13th April 2022
Good Morning! 

Happy Wednesyayyyyyy!! Notice the extra yayyys today? That's because we have a nice long weekend. Thursday is Mahavir Jayanti and Ambedkar Jayanti. Friday is Good Friday. Sunday is Easter. We hope we haven't missed anything but we'd like to wish all those of you who celebrate!! 



- 0.66%



- 0.82%



+ 0.24%



+ 1.41%



+ 4.0 bps



+ 6.63%

*As of market close

  • Markets: Stocks were down for the second straight day yesterday with the Nifty and Sensex tracking the global risk-off mood in this short trading week.
  • US Inflation: CPI inflation for March came in at a 40 year high of 8.5% but stocks didn't seem to be bothered with the Nasdaq up over 1% at the time of writing.


Can't Pay, Won't Pay
bart simpson empty wallet

Our Southern neighbour Sri Lanka has officially stopped payments on all foreign debt owed by the country - $51 billion in total.

They've announced this step as forex reserves are running out and they want to keep what they have to pay for the import of important things like food and medicines.

There have been massive protests across the island country, asking for resignations from President Gotabaya Rajapaksa and his brother, Prime Minister Mahinda Rajapaksa. They're still sticking on though, while people are bearing the brunt of their policies with 20% inflation and 13-hour power cuts.

The governor of their central bank though has said that this is a temporary measure and was being done in good faith, adding that Sri Lanka had never before defaulted on any external debt.

They're now trying to strike a deal with creditors with the help of the IMF to work out a way to repay the $8billion+ debt that they owe by the end of 2022.

Another source for Sri Lanka seems to be China, as their Ambassador has said that he's been reassured by Beijing of $2.5 billion in financial support. Of this, $1 billion is likely to go towards repaying another Chinese loan that comes due in July.


Inflation Inflation
Price is just like *ugh*

We spoke about US inflation being at above 8% but India's CPI inflation number for March wasn't too far behind.

Prices for consumer goods and services rose 6.95% in March 2022 v/s March 2021, and as you'd imagine, rising food and fuel costs have been a major factor.

National Statistical Office (NSO) data release shows that the key culprits were higher prices of edible oils (18.79%), vegetables (11.64%), meat and fish (9.63% ), footwear and clothing (9.4% ) and fuel and light (7.52%).

This makes March the 3rd straight month where CPI print has remained above the RBI's upper tolerance limit of 6%. In its policy review last week, the RBI had said that they'll now be focusing on keeping inflation in check, after doing all they could to boost growth ever since Coid happened.

One thing that could be of particular concern is that core inflation in India was pretty high too at 6.53% - the highest since June 2014.

Core inflation excludes the prices of food and fuel in its calculation because these 2 things tend to be volatile in nature and can change quickly from month to month. But with everything from shipping costs to commodity prices shooting up, core inflation was up too.


Food in 10 Minutes 
Price is just like *ugh*

Last month we covered how Zomato is going to be starting its 10-minute food delivery service. Now it looks like both Ola and Swiggy are going to be following suit and launching quick delivery verticals.

Ola has already begun experimenting in some parts of Bengaluru. They already have their quick commerce vertical so through that they've now delivered khichdi, pizza and rolls. All of these have "freshly prepared".

We are pretty sure Swiggy also will soon announce their own 10-minute delivery plans.

The biggest gainer from these 10 minutes food deliveries(other than us customers who will literally be gaining(weight ofcourse)) is going to be the startup Mukunda Foods.
Mukunda Foods has several kitchen automation solutions for Quick Service Restaurants.

Zomato in fact is an investor in it and owns a 16.66% stake. But even then Mukunda is going to be catering to all 3 of the competitors, Zomato, Swiggy and Ola.

CNBCTV18 did a good breakdown of how Mukunda foods are helping with quick food deliveries. If any of you are interested you can check the video out here.

While we are excited about the convenience of 10-minute delivery we are also really scared about all the weight gain. Why don't we have 10-minute weight loss companies? That's a definite unicorn as per us 😜

We wonder which one of these companies actually trademark something like 10 minutes main food, just like Maggi has 2 minutes noodles.

On a Lighter Note
  • This picture of a Golden Tortoise Beetle has captured the internet's attention after being posted on Twitter.
  • A town in the US celebrates National Big Wind Day on April 12 every year to commemorate the day in 1934 when scientists recorded a wind gust of 231 mph.

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