Overall, Monday was a great start to the week, especially for the Indian indices.
The BSE Sensex closed above the 65,000 mark for the first time after four consecutive sessions of gains, while the Nifty50 rose 0.7% to close at a record high of 19,322.55.
But not all was as great as it sounds, and India’s white-collar jobs fell by 3% in June, according to the Naukri Jobspeak Index. Job-sensitive sectors include IT, retail, BPO, education, FMCG, and insurance.
Meanwhile, Rebel Foods is expanding into Saudi Arabia. The startup, which owns brands such as Faasos, Behrouz Biryani and Oven Story Pizza, plans to launch two cloud kitchens in Riyadh. It already has a strong presence in the UAE.
In other news, Meta-owned WhatsApp banned more than 6.5 million accounts in India in May in response to user complaints for breaking the law. Surprisingly, the company banned 2.4 million accounts even before they were reported.
ICYMI: Whether it’s planning a party in the office, ordering lunch, or taking notes at a meeting, women are likely to do the work.
HBR research estimates that women perform 29% more office work than men and are more likely to volunteer or be offered such work. Here are some tips to avoid getting stuck in the office.
In today’s newsletter, we’ll talk about:
- Fantasy sports platform IPL show
- Decline in EV sales in June
- Inside the Children’s Congress of India
Here’s today’s trivia: His first real purchase with Bitcoin was in 2010, when Laszlo Hanyecz spent his 10,000 BTC. what did he buy
Fantasy sports platform IPL show
The fantasy sports platform saw gross gaming revenue of Rs 280 crore during IPL 2023, up from Rs 220 crore last season. Redseer reports that this revenue was driven by approximately 61 million users who participated in activity on these platforms this season.
- According to the report, nearly 35% of users who traded in fantasy games this season were first-time players.
- IPL 2023 saw an 11% increase in the number of cash users, or active users transacting during the IPL season, compared to the previous year when these platforms recorded 55 million paying users.
- Around 1000 crore was spent on advertising in the latest IPL season, with BCCI, franchises and broadcasters earning 65% of total spending as direct income.
Startups: Leveraging Edu
Amount: $40 million
Round: Series C
Amount: $30 million
Decline in EV sales in June
According to Vahan’s dashboard, electric two-wheeler (E2W) sales fell 57% month-on-month in June 2023, the lowest level in 12 months. The decline followed a cap on subsidies for E2W that came into force in June.
In May, the Ministry of Heavy Industry made an important announcement regarding subsidy cuts for E2W. The maximum subsidy, previously set at 40% of the vehicle’s factory price, has been reduced to just 15%.
- Regarding batteries, subsidies for electric two-wheelers have been reduced from Rs.15,000/kWh to Rs.10,000/kWh.
- In June 2023, only 45,798 units were sold compared to 1,05,340 units in May.
- It’s worth noting that the surge in May was largely driven by last-minute bookings and sales, as consumers rushed to take advantage of subsidy discounts before they expired.
Inside the Children’s Congress of India
The Children’s Parliament is an organization by children, by children, representing the most pressing issues at the panchayat, district, district, state and national levels. Children’s members are educated by the NGOs that facilitate the establishment of these organizations about their rights as citizens, legal resources available to them, how to submit RTIs and petitions, follow-up, etc.
These “ministers” do not accept a no answer. They want to fix roads, feed children and eradicate drugs.
Of, for and by children:
- According to UNICEF, the Children and Youth Parliament will create a space for children to share problems and solutions within a progressive forum where all are accountable.
- Since 2017, Navjivan Education and Social Welfare Association Digha (NESWSD) has formed 35 children parliamentary units comprising 475 members from some of the lowest socio-economic regions of Bihar.
- Children’s parliamentarians also lobbied local authorities to install hand pumps, the only source of water, in public schools in Basitpur Digha.
News and updates
- Full of energy: EV makers Tesla and Rivian Automotive saw significant increases in deliveries. Tesla delivered a record 466,140 vehicles in the April-June quarter after price cuts, while Rivian saw a 59% increase in sales.
- Result: A day after Twitter imposed new limits on the number of posts users can see depending on their verification status, rival Mastodon reported a significant increase in traffic. CEO Eugen Roshko claimed that the platform’s active users increased by at least 110,000 on July 2.
- Say ‘no’ to plastic: New Zealand has become the first country in the world to extend a ban on plastic bags in supermarkets to include the thin bags normally used to hold fruits and vegetables. The move is expected to prevent the use of 150 million plastic bags annually.
The first real purchase with Bitcoin took place in 2010, when Laszlo Hanyecz spent 10,000 BTC. what did he buy
Answer: Two pizzas. Now the same 10,000 BTC is worth him $300 million.
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