-ambani/">Mukesh Ambani’s $80.5 billion empire</a>, the 30-year-old has his work cut out, as the company looks to launch 5G services later this year. Akash is married to <keyword id="6296629" type="General" weightage="50" keywordseo="shloka-mehta" source="Orion">Shloka Mehta</keyword>, who hails from one of the richest diamond families of India. The Ambani family welcomed their first grandchild, <keyword id="10488859" type="General" weightage="50" keywordseo="prithvi-ambani" source="Orion">Prithvi Ambani</keyword>, in 2020. Reliance Jio has been touted as one of the fastest growing companies in the world and Akash has reportedly played a key role in bringing marquee investors and global giants like Facebook, Catterton, Silver Lake and General Atlantic to the company. Akash Ambani’s journey of becoming one of the most influential next-gen leaders began only four years ago, when he gave his first public address at the India Digital Open Summit. “Our chairman believes India is on a path to be a technology innovation leader and technology superpower. We are fortunate to be living in India, where we have a vision for Digital India. At Jio we believe AR/VR will grow at 50% CAGR for next 5 years,” said Akash Ambani, who was 26 years old at the time. On June 27 2022, Reliance Chairman Mukesh Ambani handed over the reins of the empire to his eldest son <a href="https://www.businessinsider.in/business/corporates/news/mukesh-ambani-steps-down-as-director-of-reliance-jio-akash-ambani-appointed-chairman/articleshow/92521472.cms">Akash Ambani</a>. Referring to the next generation Ambanis — Isha, Akash and Anant — Mukesh Ambani said at the company’s 45th annual general meeting, “All three have fully inherited our founder's mindset. They are first among equals in a young team of leaders and professionals who are already doing amazing things at Reliance.” Akash Ambani’s ambitious plan to launch virtual PCs in India Reliance Jio Infocomm (RJIL), a subsidiary of RIL, is the largest telecom operator in India. From less than 700 professionals a few years ago, the RJIL team has grown rapidly to over 10,000 professionals today. “With 5G being rolled out in India, the current 800 million connected internet devices will double to 1.5 billion connected internet devices in just a year,” said Akash Ambani at the latest annual general meeting. The 30-year-old also announced the launch of ‘<a href="https://www.businessinsider.in/tech/enterprise/news/jio-airfiber-to-offer-cloud-pc-services-soon/articleshow/93857295.cms">virtual PC</a>’ through the launch of Jio AirFiber giving a boost to AI-enabled services in India. “5G gives ultra-high fibre-like speed over the air without any wires. We are calling it JioAirFiber. With JioAirFiber, it will be really easy to quickly connect your home or office to Gigabit-speed Internet,” he said. Investing ₹2 lakh crore, the next-generation Ambani will also head the implementation of 5G services in India – the latest version called standalone 5G sans dependence on 4G network. Challenges for Ambani junior while heading Reliance Reliance Jio offers its services at affordable tariffs, a dream that the founder of Reliance Industries had of offering telecom services at the rate of a postcard. While Akash Ambani’s father delivered on that promise, the 30-year old scion will have his job cut out as the company looks to launch its ambitious 5G services this Diwali. The company faces competition from the Sunil Mittal-helmed Airtel. Interestingly, Airtel is a professionally run company and both of Mittal’s sons pursue their own business interests. An avid sports nut Apart from heading the most ambitious projects in the world, Akash is known to have a keen interest in sports and premium cars. Akash’s first public appearance was at a Mumbai Indians cricket match as the company bought the team <a href="https://www.republicworld.com/sports-news/cricket-news/ipl-mega-auction-which-teams-were-sold-in-the-2008-inaugural-edition-and-at-what-prices.html">for $111.9 million back in 2008</a>. He is an avid cricket fan and can be seen regularly leading auctions to filter through the players for the Mumbai Indians IPL league. Ambani Junior is also a fan of the Arsenal football club. In 2016, he got to play in his private football area with Arsenal’s former forward Thierry Henry. Alongside sports, Akash has a legion of premium cars like Bentley Bentayga, Range <keyword id="5160615" type="General" weightage="50" keywordseo="rover-vogue" source="Orion">Rover Vogue</keyword>, BMW 5-Series, Lamborghini Urus, Rolls Royce Phantom Drophead Coupe and Maybach 62 to list a few. The passion for fancy wheels comes from both his parents. The road to living up to the name of “industry royalist” is long but Akash Ambani’s blueprint for Reliance is being closely watched by the world. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/9-in-10-indian-leaders-question-employees-productivity-in-hybrid-work/articleshow/94529650.cms">9 in 10 Indian leaders question employees' productivity in hybrid work</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/adani-greens-54-rally-tempts-totalenergies-to-book-profits/articleshow/94529227.cms">Adani Green’s 54% rally this year tempts TotalEnergies to book profits</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/people-want-bigger-homes-and-reopening-offices-schools-hasnt-altered-this-trend/articleshow/94512938.cms">People want bigger homes and reopening offices, schools hasn’t altered this trend</a>

Akash Ambani’s keeping up the family tradition of breaking into global lists

<ul><li><keyword id="6355725" type="ORGANIZATION" weightage="20" keywordseo="tata-group">Tata Group</keyword> tops the Brand Finance India 100 Index in 2019 with brand value increasingly by 37% from last year. </li><li>India's biggest banks — State Bank of India (SBI) and HDFC Bank — also made the cut to feature in the top 10. </li><li>Anil Dhirubhai Ambani Group (ADAG) showed the biggest drop, falling 28 positions in the rankings with its brand value falling nearly 65%. </li></ul>The <a href="https://www.businessinsider.in/the-tata-group-has-two-airlines-and-two-more-to-choose-fromair-india-and-jet-airways/articleshow/70129384.cms">Tata Group</a> is India's most valuable brand according to Brand Finance India's top 100 list that's curated from a total of 5,000 companies. The group is one of India's largest with operations all over the world in over 100 countries. Government of India's <a href="https://www.businessinsider.in/lic-officials-under-investigation-by-sfio-for-role-in-ilfs-crisis/articleshow/69263029.cms">Life Insurance Corporation of India (LIC)</a> isn't even a close second with a brand value of $7.22 billion versus Tata's $19.559 billion. Even if you combine LIC's value with <a href="https://www.businessinsider.in/infosys-new-blockchain-banking-solution-doubles-its-partners-in-a-month/articleshow/64511303.cms">Infosys</a>, which came in third at $6.5 million — it's still less than that of the Tata Group. "Tata Group is to be commended for its ability to scale new heights, as it is not only India's most valuable brand, but has also recorded faster growth than any other top 25 brands, with an impressive 37% increase," states David Haigh, CEO of Brand Finance. <div type="image" title="unnamed" msid="70247447" hostid="261" caption="&amp;lt;p&amp;gt;Top 10 most valuable Indian brands 2019&amp;lt;/p&amp;gt;"></div>

 The newbies <a href="https://www.businessinsider.in/mukesh-ambanis-reliance-jio-speeds-up-its-broadband-plan/articleshow/70139677.cms">Mukesh Ambani</a>'s <a href="https://www.businessinsider.in/mukesh-ambani-s-reliance-retail-will-build-an-app-for-kirana-merchants/articleshow/70222354.cms">Reliance Jio</a> which is the fastest growing telecom company, has not made it into the top 10. But according to the Brand Strength Index (BSI) it's currently India's strongest brand. According to the report's methodology, the brand value is only one part of the story, which is how much the company would be worth in the open market. But, the other facet, is a brand's strength which is based on qualitative rather than quantitative measures to peg companies against their competition. The report explains that while Jio may not be the most valuable, it has a strong foundation in place with its <a href="https://www.businessinsider.in/two-years-on-reliance-jio-continues-to-dominate-indian-telecom-market-beating-global-giants/articleshow/67380627.cms">marketing investment</a>s, familiarity, <a href="https://www.businessinsider.in/heres-how-reliance-jio-is-planning-to-increase-its-user-base-and-it-will-definitely-work/articleshow/53298530.cms">loyalty</a>, staff satisfaction and, more importantly, corporate reputation. This is Jio's first time on Brand Finance's top 100 and its accompanied by five other brands debutantes — <a href="https://www.businessinsider.in/baba-ramdev-looks-to-conquer-the-fashion-world-with-patanjali-clothing/articleshow/63643970.cms">Patanjali</a>, Chennai Petroleum, Indian Overseas Bank, <a href="https://www.businessinsider.in/csd-the-most-profitable-retail-chain-in-india/articleshow/53738799.cms">DMart</a>, and Max Life Insurance. Banking boom This year's top 100 featured a total of 14 Indian banks. India's three largest banks — <a href="https://www.businessinsider.in/sbi-overstated-profits-for-3-years-reveals-rti/articleshow/70145021.cms">the State Bank of India</a> (SBI),<a href="https://www.businessinsider.in/hdfc-hiring-5000-professionals-with-annual-package-of-400000-includes-training-program/articleshow/70083666.cms"> HDFC Bank</a>, and <a href="https://www.businessinsider.in/how-icici-became-indias-biggest-bank-here-are-some-interesting-facts-about-the-bank/articleshow/53653276.cms">ICICI Bank</a> — led brand values in the sector with SBI coming in fourth and HDFC in sixth position. The upskilling at banks to integrate digital services like mobile banking and internet banking has helped banks keep pace with the competition. Heightened brand values are expected in the future as well as more is invested into bringing in new infrastructure, technology and innovative customer tools. Winners and losers The Mahindra Group featured in the top 5 for the very first time with its brand value appreciating by 35% to $5.2 billion. It has been working its way through the Indian market but also building in roads in more mature markets like the US, with its IT and financial services businesses. The Anil Dhirubhai Ambani Group (ADAG), on the other hand, fell by 28 ranks, losing 65% of its brand value. The steep drop in its value is attributed to a<a href="https://www.businessinsider.in/anil-ambani-adag-stocks-this-week-reliance-power-reliance-infrastructure-and-reliance-communications/articleshow/69773095.cms"> continuous erosion</a> in its shareholder value. Even with an illustrious last name, the group doesn't invoke the trust it once used to. See also: <a href="https://www.businessinsider.in/tcs-wipro-and-hcl-are-among-the-worlds-most-valued-it-brands/articleshow/67670849.cms">TCS is now the world’s third most valued IT service brand</a> <a href="https://www.businessinsider.in/these-are-the-top-10-most-valuable-brands-in-the-world/articleshow/69747256.cms">These are the top 10 most valuable brands in the world</a>

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