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<ul><li>The investment marks <keyword id="3439370" type="General" weightage="80" keywordseo="jsw-ventures" source="Orion">JSW Ventures</keyword>’ entry into the EV space. </li><li><keyword id="11050531" type="General" weightage="100" keywordseo="moeving" source="Orion">MoEVing</keyword> operates 1,500 <keyword id="6354973" type="General" weightage="50" keywordseo="electric-vehicles" source="Orion">electric vehicles</keyword> including 2-wheelers and 3-wheelers, across 15 cities. </li><li>The funds will be used to further strengthen its electric mobility platform for driver partners across <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>. </li></ul>Commercial electric mobility tech platform MoEVing raised $2.5 million from JSW Ventures, today. The investment marks the entry of venture capital firm JSW Ventures into the Electric Vehicles (EV) space. Founded in 2021, MoEVing operates 1,500 electric vehicles including 2-wheelers and 3-wheelers, across 15 cities. It has set up over 30 multi-modal charging hubs nationally. “India has the potential to become an EV first country. The push to EVs will mean a complete rethinking of the transportation ecosystem, which in many places has to be built ground-up. MoEVing is working to do that in the commercial EV space as we strongly believe that EV adoption will be driven by commercial transportation, especially in the first/last mile delivery space,” Vikash Mishra, co-founder &amp; CEO at MoEVing said. The funds raised will be primarily used to strengthen its electric mobility platform for driver partners. It will also be used for expansion across cities. With the recent round, it has raised as much as $10 million till now. “MoEVing's full stack platform approach is unique and has global relevance to support the acceleration of EV adoption across sectors. Our investment recognizes the opportunity for MoEVing to grow exponentially by capitalizing on the early EV wave as Indian businesses transition their supply chain to electric mobility,” <keyword id="1622633" type="General" weightage="50" keywordseo="sachin-tagra" source="Orion">Sachin Tagra</keyword>, Partner at JSW Ventures, said. JSW Ventures, part of the eponymous group, is pre-series A to series A+, VC firm focused on platform and SaaS investments. Private equity <a href="https://economictimes.indiatimes.com/industry/renewables/pe-funds-in-evs-may-cross-1-billion-in-2022/articleshow/95173248.cms">investment</a> in electric vehicles in India is about to reach $1 billion this year alone. The Indian government also aims to achieve the ‘Net Zero’ carbon emissions target by <a href="https://economictimes.indiatimes.com/industry/auto/auto-news/huge-business-potential-in-india-says-maruti-suzuki-md-hisashi-takeuchi/articleshow/95180908.cms">2070</a>. India is the world’s third largest emitter, creating 2.9 gigatonnes of carbon dioxide every year, which is 4.9% of annual global emissions, according to <a href="https://www.businessinsider.in/science/environment/news/india-needs-to-invest-12-1-trillion-to-achieve-carbon-neutrality-by-2050-mckinsey/articleshow/95125243.cms">McKinsey</a> India report 2022 on ‘<keyword id="15412641" type="General" weightage="50" keywordseo="decarbonising-india" source="Orion">Decarbonising India</keyword>’. Automotives make up for a considerable chunk of these emissions. “Favourable unit economics, positively evolving regulatory framework and the deepening efforts by companies in India to meet the targeted green goals is driving stronger demand and adoption of commercial EVs,” MoEVing stated. The Gurgaon-based company aims to decrease 1,000 tonnes of carbon dioxide by the end of this financial year. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/paytms-diverse-sources-of-monetisation-to-drive-profits-jp-morgan/articleshow/95252360.cms">Paytm's diverse sources of monetisation to drive profits: JP Morgan</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/canada-facing-labour-shortage-what-does-it-mean-for-indian-immigrants/slidelist/95251236.cms">Canada facing labour shortage — what does it mean for Indian immigrants</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/fusion-micro-finance-ipo-10-important-things-you-need-to-know-before-subscribing-for-the-ipo/slidelist/95250493.cms">10 things to know about Fusion Micro Finance IPO that opens from Nov 2 to Nov 4</a>

Electric mobility platform MoEving raises $2.5 million from JSW Ventures

<ul><li>Fintech firm Fino Payments Bank will open its IPO on October 29 and close on November 2.</li><li>The firm is looking to raise ₹1,200 crore through the public listing including an offer for sale worth ₹900 crore.</li><li>The company claims to be the first profitable payments bank to hit the Indian stock market.</li></ul>The Navi Mumbai-based fintech company Fino Payments Bank will be the first payments bank to get listed on the stock exchanges, that too while making profits. The company claims to be the first profitable player in the payments bank space to hit the Indian stock market. Paytm is another payments bank firm in line to get listed soon. Although Paytm has received SEBI’s nod, it is yet to announce dates to launch its initial public offering (IPO). “We are the only scheduled payment bank, which is profitable, we have set up the bank on very low capital,” said Rishi Gupta, managing director and chief executive officer (CEO) of the payment bank. Paytm is one strong competitor for the firm, but its drawback is it is still making losses while Fino Payments Bank has turned profitable in FY21. Paytm reported a loss of ₹1700 crore in FY21. Fino Payments Bank has been operational for over four years now. The payment bank offers a diverse range of financial services including current account and savings account (CASA), micro ATMs, Aadhaar enabled payment system (AePS) transactions, domestic remittances etc., that are primarily digital. <div type="image" title="fino chart 3" height="900" width="1200" msid="87280392" hostid="261"></div> The bank operates through over 6.41 lakh merchants’ network, 143 customer service points and 54 branches across pan India. The bank focuses on the unserved and underserved population, especially in rural and semi-urban areas where financial inclusion is required. The company earns revenue through fees and commissions from its merchant network and strategic commercial relationships. Although Fino is a profitable firm, it has a long way to go in comparison to market leader Paytm Payments Bank that has 100 times more merchant clients. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fino Payments Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Paytm Payments Bank </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total merchants </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.41 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.4 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total deposits </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2,870 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹5,200 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total income </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹790 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2,800 crore </td></tr></tbody></table> Further, analysts say that Fino Payments Bank could be eligible for a small finance bank licence within one year, which would open more growth opportunities. A report by B &amp; K Securities said that, “The bank has already completed over 4 years as a payment bank and hence it could become eligible for a small finance bank licence within next 1 year, which would open altogether different growth avenues.” <keyword id="6515163" type="General" weightage="20" keywordseo="fino-payments-bank-ipo" source="Orion">Fino Payments Bank IPO</keyword> to open this week The IPO of the company will open on October 29 and close on November 2. The company is looking to raise ₹1,200 crore through public listing including ₹900 crore through an offer for sale of 1.56 crore shares and ₹300 fresh issue of 52 lakh shares. The price band of the IPO is set at ₹560-577 per share. Promoter Fino Paytech will sell 52 lakh shares in the IPO. The bank plans to utilise the net proceeds from the fresh issue towards augmenting its tier-I capital base to meet its future capital requirements. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Issue details </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;"> </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Price band </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹560 to ₹577 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IPO open date </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">October 29 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IPO close date </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">November 2 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Allotment date </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">November 9 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Initiation of refunds </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">November 10 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Credit of shares to demat account </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">November 11 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IPO listing date </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">November 12 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Minimum lot </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">25 </td></tr></tbody></table> SEE ASLO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/personalities/news/sanjiv-goenka-makes-a-billion-dollar-comeback-to-the-worlds-biggest-t20-stage/articleshow/87277384.cms">Sanjiv Goenka makes a billion dollar comeback to the world's biggest T20 stage</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/after-raising-2-billion-since-2020-byjus-is-now-looking-to-raise-another-500-million-in-debt-to-acquire-more-businesses/articleshow/87276471.cms">After raising $2 billion since 2020, Byju’s is now looking to raise another $500 million in debt to acquire more businesses</a>

Fino Payments Bank will be the first fintech startup in India to get listed on the bourses and it is profitable

A year-long study of the <keyword id="749867" type="General" weightage="20" keywordseo="dietary-habits" source="Orion">dietary habits</keyword> of 9,341 Australians has backed growing evidence that highly processed and refined foods are the leading contributor to rising obesity rates in the Western world. The new study, in the latest issue of the journal Obesity conducted by the University of Sydney's Charles Perkins Centre (CPC), was based on a national nutrition and physical activity survey undertaken by the Australian Bureau of Statistics (ABS), and further backs the '<keyword id="15478813" type="General" weightage="20" keywordseo="protein-leverage-hypothesis" source="Orion">Protein Leverage Hypothesis</keyword>'. First put forward in 2005 by professors Raubenheimer and Stephen Simpson, the Protein Leverage Hypothesis argues that people overeat fats and carbohydrates because of the body's strong appetite for protein, which the body actively favours over everything else. Because so much of modern diets consist of highly processed and refined foods -- which are low in protein -- people are driven to consume more energy-dense foods until they satisfy their protein demand. "As people consume more junk foods or highly processed and refined foods, they dilute their dietary protein and increase their risk of being overweight and obese, which we know increases the risk of chronic disease," said lead author Dr Amanda Grech, a Postdoctoral Research Fellow at the CPC and the university's School of Life and Environmental Sciences. "It's increasingly clear that our bodies eat to satisfy a protein target," added Professor David Raubenheimer, the Leonard Ullmann Chair in Nutritional Ecology at the School of Life and Environmental Sciences. "But the problem is that the food in Western diets has increasingly less protein. So, you have to consume more of it to reach your protein target, which effectively elevates your daily energy intake. "Humans, like many other species, have a stronger appetite for protein than for the main energy-providing nutrients of fats and carbohydrates. That means that if the protein in our diet is diluted with fats and carbohydrates, we will eat more energy to get the protein that our bodies crave." Proteins are the building blocks of life: every cell in the body contains them, and they are used to repair cells or make new ones; and it's estimated that over a million forms of protein are needed to allow a human body to function. Protein sources include meats, milk, fish, eggs, soy, legumes, beans, and some grains such as wheat germ and quinoa. The University of Sydney scientists analysed data from a cross-sectional survey of nutrition and physical activity in 9,341 adults, known as the National Nutrition and Physical Activity Survey which was conducted from May 2011 to June 2012, with a mean age of 46.3 years. They found the population's mean energy intake was 8,671 kilojoules (kJ), with the mean percentage of energy from protein being just 18.4 percent, compared with 43.5 percent from carbohydrates and from 30.9 percent from fat, and just 2.2 percent from fibre and 4.3 percent from alcohol. They then plotted energy intake versus the time of consumption and found that the pattern matched that predicted by the Protein Leverage Hypothesis. Those who consumed lower amounts of protein in their first meal of the day went on to increase their overall food intake in subsequent meals, whereas those who received the recommended amount of protein did not -- and, in fact, declined their food intake throughout the day. They also found a statistically significant difference between groups by the third meal of the day: those with a higher proportion of energy from protein at the start of the day had much lower total energy intake for the day. Meanwhile, those who consumed foods low in protein at the start of the day proceeded to increase consumption, indicating they were seeking to compensate with a higher consumption of overall energy. This is despite the fact the first meal was the smallest for both groups, with the least amount of energy and food consumed, whereas the last meal was the largest. Participants with a lower proportion of protein than recommended at the first meal consumed more discretionary foods -- energy-dense foods high in saturated fats, sugars, salt, or alcohol -- throughout the day, and less of the recommended five food groups (grains; vegetables/legumes; fruit; dairy and meats). Consequently, they had an overall poorer diet at each mealtime, with their percentage of protein energy decreasing even as their discretionary food intake rose -- an effect the scientists call 'protein dilution'. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/fusion-micro-finance-ipo-allotment-how-to-check-allotment-status-listing-date-and-more/articleshow/95407416.cms" style="">Fusion Micro Finance IPO allotment – How to check allotment status, listing date and more</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/us-reports-nearly-30000-weekly-child-covid-cases/articleshow/95397876.cms" style="">US reports nearly 30,000 weekly child Covid cases</a>

You're eating fats and carbs because your body wants protein

<keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>'s software export revenue and remittances act as a strong counter-cyclical buffer against the increase in current account deficit (<keyword id="52599" type="General" weightage="80" keywordseo="cad" source="Orion">CAD</keyword>) due to a hike in global oil prices and rupee depreciation, said the State Bank of India's (SBI) Chief Economic Adviser. In a research report Dr <keyword id="6448502" type="General" weightage="50" keywordseo="soumya-kanti-ghosh" source="Orion">Soumya Kanti Ghosh</keyword>, Group Chief Economic Adviser, SBI, said for every rupee depreciation, software exports increase by $250 million. <keyword id="4757" type="General" weightage="80" keywordseo="ghosh" source="Orion">Ghosh</keyword> said contrary to the expectations, the Q1FY23 Balance of Payments (BOP) numbers have shown a strong counter-cyclical buffer in the form of service exports and remittances. For example, in Q1, India's CAD was expected to reach $30 billion/3.8 per cent of gross domestic product (GDP), but the actual numbers came in at 2.8 per cent of GDP. The positive surprise was because of strong remittances and software exports, the CAD got a lift of 60 basis points, Ghosh said. "We expect that if such trends of strong remittances and software exports have continued (<keyword id="30067" type="General" weightage="50" keywordseo="rbi" source="Orion">RBI</keyword> data suggests software exports in Q2 were strong) in Q2, and India's CAD comes in below the threshold level of 3.5 per cent of GDP in Q2, the CAD for FY23 could still be closer to 3 per cent benchmark and not in excess of 3.5 per cent of GDP," he added. Also, forex reserves could jump by another $5 billion as swap transactions reverse and thus have a positive impact on the rupee as is being currently witnessed, he noted. To understand the factors that are impacting India's CAD, Ghosh worked on the structural vector auto-regressions (SVAR) model. With oil forming 30 per cent of India's import bill, it has a major impact on macroeconomic variables. An increase in oil import price impacts directly the trade deficit and consequently, CAD gets widened. That apart, it also results in inflation. According to Ghosh, the SVAR model introduces a counter-cyclical response to increased oil prices in the form of software service exports that is impacted positively because of rupee depreciation. "Although remittances are positively impacted, we have not considered them in our SVAR model because of data volatility." The results of the SVAR model clearly give an idea of the negative impact of oil price shock on CAD, inflation and growth in one direction and the positive impact of software exports on CAD as a result of rupee depreciation. In particular, a positive shock to oil prices leads to an immediate and sharp increase in CAD, which dissipates completely in about eight quarters. The trade deficit also increases up to two quarters after the initial positive oil price shock, he said. "This implies that India's trade deficit may already have been adversely impacted for the first half of the current fiscal because of the oil price shock," Ghosh said. In the case of GDP, a positive shock to oil prices leads to an immediate decline, which however starts reversing after the third quarter and completely dissipates after the seventh quarter. "This implies that India's first-half GDP growth in FY23 could have been impacted because of the oil price shock. Most interestingly, the rupee-dollar exchange rate also gets impacted and it depreciates slightly after an increase in oil prices till three quarters following which it starts appreciating," he said. As a result, the rupee outlook is likely to improve in Q4 of FY23. The impact of oil price on consumer price index (CPI) inflation will dissipate after four quarters and it means that the CPI inflation outlook for FY24 will be consistent with RBI's forecast of 5 per cent. Ghosh said India's software exports are on the rise with the share of the offsite mode of exports by Indian IT service companies increasing to 88.8 per cent in FY22 compared to 82.8 per cent five years ago. Ghosh said a $10 increase in crude oil prices leads to an increase of 40 bps in CAD, 50 bps in CPI and a 23 bps decline in growth with software exports acting as a counter-cyclical buffer. "The exchange rate pass-through from variance decomposition method shows it is at least 10 per cent for CAD, inflation and growth, but significantly stronger at 35 per cent for software exports. For every rupee depreciation, software exports increase by $250 million," Ghosh added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/bears-weigh-on-indian-markets-due-to-negative-global-cues/articleshow/95418328.cms">Bears weigh on Indian markets due to negative global cues</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/fusion-micro-finance-ipo-allotment-how-to-check-allotment-status-listing-date-and-more/articleshow/95407416.cms">Fusion Micro Finance IPO allotment – How to check allotment status, listing date and more</a>

For every rupee depreciation, software exports increase by $250 mn: SBI Chief Economic Advisor

With the rupee witnessing a downward spiral for the past several weeks, even crossing the 83 mark against the US dollar, <keyword id="30067" type="General" weightage="100" keywordseo="rbi" source="Orion">RBI</keyword> Governor <keyword id="6359111" type="General" weightage="50" keywordseo="shaktikanta-das" source="Orion">Shaktikanta Das</keyword> on Wednesday said that the Indian currency has behaved in an orderly manner and its trajectory shouldn't be looked at emotionally. Das, while addressing industry body FICCI's banking summit in Mumbai, said that capital flows will resume as the <keyword id="6356435" type="General" weightage="50" keywordseo="us-federal-reserve" source="Orion">US Federal Reserve</keyword> will not resort to tightening rates for a long time. The RBI Governor's comments on the rupee came just hours before the US Fed is scheduled to meet later in the day to review key rates. It is anticipated that the <keyword id="6355253" type="General" weightage="50" keywordseo="federal-reserve" source="Orion">Federal Reserve</keyword> may hike rates to curb rising inflation. Meanwhile, referring to the RBI's Monetary Policy Committee's (<keyword id="6369693" type="General" weightage="50" keywordseo="mpc" source="Orion">MPC</keyword>) scheduled meeting on Thursday to discuss its reply to the government, for failing to keep inflation within its tolerance limit of less than 4 per cent, Das said that the central bank won't immediately release details of the deliberations. The RBI does not have the authority to release these details, he said. The central bank is mandated to keep inflation within the tolerance limit of 2 per cent to 4 per cent. However, its failure to do so for the past nine months has warranted a response from the Centre. Defending the RBI's handling of price rise, Das said that acting prematurely on inflation would have exerted a heavy cost on the economy and citizens. Though he agreed that inflation has not been under control, the RBI Governor at the same time added that the central bank prevented a "complete collapse of the economy by keeping rates lower and stayed away from premature tightening". Speaking on the Central Bank Digital Currency (CBDC), Das said that RBI wants to iron out all aspects related to it before its launch. He said that the e-rupee launch was a landmark moment in the history of currency in the country and it will transform the way business is done and the way transactions are conducted. On Tuesday, the RBI launched a trial of the digital rupee. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/cbdc-trial-a-landmark-moment-in-the-history-of-money-shaktikanta-das/articleshow/95250548.cms">CBDC trial a landmark moment in the history of money: Shaktikanta Das</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/fusion-micro-finance-ipo-10-important-things-you-need-to-know-before-subscribing-for-the-ipo/slidelist/95250493.cms">10 things to know about Fusion Micro Finance IPO that opens from Nov 2 to Nov 4</a>

Rupee has behaved in an orderly manner, says RBI Governor

<ul><li><keyword id="116273" type="General" weightage="100" keywordseo="cyberattacks" source="Orion">Cyberattacks</keyword> are a growing risk with countries devoting more resources to defend against them.</li><li>The research firm says that cyberattacks carry a tail risk with “potentially significant impact” on creditworthiness.</li><li>Rich countries, countries with lower preparedness and those with geopolitical tensions are amongst the top targets of cyber attackers.</li></ul>Cyberattacks are a growing risk with countries devoting more resources to defend against them, according to a report by <keyword id="125045" type="General" weightage="50" keywordseo="fitch-ratings" source="Orion">Fitch Ratings</keyword>. The research firm says that cyberattacks carry a tail risk that could have a major impact on the creditworthiness of victim countries. “Ranked alongside other sovereign creditworthiness drivers, the risk of a severe cyberattack is a tail risk, a low probability event but with potentially significant impact,” said a report by <keyword id="82981" type="General" weightage="80" keywordseo="fitch" source="Orion">Fitch</keyword> Ratings. Tail risk refers to the chance of a loss occurring due to a rare event, based on predictions using a probability distribution. Countries with little capability to defend against cyberattacks are at a higher risk, as seen in the 2022 ransomware attack on Costa Rica, which is <a href="https://www.larepublica.net/noticia/costa-rica-reporta-perdidas-por-125-millones-por-caos-en-aduanas">said</a> to have caused losses to the tune of $30 million per day. “Cyberattacks constitute a relevant and growing concern for sovereigns. However, their tail risk nature and lack of historical precedents make them a hard risk to predict and measure,” said Charles Seville, senior director, Fitch Ratings. The unpredictability of cyberattacks has meant that determining the exact impact of these events on the countries’ creditworthiness is difficult, more so when these attacks have not had a substantial impact on countries’ ability to repay liabilities. This is also why cyberattacks have not figured so far in ratings action by Fitch, the firm says. The Fitch report also stated that most of these attacks have caused limited damage and have not affected economies sufficiently, so far, to show up in statistics. <cmsannotation type="cmsannotation" annotationid="Countries with geopolitical tensions, low preparedness among top targets" comment="subhead" text="Countries with geopolitical tensions, low preparedness among top targets">Countries with geopolitical tensions, low preparedness among top targets</cmsannotation> According to the research firm, countries facing geopolitical tensions and those with low preparedness against cyberattacks are amongst the top targets. For instance, after talks between US and <keyword id="6358826" type="General" weightage="50" keywordseo="russia" source="Orion">Russia</keyword> failed on Ukraine’s future in NATO, cyber attackers took down more than a dozen Ukrainian government websites. Ukrainian officials pegged the number at 70, although most of the websites were restored within an hour of the attack. A month later, as tensions between Russia and Ukraine continued to escalate, cyber attackers again took down multiple Ukrainian government and bank websites, days before Russia’s full-scale invasion of Ukraine. Further underlining how geopolitical tensions have led to an increased incidence of cyberattacks, Russia, China and the US are the top three countries facing cyberattacks, according to real-time data from security firm <a href="https://cybermap.kaspersky.com/">Kaspersky</a>. Tensions between the US on one hand, and Russia and China on the other hand, have been elevated for a while now. Richer countries and countries with weak cyber security also make for tempting targets, according to Fitch. While attacking developed economies could give the hackers a bigger payday, these economies have stronger buffers to prepare against these attacks and test contingency plans to deal with the fallout. Earlier in October, a pro-Russian hacker group ‘Killnet’ was<a href="https://abcnews.go.com/amp/Technology/cyberattacks-reported-us-airports/story?id=91287965"> reportedly</a> behind a cyberattack against more than a dozen US airport websites, but the hackers only managed to create temporary inconvenience. <cmsannotation type="cmsannotation" annotationid="‘Profit is the most common motive’" comment="subhead" text="‘Profit is the most common motive’">‘Profit is the most common motive’</cmsannotation> A big payday is the most common motive for cyber attackers, according to the report. “As the case of the 2022 ransomware attack on neutral Costa Rica demonstrates, they can strike anywhere and profit is the most common motive,” the report added. Cryptocurrency hacks, for instance, have resulted in over $2 billion worth of cryptocurrencies being stolen by hackers in 2022 alone. This includes high-profile attacks like the one on Binance, the world’s largest cryptocurrency exchange by volume – hackers stole $570 million from a blockchain linked with Binance in October this year. From a sovereign perspective, too, the treasury and central banks are the most critical targets, according to the report – for instance, hackers stole $81 million from the Bank of Bangladesh’ forex reserves, making it the most high-profile attack on a central bank. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/cbdc-trial-a-landmark-moment-in-the-history-of-money-shaktikanta-das/articleshow/95250548.cms">CBDC trial a landmark moment in the history of money: Shaktikanta Das</a> <a href="https://www.businessinsider.in/stock-market/news/fusion-micro-finance-ipo-10-important-things-you-need-to-know-before-subscribing-for-the-ipo/slidelist/95250493.cms">10 things to know about Fusion Micro Finance IPO that opens from Nov 2 to Nov 4</a> <a href="https://www.businessinsider.in/stock-market/news/markets-break-4-session-winning-streak-to-open-lower-in-early-trade/articleshow/95245774.cms">Markets turn choppy ahead of US Fed monetary policy outcome</a>

Cyberattacks hold ‘potentially significant impact’ on countries’ credit ratings: Fitch Report

The static test of first stage solid motor (SS1) of <keyword id="6358064" type="COMPANY" weightage="20" keywordseo="isro">ISRO</keyword>'s <keyword id="6117656" type="UNKNOWN" weightage="20" keywordseo="Small-Satellite-Launch-Vehicle">Small Satellite Launch Vehicle</keyword> (<keyword id="6864059" type="COMPANY" weightage="20" keywordseo="SSLV">SSLV</keyword>) -- a new-generation compact rocket -- was not successful, according to sources in ISRO. "Oscillation was noticed after 60 seconds into the test and nozzle was blown out near the bucket flange where it's attached with the motor at around 95 seconds", sources in the Bengaluru-headquartered <keyword id="498463" type="ORGANIZATION" weightage="20" keywordseo="Space-Agency">space agency</keyword> said. It was supposed to be tested for a total duration of about 110 seconds, officials said. The <keyword id="116095" type="COMPANY" weightage="20" keywordseo="Indian-Space-Research-Organisation">Indian Space Research Organisation</keyword> had targeted to launch the first development flight of SSLV (D1) in April and may now in all probability have to revise this schedule. "SSLV First stage is a new solid motor...new design. New motor has to be static tested on the ground to prove its performance. If it is successful, one more of the same configuration is tested again for acceptance. If both are successful, no more ground test is required and third motor of the same configuration will be accepted for flight", an ISRO official said. SS2 and SS3 motors, igniters and SS2 flex nozzle assembly, liquid propulsion-based VTM (Velocity Trimming Module) thrusters, propellant tanks and propulsion components had already been realised by ISRO and made ready for the maiden orbital test flight. "We have to identify the root cause of the failure and modify the design", the official said on the unsuccessful testing at Sriharikota spaceport in Nellore district of Andhra Pradesh, about 100 kms north of Chennai, last week. Asked how long it may take for ISRO to complete the two static tests, the official said: "Maybe six months". SSLV is two metres in diameter and 34 meters in length with a lift-off weight of about 120 tons. ISRO has over the years realised five generations of launch vehicles -- SLV-3, ASLV, <keyword id="6395832" type="COMPANY" weightage="20" keywordseo="PSLV">PSLV</keyword>, GSLV and GSLV-MkIII. The space agency had earlier said the SSLV is going to be a new member of the launch vehicle family. It is intended to cater to emerging global small satellite launch service market. "We are flying an earth observation satellite (EOS-02) on board the the first development flight of SSLV", ISRO Chairman and Secretary in the <keyword id="245720" type="COMPANY" weightage="20" keywordseo="Department-of-Space">Department of Space</keyword>, K Sivan said last month. SSLV has been designed to meet "launch on demand" requirements in a cost-effective manner for small satellites in a dedicated and ride share mode. It is a three-stage all solid vehicle with a capability to launch up to 500 kg satellite mass into 500 km low earth orbit (LEO) and 300 kg to Sun Synchronous Orbit (SSO). By comparison, PSLV -- the workhorse of ISRO -- can take up to 1,750 kg payload into SSO of 600 km altitude. With lower per kg launch cost, the mini launcher will have multiple satellite mounting options for nano, micro and small satellites. Sivan had earlier termed the SSLV an innovative vehicle, which can be assembled in just 72 hours. "Instead of 60 days (for building a PSLV), it (SSLV) will be assembled in three days; instead of 600 people (needed to build a PSLV), it (SSLV) will be done by six people", he had said. Chairman and Managing Director of ISRO's commercial arm, NewSpace India Limited (NSIL), G Narayanan, recently said: "the world over there is a big boom for small launch vehicles and that's why we are focusing on that". The US-based satellite ride share and mission management provider, <keyword id="696288" type="COMPANY" weightage="20" keywordseo="spaceflight">Spaceflight</keyword> Inc., has already purchased the first commercial launch of the SSLV (SSLV-D2) from NSIL for launch from the <keyword id="6356967" type="COMPANY" weightage="20" keywordseo="satish-dhawan-space-centre">Satish Dhawan Space Centre</keyword> in Sriharikota. Spaceflight had said at the time that it has already sold out the entire manifest (launch) for this secured SSLV-D2 launch, with spacecraft from an undisclosed U.S.-based satellite constellation customer. This undisclosed customer is reportedly Seattle-based BlackSky Global, which will launch four earth observation satellites on board SSLV-D2 in the ride share mission arranged Spaceflight. "Were taking advantage of the growth in the small satellite market to deliver more launch options with the mini-launcher", a senior NSIL official said. "The SSLV is the much-needed solution to fill the gap in the portfolio of small launch vehicles," Curt Blake, CEO and President of Spaceflight, had said. "SSLV is designed for the launch-on-demand concept with very quick turn-around capability in between launches. SSLV is perfectly suited for launching multiple micro satellites at a time and supports multiple orbital drop-offs", Blake had said. 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