Another week went by and here we are with the top headlines from the past week.
EV is all the rage in India and across the globe
The Indian ev2 wheeler segment sold 860,000 vehicles, 36% more in 2023 vs 2022. The top players in the segment in terms of market share were Ola Electric (31.1%), TVS Motor (19.4%) and Ather Energy (12.2%). In December, Ola Electric achieved the milestone of 40% of overall sales in the segment. Ola achieved this milestone using huge discounts for its entry-level model S1X+, while the competitors offered far fewer discounts. Ola is assumed to continue offering discounts to garner more market share ahead of its IPO in January 2024.
Globally, Chinese electric car maker BYD surpassed Tesla in Q4 sales of battery-only cars for the first time. BYD sold 73% more vehicles in 2023 compared to the previous year and its sales outside China grew 3 times this year. The Warren Buffet-backed company, BYD can produce batteries in-house which is an advantage over other electric giants. BYD sells 20% of its cars in China and the price point of cars is lower. The low price of BYD and other Chinese cars is attributable to the subsidies extended by the Chinese Govt to electric car companies. This is being probed by the EU and the commission can raise the tariffs above the EU’s standard rate if it finds the subsidies are hurting other car makers.
Is Google planning to put an end to third party cookies by 2024 end?
Google is working towards its goal to eliminate third party cookies by 2024 end, which is a win for privacy advocates. Starting this week, the company will start a test restricting cookies for 1% of users of Chrome, which accounts for 65% of global internet traffic. Marketing companies have shown their dissent citing the replacement technologies from Google hasn't prepared the market for such a huge transition.
Third-party cookies are small pieces of data from advertisers that websites place on your browser. They come from a different domain than the website you're on. Advertisers use them to track your online behavior and show you targeted ads based on your interests. These cookies raise privacy concerns and are undergoing changes in their usage. However, a section criticised Google's move would eventually benefit the Google Search Advertising (paid ads displayed in the search engine results).
Torrent power to invest 47,000 cr in Gujarat Govt
Torrent groups have initiated agreements, through Memorandums of Understanding (MoUs), with the Gujarat government to invest Rs 47,350 crore in renewable energy, green hydrogen, and electricity distribution during the 10th Vibrant Gujarat Global Summit. These investments are anticipated to significantly contribute to the state's progress and create substantial employment opportunities.
Among the MoUs, one proposes the establishment of a 3450 MW solar power project and 1045 MW of hybrid power projects across Banaskantha, Jamnagar, Patan, and Surendranagar districts. Other agreements involve infrastructure development for a 7000 MW solar power project, the creation of a Green Hydrogen/Green Ammonia production facility with a capacity of 100 KTPA, and a focus on Torrent Power's investment in the distribution business within various cities across Gujarat.
More news from the week ...
Aditya L1, Sun Exploration Mission: ISRO sent the Aditya L1 spacecraft on Sept 2, 2023, for a mission to study the sun. It's set to arrive at its orbit around the sun on Jan 6th. Positioned 1.5 million kilometers from Earth in a halo-shaped orbit, it will provide uninterrupted views of the sun without any eclipses once it reaches its destination.
Shipping companies pause shipments amid recent Red Sea attacks: With the recent attack by the Houthi rebels on the ship of Dutch company Maersk, many large companies have paused shipments through the Red Sea. The alternative route around the Cape of Good Hope is 10 days longer, raising shipping costs.
Relief for Adani on the Hindenburg case: The Supreme Court declined to initiate a Special Investigation Team probe into the stock price manipulation allegations made by the Hindenburg Research report against the Adani group in January 2023. Following the report, the Adani groups incurred a loss of nearly $60.2 billion.
Earthquake hits Japan’s Noto peninsula: Japan faced a powerful 7.6 magnitude earthquake, causing multiple aftershocks, and is estimated to have claimed more than 82 lives. The quake triggered a 4-foot tsunami in Wajima city. Tragically, a collision involving a Japan Airlines jet and a Coast Guard plane on relief duty led to five fatalities.
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Visual of the week
The world welcomed 2024 in diverse ways. Fireworks lit up Rio de Janeiro's Copacabana beach in Brazil near the Christ the Redeemer statue, while New York City's Times Square dazzled with confetti at midnight. Taiwan's Taipei 101 skyscraper painted the night sky with stunning light effects. In India, pilgrims flocked to Amritsar in Punjab and the Sabarimala Sree Dharma Sastha Temple in Kerala. Dubai's Burj Khalifa, the world's tallest building, showcased a breathtaking fireworks display (seen on image) after ten months of meticulous planning and hard work.
Test you knowledge !
Which are the stocks collectively called the Magnificent 7 stocks?
The Magnificent Seven stocks consist of Mega cap companies that are strategically positioned to benefit from emerging technology trends such as AI, cloud computing, and state-of-the-art hardware and software innovations.
The 7 stocks are Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta, and Tesla, cumulatively accounts for more than 25% of S&P 500.These stocks reported gains in the range of 50% to 240% in 2023, whereas S&P500 reported 24% gain.
That’s all from us
Until next week 👋