Week 21

Maradona 😭

November 28, 2020

Good Morning,

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

Thursday marked the 12th anniversary of the deadly terror attacks in Mumbai, India on 26/11/2008. A day of remembrance and solace. In addition, the world paid tribute to Diego Maradona after his passing on Wednesday. Cyclone Nivar hit Eastern India, while LVB crumbled out of the banking world. 

I hope you enjoy today's newsletter,

Now let’s get into the news.

Markets

Markets

Both

showed a minimal gain for the week due to weak cues from global indices. NTPC was the top gainer rising around 2% followed by Bajaj Auto, L&T, Asian Paints, and Mahindra. On the contrary, PowerGrid, Reliance Industries, and TCS were among the top losers. Traders do not appear to be inspired at the moment as other Asian markets are trading in the red. US markets were closed on Thursday because of Thanksgiving, however European stocks were dipping due to rising COVID-19 cases and lockdown extensions. Lastly, the price of gold saw an INR 2000 drop on Thursday. 

In addition, after a year of investigation

has been expelled from the National Stock Exchange due to being found guilty of scam. 

COVID-19

On Tuesday, an industry body for syringes and needle manufacturers wrote to Prime Minister Narendra Modi offering an additional capacity of

per month to assist during the COVID-19 vaccination distribution program. 

Cyclone fever :/

Cyclone Nivar 

has caused significant damage throughout the week across the east coast severely affecting Tamil Nadu and Andhra Pradesh. The cyclone wreaked havoc in 18 districts across Tamil Nadu, unfortunately, killing 4 people, killing livestock, and uprooting over 2000 trees. Prime Minister Narendra Modi expressed condolences to the families of the lost ones and pledged INR 2 lakh each to the next of kin, and INR 50,000 each to individuals injured. The east coast is now in recovery mode, as the state government has already begun the cleanup process. 

Burnt Money...

A report issued by consulting firm McKinsey highlighted that India would be among the first places where

would burn the economy over the next decade as the idea of working outside will become dangerous. 50% of India's GDP is dependent on heat-exposed work, for example, agriculture, mining, construction, etc. if damaged could be worth USD 250 billion. The report predicts that between 160 million and 200 million people could be living in areas that are vulnerable to a deadly heatwave by 2030.

More than just money.

..This initial finding highlights the urgent attention climate change requires! The rising temperatures are a result of exploitive manufacturing and growing pollution, and it can prove to be deadly by 2030. Climate change is an important concern that needs urgent addressing. Healthier and cleaner practices will allow the Earth and humans to live a longer life. 

Banking drama :(

Lakshmi Villas Bank is crumbling...

Following on from last week,

suffering continues as its share price tanked over 53% over the last 6 days.  On Tuesday, the stock plunged 9.88% to INR 7.30. The suffering comes after the government placed the bank under a one-month moratorium period in light of the declining financial health of the private bank. Lakshmi Villas Bank was the third bank to be placed under Moratorium since September after PMC in 2019, and Yes Bank in March 2020.

As a result of a crippling share price, the government approved a merger between Laksmi Vilas Bank and

. The merger will provide comfort to the bank's 20 lakh depositors and 4000 employees. 

Defaulter 

On Tuesday, S&P Global Ratings stated that India's banking sector is likely to face a

over the next 12-18 months. The report foreshadows the financial momentum problems companies will face due to COVID-19 slowing down sales. Financial institutions performed well in the lockdown period, however, much of it was due to the six-month loan moratorium period. What do you think? Will India face a great number of defaulters over the next 12 months? Or will the economy be able to bounce back rapidly? 

Music to my ears!

Airpods or Samsung Buds? 

Before you read the next sentence, are you currently wearing earphones? That small device sitting in your ear is in great demand!

are emerging as the next big thing in the tech industry as individuals adapt to stay connected in a virtual space. Due to COVID-19, our offices, schools, entertainment shifted to our home resulting in a surge for wireless earphones to make sure Dad's important meetings are not interrupted by the noisy video game outside! Earphone sales hit an all-time high in the July-September period crossing 10 million units. Despite the active use of earphones, make sure you give your ears a rest too! They deserve it :) 

E-commerce

launched a web store to offer a range of handcrafted products like clothing, accessories, and home furnishing. It is an online market by handweavers and for handweavers! One sector affected by COVID-19, however unable to break into the online world, the weaving and spinning community can finally flourish virtually. The Indian Handmade Collective is a social venture anchored by Suresh and Malini, a couple volunteering to support artisans. Check out the website and support the community by making a small purchase! Pretty cool gift idea for Christmas ;)

Sports

The sporting world mourned the passing of football legend Diego Maradona, who passed away on Wednesday due to a heart attack.

was described as football's troubled magician. Some of his most impressive achievements were leading Argentina to win the 1986 World Cup and successfully leading Napoli to a Seria A title. Football fans, celebrities, pundits shared memories of the football legend and Napoli renamed their stadium from San Paolo to Diego Armando Maradona. 

RIP to one of football's greatest. 

In other sports news, on Tuesday,

were nominated for the ICC Men's Player of the Decade Award for their incredible performances over the last 10 years. Are you happy with this nomination? Who did you think deserved it more? 

Monthly Recommendations  

My favorite time of the month! Here is a round-up of my monthly recommendations. I've been listening to, reading, and watching a mix of things! Please use the feedback to share your recommendations too! I'd love to read them.

Movies:

1. The Da Vinci Code (Netflix)

2. The Grinch (Netflix)

3. Spiderman (Into the Spider-Verse) (Netflix)

4. The Gentlemen (Amazon Prime)

5. Four Lions (Amazon Prime)  

TV Shows/Documentaries:

1. Modern Family (Netflix) 

2. The Boys (Amazon Prime) 

3. The Crown (Netflix) 

4. Sunderland 'Til I Die (Netflix) 

5. After Skool (Youtube Channel) 

Music:

1. Let's Call It Off - Drake ft. Peter Bjorn and John

2. Wait - M83 

3. White Ferrari - Frank Ocean 

4. What I'm Here 4 - Gang Starr

5. Outstanding - Len 

6. Coffee Bean - Travis Scott 

Books: 

1. Disaster Crisis by Naomi Clyne 

2. Thinking fast and slow by Daniel Kahneman 

3. Unnatural Causes by Richard Sheperd 

Other News

1. On Monday,

dropped to an all-time low at INR 2 per unit. 

2. The government is planning to set up at least

in 69,000 petrol pumps across India. 

3.

halted operations for a second time at its plant in India as a majority of its workers continued a sit-in strike.

4. Apple's Taiwanese manufacturer

set up a new warehouse in Hoskote, Bengaluru.

5.

810 crores initial public offering (IPO) is set to open on the 2nd of December and close on the 4th of December. The price has been set at INR 59-60 per share. 

Quiz

Quiz Quiz Quiz 

A man pushes his car to a hotel, pays the owner of the hotel, and pushes his car away.

What was he doing?

It's not as hard as it looks... 

See you next week!

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See you next week!

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Quiz Answer: playing a game of monopoly! 

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