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- Bit by Bit 28th November || Tata Consumer doubles new product launches and spruces innovation capabilities to enter newer categories. || Ultraviolette Automotive sells its all F77 Limited edition bikes in just 2 hours & more
Bit by Bit 28th November || Tata Consumer doubles new product launches and spruces innovation capabilities to enter newer categories. || Ultraviolette Automotive sells its all F77 Limited edition bikes in just 2 hours & more
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"5 amazing stories in 5 minutes to make you future ready"
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MARKET UPDATE
(Markets were closed on 27/11/2022, Saturday)
ECONOMY
Key Facts
China's Central Bank cuts reserve ratio.
China's central bank has cut the amount of cash lenders must hold in reserve.
The banks have cut the reserves second time this year.
The Story
The People's Bank of China reduced the reserve requirement ratio for most banks by 25 basis points, it said in a statement Friday. The adjustment takes effect on Dec. 5 and will inject 500 billion yuan ($70 billion) of liquidity into the economy.
The easing comes after significant government actions recently to help the economy, including a rescue package for the property sector and an adjustment of some Covid curbs to reduce the damage to the economy.
However, a rebound in growth remains elusive. Economists say a recovery in the housing market will be slow, while Covid cases have surged to a record high, spurring major cities like Beijing to restrict movement.
China’s economy zoomed past India back in the early 1990s, when (as we outlined last week) it was following the initial chapters of the high-growth playbook. Now, just as China is running into major headwinds, India has the chance to emerge as a new dynamo.
FMCG
The Story:
Tata Consumer Products said its new launches have doubled during FY23 compared to a year ago, with three new products launched every month on average in the first half of the fiscal year. The maker of Tata Sampann, Tata salt, and Tata tea gold also restructured the research and development(R&D) capabilities of its Bengaluru center to drive further innovation.
It includes three new R&D centers inaugurated two months ago in Bangalore, Mumbai, and Sri City, apart from its R&D facility in London focused on the international beverages business. The center houses dedicated product development labs, packaging innovation, and a sensory science lab, enabling faster innovation and roll-out of its new products.
From predominantly selling tea, coffee, and salt a few years ago, the company expanded into pulses, spices, ready to cook and drink product categories. The company also launched prepared-to-eat and snacking products and said it would enter newer protein-based segments. Innovation or new products currently accounts for 2.7% of its sales, which the company hopes to more than double in the next two to three years.
"The management is confident of maintaining 30% CAGR over the next three years driven by entrance into new geographies, meaningful product launches, and share gains from unorganized players. The company has increased the pace of new product launches. The contribution of new products to e-Commerce platforms is currently at 11%. TCPL is aiming for new product contributions to increase to 3.5% in FY2023 and to 5% in the coming years,"
AUTOMOTIVE
Key Facts :
Jet fighters serve as an inspiration for the Ultraviolette F77's angular appearance.
The automaker announced a limited manufacturing run of 77 units that will be created to celebrate what this brand represents.
The Story :
Just two hours after the online booking window opened, Bengaluru-based startup Ultraviolette Automotive sold every one of its 77 limited-edition bikes from the F77 series. The limited edition F77, which has a 77-unit maximum production run, has greater horsepower and torque than the ordinary model and a unique color scheme. The company hasn't yet disclosed the cost of this limited edition F77, though. According to reports, this version will cost more than the F77 Recon and is anticipated to cost 4.55 lakh rupees (ex-showroom).
Each unit has a unique number and is painted in a unique shade of afterburn yellow and meteor grey. The special edition F77 also produces greater power, with a total output of 40.2 bhp (30.2 kWh) and 100 Nm of peak torque, reaching 100 kmph in 7.8 seconds and reaching a high speed of 152 kmph.
The Ultraviolette F77 is manufactured in Bengaluru, says the firm. Additionally, the company will establish its first experience center in the city, and deliveries will start in January 2023.
TECH
The Story
Elon Musk, the CEO of Twitter, declared on Saturday that in the event that the microblogging service was ever taken down from the Apple and Google app stores, he would create a "alternative" phone.
Twitter user Liz Wheeler had earlier written, "Elon Musk should create his own smartphone if Apple and Google remove Twitter from their app stores. The prejudiced, snooping iPhone & Android would be cheerfully abandoned by half of the country. A dumb little smartphone ought to be simple for the man who makes rockets to Mars, right?"
Meanwhile, Musk has said Twitter will launch its new, Verified services next Friday, after a series of delays and mishaps over fake accounts.
Twitter had earlier suspended the $8 subscription programme to combat the growing problem of users impersonating major brands. Twitter Verified is Musk's attempt to distinguish between different classes of users, and drum up revenue.
Want a BIT More?
Story:-
The flow of crude from Russian ports has hardly been affected by import bans from North America and self-sanctioning by European refiners and traders, with volumes successfully diverted east. However, shifting flows to Asia, where India has grown to become Russia's second-largest client, has concentrated Moscow's dependence on a rapidly contracting market. China and India currently buy two-thirds of the crude exported by Russia by sea, and China also receives at least half of the crude exported by pipeline.Because of this, buyers in both countries have enormous negotiating power, which they have used. The Kremlin's war chest is being impacted by the fact that Russian crude is currently trading at a significant discount to global benchmarks
.The most recent estimate, from the end of last week, states that the export terminal price for Russia's premium Urals grade was around $52 per barrel. Compared to Brent crude, that represents a discount of $33.28, or 39%. In contrast, the typical reduction in price during 2021 was $2.85. This discount reduces the Kremlin's tax revenue from export sales and costs Russia's oil exporters about $4 billion a month in lost revenue. Since the invasion, crude oil prices have decreased globally as well. When Russian troops entered Ukraine, Brent was trading at about $100 per barrel; it is currently at about $86. If Russian exports had been drastically reduced, as the International Energy Agency had anticipated, that decline wouldn't have occurred.
