Week 56

Rains are here!!🌧️

June 17, 2023

Good Morning,

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

On the slow lines, the Western Railway officially announced a jumbo block between Andheri and Goregaon stations today from 10:35 am to 3:35 pm. Those travelling by train, make sure you check the schedules! 

Cyclone Biparjoy has hit Gujarat causing severe rains and flooding in a few regions. Monsoon is here and I am in love with the weather! Something about the smell of rain on mud grounds fills a hole in my heart. 

What do you feel about the monsoon season? Let us know by replying to this email.

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I hope you enjoy today's newsletter and have an amazing Sunday! 

Now let’s get into the news.

Markets

Market News

It was a bullish end to the week's last trading session for domestic indices. The NSE Nifty 50 climbed a remarkable 137.90 points or 0.74%, reaching a level of 18,826. Similarly, the BSE Sensex experienced a meteoric rise of 466.95 points or 0.74%, closing at 63,384.58. Among the sectoral indices, the Bank Nifty witnessed a substantial surge of 494.55 points or 1.14%, settling at 43,938.15. Nifty Financial Services also saw a notable jump of 1.19%, while Nifty PSU Bank soared by an impressive 1.46%. However, Nifty IT faced a slight setback with a 0.38% decline, and Nifty Realty experienced a modest dip of 0.21%.

Taking a closer look at the top performers on Nifty 50, we have HDFC Life, SBI Life, Bajaj Finserv, Dr Reddy's Laboratories, and Titan, which showcased significant gains. On the other hand, Wipro, Bajaj Auto, TCS, BPCL, and ONGC found themselves among the losers for the day.TVS Motor Company sold 11.12 crore equity shares or its 43.54% stake in Emerald Haven Realty for Rs 166.83 crore to TVS Holdings, a promoter group company.

3 billion Dollar deal!

The Indian government has approved a proposal put forth by the tri-service, which includes the military, air force, and navy, to acquire 31 MQ-9 Predator B

from the United States. This procurement is estimated to be worth $3 billion! The acquisition of these advanced drones marks a significant step for the Indian armed forces in enhancing their surveillance and combat capabilities.

The decision to acquire the MQ-9 Predator B armed drones was made ahead of Prime Minister Narendra Modi's upcoming state visit to the United States on June 21. This marks the first major military deal signed by the Modi government since the Indian Navy acquired 24 MH-60 R anti-submarine warfare helicopters from the US in February 2020.

On Thursday, the Defence Acquisition Council (DAC), led by Defence Minister Rajnath Singh, granted approval for the Acceptance of Necessity (AoN) to purchase these armed drones. The next step involves presenting the procurement file to the Cabinet Committee on Security (CCS), the final decision-making authority, for their ultimate approval before Prime Minister Modi's departure for Washington next week.

Word of the week!

Weak vocabulary? Say no more.  The word for this week is:

Inchmeal

"INCH-meel"

Something done inchmeal is done gradually. or little by little

They worked on the study guide inchmeal up until the exam.

Manipur violence

Tensions persist in the northeastern state of Manipur, India, as the ethnic conflict between the Meitei and Kuki communities continues. In a concerning incident on Thursday night, a mob targeted and set ablaze the residence of Union Minister of State for External Affairs, RK Ranjan Singh, located in Kongba, the capital city of Imphal.

Despite the presence of nine security escort personnel, five security guards, and eight additional guards, the mob managed to overpower the security measures. Fortunately, the minister was not present at his residence during the attack, and no injuries were reported as the arsonists hurled petrol bombs, igniting the fire.

This incident serves as a reminder of the ongoing challenges and tensions associated with the ethnic strife in Manipur, highlighting the need for sustained efforts to promote peace and harmony in the region.According to L Dineshwor Singh, the Escort Commander, the unfortunate incident of the mob torching Union Minister RK Ranjan Singh's residence was difficult to prevent due to the overwhelming nature of the mob and the uncontrollable situation. Singh stated that the mob launched petrol bombs from various directions, including the bylane behind the building and the front entrance. The intensity and widespread nature of the attack made it challenging for the security personnel to regain control over the situation.

Chat GPT- The good and the bad.

Chat GPT, or Chatbot GPT, is an AI model developed by OpenAI. It is designed to engage in conversation and provide responses to user queries. It is based on the GPT (Generative Pre-trained Transformer) architecture and has been trained on a large amount of text data to generate human-like responses.

The positive aspects of Chat GPT include its ability to answer questions, offer explanations, and generate coherent text on a wide range of topics. It showcases the advancements made in AI and natural language processing.

However, there have been concerns and challenges associated with AI models like Chat GPT. In the past, similar services faced ethical concerns, inappropriate responses, and potential harm, leading to their discontinuation. This highlights the need for careful development and oversight of AI models to ensure their responsible use.

One challenge with AI models like Chat GPT is the potential for biases in responses. Human biases can inadvertently be learned and reflected in the AI's output. Additionally, the lack of context in certain queries can lead to assumptions and incorrect responses. Overcoming these challenges remains an ongoing and unsolved task in the field of machine learning.

It's important to consider the potential impact of AI technologies like Chat GPT, as they can automate tasks and potentially disrupt certain job sectors. While the efficiency and capabilities of the technology are impressive, it is crucial to address any negative consequences and ensure responsible and ethical use.

Sports

Novak Djokovic defeated Carlos Alcaraz last Sunday to win his 23rd grand slam title! He beat Rafael Nadal's record of 22 titles. Novak is also the only player to have won all four grand slams in a year. Talk about a legacy!

The Formula 1 weekend in Canada gets disrupted by rain, with both the Mercedes drivers (Lewis Hamilton and George Russel) coming in 1st and 2nd place in the second free practice session. The race will begin at 11:30 pm tonight. With Max Verstappen dominating every race weekend this year, could this be the return of Hamilton?

The Denver Nuggets defeat the Miami Heat in the NBA finals to win the franchise's first-ever NBA championship! 

India news

1. A 16-year-old student in India broke the world record by dancing for

straight! She used a method called Yogic sleep and danced in Kathak to defeat the previous record of 126 hours.

2. A man

by his family was found eating momos in Noida. Nishant Kumar, a resident of Bihar was declared missing on 31st January and was found at a Momo stall by his brother-in-law.

3. An Indian woman

and carried her body in an Uber. The body was stuffed in a suitcase as she booked an Uber to the police station.

4. A fire broke out at Kolkata's international airport on Wednesday. The fire was at the check-in counter of the Subhas Chandra Bose Airport.

 to watch the video.

Quiz

Quiz time!

I shake hands with many different people. Some pull me close and some push me away. In the end, they always leave me.

What am I?

Some other news

1. China successfully launches

in a single mission, setting a new national record. Talk about multi-tasking!

2. Archaeologists unearth a

in Germany that 'still shines'. It was found in a grave where three people were buried in quick succession.

3. Russian President Putin announced the successful transfer of 

to Belarus. In his keynote speech at the St Petersburg International Economic Forum, he mentioned that Ukraine stands no chance against Russia.

See you next week!

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See you next week!

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Quiz Answer: A door knob.

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Written by: Hamza Bamboat

Edited by: Adnan Bahrainwala