India shines on Global Podium🥇
What happened – Starbucks picks Pune based Laxman Narasimhan as next CEO with $1.3-million annual package. He has earlier served as the head of Lysol and Enfamil baby formula, part of UK-based Reckitt Benckiser.
Indian on the global map – Mr. Laxman joins a long list of Indian origin CEO’s who are leading some of the world’s biggest companies. From techies shining in the silicon valley to tycoons heading some of the big conglomerates, Indian blood has made a mark on the global map. Alphabet’s Sundar Pichai, Microsoft’s Satya Nadella, Twitter’s Parag Agrawal, along with heads of Fedex, Adobe, Pepsi, IBM, Palo Alto Networks, VMWare, Vimeo are all of Indian descent.
You simply cant ignore India: Even back home, Indian market is force that everybody reckons with. How often does international conglomerates tweak their products or services to cater to the local markets? Well they all do in India! Considering the ‘Tapri’ culture of India, Starbucks itself realized that there are much more bucks in selling a cutting chai than a hazelnut frappuccino in India. We therefore see ‘Masala Chai’ and ‘Filter coffee’ on its menu.
Bottom Line – As rightly said by Mr. Anand Mahindra, what was initially just a trickle of water has turned into a Tsunami. Indian CEOs are seen to be safe leadership bets, a trend which is now unstoppable.
RIL AGM: The Family Picture👨👩👧👦
The quote ‘What happens in the Family, stays in the Family, has been taken seriously by the Ambani family as Mukesh Ambani succeeds his various counterparts to his progeny.
Succession sorted: At RIL’s 45th AGM, 65-year-old Mr. Mukesh Ambani announced a succession plan for its $222 billion strong Reliance Industries. While Akash and Isha to lead Jio and Reliance Retail respectively, youngest son Anant to take the helms of new renewable sector energy unit.
The announcement was made with a clear outline of the transfer of wealth by the billionaire Papa-Ambani who didn’t supposedly want a dispute like the one he himself got into with his brother for the want of no will by his father Mr. Dhirubhai Ambani.
Other details – Jio was the highlight of the event with massive investments of over Rs. 2 lakh crore earmarked and partnership with Meta for grocery shopping on Whatsapp. Another major news was Gujju bhai’s foray into FMCG. The acquisition of desi Campa Cola is a step in the same direction. Its cash guzzling Petchem and chemicals biz will remain in focus with a capex of Rs. 75k crore announced.
Bottom Line: With entry in FMCG, Reliance in clearly going the Tata way with a presence in virtually every facet of a common man’s life.
Noida Twin Tower to the grounds🏢
Decades to build, years to compete and seconds to destroy. The Supertech Twin Tower in Noida was destroyed to the ground at 2.30 pm on August 29. A mammoth 3,700 kgs of explosives costing Rs. 20 crore were used to destroy them after a Supreme Court order.
But why? Initially, the project was approved for only 14 towers and 9 floors only to be revised to 40 floors in each tower! Demolition was obviously ordered as a result of violation of norms. But this did not happen overnight.
A delayed justice – This demolition marks the end of almost a decade-long fight by neighbourhood residents who dreaded living next to such a gigantic structure. Not to forget the plight of those who had booked apartments in the two towers, and paid the entire cost upfront. This case is a symbol of several such false promises that homebuyers have been given by developers across the country with little judicial support to resort to. For the last 6-7 years, the case was up for hearing for more than 50 times, only to be postponed to another one.
Bottom Line – This long standing struggle throws light on our crippled judiciary and their tareek pe tareek system. Should these towers not have been taken down? Well, the debate is still on but this memory will forever be etched in every developer’s mind and should rightly be!
Save your data from Bangalore🚨
Make sure to protect your personal data the next time you’re in Bangalore, as it tops the cities where criminals succeed to hijack your data.
According to the National Crime Records Bureau, Bengaluru accounted for 72% out of total identity theft cases registered across 19 metropolitan cities in India. The next two cities on the list were Kanpur and Surat.
Alarm bells on? Yes, just like any other robbery, criminals can illegally access your personal information including critical banking proofs and passwords. Once it’s been hijacked then it can be used for siphoning off money from your bank, creating fake social media profiles, and using personal social media handles with ill intentions. There are many alter uses of using personal data for monetary purposes by criminals. And just like any other crime, it’s a punishable offense too with relevant sections.
Bottom Line Despite being the Tech hub of the country, Bangalore is struggling with such identity theft issues and at an alarming rate. It’s also the city with the highest usage of digital services and digital banking, thus the need for its protection.
2 Kitchen, 400 restaurants 🍱
One person in Bengaluru, Karnataka is running 400 different restaurant listings on Swiggy and Zomato from two tiny Kitchens. A ‘Kitchen Klout’?
What if we use 100% of our Brains? And Bengaluru’s Ramjani Khan did it. Well, this is the highest someone ever has used Startups for their own good but in a creative way.
This man operated around 400 restaurants from 2 Kitchens and with the help of creative loopholes. Yeah, that’s what we called a ‘Cloud Kitchen’ but here’s something to ponder about it.
A man writing under the pen name of Pea Bee on substack dug into this matter once he found out that one FSSAI License has 189 and possibly more different restaurant listings on Swiggy. And it got more interesting when Zomato also had the same FSSAI licensed restaurants but 127.
Whats the big deal, you may ask? See, there’s no cap on restaurant listings on one FSSAI registration but things got fishy. And that was the common poor ratings of all of such restaurants on both platforms. None of them was rated higher than 4 and all the restaurant names were near dupes of well-doing food brands, to mistake the user for a similar brand name. A foolproof agenda to misguide and sell!
Bottom Line – Vendor listing process need to be reworked into a more precise and controlled process, to prevent foodies being taken for a ride
Europe on a way to recession📉
Among the economic chaos and recovery confusion in the European Union, there is a broad agreement on one thing and it’s a ‘Nearby Recession’.
Recession Backing Factors – Every single thing is turning unfavorable for the European economy and signaling towards an alarming recession. Russia’s war on Ukraine, an immediate drought across the continent, and lethargic recovery from the Covid-19 pandemic and Its after-effects left no room for the European Economy to flourish or to be stable at least.
The soaring numbers – Energy prices in Europe surged 38.3%, while food prices rose by 10.6% along with 5% hike in goods price and Cost of Service hiked 3.8%. All of this collectively makes European Inflation hit a solid 9.1% record high.
What else made news?
- 😬GDP misses estimates: India’s fiscal first quarter GDP reported a double digit growth of 13.5% but disappoints estimates of 15.2%, still a 4.1% growth than previous quarter.
- 👋IndiGo CEO took off: Rakesh Gangwal with 36.61% share in IndiGo, steps down as CEO with market stake worth 29,900 crore.
- 😎Stocks selling like hot cakes: Adani became The World’s Top 3rd billionaire with $137 bn net worth and 900% net worth growth in the last two years. Adani Ent also joins Nifty 50 club
- 🧐FD needs Validation: RBI mandated to claim the FD amount after maturity, otherwise you’ll lose interest.
- 🤦♀️Layoff saga continues: Tiger-Global backed and Twitter counterpart (but Indian) Koo layoffs 40 employees due to funding crunch.
What Tavaga Tribe has been up to this week?
Reading: The Wisest Owl by Anupam Gupta. Aspiring for high financial goals but constantly grapple with complicated questions surrounding money? This book tends to answer them all using the wisdom of top finance experts.
Listening: Cred Curious by Cred. An insider on the leading Indian Stock Market and Startup space by the great Kunal Shah who interviews founders and business leaders.
Meme of the week
Mumbai local show
Key insights from our Research Team
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Hope you have a safe and relaxed weekend!
Disclaimer: This write-up is solely for educational purposes. This in no way should be construed as a buy/sell recommendation. Please consult your investment advisor before investing.
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