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- Bit by Bit 17th Jan || Six companies add $1 billion of masala to topline in FY22 || Mahindra XUV400 electric SUV launched & more
Bit by Bit 17th Jan || Six companies add $1 billion of masala to topline in FY22 || Mahindra XUV400 electric SUV launched & more
Good Morning Readers!
Here are:
"5 amazing stories in 5 minutes to make you future ready"
Happy reading!
MARKET UPDATE
NIFTY 50 : ₹17,894.85 (-0.34%)
BSE SENSEX : ₹60,092.97 (-0.28%)
NIFTY BANK : ₹42,167.55 (-0.48%)
USD/INR : ₹81.628 (+0.43%)
BRENTOIL : $78.13 (-4.84%)
MCXGOLD : ₹55,688 (+0.56%)
FII Net Cashflow : - ₹2621 crores
DII Net Cashflow : + ₹774 crores
(Market Data as of 11:00 PM on 16/01/2022)
ECONOMY
The Story:
According to an Indian commerce ministry official, India is hoping that rupee trade with Russia would grow up in the future after the two sides recently discussed allowing trade in local currencies.
India and Russia have been discussing a rupee trade resolution mechanism since shortly after Moscow invaded Ukraine in February, but the regulations have yet to be formalised.
The two countries are engaging "at all levels" to resolve issues related to trade barriers and a payments mechanism, Srinivas said. Russia, Sri Lanka, Mauritius and Bangladesh are some of the countries that are keen on rupee trade with India, he added.
FMCG
The Story:
The combined sales of half a dozen top spices companies have crossed over a billion dollars in fiscal 2022, after home cooking amid the pandemic elevated demand for masala and condiments, and consumers increasingly shifted from loose to branded products.
The revenues of Everest, MDH, Catch and Shubham Goldiee expanded between 18% and 35%, though Eastern Condiments and Aachi recorded a marginal drop in sales. Overall, combined sales of the six companies were at ₹8,711 crore ($1.07 billion) in the fiscal ended March 2022, according to filings with the Registrar of Companies, sourced from data intelligence firm Altinfo. Together, they posted a 17% jump from the previous year's sales of ₹7,431 crore. In the ₹25,000-crore branded spices category, Everest is market leader with ₹2,610 crore in sales last fiscal year, followed by MDH.
In masala, herbs and spices, domestic players including Shubham Goldiee, DS Foods, Ramdev and Eastern Condiments have the upper hand in some geographies. Over the past few years, Kerala-based Keya, Baba Ramdev's Patanjali and Mother's Recipe have also ramped up their portfolio, with convenient packaging and ready-to-use spices.
AUTOMOTIVE
The Story:
Mahindra & Mahindra Ltd. stated on Monday that it aims to deliver 20,000 units of its electric SUV XUV400, which has been introduced at an introductory price beginning at 15.99 lakhs, in the first year of being on sale. The automaker unveiled its XUV 400 in September last year and said the vehicle would be launched in two variants across 34 cities in phase I.
According to the company, reservations for the XUV400 will open on January 26, 2023, and deliveries for the "EL" and "EC" variants will commence in March 2023 and the Diwali holiday, respectively. The EC version has a 34.5 kWh battery and a 375 km range. There are two charging choices available for it: 3.3 kW for $15.99 lakh and 7.2 kW for $16.49 lakh (Both ex-showroom).
On the other hand, the EL trim has a 39.4 kWh battery with a range of 456 km with a 7.2 kW charger and is priced at ₹18.99 lakhs, the company said in a statement. The introductory prices are applicable for the first 5,000 bookings of each of the variants -- EC and EL, the company said.
TECH
The Story:
According to the India Mobile Gaming Report 2022 published on Sunday by gaming platform Mobile Premier League, Uttar Pradesh has emerged as the top location for mobile gamers, followed by Maharashtra, Rajasthan, Bihar, and West Bengal. The states with the greatest increases in mobile gamers between 2021 and 2022 were Odisha, Punjab, Tamil Nadu, Puducherry, and Himachal Pradesh. The most popular games played by players in various Indian cities included Ludo Dice, Snakes and Ladders, Carrom, Fruit Dart, Block Puzzle, and Poker.
The most gamers are concentrated in Lucknow, Kanpur, Varanasi, Ghaziabad, and Allahabad in Uttar Pradesh. "36 percent of all gamers in the UP are from these cities. This is the second year in a row that Lucknow has been recognised for its gaming prowess; according to the IMGR from last year, Lucknow's growth outperformed that of all metro areas "stated the study. According to a research by Lumikai, a gaming-focused venture capital fund, India overtook China as the world's largest user of mobile games in 2018, with over 15 billion downloads.
Anything Interesting
According to Ladders Inc.'s Q3 2022 Quarterly Remote Work report, 36% of well-paying professional positions are now remote. This stands in stark contrast to pre-pandemic employment listings when only 4% of North American positions were listed as permanently distant.
By the fourth quarter of 2021, 18% of all positions in the United States and Canada would have remote employees, exceeding Ladders' own projection of a more cautious climb to 25% by the end of 2022.
Remote employment is here to stay, according to a poll by Highered, that was published in August 2022. No of their job role, 49% of MBAs and business students said they want hybrid employment that includes both on-site and remote work. At 24%, onsite employment was the least popular choice among students, and 26% of those polled indicated they would not accept a job from a company that did not permit remote employment.
