Namaste! Aaj ka news roundup, Newswala style!

MARKETS

Markets: The Indian stock market followed its Asian counterparts in decline as cautious investors reacted to a sell-off in US bonds. The surge in the US 10-year Treasury yield, reaching its highest since April 2024, signaled expectations of fewer rate cuts by the Fed.

TOP STORIES

BP’s Big Bet on India’s Largest Oil Field

What Happened

BP is rolling up its sleeves and getting to work on India’s largest oil field off the west coast. In a decade-long deal with Oil and Natural Gas Corp (ONGC), BP is set to increase oil production by 44%—that’s from 45.47 million metric tons to 65.41 million tons. Gas production? Oh, it’s getting an 89% boost, shooting up from 70.40 billion cubic meters (BCM) to 112.63 BCM. 

The numbers

This energy upgrade is expected to kick off next fiscal year, with the full effect visible by 2027-28. And let’s not forget the numbers: this project is expected to bring in an extra $10.30 billion in revenue for India, along with up to $5 billion from royalties, cess, and other goodies.

BP will earn a fixed fee for the first two years, then a cut from the extra revenue after covering costs. You could say they’ll be “fueling” their profits, too!

Final words

India’s oil production has been stuck in neutral for years—imagine a car with the engine running but no gas in the tank. As the world’s third-largest oil importer, India needs more local output to keep things running smoothly. The Mumbai High field, which peaked at 471,000 barrels per day (bpd) in 1985, was down to 134,000 bpd in April 2024. 

With BP’s advanced recovery methods, the field is about to get a much-needed facelift.  

PAISON KA KHEL

Biden’s final push to tighten AI chip exports

In a dramatic farewell move, President Biden plans new rules to restrict Nvidia and AMD from selling AI chips globally, targeting nations like China and Russia. The idea is to keep AI power in “friendly” hands and shape global AI with American standards.

Countries are now in three tiers: VIP allies get near-unlimited chips, while adversaries face a tech drought. Most nations fall into the middle, negotiating for more GPUs like kids trading lunch snacks.

Meta loosens hate speech restrictions

Meta is taking a page from Elon Musk-owned X’s handbook, relaxing its hate speech policies on sexual orientation, gender, and immigration issues. CEO Mark Zuckerberg claims the move aligns with “mainstream discourse,” citing recent elections. Critics, however, argue this could fan the flames of hate, both online and offline.

The change, allegedly aimed at cost-cutting and wooing political goodwill, has sparked outrage. Considering Meta’s history in Myanmar, where unchecked hate speech fueled violence, critics worry this is déjà vu with a dangerous twist.

TOP STORIES

Over 40 New Launches Set to Shape the Future of Mobility

What Happened

The much-awaited Auto Expo 2025, under the Bharat Mobility Global Expo, is set to take place from January 17-22, with more than 40 new product launches across various vehicle segments. This year, the expo will span three major locations: Bharat Mandapam, Yashobhoomi (India International Convention Centre, Dwarka), and the India Expo Centre & Mart in Greater Noida.

While Chinese participation is expected to be limited due to ongoing visa issues, companies like BYD will still take part.The show will feature vehicles ranging from two-wheelers to passenger cars and buses, along with segments like battery, tyre, and electronics exhibitions.

Why It Matters

The Auto Expo’s scale has grown exponentially, now covering three locations instead of one. This expansion will allow for a comprehensive view of various industry sectors, including urban mobility infrastructure.

The expo will feature not just land transport but also air transport, with drones soaring to the spotlight. Meanwhile, Greater Noida’s construction equipment section will focus on infrastructure for urban mobility. And let’s not forget the Bharat Battery Show (Jan 19-21), which promises a global lineup with over 100 exhibitors from countries like the USA, Japan, Germany, Italy, Singapore, and China.

Final words

This global representation emphasises the growing importance of energy storage and charging solutions in the electric vehicle ecosystem. Replus and Yuma Energy are ready to roll out exciting products, from lithium-ion batteries for electric trucks to DIY charging units that’ll make your EV life a lot easier (and a bit more fun)!

GLOBAL NAZARA

₹35,000 crore to keep your LPG prices steady

The government is stepping in with a ₹35,000 crore subsidy for IOC, BPCL, and HPCL to cover losses from selling domestic LPG at ₹803 per cylinder. Why? They’ve been losing ₹240 per cylinder because prices haven’t budged since March 2024—conveniently, right before elections.

This bailout will come in two parts: ₹10,000 crore this year and ₹25,000 crore in 2025-26. With under-recoveries hitting ₹40,500 crore, it’s clear the government wants your kitchen running smoothly. Meanwhile, global LPG prices continue to rise—just like our hopes for cheaper fuel!

TCS bags ₹12,380 crore profit with a side of dividends

TCS’s Q3 results are here, and they’re looking sharp! India’s largest IT firm posted a 12% jump in net profit, clocking ₹12,380 crore compared to ₹11,058 crore last year. Revenue from operations rose 5%, touching ₹63,973 crore.  

On the flip side, employee benefits and other expenses nudged up by 6.33%, reaching ₹48,550 crore—because apparently, talent and tech don’t come cheap. Shares, though, ended Thursday 1.72% lower at ₹4,036.65. But with interim dividends announced, TCS investors still have reasons to cheer.

TOP STORIES

Nayara Energy’s Mega Investment in Gujarat

What Happened

Nayara Energy, backed by Rosneft, is betting big on India’s petrochemical future. The company plans to invest ₹68,000 crore ($8 billion) to set up a 1.5 million tonne per annum (mtpa) ethane cracker at its Vadinar refinery in Gujarat, which already has a capacity of 20 mtpa. 

This ethane cracker will produce ethylene, the backbone of plastics, adhesives, and synthetic rubber manufacturing. With front-end engineering already underway, Nayara aims to capitalise on the increasing demand for petrochemicals in India.

Why It Matters

India’s petrochemical sector is growing at a breakneck pace. With demand expected to nearly triple by 2040, the sector is projected to attract over $87 billion in investments in the next decade. 

The Vadinar refinery, India’s second-largest single-location refinery, was acquired by a Rosneft-led consortium in 2017 for $12.9 billion. This new venture marks the first significant overseas investment in India’s petrochemical space.

Zoom out

Currently, India imports 45% of its petrochemical intermediates, so projects like Nayara’s can help reduce dependence on imports and meet the domestic and global demand surge. Ethane cracking, which yields over 80% ethylene compared to 30% from naphtha, is becoming increasingly popular. 

Reliance Industries and Gail India have also announced similar projects, with investments of ₹60,000 crore and more. These expansions align with the government’s goal of making India a $1 trillion petrochemical market by 2040. 

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