Namaste! Aaj ka news roundup, Newswala style!

MARKETS

Markets: The stock market saw profit-taking with the Nifty closing 108 points lower and the Sensex down by 422 points. Autos declined the most, while FMCG and Pharma stocks showed some buying interest despite overall market weakness, with charts indicating potential upcoming negative sentiment.

BUSINESS

Indians Still Prefer Green Bills Over Digital in Offline Purchases

What happened

Despite the digital wave sweeping India, cash remains king for offline transactions, especially among lower and middle-income groups. A recent report by Amazon Pay and Kearney reveals that about 60% of the ‘rising class’ and 52% of the middle class opt for cash when shopping offline.

The affluent, however, lead the charge in digital payments, using modes like UPI, credit cards and digital wallets extensively. For them, convenience meets lifestyle as they drive 80% of their transactions through online channels.

The Numbers Game

• UPI started 2024 with a bang, clocking transactions worth ₹18.41-lakh crore in January, up 42% from last year—a new high!
  
  

• In FY23, UPI processed over 11,765 crore transactions amounting to ₹182.25 lakh crore—up 59% in volume and 45% in value compared to 2022.
  
  

• Experts predict UPI could hit 2,000 crore transactions in 18-20 months, with projections soaring to 100 crore transactions per day by FY27!

Zoom out

With digital transactions beginning to penetrate sectors traditionally dominated by cash, such as street vendors and smaller towns, India's payment landscape is at a pivotal moment. Analysts predict that the next wave of digital payment growth will come from these regions, driven by increased smartphone penetration and evolving consumer preferences. 

As digital wallets jostle with wallets full of greenbacks, the future of payments in India hinges on accessibility and ease. 

BIG MONEY MOVES

REC raises ¥31.96 billion for green projects in India

REC Limited has snagged a whopping ¥31.96 billion (around $200 million) green loan via Deutsche Bank's Gift City branch. This hefty cash infusion will supercharge REC's efforts in eco-friendly initiatives across India, turbocharging their sustainability drive. Deutsche Bank's move marks a leap in yen-denominated green loans from its Gift City hub, signalling their serious commitment to a greener financial future in India.

Signature Global to splash ₹2,500 crore on housing projects

Signature Global is gearing up to invest a whopping ₹2,500 crore in housing projects for FY25. With a target of ₹10,000 crore in sales, up from last year’s ₹7,270 crore, the realty firm is bulldozing ahead. They’re expecting a cool ₹6,000 crore collection from customers this fiscal – not bad for a year's work!

The company has its sights set on Noida and Delhi for new projects in 2025-26. With sales skyrocketing 3.5 times to ₹3,120 crore in Q1, Signature Global is clearly on a roll.

Hold on, didn't we have a lot of real estate news lately? Hmm.. idhar to bhai paiso ki barish ho rhi hai!

BUSINESS

Karnataka Scores Big with ₹6,450 Crore Investment Pledge 

What happened

Karnataka has hit the jackpot with a whopping ₹6,450 crore investment pledge from Japan and South Korea, all thanks to a recent whirlwind tour led by Karnataka's Minister of Large and Medium Industries & Infrastructure Development, MB Patil. This two-week mission secured commitments from six major companies, promising to sprout over 1,000 new jobs in the state.

Why it matters

During the tour from June 24 to July 5, 2024, Karnataka's delegation pulled off a marathon of meetings with over 35 industry bigwigs and 200 companies across Japan and South Korea.

• As a result, Osaka Gas is dropping a cool ₹5,000 crore to pump up Karnataka's gas game. That's enough gas to power a rocket!
  
  

• Not to be outdone, DN Solutions is putting ₹1,000 crore on the table to build a factory that promises to employ 350 lucky souls.
  
  

• And let's not forget Aoyama Seisakusho, throwing ₹210 crore into precision tools.
  
  

Zoom out 

The surge of investments pouring into Karnataka marks a pivotal moment for its economy, solidifying its status as a top-tier global investment hub. With prospective collaborations worth ₹ 25,000 crore ($3 billion), Karnataka's pivotal role in fostering economic growth is undeniable.

As the state preps for its Global Investors Meet in 2025, the mood is upbeat, the plans are grand and Karnataka is ready to show the world why it's the place to be for big bucks and big dreams.

BIG PICTURE

JSW MG Motor and Shell spark up EV charging network

JSW MG Motor India, formerly MG Motor India Pvt Ltd, has teamed up with Shell India to revolutionize Electric Vehicle (EV) charging infrastructure nationwide. This move will allow JSW MG Motor India customers to juice up their electric rides using Shell's extensive network of fuel stations across the country.

As part of the deal, Shell India will roll out the latest CCS 50kW and 60kW DC fast chargers. These chargers aren't just fast; they're so quick they could make a cheetah jealous. The company promises that these chargers will make road trips "shockingly convenient," ensuring you're never left in a queue.

Accenture Boosts Silicon Design with Cientra Acquisition

Accenture has upped its game in the silicon realm by snagging Cientra, a savvy player in silicon design and engineering. This move comes hot on the heels of nabbing Excelmax Technologies and XtremeEDA back in 2022, showing they're serious about the chip business.

With Cientra's team of 530 brainy engineers onboard, Accenture is ready to ride the crest of the silicon wave.

BUSINESS

The Sleep Company Dreams Big with Offline Expansion

What happened

The Sleep Company, famous for its super comfy chairs, mattresses, and recliner beds, is opening its 100th store this week! The company has big dreams of hitting ₹1,000 crore in revenue by FY27. Currently, 65% of their revenue comes from their physical stores, up from a 50-50 split between offline and online sales last October. They’re planning to open a new store every four to five days, aiming for 150 stores by March. 

Why it matters

Joining the cool kids of D2C like Lenskart, Mamaearth, and Licious, they've decided to trade some of that online glory for some brick-and-mortar magic. This move comes after investors started preferring brands with a solid offline presence. Who knew people still enjoyed the thrill of actually leaving their homes?

• Financially, The Sleep Company is striding towards EBITDA profitability by FY25, having bagged ₹335 crore in revenue for FY24. 
  

But that’s just the start of their sleepwalking journey! To hit their ₹1,000 crore dream, they're ready to splash ₹85 crore on ads in FY25. It’s mostly digital, with a slice of the pie going to old-school media.

Zoom out

Having raised ₹184 crore in Series C funding from Premji Invest and Fireside Ventures, The Sleep Company is well-equipped for this exciting journey. And guess what? They're not stopping at Indian shores. The Sleep Company is packing their cosy mattresses and plump pillows for a grand adventure across the pond—starting with the UK! 

MIRCH MASALA

🏸 Watch: President Droupadi Murmu hit the court with Saina Nehwal for a badminton match
😉 Experience the breathtaking timelapse capturing Earth's rotation and nature's majestic dance!
👋 Fans spot mystery 'third' hand in viral photo of Rohit Sharma after India's T20 World Cup win
🔍️ Netizens discover Nikola Tesla's hidden innovations on his birth anniversary
🚃 This mistake turned a Ludhiana farmer into the temporary owner of the Shatabdi Express