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- Bit by Bit 9th Dec. || Hindustan Unilever to acquire stake in Oziva and Wellbeing Nutrition || Jammu's 12th grader launched nano-satellite with help of ISRO & more
Bit by Bit 9th Dec. || Hindustan Unilever to acquire stake in Oziva and Wellbeing Nutrition || Jammu's 12th grader launched nano-satellite with help of ISRO & more
Good Morning Readers!
Anyways, here are:
"5 amazing stories in 5 minutes to make you future ready"
Happy reading!
MARKET UPDATE
NIFTY 50 : ₹18,560.50 (-0.44%)
BSE SENSEX : ₹62,410.68 (-0.34%)
NIFTY BANK : ₹43,098.70 (-0.09%)
USD/INR : ₹82.29 (-0.23%)
BRENTOIL : $77.47 (-2.39%)
MCXGOLD : ₹54,023 (+0.49%)
FII Net Cashflow : - ₹1242 crores
DII Net Cashflow : + ₹389 crores
(Market data as of 11:00 PM on 7/12/2022)
ECONOMY
Key Facts
Increase in the rural employment rate from 37% in October to 37.5%
While urban India witnessed a marginal increase from 34.2% to 34.4%,
The Story
According to the Centre for Monitoring Indian Economy, rural India added 4.3 million jobs in November, raising the employment rate from 37% in October to 37.5%, while urban India saw a marginal increase from 34.2% to 34.4%.
According to CMIE, the index of consumer sentiment declined by 0.2% in November, due to a 1.5% drop in urban sentiments and a 0.5% gain in rural feelings. According to the CMIE, the dip in the ICS in November 2022 follows two months of robust rises in which it rose fairly significantly by 11.4% in the preceding two months, which were the key festive months in India.
According to CMIE, rural India also holds out a promise because the rabi crop sowing seems to be progressing well. “Higher output along with the elevated prices for most agricultural produce bode well for the hinterlands,” it concluded.
FMCG
Key Facts :
HUL plans to invest in plant-based supplement brands Oziva and Nutritionalab which owns nutritional products under Wellbeing
Gives HUL an entry into the fast-growing health & well-being category
The deal signals the start of what could trigger a wave of consolidation in the direct-to-consumer (D2C) brand market
The Story :
Hindustan Unilever (HUL) said it is investing in Zywie Ventures which sells plant-based supplement brand Oziva and Nutritionalab which owns nutritional products under Wellbeing to enter the health and wellness market worth Rs 30,000 crore.
HUL will acquire 51% equity stake in Oziva for Rs264 crore in the first tranche while the balance 49% will be acquired at the end of three year period based on pre-agreed valuation, which it did not specify. In addition, HUL will buy 19.8% equity stake in Wellbeing Nutrition for about Rs 70 crore. The current team of both the brands will continue to operate all functions of the business while HUL will be represented on the board.
The deal also signals the start of what could trigger a wave of consolidation in the direct-to-consumer (D2C) brand market. Marico, ITC, and even HUL have been investing in D2C brands that gained huge momentum during the pandemic when online shopping saw a major uptick. Marico picked up a 54% stake in HW Wellness Solutions, which owns the healthy breakfast and snacks brand True Elements in May. Last year, Tata Consumer acquired a 100% stake in Kottaram Agro Foods—the maker of the Soulfull brand of breakfast cereals and millet-based snacks.
AUTOMOTIVE
Key Facts :
Gadkari said more than 18 lakh EVs have been registered in India.
India has over 5,151 EV charging stations.
UP, Delhi and Maharashtra have registered highest EV sales.
The Story :
According to Nitin Gadkari, Minister of Road, Transport, and Highways, sales of electric cars (EVs) are steadily increasing, and more than 18 lakh EVs have already been registered in India (MoRTH). As the most electric vehicles have been registered in Uttar Pradesh, followed by Delhi and Maharashtra, these three states have emerged as the leaders in EV sales. Gadkari further said that Delhi (539) and Tamil Nadu (660) are the states with the most operating public EV charging stations (PCS) (439). In India, there are now 5,151 public EV charging stations in use. This was said by the minister in a written response to the Rajya Sabha.
In response to a different query, Gadkari stated that the computerized fee-collecting system has greatly decreased traffic congestion at fee plazas along highways. He continued by saying that the Delhi-Meerut Expressway has been the site of a pilot project for the ANPR-based system. According to the system, FASTags are subject to the applicable user charge deduction based on the entry and exit of the cars as recorded by ANPR cameras.
TECH
The Story:
This month, Onkar Batra, a Jammu student in the 12th grade, launched his nano-satellite with assistance from the Indian Space Research Organization (ISRO). India's first open-source satellite, InQube, was created by Batra, a student of BSF Senior Secondary School Jammu. This month, with the help of ISRO, a satellite developed under the auspices of the Paradox Sonic Space Research Agency will be launched.
Speaking to Milap News Network, Batra claimed that the satellite, which weighs one kilogram, was created using nanotechnology. While this price reached the crores in other nations, the cost of its debut in India ranged from 20 to 80 lakh rupees. Every satellite that is put into orbit, according to him, has a specific mission.
The satellite has two missions, he continued. One is to determine whether such a lightweight satellite can function in space, and the other will measure the temperature to inform scientists of the upcoming weather.
Ram Nath Kovind, the President of India, presented Batra, who is also the Chief Executive Officer of Batra Technology, with the National Bal Shakti Award for developing an interactive website for COVID-19. Batra became the youngest Webmaster in the world when he launched his first website at the age of seven, earning him a spot in the Guinness Book of World Records.
Want a BIT More?
The Congress has convened a meeting of its MLAs today to address its next challenge—choosing a Chief Minister—after winning Himachal Pradesh. There are at least four candidates for the Congress to pick from, so it won’t be simple. At 3 pm, a meeting will be held at the Radisson hotel in Shimla. Pratibha Singh, the wife of Virbhadra Singh, the Congress’ tallest leader in the hill state till his passing last year, is the front-runner for the position of governor of Himachal Pradesh.
BJP politicians including Union Home Minister Amit Shah had mocked the Congress’s plethora of “Chief Ministers.” Congress leaders had discussed relocating the newly elected MLAs to Chandigarh or Raipur in order to encircle them in case the election turned sour. After the party gained a resounding victory, that strategy has been abandoned.
The BJP took 25, and the Congress won 40 of the 68 seats, five more over the majority threshold. The Congress is of the opinion that the BJP’s attempts to poach would fail for the time being. Bhupesh Baghel, the chief minister of Chhattisgarh, Rajeev Shukla, the Congress representative for Himachal, and senior leader Bhupinder Hooda will all be present at the meeting in Shimla.
