Bit by Bit 7th Dec. || Decline in iphone sales || Camel Pageant - Football world cup's sideline attraction & More

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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

World Bank updates India's GDP prediction to 6.9% for FY23.

Key Facts

• World bank upgraded the forecast for the Indian economy to 6.9% from 6.5% in the current fiscal year

• India is projected to be one of the fastest-growing major economies

• The report sees average retail inflation at 7.1% this year

• Tightening monetary policy and high commodity prices are the factors impacting the country’s growth

The Story

According to the World Bank, India's GDP growth will slacken to 6.9% in the current fiscal year from 8.7% in FY 21–22. According to the research, the country's growth is being hampered by tighter monetary policy and rising commodities costs.

Retail inflation measured by the consumer price index (CPI), which the RBI primarily considers when determining its monetary policy, is showing indications of easing but has remained above the central bank's upper tolerance level of 6 percent since January of this year.

However, the World Bank is confident that the global slowdown has a much lower impact on India, compared to other emerging economies.

FMCG

Upskilling and reskilling will boost the FMCG sector faster: CII.

The Story 

Post-pandemic, consumers are switching to more eco-friendly products driving FMCG companies to look at progressive models as a future necessity to minimize the environmental effects. Speed and agility are a must to succeed. However, this needs to translate across all elements of the organization for long-term success. There is also a need to focus on creating sustainability and becoming environmentally friendly in the long run,” said Bharat Puri, chairman National Committee on FMCG and managing director of Pidilite Industries at the CII FMCG National Summit 2022, organized by the Confederation of Indian Industry (CII).

Companies said they are looking at digitally savvy consumers today, which means even within the organization, many skill sets have begun to change. Employees must be reskilled and given the new age skill sets to get a more future-ready workforce. “There is a need to reduce the carbon emission at the source. There is no ban on plastic use, but one needs to recycle or dispose of plastic more responsibly,” Deepak Iyer, managing director of Mondelez India, said.

The success of FMCG companies in this new era will rely as much on developing new skills as it would on authentic leadership and decision-making, often with disparate information, said companies. “Almost two third of the revenue generated is from the unorganized sector. The share of FMCG profits has also grown from 5% in 2010-14 to around 7% in 2020-22. The Indian FMCG market has outperformed globally,” said Abheek Singhi, managing director and senior partner, Asia- Pacific leader, consumer, and retail practice, Boston Consulting Group (BCG), adding that there has been a double-digit growth rate in the FMCG sector in India since the last two decades.

AUTOMOTIVE

EV body pushes back against allegations

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

After an iPhone manufacturing disruption, Foxconn claims a significant decline in sales.

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?

Camel Pageant- Football world cup’s sideline attraction

Like all good pageant contestants, Nazaa’a displayed dazzling beauty, poise, and grace. Nazaa’a, mind you, is a camel. Nazaa’a was one of 15 camels who competed for the crown, parading by fans while wearing bejeweled collars and draped with strings of gemstones. This event is designed to bring cultural awareness to World Cup visitors and is sponsored by the Ministry of Sports and Youth, in conjunction with the Supreme Committee for Delivery and Legacy, the local World Cup organizing committee. These events are held regularly throughout the Middle East, where people have connected with camels for generations. The winner, runner-up, and third-place camels all receive trophies. Nazaa’s owners earned 200,000 Qatari riyals ($55,000). The camel that produces the most milk wins 15,000 riyals.