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- Bit by Bit 17th Oct. || India may become the third biggest economy after US, China in 5 years||A shock loss for Magnus Carlsen & more
Bit by Bit 17th Oct. || India may become the third biggest economy after US, China in 5 years||A shock loss for Magnus Carlsen & more
Good morning! It’s Monday. Get a new perspective. Whatever obstacle you’re facing — it’s not permanent.
So, here are:
"5 amazing stories in 5 minutes to make you future ready"
Happy reading!
MARKET UPDATE
(Markets were closed on 16/10/2022, Sunday)
ECONOMY
The Story:
In the next five years, India may become the third biggest economy after the United States and China, says International Monetary Fund's World Economic Outlook database. According to the IMF, India is most likely to surpass Germany and Japan and reach the position two years sooner than first anticipated.
According to the World Economic Outlook database, India may overtake the United Kingdom this year to become the fifth-largest economy. According to the IMF's projections, India's per capita GDP will rise from $2,466 in 2022 to $3,652 in 2027.
The IMF report stated that although India's current account deficit is considerable, it is not likely to explode and that inflation in India is high but not as high as in Germany and Japan. India's budgetary status is also secure thanks to its almost $550 billion foreign exchange reserves. The credit cycle is picking up, and the banks are in a good place.
AUTOMOTIVE
Key Facts:
Mercedes-Benz India had 11,469 unit of cars from January to September
Mercedes-Benz India aims to surpass its record of 15,538 cars sold in 2018 while maintaining its double-digit growth projection
Mercedes-Benz India sold a total of 11,242 units in 2021.
The Story:
Mercedes-Benz India claims that sales of its high-end automobiles costing more than Rs 1 crore have increased significantly, with 68% more of these vehicles delivered in the first nine months of 2022. Today, cars costing more than Rs1crore account for 30% of our sales.
Iyer claimed that even while automobiles costing more than Rs1crore make up 30% of all sales, "the demand will be around more than 40%" because the company has 7,000 units of pending orders across its entire product line.
Over 300 confirmed reservations have already been made for the recently announced electric vehicle EQS. When asked if the proportion of luxury automobiles in the company's overall sales could increase this year, he responded that it would depend on supplies.
FMCG
The Story:
To enhance its own product categories, Hindustan Unilever Ltd. (HUL) is negotiating to buy the majority of shares in direct-to-consumer brands Conscious Food and Wellbeing Nutrition.
While Conscious Food provides packaged organic foods, Wellbeing Nutrition offers plant-based nutrition. The Wellbeing Nutrition transaction is close to about $20 million, while it was difficult to estimate the value of the Conscious Food transaction.
Hindustan Unilever is thinking of purchasing Wellbeing in order to benefit from rising customer interest in organic and nutritious cuisine. The multinational business wants to expand its Annapurna brand, which largely sells Atta and salt; if the transaction goes through, Conscious Food might be housed under the same vertical.
Avnish Chhabria launched Wellbeing Nutrition in 2019, which provides products for everyday wellness, functional nutrition, organic children's nutrition, and natural nutri-cosmetics.
The 1990-founded company Conscious Food sells items including sprouted ragi flour, semolina, digestion mix, spirulina power, Gir cattle ghee, herbs, and stimulating tea.
TECH
The Story:
Let's first focus on flipping, so in recent times with the rise of the tech-savvy Nasdaq stock market, Indian startups wanted to list their companies in the foreign market. Any Indian organization cannot directly list itself in the foreign market. So the usual process is to form a company in the foreign market and give them ownership of the organization in India, which allows them to be on the Nasdaq market.
Many startups went with that option but with the rise of startups turned unicorn listed companies in India, these foreign companies now want to come back. And also, with the current government policy, Startups are allowed to list themselves in the Indian market without the hassling procedure. Hence, now reverse-flipping the organization's planning to bring the ownership back to India. One such example is Walmart-owned PhonePe, which is reversing its overseas structure and eyeing the Indian market.
Want a BIT More?
The Story:
In round seven of the preliminary rounds of the Aimchess Rapid online chess competition, Indian Grandmaster Arjun Erigaisi stole the show by defeating world champion Magnus Carlsen.
After eight rounds, the 19-year-old Erigaisi, who had previously lost to fellow countryman Vidit Santosh Gujrati, is currently in fifth place. The Indian defeated the reigning world champion for the first time in the seventh round of play on Sunday. Before agreeing to a draw with Jan-Krzysztof Duda, Erigaisi won three straight games, defeating Nils Grandelius (Sweden), Daniel Naroditsky (USA), and Carlsen (Poland).
With two losses (against Mamedyarov and Erigaisi) and a draw in round four against the rising Indian GM Mittal, Carlsen has not been at his best thus far. The ninth round has him versus Gukesh. There are 16 players competing in the Aimchess Rapid tournament, which is a part of the Meltwater Champions Tour, five of whom are from India.
