The year 2020 has indeed been a roller coaster ride for India as well as the global economy. COVID-19 pandemic had sparked off an unprecedented crisis of significant proportions with economic activities coming to a screeching halt.

When big giants from different industries in India were struggling with their production & sales, JSPL decided to keep its mills running as it turned its focus to export markets like South East Asia, Middle East and Europe to offset the loss in domestic volumes.

The company’s DNA of searching for opportunities in the face of challenges not only allowed JSPL to report a Year on Year growth in shipments in 1QFY21 when the domestic peers reported a sharp drop in volumes but also help support the Indian economy by earning valuable forex.

With the nation gradually unlocking in phases, the recovery has been equally surprising. JSPL has benefited from the sharp economic revival with the company posting 16% Year on Year growth in standalone steel production and 50% Year on Year EBITDA growth in 1HFY21. 

Chart showing unmatched growth of JSPL :

JSPL stock price has also mirrored the economic ups and downs during the year with the scrip rising by 4.3x since hitting 52 weeks low in early April.

“JSPL’s unflinching focus to grow volumes by sweating assets coupled with an unwavering commitment to strengthening the balance sheet has helped the company emerge as the largest wealth creator (from the Apr’20 bottom) in the global steel sector in 2020. With more legs to the economic recovery, we firmly believe JSPL’s outlook to be even brighter”, said Amit Dixit, Vice President Institutional Equities at Edelweiss Securities.

The post JSPL becomes Greatest Wealth Creator worldwide in the Steel Sector appeared first on Maverick Times.

By Bharati Kumari

The year introduced out badly for the IPO markets due to pandemic. However, IPOs have delivered record-breaking performances, after healing.

India witnessed four initial public offerings worth USD 2.08 million in the three months ended June as the coronavirus pandemic impacted economic activities, according to Ernst & Young Global Limited India report. 

Indian stock exchanges (BSE The Bombay Stock Exchange and NSE The National Stock Exchange including SMEs Small and Medium Enterprises.) ranked seventh in the world in terms of a number of IPOs Initial Public Offering in Q2 2020. There were no cross-border deals and there were no IPOs Initial Public Offering in the main markets,” the report said.

The following startups are planning to go ahead for IPOs in 2021— Zomato, PolicyBazaar, Droom, Flipkart, Grofers and Delivery.

The holding period for startups is asked to be reduced from two years at present to one year by (SEBI) The Securities and Exchange Board of India. Also, in a consultation paper, The Securities and Exchange Board of India (SEBI) has proposed nine changes to its Innovators Growth Platform (IGP) framework based on inputs from startups and other market participants and has sought open consultation on the same by January 11, 2021.

The Union Cabinet had given its nod for doing away with the dual listing requirement for Indian startups, in October. As per the earlier rules, only Indian listed companies were permitted to list abroad. However, the rules in the new policy are expected to allow companies to directly list overseas in certain jurisdictions.

The year 2021 tends to be even better as the Initial Public offering IPO in India has raised to Re.31,000 crore by 16 firms by 2020.

Mindspace Business Parks Real estate investment trusts (REIT) came in July, In September and October the following companies launched their IPOs, Happiest Minds Technologies, Route Mobile, CAMS (Computer Age Management Services), Chemcon Speciality Chemicals, Angel Broking, UTI AMC (Unit Trust of India) mutual fund company, Mazagon Dock Shipbuilders, Likhitha Infrastructure and Equitas Small Finance Bank.

Then, in a row came Gland Pharma in November followed by Burger King India, Mrs Bectors Food Specialities and Antony Waste Handling Cell IPOs in December.

Biscuit Maker Mrs Bectors’ shares Double in India Market, witnessing the highest subscription among IPOs Initial Public Offering in 2020’s calendar.

With regards to this Aditya Kalra tweeted, 

The majority of IPOs got a great call back from investors, given the niche businesses, strong market share and expected economic recovery. 

“I believe the IPO pipeline will continue to remain strong in 2021 as there are quality issues plenty in the line-up. Over the past three years, there have been many quality companies hitting the market and rewarding investors big way,” V Jayasankar, senior executive director and head of equity capital markets at Kotak Investment Banking, told PTI.  

India has marked its name as one of the fastest-growing consumer economies and given that many companies are growing in size and both foreign and domestic investors for consumer-focused firms, said Jayasankar.

The post IPO 2021 outlook surpasses 2020 appeared first on Maverick Times.

By Bharati Kumari

The young people’s employment prospects in India was severely challenged due to the pandemic, but it has improved in terms LinkedIn became one of the primary online job platforms, according to economic times.

The Indian economy is slowly opening up, and the hiring rate continues to recover steadily back to  forth-Covid-19 levels with a 46 per cent growth since October 2020,” LinkedIn said.

The average employment have been reduced from an estimated 404 million from 2019-2020 to 396 million in March 2020. In April it has fallen to 282 million (122 million estimated job losses). In India, two-thirds of firm-level apprenticeships and three-quarters of internships were completely interrupted during the pandemic.

The beauty of LinkedIn is that it allows users to join relevant groups on LinkedIn and allows you to extend your personal brand and also reach out to more people as you can contact any group member directly. Groups are useful for news postings, discussion boards, updates in general, networking, questions and answers and so forth.

As per the records of LinkedIn, 40 per cent of Indian professionals expect an increase in the number of new jobs in 2021. 53 per cent expect their companies to do better in the next six months.

“In any case, working in lockdown and guiding a tough job market over the couple months back have adversely affected India’s financial outlook,” LinkedIn said.

 The LinkedIn report mentioned India will take another look to the future of work across five key segments: the workplace, careers, recruiting, business, and leadership,”  The

Ashutosh Gupta, India Country Manager, Linkedin claimed, “The year 2020 was a disruptive year, and 2021 will help us tackle unforeseen challenges and prepare for new realities”.

“In 2021, skills-first hiring will be a pivotal trend; the Chief Human Resources Officer (CHRO) will play a critical role; virtual collaboration will become stronger, and learning will be part of everyone’s job,” Gupta said.

LinkedIn data shows that between January to March and April to June 2020, the time spent learning about ‘Social Selling’ on LinkedIn Learning increased quarter-on-quarter by 61 per cent. Data also shows that globally, more than 80 per cent of the Forbes Cloud 100 uses Sales Navigator. This online shift is expected to sustain in 2021, and in the years ahead, virtual selling will lead sales with more scrutiny on the why, how, and Return on investment (ROI)  of face-to-face meetings.

As of November 2020,  78 per cent unemployed professionals feel stressed, and only  32 per cent of Indians expect their incomes to increase,  welcoming the new year.

In the annual break due to pandemic, 61 per cent Indian professionals say they will take less time off, while about  87 per cent say they will spend equal or more time working at their primary jobs this year-end.

The current online world seems to be like, “To master the virtual equation and make all the elements work together, one must  become the connector.” 

With respect to this, people can plan a grand 2021 to experience the rise of ‘solo entrepreneurs’ as people are expected to use the internet to make the most out their skills and talents, with a hope to reimagine their lives and careers.

The post Indian business operators confident about the job market heading into 2021 appeared first on Maverick Times.

Harley-Davidson, a few days back decided to end its sale and manufacturing operations, is now expected to seal a distribution agreement with Hero MotoCorp this week, industry sources told CNBC-TV18.

Harley-Davidson is now keen to conclude a distribution agreement for India by end of October, to give transition time to the new distribution partner. Sources mentioned, Harley Davidson is partnering with Hero MotoCorp to finalize a distribution arrangement for India. Under this contract, Hero MotoCorp would be the exclusive distributor for Harley Davidson bikes imported into India from Thailand.

Industry sources stated that For Hero MotoCorp, the primary concern is to identify a collaboration that allows the sharing of technology for a middle weight motorcycle. Justification to the reason behind negotiations between the two companies has been on for months are because Hero MotoCorp wanted more than just a distribution partnership.

Sources have further maintained that the immediate deal would focus only on distribution and managing Harley’s 33 outlets in India. “Harley Davidson is looking at all models to maintain a presence in India. Harley may be open to a technology-sharing pact or contract manufacturing with Hero at a later date”.

The company wants to assuage the concerns of dealers and the rider community in India. The company had already informed dealers that the company would renew service contracts in case a distribution model is not finalized by the year-end.

Dealers of Harley Davidson have been worried about unsold inventory, investments into setting up state of the art showrooms and their employees. Some have even been considering legal options to put pressure on the company. At the same time, the company has been receiving a lot of queries from customers about Harley’s future operations in India, and whether Harley’s new global launch, Pan America would come to India as well. “Since Harley announced an India exit I have sold only 3-4 bikes. There is a lot of uncertainty and people don’t know what is going to happen to the company. Hope the company clears the air soon”.

The post Harley likely to continue distribution in India appeared first on Maverick Times.

As per the reports, on this Saturday SBI arranged a conference of banks, during that conference Governor of the RBI shaktikanta Das uttered that it is so uncertain for the demand conditions to become normalize, further he question it this called confidence-building or green shoots.

Reports stated that here by “uncertain” he meant “a string of uncertainties—from supply chains, state of banks, demand, to the pandemic effects on future growth”, however, the government is clueless regarding all the uncertainties.

In addition to this Finance Minister has said that September Data shows no incredible signs of Economic growth towards business as usual.

He mentioned that since 2015, I have written several times (even while the GDP on a statistically upgraded base year price index grew at 8%) to predict that a tailspin had begun due to the clueless economic policy of the Ministry of Finance. Therefore in a year, gradually growth rate of GDP started declining. As even before the pandemic outbreak in India; the GDP had fallen to 3.0% in February, even less than the rate of growth of 3.5%, mockingly referred to as the Hindu rate of growth Officially, Covid-19 arrived thereafter, and it was announced on 25 March by Prime Minister Narendra Modi.

Various feature writers said, that government may be able to cover up the economic and financial downfall from April 2015 to March 2020 and later on blame the pandemic for declination of GDP fall rate. But at the moment the lockdown is getting diluted, the Finance Minister has started spreading “green shoots of growth” spin, and in this PM was convinced to join. However, the economic graph does not manifest something and the judgment based on statistical evidence shows that the existence of all the shoots are brown rather than green.

Last year in 2019 after the re-election of BJP to power, Prime Minister had mentioned that India’s GDP will double by 2024 to $5, but at that time Minister of finance had mentioned that this means that GDP will have growth at 14.4% per year, in consideration that during that time the GDP growth rate had dropped to 3.4% per year so on what basis government has decided to make the GDP rate grow from 3.4% to 14.4 % per year and to maintain that pace for continuous 5 year that is till 2024.

According to official reports they mentioned some example to explain spin and truth:

Spin 1: Consumption of petroleum products increased by 47% from 99.37 lakh metric tonnes in April to 146.46 lakh metric tonnes in May, thus moderating it’s year-on-year (y-o-y) contraction from (-)45.8% to (-)23.2% across the two months.

Spin 2: Latest data indicates Kharif sowing at a 104.3% higher than the previous year’s acreage with Rabi procurement in full flow in respect of oilseeds, pulses, and wheat, benefiting from the bumper harvest.

Spin3: Electricity consumption saw the lowering of the growth rates from (-)24% in April to (-)15.2% in May to (-)11.3% in June.

Spin 4: Sustaining the momentum in economic activity, railway freight traffic improved by 26% in May (8.26 crore tonnes) over that in April 2020 (6.54 crore tonnes). Pray, freight carrying what?

Spin 5: In support, India’s forex reserves at USD 505.6 billion as on 19 June, continued to provide a crucial cushion to external shocks on the back of higher FDI, portfolio flows, and low oil prices. Was that our achievement by new policies? FDI and portfolio in India are largely “round tripping” and the forex reserves rose because exports declined faster than imports.

Spin 6: The government was able to correctly anticipate the economic downturn following the outbreak of the pandemic.

Spin 7: The government of India on its part executed a “well laid out” strategy wherein it imposed lockdown to allow states to ramp-up their health and testing infrastructure while implementing.

Spin 8: The next step was to convert the pandemic situation into an opportunity of taking the economy to newer heights. These reforms will create a more competitive and vibrant agricultural sector, bringing prosperity to the majority of the population in rural areas and contributing to the growth of the Indian economy in the long term.

Spin 9: Economic growth of pre-COVID times, as and when restored through fuller unlocking of the economy, will heavily lean on the reforms undertaken today to enhance its potential tomorrow.

Further after digesting these spins, here they specified some truth of the document

Truth 1: Before Covid-19, IIP declined by a record of 55.5% in April 2020. The record contraction in April was more than three times as compared to a (-)18.3% growth in March, with several firms reporting nil production. Post-Covid de-growth was uniform across all use-based categories, demonstrating the severity of the lockdown induced supply shock.

Truth 2: Eight Core Industries also registered sharply negative (-)38.1% growth in April 2020 as compared to 5.2% in April 2019. All eight industries experienced a broad-based decline with the sharpest contractions in cement [(-)86%)] and steel [(-)83.9%]. The contraction in eight core industries, however, moderated in May to (-)23.4% with fertilizer production increasing by 7.5% in May 2020 over May 2019.

Truth 3: Contraction in industrial output in April 2020 can be attributed the most to basic metals, petroleum products, chemicals, motor vehicles, and machinery production. In the manufacturing sector, 12 sub-sectors contributed to approximately 40% of contraction in industrial output. These are motor vehicles, furniture, machinery, electrical equipment, computers and electronics, fabricated metal products, wood, paper, leather, textiles, readymade garments, and beverages and tobacco. Sectors like motor vehicles, machinery, and fabricated metal products are seen to be consistently negative contributors to industrial growth both in pre and post COVID months.

Truth 4: Falling production of capital goods, and infrastructure and construction goods (20% contribution to de-growth) also indicated a slump in investment demand.

Truth 5: Purchasing Managers Index (PMI) manufacturing for April 2020 also recorded its sharpest deterioration to 27.4, spread across all components. PMI services also plunged to an all-time low of 5.4.

Truth 6: The production of consumer durables fell by a sharp 95.7% (y-o-y) in April 2020, after declining by 36.5% in March. According to RBI’s Consumer Confidence survey, consumer sentiment sank in May 2020, with the current situation index (CSI) touching a historic low of 63.7 and the one year ahead of future expectations index (FEI) also recording a sharp fall of 17.3 units to reach 97.9.

Truth 7: With the forecast of a normal monsoon at 102% of Long-period Average (LPA), agriculture is set to cushion the shock of the COVID pandemic on the Indian economy in 2020-21.

Truth 8: Due to terrible y-o-y fall of 60.2% in April 2020, India’s merchandise exports declined by a lower 36.5% in May. Garment industry exports have suffered in both pre and post Covid-19 scenarios, exports of electronic goods have consistently deteriorated since February, possibly reflecting an additional trade impact of the earlier China coronavirus outbreak.

Truth 9: India’s real GDP growth rate was 4.2% in 2019-20 as per the provisional estimates released by the National Statistical Office, compared to 6.1% recorded in the previous year. THE official GDP for the year is estimated at Rs. 203.4 lakh crore, lower as compared to the Budget Estimates. This may be attributed to lower growth in Q4 of 2019-20 due to the global spread of Covid-19 since January 2020.

Truth 10: Real GDP growth rate in Q4 of 2019-20 was at 3.1%, a 2.6 percentage point drop from the growth rate in 2018-19. Overall inflation as measured by the GDP deflator for 2019-20 works out at 2.9%, lower than 4.6% in 2018-19. The growth of real Gross Value Added (GVA) at basic prices was at 3.9% in 2019-20, as compared to 6.0% in 2018-19. Real GVA growth has declined in almost all sectors except agriculture and allied; mining and quarrying; and public administration, defence, and other services in 2019-20.0

SO WHERE ARE THE GREEN SHOOTS?

According to the document stated by TOI says, green shoots [GS] of economic revival have emerged in May and June in four areas.

GS 1: Electricity consumption saw a lower contraction in growth rates from (-)24% in April to (-)15.2% in May to (-)11.3% in June (till 28 June). In June, electricity consumption has continuously improved with year on year contraction declining from (-)15.6% in the first half of June to (-)7% in the second half of June (as on 28 June).

GS 2: Total assessable value of e-way bills picked up by a massive 130% in May 2020, though lower than the previous year and pre-lockdown levels. The value of e-way bills generated between 1 and 28 June stood at Rs. 11.4 lakh crore.

GS 3: Year-on-year contraction in consumption growth of petroleum products was much smaller at (-)23.2% in May as against (-)45.7% in April. Something to celebrate as green shoots?

GS 4: Railway freight traffic improved by 26% in May (8.26 crore tonnes) over April (6.54 crore tonnes), though still lower than previous year levels.

Conclusion: It is better to shoot green than expect green shoots.

The post Demolition of Indian economy during covid-19 appeared first on Maverick Times.

Recently Google announced that it will be suppressing on a loophole that will authorize apps that sells digital goods to pay 30% tax as apps like Spotify and Netflix generally ask the users to enter credit card information and prompting them to pay directly for getting subscriptions, but now, in this case, Google applies its policy that says that all in-app purchases involving digital goods will have to make payment via Google’s billing system.

However, this policy does not apply to companies that sell physical goods like Myntra, Amazon, and so on, though other developers still have another year before complying with the new rules and, new apps must use Google’s payments tool for sales by 20 Jan while existing apps have until Sept. 30, 2021. Google mentioned to give relax to the company’s who has shifted to selling digital items from physical goods and services because of the coronavirus pandemic may get additional time to comply.

The argument regarding this policy is that a 30% tax is too high for what is essentially Android security and a digital storefront. Tax is forcing all the developers to pay and in reality, it’s a home for most of the digital storefront. As an Android user, it has no other alternative option hence they are compelling developers to pay 30% tax.

App stores are a fast flourishing business as sales of Google’s search ads and Apple’s iPhone leveling out but this decision came out from Google when a fight occurred between Apple and developers on a small tax on the Apple store.

Further Google’s vice president for product management Samat said, that apps allow only ios device to use its apple store but Google allows users to access apps from places other than the official play store.

Google mentioned under 3% of developers with apps on its Play store sold digital goods over the last 12 months, and nearly 97% comply with its payment system policy whereas Apps have said 30% is excessive compared with the 2% fees of typical credit card payments processors.

Dating apps maker Match Group Inc is among the companies that have publicly said they do not pay Google’s 30% fee, which decreases to 15% in upcoming years if it is for a subscription assistance, and Epic game is launcher is currently soliciting both Apple and Google over their fees.

The post Digital selling goods application on Google play store authorized to pay 30% tax appeared first on Maverick Times.

The center informed the Supreme Court that it manifested to relinquish “interest on interest” on the loan of up to Rs 2crore for the duration of 6 months repayment prohibition by giving benefit to those who clear their loan between March and August.

In its official report, the finance ministry has mentioned that the government has decided to maintain its tradition of handholding small borrowers and bear the burden emerge from such a waiver of interest on interest or compound interest for the banks. In case the compound interest of borrowers is waived, then it would be MSME loan and personal loans up to 2 crores of the category include Housing loans, credit cards, auto loans, personal loans, MSME loans.

The RBI had authorized borrowers to look up for six- month halt on all the loans but banks and housing finance companies will charge interest on the entire amount, including the principals as well as interest liability, which will translate as repayment interval expanding by over six months, the liability was higher for recent loans as the interest component is normally front end loader, aside from this there was a huge growth in liability of the outstanding on credit cards which usually come with high-interest rates.

Bankers said, the total cost of interest on interest waiver, on condition of benefit confinement to these categories, would be about Rs 5000 crore- Rs 6000 crore. Still, if the schemes get extended to all borrowers then the collective cost of waiver would be between Rs10,000 crore- Rs15,000 crore, in addition to these bankers, are expecting form the government to expiate interest waiver as it is a social welfare measure.

The process of benefit for the category of people whose payment reference is via EMIs or Credit card dues during the delaying interval was not known immediately.

The center has reserved its policy by following the recommendation of an expert committee, as earlier, the center and RBI went through a clash on the issue against waivering of interest on interest on the grounds, as it may account as against the interest of another shareholder mainly of depositors hence it would be unfair to the people who have paid their dues.

Though TOI reported that, a bench of justices Ashok Bhushan, R S Reddy, and M R shah had been influencing the government to “consider and reconsider” it’s the decision to not waive interest on interest.

Anyway, it had flashed to accept the government’s decision to not waive interest altogether.

The further center stated that waiving of interest on interest for all categories of borrowers would turn out into a very enduring and notable financial burden on various categories of banks, which will become difficult to resist the financial burden. Eventually, this will affect the depositor’s interest, therefore, the government decided not to waive for big borrowers, and decided to give relief on waiver of compound interest during the 6-month delaying interval will be restricted to the most vulnerable category of borrowers.

Earlier, the RBI and the center had some clashes regarding the delaying was only postponing loan installments that do did not mean waiving either interest or the amount due during the 6 month period or interest on the interest happened during that interval.

Later on, they said borrowers have understood the difference between the waiver in the interest on the loan and the deferment of payment of installments for that hence due to this “a majority of the borrowers have in fact not taken the benefit of the moratorium”, also if the government has to consider waiver of interest on every type of loans to various categories of borrowers parallel to the 6-month interval for which delaying of payment of installments was not available under RBI circulars and ministry highlighted the waived amount would be more than Rs 6 lakh crore.

Lastly, Minister added hence in this situation of bearing the burden of loans net worth of the bank would be wiped out and this was the reason the waiver of interest was not even contemplated and only payments if installments were deferred.

The post Center ready to waive interest on interest appeared first on Maverick Times.

During the implementation of the farmer’s Bill government has mentioned they will be providing Minimum Support Price (MSP) for the crops to the farmers. Hence following the same the Andhra Pradesh Government announced their minimum support price (MSP) for the current sowing season for 24 agriculture products like chilli, turmeric, sweet orange, minor-millet, banana, and onion for the year 2020-21, which the government will be buying from the farmers to assure them a minimum support price. However, this is the first time government has announced MSP for the above-mentioned products.

The procurement season for all the crops has been confirmed; further officials said that the State government has announced a hostile procurement policy. In 2019, it procured commodities worth Rs 3,300 crores through MSP operations. Due to the COVID-19 situations this year, they have come up with the establishment of procurement centers in each village called, Rythu Bharosa kendras(RBKs).

Fortunately, Andhra Pradesh is likely to be the first state where a farmer doesn’t need to go out of the village to sell his produce. Moreover, Farmers will be given a guarantee that in case of the absence of competitive price, their crop will be purchased as per the MSP announced.

Agriculture Marketing special commissioner P.S. Pradyumna, informed that in special cases procurement will be carried forward from the farm.

This year procurement will start from October 15, and the government is expecting to procure about 3 to 3.5 lakh metric tone of produce in 2020-21. Small and marginal farmers will get priority in the crop procurement process and government assures even in the situation of an uncompetitive price the government will purchase their crops. Still, pradyumna pleads to farmers to bring their produce for procurement with minimum standards. Also as per the requirement, the government could buy the farmer’s produce through RBKs to strengthen competition.

Therefore, empowering the government to buy their produce, farmers are required to register their details on e-Karshak and get themselves enrolled with Village Agriculture Assistants or Village Horticulture Assistants in RBKs to sell their produce.

The post Andhra Pradesh Government announces MSP for various agricultural products appeared first on Maverick Times.

CEO Elon Musk of electric car manufacturer Tesla Inc confirmed, on Friday the company’s entry into India in 2021.
He twitted “Next year for sure,” by responding to a question if there was any progress with regards to the company’s India plans, by posting a picture of a T-shirt with the message” India wants Tesla” and “India loves Tesla”
Further, he added on the same thread, Thanks for waiting!

The American automaker’s India arrival could come near on the heels of the leaving of fellow Harley Davidson and General Motors from the market. Even our Prime Minister is constantly focusing on promoting the usage and manufacture of electric motor cars.

Although it was not the first time that the head of the world’s most valuable car manufacturers company has spoken about its India entry with little on-ground progress, last year he mentioned on twitter in response to someone who asked, ” what about India sir”?
He responded “Would love to be there this year, if not definitely next” said in 2019.
This comes at a time when India is building charging infrastructure for electric vehicles with the aim of outstandingly increasing the percentage of electric vehicles operating on the roads.

The post Elon Musk indicates entry of Tesla in India appeared first on Maverick Times.

American Company Estee Lauder is the multinational beauty manufacturer behind some of this planet’s best-loved skincare and makeup products, is now sending its new Advanced Night Repair serum to space for a commercial shoot.

As per the Bloomberg report, the U.S. cosmetics group is spending $128,000 for NASA to fly ten bottles of serum to the ISS, since International Space Station is an important laboratory for scientific and high-tech research, but a different payload is impending on ISS resupply mission by giving the space station an additional commercial touch, a pack of skin care products that ISS astronauts will picture against the spectacular panoramic view from the space station. Once there astronauts will take pictures of Estee Lauder’s Advanced Night Repair the images will be used on social media, with the company planning to auction one bottle off for charity when the items return to Earth this spring.

Further, the company stated, as a beauty industry leader in science and innovation they are the first-ever beauty brand to join NASA’s efforts to enable business opportunities on ISS. Besides this, the motive behind choosing this iconic product has its long history in the beauty industry. As when it was launched in 1982 as Night Repair, it was the first nighttime repair serum in the beauty industry and the first-ever beauty product to use hyaluronic acid. Now, 30 years later, they are adding another first to its legacies as the first serum to launch into space.

The product will leave Earth for a commercial resupply mission today (October 1).

The American space agency had announced last year, “NASA is opening the International Space Station for commercial business so U.S. industry groundbreaking ideas can quicken to develop the commercial economy in low-Earth orbit.”

The global recession triggered by the coronavirus pandemic, has pushed brands to get more creative with their advertising because consumers are cutting back. Within beauty, several companies are spending less on traditional ads, while looking for new ways to break through the glut of content out there. To this NASA’s director of commercial spaceflight development added: “We need to expand people’s perspective on what we can accomplish in space”.

The post Estee Lauder serum will leave earth today for a commercial shoot in space appeared first on Maverick Times.