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- Bit by Bit 6th Dec. || Foxconn claims a significant decline in sales. || Astronomers Spot The Biggest Galaxy Ever & more
Bit by Bit 6th Dec. || Foxconn claims a significant decline in sales. || Astronomers Spot The Biggest Galaxy Ever & more
Good Morning Readers!
Anyways, here are:
"5 amazing stories in 5 minutes to make you future ready"
Happy reading!
MARKET UPDATE
NIFTY 50 : ₹18,701.05 (+0.03%)
BSE SENSEX : ₹62,834.60 (-0.05%)
NIFTY BANK : ₹43,332.95 (+0.53%)
USD/INR : ₹81.93 (+0.05%)
BRENTOIL : $83.39 (+0.82%)
MCXGOLD : ₹53,463 (-0.72%)
FII Net Cashflow : - ₹1139 crores
DII Net Cashflow : + ₹2608 crores
(Market data as of 11:00 PM on 5/12/2022)
ECONOMY
Key Facts
India will produce 33.3 million tonnes of sugar this year (2022-2023), down from a record 35.8 million tonnes the previous year
According to a senior government source who wished to remain anonymous, India would only permit exports after it was inevitable that there would be sufficient supply to meet the estimated 27.5 million tonnes of local demand
The Story
According to farmers, millers, and dealers, this year's sugar production is predicted to decrease by 7% as irregular weather patterns have reduced cane yields. This might have an impact on exports from the country that produces most of the sweeteners globally. Reduced sugar exports from India, the second-largest exporter of the commodity globally, may raise market prices and free up more shipments from competitors Brazil and Thailand. Pradip Jagtap, a farmer from the Solapur district of Maharashtra, the western state that produces the most sugar in India, stated, "The crop was simply looking like last year, but as we started harvesting, we saw that yields were quite poor."
From his nine-acre allotment, Jagtap could only harvest 530 tonnes of cane this year as opposed to 750 tonnes the year before. Like Jagtap, the 192 additional farmers from Maharashtra's 11 main cane-producing districts told Reuters that the cane crop was harmed by prolonged dry weather during the summer and then by heavy rains. The brutal summer was followed by an excessive amount of rain starting in July, according to Kolhapur farmer Baban Karpe. "The crop didn't receive any sunlight for weeks because the fields were flooded. Farmers estimated a 15% decline in cane output on average, but in certain areas, they predicted the loss per hectare would reach 35%. According to the state government, Maharashtra, which produces more than a third of the nation's sugar, was anticipated to produce a record 13.8 million tonnes of sugar in the current marketing year, which started on October 1, up from 13.7 million tonnes on the previous year.
FMCG
The Story
Hatsun Agro Product Ltd is a large cap company having a market cap of ₹20,759.83 Cr and the company deals in the Fast Moving Consumer Goods (FMCG) sector. The company has declared ₹400 Cr rights issue and the record date has been fixed for the purpose of the same for determining shareholders' eligibility.
The company has said in a stock exchange filing that “This intimation is made further to the meeting of the board of directors of the Company held on Monday, the 19th September 2022, approving the offer and issuance of fully paid-up equity shares of the Company (the “Equity Shares") for an amount aggregating up to Rs. 400 crores, by way of a rights issue to the eligible equity shareholders of the Company (“Rights Issue"), and constituting a rights issue committee in this regard (“Rights Issue Committee"), in accordance with the Companies Act, 2013 and the rules made thereunder, the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018. as amended, other applicable laws and our prior intimation dated 30th November 2022 informing the scheduled meeting of Rights Issue Committee of the Board on 3rd December, 2022.
AUTOMOTIVE
The Story :
The Society of Manufacturers of Electric Vehicles (SMEV) is defending some of its leading members against a flood of whistleblower claims.
A group of people with vested interests, according to the EV industry body, have been trying to discredit some EV companies, and they have filed complaints with the police cyber unit and ministry of home affairs.
Government investigations into localization efforts — a crucial requirement that qualifies an original equipment manufacturer (OEM) for subsidy — have been sparked by emails alleging fraudulent practises in obtaining incentives under the ministry of heavy industry's (MHI) 10,000 crore FAME-II subsidy scheme against electric two-wheeler companies like Hero Electric and Okinawa Autotech. MHI has halted payments to the two EV manufacturers, and committees set up by the government and its homologation organisations are currently conducting investigations to determine how much foreign material is present in the cars for which subsidies are being claimed.
TECH
The Story
A Covid epidemic in the Chinese city of Zhengzhou, where the business runs the biggest iPhone assembly facility in the world, caused some shipments to be delayed, according to a report by Hon Hai Precision Industry Co., whose sales for November were down 11.4% from the same month last year. The company, widely known as Foxconn, claimed that the pandemic had its greatest impact in November and that it anticipates fourth-quarter results to be "approximately in line with market consensus." Government lockdowns, a workforce exodus, and violent protests at the production facility were all brought on by the Covid outbreak. The majority of iPhone Pro phones sold worldwide are put together in Apple Inc.'s Zhengzhou campus in central China, making it crucial to the company's ability to meet demand. Apple has stated that it anticipates delivery delays this year due to disruption, and experts have provided a succession of more pessimistic shipment projections for this year. This month, UBS predicted that the entire iPhone 14 generation may fall 16 million short of initial projections. In order to calm customers' fears, Foxconn assured them that the situation has been "taken under control" and that business will pick up the rest of the year. According to Foxconn, "we have started to recruit new staff as well as reallocating production capacity of different plants, and are progressively moving toward the direction of restoring production capacity to normal."
Want a BIT More?
Lurking some 3 billion light-years away, Alcyoneus is a giant radio galaxy reaching 5 megaparsecs into space. That's 16.3 million light-years long, and it constitutes the largest known structure of galactic origin.
Giant radio galaxies are yet another mystery in a Universe full of mysteries. They consist of a host galaxy (that's the cluster of stars orbiting a galactic nucleus containing a supermassive black hole), as well as colossal jets and lobes that erupt forth from the galactic center.
These jets and lobes, interacting with the intergalactic medium, act as a synchrotron to accelerate electrons that produce radio emission.
We are pretty sure we know what produces the jets: an active supermassive black hole at the galactic center. We refer to a black hole as 'active' when it's guzzling down (or 'accreting') material from a giant disk of material around it.
Not all the material in the accretion disk swirling into an active black hole inevitably ends up beyond the event horizon. A small fraction of it somehow gets funneled from the inner region of the accretion disk to the poles, where it is blasted into space in the form of jets of ionized plasma, at speeds a significant percentage of the speed of light.
