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- Bit by Bit 12th Dec. || Lamborghini Huracan Sterrato unveiled in India || Elon Musk to sue Twitter employees for leaking company info to media & More
Bit by Bit 12th Dec. || Lamborghini Huracan Sterrato unveiled in India || Elon Musk to sue Twitter employees for leaking company info to media & More
Good Afternoon Readers!
Anyways, here are:
"5 amazing stories in 5 minutes to make you future ready"
Happy reading!
MARKET UPDATE
(Markets were closed on 11/12/2022, Sunday)
ECONOMY
Key facts
India's net direct collection rises by 24 percent to Rs. 8.77 lakh crore between April and November.
Direct tax revenue has surpassed about 61.79 percent of FY2023, full year's Budget Estimates
The Story
According to a tweet from the Finance Ministry on Monday, India's net direct tax collection increased by 24% to Rs 8.77 lakh crore between April and November of the current fiscal year. With this, the direct tax revenue has surpassed about 61.79% of the FY2023, full-year Budget Estimates (BE). On November 30, the ministry tweeted, "Direct tax collection net of refund stands at Rs 8.77 lakh crore, which is 24.26 percent more than the net collection for the comparable time previous year." The collection represents 61.79% of the budget estimates for the fiscal year 2022–2023.
The Budget predicted that direct tax collections will total Rs. 14.20 lakh crore this fiscal year, up from Rs. 14.10 lakh crore in the previous fiscal year (2021-22). Direct taxes are offset by business and individual income taxes. Indicators of economic activity include tax collection. According to the ministry, reimbursements were given up to November 30, 2022, during FY 2022–23, 66.92% more than during the same time the year before. The amount of money collected under the Goods and Services Tax (GST) has stabilized at around Rs 1.45-1.50 lakh crore each month. Between April 1 and November 30, refunds of Rs 2.15 lakh crore were given, which is around 67% more than the previous year.
FMCG
The Story :
After multiple price hikes over months began to hurt sales, companies selling daily household goods such as toothpaste, soaps, and biscuits are beginning to offer higher weight for the same price, or discounts on retail shelves. Many packaged goods companies were forced to raise prices over the last several months as commodities, including palm oil, crude as well, as packaging turned expensive. However, incessant price hikes have also impacted FMCG volumes.
It also helps that prices of some commodities, such as palm and crude oil, have cooled from their peaks. Companies selling edible oils and soaps were the first to start reducing prices as palm oil prices stabilized. However, those selling other packaged goods have resorted to other methods instead of direct price cuts. These include discounts at retail stores or extra grammage and freebies.
While commodity prices stay high, Amitabh Singh, senior vice president at Patanjali Ayurved Ltd, said the need to preserve market share amid growing competition and tepid consumer demand is prompting the company to run aggressive promotions. Patanjali which sells a whole range of fast-moving consumer goods, is running promotions on packaged wheat, hair care products, toothpaste, honey, and chyawanprash, and recently cut soap prices. Singh said prices are unlikely to go down across the entire sector, with manufacturers instead choosing to do on-trade promotions. “We must do it to gain back volumes and market shares. Companies will be unable to pass on direct price cuts to consumers, but we will see some offers instead," he said.
AUTOMOTIVE
The Story :
The Huracan Sterrato's price in India has been disclosed by luxury automaker Lamborghini. The supercar is priced at 4.61 crore rupees at launch (ex-showroom). The Lamborghini V10's off-road version is the Huracan Sterrato. Only 1,499 pieces of this special edition will be produced because it is a limited-run model.
The 5.2-liter V10 petrol engine that powers the Lamborghini Huracan Sterrato is capable of 610 horsepower and 560 nm of maximum torque. A seven-speed dual-clutch automatic transmission is included with the engine. According to claims, the Sterrato can accelerate from 0 to 100 kmph in under 3.4 seconds. It can go as fast as 260kmph.
The Lamborghini Huracan Sterrato is equipped with new blacked-out 19-inch alloy wheels with higher profile all-terrain tyres, and the rear bumper has a modified diffuser.
TECH
Elon Musk to sue Twitter employees for leaking company info to media: report
The Story:
Elon Musk allegedly threatened to prosecute Twitter employees who disclosed firm secrets to the media and instructed them to sign a statement attesting to their understanding of him. According to a Musk email to staff members that Platformer's Zoe Schiffer obtained, Twitter will "immediately seek damages" if non-disclosure agreements are broken (NDAs).
In the email, it was said that "a few people within our company continue to act in a manner adverse to the company's interests and in breach of their NDA as indicated by the many detailed leaks of confidential Twitter information."
A few blunders here and there are understandable, according to Musk, but "breaking your promise by sending comprehensive info to the media" with the intention of hurting Twitter "will receive the punishment it deserves."
The employees had time till Sunday to sign the pledge indicating that they understand the policy.
Anything Interesting
On December 1, a “reckless driver” struck two vehicles in a Walmart parking lot in Kilgore, Texas — and according to the police, the driver in question was a dog.
Kilgore Police stated on Facebook, "One of the victims noticed the suspect barreling down on him but couldn't get out of the way." He was astounded to discover that the driver was a dog! Yes, the dog was behind the wheel when the accident occurred."
Their inquiry revealed that the puppy had been left in his owners' truck while they went shopping. The dog "became a little anxious and hopped about the cab" while waiting for his owners to return. His leash became entangled in the emergency brake, releasing it and forcing the truck to collide with two other vehicles in the parking lot.
Thankfully, the situation was handled quickly, and the poor pup was able to avoid a stint in the doghouse.
