So, here are:

Happy reading!

MARKET UPDATE

• NIFTY 50 : ₹18,307.65 (-0.20%)

• BSE SENSEX : ₹61,663.48 (-0.14%)

• NIFTY BANK : ₹42,437.45 (-0.05%)

• USD/INR : ₹81.64 (+0.17%)

• BRENTOIL : $87.55 (-2.48%)

• MCXGOLD : ₹52,649 (-0.37%)

• FII Net Cashflow : - ₹751 crores

• DII Net Cashflow : + ₹890 crores

(Market data as of 11:00 PM on 18/11/2022)

ECONOMY

Govt raises maximum tenure of PSU banks' CEO to 10 years

Key Facts

• Earlier, the MD or executive director of a public sector undertaking (PSU) bank was eligible for a maximum tenure of 5years or 60 years whichever was earlier.

• The modification would be known as the Nationalized Banks (Management and Miscellaneous Provisions) Amendment Scheme, 2022.

The Story

The maximum tenure for CEOs and MDs of public sector banks has been expanded to ten years, allowing the government to retain the top people in the banking sector. According to a government notification of November 17, 2022, the appointment period has been increased from 5 years to 10 years, subject to a superannuation age of 60 years.

Previously, the MD or executive director of a public sector undertaking (PSU) bank could serve for a maximum of 5 years or 60 years, whichever came first. This also applies to all full-time directors of Central Public Sector Enterprises (CPSEs).

The government's decision would assist banks in retaining talent who advance to the level of full-time directors at the young age of 45-50 years.

AUTOMOTIVE

Jaguar Land Rover announces global drive to hire laid-off Meta, Twitter employees

Key Facts :

• This drive will fill more than 800 digital and engineering positions, according to the company statement.

• Jobs are available in the UK, Ireland, China, United States, Hungary, and India, which is also the home of Tata Motors, the company that owns Jaguar Land Rover.

The Story :

Employees who have recently been let go by tech companies like Meta and Twitter are welcome to apply for digital and engineering positions at Jaguar Land Rover (JLR), according to a Friday announcement from the British automaker.

More than 800 digital and engineering positions will be filled through this global hiring drive, according to a statement posted on the company website. It also noted that the positions range across Artificial Intelligence, Autonomous Driving, Cloud Software, Data Science, Electrification, and Machine Learning, among other fields.

With an emphasis on electrification, digital services, and data, Jaguar Land Rover hopes to lead the "rapidly evolving" automotive market through this. Through this strategy, it aims to improve its internal data capabilities, which are essential to provide a "contemporary luxury experience" to its clientele.

AGRICULTURE

India has adequate availability of fertilizers: Govt

Key Facts :

• Adequate availability of fertilizers for ongoing rabi sowing season: Ministry of Chemicals and Fertilizers

• The statement comes against the backdrop of reports claiming shortage of fertilizers in Tamil Nadu and Rajasthan

• Responsibility of respective state governments to ensure availability through proper distribution: Ministry

The Story

There is adequate availability of fertilizers in the country to meet farmers’ requirement for the ongoing rabi sowing season, the ministry of chemicals and fertilizers said in a statement on Friday, adding that the government was sending fertilizers per demand from states.

The statement from the ministry comes against the backdrop of reports claiming shortage of fertilizers in Tamil Nadu and Rajasthan. “Such reports are beyond the facts," the ministry said. It also said that it was the responsibility of respective state governments to ensure availability through proper distribution.

The Ministry added that adequate closing stock of fertilizers such as Urea, DAP, MOP, NPKS, and SSP lies with the states. The amount of available stock exceeds the requirement needs of the farmers in the country.

TECH

End of ISRO's monopoly in space race?

The Story

The Vikram-S was launched by the Indian Space Research Organization (ISRO) on Friday from its spaceport in Sriharikota, which is located approximately 115 kilometers from Chennai.

The vehicle, which bears the name Vikram Sarabhai in honor of the pioneer of India's space program, signals the entry of the private sector into the space race and the end of ISRO's monopoly.

The mission's name, "Prarambh," stands for a fresh beginning (the beginning). Skyroot Aerospace, a four-year-old startup, created Vikram-S. In 2020, the space industry was made available to private companies.

Under the manufacturing programs of the ISRO or Defense Research Development Organization, 80% of polar satellite launch vehicles are being produced locally.

With the exception of a few imported sensors, nearly all of our systems flying on Vikram-S were designed in-house, according to Chandana.

The company intends to use three different rockets: the Vikram I, which has a payload or carrying capacity of 480 kg to 500 km low inclination orbit (LIO), the Vikram II, which has a payload or carrying capacity of 595 kg to 500 km LIO, 400 kg to 500 km SSPO, and the Vikram III, which has a payload or carrying capacity of 815 kg to 500 km LIO, 560 kg to 500 km SSPO.

According to Chandana, Vikram-1 is scheduled to launch in the third quarter of 2023.

Want a BIT More?

Launch of the Logistics & Supply Chain Management-focused PGDM-Online program by BIMTECH, powered by TimesPro

The Story

The two-year online Post-Graduate Diploma in Management in Logistics & Supply Chain Management (PGDM-LSCM), a job-oriented skill-learning program, has been introduced by Birla Institute of Management Technology (BIMTECH) powered by TimesPro. Making this announcement at the BIMTECH Campus, the event also featured a panel discussion with guests from business and academics on "Transforming India into a Global Supply Chain Hub."

"BIMTECH believes in designing new-age programs that resonate with industry requirements to overcome the existing skill gap," remarked Dr Harivansh Chaturvedi, Director of BIMTECH, during the launch. The online Post-Graduate Diploma in Management with a specialization in Logistics & Supply Chain Management will help students advance their professional chances by keeping them industry-ready. With TimesPro, we hope to connect with students from all around the world and close the learning gap through technology.