Namaste! Aaj ka news roundup, Newswala style!

MARKETS

Markets: Indian markets got a boost on Wednesday with Sensex up 0.35% and Nifty climbing 0.38%, thanks to metal stocks shining like Bollywood stars on a premiere night. GAIL hit an all-time high, Torrent Power surged 16.6%, and Zee Entertainment danced up 2.4% after stellar profits.

BUSINESS

Digi Yatra to Smoothen International Travel

What happened

India’s Digi Yatra is about to take international travel from “yawn” to “wow!” This facial-recognition technology, which already lets domestic travellers skip the ticket inspection hustle, is soon going global. With 13 more airports jumping on board, including Bagdogra, Chandigarh, and Coimbatore, international flyers will soon enjoy a faster, hassle-free airport experience. 

• Launched in December 2022, Digi Yatra has already onboarded 4 million users and sees around 24,000 new downloads daily. 
  

Apna kya fayda?

Picture this: you stroll through airport security like a VIP, thanks to Digi Yatra. No more juggling passports and boarding passes like a circus performer. By sharing credentials with immigration in advance, you'll breeze past queues faster than you can say “chalo, jaldi chalo!” 

The system, which uses biometric data, aims to cover 90% of Indian air traffic by March 2025. Smaller airports are already loving it, with adoption rates soaring to nearly 70%.

Final words

While Digi Yatra is set to make travel smoother than butter, concerns about privacy and tailgating linger. But fear not! The Digi Yatra Foundation assures that your data is safe using decentralised identifiers for every transaction.

Also, if someone tries to sneak in behind you, the gate will make enough noise to wake the dead! Get ready to zip through airports like never before—Digi Yatra is making sure your travel experience is nothing short of “dil se amazing!”

BIG MONEY MOVES

Toyota's ₹20,000 crore boost to Maharashtra

Toyota Kirloskar Motor (TKM) is gearing up for a major boost in Maharashtra with a ₹20,000 crore investment for a new manufacturing plant. They’ve signed an MoU with the state to set up a facility at Chhatrapati Sambhaji Nagar. This move promises to create jobs and drive economic growth in the region. TKM already has two plants in Karnataka, which have created 86,000 jobs with over ₹16,000 crore invested.

Infosys caught in ₹32,000 crore GST web

Infosys has found itself in a sticky situation, allegedly dodging ₹32,000 crore in GST! The Directorate General of GST Intelligence (DGGI) claims that from July 2017 to 2021-2022, Infosys didn’t pay IGST on services imported through its overseas branches. These branches, seen as ‘distinct persons’ under the IGST Act, mean Infosys should have paid GST under the reverse charge mechanism. Despite receiving a notice, Infosys insists it's been a tax angel. 

BUSINESS

Mahindra Shifts Gears with Major Thar Production Boost

What happened

Mahindra & Mahindra is powering up for a major production boost! They’re adding 4,000 more units a month to their five-door Thar Roxx line, aiming to hit a total capacity of 64,000 units monthly this fiscal year. And they’re not stopping there—next year’s target is a whopping 72,000 units, thanks to a planned increase in electric vehicle (EV) production as well. 

This news comes hot on the heels of Mahindra’s impressive financial report: a 20% profit surge to ₹3,283 crore and a 16% revenue boost to ₹19,776 crore.

Why it matters

The Thar is clearly a hit, with demand so high that Mahindra’s scrambling to keep up. With a total of 1.78 lakh units in open bookings, including 55,000 for the XUV3XO and 42,000 for the Thar, it's clear that customers are lining up for these rides.

Plus, with an additional 8,000 units of EV capacity planned, Mahindra is not just chasing adventure but also gearing up for the electric future. The company's growth in the automotive sector is nothing short of a high-speed chase toward success.

Numbers ka khel

Mahindra’s financial results are also adding up excitement! 

• The company zoomed to a 20% increase in net profit, reaching ₹3,283 crore for the quarter ending June. 
  
  

• Their automotive segment went full throttle with a 35% profit boost, hitting ₹1,330 crore, while revenue surged 16% to ₹19,776 crore. 

BIG PICTURE

Microsoft's tech troubles: another round of outages!

Microsoft just can't catch a break! On Tuesday, a "potential networking issue" caused another major disruption, taking down key 365 services like Word, PowerPoint, and Outlook. This comes less than two weeks after a global outage triggered by CrowdStrike's glitchy update. Microsoft is currently "investigating access issues and degraded performance" for multiple services. While the recent chaos isn’t linked to CrowdStrike, an alert on Microsoft's status site mentioned "network infrastructure" problems affecting Azure.

IHCL takes Bahrain by storm with two new Taj Hotels

Indian Hotels Company Limited (IHCL) is spicing up Bahrain's hospitality scene by introducing two Taj hotels. This marks the first Indian hospitality brand to step foot in the kingdom. The Hamala resort will offer 251 rooms, dining delights, a beach club, and wellness facilities. Meanwhile, the Downtown Seef hotel will boast 200 rooms, dining venues, and event spaces.

With these openings, IHCL’s Middle East presence grows to seven hotels, with four more on the way. Looks like Bahrain’s getting a touch of Taj magic!

BUSINESS

Tata Steel’s Profits Soar, but Prices Play the Party Pooper

What happened

Tata Steel just dropped its Q1 financials, and boy, it’s a rollercoaster! The steel giant reported a whopping 51% increase in net profit, reaching ₹960 crore for the quarter ending June 30, 2024. That’s a big jump from ₹634 crore last year, but hold your horses—analysts were hoping for ₹1,025 crore. 

Revenue, however, took a nosedive, dropping 8% to ₹54,771 crore from ₹59,490 crore. The decline in revenue was largely due to sluggish steel prices globally, which have been weighing on the industry.

Why it matters

The financial performance reflects a mixed bag for Tata Steel. On the positive side, the company saw an 11.4% increase in consolidated EBITDA, reaching ₹6,822 crore, bolstered by improved cost management and a higher operating EBITDA margin of 12.5%. This margin improved significantly from 10.3% last year. 

However, Tata Steel's revenue drop highlights the ongoing struggles with low steel prices and reduced demand, particularly in India, where the market has been impacted by the recent general elections and extreme heat. 

Final words

In Europe, Tata Steel's Netherlands operations showed a promising recovery with positive EBITDA, but the UK operations continued to face challenges.

Anyway, with big gambles on electric arc furnaces and a hefty ₹6,000 crore splurge on Neelachal Ispat Nigam, Tata Steel is clearly playing the long game. 

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