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- Bit by Bit 12th Sept || SUEK to increase Coal Supply to India || ONGC to sign Six new bumper contracts & more
Bit by Bit 12th Sept || SUEK to increase Coal Supply to India || ONGC to sign Six new bumper contracts & more
BGS Committee
September 12, 2022
Good Morning! Parampara-Pratishtha-Anushasan of Pakistan's fielders helped Sri Lanka win the Asia Cup finals.
Anyway, here are:
"5 amazing stories in 5 minutes to make you future ready"
Happy reading!
MARKET HEAD'S UP FOR THE WEEK
Monetary policy authorities worldwide are forced to raise interest rates despite clear signs of an economic slowdown. The UK is projected to see another hike, while its economy contracted in June. Amidst these challenges, the Indian markets are holding up rather well. The benchmark indices are not so far from reaching historic highs.
Monday (12/9/2022): Inflation data for August and Industrial Production data for July will be released. Also, the United Kingdom will release its GDP estimate for July.
Tuesday (13/9/2022): The boards of Bajaj Holdings & Investments and Aegis Logistics are scheduled to meet to consider an interim dividend for FY23. Also, the data for Eurozone Economic Sentiment Index will be released. Adding to this, we will see the US Inflation data for the month ending in August. The OPEC will release the oil market monthly report.
Wednesday (14/9/2022): Indian WPI data for the month of August will be released. The Initial Public Offering of Harsha Engineers International is scheduled for Wednesday. Industrial Production data for the Eurozone will be released and the International Energy Agency (IEA) will release its monthly oil market report.
Thursday (15/9/2022): The shares of Tamilnad Mercantile Bank will be listed on stock exchanges, the issue was subscribed 2.86 times. The Bank of England will release its interest rate decisions and it is projected to raise it further. The UK central bank raised the rate by 50 basis points in the last meeting.
Friday (16/9/2022): China will release its Industrial Production data for August. The University of Michigan’s Consumer Sentiment Index for the United States for the month of August will be released.
(Markets were closed on 11th September 2022)
ECONOMY
Key Facts:
Siberian coal energy company to expand their business in India.
Siberian coal energy company(SUEK) wants to increase its supply to 10 million tonnes yearly.
The Growth of the coal supply to India from Russia is more than 50% yearly.
The Story:
The Russian Company's coal and gas shipments to European nations may be impacted by the severe sanctions imposed on Russia by the European Union (EU). Therefore, a Russian corporation is looking for a new market for the export of its resources, including coal. India's coal supply from SUEK, the fourth-largest coal exporter in the world, can be increased by 5 to 10 million years annually. Before the sanctions, SUEK mostly sold coal to the EU and Japan.
India was not their top priority market for coal delivery before the EU imposed sanctions on Russia. Still, now they are, and SUEK also takes the initiative to invest in India's energy industry. Before sanctions, Russia exported 5-7 million tonnes of coal to India annually; after sanctions, that number might increase to 2 million tonnes per month. India is now Russia's replacement market for exporting its resources.
OIL AND GAS INDUSTRY
Key Facts:
Contracts signed with Discover Small Fields (DSF) offshore with three each for fields in Arabian Sea and Bay of Bengal.
These also comprise of two contract areas in collaboration with refiner and marketer Indian Oil Corporation Limited, and four contract areas as a solo bidder (IOCL).
Analysts claim that these DSF and CBM rounds are significant and will hold a pinnacle importance for India in lowering its reliance on imports while supplying the nation's rising energy needs.
The Story:
The company stated that an investment of Rs 15077 crore ($1894.5 million) is planned for development in the six DSF-III blocks awarded to ONGC (two under JV with one under IOC). It also declared that it has signed two contracts for fields under special coal bed methane (CBM) bid round–2021 blocks in Jharkhand and Madhya Pradesh. The overall investment commitment for the two CBM blocks is Rs 47 crore ($5.94 million).
In accordance with the DSF bid round-III, Cairn Oil & Gas signed a contract on for eight oil and gas fields. "Of the eight blocks won, three are onshore and five are offshore (Cambay off, Kutch off, Mumbai off, and KG off) (two in Assam, one in Madhya Pradesh). These fields are anticipated to generate approximately 84 mmboe (million metric barrels of oil equivalent) of crude oil during the following two decades, "Cairn said in a statement to the media.
AUTOMOTIVE
Key Facts:
On February 24, 1981, Maruti Udyog and Suzuki launched their joint venture.
In the fiscal year 2022, Maruti Suzuki had the leading share in the passenger car market across India. (42%).
The Story:
Suzuki Motor Corporation, Japan, has collaborated with Maruti Suzuki India Limited for 40 years. The automaker published a special "40 years - Joy of Mobility" in its Annual Integrated Report. The Maruti 800 was the company's entry point in production in 1983. For the next 40 years, the firm has dominated the vehicle market.
In its early years, Maruti Suzuki was referred to as the "affordable carmaker." Later, the automaker turned its attention to the premium market. Models like the Kizashi and grand Vitara were introduced. At the same time, Maruti Suzuki also unveiled the Maruti Nexa, a new platform for its high-end vehicles. Baleno's introduction was a high point in the company's development; it became the best-selling vehicle in the premium hatchback segment.
The great resale value of these cars was their USP. Even three to four years after the date of purchase, the cars still offered an easy 40 to 50 percent return value.
Maruti Suzuki India will bring its first electric vehicle (EV) by 2025. The company has been testing 50 electric Wagon R units in India.
TECH
The Story:
Meta-owned WhatsApp may soon bring a new feature allowing users to search messages by date. According to a report by WaBetaInfo, the instant messaging platform is working on a search message by date feature. The feature was first spotted two years ago, in 2020. But after some time, it was no longer in their plans to release to the public.
Now, WhatsApp is finally planning to bring this feature. “After releasing the WhatsApp beta for iOS 22.0.19.73 update from TestFlight.
Once the feature is released, users will see a new calendar icon when they search for a message in a conversation. With this icon, users can jump to a specific date, allowing them to read all messages from that date. Users can dismiss the date view by simply scrolling through the conversation.
Want More Bits?
Inshallah, Boys played well!
A tournament that began for Sri Lanka with tumult at home and turbulence in UAE has ended with them taking home the Asia Cup trophy. Pakistan was the side at the receiving end of this thumping, outclassed with the bat, outsmarted with the ball, outdone in the field, and out-thought in the captaincy department by an electric Sri Lankan performance that wrapped up a commanding 23-run win.
