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- Bit by Bit 7th Feb || Dell to slash over 6,600 jobs, 5% of its workforce, in latest tech layoffs & more
Bit by Bit 7th Feb || Dell to slash over 6,600 jobs, 5% of its workforce, in latest tech layoffs & more
Good Evening Readers!
Here are:
"4 amazing stories in 4 minutes to make you future ready"
Happy reading!
MARKET UPDATE
NIFTY 50 : ₹17764,.60 (-0.50%)
BSE SENSEX : ₹60,506.90 (-0.55%)
NIFTY BANK : ₹41,374.65 (-0.30%)
USD/INR : ₹82.830 (+0.76%)
BRENTOIL : $81.05 (+1.39%)
MCXGOLD : ₹56,951 (+0.71%)
FII Net Cashflow : - ₹1218 crores
DII Net Cashflow : + ₹1203 crores
(Market Data as of 11:00 PM on 06/02/2022)
ECONOMY
The Story :
SBI economist says that he expects that in the upcoming Monetary Policy Committee three-day Meeting, RBI Governor Shaktikanta Das doesn’t change the interest rates. The six-member rate-setting Monetary Policy Committee (MPC) of the central bank is expected to maintain its present "removal of accommodation" posture, according to SBI economists. According to economists, headline inflation is predicted to fall to around 5% by March 2023 and to 4.2 percent in April, so if the MPC raises rates once more, that will have a negative impact on our economic growth.
According to the experts, the current repo rate of 6.25 percent will serve as the terminal rate. Most economists predict that the central bank will raise repo rates by 0.25 percentage points in December due to the headline inflation falling below the 6% threshold for the second consecutive month. The SBI paper noted that future rate increases by the US Federal Reserve, which were one of the factors that compelled the RBI to raise rates recently, may also be lower in scope.
According to the report, there may be a Rs 2 lakh crore gap between the supply and demand of government securities in FY24. The RBI is expected to close this gap through OMOs (open market operations) or switches in the second half to balance supply and demand dynamics, particularly if small savings collection does not accelerate. The Reserve Bank noted that the core consumer price inflation (CPI) is under pressure and noted that the core CPI for commodities is more unstable than the core CPI for services. As headline CPI moves towards 5% in FY24, core CPI may incline toward 5.50% or lower.
FMCG
The Story :
Samunnati Agro Solutions, an agricultural company, has partnered with GLOBALG.A.P, a German organization that sets international standards for agricultural products in particular, on food safety and quality. Together, Samunnati and GLOBALG.A.P. want to work on creating standards for crucial Indian crops like grains, pulses, and oilseeds.
Many of the largest companies engaged in cross-border trading of agricultural products frequently use the GLOBALG.A.P. standards as benchmarks for permitting international trade in agricultural commodities. Samunnati is eager to promote the creation of standards for important staples like cereals, pulses, and oilseeds that are grown on a huge scale by hundreds of millions of farmers and are relevant locally. Samunnati has joined the GLOBALG.A.P network as an associate community member. In the context of its AtmaNirbhar & Make in India ambitions to ensure food and nutritional security and further enhance its growing stature in the international agro commodity trade as a dependable producer of safe and high-quality food adhering to international standards, these crops are strategically significant to India.
Automotive & Manufacturing
Key Facts:
Reliance Industries Limited (RIL) & Ashok Leyland unveiled India’s first Hydrogen Internal Combustion Engine (H2-ICE) powered Heavy Duty truck
The truck range is powered by Hydrogen, a renewable and clean energy source, thus helping quicker migration to cleaner energy sources at relatively lower cost delt
The Story :
Reliance Industries Limited (RIL) & Ashok Leyland unveiled India’s first Hydrogen Internal Combustion Engine (H2-ICE) powered Heavy Duty truck. The vehicle was flagged off by Prime Minister Narendra Modi in Bangalore at India Energy Week.
Ashok Leyland, the Indian flagship company of the Hinduja Group and India’s leading commercial vehicle manufacturer, along with RIL, has been developing this unique technology over the past year and has been under test since August 2022. The Ashok Leyland H2-ICE heavy-duty truck range (19-35 Tonne) is powered by Hydrogen, a renewable and clean energy source, maintaining overall architecture similar to a conventional diesel-based combustion engine, thus helping quicker migration to cleaner energy sources at relatively lower cost delta.
Ashok Leyland has been a forerunner in introducing cutting-edge technologies and had recently demonstrated its futuristic vehicle range, powered by electric and hydrogen options, at the Auto Expo 2023.
TECH
Dell Technologies Inc., facing plummeting demand for personal computers, will eliminate about 6,650 jobs, becoming the latest technology company to announce it will let thousands of employees go.
The company is experiencing market conditions that “continue to erode with an uncertain future,” Co-Chief Operating Officer Jeff Clarke wrote in a memo viewed by Bloomberg. The reductions amount to about 5% of Dell’s global workforce, according to a company spokesperson.
Layoffs have hammered the tech sector in recent months, including many of Dell’s peers and competitors. HP Inc., similarly exposed to the PC market, announced in November a reduction of as many as 6,000 workers. Cisco Systems Inc. and International Business Machines Corp. each said they would eliminate about 4,000 workers. The tech sector announced 97,171 job cuts in 2022, up 649% compared with the previous year, according to consulting firm Challenger, Gray & Christmas Inc.
Dell reported a 6% sales decline in the period ended Oct. 28 and gave a revenue forecast for the current quarter that fell short of analysts’ estimates, saying customers were reducing their purchases of information technology.
