Namaste! Aaj ka news roundup, Newswala style!

MARKETS

Markets: The Markets were closed on account of Eid.

BUSINESS

ReNew Energy Global Plc Targets Doubling Clean Energy Portfolio to 20 GW

What happened

ReNew Energy Global Plc, a prominent decarbonisation firm listed on Nasdaq, has set ambitious targets to expand its renewable energy portfolio. With a current clean energy portfolio of 13.8 GW, ReNew aims to double this capacity to 20 GW by the fiscal year 2027-28 (FY28). This strategic move reflects the company's commitment to sustainable energy solutions and aligns with global efforts to combat climate change.

• In its recent fiscal year 2024 (FY24), ReNew made significant strides by adding 1.94 GW of green energy assets. 
  
  

• This brought its total capacity to over 10 GW, despite asset sales. 
  
  

• The company's revenue-generating capacity, accounting for sold assets, stood at 9.52 GW as of March 31, 2024. 

ReNew also secured contracts to supply 4.8 GW of renewable energy capacity, marking a substantial achievement in expanding its market presence.

Why it matters

ReNew's ambitious expansion plans signify a growing trend towards sustainable energy adoption and the increasing importance of renewable sources in the global energy space. The company's focus on round-the-clock (RTC) renewable energy projects and its preference for battery energy storage systems highlight technological advancements driving the renewable energy sector forward.

Additionally, ReNew's joint venture with Fluence for energy storage solutions further enhances its capabilities in delivering efficient and reliable renewable energy solutions. The company's extensive presence across 10 Indian states, with 150 renewable energy sites, is proof of its commitment to the widespread adoption and accessibility of clean energy solutions.

Zoom out

ReNew's vision to double its clean energy generation while targeting carbon neutrality by 2040 reflects its long-term sustainability goals. The company's financial stability, evident from its $10.6 billion balance sheet as of December 2023, provides a solid foundation for executing its expansion plans and investing in future projects.

BIG MONEY MOVES

Edelweiss acquires L&T Infrastructure Development Projects for ₹6,000 crore

Edelweiss Alternatives has finalized the acquisition of L&T Infrastructure Development Projects (LTIDPL) for a whopping ₹6,000 crore. This strategic deal grants Edelweiss complete ownership of LTIDPL, a joint venture previously owned by L&T and the Canada Pension Plan Investment Board.

With the addition of seven road assets and a 960-circuit-kilometre power transmission line, this move marks a substantial growth for Edelweiss's infrastructure portfolio, which now includes a total of 26 assets. These assets encompass 1,800 circuit kilometres of power transmission infrastructure and 813 MW of renewable energy capacity. This expansion is expected to contribute to an annual revenue of ₹3,000 crore.

JSW GMR Cricket makes ₹400+ crore acquisition

JSW GMR Cricket, a joint venture between GMR and JSW groups specializing in sports, has finalized the acquisition of two prominent cricket franchises for a sum exceeding ₹400 crore. This transaction involves gaining controlling stakes in the SA20 franchise Pretoria Capitals and the ILT20 franchise Dubai Capitals. 

These acquisitions are part of JSW GMR Cricket's strategy to strengthen its presence in the cricketing world, complementing its ownership of the Delhi franchise in the Indian Premier League (IPL) and Women's Premier League (WPL). The SA20 and ILT20 leagues, resembling the IPL format, were launched by the cricket boards of South Africa and the United Arab Emirates (UAE), respectively.

BUSINESS

IndiGo Grabs 3rd Spot in World Ranking as Market Cap Hits High Altitudes

What happened

IndiGo, the renowned low-cost budget carrier, has achieved a significant milestone by becoming the world's third-largest airline in terms of market capitalization. The shares of InterGlobe Aviation Limited, the operator of IndiGo, surged by nearly five percent, reaching an all-time high during trading on Wednesday, April 10.

As per Bloomberg data, Delta Air and Ryanair Holdings hold the top two spots with m-cap values of $30.4 billion and $26.5 billion, respectively.

Why it matters

The surge in IndiGo's market capitalization signifies the airline's robust performance and growing market dominance. The soaring stock prices, hitting a 52-week high and locked at over four percent upper circuit, reflect investor confidence and positive sentiment towards the company's future prospects.

• InterGlobe Aviation is India’s largest commuter airline, with a domestic capacity share of 55 per cent in FY23.
  
  

• Indigo maintains the world's youngest aircraft fleet, with an average age of 3.9 years.

IndiGo's strategic initiatives, including network expansion and double-digit growth projections, have garnered bullish sentiments from brokerage firms like Prabhudas Lilladher and UBS. These firms remain optimistic about IndiGo's growth trajectory, attributing it to factors like efficient cost structure, operational excellence, and strong demand in the Indian aviation industry. 

Zoom out

IndiGo's ascent to the world's third-largest airline underscores its resilience and strategic positioning in the aviation sector. The airline's expansion plans, target price revisions by brokerage firms, and positive market sentiments highlight a promising outlook for IndiGo's future performance. With a focus on innovation, growth, and customer-centric strategies, IndiGo continues to solidify its position as a key player in the global aviation sector, promising further growth and value creation for investors and stakeholders alike.

BIG PICTURE

🚘️ Mercedes-Benz India achieves record retail sales

Mercedes-Benz India has announced its all-time high retail sales for the fiscal year 2023-24. The renowned German luxury carmaker reported a significant growth of 10%, with a total of 18,123 units sold compared to 16,497 units in the previous fiscal year, showcasing a strong demand for its SUV lineup. During the first quarter of this year, Mercedes-Benz India recorded a notable increase of 15%, selling 5,412 units.

Looking ahead, the company has ambitious plans to introduce nine new models in India this year, including three new battery electric vehicles (BEVs).

📱 Oppo and OnePlus collaborate with Google for Gemini Ultra AI integration 

Oppo and OnePlus have revealed their partnership with Google to incorporate the Gemini Ultra AI platform into their smartphones. This move positions them to potentially be the first to unveil features based on Gemini Ultra later this year.

Oppo and OnePlus are committed to optimizing the integration of AI by focusing on the right combination of hardware, operating systems, and ecosystems. This strategic collaboration aims to enhance user experiences through advanced AI capabilities. Additionally, the collaboration extends to incorporating various Cloud AI products into future releases. 

BUSINESS

MG Motor India Teams Up with Adani TotalEnergies E-Mobility for EV Solutions

What happened

MG Motor India and Adani TotalEnergies E-Mobility have joined forces through a Memorandum of Understanding (MoU) to strengthen the electric vehicle ecosystem in India. This partnership, marked by the signing of the MoU, aims to develop charging solutions for EV customers and enhance value-added services.

Under the MoU, ATEL will install 60 kW DC chargers at upcoming MG dealerships, augmenting the charging network and improving customer accessibility. The partnership encompasses various aspects, including supply, installation, commissioning, operations, and maintenance of the charging infrastructure. 

Additionally, a digital platform will be launched to streamline customer experiences, covering aspects like discovery, user authentication, charging, and billing settlement through a dedicated mobile application.

Why it matters

With electric vehicles gaining prominence globally, initiatives like this partnership between MG Motor India and Adani TotalEnergies E-Mobility are crucial for accelerating India's energy transition, reducing carbon emissions, and promoting a cleaner environment. 

• EV sales in India are poised to surge by 66% this year, building on the nearly doubled sales witnessed in 2023. This surge is attributed to state subsidies fueling demand and the development of supporting infrastructure across the country.
  
  

• The latest projections for 2024 indicate that the uptrend in EV sales will contribute to four out of every ten passenger vehicle (PV) sales. 

The surge in electric vehicle (EV) sales in India finds its momentum from multiple factors, including the entry of new players into the EV market and the continuation of government subsidies. This growth trajectory is further reinforced by this recent partnership between MG Motor India and Adani TotalEnergies E-Mobility.

Zoom out

The MoU between MG Motor India and Adani TotalEnergies E-Mobility marks a milestone in the EV sector, emphasizing the importance of collaboration in building a sustainable future. Through the integration of advanced technologies and innovative solutions, this partnership aims to empower Indian consumers to embrace electric mobility seamlessly. 

MIRCH MASALA

🤖 Internet confused by robot-like waitress serving at Chinese restaurant in viral video
🐕️ Unexpected dog Interruption in news broadcast leaves everyone laughing
🏋️ Randeep Hooda: embracing drastic transformation as my body rejects normalcy
🤯 Netizens baffled by X user's reality check on what ₹1 crore can buy in today's economy
😛 Mark Zuckerberg hits gym post-surgery, takes swipe at Elon Musk