Wipro’s foreign recruits

50%

What is it? Employees who would be locally hired by Wipro in Q1, FY18.

Why is it important? The declaration comes a few days after the news of Wipro firing nearly 600 employees. Both are a result of changes brought in visa rules in overseas markets that has stricken Indian IT companies, mostly sending Indian staff to client sites abroad. Wipro derived 54.7% of its revenues for FY17 from Americas, making the US one of its major markets and working around the HI-B visa restrictions vital.

Tell me more: Wipro says it will invest in the American market and increase local hires by June, rather than deploying Indian employees for temporary postings abroad.

 

186

What is it? The number of seats in the Delhi civic elections which BJP has either won or is leading in.

Why is it important? The number is a majority of the 270 wards which polled. The verdict, to be out by today afternoon, is being seen as an update on the waning support for Arvind Kejriwal-led AAP. In 2015, it had been a giant-slayer by securing 67 seats out of the 70 Delhi Assembly seats. Earlier this month, AAP performed dismally in the assembly by-elections.

Tell me more: BJP is expected by exit polls to breach the 200-mark in the MCD elections, which it has been winning for the last 10 years.

 

273 million-tonne

What is it? The output of food grains being targeted for 2017-18 by the government.

Why is it important? This is a marginal increase from 2016-17’s second estimate of output at 272 million-tonne. The growth in FY17 was 8% in food grains, bringing some relief to the food price inflation that followed two years of drought. The current target of 0.4% growth in food grain production follows this year’s monsoon forecast a week ago, of 96% average rainfall, less than last year.

Tell me more: It was also informed that the Centre has written to states to figure out how to double farmers’ income by 2022.

 

Rs 2.5 lakh

What is it? Personal income tax exemption limit.

Why is it important? This could turn out to be a benchmark for exemption from taxes on farm income, a move suggested by Niti Aayog to expand tax base in the country. Taxing agricultural income would be a controversial move in all likelihood. However, expanding the tax base will shore up government revenues, even as it tries to target better and more benefits to those in the bottom of the pyramid.

Tell me more: Imposing tax on farm income was among the many reforms suggested by Niti Aayog in a presentation on Tuesday.

 

1,200

What is it? The number of jobs Coca-Cola is to cut at its corporate centre.

Why is it important? As a percentage of the total number of people the beverage major employs globally, it’s small. However, the move underlines the cost cutting Coke is undertaking even as it adapts itself to the changing tastes of calorie counting population and stricter government regulations. Coca-Cola employs over 100,000 people globally. The company’s incoming CEO, and current COO James Quincey said he wants to save $800 million in annualised savings over the next two years.

Tell me more:  Coca-Cola’s first quarter revenues dropped 11% from an year ago, its eighth consecutive decline in revenues.

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News in Numbers, Mar 01, 2017: Saying ‘Tata’ to DoCoMo

$1.18 billion

 

What is it? The amount Tata Sons will pay Japanese telecom firm, NTT DoCoMo for its stake in their Indian joint venture.

 

Why is it important? This ends the dispute between two former partners in the telecom venture. The settlement was 60% lower than what DoCoMo demanded initially in a London court. The resolution was finally done in an out-of-court settlement.

 

Tell me more: DoCoMo had decided to withdraw from India in 2014 but a pre-determined price of either half of its original investment of $2.2 billion in 2009 or a fair market value was opposed by India’s central bank. Unable to find another buyer, Tata Sons had offered to buy back the stake which was devalued by a PWC audit.

 

 

4.4%

 

What is it? The official estimated rate of growth of the farm sector (agriculture, forestry and fishing) in fiscal 2017.

 

Why is it important? The sector, 60% of which is made up by crop output including fruits, vegetables and grains, contributes 16.11% to India’s Gross Added Value (GVA). But the expected growth above 5% after two years of drought is still elusive.

 

Tell me more: Production of food grains in the Kharif and Rabi seasons of 2016-17 grew by 9.9% and 6.3%, respectively, compared to the decline of 2.3% and growth of 2.0%, respectively, in the previous year.

 

 

$5.37 billion

 

What is it? The valuation of Flipkart by one of its investors, Morgan Stanley Institutional Fund Trust, as revised by it in the December, 2016 quarter.

 

Why is it important? Morgan Stanley is the fifth investor to revise downwards the valuation of Flipkart, India’s largest e-commerce player. It did it for the fifth time. Other investors such as Fidelity, T Rowe Price, Valic Co and Vanguard have cut their estimates of Flipkart’s value over the past year as well.

 

Tell me more: Flipkart’s valuation from its last funding had stood at $15 billion. It is now looking to raise $1.5 billion, according to reports, valuing the company at $10-12 billion.

 

 

6

 

What is it? Number of engine snags reported in Airbus ‘A320neo’ in the last one month, forcing India’s civil aviation regulator to start an investigation.

 

Why is it important? Though only 21 A320neo are operated in India by Indigo and GoAir, these two airlines have cumulatively ordered 500 jets of this model mainly on account of superior fuel efficiency.

 

Tell me more: Indigo, the market leader, will go ahead with planned expansion of its fleet despite the latest snags in engines manufactured by Pratt & Whitney. Airbus launched ‘A320neo’ in January last year.

 

 

Up to 1.0 degree Celsius

 

What is it? India will experience higher than normal (up to 1.0 degree C) temperature in the summer months of March-to-May, according to the Indian Meteorological Department

 

Why is it important? Above normal temperature impacts monsoon and causes heatwave conditions. Last year was the warmest on record since 1901, but India experienced normal monsoon in 2016 after two consecutive droughts in 2014 and 2015.

 

Tell me more: More than 700 people died last year because of heatwave conditions in India.

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