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Episode 251

Business News at 05:30 pm on 22nd November 2022

Listen to the latest business and finance news by the Financial Express where today we talk about Musk’s plan to bring end-to-end encryption to DMs, CDP’s climate action list, Kaynes Technology IPO, and AWS launching second infrastructure region in India. We also highlight latest updates on Federal Ban’s new deposit scheme for NRIs, and Prime Minister distributing 71,000 appointment letters. Do not forget to get your daily updates of stock market.

Today’s Latest Business News at 05:30 pm on 22nd November

2022.

[Disclaimer: This transcript is auto-generated]
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Let’s begin with the Twitter-Musk saga. Elon Musk is reportedly planning to bring end-to-end encryption to DMs. The update is part of Twitter 2.0, that he is apparently building, Musk reportedly told employees during a recent meeting. This new Twitter will also reportedly feature voice and video calls, seemingly turning the microblogging platform into a full-fledged chat service. It was noticed that earlier there were cases of mismanagement when it came to private chats, while some got easily leaked, some were accessible to third parties. Musk has been regularly posting on his own Twitter account regarding every new idea and all the changes that he wishes to make in the company. There have been many changes before in Twitter DMs, but what Musk aims to bring to the table sems to be inspired from other apps like Signal which has a system of end-to-end encryption along with a grid of asking for phone numbers and other authentication techniques. Signal’s creator Moxie Marlinspike may apparently help out in bringing this new Twitter update to life.

Meanwhile, E-commerce players like Amazon and Flipkart will have to voluntarily disclose all paid consumer reviews of products and services offered on their platforms, with the government bringing in new norms to curb fake reviews and help buyers make informed decisions. However, the government has barred publication of reviews that “have been purchased and/or written by individuals employed for that purpose by the supplier or third party concerned”. The BIS standards, prepared after extensive stakeholder consultations and to be effective from November 25, will be voluntary but the government will consider making them mandatory in case the menace of fake reviews continue on the online platforms.

On to IPOs. Kaynes Technology made a bumper debut on the domestic indices today, listing at Rs 775 on the BSE and Rs 778 on the NSE. The IPO sought to raise funds through issue of fresh sales totaling Rs 530 crore and OFS amounting to Rs 327.8 crore, making the total issue size Rs 827.8 crore. The company will use the funds to repay certain borrowings they’ve availed, expand on the manufacturing facilities’ infrastructure in Mysore and Manesar. The company will also invest in their subsidiary, Kaynes Electronics Manufacturing and set up their new facility in Karnataka. The total promoter holdings after the issue will be diluted to 67.39% from 79.78%.

For those interested, Federal Bank has launched a deposit scheme for NRIs titled ‘Deposit Plus’. The scheme offers a higher interest rate than the existing NRE fixed deposits, the bank said in a statement. The maximum interest rate offered in Deposit Plus scheme is 7.50% for a tenure of 700 days. The bank said that the interest accrued on this scheme will be added to the principal (re-investment plan) on a quarterly basis. Deposit Plus is an exciting opportunity for Non-Residents to invest their funds as the interest earned is exempt from Income Tax. The deposits cannot be closed prematurely; however, customers have the option of availing loans up to 75% of the deposit amount in the event funds are required prior to maturity.

Moving on. Prime Minister Narendra Modi on Tuesday gave around 71,000 appointment letters to new recruits via video conferencing as a part of the government’s Rozgar Mela (employment fair). Physical copies of appointment letters were distributed at 45 locations across the nation, except for Gujarat and Himachal Pradesh which are undergoing the Model Code of Conduct. According to the Prime Minister’s Office, PTI reported, the drive is a commitment to employment generation that is expected to create more jobs enabling youths to participate in national development directly. As many as 75,000 appointment letters were distributed in October.

IN the industry sector, Amazon Web Services, the cloud computing arm of Amazon.com, has launched its second AWS infrastructure region in India—the AWS Asia Pacific (Hyderabad) region, joining its existing region in Mumbai which opened in June 2016. AWS is planning to invest about $4.4 billion in India by 2030 through this new region in Hyderabad. The investment is also estimated to create an average of more than 48,000 full-time jobs annually, which will be part of the AWS supply chain in India including construction, facility maintenance, engineering, telecommunications, and jobs within the country’s broader economy. The construction and operation of the AWS Asia Pacific Hyderabad region is also estimated to add approximately $7.6 billion (approx. Rs 63,600 crore) to India’s gross domestic product by 2030, according to AWS.

And lastly, the stock market. Indian benchmark indices closed in the green, with BSE Sensex and NSE Nifty gaining about 0.4% each, snapping a three-day losing streak. The BSE Sensex ended at 61,418, up over 270 points or 0.4%, reclaiming the 61,400 level. Nifty ended at 18,249, up 0.45% from its opening level of 18,179. Volatility gauge, India VIX, ended at 13.84, down by 6.45%. All of Nifty’s sectoral indices ended in the green, barring Nifty Realty which ended 1.22% down. Nifty PSU Bank was the biggest sectoral gainer, ending up 1.66%.

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Business News at 05:30 pm on 22nd November 2022