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MARKET UPDATE

• BSE SENSEX : ₹59,196.99 (-0.08%)

• NIFTY 50 : ₹17,655.60 (-0.06%)

• NIFTY BANK : ₹39,666.50 (-0.35%)

• USD/INR : ₹79.887 (-0.18%)

• MCX GOLD : ₹50,280.00 (-0.30%)

• BRENT OIL : $92.58 (-3.30%)

• FII Net Cashflow : + ₹1145 crores

• DII Net Cashflow : + ₹633 crores

(As of 11:00 PM 6th September 2022)

FINANCE

SBI and ICICI along with three others, are planning with DBS bank to initiate a real time remittance system

Key Facts:

• NPCI International Payments Ltd in talks with Monetary Authority of Singapore.

• Axis Bank, Indian Bank and Indian Overseas Bank are in the talks

• This move will reduce the cost of transferring money between Singapore and India

The Story:

SBI, ICICI, and three other banks are in discussions to create a real-time remittance system with the city-state that will use the common Unified Payments Interface (UPI) as its foundation.

This will become a standard remittance platform in collaboration with Singapore's PayNow money transfer service, making the process real time rather than the more than a day it presently takes to complete international transactions. Private lender Axis Bank, state-owned Indian Bank, and Indian Overseas Bank are among the other Indian banks doing business with Singapore's DBS.

UPI is expanding its presence in India. In August, the platform handled transactions worth more over Rs 10.73 lakh crore, an increase of 68% from the corresponding month in 2017. “The UPI-PayNow linkage is a significant milestone in the development of infrastructure for cross-border payments between India and Singapore, and closely aligns with the G20’s financial inclusion priorities of driving faster, cheaper and more transparent cross-border payments,” the RBI said

INDUSTRIES

Reliance Industries new acquisition: SenseHawk

Key Facts: 

• RIL acquire 79.4% of US based SenseHawk for $32 Million.

• SenseHawk is a software developer firm for solar energy generation industry.

• Turnover for SenseHawk for FY2022 was $2,326,369.

The Story:

Oil to Telecom giant Reliance Industry get hold of yet another company: SenseHawk in their recent acquisition spree. The legalities of this transaction will be completed by the end of year 2022. SenseHawk helps expedite solar projects by streamlining their processes using automation.

Ambani, announced his vision for setting up a giga factory for power electronics. His plans for setting up the Dhirubhai Ambani Green Energy Giga Complex on 5,000 acres in Jamnagar, Gujarat and invest around $10 billion over the next three years fully justifies the decision for this buyout.

SenseHawk President and Co-Founder, Rahul Sankhe said” We are on a mission to improve the solar energy ecosystem, acquiring 50% of the market by 2025 and with RIL as our partner, we will accelerate on our execution toward that goal.” This statement only strengthens the plan of RIL to form a renewable energy ecosystem in the future.

AUTOMOTIVE

Hyundai expecting this year to be their best year to date.

Key Facts:

• Hyundai dispatched 49510 units to dealers last month, which is a 6% increase over august 2021.

• Hyundai has introduced the Venue N Line in two trims priced at Rs 12.16 lakh and Rs 13.15 lakh.

The Story:

Hyundai has seen amazing growth this year with respect to last year's sales numbers. In the previous year, there was a shortage of semiconductors, but the situation has improved tremendously with Hyundai expecting this year to be their best year to date. South Korean car maker sold an impressive 5.5 lakh units in 2018 which was their previous best.

"The semiconductor situation is easing, and demand continues to be robust...This year we are fairly confident that we will achieve the highest ever domestic sales in the history of the company in India," PTI quoted Hyundai Motor India Ltd (HMIL) Director-Sales, Marketing, Service Tarun Garg as saying.

Hyundai has also introduced the venue N line in two trims priced at Rs 12.16 lakh and Rs 13.15 lakh. This is their second offering in N line after i20N, which is also the third highest selling premium hatchback in India. "We are witnessing 10-11 percent i20 sales coming from the N Line trim. We expect the total N Line portfolio, including Venue N Line, could become 16,000 units next year. we believe this number will continue to go up," he added.

TECH

Flipkart launches hotel booking feature with affordable travel options, here's all about it

The Story:

To expand its operations into the hospitality industry, Flipkart has introduced its own hotel booking service. Before the festive season and holidays, the Indian e-commerce portal added Flipkart Hotels to its platform to provide more travel offers.

The 3 lakh local and international hotels will be available for booking through Flipkart's new hotel booking tool. Notably, the corporation acquired online travel agency Cleartrip to diversify into digital commerce. Now that Cleartrip's API supports the capability, more economical travel options are available. The Flipkart Hotels will offer extra perks, including flexible travel, booking policies, and simple EMI choices, making the holiday experience affordable.

Want More Bits?

Bharat Biotech’s needle-free intranasal Covid vaccine approved for emergency use

Bharat Biotech’s needle-free intranasal vaccine against Covid-19 has been granted approval for emergency use in India, for 18+ age group.

The logic behind intranasal route platform is that both influenza and Covid-19 follow the same pattern of infection- nose and mouth route into the lungs. The company said that by virtue of being non-invasive (needle-free), it is easy to administer and does not require trained health care workers; eliminates needle-associated risks (injuries and infections); has higher compliance (ideally suits for children’s and adults); and is scalable as far as manufacturing is concerned.