Namma Bengaluru on its knees🚣♀️
It’s not only Indian Cricket Fan’s hopes that drowned, but India’s Tech city also got submerged in water as heavy rains lead to waterlogging in main areas of Bengaluru. This gave wings to the already alarming traffic trouble of the city by creating a jam for as long as 5 hours.
Okay, so what about the businesses?
Bengaluru, the Silicon Valley of India, suffered a loss of Rs. 225 crores on August 30 as its IT employees were struck in traffic for five whole hours.
Not only the IT sector, but the MSME industries also suffered a huge setback as the Penny Industrial Area, locating nearly 8,500 MSME, had a week long suspension. This havoc created by rain cost the industry Rs.50 crore loss per day.
Who is to be blamed?
The blame game is on with current govt putting the wrongdoings on predecessor’s shoulders. FYI, the current municipal body BBMP has been under the same party for last 12 years! And this BBMP is the 2nd richest municipal corporation in the country.
Trolls, memes and false pride on the never dying spirit wont help us but a serious awakening during elections might. Voter turnout during last elections in 2015 was just 49%. So clearly the joke is on us.
Tata and its “coming soon” promise🤞
It’s not your setback, but your come back that shows your strength. Even King Kohli had a setback before scoring his 71th century yesterday. With this regard, TATA Neu, Tata’s super app is also considering a revamp.
TATA Digital Ltd. officially launched its superapp TATA Neu on April 7 including consumer arms such as BigBasket, 1mg and Croma. Post that, it received several complaints of poor user experience and payment glitches. This called for a whole rethink. Reports suggest TCS stepping in too.
TATA Neu 2.0
TDL is resorting to technological experts for rewiring its execution and technological capabilities to create a seamless consumer experience. Although TATA has its in-house brands on the platforms, it’s also considering onboarding brands outside too and the growing Fintech industry.
TATA’s Fintech Favour:
Until now, TATA Neu had everything but a Stock broking arm. Well, that too will be on the app soon as TDL is finalising plans to offer Zerodha like services through TATA Fintech.
Tata’s have been somewhat unpopular in launching new products with a lot of fanfare, but get tangled in delays. Remember Nano? By the time the aam aadmi car hit the roads, the response died down and glitches stood out glaring. Will Neu see the Nano fate?
Meanwhile, Fintech Founders to TATA
Achievement unlocked for Indian Securities Market as the number of demat accounts in India hit 10.5 crore mark in August. It’s a landmark worth celebrating as a mere 4.09 crore Demat accounts in March 2020 rose up to 10.5 crore in August 2022. The pace, no one would’ve imagined.
What made Demat so desirous?
Well, the pandemic interested the masses and turned them into investors as the job losses and search of passive income rose.
But, it was the ease of opening a Demat Account and increasing financial awareness that mandated having a Demat account and passive investment as a responsible adult.
How did Markets react to these?
Retail investors are ruling unlike before as their majority is really impacting the market volatility. Retail investor’s stake in listed companies is at a record high while indirect investment through mutual funds has also touched new all-time highs.
Okay but downside?
With more buyers of shares, the market is left with fewer shares to trade which creates an imbalance in liquidity. At times, liquidity is extreme on the lower side as that of this August when 51000 crore of buying by FIIs saw market rise by 18% and come close to the levels from where FIIs sold over 2 lakh crores of shares.
Well, the market is bound to fluctuate but what’s important is Demat at 10.5 crore mark and that’s a legit applauding achievement.
Meanwhile Stock Market enthusiasts witnessing Demat growth be like:
US will lit up the Indian way 🎄
India is all set to decorate US homes with baubles and trinkets this year which was done by China until.
Importers in the US and Europe are looking for more cost effective alternatives for their decorative needs. And India is leveraging this with a 54% jump in festive decorative exports and 32% increase in handicraft exports.
This pushed India among the top five exporters to the US which is expected to expand to $500 billion annually by 2030. Not only this, tech giants like Apple, Google and Microsoft are also on their way to India to diversify their production.
The bottom line: The Chinese yuan has fallen to a two-year low due to deepening real estate crisis and slowing economy driven by droughts and pandemic shut downs. All of this has got India its attention as a favourite China+1 candidate.
What happened: G7 nations announced a price cap on Russian oil! Is that a joke? This price cap is absolutely meaningless because Russia is not supplying a substantial amount of oil to G7 nations anyway!
Sanctions and now a cap?
The European nations had grossly overestimated the impact of sanctions. Energy prices in Europe have sky rocketed and the winter demand is fast approaching.
The bad boys: Russia is weaponizing energy to force the West to remove the sanctions imposed on it. It halted the gas flow from the Nord system 1 pipeline ahead of the winters. In its defence, Russia blamed the halt on economic sanctions imposed by the west saying that they led to technical problems.
The final consequences? By zapping Europe’s gas supply, Russia is its economic heart. If this continues, Europe’s ailing economy is surely going into a full recession causing a collapse in energy trading.
Bottom Line: Unless the G7 can convince big consumers like India and China to buy Russian oil only at the capped price, this announcement can do no harm and Russia will continue to have the last laugh.
What else made news?
📱Apple 14 is here: Much awaited iPhone 14 Plus, iPhone 14 Pro and iPhone 14 Pro Max is launched by Tim Cook at the Steve Jobs Theatre located in Apple Park
😓Bankruptcy alert: Ronnie Screwwala backed ‘Lido learning’ learns the files of bankruptcy seven months after it laid off 1200 employees
🤴New British PM: Lizz truss becomes UK’s third woman Prime Minister after beating Indian-origin Rishi Sunak
👸🏼End of an era: UK’s Queen Elizabeth II bids adieu to the world at 96 after reigning for 70 years on the throne
⬇Nose dive: British Pound falls to its lowest level against US Dollar in more than 4 decades
🎇 Bumper listing: Airport service aggregator, Dreamfolks services’ IPO lists at a premium of 56%
What Tavaga Tribe has been up to this week?
Reading : Surrounded by Idiots by Thomas Erikson. The book offers a simple, yet ground-breaking method for assessing the personalities of people and how to effectively communicate with them.
Listening : The Money Guy Show: Two wealth managers Brian Preston and Bo Hansen helps young listeners in making smart financial decisions by making complex finance topics easy.
Meme of the week
Key insights from our Research Team
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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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