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- Bit by Bit 14th November || FMCG company Emami declares 400% dividend || Apple’s web search technology engineers leave for Google & more
Bit by Bit 14th November || FMCG company Emami declares 400% dividend || Apple’s web search technology engineers leave for Google & more
So, here are:
"5 amazing stories in 5 minutes to make you future ready"
Happy reading!
MARKET UPDATE
(Markets were closed on 13/11/2022, Sunday)
ECONOMY
Key Facts
Bangladesh recently sought a USD4.5 billion loan from the IMF under RST.The amount will be disbursed in seven installments till December 2026.
Bangladesh has now become the third country in South Asia to approach the IMF after Sri Lanka and Pakistan.
The Story
Bangladesh and the IMF signed a preliminary deal on Wednesday under which the global lender will give a $4.5 billion assistance package to help stabilize the country's economy and protect vulnerable people.
Bangladesh's move comes amid rising import prices for gas and food as the geopolitical environment deteriorates following the Russia-Ukraine war. Bangladesh is concerned about dwindling exports as the global economy slows. The country is especially concerned about Europe's economic woes because Europe is a big consumer of its thriving textile industry
Diplomatic analysts believe Bangladesh would not suffer the same fate as Sri Lanka. According to the macroeconomic statistics anticipated by the IMF in a March 3, 2022 report, Bangladesh's policies have been successful in recent years in maintaining inflation steady, debt-to-GDP low, and external buffers enough.
AUTOMOTIVE
The Story
Hinduja Group flagship Ashok Leyland is in advanced stage of discussions with investors for its electric vehicle business. The delay mainly served to make sure the business has the "appropriate partner" to back its expansion objectives. The Hinduja Group's city-based company intends to raise between $200 and $250 million to boost its electric vehicle (EV) arm.
To a query about a possible time frame to rope in the 'investor’, the company has been in discussion with 'many potential' investors and some of the discussions were in 'advanced stage'.
Hinduja said the company was planning to launch electric vehicles under Switch Mobility business in the Middle East after operating in the European region. The company indicated it might happen in 2023 when asked if the Middle East would see the introduction of electric buses this year. "In the (industry of) electric vehicles, it (the introduction) is always gradual and does not happen in big proportions. Product introduction and testing become crucial and extremely vital in this scenario.
In both India and the UK, Switch Mobility has had success as an electric vehicle manufacturer. The double-decker bus is among its product offerings. The business intends to introduce the E1, a new 12-meter bus, to the European market in 2023.
FMCG
Key Facts
Emami Board of Directors declared an Interim Dividend of 400%
The Holding company has fixed November 21, 2022, as the Record Date
Experts expect rise in share prices
The Story
With a market valuation of ₹20,511 Cr, Emami Limited is a large-cap company that engages in the FMCG industry. With a remarkable segment of well-known household brand names including BoroPlus, Navratna, Fair and Handsome, Zandu Balm, Mentho Plus Balm, Fast Relief, and Kesh King, Emami Limited is one of the leading personal and healthcare businesses in India. The company has released its Q2 earnings along with a 400% dividend.
The company declared net sales of ₹807.36 crore in Q2FY23 compared to ₹777.1 crore in Q2FY22, representing a YoY growth of 3.9%. The company declared revenue from operations of ₹813.75 crore in Q2FY23 compared to ₹787.12 crore posted in Q2FY22, representing a YoY growth of 3.4%. The company reported an EBITDA of ₹195.38 crore in Q2FY23 compared to ₹277.18 crore posted in Q2FY22, representing a fall of -29.5% YoY. The company reported a net profit of ₹184.18 crore in Q2FY23 compared to ₹185.27 crore posted in Q2FY22, representing a YoY fall of -0.6%. The company's EPS stood flat at ₹4.17 per share.
TECH
Apple’s web search technology engineers leave for Google
The Story
A number of members of Apple's search team are said to have defected to Google, putting the company's plans to create a competitor to Google's search engine in jeopardy.
The Information reported that the departing workers were the creators of the business Laserlike, which Apple had purchased in 2018. Laserlike was a service that provided website recommendations to users based on their interests and browsing patterns. It was founded by three former Google Search engineers. According to reports, Apple bought the business to enhance Siri's and Spotlight's search capabilities.
Apple has never officially verified the rumors, but the corporation has long been said to be developing its own search engine. To maintain Google as the default search engine on Apple's iPhone and iPad devices, Google currently pays Apple billions of dollars yearly.
Beginning with iOS 16, Apple recently relocated the Spotlight search button to the bottom of the display. Users could tap the Search button at the bottom of the home screen to access Spotlight instead of having to swipe down from the home screen. Apple appears to be trying to force users to use Spotlight rather than opening Chrome or another browser on their phones with the small user interface change.
Want a BIT More?
Why 14 NOVEMBER is an important date?
World Orphans Day
On 14th November Take care of parentless children by raising awareness of their plight, organizing a fundraiser or sponsoring a child on World Orphans Day.
Tragically, countless children around the world have lost their parents to war, famine, relocation, disease, or poverty, among other causes. World Orphans Day, which is observed annually on the second Monday in November, is a special day set aside solely for them to ensure that they are not forgotten.
People are urged to actively participate in helping to raise awareness, support, and financing for motherless and fatherless children globally on this important day to bring attention to the issue of the world's orphans. If there was ever a good cause, this is it!
Children day
India recognizes Children's Day on November 14 to raise public awareness of children's rights, welfare, and education. Jawaharlal Nehru, India's first prime minister, is honored on this day. Children adored him and called him "Chacha Nehru," and he fought for them to receive a thorough education. Nehru believed that children were a country's true power and the cornerstone of society. Children's Day is often observed across the country with educational and inspirational events organized across India by and for kids.
