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- Bit by Bit 14th Dec. || FMCG companies expecting booming demand in small towns next year || Tata Motors to hike commercial vehicles prices from January & More
Bit by Bit 14th Dec. || FMCG companies expecting booming demand in small towns next year || Tata Motors to hike commercial vehicles prices from January & More
Good Morning Readers!
Anyways, here are:
"5 amazing stories in 5 minutes to make you future ready"
Happy reading!
MARKET UPDATE
NIFTY 50 : ₹18,608.00 (+0.60%)
BSE SENSEX : ₹62,533.30 (+0.65%)
NIFTY BANK : ₹43,946.55 (+0.54%)
USD/INR : ₹82.53 (-0.13%)
BRENTOIL : $80.84 (+3.65%)
MCXGOLD : ₹54,774 (+1.19%)
FII Net Cashflow : + ₹620 crores
DII Net Cashflow : + ₹37 crores
(Market data as of 11:00 PM on 13/12/2022)
ECONOMY
The Story
According to two people with knowledge of the Centre-state discussions, the Goods and Services Tax (GST) Council will discuss raising the monetary threshold for filing a tax evasion lawsuit on Saturday in an effort to enhance the business environment and convenience of doing business.
The penalty clauses for tax evasion, improper use of tax credits, and other offences are up for revision by the council. According to Section 132 of the Central GST Act and relevant state laws, tax evasion of between Rs. 1-2 crores carries a maximum sentence of one year in prison and between Rs. 2-5 crores a maximum sentence of three years.
FMCG
Key facts
Rural demand for the FMCG sector is expected to improve from early next year
Possible reasons: Inflation beginning to moderate and farm income expected to improve
Urban demand for FMCG products is expected to remain steady in the next quarter
The Story :
Rural demand for the fast-moving consumer goods (FMCG) sector is expected to improve from early next year after almost four quarters of downturn with inflation beginning to moderate and farm income expected to improve, CRISIL Ratings said on Monday. Urban demand for FMCG products is expected to remain steady in the next quarter, the analytics and research advisory said in its quarterly sector update.
"Next fiscal, higher minimum support prices for key crops and a good harvest should aid rural growth and help gradual recovery in rural demand," CRISIL said in the quarterly report. "Besides, increased spending on rural infrastructure by the government, resulting in improved income levels, would also support growth."
Indian villages, which contribute more than 35% to overall annual FMCG sales, are crucial for the overall revival of the sector. FMCG company executives said they are investing in expansion and growth in rural markets, in expectation of improved demand.
Demand for packaged consumer goods in rural India had started to lag behind urban markets in the quarter that ended September 2021, dragged down by inflation-led price hikes and patchy monsoons, as consumers bought less of grocery and personal care products.
AUTOMOTIVE
The Story :
According to various models and versions, Tata Motors on Tuesday announced it would increase the price of its commercial vehicles by up to 2% starting in January 2023. The business said in an exchange filing that although it had been passing on a sizable percentage of the additional expenses, the sharp increase in overall input costs had forced it to do so as well.
This year, Tata Motors has increased the cost of its commercial cars three times. It had raised the cost of its commercial vehicles by 1.5–2.5% in July and by 2-2.5% in April.
Tata Motors reported earlier this month that its domestic and overseas sales for November 2022 were 75,478 units, up from 62,192 units in November 2021. At 73,467 units, total domestic sales were up 27% year over year. Sales of commercial vehicles decreased 10% year over year to 29,053 units.
TECH
The Story:
The most recent feature added to the instant messaging software WhatsApp is the ability for texts to vanish. A more extreme version of the same feature, in which messages can only be viewed once before disappearing, is now being developed by the Meta-owned business. For the most extreme case of disappearing communications, WABetaInfo predicts that both the sender and the recipient will only be able to see the message once before it vanishes. When the functionality was launched, there was only one choice available—messages would vanish after seven days. Later, WhatsApp added options for messages to vanish after 24 hours or 90 days. The newest WhatsApp beta for Android, version 2.22.25.20, contains the new feature. Once a person sends one of these messages, the recipient reportedly is unable to share or forward it. This capability is already available in WhatsApp for both photographs and videos. The recipient of a view-once photo or video cannot screenshot it; presumably, the same capability will be available for view-once messages as well, according to Mashable.
By selecting an image or video to send, followed by a press on the circular "1" icon to the right of the caption box, the view-once functionality for photographs and videos can be activated. For text messages, there is now a unique send button symbol with an additional padlock; however, Mashable reports that once the feature is out from beta, the design may change. A Message Yourself feature is apparently being rolled out to some WhatsApp users in the meantime. Windows Beta users are currently receiving the feature, according to waBetaInfo, the official WhatsApp feature tracker. Desktop users who have downloaded the most recent WhatsApp beta for Windows 2.2248.2.0 update from the Microsoft Store can access it. Over the next several days, additional users should start receiving the feature.
Anything Interesting
The Story:
Nearly six months after the Securities and Exchange Board of India (Sebi) approved the passive option in the Equity Linked Savings Scheme (ELSS) arena, IIFL Mutual Fund launched India's first passive tax saver fund. A subscription period for the IIFL ELSS Nifty 50 Tax Saver Index Fund commenced on December 1 and ends on December 21, 2022. "The market had been waiting patiently for an offering of this nature. Investors can take advantage of the growth potential of stocks, reduce their tax liability, lower their investment costs, and gain diversified exposure by purchasing exposure to the Nifty companies through a passive ELSS fund, "according to Parijat Garg, fund manager at IIFL Asset Management.
Even though Sebi enabled fund houses to offer passive ELSS products in a circular in May 2022, tax-saving mutual fund investments were only previously possible through the active approach.
