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- Bit by Bit 12th November || Economic growth forecast of India- 2022 || Adani or Ambani- Who will be the future of Future Retail & More
Bit by Bit 12th November || Economic growth forecast of India- 2022 || Adani or Ambani- Who will be the future of Future Retail & More
Good Morning! “Living 24 hours with mindfulness is more worthwhile than living 100 years without it.”- The Buddha
So, here are:
"5 amazing stories in 5 minutes to make you future ready"
Happy reading!
MARKET UPDATE
NIFTY 50 : ₹18,349.70 (+1.78%)
BSE SENSEX : ₹61,795.04 (+1.95%)
NIFTY BANK : ₹42,137.05 (+1.28%)
USD/INR : ₹80.50 (-0.16%)
BRENTOIL : $95.78 (+2.25%)
MCXGOLD : ₹52,311 (+0.39%)
FII Net Cashflow : + ₹3958 crores
DII Net Cashflow : - ₹615 crores
(Market data as of 11:00 PM on 11/11/2022)
ECONOMY
Key Facts
Moody's Investor service cuts down the growth forecast by 0.7 percentage points for 2022
The Moody's forecast reported the cut down twice for India this year, from 8.8% to 7.7%, and now 7% growth is expected
Moody's expected the growth to even go down to 4.8% for 2023 and then go up to 6.4% for 2024
The Story
Moody’s Investor Service is US based organization that provides investors with credit ratings, risk analysis, and research for stocks, bonds, and government entities. Moody's Analytics develops software and tools to help capital markets with risk management, credit analysis, and economic research.
India’s Monetary Policy Committee has revised the borrowing rates for the Banks from RBI to dampen the effects of Inflation in the country. This monetary policy accommodation is implemented in conjunction with the revision of budget allocation internally in the government. This are the reasons the forecasts suggest the decline in the growth.
AUTOMOTIVE
Key Facts
CarDekho Group, which is getting ready to go public, declared on Monday that it would invest $100 million in Rupyy.
They aim to represent 35% to 40% of the segment’s market share.
Rupyy company's monthly disbursement volume for auto loans surpassed 500 crores
The Story
CarDekho Group, which is getting ready to go public, declared on Monday that it would invest $100 million in Rupyy, a fintech platform that offers financing choices to car buyers and retailers.
The investment, which will be made in a combination of debt and equity, will be used to scale both the technology stack and the NBFC (non-banking financial company) business. Additionally, new product categories will be introduced.
Namit Jain, co-founder, and CEO of Rupyy predicted that the parent company's investment will greatly accelerate the funding process. "We want to represent 35% to 40% of the segment's market share as we continue to expand in multiple verticals and enter new regional marketplaces."
In April, CarDekho affiliate Girnar Capital Pvt. Ltd. funded the creation of Rupyy. In September 2022, the company's monthly disbursement volume for auto loans surpassed 500 crores.
By March 2023, it hopes to reach 10,000 crores in annualized disbursals. The business will concentrate on financing for EVs (electric vehicles) as part of its initial rollout plan. In a press statement, it stated that it is working to establish pan-Indian partnerships with OEMs (original equipment manufacturers) in the industry.
Additionally, Rupyy has introduced a lending platform based on QR codes that offer quick disbursements through video KYC and digital agreements. More than 2200 car dealerships and distributors around the country provide the platform.
FMCG
The Story
Companies led by Asia's richest man, Gautam Adani, and billionaire Mukesh Ambani, the owner of Reliance Industries, have entered the fray to acquire debt-laden Future Retail Ltd, a document seen by Reuters shows. Expressions of interest (EOIs) for Future Retail have been made by April Moon Retail Private Ltd, a joint venture comprising Adani Airport Holdings, Flemingo Group, Reliance Retail Ventures, and 13 other companies.
Reliance Industries, the Adani group, and Future Retail's court-appointed resolution professional (RP) did not immediately reply to emails for comment. The Future Group's flagship retail division, Future Retail, formerly the nation's second-largest retailer, had a deadline for EOI submissions earlier this month.
After it stopped making loan payments and its lenders rejected a $3.4 billion sale of its assets to market leader Reliance Industries amid a legal dispute by Amazon.com Inc., banks forced it into bankruptcy proceedings.
In August, the current insolvency process received loan claims from 33 lenders totaling roughly 210.6 billion rupees ($2.59 billion). The Bank of India and the State Bank of India are the primary lenders. The EOI submission date established by Future Retail's RP for October 20 has to be extended due to a lack of interest. On November 20, the final list of the entities that submitted EOIs will be released, and by December 15, they will be required to provide a resolution plan.
TECH
The Story
After deleting the "official" badge from some accounts, Twitter Inc. announced on Friday that it had restored it. However, numerous users noticed that the new $8 subscription option for the blue verification tick had vanished. The action comes in response to an increase in bogus accounts on the network after new CEO Elon Musk allowed users to pay $8 for the coveted blue tick, which was previously only available to verified accounts of prominent figures like actors, politicians, and other public figures. False accounts bearing the blue tick have appeared for a number of well-known companies, including Musk's SpaceX and Tesla as well as Eli Lilly & Co., Nestle, and Lockheed Martin. Twitter's support account, which has the "official" tag, tweeted on Friday, "To fight impersonation, we've introduced a 'Official' badge to some accounts." Just hours after introducing the new label, Musk tweeted on Wednesday that he had "killed" it. Musk claimed earlier in the day that, despite the likelihood of a challenging economy, his firms will be well-positioned in 2023. A day after Musk mentioned the idea of Twitter filing for bankruptcy, he tweeted about it. According to three people who saw the email and told Reuters that Musk sent it to the entire company, Twitter will not be able to "survive the oncoming economic crisis" if subscription fees does not increase to balance out declining advertising revenue.
Want a BIT More?
Key Facts:
·Sonoran Desert toad, is found in northern Mexico and the southwestern United States.
It is notable for exuding toxins from glands within its skin that have psychoactive properties
Story:
Toad-licking has become a way to get high and is also considered life-threatening. The US National Park Service has recently appealed to visitors to protect the Sonoran Desert toad -- by not licking it. The toad secretes a rare toxin that can make people sick and can even be deadly but, it can also cause hallucinations so potent it is often compared to a religious experience. That's probably why the deadly poison is also called the “God molecule”. In a cheeky tweet, the Park Service said: “As we say with most things you come across in a national park, whether it be a banana slug, unfamiliar mushroom, or a large toad with glowing eyes in the dead of night, please refrain from licking. Thank you.”
