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Top of the Morning ☕: Amazon’s salvo at Future Group, Tata Steel’s shares

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Top of the Morning ☕: Amazon's salvo at Future Group, Tata Steel's shares 1
Friday, 26 Nov 2021
Top of the morning

Good morning!

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There is a war for talent in the tech industry and quite possibly, the best and the brightest now want to work with startups and not IT services exporters. Startups have a secret weapon to hire and retain good employees—employee stock option plans or Esops. Recently, some of them have expanded their Esop plans while making liquidation easy. This sort of generosity clearly piggybacks on the funding boom, industry watchers say. Those working with startups will hope this run never ends.

Top of the Morning ☕: Amazon's salvo at Future Group, Tata Steel's shares 2

Meanwhile, a few startups are hoping to change the way restaurants cook. The biryani you ordered in may have been made by a robot. Scroll down. Also, don’t miss our top corporate stories of the day—on Amazon-Future Group feud, Reliance Industries’ oil-to-chemicals business, and Tata Steel’s shares.

Top of the Morning ☕: Amazon's salvo at Future Group, Tata Steel's shares 3   Top of the Morning ☕: Amazon's salvo at Future Group, Tata Steel's shares 4   Top of the Morning ☕: Amazon's salvo at Future Group, Tata Steel's shares 5   Top of the Morning ☕: Amazon's salvo at Future Group, Tata Steel's shares 6

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Market Watch
What’s up?

BSE Sensex

Top of the Morning ☕: Amazon's salvo at Future Group, Tata Steel's shares 7 58,795.09 (+0.78%)

NIFTY

Top of the Morning ☕: Amazon's salvo at Future Group, Tata Steel's shares 7 17,536.25 (+0.70%)

Dollar/Rupee

Top of the Morning ☕: Amazon's salvo at Future Group, Tata Steel's shares 7 ₹74.51 (+0.15%)

Gold

Top of the Morning ☕: Amazon's salvo at Future Group, Tata Steel's shares 7 ₹47,470 (+0.07%)

Crude oil

Top of the Morning ☕: Amazon's salvo at Future Group, Tata Steel's shares 11 ₹5,827 (-0.58%)

Bitcoin

Top of the Morning ☕: Amazon's salvo at Future Group, Tata Steel's shares 7 ₹45,75,013.03 (+10.01%)

*As of 9PM 25 November; MCX, CoinDCX

The main stuff

Amazon fires another salvo at Future Group as feud intensifies

The feud between Amazon.com Inc. and Future Group over the sale of the group’s assets to Reliance Industries gets more interesting every day. Now, the US retailer has claimed that some audit committee members of Future Retail had demanded a forensic audit to probe alleged funds diversion through undisclosed related-party transactions among entities controlled by the promoters. The US e-commerce giant made the allegations in a 24 November letter to many people, including finance minister Nirmala Sitharaman. Anirudh Laskar reports. Read more.

Reliance Industries may hive off oil-to-chemicals business

Reliance Industries may hive off parts of its oil-to-chemicals division to make it easier to induct investors and unlock value after it scrapped a plan to sell a $15 billion stake in the business to Saudi Aramco. As the first step of the new strategy, RIL decided to transfer the company’s gasification assets to a wholly owned subsidiary on Thursday. RIL’s oil-to-chemicals assets include its refining, chemicals, fuel retail and bulk wholesale marketing businesses, reports Kalpana Pathak. Read more.

Tata Steel bogged down by price heat, coal expenses

Top of the Morning ☕: Amazon's salvo at Future Group, Tata Steel's shares 15

(Bloomberg)

Earlier this month, Tata Steel reported strong growth in consolidated net profit and overall earnings performance for the September quarter. But shares of the steelmaker have dropped nearly 10% since. What’s going on? Investors are concerned about the recent pressure on steel prices because of weak demand from China. Indian trade prices, meanwhile, are also under pressure with domestic prices above import parity, writes Ujjval Jauhari. Read more.

Obesity common in cities, anaemia prevalent in rural

India’s latest round of family health survey has offered contrasting views on body weight, with urban residents far more likely to suffer from obesity than those in rural areas who are more prone to being underweight. This presents a complex scenario for policymakers with deficiency diseases such as anaemia more common in rural areas while a greater number of those in cities suffer from hypertension, the latest round of National Family Health Survey reveals. Tauseef Shahidi has the details. Read more.

ConstitutionDAO and the crypto community’s show of strength

Recently, a consortium of crypto investors, ConstitutionDAO, pooled in Ether worth $47 million to buy a first edition of the US Constitution at an auction. They lost, but the effort has brought an application of blockchains  and  cryptocurrencies to  the fore—Decentralized Autonomous Organization or DAOs. They are built using smart contracts, a popular feature of blockchains. ConstitutionDAO’s move was hailed by many as a show of strength for the crypto community. Prasid Banerjee explains. Read more.

How automation is cooking up a change (premium)

The future of cooking will be a lot different from what we see and experience now. Automation has started playing a role in restaurant kitchens, ensuring consistency of taste and quality in a way humans can’t. Human chefs take too many smoking breaks; robo-chefs don’t. Human chefs can be unhygienic; robots require cleaning but can cut down hygiene issues. Human chefs can ask for hikes; robots won’t. Nevertheless, not all chefs will become obsolete, going ahead. KTP Radhika explains why. Read more.

e-paper
Elsewhere…

Global business news

Top of the Morning ☕: Amazon's salvo at Future Group, Tata Steel's shares 21
Top of the Morning ☕: Amazon's salvo at Future Group, Tata Steel's shares 22

French authorities are working to identify the 27 migrants whose bodies were recovered from the English Channel on Wednesday as officials hold crisis talks over the area’s deadliest migrant crossing in recent history. French prosecutors have opened an investigation into human smuggling and aggravated manslaughter. The migrants were aboard an inflatable boat which rescuers found deflated near the floating bodies.

Top of the Morning ☕: Amazon's salvo at Future Group, Tata Steel's shares 22

The European Union is proposing a ban on media companies targeting political ads at people based on their religious views or sexual orientation, a new volley in the continent’s expansion of global tech regulation. A bill proposed on Thursday by the European Commission, the EU’s executive arm, would restrict online tech platforms from targeting such ads based on a list of categories that regulators deem sensitive.

Top of the Morning ☕: Amazon's salvo at Future Group, Tata Steel's shares 22

The week leading up to this Thanksgiving has been the busiest for US airports since the coronavirus pandemic began, and so far, travel has been going smoothly. For six days in a row, through Tuesday, daily airport passenger volumes exceeded two million people. Sunday, when an estimated 2.4 million people are expected to stream through airport security, is likely to be the busiest day yet.

Top of the Morning ☕: Amazon's salvo at Future Group, Tata Steel's shares 25
Top of the Morning ☕: Amazon's salvo at Future Group, Tata Steel's shares 22

The pharmaceutical industry in the US is bracing for the most significant expansion of government regulation of drug prices in decades despite success in watering down proposals from congressional Democrats. The House last week approved a $2 trillion social-spending and climate bill supported by President Biden that requires the government to negotiate prices for some high-cost medicines covered by Medicare.

Top of the Morning ☕: Amazon's salvo at Future Group, Tata Steel's shares 22

Bottlenecks could finally be starting to ease, but investors should remember that individual companies tend to underestimate the scope of global supply-chain problems. Not for the first time this year, analysts are optimistic that supply shortages are easing and will be fixed within three to six months. There is reason to be skeptical of this figure—even without cheering for tighter monetary policy.

e-paper

News in numbers
₹61,050

The average fit-out cost per square metre of workspace in Mumbai. The city is the most expensive to fit out, followed by Kolkata and Delhi, according to JLL.

3

The number of foreign assembly units set up by motorcycle maker Royal Enfield. The most recent one, in Thailand, started operations on Thursday.

$1.5 billion
Top of the Morning ☕: Amazon's salvo at Future Group, Tata Steel's shares 28

The loan amount approved by the Asian Development Bank for India to buy covid-19 vaccines.

22

The number of cases detected in South Africa of a covid variant that scientists said carried an unusually large number of mutations.

howindialives.com
Chart of the day
Top of the Morning ☕: Amazon's salvo at Future Group, Tata Steel's shares 34

Despite near-normal retail mobility, economic recovery has lost a bit of momentum in November, after the festive boost last month. Electricity use has seen muted annualised growth over the same period two years ago. There is a slight decline in the labour participation rate as well. Although the decline is softer this month, vehicle sales still remain below pre-pandemic levels. The indices compiled by CMIE and Nomura remain upbeat, though.

LOUNGE RECOMMENDS

EU Film Festival

Top of the Morning ☕: Amazon's salvo at Future Group, Tata Steel's shares 35

Films from all over Europe are part of the eclectic line-up at the European Union Film Festival, on till the end of the month. From Quo Vadis Aida? (around the Srebrenica massacre) to Little Joe (an unusual horror film), Uday Bhatia picks the films to watch from the extensive line-up. Read more

What the fact

The 100-yr-old refrigerator

Top of the Morning ☕: Amazon's salvo at Future Group, Tata Steel's shares 36

A Frigidaire advertisement from 1920. (Electrolux)

When it started in Fort Wayne, Indiana, over 100 years ago, it was called the Guardian Frigerator Company. William C. Durant, a General Motors executive and an automobile pioneer, invested in the company and in 1919, the name changed to Frigidaire. An early entrant into the refrigerator market, the company grew fast. So much so, in the early 20th century, Americans often referred to any refrigerator as a ‘Frigidaire’. Between 1919 and 1979, the company was owned by General Motors and is now an Electrolux Group brand. Some believe the word ‘fridge’, which is the shortened form of refrigerator, was influenced by Frigidaire.

Contributed by katanasidart_misra

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Written and edited by Goutam Das. Produced by Nirmalya Dutta. Send in your feedback to newsletterskatanalivemint.com.

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