Bumpy ride for corporate EV mobility; The teacher preserving Punjab’s birds

Hello,

FPIs turn net sellers.

In September, Foreign Portfolio Investors sold shares to the tune of Rs 14,767 crore, primarily due to dollar appreciation, a steady rise in the US bond yields, and a spike in crude oil prices. Before the outflow, FPIs were incessantly buying Indian equities in the last six months from March to August and brought in Rs 1.74 lakh crore during the period. 

Elsewhere, BYJU'S has set the target to become profitable by March 2024 on account of consolidation and restructuring of the organisation and settlement on its $1.2 billion loan, reported PTI. On Saturday, the company issued a notice for convening a board meeting in the second week of October for the approval of accounts for FY22.

The edtech startup has been in the news over the last week due to various reasons—a reported rebranding of WhiteHat Jr, a media gag order on employees, and workforce restructuring, among others.

ICYMI: With the ICC Men’s Cricket World Cup around the corner, a breakdown of the impact of this championship on the Indian economy.

Lastly, the $109 trillion global stock market in one chart.

In today’s newsletter, we will talk about 

• Bumpy ride for corporate EV mobility
• The teacher preserving Punjab’s birds

Here’s your trivia for today: Which species has the longest known lifespan among vertebrates?

Electric vehicles

Bumpy ride for corporate EV mobility

In Bengaluru’s IT parks, corporates are increasingly moving away from ICEs, warming up to electric vehicles for employee commute—offering a sustainable and convenient alternative. But, it hasn’t been a smooth ride. 

For one, charging has always been an issue for EVs. And with fleets, especially when they’re on tight schedules and involve pickups and drops of personnel, these vulnerabilities can lead to a confusing scramble that sometimes results in costly solutions.

Advantages galore:

• Companies such as Lithium Urban Technologies, Quick Ride, Bombay Logistics, VOZI, and others are helping businesses electrify their employee commute fleet.
• EV fleets also enable companies to accumulate carbon credits for future sales—even though the market for carbon credits in India is still in its nascent stages.
• The most significant benefit, however, is financial: transitioning to EVs signals a commitment to sustainability and environmental responsibility (ESG goals), and can help companies command a premium price for their goods and services.

Wildlife

The teacher preserving Punjab’s birds

As a bird watcher and photographer, Gurpreet Singh was familiar with exploring the terrains around him. As he explored a nearby forest in Faridkot, Punjab—a regular visit on his expeditions—he noticed that fewer birds flocked to the forest. 

"As our cities have undergone urbanisation, there has been a substantial impact on biodiversity,” Singh tells SocialStory. In 2006, he began planting trees to attract birds.

Afforestation:

• In 2008, he noticed an increase in the number of sparrows visiting the mud nest he had constructed. This led to the inception of BEERH (Birds Environment and Earth Reviving Hands).
• Under BEERH, he has planted more than two lakh trees in the forest areas in Punjab and has built 30,000 birdhouses to attract birds.
• Today, over 16 species of birds like house sparrows, owls, parrots, and pigeons, among others have started reappearing in these forests.

News & updates

• Heating up: Apple has identified issues causing new iPhones to run warmer than expected, including a bug in iOS 17. It said that the device may feel warmer in the first few days "after setting up or restoring the device because of increased background activity."
• Wintering: Investment in Israeli tech startups declined for the seventh consecutive quarter. Tech startups raised $1.7 billion in the third quarter, 10% down from the previous three months and 40% less than the year-earlier period.
• Turbulent: VCs are advising startups to postpone IPO plans in the US until interest rates have plateaued, after choppy debuts for Arm and Instacart. Interest rate rises are particularly painful for unprofitable private startups, which are valued based on their future cash flow.

What you should watch out for

• NSE’s new platform for investors: Starting October 3, the NSE’s new Investor Risk Reduction Access (IRRA) platform will empower investors to square off outstanding positions on a common platform.
• Google Pixel Event 2023: On October 4, Google will launch its new lineup of Pixel products, including the Pixel 8 and the updated Pixel Watch 2.
• ICC Men’s Cricket World Cup: The 13th edition of ICC Men's Cricket World Cup will begin on October 5. The first match will see New Zealand facing defending champion England at Narendra Modi Stadium in Ahmedabad.
• Deadline to deposit Rs 2,000 notes: The RBI has extended the deadline for depositing or exchanging Rs 2,000 currency notes at any bank branch till October 7.

Which species has the longest known lifespan among vertebrates?

Answer: The Greenland shark, estimated to be between 250 and 500 years.

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