Week 16

Onion 🍠

October 24, 2020

Good Morning,

Welcome! I hope you have your “Subah Kee Chai” ready and you're excited to read your weekly 10-minute digest. 

This week saw positive market performances, rising onion prices, sand dune's in Goa and crying army officers wanting alcohol. If you read any interesting news stories throughout the week, please do share them, I would love to read them too! 

I hope you enjoy today's newsletter,

Now let’s get into the news.

Markets

Markets

Both

finished in the green with gains in the auto, metal, and power sector due to positive cues from global markets. Maruti Suzuki, M&M, Tata Steel, and Bajaj Auto were among the top gainers. On the contrary, UltraTech Cement, HCL Tech, and HUL were the top losers. Positive cues from Hong Kong, Tokyo, and Seoul followed by early green doors for European markets resulted in domestic markets finishing in the green. 

COVID-19

India has the largest number of

in the world and stands at second in terms of the number of tests conducted. The COVID-19 recoveries have crossed 70 lakhs, and the country has conducted more than 9.6 crore COVID-19 tests. With one of the lowest cases/deaths per million over the last 7 days, is India recovering? 

Crying cause of onion prices!  

Onion

Sajeev Kumar Chadha, managing director of

, on Friday stated that the government is left with 25,000 tonnes of onion stock in its buffer, which is at risk of getting exhausted by the first week of November. Currently, Nafed is unloading onion stock into the domestic market in an attempt to push onion prices down. Onion prices crossed INR 75 per kg in some parts of the country over the last few weeks. What is Nafed? Nafed stands for the National Agricultural Cooperative Marketing Federation of India, and it controls the buffer stock of onion on behalf of the government. 

Big picture:

Despite the government's measures to curb onion prices, the per kg price consistently rises. Will India need to look abroad to find cheaper onions? What impact will it have on the Indian farmers? Does global warming play a role in the weather changes causing changes in crop cycles? 

Nokia 

I'm sure everyone has experienced a drop in phone networks at some point in their life. Well, if your signal is bad on earth, have you considered trying

? Nokia has been selected by NASA to build the first cellular network on the moon. Nokia announced that it plans to build the first wireless broadband communications system on the lunar surface by 2022. The network will allow astronauts to communicate through voice and video, and it will ease the process of sharing data and findings. 

Sand dunes in Goa?

Sand Dune Park

is known to be one of India's finest tourist attractions with long beaches, tasty seafood, and popping nightlife. Joining the list of attractions, the World Bank approved a project to create India's first sand dune park. The project was initiated by the Goa state biodiversity board and it will cost approximately INR 3 crore. Preserving sand dunes is important because they are the first line of defense from natural disasters like tsunamis, high winds, and storms. Hitting two birds with one stone, the sand dune park will attract tourists and protect the ecosystem. 

PM Modi's speech

On Tuesday, Prime Minister

virtually highlighting that the virus still exists and he urged Indians to continue to take precautionary measures and to stay safe. PM Modi strongly focused on the responsibility of Indians to take necessary safety measures during the upcoming festive season, and while lockdown measures have been eased individuals should avoid mingling households. Every country is working tirelessly to produce a healthy vaccine that can be distributed to every human being. 

No more scotch for the Army :(

India - Taiwan

The Indian Government is considering starting trade talks with

as both democracies despise relations with China. Taiwan has always sought a trade deal with India, however, Prime Minister Modi has been reluctant about a deal as they fear a messy fight with China once any pact is registered with the World Trade Organisation. However, with growing tensions between India and China, the country is less reluctant to strike a deal with Taiwan. 

Imported Goods

On Friday, India ordered its 4000 military shops to

, a move that could send an unwelcome signal to foreign liquor firms. Military shops usually sell liquor, electronics, and other goods at discounted prices to soldiers, ex-servicemen, and their families. Collectively, the market reports annual sales of USD 2 billion making it one of the largest retail market chains in India. Liquor importing companies will be heavily impacted as they make up 6-7% of total sales in military shops. Is this a step towards greater use of domestically produced goods? 

Sports

Almost reaching the middle of the competition, this is how the IPL table is lined up. Mumbai Indians sit smoothly at the top having won 4 out of their last 5 games. On the downside, however, Chennai Super Kings sitting at the bottom on just 6 points. The highlight performance of the week was definitely

to help Mumbai win by 10-wickets against the Chennai Super Kings. 

Other News

1.

entered into a formal air bubble, which will allow Air India to operate flights from Delhi to Tokyo. 

2. To boost their loyalty program

; Vistara entered into a partnership with Indian Hotels Company Limited (Taj Hotels). 

3. With restaurants being shut for over 5 months due to COVID-19, dining out numbers are projected at

for the upcoming festive season. 

4. Walmart-owned Flipkart bought

in Aditya Birla Fashion and Retail for INR 1500 crore. 

5. Maharasthra has invited Tesla owner Elon Musk to discuss the possible entry of

. 

Quiz

Quiz time! 

What is the smallest whole number that, when written out, uses all the vowels, A, E, I, O, U and even Y one and one time only each in its spelling?

Oof its tough! 

See you next week!

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Quiz Answer: 6020 (sIx thOUsAnd twEntY)

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Written by: Adnan Bahrainwala (Founder of Subah Kee Chai)