Shares of heavy equipment manufacturer and e-mobility solution provider <keyword id="126352" type="General" weightage="20" keywordseo="greaves-cotton" source="Orion">Greaves Cotton</keyword> jumped sharply on Friday after the firm reported strong results in Q4FY22. The company's e-Mobility business reportedly turned profitable in Q4FY22. At 3.04 p.m., the shares traded up 7.8 per cent at Rs 141. Earlier in the day, it rose as much as 11 per cent. The company reported its highest-ever consolidated revenue of Rs 621 crore, up 19 per cent year-on-year from Rs 520 crore in Q4FY21. Profit after tax rose 22 per cent year-on-year at Rs 17 crore. However, the company reported standalone revenue of Rs 378.7 crore which declined by 17.1 per cent on a yearly basis. The company on January 3 launched its mega EV factory in Ranipet in Tamil Nadu. There is a strong <keyword id="13923397" type="General" weightage="20" keywordseo="demand-for-electric-vehicles" source="Orion">demand for electric vehicles</keyword> as the world is rapidly shifting towards green mobility. The retail sales of the firm e-mobility business stood at 62,000+ vehicles for FY22, up 128 per cent from FY21 of 27,000+ vehicles, as per reports. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/zoom-acquires-nine-year-old-solvvy-to-manage-customer-support/articleshow/91541402.cms">Zoom acquires nine-year-old Solvvy to manage customer support</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/indigo-flies-the-most-passengers-abroad-air-india-comes-next/slidelist/91537381.cms">Indigo flies the most passengers abroad — check out Air India, Spicejet’s share</a>

Shares of Greaves Cotton up sharply as company's e-mobility venture turns profitable

<ul><li><keyword id="126352" type="General" weightage="100" keywordseo="greaves-cotton" source="Orion">Greaves Cotton</keyword> unveiled its range of electric two-wheeler and three-wheeler electric vehicles at the ongoing Auto Expo 2023.</li><li>Company at the event unveiled three two-wheelers under <keyword id="1517554" type="General" weightage="80" keywordseo="ampere" source="Orion">Ampere</keyword> brand series -- Ampere Primus, Ampere <keyword id="3214445" type="General" weightage="50" keywordseo="nxg" source="Orion">NXG</keyword> and a multi-utility scooter Ampere NXU which can be also used for deliveries.</li></ul>New Delhi, Engineering company Greaves Cotton on Wednesday unveiled its range of electric two-wheeler and three-wheeler electric vehicles at the ongoing Auto Expo 2023. Company at the event unveiled three two-wheelers under Ampere brand series -- Ampere Primus, Ampere NXG and a multi-utility scooter Ampere NXU which can be also used for deliveries. In the commercial three-wheeler segment, the company unveiled an electric passenger vehicle Greaves ELP, cargo EV Greaves ELC and a futuristic cargo concept Greaves Aero Vision. Greaves Electric Mobility Private Ltd, CEO and Executive Director, <keyword id="254218" type="General" weightage="50" keywordseo="sanjay-behl" source="Orion">Sanjay Behl</keyword> said Ampere Primus will be available during the ongoing quarter, while rest of the vehicles will be made available during the course of next financial year. "Ampere Primus is now open for bookings across India. Rest of the vehicles will be launched in the next financial year," Behl said. Greaves Cotton Executive Vice Chairman <keyword id="1624060" type="General" weightage="50" keywordseo="nagesh-basavanhalli" source="Orion">Nagesh Basavanhalli</keyword> at the event shared the company's commitment to invest Rs 1,500 crore in the deployment of indigenous electric vehicle ecosystem in the country since its entry into the e-mobility business. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/mercedes-honda-bmw-and-others-showcase-some-exciting-car-tech-at-the-ces-2023-these-are-our-favorites/articleshow/96851293.cms">Mercedes, Honda, BMW and others showcase some exciting car tech at the CES 2023 — these are our favorites</a> <a href="https://www.businessinsider.in/tech/news/for-the-first-time-in-history-an-ai-bot-will-reportedly-defend-a-human-in-court/articleshow/96785418.cms">For the first time in history, an AI bot will reportedly defend a human in court</a>

Greaves Cotton unveils new two-wheeler, three-wheeler EVs

<ul><li>Shares of <keyword id="126352" type="General" weightage="20" keywordseo="greaves-cotton" source="Orion">Greaves Cotton</keyword> have been surging continuously since the last five days after its arm Greaves Electric Mobility reported strong sales for December 2021 quarter.</li><li>Greaves Electric Mobility, electric two and three-wheeler manufacturer, sold over 10,000 units in December.</li><li>Reportedly, the subsidiary forms 24% of Greaves Cotton’s revenue as of September quarter.</li></ul>Shares of Greaves Cotton have been surging continuously since the last one week after the company subsidiary announced strong sales numbers in December 2021. The stock has gained as much as 19% on January 11 and 51% in the last five days. Its subsidiary Greaves Electric Mobility, an electric two and three-wheeler manufacturer, sold over 10,000 units in December. <a href="https://www.business-standard.com/article/markets/greaves-cotton-soars-11-hits-all-time-high-stock-up-40-so-far-in-jan-122011000280_1.html">Reportedly</a>, the subsidiary forms 24% of Greaves Cotton’s revenue as of September quarter. <div type="image" title="greaves" height="900" width="1200" msid="88841846" hostid="261"></div>Reason behind the huge rally in stocks One primary reason for the continuous rise in the stock price is investors’ newly-found love for electric vehicles (EVs). “Electric vehicles as a subject by itself are attracting a lot of new funds from global investors because there is a significant amount of appetite for that. Market may be more euphoric about the EV, which has led to the price rise, and the company may or may not succeed in the segment. But right now at least the journey is sounding fundamentally good,” Deven R Choksey, managing director at KR Choksey Investment Managers told Business Insider. Investors’ liking for the company is beyond profits as the investor interest continued despite the company booking losses in FY21. “Earnings (levels of profits) for even a company like Tesla never came through for 12-15 years, so I don’t think investors are right nor arguing for earnings. Earnings will only come when the company achieves a scale and once they achieve a scale, earnings are bound to be there,” added Choksey. Besides, the core business of Greaves Cotton that is to manufacture engines and heavy equipment is also well positioned to do well. “Greaves Cotton’s core engine business, which is a capital goods business, is well positioned and in an upward cycle. Besides, there is a tremendous buying interest for green renewable energy and electric vehicles especially with respect to two wheelers, which is leading to a rally in the stock,” said Kranthi Bathini, director of equity strategy at WealthMills Securities, told Business Insider. The company’s operations were severely hit in FY21 due to lockdowns led by the pandemic. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"><colgroup></colgroup><col /><col /><col /><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;">Greaves Cotton </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;">Revenue </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;">Profit/loss </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;">FY21 </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;">₹1,508 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;">-₹18.78 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;">FY20 </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;">₹1,931 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;">₹127 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;">FY19 </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;">₹2,057 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;">₹162 crore </td></tr></tbody></table> Demand for electric vehicles is only going up With changing environmental conditions and the Indian government's push toward electric vehicles, the demand for EV has remained robust. “Electric scooters have seen a dramatic increase in demand due to their broader demographic appeal and ease of handling. With changing consumer behaviour, enhanced environmental consciousness, rising petrol prices, rapid urbanisation and significant COVID protocols; we are seeing more people switching to sustainable personal mobility options,” said the company in a press release. Expansion of subsidiary Greaves electric mobility The company has acquired 100% stake in electric 3-wheeler company ELE (e-rickshaws). It also acquired a 26% stake in another electric 3-wheeler company MLR Auto (Teja brand). Along with it, the company also recently launched a new EV factory in Tamil Nadu’s Ranipet district, which is said to be one of the biggest EV factories in the country. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/personal-finance/news/due-date-for-filing-income-tax-returns-extended-to-march-15-2022/articleshow/88836918.cms">Due date for filing income tax returns extended to March 15, 2022 for individuals whose accounts are to be audited</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/hindalco-is-a-better-bet-than-tata-steel-because-electric-vehicles-need-aluminium/articleshow/88827641.cms">The rise of electric vehicles makes aluminium more attractive than steel</a>

This stock has gained 51% in the last five days on investors’ new-found love for electric vehicles

Minda Industries, Sona Comstar, Greaves Cotton amongst biggest gainers as investors bet on Budget 2022 being EV-friendly

<ul><li>Olectra Greentech, Tata Power, Motherson Sumi are among EV company stocks that have doubled nearly or more than doubled investors' money in over a year.</li><li>Sales penetration of electric two wheelers (E2W) is expected to increase by close to 78% by 2030, on the back of government policies, technology, infrastructure and consumer acceptance, says a report.</li><li>Analysts believe Ather Energy (Hero), Hero Electric, Ampere (Greaves Cotton), TVS, <keyword id="4393078" type="General" weightage="20" keywordseo="ola-electric" source="Orion">Ola Electric</keyword> and Bajaj Auto will be the front runners to thrive in the EV gold rush.</li></ul>As India takes the greener path, the electric vehicle (EV) ecosystem is all set to grow at a pace of 52% CAGR, according to a report by Equitymaster. The sector is expecting growth across all categories of EVs but two- and three-wheelers, which constitute the bulk of auto volumes, might be the bigger opportunity. It’s already evident in the sales too. “For three-wheelers, the volume sales have been at 11 lakh units (exports included), of which electric rickshaws average 1 lakh. In the next three to five years, this could be a 9 to 10 times growth opportunity,” said a report by Equitymaster. A report by Redseer Strategy Consultants predicts that electric two wheeler (E2W) sales will increase by close to 78% by 2030, on the back of government policies, technology, infrastructure and consumer acceptance. This means a bonanza awaits retail investors in the ecosystem too. Apart from the usual suspects like Tata Motors and Hero, stock markets are also rewarding battery and component makers. Analysts believe Ather Energy (Hero), Hero Electric, Ampere (Greaves Cotton), TVS, Ola Electric and Bajaj Auto will be the front runners to thrive in the EV gold rush. But like in the California gold rush where suppliers of picks and shovels made even more money than those who struck gold, the component suppliers and allied companies are set to thrive. Auto component supplier Motherson Sumi, bus manufacturer Olectra Greentech, and Tata Power – which is working to lay charging stations, are among <keyword id="10024265" type="General" weightage="20" keywordseo="ev-stocks" source="Orion">EV stocks</keyword> that have doubled or more than doubled investors' money in over a year. “EV industries have shown great output in the stock market in the last one year,” said Manoj Dalmia, founder and director at Proficient Equities. He said that several battery makers, auto component manufacturers and allied companies would benefit from the surge in EVs. EV players recommended by analysts <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"><colgroup></colgroup><col /><col /><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;">Battery makers </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;">Auto Components &amp; others </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;">Exide industries </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;">Motherson Sumi </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;">Amara Raja Batteries </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;">Minda Industries </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;">Kabra Extrusiontechnik </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;">Tata Elxsi </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;">Bharat Electronics </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;">Tata Chemical </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;"> </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;">Lumax Industries </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> The allied advantage Automotive lighting solutions company Lumax Industries, extrusion company Kabra Extrusiontechnik, government-owned Bharat Electronics, and Bharat Forge are EV-themed stocks recommended by Equitymaster, all of which, it believes can gain from rapid growth in the industry. Bharat Forge has also recently formed a new company named Kalyani Powertrain for its EV business initiatives. However the very new ecosystem that’s being built needs a lot more innovation to address its many pain points. “Long charging time and poor charging infrastructure are the two main pain points for both users and non users,” said Mukesh Kumar, engagement manager at Redseer Strategy Consultants. Tata Power is setting up charging stations at HPCL’s retail outlets, and Exide Industries provides lithium-ion batteries and energy storage solutions. As the ecosystem expands, many companies like battery makers, charging stations, and auto part companies too can grow at the same pace as EVs. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[<blockquote class="stocktwits-embedded-post" data-origin="https://stocktwits.com" data-id="478716232"> Undervalued EV Stock $FIEMIND.NSE PE : 17 Sales Growth : 21% Profit Growth : 31% Bullish on Chart &mdash; (@CuriousCommunity) <a href="https://stocktwits.com/CuriousCommunity/message/478716232"> August 16, 2022</a></blockquote><script async src="https://stocktwits.com/min/widgets.js" charset="utf-8"></script>]]></cdata></div> SEE ALSO:<a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/the-new-instant-noodle-fad-on-instagram-is-korean-noodles/articleshow/93659979.cms">Beyond the squid game: Indian taste seekers are warming up to K-noodles</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/retail/news/jewellery-brands-like-kalyan-melorra-and-pc-jewellers-expect-bumper-festive-sales-ahead-focus-on-expansion/articleshow/93654833.cms">Jewellery brands deck up in hope of bumper festive sales ahead</a>

Not just EV makers, there are many more stocks that can gain from EV play

A corpus of Rs 1 lakh crore will be established with 50-year interest free loans to encourage the private sector to scale up research and innovation in sunrise domains, Union Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> announced on Thursday. Presenting the interim Budget 2024-25, Sitharaman said this will be a golden era for India's tech savvy youth. "A corpus of Rs 1 lakh crore will be established with 50-year interest free loan. The corpus will provide long-term financing or refinancing with long tenures and low or nil interest rates," the minister said. "This will encourage the private sector to scale up research and innovation significantly in sunrise domains. We need to have programmes that combine the powers of our youth and technology," she added. EV stocks rally Shares of companies related to the electric vehicle segment jumped on Thursday after the announcement that the government will expand the electric vehicle ecosystem to support charging infra, and e-buses for public transport networks will be encouraged. The stock of Olectra Greentech jumped 6.21% to reach its 52-week high of Rs 1,849.25 on the BSE. JBM Auto climbed 4.96% to hit its one-year peak of Rs 2,010.80. Greaves Cotton went up by 3% to the day's high of Rs 168.55. The government will expand the electric vehicle ecosystem to support charging infra, and e-buses for public transport networks will be encouraged, Finance Minister Nirmala Sitharaman said on Thursday. Sitharaman, in her pre-election Budget, which is technically a vote on account and popularly termed an interim Budget, also said the blending of compressed biogas into compressed natural gas for transport and piped natural gas will be mandatory. Biomanufacturing and bio foundry scheme will be launched to provide environment-friendly alternatives for bio-degradable production, she added.

Corpus of Rs 1 lk cr to scale up research in sunrise domains: FM Sitharaman

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Hello! You could win a prize worth up to $480,000 during the Super Bowl. (I'm not talking about that 10-leg same-game parlay you're banking on.) DoorDash is giving someone <a target="_blank" href="https://www.businessinsider.com/doordash-super-bowl-ads-every-item-sweepstakes-2024-1">everything being advertised during this year's Super Bowl</a>.In today's big story, we're looking at the <a target="_blank" href="https://www.businessinsider.com/lawmakers-grill-tech-ceos-on-online-safety-2024-1">grilling tech CEOs</a> got during a contentious Senate hearing, <a target="_blank" href="https://www.businessinsider.com/linda-yaccarino-x-twitter-senate-hearing-csam-social-media-2024-1">with one notable exception</a>.What's on deck:<ul><li>Markets: The Fed <a target="_blank" href="https://www.businessinsider.com/did-federal-reserve-cut-interest-rates-continue-pause-inflation-recession-2024-1">paused interest-rate hikes again</a>.</li><li>Tech: Google cofounder Larry Page <a target="_blank" href="https://www.businessinsider.com/larry-page-bought-puerto-rico-island-cayo-norte-2024-1">spent $32 million on a private Puerto Rican island</a> in 2018.</li><li>Business: Investors aren't buying <a target="_blank" href="https://www.businessinsider.com/byron-allen-media-group-buy-paramount-offer-why-streaming-tv-2024-1">Byron Allen's $14.3 billion bid for Paramount</a>.</li></ul>But first, we're headed to Washington.<hr />If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><hr /><h2>The big story</h2><h3>Tech on trial</h3><div type="image" title="Photo of Big Tech leaders in the Senate" height="450" width="600" msid="107332949" hostid="261" sizebytes="31156"></div>Tech CEOs testified in a Senate hearing that turned into the type of fiery debates found on their social-media platforms.Executives for Meta, TikTok, X, Snapchat, and Discord were grilled by US lawmakers during a contentious Senate hearing on online child sexual exploitation.The hearing focused on what platforms are doing to keep young users safe and <a target="_blank" href="https://www.businessinsider.com/lawmakers-grill-tech-ceos-on-online-safety-2024-1">included tense exchanges</a>, Business Insider's Aaron Mok and Camilo Fonseca write.<a target="_blank" href="https://www.businessinsider.com/mark-zuckerberg-meta-faced-families-online-child-safety-senate-hearing-2024-1">The most shocking moment involved Meta CEO Mark Zuckerberg</a>, BI's Lauren Steussy reports. GOP Sen. Josh Hawley asked Zuckerberg to apologize to families in attendance whose children were harmed or died from the impacts of social media."No one should have to go through the things that your families have suffered, and this is why we invested so much," Zuckerberg said as he stood and addressed the families.Instagram, which is owned by Meta, came under fire last year over allegations it knowingly has <a target="_blank" href="https://www.businessinsider.com/news-today-november-28-instagram-advertising-ai-adtech-2023-11">millions of users under the age of 13 on its platform</a>.Meanwhile, TikTok CEO Shou Zi Chew, who is Singaporean, <a target="_blank" href="https://www.businessinsider.com/singaporean-tiktok-ceo-shou-zi-chew-repeatedly-asked-chinese-2024-1">grew agitated when he was repeatedly questioned</a> by Republican Sen. Tom Cotton about his citizenship and whether he has ties to the Chinese Communist Party.<div type="image" title="X CEO Linda Yaccarino" height="683" width="1024" msid="107332951" hostid="261" sizebytes="34370"></div>One CEO was able to avoid a majority of the fireworks: Linda Yaccarino.While Zuckerberg and Chew dealt with an onslaught of questions and accusations, X's Yaccarino <a target="_blank" href="https://www.businessinsider.com/linda-yaccarino-x-twitter-senate-hearing-csam-social-media-2024-1">left the hearing relatively unscathed</a>, BI's Katie Notopoulos writes.Yaccarino even touted that less than 1% of X users in the US are under 18. It's the type of statistic most social-media companies would be embarrassed by, <a target="_blank" href="https://www.businessinsider.com/linda-yaccarino-x-twitter-senate-hearing-csam-social-media-2024-1">Katie pointed out</a>, as young people are valuable to advertisers. (It's also a bit misleading, Katie added, as a <a target="_blank" href="https://www.pewresearch.org/internet/2023/12/11/teens-social-media-and-technology-2023/pi_2023-12-11_teens-and-social-media_0-01/">2023 Pew survey</a> found 20% of 13- to 17-year-olds use X.)But beyond trying to generate video clips they can tout to their constituents, lawmakers sought support from tech executives for various child-safety bills.Two of those — the "EARN IT Act" and the "STOP CSAM Act" — would enable tech companies to be sued for content on their platforms."There's no commission to go to that can punish you, there's not one law in the book [on online child safety] because you oppose everything we do, and you can't be sued," Sen. Lindsey Graham, told the CEOs. "That has to stop."We've seen Congress take a hard stance on Big Tech before, only to fall short of delivering actual results.But this time — whether because of bipartisan support or the fact real legislation is in the works — things feel different. <a target="_blank" href="https://www.businessinsider.com/facebook-mark-zuckerberg-senate-hearing-child-exploitation-social-media-law-2024-1">The result could be we actually see some changes</a>, Katie writes.<hr /><h2>3 things in markets</h2><div type="image" title="Fed Chair Jerome Powell" height="666" width="1024" msid="107332953" hostid="261" sizebytes="28248"></div><ol><li>No rate cuts from the Fed just yet. The Federal Reserve announced another pause in interest-rate hikes on Wednesday. Chair Jerome Powell <a target="_blank" href="https://www.businessinsider.com/did-federal-reserve-cut-interest-rates-continue-pause-inflation-recession-2024-1">dismissed hopes that a rate cut might come by March</a>, but some are still hopeful.</li><li>JPMorgan's dark horse CEO candidate. Troy Rohrbaugh, JPMorgan's <a target="_blank" href="https://www.businessinsider.com/jpmorgan-leadership-jamie-dimon-succession-2024-1">new co-CEO of commercial and investment banking</a>, has kept a fairly low profile at the bank for nearly 20 years. But his success in turning the bank's foreign-exchange business around and his experience managing risk <a target="_blank" href="https://www.businessinsider.com/troy-rohrbaugh-jpmorgan-jamie-dimon-succession-2024-1">make him a CEO option when Jamie Dimon retires</a>.</li><li>Commercial real estate is a sinking ship, and lenders want off. A community bank's decision to sell a $401 million portfolio of loans at a 7% discount <a target="_blank" href="https://www.businessinsider.com/banks-commercial-real-estate-loan-sales-debt-interest-rates-2024-1">shows how dire the market is getting</a>. And with $2.1 trillion of debt connected to commercial real estate coming due between now and the end of 2025, it's likely going to ramp up.</li></ol><hr /><h2>3 things in tech</h2><div type="image" title="Illustration depicting Larry Page" height="300" width="600" msid="107332956" hostid="261" sizebytes="12656"></div><ol><li>Google cofounder Larry Page bought a Puerto Rican island for $32 million. Records show that <a target="_blank" href="https://www.businessinsider.com/larry-page-bought-puerto-rico-island-cayo-norte-2024-1">Page purchased Cayo Norte</a>, an island east of Puerto Rico, in 2018. He used an LLC that BI previously identified as his — making it <a target="_blank" href="https://www.businessinsider.com/larry-page-sergey-brin-post-google-investments-businesses-wealth-2022-12">the fifth island we know belongs to Page</a>.</li><li>Elon Musk is fighting with Delaware. After a state judge blocked his $55 billion pay deal, Musk <a target="_blank" href="https://www.businessinsider.com/elon-musk-tesla-leave-delaware-judge-blocks-pay-deal-2024-1">questioned whether Tesla should change its state of incorporation</a> to Texas. His <a target="_blank" href="https://www.businessinsider.com/elon-musk-delaware-battle-goes-beyond-55-billion-pay-package-2024-1">gripe with Delaware is about more</a> than just his massive compensation package — it's about his ambitions for Tesla and SpaceX, too. Meanwhile, Neuralink executive Shivon Zilis, who shares twins with Musk, defended his <a target="_blank" href="https://www.businessinsider.com/neuralink-shivon-zilis-defends-elon-musk-55-billion-pay-package-2024-1">Tesla pay package</a>.</li><li>The White House's AI advisor said "legislative discussions" about the tech are coming. Ben Buchanan told BI the White House wants creators of copyrighted content "appropriately compensated" when it comes to AI. <a target="_blank" href="https://www.businessinsider.com/white-house-ai-copyright-debate-2024-1">Check out our full Q&amp;A with Buchanan</a>.</li></ol><hr /><h2>3 things in business</h2><div type="image" title="Paramount water tower and Byron Allen" height="3000" width="3000" msid="107332958" hostid="261" sizebytes="279282"></div><ol><li>Media entrepreneur Byron Allen wants to buy Paramount for $14.3 billion. Wall Street doesn't think that's going to happen. Investors don't think it's worth any more than $10 billion. <a target="_blank" href="https://www.businessinsider.com/byron-allen-media-group-buy-paramount-offer-why-streaming-tv-2024-1">So why does Allen think it is</a>?</li><li>The US economy is tops among rich countries. Outlooks for other G7 nations show <a target="_blank" href="https://www.businessinsider.com/economy-us-gdp-inflation-federal-reserve-economic-growth-canada-germany-2024-1">slower growth and higher inflation</a> than the US. It's also far outperforming the world's second-largest economy, China, <a target="_blank" href="https://www.businessinsider.com/china-economy-us-trade-markets-investors-policy-beijing-finance-outlook-2024-1">which is facing several economic headwinds</a>.</li><li>Ken Griffin sounds off on China. The hedge fund billionaire said any issues cropping up in Taiwan would be "catastrophic" for the <a target="_blank" href="https://www.businessinsider.com/ken-griffin-chinese-invasion-taiwan-could-spark-new-great-depression-2024-1">Chinese and American economies</a>. He was also bummed to see <a target="_blank" href="https://www.businessinsider.com/ken-griffin-on-chinas-byd-ev-outperforming-elon-musks-tesla-2024-1">Chinese EV maker BYD overtake Tesla</a>.</li></ol><hr /><h2>In other news</h2><ul><li><a target="_blank" href="https://www.businessinsider.com/enhanced-child-tax-credit-parents-passes-house-business-tax-relief-2024-1">The House passes a bill to give parents a boosted child tax credit and businesses tax relief</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/elon-musk-start-shifting-tesla-state-incorporation-to-texas-2024-2">Elon Musk says the people have spoken, and he'll make moves to shift Tesla to be incorporated in Texas</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/alaska-boeing-737-max-9-door-blowout-company-response-earnings-2024-1">We now have more details on what happened with the Alaska Airlines door plug — and how Boeing plans to address quality issues</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/flexport-lays-off-15-of-workers-2024-1">Flexport has laid off 15% of its workers.</a></li><li><a target="_blank" rel="noopener noreferrer" href="https://www.businessinsider.com/how-tiktok-music-influence-is-put-to-the-test-in-umg-fight-2024-1">Inside TikTok's fight against the most powerful music label in the industry and what could happen next.</a></li><li><a target="_blank" rel="noopener noreferrer" href="https://www.businessinsider.com/yumi-organic-baby-food-startup-valuation-down-2024-1">Exclusive: Organic baby food startup Yumi has slashed its valuation after running low on cash</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/jeep-first-ev-electric-wagoneer-s-photos-2024-1">Jeep revealed its first EV: See inside the sleek, electric Wagoneer S</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/walmart-new-stores-expansion-2024-1">Get ready for a lot more Walmarts</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/roku-poaches-publicis-exec-jay-askinasi-ad-sales-2024-1">Roku is set to announce Publicis exec Jay Askinasi as its next ad-sales boss</a>.</li></ul><hr /><h2>What's happening today</h2><ul><li>Today's earnings: Meta, Apple, Amazon, and <a target="_blank" href="https://markets.businessinsider.com/earnings-calendar">other companies are reporting today</a>.</li><li>Today marks the start of Black History Month.</li></ul><hr />The Insider Today team: <a target="_blank" href="https://www.businessinsider.com/author/dan-defrancesco">Dan DeFrancesco</a>, deputy editor and anchor, in New York. <a target="_blank" href="https://www.businessinsider.com/author/hallam-bullock">Hallam Bullock</a>, editor, in London. <a target="_blank" href="https://www.businessinsider.com/author/jordan-parker-erb">Jordan Parker Erb</a>, editor, in New York.

A Senate hearing with top tech CEOs about online child safety had plenty of fireworks 

<ul><li>Nirmala Sitharaman is all set to make her fourth budget speech as India’s <keyword id="6355261" type="General" weightage="20" keywordseo="finance-minister" source="Orion">Finance Minister</keyword>.</li><li>Stock markets have regained a lot of the recently lost value in the hope that the Narendra Modi government will spend enough money to boost private consumption.</li><li>This article will be updated with the most important parts of Sitharaman’s speech as soon as she starts speaking.</li></ul>Nirmala Sitharaman is all set to make her fourth budget speech as India’s Finance Minister. Stock markets have regained a lot of the recently lost value in the hope that the Narendra Modi government will spend enough money to boost private consumption. This may include income tax cuts as well, according to experts. The first part of her speech focussed on the government’s upcoming programme titled ‘Gati Shakti’. This programme involves big public investment in building modern infrastructure including roads, highways, seamless multimodal transport, and improving logistics networks to name a few. As part of this programme, the budget has allocated ₹20,000 crore to award 25,000 kilometres of highway projects in the financial year ending March 2023. In deference to the request from many states, the outlay of the Scheme for Financial Assistance to states has been increased from ₹10,000 crore to ₹15,000 crore. The allocation for FY23 is ₹1 lakh crore to catalyse overall investments in the economy. The 50-year interest free bonds are over and above the normal borrowings by the states. This will be used for Gati Shakti, rural road projects, town planning schemes etc. The Finance Minister has announced a fund to support startups in agriculture which will be routed via National Bank for Agriculture and Rural Development (NABARD). A credit guarantee trust will create additional credit of ₹2 lakh crore for small businesses. Desh Stack platform will provide API-based certification and help upskilled people find relevant jobs. The Finance Minister proposed the use of drones as a service in select Industrial Training Institutes (ITIs) in all states. A national digital university will be launched, in a hub-and-spoke model, where other public universities will collaborate. To improve access to mental healthcare, 23 tele-mental health centres will be launched, with National Institute of Mental Health and Neuro-Sciences (NIMHANS) as the nodal unit, and Indian Institutes of Information Technology (IIIT) Bangalore providing tech support. ₹60,000 crore budget allocation in FY23 to take piped water connections to 8.8 crore homes. 23 tele-mental health centres will be launched to improve access to mental healthcare. NIMHANS will function as the nodal unit, and IIIT Bangalore providing tech support. PM Awas Yojana, a subsidised housing scheme, gets a budget allocation of ₹48,000 crore. E-passports with embedded chips will be rolled out in 2022-23 to make it convenient for citizens. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/minda-industries-sona-comstar-greaves-cotton-amongst-biggest-gainers-as-investors-bet-on-budget-2022-being-ev-friendly/articleshow/89264077.cms">Minda Industries, Sona Comstar, Greaves Cotton amongst biggest gainers as investors bet on Budget 2022 being EV-friendly</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/shares-of-fmcg-companies-rise-on-hopes-of-consumption-boost-for-the-sector/articleshow/89263952.cms">Britannia, Dabur, Marico surge on hopes that budget will leave people with more money to buy stuff</a>

Budget 2022: Watch out for the highlights from Finance Minister Nirmala Sitharaman’s speech

Mumbai, Jul 6 () Ampere Vehicles, the electric arm of Greaves Cotton, on Monday announced the acquisition of Noida-based e-rickshaw firm Bestway Agencies (BAPL) with a 74 per cent stake. Bestway sells e-rickshaws under the ELE brand with a strong B2C presence in the mass market passenger segment. Through this acquisition, Ampere will expand its presence in this fast disrupting segment to become an integrated last-mile e-mobility player with strong presence in both electric two- and three-wheelers, Ampere vehicles said in a release. "With the acquisition of Bestway, Ampere has now embarked on a new journey to provide clean, safe and sustainable shared mobility solutions through e-3wheeler and become a leading player in the country's EV ecosystem," said Ampere Vehicles Chairman B V R Subbu. The acquisition is subject to customary closing conditions, the company said. E-rickshaw is one of the largest and fastest-growing categories of EVs in the country, and Ampere foresees growth in this segment, it said. In addition to the business-to-customer (B2C) segment, with this acquisition, Ampere will also be able to offer a complete product portfolio to its business-to-business (B2B) customers who have requirements for e-3 wheelers as well for both people and cargo mobility, the company said. "This acquisition will further strengthen our relationship with the domestic consumer by adding last-mile mobility products and services for uninterrupted journey, enhancing productivity across E-2W and E-3W spectrum," Nagesh Basavanhalli, MD and CEO of Greaves Cotton Ltd and director of Ampere Vehicles, said. He said combining Ampere's and Bestway's expertise will help in further boosting the company's growth and strengthen market positioning as a leading e-mobility business in India. The e-3wheeler segment has seen growth acceleration in the past few years and Bestway's ELE e-rickshaw has been one of the top-three brands in this organised segment in the high-growth markets of Eastern India and Eastern UP, the release said. IAS HRS

Ampere Vehicles acquires Noida-based e-rickshaw firm Bestway Agencies with 74 pc stake

Finance minister Nirmala Sitharaman on Tuesday announced the <keyword id="12280048" type="General" weightage="20" keywordseo="pm-gati-shakti" source="Orion">PM Gati Shakti</keyword> National Master Plan aimed at making logistics connectivity seamless across the length and breadth of the country. Sitharaman described the <keyword id="11977289" type="General" weightage="20" keywordseo="gati-shakti" source="Orion">Gati Shakti</keyword> plan – a massive infrastructure development undertaking – to encompass the ‘engines’ of growth, namely roads, railways, mass transport, seamless multi-modal connectivity. In deference to the request from many states, the outlay of the Scheme for Financial Assistance to states has been increased from ₹10,000 crore to ₹15,000 crore. The allocation for FY23 is ₹1 lakh crore to catalyse overall investments in the economy. The 50-year interest free bonds are over and above the normal borrowings by the states. This will be used for Gati Shakti, rural road projects, town planning schemes etc. The Gati Shakti project aims to create a synergy between infrastructure and logistics, both of people and goods, and location of projects. Here are the key takeaways of the announcements under the PM Gati Shakti National Master Plan: <ul><li>A scheme for expressways will be formulated in 2022-23 to facilitate faster movement of people and goods.</li><li>The national highways network will be expanded by 25,000 kilometres in 2022-23, with an outlay of INR 20,000 crores via financing.</li><li>A new Unified Logistics Interface Platform will be brought in to facilitate data exchange between operators across different modes of transport, aimed at implementing a just-in-time approach for logistics management and giving access to real-time information to operators.</li><li>A new open-source mobility stack for organising seamless travel of passengers will be facilitated.</li><li>Contracts for implementation of multi-modal logistics parks at four locations will be awarded on a public-private-partnership (PPP) mode in 2022-23.</li><li>Railways will develop new products and logistics services for small farmers, and small and medium enterprises.</li><li>Railways will integrate railways and postal networks for seamless movement of parcels.</li><li>A 2,000-kilometre railway network will be brought under ‘Kavach’ for safety and capacity augmentation.</li><li>400 new-generation Vande Bharat trains with better energy efficiency and passenger riding experience will be developed and manufactured over the next three years.</li><li>100 PM Gati Shakti cargo terminals for multi-modal logistics facilities will be developed in the next three years.</li><li>‘Innovative’ financing options will be encouraged for building metro systems of appropriate type and scale.</li><li>Facilitation of multi-model connectivity options between mass urban transport and railway stations.</li><li>Standardisation of metro systems and civil structures based on Indian needs.</li><li>Parvatmala, a preferred ecologically sustainable alternative to conventional road systems in hilly areas – also known as National Ropeways Development Programme, will be undertaken in PPP mode.</li></ul>SEE ALSO: <a href="https://www.businessinsider.in/budget/news/union-budget-2022-speech-highlights-and-updates-from-finance-minister-nirmala-sitharaman/articleshow/89264352.cms">Budget 2022: Watch out for the highlights from Finance Minister Nirmala Sitharaman’s speech</a> <a href="https://www.businessinsider.in/budget/news/minda-industries-sona-comstar-greaves-cotton-amongst-biggest-gainers-as-investors-bet-on-budget-2022-being-ev-friendly/articleshow/89264077.cms">Minda Industries, Sona Comstar, Greaves Cotton amongst biggest gainers as investors bet on Budget 2022 being EV-friendly</a> <a href="https://www.businessinsider.in/stock-market/news/shares-of-fmcg-companies-rise-on-hopes-of-consumption-boost-for-the-sector/articleshow/89263952.cms">Britannia, Dabur, Marico surge on hopes that budget will leave people with more money to buy stuff</a>

PM Gati Shakti National Master Plan aims to bring synergy between infrastructure and logistics across the length and breadth of India

<ul><li>The real estate sector has shown signs of recovery in 2021 as it reached nearly 90% of pre-COVID numbers.</li><li>It is expected to contribute 13% to the country’s GDP by 2025 as per IBEF’s report.</li><li>Focusing on real estate and textiles will create a lot of opportunities for the bottom of the pyramid people, Kotak Mahindra Mutual Fund’s CEO said.</li></ul>India has been eagerly waiting for Finance Minister Nirmala Sitharaman to open up her bhai-khata (ledger) and announce this year’s union budget. Like always, industry experts and market enthusiasts have already started speculating on major announcements that may come up this year. While the investment bankers are hoping for pro-market policies, health experts are speaking on incentivising preventive healthcare. Amidst all this, Nilesh Shah, the managing director and chief executive officer (CEO) of Kotak Mahindra Mutual Fund, is pitching for better policies for two sectors that are among the highest employers in the country— real estate and construction, and textile industry. Shah, in a conversation with Business Insider, highlighted, “This budget has to focus on consumption, which is necessary for reviving or accelerating the growth today.” Focusing on these two sectors can make all the difference, he added. ‘Real Estate is revving, but more needs to be done to reach its potential’ The real estate sector has shown signs of recovery in 2021 as it reached <a href="https://m.economictimes.com/industry/services/property-/-cstruction/residential-real-estate-market-beats-pandemic-blues-sales-in-top-7-housing-markets-grow-71-yoy/articleshow/88641967.cms">nearly 90%</a> of pre-COVID numbers. This was possible due to Sitharaman's proactive <a href="https://economictimes.indiatimes.com/markets/stocks/news/budget-2021-real-estate-stocks-climb-up-to-7-on-fms-affordable-housing-push/articleshow/80628893.cms">approach</a> to reduce stamp duty tax and the extended tax benefits on affordable housing in the last budget. Shah, however, feels that the number can get even higher if focus is more aligned towards the housing as well as construction sub sectors. “Real estate and construction stars are aligned for rapid growth. House prices have remained consistent or fallen in the last 2-3 years. Affordability for one section of the society has improved,” he notes. The government of India can now consider arming up its last year’s approach with three new policies. First, providing tax incentives for people buying their first house. Second, getting higher concessions on your interest on housing loans or principal repayment. Third, giving stamp duty concessions so that people prepone their purchases. “Whichever way you think appropriate if housing, real estate is supported further we will see improvement in housing and construction, and a lot bottom of the pyramid people will get employment in this sector,” he said, emphasising that it’s time to bring housing to 12.5-13% of India’s gross domestic product (GDP). The real estate sector in India <a href="https://www.businessinsider.in/india/news/real-estate-a-significant-contributor-to-the-indian-economy/articleshow/82548514.cms">contributes 6-7% to the country’s total GDP</a> in 2020. It is expected to reach a market size of $1 trillion by 2030 and contribute 13% to the country’s GDP by 2025, according to a India Brand Equity Foundation (IBEF) report. ‘The transition from supplier to manufacturer is an important one for the textile industry’ India is among the largest cotton producers in the world, one of the largest yarn spinners and big in fabric weaving. Yet, it has no ranking in the biggest value generator of the textile industry — garmenting. “We grow cotton, spin yarn, weave fabric and then pass it onto someone else to make garments,” Shah added. He further added that the government of India should focus on ramping up garmeting in India. China is the largest textile manufacturer and exporter in the world. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"><colgroup></colgroup><col /><col /><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;">Country </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;">Share in world export in 2020 </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;">China </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;">43.5% </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;">European Union </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;">18.1% </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;">India </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;">4.2% </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;">Turkey </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;">3.3% </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;">USA </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;">3.2% </td></tr></tbody></table>Source: <a href="https://www.statista.com/statistics/1094515/share-of-the-leading-global-textile-clothing-by-country/">Statista</a> Meanwhile, the Apparel Export Promotion Council (APEC) has urged the government of India to remove import duty on cotton for boosting apparel exports. The association’s chairperson Narendra Goenka also believes that the government could remove the 11% import duty on cotton to boost the domestic industry. “It is our major demand because raw material prices in India are very high. So that the mills can import cotton at lower prices. Cotton and yarn prices have gone up by 70-80% [in the last one year] and that is creating hurdles for garment exports,” he was <a href="https://www.aninews.in/news/national/general-news/apparel-export-promotion-council-urges-government-to-remove-import-duty-on-cotton-to-boost-exports20220128215406/">quoted</a> as saying, by ANI. “If we focus on real estate, construction and textiles sectors we will create a lot of opportunities for the bottom-of-the-pyramid people,” Shah concluded. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/budget/news/from-tax-structure-rationalisation-to-expanding-ev-charging-infrastructure-heres-what-the-industry-wants-from-budget-2022/articleshow/89162814.cms">From tax structure rationalisation to expanding EV charging infrastructure, here’s what the industry wants from Budget 2022</a> <a href="https://www.businessinsider.in/cryptocurrency/news/these-were-the-5-worst-performing-cryptos-over-the-past-week-amid-the-bitcoin-bear-market/articleshow/89187450.cms" data-type="tilCustomLink">These were the 5 worst performing cryptos over the past week amid the bitcoin bear market</a> <a href="https://www.businessinsider.in/investment/news/apple-jumps-5-after-smashing-revenue-forecasts-and-teasing-metaverse-plans-giving-tech-stock-futures-a-boost/articleshow/89178278.cms" data-type="tilCustomLink">Apple rallies 3% after smashing revenue forecasts and teasing metaverse plans</a>

A market guru explains why real estate, housing and textiles should get some budget boost

<ul><li>In last year’s budget Finance Minister Nirmala Sitharaman had announced ₹5.5 lakh crore ($74 billion) as capital investments.</li><li>As of November 2021, less than half of that has been spent</li><li>However, if it were to step up spending in the last three months to cover some of the slack, it could mean large orders for private companies like Larson &amp; Toubro, Bharat Electronics, ABB and Siemens.</li><li>Check out our <a href="https://www.businessinsider.in/bi-newsletter">weekly explainers</a> on the hottest topics and <a href="https://www.businessinsider.in/newsletters_signup.cms">sign up</a> if you like them.</li></ul>A big part of the market rally that unfolded post the budget speech last year was the government’s commitment to spend big bucks on infrastructure. However, at the end of November 2021, less than half of the budgeted amount was spent. As a report from HDFC Securities pointed out, the difference between the budgeted amount and the actual spending this year has been the highest in the last 4 years. The second wave of the pandemic, and the third one that’s underway right now, may have set back some of the spendings. <div type="image" title="budget capex" height="900" width="1200" msid="88852484" hostid="261"></div>Finance Minister Nirmala Sitharaman had said that the government would make capital investments worth ₹5.5 lakh crore by March 2022 on roads, metro rail network, renewable energy, and in building other such infrastructure. Such spending results in orders for construction companies like Larson &amp; Toubro, Dilip Buildcon, KNR Construction and IRB Infrastructure Developers, as well as equipment providers like Bharat Electronics, ABB and Honeywell. And, therefore, in better economic growth. These are the shortfalls compared to the budget promise across different sectors: <div type="image" title="sector capex" height="900" width="1200" msid="88852502" hostid="261"></div>A recent report by Crisil said that the central <a href="https://economictimes.indiatimes.com/news/economy/indicators/public-capex-turns-the-corner-central-spending-seen-jumping-12-over-pre-pandemic-level-report/articleshow/88048366.cms?from=mdr">government expenditure on capital investments was up 31% compared to the last financial year</a>, which was also the first year of the pandemic. The same number, when compared to 2019, is higher by 13%. In September last year, the Finance Minister <a href="https://indianexpress.com/article/business/spends-lagging-finmin-asks-ministries-to-step-up-capex-7538316/">told ministries to increase the pace of spending</a> to meet the targets. However, October and November continued to be lean months, according to a report by Elara Securities. If the government decides to cover some of the slack in the last three months, it could result in some big orders flowing in. That could explain the recent rally in capital goods stocks. “The lag in the spending for capital goods and infrastructure in FY22 was because of COVID-19 and related spending. This time the spending for these sectors started in October 2021. Even historically, the spending is high in the third and fourth quarter only as giving out tenders and finally giving the order to specific companies takes a lot of time,” said Kranthi Bathini, director of equity strategy at WealthMills Securities, told Business Insider. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"><colgroup></colgroup><col /><col /><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;">Capital good companies </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;">% change in last five days </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;">Greaves Cotton </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;">37% </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;">Suzlon Energy </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;">23% </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;">India Cements </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;">19% </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;">Alok Industries </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;">18% </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;">Varroc Engineering </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;">16% </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;">Adani Green </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;">15% </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;">Prism Johnson </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;">16% </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;">RHI Magnesita India </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;">14% </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;">Elgi Equipments </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;">15% </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;">Trident </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;">13% </td></tr></tbody></table>The market also hopes that the emphasis on capital investments will continue in the upcoming budget too. “Budget 2022 is most likely to focus on improving infrastructure. It might include a detailed list of public roads to railways assets, which the government plans to monetise during FY 2022-23. Reports also suggest that it might especially prioritise highways and expressways,” said a <a href="https://www.bajajfinservmarkets.in/markets-insights/budget/budget-2022.html">report </a>by Bajaj Finserv. “We expect major initiatives to be announced to stimulate capital expenditure both on the private and public side. This has been the thrust of the government since COVID hit the country’s growth. We expect schemes for outlay for development of infrastructure including major spending towards roads, irrigation, healthcare and smart cities,” Anshuman Khanna, Director at Value Prolific Consulting Services (ValPro) told Business Insider. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/tiger-global-led-82-million-round-in-fintech-startup-refyne/articleshow/88837462.cms">INTERVIEW | This one-year-old startup raised $82 million led by Tiger Global to offer employees advance on their salaries</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/this-stock-has-gained-51-in-the-last-five-days-on-investors-new-found-love-for-electric-vehicles/articleshow/88841859.cms">This stock has gained 51% in the last five days on investors’ new-found love for electric vehicles</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/government-owning-vodafone-idea-is-just-half-the-task-the-other-half-is-to-find-the-money/articleshow/88836355.cms">Government owning Vodafone Idea is just half the task – the other half is to find the money</a>

The Indian government has spent less than half the money it had budgeted for capital investments, so far

Welcome to <a href="http://newsletter.businessinsider.com/join/4np/insider-energy">Insider Energy</a>, a weekly <keyword id="6357014" type="ORGANIZATION" weightage="60" keywordseo="energy">energy</keyword> newsletter brought to you by Business Insider. Here's what you need to know:<ul style="text-align: left;"><li>Want to get <keyword id="9962321" type="UNKNOWN" weightage="60" keywordseo="insider-energy">Insider Energy</keyword> in your inbox every Friday? <a href="http://newsletter.businessinsider.com/join/4np/insider-energy">Sign up here</a>. </li><li>Do you have feedback or story tips? Reach out to me at <a href="mailto:bjones@businessinsider.com">bjones@businessinsider.com</a>. </li><li>Reminder: We're looking for a reporter/editor to help lead our coverage. <a href="https://www.linkedin.com/jobs/view/energy-reporter-editor-at-insider-inc-2011708590/">Apply here</a>. </li></ul>I've been thinking a lot about <a href="https://www.businessinsider.com/fly-mike-pence-head-vice-presidential-debate-photos-video-2020-10">that fly</a>. Speaking of surprise appearances at the VP debate Wednesday, fracking made a show — Mike Pence repeatedly said that Joe Biden and Kamala Harris want to ban the technology. Harris said they wouldn't. Fracking is a super <a href="https://www.businessinsider.com/outlook-for-private-equity-energy-investments-oil-price-collapse-2020-4">common method</a> of extracting oil and natural gas in the US, which involves some engineering magic like <a href="https://www.businessinsider.com/outlook-for-private-equity-energy-investments-oil-price-collapse-2020-4">sideways drilling</a>. The technology <a href="https://www.businessinsider.com/us-shale-oil-industry-vaporized-money-before-energy-markets-collapsed-2020-5">turned America into a fossil-fuel powerhouse</a>, starting around 2009. It also led to a surge in plastics and chemicals.As I recently learned, pretty much everything that's not made of wood or cotton is made with chemicals derived from oil and gas, known as petrochemicals. Laundry detergent, diapers, antifreeze, hand sanitizer ... these chemicals are everywhere! And Big Oil wants to keep it that way. Let's start there. <div type="image" title="global demand for petrochemicals" height="1340" width="1640" msid="78580052" hostid="261"></div><h2 style="text-align: left;"><a href="https://www.businessinsider.com/petrochemical-empire-built-by-big-oil-exxon-shell-total-2020-10">This obscure $400-billion industry might just save Big Oil</a></h2>As we've written, <keyword id="154273" type="ORGANIZATION" weightage="60" keywordseo="clean-energy">clean energy</keyword> sources like wind and hydro power will eventually dominate the global electricity mix, and EVs are set to replace gas-guzzling cars. That alone doesn't spell the end of big oil companies. Reality check: Most of the world's largest fossil-fuel producers including <keyword id="6383208" type="ORGANIZATION" weightage="60" keywordseo="exxon">Exxon</keyword> and Shell have invested in a wide range of products to stay relevant <a href="https://www.businessinsider.com/petrochemical-empire-built-by-big-oil-exxon-shell-total-2020-10">including petrochemicals</a> — which have grown into a gigantic industry. <ul style="text-align: left;"><li>The US market was worth almost $400 billion last year, according to the American Chemistry Council. </li></ul>Defined: <a href="https://www.businessinsider.com/petrochemical-empire-built-by-big-oil-exxon-shell-total-2020-10">Petrochemicals are chemicals derived from petroleum and natural gas</a>. <ul style="text-align: left;"><li>By quantity, the vast majority of chemicals out there — the stuff in disinfectants, detergents, everything in The Container Store — are, in fact, petrochemicals. </li><li>My point being: The reach of this industry, backed by Big Oil, <a href="https://www.businessinsider.com/petrochemical-empire-built-by-big-oil-exxon-shell-total-2020-10">is almost unfathomable</a>. </li></ul>A lifeline: As oil giants stare down a future with fewer gas-powered cars, <a href="https://www.businessinsider.com/petrochemical-empire-built-by-big-oil-exxon-shell-total-2020-10">they're looking to petrochemicals to stay afloat</a>. <ul style="text-align: left;"><li>By 2050, petrochemicals are projected to overtake the transportation sector as the largest driver of growth in oil demand, according to the International Energy Agency.</li><li>Top oil companies are adjusting accordingly, <a href="https://www.businessinsider.com/petrochemical-empire-built-by-big-oil-exxon-shell-total-2020-10">as we reported this week</a>. </li></ul><a href="https://www.businessinsider.com/petrochemical-empire-built-by-big-oil-exxon-shell-total-2020-10">Read our full story here.</a><div type="image" title="FILE PHOTO: Darren Woods, Chairman &amp; CEO of Exxon Mobil Corporation attends a news conference at the New York Stock Exchange (NYSE) in New York, U.S., March 1, 2017. REUTERS/Brendan McDermid" height="533" width="800" msid="78580054" hostid="261"></div><h2 style="text-align: left;"><a href="https://www.businessinsider.com/leaked-documents-exxon-cutting-jobs-roles-europe-oil-downturn-2020-10">Exxon's no good, very bad week</a> </h2>I mean, it's not like any of us had a good week. But Exxon's was particularly challenged. <ul style="text-align: left;"><li>On Monday, the company announced that it was <a href="https://www.businessinsider.com/leaked-documents-exxon-cutting-jobs-roles-europe-oil-downturn-2020-10">cutting up to 1,600 jobs across Europe</a>, as part of a global restructuring. <a href="https://www.businessinsider.com/leaked-documents-exxon-cutting-jobs-roles-europe-oil-downturn-2020-10">We got our hands on four documents that detail which divisions will shrink</a>.</li><li>Also on Monday, <a href="https://www.bloomberg.com/news/articles/2020-10-05/exxon-carbon-emissions-and-climate-leaked-plans-reveal-rising-co2-output">Bloomberg News reported</a> that Exxon had plans to ramp up its carbon emissions by 17% by 2025, as its rivals looked to cut their carbon budgets. (Exxon <a href="https://corporate.exxonmobil.com/News/Newsroom/News-releases/2020/1005_ExxonMobil-statement-regarding-inaccurate-Bloomberg-news-story">said</a> the story is inaccurate.) </li><li>On Tuesday, Exxon CEO Darren Woods <a href="https://www.businessinsider.com/exxon-ceo-letter-employees-oil-price-slump-job-cuts-2020-10">sent a letter to staff</a>, reassuring them that oil and gas would be needed for decades to come. <a href="https://www.businessinsider.com/exxon-ceo-letter-employees-oil-price-slump-job-cuts-2020-10">We obtained the letter, which also reveals some more details on how the company is trying to regain dominance after slipping.</a></li><li>Then on Wednesday, the company <a href="https://www.businessinsider.com/chevron-stock-overtakes-exxon-market-cap-most-valuable-oil-company-2020-9">lost its title as America's largest oil company</a>, as its market value fell below <keyword id="60772" type="CITY" weightage="60" keywordseo="Chevron">Chevron</keyword>'s for the first time. Earlier in the week, NextEra, a renewable-energy giant, <a href="https://www.cnn.com/2020/10/05/investing/exxon-stock-solar-wind-nextera/index.html">also overtook Exxon in market value</a>. (Exxon's market value was greater than Chevron's again Friday morning.) </li><li>On Thursday, the Church of England Pensions Board, which manages more than $3.6 billion, divested from Exxon, <a href="https://www.bloomberg.com/news/articles/2020-10-05/exxon-carbon-emissions-and-climate-leaked-plans-reveal-rising-co2-output">Bloomberg News reported</a>. </li></ul>What's going on? Exxon is trying to maintain its dividend and <a href="https://www.businessinsider.com/exxon-managers-dub-some-employees-poor-performers-cut-staff-2020-7">reputation as a stable employer</a> even as oil prices fail to gain ground. They were down about 35% this year as of Friday morning. <ul style="text-align: left;"><li>At the same time, investors are souring on companies that fail to set climate-change targets. </li><li>Exxon is considered a laggard among oil companies when it comes to climate policy. </li></ul>What next? More job cuts are likely as the restructuring carries on. The company is also doubling down on its oil resources in lower-cost regions <a href="https://www.businessinsider.com/exxon-in-guyana-government-approves-9-billion-oil-drilling-project-2020-10">including Guyana</a>. Do you have information on Exxon? You can reach me at <a href="mailto:bjones@businessinsider.com">bjones@businessinsider.com</a> or through Signal/text at +1-646-768-1657.<div type="image" title="Vivint Solar rooftop solar" height="1560" width="2080" msid="78580056" hostid="261"></div><h2 style="text-align: left;">Layoffs reach all corners of the energy industry</h2>Two new reports this week detail the toll COVID-19 has taken on energy-industry jobs. It's not great. Clean energy: Just under half a million clean-energy workers are still out of work from the pandemic, <a href="https://e2.org/reports/clean-jobs-covid-economic-crisis-september-2020/">according to BW Research</a>. <ul style="text-align: left;"><li>The industry added 12,500 jobs back last month, and is recovering at a slower rate than the rest of the economy, the group said. </li><li>California, to no surprise, has lost the largest number of positions. </li></ul>Oil and gas: The fossil fuel industry, including chemicals, laid off 107,000 workers from March through August, according to <a href="https://www2.deloitte.com/us/en/insights/industry/oil-and-gas/future-of-work-oil-and-gas-chemicals.html?id=us:2el:3pr:4di6870:5awa:6di:100520:&amp;pkid=10072807280">a new Deloitte analysis</a>. <ul style="text-align: left;"><li>Bleaker still, as many as 70% of those jobs may not return by the end of 2021 in a business-as-usual scenario, the firm said. </li><li>"Such large-scale layoffs, coupled with the heightening cyclicality in employment, are challenging the industry's reputation as a reliable employer," the report said. </li></ul>In other news: Chevron is <a href="https://www.businessinsider.com/oil-giant-chevron-restructures-global-operations-cuts-jobs-2020-10">demanding its workers reapply for jobs</a> as part of a global restructuring that's set to reduce its workforce by up to 15%. <div type="image" title="Chevron gas station" height="2066" width="2756" msid="78580061" hostid="261"></div><h2 style="text-align: left;"><a href="https://www.businessinsider.com/morgan-stanley-likely-mega-mergers-deals-in-the-oil-stocks-industry-2020-10">Will there be more mega-mergers? These top analysts think so — and list the most likely ones.</a></h2>Chevron bought Noble Energy <a href="https://www.businessinsider.com/chevron-noble-energy-deal-merger-layoffs-job-cuts-2020-7">in a deal worth $5 billion</a>. Devon Energy <a href="https://www.houstonchronicle.com/business/energy/article/Devon-Energy-to-acquire-WPX-Energy-for-2-56B-15602555.php">has agreed to acquire</a> WPX Energy. Meanwhile, <a href="https://www.businessinsider.com/inside-sunrun-and-vivint-solar-historic-deal-2020-8">Sunrun took over Vivint Solar</a>, a deal that closed this week. Who's next? Morgan Stanley has some ideas. In a report Wednesday, <a href="https://www.businessinsider.com/morgan-stanley-likely-mega-mergers-deals-in-the-oil-stocks-industry-2020-10">the bank laid out 11 potential mega-mergers in the US energy industry</a> (specific to oil and gas) that involve heavyweights like Exxon and Chevron. <ul style="text-align: left;"><li>The energy industry is entering a new phase focused on returns, which is likely to bring a wave of consolidation, the bank said.</li><li>The bank said the majors could use M&amp;A to build out their renewable-energy divisions. </li><li><a href="https://www.businessinsider.com/morgan-stanley-likely-mega-mergers-deals-in-the-oil-stocks-industry-2020-10">You can see their list of "hypothetical" deals here</a>. </li></ul><div type="image" title="FILE PHOTO: A sign of JP Morgan Chase Bank is seen in front of their headquarters tower in Manhattan, New York, U.S., November 13, 2017. REUTERS/Amr Alfiky" height="533" width="710" msid="78580064" hostid="261"></div><h2 style="text-align: left;">5 big stories we didn't cover this week</h2><ul style="text-align: left;"><li>JPMorgan, the nation's largest bank, <a href="https://www.jpmorganchase.com/ir/news/2020/adopts-paris-aligned-financing-commitment">said it would push clients to align with the Paris Climate Agreement</a>, which requires global net-zero emissions by 2050.</li><li>Oil prices are all over the place, so nothing's new. On Friday morning, <a href="https://markets.businessinsider.com/commodities/oil-price">Brent crude was up 6%</a> from last Friday, when it tanked in the wake of Trump's coronavirus diagnosis. </li><li>California fires hit a new and unfortunate milestone this week. The August complex fire surpassed 1 million acres and was dubbed a "gigafire," <a href="https://www.theguardian.com/us-news/2020/oct/06/california-wildfires-gigafire-first">The Guardian reports</a>. </li><li>Amazon <a href="https://blog.aboutamazon.com/transportation/introducing-amazons-first-custom-electric-delivery-vehicle">debuted</a> its all-electric delivery van, built by Rivian, a Tesla rival. </li><li>In yet another sign the hydrogen industry is booming, Hyundai <a href="https://www.reuters.com/article/us-hyundai-switzerland-hydrogen-trucks/hyundai-delivers-first-fuel-cell-trucks-to-switzerland-idUSKBN26S1DK">delivered its first fuel-cell trucks</a> this week, and global oil giant <a href="https://www.bloomberg.com/news/articles/2020-10-09/total-adds-fuel-cell-truck-maker-to-alternative-energy-bets">Total said it was betting on fuel-cell startup Hyzon Motors</a>. </li></ul>That's it! Have a great weekend. - Benji Ps. I planted basil in a wine bottle, merging my top interests. <div type="image" title="Benji Jones basil wine bottl" height="2268" width="3023" msid="78580067" hostid="261"></div>

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