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- Bit by Bit 7th Oct || Airtel to rollout 5g || Pharmeasy gears up to raise 750 crores & More
Bit by Bit 7th Oct || Airtel to rollout 5g || Pharmeasy gears up to raise 750 crores & More
BGS Committee
October 07, 2022
Good Morning! There is a technical name for the "fear of long words" - hippopotomonstrosesquippedaliophobia! Yeah, its challenging to read, but bit by bit isn't.
Meanwhile, here are:
"5 amazing stories in 5 minutes to make you future ready"
Happy reading!
MARKETS
BSE SENSEX : ₹58,222.10 (+0.27%)
NIFTY 50 : ₹17,331.80 (+0.33%)
NIFTY BANK : ₹39,282.85 (+0.44%)
USD/INR : ₹82.19 (+0.16%)
BRENTOIL : $94.28 (-0.15%)
MCXGOLD : ₹51,992.00 (+0.67%)
FII Net Cashflow : + ₹279 crores
DII Net Cashflow : - ₹44 crores
(Market data as of 11:00PM on 06/10/2022)
ECONOMY
The Story:
India's exports contracted by 3.52% to USD 32.62 billion in September against USD 33.81 billion in the same month last year, while the trade deficit widened to USD 26.72 billion, according to the preliminary data released by the commerce ministry on Monday. Imports during the month, however, grew by 5.44% to USD 59.35 billion as against USD 56.29 billion in September 2021, the data showed. The exports during April-September 2022-23 rose by 15.54% to USD 229.05 billion. Import ..
The trade deficit during the first six months of the fiscal has widened to USD 149.47 billion as against USD 76.25 billion during April-September 2021-22.
AUTOMOTIVE
Key Facts:
Kia India has recalled a total of 44,174 units
Possible errors in the airbag control module software and fix it
The Kia Carens is offered with 6 airbags as standard across the range
The Story:
Kia India has issued a recall for the Carens MPV to fix a potential issue with the airbag control unit software. Kia says it will recall 44,174 units of the MPV and will reach out to the owners regarding the same.
The South Korean manufacturer said in a press release that customers will have to visit their respective Kia dealerships to schedule an appointment for the recall. Alternatively, it can be done on the official website or the Kia app. Kia added that the voluntary recall campaign is being undertaken to inspect the issue and that it will provide a software update, where required, free of charge.
Kia Carens was launched in February this year with three engine options – a 1.5-litre naturally aspirated petrol engine, a 1.4-litre turbocharged petrol engine and a 1.5-litre turbocharged diesel engine. The MPV comes with six- and seven-seater configurations and has waiting periods of up to 10 months, depending on the trim. This is, in fact, higher than the Seltos whose diesel variants have a waiting period of up to seven months.
RETAIL
The Story:
Online pharmacy startup PharmEasy has kicked off its rights issue to raise up to Rs 750 crore through convertible notes, people aware of the matter said. The issue will close by the middle of October, they said. The company’s existing investors like Prosus Ventures and Temasek as well as its founders have subscribed to the issue for shares worth about Rs 200 crore, recent regulatory documents sourced from business intelligence platform Tofler showed. Prosus Ventures and Temasek have subscribed to convertibles worth nearly Rs 100 crore and 90 crore, respectively
Data from Venture Intelligence showed that startups saw $2.7 billion of investment in the quarter ended September compared to $11.9 billion during the same period last year. Overall, in the first nine months of 2022, $20.8 billion of capital has come into startups as against close to $25 billion during the same period last year.
“PharmEasy is among the top startups that raised a lot of capital throughout last year but was being seen as richly valued and that’s getting under pressure now,” an investor who had explored investment talks in PharmEasy said.
PharmEasy’s estimates for unaudited results peg its FY22 revenue at around Rs 6,400 crore – a jump of 50% compared to the previous financial year. During this period, it made multiple acquisitions which are also adding to its top line.
TECH
Key Facts:
Airtel’s market share in 2022 is around 31.63% just behind Jio’s 36%
Airtel will roll out 5G in 8 cities including Delhi, Mumbai, Chennai, Bengaluru, Hyderabad
The Story:
The major telecom company said in a statement that customers do not need to change their to enjoy 5G services and they also announced people do not will enjoy 5g speeds in their existing plans as well. This comes after the launch of 5G on Oct 1st and the telecom company is aiming to make it available for everyone by March 2024. According to a top company executive, less than 10% of the nation's smartphone users are currently using 5G handsets.
According to the executive, all Samsung and Xiaomi handsets that are 5G ready will be able to connect to Airtel's 5G network within this month. The carrier will also decide on its rates within the next few days. Airtel 5G Plus will bolster the portfolio of services. It will also make it easier to access High Definition video streaming, games, numerous chats, rapid photo uploads, and other services.
Airtel 5G Plus will revolutionize education, healthcare, manufacturing, agriculture, mobility, and logistics as a result of this 5G debut, which will help India's economy flourish.
Want More Bits?
The Story:
In order to grow in the Gulf nations, the Indian cosmetics and fashion retailer Nykaa on Thursday formed a strategic partnership with the Dubai-based fashion and leisure shop Apparel Group.
The two firms will work together to create a multi-brand beauty retail company in nations of the Gulf Cooperation Council, according to Nykaa Chief Executive Falguni Nayar.
According to Nayar, Nykaa will own 55% of the company, with Apparel Group owning the remaining 40%. The businesses didn't.
The Indian retailer anticipates greater demand for its goods in the upcoming quarter following a season with weak consumer spending due to inflationary pressures.
The end-of-the-year festival season will increase consumer demand for health, personal care, and beauty items, which Nykaa claimed was already beginning to show signs of recovery.
