Each week, Plain Facts publishes a compilation of data-based insights – complete with easy-to-read visual charts – to help you delve deeper into the stories reported by Mint. This week we look at how the LIC IPO fared, the ongoing crisis in Sri Lanka, the situation in the Indian rupee and the developments in the growing buzz around the metaverse. Here’s more:
strong opening
India’s biggest initial public offering (IPO) of Life Insurance Corporation of India (LIC) closed for bids on Monday. Despite the choppy markets, the insurance giant received bids for nearly three times the shares on offer and helped to raise the center 21,000 crore, The insurer had earned approx. 5,627 crore from anchor investors before the IPO was opened to the public. The company’s shares will be listed on BSE and NSE on Tuesday.
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vacant seat
Sri Lankan Prime Minister Mahinda Rajapaksa resigned on Monday after months in the midst of the country’s worst economic crisis. Protest, The move comes days after the country’s President Gotabaya Rajapaksa requested the PM to step down. A nationwide curfew was imposed in Colombo on the day of Rajapaksa’s resignation following clashes between supporters of the ruling party and protesters. On Wednesday, the president said he would appoint a new prime minister along with the cabinet. The island nation is currently under a state of emergency.
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better performance
6,563 crore: This is the amount of loss reported by Vodafone Idea, India’s third largest telecom operator in the fourth quarter of FY22. It narrowed from the previous quarter when the company recorded a loss 7,230 crore, Its average revenue per user, a measure of profitability, has also increased. 115 in the third quarter of the last financial year 124 in the previous quarter. This led the telco’s revenue to grow 6.6% year-over-year 9,717.3 crores.
defiant putin
During the Victory Day of Russia on May 9, annual commemoration Concerning the country’s victory over Nazi Germany in World War II, President Vladimir Putin justified the country’s war on Ukraine, saying what he said was the only way to stop a planned attack by US-backed Ukraine on Russian soil. The war that began on 24 February is showing little sign of slowing down. Negotiations between the two countries have yielded no result. About 3,000 civilians have been killed and about 6 million have fled Ukraine.
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Rupee falls
The Indian rupee fell to a historic low of 77.52 against the US dollar during intraday trading on Tuesday as foreign investors continued to pull in money. Indian property, Other major currencies, including the Chinese yuan and the Japanese yen, also declined in value against the US dollar. The dollar has hit a 20-year high in the past few days on favorable data from the US job market. Experts believe that the Indian currency may fall further in the coming months.
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increased production
29%: This is the year-on-year increase in coal production recorded in April. According to a statement by the Ministry of Coal, coal production in the country stood at 66.58 million tonnes (mt) last month, while it was 51.62 million tonnes in April 2021. The ministry also said that 22 of the 37 top coal producing mines have achieved more than 100% capacity utilization in the last month. India is currently in the midst of a power crisis due to a reduction in coal production amid rising demand for electricity due to rising temperatures in many parts of the country.
growing discussion
The metaverse, the concept of an all-encompassing digital world running parallel to the physical world, is on track to become the next big technological revolution. The concept is expected to be part of every industry, including: Gaming and entertainment expected to benefit the most, Several top tech companies including Meta, Infosys, Apple and Amazon are developing the Metaverse platform. Bloomberg Intelligence expects the metaverse to generate $800 billion by 2024.
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Chart of the Week: Absolute Inequality
A new report by the National Family Health Survey’s Wealth Index has found that a large proportion of the poor live in India’s eastern and northeastern states. The index measures the standard of living of households based on their ownership and access to consumer goods. infrastructure,
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