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- Bit by Bit 18th Oct. || Mother Dairy raises milk prices||Nokia and Jio India to build one of the world’s largest 5G network & more
Bit by Bit 18th Oct. || Mother Dairy raises milk prices||Nokia and Jio India to build one of the world’s largest 5G network & more
Good morning! “It can’t be Sunday every day. There are also Mondays and Tuesdays.”
So, here are:
"5 amazing stories in 5 minutes to make you future ready"
Happy reading!
MARKET UPDATE
BSE SENSEX : ₹58,410.98 (+0.85%)
NIFTY 50 : ₹17,311.80 (+0.73%)
NIFTY BANK : ₹39,920.45 (+1.56%)
USD/INR : ₹82.19 (-0.18%)
BRENTOIL : $91.63 (+0.00%)
MCXGOLD : ₹50,432.00 (+0.34%)
FII Net Cashflow : - ₹372 crores
DII Net Cashflow : + ₹1582 crores
(Markets data as of 11:00 PM on 17/10/2022)
ECONOMY
The Story:
FM said that Indian rupee has performed much better than many other emerging market currencies against incessant strengthening of USD.
She asserted that inflation in India is lower as compared to other parts of the world.
USD, at its highest level since 2000, has appreciated almost against all currencies
An USD was Rs 74.50 on January 1, it is more than Rs 82.30 now
Reasons for strengthening of USD
Rapidly rising interest rates in USA due to greater pace of fiscal policy tightening
Outflow of Foreign portfolio investment due to increasing recession risks.
Massive terms-of-trade shock triggered by Russia- Ukraine war.
Terms of trade is ratio between index of export prices and index of import prices.
Impact on India
Brought India’s Forex Reserves to two-year low.
Increased India’s Energy Import Bill.
Increased Current Account Deficit- increasing capital outflows and risk of rating downgrades
Remedies
Enhance resilience of Economy through fiscal discipline and preservation of forex reserves in near-term future.
Building solid foundations through export competitiveness in long-term.
Push for trade in local currencies with various countries.
AUTOMOTIVE
Key Points -
Audi is working on developing a particulate filter for electric cars that collect particulate matter from the surrounding area both while driving and charging.
The technology already has demonstrated its effectiveness to help improve air quality in cities.
The filters have no negative effect on the operation of the electric vehicle
The Story:
German luxury carmaker Audi is working with Tier 1 supplier MANN+HUMMEL to develop a particulate filter for electric cars that collects particulate matter from the surrounding area both while driving and charging.
The technology already has demonstrated its effectiveness to help improve air quality in cities during a first pilot phase. The innovative technology will be demonstrated at the Greentech Festival in London.
The filter is integrated into the vehicle’s existing airflow in front of the radiator so that only a few modifications to the car are necessary, keeping costs down. The filter element is controlled via the switchable cooling air inlet and its mechanical function is comparable to that of a vacuum cleaner. By a similar principle, the fine dust particles remain stuck in the filter and the air can still flow through it.
FMCG
The Story:
Mother Dairy hiked prices of full cream milk and cow milk by Rs 2 per litre across the Delhi-NCR citing rising input prices, officials informed on Saturday.
A Mother Dairy spokesperson said that the decision was taken because of the constant surge in the price of raw materials over the past two months. Earlier today, Amul cooperative also announced a hike of Rs 2 per litre in the prices of full cream milk and buffalo milk across all the states except Gujarat. With the hike, the price of full cream milk has increased from Rs 61 per litre to Rs 63 per litre.
Earlier in August, the renowned milk brand cited a rise in input costs and increased the prices of milk by Rs 2 per litre.
TECH
Key Facts:
Jio has selected Nokia as a key supplier to provide 5G Radio Access Network (RAN) hardware in India in a multi-year deal.
Reliance Jio has as subscriber base 404 millions out of 1.15 billion mobile cellular subscribers of India.
Jio had last year given a contract worth $100 million (about Rs 670 crore) to Nokia for pan-India VoLTE deployment.
The Story:
Reliance Jio plans to deploy a 5G standalone network which will interwork with its 4G network. The network will enable Reliance Jio to deliver advanced 5G services and the next-generation technology that promises ultra-high internet speeds, lag-free connectivity, and new-age applications.Finnish company Nokia today through apress releaseannounced that it has been selected as a major supplier by Reliance Jio to 5G equipment from its AirScale portfolio countrywide in a multi-year deal. “This is a significant win for Nokia in an Important market and a new customer with one of the largest RAN footprints in the world.”Pekka Lundmark (President & CEO- Nokia).
Want a BIT More?
The Story:According to news reports, the CIA is supporting research into bringing back extinct species like the woolly mammoth and the thylacine, which resembles a tiger. Colossal Biosciences, a tech start-up based in Texas, has received funding from the American intelligence organisation.The purpose of genetic engineering, or the process of employing technology to alter an organism's DNA, is to "watch the woolly mammoth roar upon the tundra once again," as stated on Colossal's website. According to a blog post on the In-Q-Tel website, the CIA is more interested in the underlying genetic engineering technology that colossal plans to create than it is in thundering mammoths and roaring thylacines.The concept of de-extinction can sound like science fiction, and in some ways it is. Although it is impossible to recreate the woolly mammoth as it existed ten thousand years ago, scientists can make current elephants genetically like woolly mammoths by introducing cold-resistant traits into their DNA sequences. The resultant animal would resemble an elephant more than a mammoth, but it wouldn't be a mammoth in the traditional sense.
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.
