Espresso: BP extends HCL deal, Hero MotorCorp's digital move

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BP extends deal with HCL Technologies

IT services firm HCL Technologies has successfully completed the first phase of building a digital workplace for multinational energy company BP.

The five-year engagement will enable BP to bring employees across more than 500 sites on one platform, said HCL in a press statement on Friday. HCL Technologies generated $10 billion in revenue in 2020-21.

With the deal extension, the IT services firm will now manage BP’s global service desk, Microsoft platform services, and platform engineering services. It has been providing global site support services and managed telephony for 60,000 IT end-users at BP.

Hero MotorCorp’s pandemic measures

Hero MotorCorp started a system of digital learning for 695 dealer network managers and 100 technicians during the 2021 fiscal.

With the onset of the pandemic, the country’s largest two-wheeler manufacturer had to ensure retailers can access spare parts digitally. It automated its ordering system for spares to optimise channel inventory, and enabled digital payments at dealerships along with a facility for online document collection.

Hero MotorCorp also deployed a logistics solution, Milk Run distribution, at 80 locations to ensure last mile delivery to local technicians, according to its latest annual report.

RBI’s FX reserves kitty swells to $610 billion

India’s foreign exchange (FX) reserves, maintained by the Reserve Bank of India (RBI), touched a new life-high of $610 billion in the week-ended July 2. The reserves have grown by over $96.7 billion (18.9 percent) compared to $513 billion in the same period last year.

Foreign currency assets, which account for 93 percent of this kitty, stood at $567 billion—an increase of $93.7 billion (19.8 percent), compared to $473 billion last year.

Gold, which accounts for 6 percent of the reserves, recorded an annual appreciation of 6.9 percent, having increased by $2.4 billion from $34 billion last year to $35.8 billion.

Quess Corp raises stake in Taskmo

Quess Corp announced its second tranche of investment of Rs 3.2 crore in Stellarslog Technovation, which owns and operates Taskmo, an online marketplace for gig workers with more than 20,000 users.

In January, Quess had announced its intent to buy 49 percent in Taskmo. The current round of investment will raise Quess’ shareholding in the company from 16.12 percent to 33.33 percent.

The investment will strengthen Quess’ presence in the digital gig economy, and enable it to serve the demand for flexible gig workers from existing and new clients.

Jio tops TRAI chart for 4G again

Reliance Jio topped the 4G internet download speed charts with an average of 21.9 megabit per second (mbps) in June 2021, according to the Telecom Regulatory Authority of India (TRAI). Airtel's recorded highest download speed was 8.2 mbps. Vodafone Idea had the highest average upload speed of 6.2 mbps.

Suzuki India’s car-financing platform

Maruti Suzuki India will extend its online platform to help customers finance new cars online from anywhere in India.

The country’s largest carmaker launched Maruti Suzuki Smart Finance in December 2020 in selected cities. It has partnered with 14 financiers, including HDFC Bank, ICICI Bank, Yes Bank, Axis Bank, State Bank of India, IndusInd Bank, Bank of Baroda.

The platform provides end-to-end online financing, and will be available across India for both ARENA, its mass market car retail chain, and NEXA, its premium cars outlet.

Edited by Kunal Talgeri

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