Namaste! Aaj ka news roundup, Newswala style!

MARKETS

Markets: Indian equity markets ended on a strong note on September 10, with the Sensex rising 361.75 points to 81,921.29 and the Nifty crossing 25,000, closing at 25,041.10. Despite some volatility, the markets gained momentum in the afternoon before facing minor selling pressure towards the end.

TOP STORIES

PSU Oil Giants Fuel India's EV Revolution

What happened?

India’s three public sector oil biggies – Indian Oil (IOC), Bharat Petroleum (BPCL), and Hindustan Petroleum (HPCL) – have hit the accelerator on electric vehicle (EV) infrastructure. In FY24, these powerhouses plugged in over 7,800 new EV charging stations, bringing the national total to a whopping 17,000! 

• Leading the charge, IOC alone zapped in 3,601 stations, powering up to own 60% of all EV charging points in the country. 
  
  

• Not to be outdone, BPCL added 2,443 stations, and HPCL joined the race with 1,773. 
  
  

What’s next?

We’re on the fast lane to electric mobility, but none of it happens without charging points. BPCL’s got its eye on 7,000 stations and is already mapping out 150 highway corridors for fast chargers. Their goal? Electrify 6,000 outlets across 400 highways in the next five years. HPCL, not to be left in the dust, is now rocking over 3,600 EV-enabled outlets. 

Final words

The government’s tossing in a cool ₹800 crore through the FAME India scheme, set to spark 7,432 more public chargers into life. 

With BPCL’s “Highway Fast Charging Corridors” and IOC’s battery-swapping services, long drives in an EV might soon involve more “charge and chill” than “range anxiety.”

PAISON KA KHEL

SpiceJet takes off with $40 million debt wipeout

SpiceJet has bagged a sweet deal! Carlyle Aviation is writing off $40.17 million in lease arrears and converting $30 million of debt into equity at ₹100 per share, boosting its stake in the airline. SpiceJet will also transfer $20 million into debentures for its cargo arm, SpiceXpress. This partnership gives SpiceJet a much-needed financial boost, cutting its lease obligations from $137.68 million to $97.51 million.

Coal India sparks ₹67,000 crore plan for coal-fired plants near mines

Coal India is about to drop a whopping ₹67,000 crore ($8 billion) to build coal-fired power plants right next to its mines—because why waste time on transport when you can have the coal right next door? With 4.7 gigawatts approved over the next 6-7 years (mostly in Odisha), and another 2 gigawatts in the pipeline, coal isn't going anywhere soon. 

Despite India's 2070 net-zero goal, coal still powers 75% of the country. Environmentalists are fuming, but Coal India’s thinking long-term—mixing coal and renewables.

TOP STORIES

Adani's $1.85 Billion Kenya Airport Deal Hits a Roadblock

What happened?

Gautam Adani’s ambitious plan to invest $1.85 billion in Kenya’s Jomo Kenyatta International Airport (JKIA) has hit turbulence. The Kenyan High Court has temporarily halted the government’s proposal to hand over the airport's management to Adani Group for 30 years.

Concerns have been raised about job losses and whether foreign workers will replace locals. Adani Group, however, has remained tight-lipped as the controversy unfolds.

The bigger picture

This airport deal isn't just about infrastructure—it's a battle for influence in Africa. With India and China both vying for economic dominance in the region, Adani’s deal could be seen as India’s response to China’s aggressive investments.

The Kenyan government argues the airport needs urgent upgrades, which it cannot afford without private investment. But opponents, including Kenya’s aviation union, fear for the future of local jobs and question whether the deal truly benefits Kenyan taxpayers.

With Adani already controlling over 50% of India’s top domestic air routes, this venture would mark his first foray into international airport management, making it a major milestone in Adani’s global expansion.

Conclusion

The pause on Adani’s JKIA deal leaves Kenya at a crossroads. While the government defends the agreement as essential for modernisation, critics warn of job losses and fiscal risks. The legal challenge has put the project on ice, but the fight over Kenya's airport is far from over. As India and China continue their strategic investment race in Africa, Adani’s move into JKIA could be a game-changer, provided it overcomes the hurdles. 

GLOBAL NAZARA

Indian Oil and ADNOC’s LNG love affair

The Abu Dhabi National Oil Company (ADNOC) is set to supply Indian Oil with 1 million metric tonnes of LNG annually for the next 15 years. This LNG will mainly flow from ADNOC’s Ruwais LNG project, which is gearing up to start in late 2028. The project, aiming to double ADNOC’s LNG output, is already creating a buzz among energy giants. 

With Ruwais set to produce 9.6 million tonnes of LNG annually, ADNOC is clearly aiming to make a big splash in the global gas market. 

Pakistan’s jackpot: Game-changer or just another mirage?

Pakistan might be on the brink of an economic revolution! A recent discovery of massive oil and gas reserves in its offshore waters could potentially make it the fourth-largest oil holder globally. 

But before they start celebrating, there’s a catch. Turning this black gold into economic gold isn’t simple. With exploration costs hitting around $5 billion and extraction likely to take up to five years, Pakistan faces a marathon, not a sprint. So, while this discovery might be a game-changer, the road to riches is still under construction.

TOP STORIES

LIC leaves private rivals in the dust 

What happened?

LIC is having quite the moment, outpacing its private peers in new premium collections for August. The life insurance industry raked in a whopping ₹32,644 crore in premiums—22% higher than last year. While the private insurers played catch-up, LIC flexed its muscles, with its annualized premium equivalent (APE) jumping 13% to ₹4,936 crore.

Meanwhile, private players like HDFC Life and Max Life tried to stay in the race, reporting APE growth of 8% and 16.66%, respectively. But let’s be honest, LIC’s 28% overall premium growth was like taking the express lane while others were stuck in traffic!

Why it matters?

LIC’s performance shows who's really boss in the life insurance game. While private insurers aren’t snoozing, LIC’s huge gains in group yearly renewable premiums are keeping it on top. But hold onto your policies, because big changes are around the corner!

Starting in October, new rules on surrender values and agent commissions are set to kick in. Policyholders can now cash out from year one, which could really shake things up. With a predicted 25-basis-point dip in yields on some products, insurers will have to come up with fresh tricks to keep their balance sheets shiny.

Newswala explains

*Surrender values refer to the amount a policyholder gets if they decide to cancel their insurance policy early. 

*A basis point is a unit of measure used in finance to describe a change of 0.01% in value. So, 100 basis points equal 1%. For example, if an interest rate drops from 5.00% to 4.75%, it has decreased by 25 basis points.

MIRCH MASALA

👻 UK ghost hunter reveals chilling tales from over 50 haunted sites!
🏨 Pune man’s surprising reason for picking hotels over rentals in Mumbai
📱 iPhone 16 camera shakeup sends memes into overdrive—see the internet’s funniest reactions
🍉 Russian man’s watermelon stunt with giant bear goes viral
⚽️ Cristiano Ronaldo hits back at Real Madrid critics with a stunner