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- Tesla rival Fisker to enter India || Govt. pushes for Regional Navigation System & More
Tesla rival Fisker to enter India || Govt. pushes for Regional Navigation System & More
BGS Committee
September 27, 2022
Good Morning!
Here are:
"5 amazing stories in 5 minutes to make you future ready"
Happy reading!
MARKET DATA
BSE SENSEX : ₹57,145.22 (-1.64%)
NIFTY 50 : ₹17,016.30 (-1.80%)
NIFTY BANK : ₹38,616.25 (-2.35%)
USD/INR : ₹81.38 (-0.30%)
BRENTOIL : $83.32 (+0.70%)
MCXGOLD : ₹49,125.00 (-0.56%)
FII Net Cashflow : - ₹5101 crores
DII Net Cashflow : + ₹3532 crores
(Market Data as of 7:00 AM on 27/09/2022)
AUTO
Tesla-rival Fisker to enter Indian SUV market next year
Key Facts
The Ocean costs around $37,500 in the United States, but importing it to India would incur additional logistics costs as well as a 100% import tax.
Electric cars currently make up just 1% of India's roughly 3 million annual car sales.
The Story:
Fisker, a Tesla competitor owned by Henrik Fisker, has declared it will launch in India in July of 2023. The company will market and sell its Ocean electric sport utility vehicle (SUV) in the nation. Within a few years, it may start producing its cars locally, which would help keep the price of its EV low. "India eventually plans to use only electric vehicles. We want to enter this market first, even though it might not move as quickly as the United States, China, or Europe "Reuters news agency cited business CEO Fisker's statement. He further stated that the business intended to get a competitive edge.
The announcement comes days after Tesla Inc put on hold its plans to enter the Indian EV market after failing to secure a lower import tariff for its cars. Like Fisker, it first wanted to import vehicles to test the market before committing to local manufacturing.
Fisker acknowledged that importing cars into India is "extremely expensive," but added that the business wants to utilize the Ocean to establish its brand, with its high price likely limiting sales. "In the end, you practically have to start constructing a vehicle here or at least undertake some assembly," Fisker added, "if you want to have somewhat of a greater volume in India."
According to him, Fisker is considering producing the smaller, five-seater PEAR in India, but not before 2026. "It would be fantastic if we could purchase that automobile locally in India for less than $20,000. Once we reach a certain volume and market share, I believe, "added he.
Magna International and Fisker have a contract manufacturing arrangement. At its Austrian facility, it will create the Ocean and transport it to India. Foxconn and the firm have a contract for the PEAR's construction. According to him, the business is already looking for real estate space to open a shop in New Delhi.
INDUSTRY
Key Facts:
A vendor company will invest an additional 400 Crores in the facility.
Hero Electric claims to raise about 150-200 million dollars within a quarter.
Hero Electric is working on setting up 100,000 charging stations across the country.
The Story:
According to Naveen Munjal, Hero Electric Managing director hero is going to set up a greenfield manufacturing unit in Rajasthan which will incur an expenditure of Rs. 1200 crores. It will be set up in Salarpur industrial region with an area spanning 170 acres and will have an annual capacity of 2 million units.
An agreement with the Rajasthan government has been signed for the facility. It will be operational by the middle of 2023. Hero Electric aims to reach 5 million units annual capacity by 2025.The plant's advantageous position, just 100 km from the Delhi airport and adjacent to industrial clusters in the National Capital Region, would guarantee seamless connectivity and effective logistics.
"We're having a conversation. Our working capital is under pressure, and we would also require money to increase the capacity even further, said Munjal. We should be able to raise (about $150-200 million) in funding within a quarter. There will be a mix of equity and debt."
In the next two years, Hero Electric wants to increase the number of its over 850 contact points—which will total 1,500—by more than 80%. Additionally, the business is collaborating with other partners to install more than 100,000 charging stations across the nation.
Hero Electric intends to expand its B2B business services in addition to catering to private consumers. The company aims to sell roughly 20,000 units in FY23, which Munjal anticipates would increase to 50,000 units in the following fiscal year.
PHARMA
The Story:
As part of the agreement, Medi Assist, a company based in Bengaluru, would purchase 100% ownership in Medvantage, formerly known as United Healthcare Parekh Insurance TPA, a company based in Mumbai, which it plans to fund through cash from its balance sheet.
The deal's size was not made public by the company, and it still has to receive regulatory approval from the Insurance Regulatory and Development Authority. As the 20-year-old corporate-focused company gets acquired, the acquisition will assist the top TPA in increasing its market share. In FY22, Medi Assist reported having a total income of 393.3 crores. According to its annual report, Medvantage had a total income of 28 crores in FY21.
In May 2021, Medi Assist submitted its preliminary red herring prospectus to the Securities and Exchange Board of India (Sebi), with the intention of raising more than 850 crores through its initial public offering.
"Medi Assist will now serve more than 10,000 crores in health insurance premiums as part of its Corporate portfolio, and it also holds a market share of close to 30% in this industry "The business stated.
"The cornerstone of Medi Assist's development story has been our commitment to providing digitally the first service. The acquisition fits well in terms of strategy and culture "Satish Gidugu, CEO of Medi Assist, remarked.
The agreement gives Medi Assist's pan-Indian hospital network, AI/ML, automation, and fraud detection capabilities to Advantage and its clients. Investors supporting Medi Assist include Bessemer Health and Investcorp Private Equity. This is Medi Assist's third acquisition in the market; it also purchased Medicare TPA in 2018 and Dedicated Healthcare Services (DHS) TPA in 2016. Over 9,000 corporate clients make up its clientele.
TECH
Key Facts:
Indian government wants to expand its dependence on the regional navigation system (NavIC) and reduce the dependence on foreign systems including GPS.
The tech giants like Samsung, Xiaomi, and Apple are worried about increased expenses and inconveniences.
NavIC provides more accurate domestic navigation and due to the regional navigation system, it also provides Economic benefits.
Center is planning to push the phone manufacturer to use the Indian navigation system (NavIC) by the end of this year. NavIC is an independent, stand-alone navigation satellite system developed by the Indian Space Research Organisation (ISRO). This project was completed in 2018 with a cost of 174 crores. NavIC has 8 satellites which has covers India’s landmass up to 1500 km. It mainly used for vehicle tracking in the country.
Government has to reduce the dependence on Foreign Navigation system (GPS, GLONASS) for several reasons, the main one being that using foreign navigation system or GPS is not reliable for defense agencies..
Want More Bits?
Key Facts:
Fear of any particular situation or object is called phobia.
Most phobias generate a similar response and only differ in the source of fear.
Common symptoms include pupil dilation, increased respiratory and heart rate.
Phobias Explained:
When people’s reaction towards a dangerous or unpredictable situation blows out of proportion to such a level that it becomes excessive or irrational, phobia emerges. According to Ron Rapee, a professor of psychology, phobias are usually found due to realistic and evolutionary sensible objects and situations. He said, "For example, one almost never sees a phobia of electric wires or sockets (even though these can kill you), but it is common to see phobias of storms or snakes or spiders — in other words, things that could kill us in ancient times."
As per some theories, phobias usually emerge during childhood which may or may not be linked with any particular traumatic experience. In some cases, when these traumatic experiences are repressed, they may emerge as a phobia in later stages of life. However, it is not always the case, some may also develop a phobia by seeing the bad experience of others or when someone constantly reminds them how bad or dangerous something can be. For example, “parents constantly telling their kids to stay away from water bodies” could develop Thalassophobia- “fear of large bodies of water” in their kids. People who are temperamentally fearful and emotional are more likely to develop phobias, Rapee said.
So, isn’t there a way to get rid of them? “Phobias probably last a long time because people tend to avoid encountering these situations or objects” However the only way to get rid of them is to face your fear, in professional terms this is called “Exposure Theory”.
