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MARKET UPDATE

• BSE SENSEX : ₹59,245.98 (+0.75%)

• NIFTY 50 : ₹17,665.80 (+0.72%)

• NIFTY BANK : ₹39,805.75 (+0.98%)

• USD/INR : ₹79.796 (+0.11%)

• MCX GOLD : ₹50,452.00 (+0.17%)

• BRENT OIL : $95.77 (+2.96%)

• FII Net Cashflow : - ₹812 crores

• DII Net Cashflow : + ₹534 crores

(As of 11:00 PM 5th September, 2022)

ECONOMY

Markets are alarmed by Liz Truss’ plan to "Turbo-charge the UK economy"

Key Facts:

• Liz Truss is set to become UK Prime minister

• She declares willingness to raise interest rates

• Pound has also trailed 132 of the world’s150 top currencies

The Story:

This week, Liz Truss became the Prime Minister of the United Kingdom. Investors are concerned about her proposal to "turbo-charge" the economy by lowering taxes in the face of double-digit inflation, which has occurred for the first time in 40 years.

She would assume office after indicating a readiness to increase the budget deficit while the Bank of England is raising interest rates and liquidating its government bond holdings. She has also said she will reassess the mandate of the central bank.

Since Johnson decided to step down on July 7, the borrowing prices for 10-year government bonds have increased more quickly than for any other 22 major bond markets. The pound has also lagged behind 132 of the top 150 currencies globally.

FMCG

Reliance Retail goes on a shopping spree; aims underdog brands

Key Facts: 

• Isha Ambani leading the buyout deals as director of the business

• Campa cola acquired at an estimated cost of 22 crores

• Garden Namkeens, Bindu Beverages and Lahori Jeera next in line

The Story:

RIL’s recent announcement at AGM for entry into FMCG domain generated a lot of ripples in the existing market. RIL being known for its aggressive growth strategies, made headlines with its recent acquisition of homegrown iconic soft drink brand Campa. Moving ahead, the retail giant is in advanced stages of negotiation with CavinKare to take over Garden Namkeens, Bindu Beverages for their flagship Fizz Jeera masala drink, mineral water, and Lahori Jeera for their different flavoured beverages such as Nimboo, Kachaa Aam and Shikanji.

The structure of the buyout deals largely depends on the parent companies and their promotors. The aim of these acquisitions is to strengthen Reliance Retail’s FMCG offerings. Having many private labels already on the list already, these additions will help in diversifying the product portfolio.

AUTOMOTIVE

The concerning rate of traffic accidents in India.

Key Facts:

• With 1% of the world’s vehicles, accounts for about 10% of all crash-related deaths.

• Horrifying 1.55 lakh people were killed in road crashes in India, NCRB Data.

• Around 18 people are killed in road crashes in India on an average every hour.

The Story:

The passing away of Cyrus Mistry, a well-known business figure in India has sparked discussion about road safety in India. By 2024, India wants to have cut down on fatal traffic accidents by 50%. The motive is clear, but the objective is ambitious despite the "zero tolerance" stance for traffic accidents.

Data from the National Crime Records Bureau. India stands in the fifth position among the countries that have some of the deadliest roads globally. The first four are South Africa, Thailand, the US, and Argentina, as per a study by driver’s education company Zutobi. Inattentional and reckless driving contributed to 87,000 fatalities.

India updated its Motor Vehicle (Amendment) Act last year, bringing a lot of innovation to the forefront in terms of funding, protection, and enforcement.

It is only in February, for instance, that the Indian government made three-point seatbelts mandatory for all cars with front-facing passenger seats.

Tamil Nadu is one of the states where the number of fatal crashes has decreased by 25%. NCRB Data revealed that public transport is safer as compared to private mode of conveyance.

TECH

Malware detected as Sharkbot on Google Play: Even cryptocurrencies not secure

The Story:

The malware known as the SharkBot dropper is used to infect consumer devices once it has been installed. This malware affects banking and cryptocurrency-related apps and is disguised as Mister Phone Cleaner and Kylhavy Mobile Security apps. It has the ability to steal cookies from accounts and avoid user-input-required authentication techniques like fingerprint scanning.

Malware analyst Alberto Segura was the first to tweet about the return of the dangerous program. Segura claims that after being installed, this virus disables the "log-in with fingerprint" dialogues, requiring users to enter their password and username instead. The malware called SharkBot is able to avoid two-factor authentication.

As per the public Google PlayStore statistics, the Mister Phone Cleaner app has over 50,000 downloads. While this app is available on the PlayStore in India, the Kylhavy Mobile Security app does not show up in India, but it is reported that it has more than 10,000 downloads.

The primary objective of the SharkBot malware, according to Cleafy Labs, an online fraud management firm, is to launch money transfers from compromised devices using the Automatic Transfer System technique while sidestepping multi-factor authentication mechanisms.

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Bangalore IT Companies Lose ₹225 Crores As Employees Were Stuck In Traffic For 5 Hours due to water log 

On September 5, Bangalore's IT businesses suffered a substantial loss of 225 crores. This is a result of IT company personnel spending more than 5 hours in Bangalore traffic. In areas where the roadways are inundated, poor road infrastructure has led to waterlogging. It has caused great trouble for those who commute to work. In a letter to Chief Minister Basavaraj Bommai, the Outer Ring Road Companies Association called his attention to the inadequate infrastructure and its looming impact on the workforce.