News in Numbers | Now, Vanguard trims Flipkart’s valuation to $7.3 billion
In other news, 12 IIT students got annual salary offers of Rs 90 lakh-1.15 crore on the first day of campus recruitment
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What is it? The number of ATMs that have been re-calibrated to dispense the new 500 re and 2000 re notes, according to ATM maker NCR.
Why is it important? This accounts for 90% of all ATMs, and could ease the flow of currency to people. ATMs were a bottleneck in dispensation of cash, because their cassettes were not designed for the size of the new currency notes released to replace the old Rs500 and Rs1000 notes that ceased to be a legal tender following demonetisation. In effect they were operating below capacity.
Tell me more: While this bottleneck might have gone, the printing capacity of the government presses remains a constraint. Several banks have reported shortage of cash, especially as customers queue up to encash their monthly salaries after their payday.
What is it? The price of Reliance Jio voice and data services till 31 March 2017
Why is it important? Mukesh Ambani’s Reliance Jio effectively extended its free introductory offer by another three months, from end of this year to end of March next year. This is expected to bring in even more customers Jio, putting pressure on its competitors to reduce prices. It could also mean the investors and analysts would get clarity on Jio’s financials only next financial year. Meanwhile, telecom regulator has said it will study the extension in the light of a rule that says promotional offers can run only for 90 days.
Tell me more: Reliance Jio has garnered 52 million subscribers within three months of its launch, even though Ambani complained that Jio has not been getting the support from its competitors for inter-network calls. Jio has also announced the launch of ‘Jio Money Merchant Solution’ for digital transactions, a move that gains significance in the context of demonetisation.
What is it? The valuation of Flipkart by investment firm Vanguard Group.
Why is it important? This is down by third compared $11 billion that Vanguard had valued Indian e-commerce firm at in March this year. This comes soon after Morgan Stanley brought down its estimate of Flipkart’s valuation to $5.54 billion. These markdowns indicate that there is a reappraisal of the company’s ability to tap India’s online retail market, given the investment Amazon is making in the country, and the speculations that its other rival Snapdeal could be lapped up by Chinese e-commerce giant Alibaba.
Tell me more: At its peak, Flipkart was valued at $15 billion.
What is it? The approximate number of Indian Institute of Technology students who got annual salary offers of Rs90 lakh-1.15 crore on the first day of campus recruitment
Why is it important? The high salaries - mostly for placements abroad - tend to grab the headlines during IITs placement season. However, the average salaries of IIT graduates tend to be lower - Rs8.5 lakh at IIT Bombay in 2014-15, for example - after discounting for the outliers.
Tell me more: Top end salaries came from established players such as Microsoft, Oracle and Samsung as well as unicorns such as Uber. Uber offered Rs1.25 crore salary for an IIT Madras student.
What is it? The number of Iridium Communications satellites that will be sent in SpaceX Falcon 9 rocket on December 16th.
Why is it important? SpaceX hasn’t launched any satellite after its rocket caught fire in September this year on the launchpad while fuelling, which resulted in the destruction of an Israeli communications satellite valued at nearly $200 million. Nasa had questioned the safety of its fuelling process, given SpaceX’s ambition to get into manned missions. Iridium said it’s confident with SpaceX fueling process, and that it won’t repeat the mistake.
Tell me more: The launch still needs Federal Aviation Administration’s clearance. SpaceX has over 40 missions lined up for the near future.
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