India's economy to grow at 5.7% in 2022: UNCAT || Google stops Google Translate in Mainland Chaina & More

Good Morning! “Nobody ever figures out what life is all about, and it doesn't matter. Explore the world. Nearly everything is really interesting if you go into it deeply enough.” - Richard P. Feynman

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WEEK AHEAD

• BSE SENSEX : ₹56,788.81 (-1.11%)

• NIFTY 50 : ₹16,887.35 (-1.21%)

• NIFTY BANK : ₹38,029.65 (-1.56%)

• USD/INR : ₹81.57 (+0.09%)

• BRENTOIL : $88.94 (+4.36%)

• MCXGOLD : ₹50,130.00 (+0.07%)

• FII Net Cashflow : + ₹590 crores

• DII Net Cashflow : - ₹423 crores

(Market data as of 11:00 PM on 03/10/2022)

ECONOMY

India’s economy to grow 5.7% in 2022, 4.7% in 2023: UNCAT

The Indian economy is predicted to increase by 5.7% in 2022 and 4.7% in 2023, according to the United Nations Conference on Trade and Development (UNCTAD). The Gross Domestic Product (GDP) of India increased by 8.7% in FY22.

The world economy is predicted to grow by 2.6% in 2022, which is 0.9 percentage points less than the rate predicted in the previous year's study, according to the organization's annual Trade and Development Report 2022, which was released on Monday.

It issued a warning that the situation appears to be getting worse and that further slowing in growth is anticipated.

AUTOMOTIVE

GM to boost Chevrolet Bolt EV production

Key Facts:

• General Motors reported the highest quarterly sales of the Chevrolet Bolt EV and Bolt EUV, which totalled 14,709 vehicles.

• In June, GM cut bolt prices after it faced a decrease in sales for six months.

• GM predicts that they will increase their production for the global market to more than 70,000 in 2023 from 44,000 in 2022; the output growth is at about 60%.

The Story:

General Motors are hiking production of the EV Chevrolet Bolt and other vehicles. GM Bolt sales in 2021 hit a record annual high of 24,828 vehicles. GM is preparing to boost its production to more than 70,000 in 2023 from 44,000 in 2022 to avoid any supply-side disruptions. As the demand for bolts increases, the company must fulfill the order.

The main reason behind the rise in bolt sales is that they sharply cut Bolt’s prices after it halted sales for six months following a battery recall. Beginning in late November, GM will temporarily halt the manufacture of the GMC Hummer EV in order to ramp up production.

The carmaker confirmed that the Chevrolet Silverado EV, Chevrolet Blazer EV, and Chevrolet Equinox EV launches in 2023 would proceed as planned. GM market share is still 1.4 % which is very less. Out of 1.65million vehicles sold in U.S in first nine months of the year and GM sales is 23000

RETAIL

A merger with Three UK has been confirmed by Vodafone

The Story:

The owner of Three UK and Vodafone have acknowledged that they are in discussions about a prospective merger that would create the largest mobile operator in Britain. Vodafone and CK Hutchison, the parent firm of Three UK, have long been seen as potential merger partners amid the recent wave of consolidation in the British and European telecoms sectors.

The combination of Vodafone and Three, the third and fourth largest mobile operators in the UK, would surpass competitors EE and O2 with more than 27 million members. “The proposed acquisition would consolidate the UK operations of both firms, with Vodafone controlling 51% and our partner CK Hutchison 49% of the combined business," said Vodafone.

The French telecoms entrepreneur Xavier Niel and the Swedish activist investor Cevian both acquired holdings in Vodafone after its stock price more than halved in 2018. This is the first disclosure of conversations between the two businesses. On Monday, the company's stock saw a 2.6% gain.

Hutchison, a Hong Kong-based company, has been considering a sale after failing to expand Three UK, which debuted more than 20 years ago, to the size of the three largest competitors, EE, O2, and Vodafone.

Given the enormous expenses of deploying and operating new 5G networks, according to Vodafone, a transaction to build a larger telecoms firm was required.

Vodafone UK and Three UK will "get the necessary scale through the combination of our businesses to be able to speed the complete 5G rollout in the UK and increase internet connectivity to rural communities and small businesses."

According to Vodafone, the combined company "would compete with the two existing established companies for all UK customers and deliver benefits through competitively priced access to a third trustworthy, high-quality, and secure 5G network across the UK."

TECH

Google stops offering Translate Services in Mainland China

The Story:

Google has discontinued its Google Translate Services in mainland China. According to the Chinese social media posts, users are unable to access the services both in-app and in google chrome browsers since Saturday.

As stated by Google, “low usage” is the reason for the discontinuation of the service in China. The Google Translate website and app now show a generic search bar and a link that directs Chinese users to the company's Hongkong page, which is restricted on the Chinese mainland.

Want More Bits?

Offer letters given to freshers revoked by Wipro, Infosys and Tech Mahindra

The Story:

Leading IT and software companies have cancelled offer letters made to students after postponing their joining by close to three to four months, including Wipro, Infosys, and Tech Mahindra. Numerous freshmen reportedly received offer letters, but eventually, their offer letters were cancelled after their joining dates were postponed. BusinessLine broke the news first, citing emails sent by these businesses to freshmen whose offer letters were turned down.

The sources state that the students went through a rigorous screening procedure, including numerous rounds of interviews, before receiving these offer letters. "You have been found to not meet our academic qualifying requirements. Consequently, your offer is invalid "read one of the emails.

The companies were yet to react to the reports. The country's IT/tech sector is not immune to the effects of the global macroeconomic conditions, which have affected Indian sectors amid predictions of a recession and rising prices. Prior to now, experts predicted that the Indian IT sector's momentum would continue to wane.

While Infosys reportedly reduced variable compensation to 70% and Wipro entirely delayed it, TCS had previously delayed variable pay to its employees. In August, hiring activity in the IT sector decreased by 10%, according to the most recent report from Naukri.com.