Namaste! Aaj ka news roundup, Newswala style!

MARKETS

Markets: The Sensex and Nifty closed lower on Wednesday, both slipping 0.49% due to profit booking in auto and energy stocks. Tata Motors led the fall with a 5.73% drop, while Bajaj Auto surged 4.03% as the top gainer.

TOP STORIES

A Comeback on the Cards or a Garage Sale in the Making?

What happened

Ford’s once-busy factory in Chennai has been parked in neutral since July 2022, after the auto giant hit the brakes on its India operations in September 2021. Fast forward to September 2024, and Tamil Nadu’s Chief Minister MK Stalin is on a mission. During his 17-day visit to the US, Stalin met with Ford officials, exploring the possibility of restarting operations at the Chennai plant. 

Why it matters

The fate of the 350-acre factory is more than just a real estate issue—it’s about 5,000 workers, potential investments, and the state’s industrial future. Ford’s Chennai plant could crank out 2 lakh cars a year when it was roaring. With the plant stalled, the Tamil Nadu government is eager for answers: Will Ford reopen, or should the state start looking for a new tenant?

A re-entry by Ford would mean more jobs, new investments, and perhaps even a fleet of electric cars ready for global export. That’s not just a win—it’s a turbo boost for the local economy!

Final words

For now, Ford is playing its cards close to the chest, saying they’re still exploring options for the Chennai facility. Meanwhile, CM Stalin is not waiting around—he’s signed fresh deals with tech giants like Apple supplier Jabil. As for Ford, whether it decides to hit the accelerator or stay parked will be a story worth watching.

PAISON KA KHEL

Aging like fine wine—now with free health insurance!

The Union Cabinet just approved free health insurance of up to ₹5 lakh a year for seniors under Ayushman Bharat. With ₹3,437 crore set aside, this move is expected to benefit around 6 crore senior citizens!

No matter your bank balance or background, if you’re 70 or older, you're covered. For those already under the scheme, there’s a cheeky top-up of ₹5 lakh for you. 

BEL bags ₹1,155 crore radar deal

Bharat Electronics Limited (BEL) just bagged a whopping ₹1,155 crore in new orders, proving that defence production is booming. The big-ticket deal? A ₹850 crore order from Cochin Shipyard for a fancy X-Band multi-function radar—perfect for keeping naval ships safe from airborne threats. Plus,  they threw in another ₹305 crore for everything from thermal imagers to fire control systems.

TOP STORIES

JSW MG Motor India shifts to electric with Windsor EV

What happened?

JSW MG Motor India is putting the brakes on petrol and diesel cars and hitting the gas on electric vehicles (EVs). With the launch of their snazzy Windsor EV, the joint venture between MG Motor and JSW Group aims for half its sales to come from EVs by the end of the year. Currently, 35% of their sales are electric, but Windsor is set to supercharge that. 

Mark your calendars, folks—Windsor bookings open on October 3, and deliveries start on October 12.

Driving the news

Here’s where it gets zippy—Windsor EV’s price is ₹9.99 lakh (battery sold separately). Competitors like Tata Nexon EV and Mahindra XUV400 are pricier, which means JSW MG Motor just dropped a bombshell on the EV market. 

And if you’re into subscription plans, they’ve got a Battery-as-a-Service deal where you pay ₹3.5 per km. Think of it like Netflix for your car battery—minus the binge-watching. With India’s EV market expected to zoom from 2% to 15-20% by 2030, Windsor’s arrival couldn’t be better timed.

Final words

With competitive pricing and innovative ownership models, they’re positioned to ride the electric wave. As the Windsor hits the road and with EV sales surging 52% this year, it seems like their journey is fully charged and ready to go!

• With Windsor’s launch, JSW MG Motor aims to sell 70,000 vehicles in 2024, up from 60,000 last year. 

GLOBAL NAZARA

Citi warns: U.S. recession on the horizon

Citi’s got a gloomy forecast for the U.S. economy! According to their latest analysis, recession fears are looming large. Despite the U.S. adding 140,000 jobs last month, and private sector employment rising by 118,000, the job market’s still not looking too hot.

In fact, these job gains are the weakest in three months, even discounting the pandemic chaos. With auto sales and real estate purchases dipping, it seems like the U.S. might be heading for a financial rollercoaster. 

Tata Steel secures £500 million grant for green steel leap

Tata Steel has snagged a £500 million ($654 million) grant from the UK government for its ambitious green steel project at Port Talbot. The company is investing a hefty £1.25 billion to replace its old blast furnaces with a shiny new Electric Arc Furnace over the next three years. 

This eco-friendly upgrade will not only cut down emissions but also result in a bittersweet job shuffle: 2,500 workers will be gone while 5,000 will stay on. Tata Steel promises generous support for those affected, including re-skilling and retraining options.

TOP STORIES

Goldman Sachs Makes a ₹75 Crore Fashion Statement 

What happened?

Goldman Sachs picked up over 13 lakh shares of Arvind Fashions in a block deal worth a cool ₹75.35 crore. The American financial giant snapped up these shares at ₹574.73 per share, a slight discount compared to the previous day’s closing price of ₹579.70 on the NSE. 

While Goldman Sachs walked away with the shares, the sellers were Plenty Private Equity Fund I Limited and Plenty CI Fund I Limited, offloading a combined 54 lakh shares.

Why it matters

If you’re looking for a stock that’s outperforming the market, Arvind Fashions is a name to keep in mind. 

• Over the past year, the company has delivered an impressive 75% return, easily outpacing the Nifty's 28%. 
  
  

• Year-to-date, it’s climbed another 42%, proving that fashion and finance go hand-in-hand. 
  
  

Arvind Fashions, with its portfolio of 27 brands, including Arrow, Tommy Hilfiger, and Flying Machine, is well-placed in India’s lifestyle and retail sector. 

Zoom out

Goldman Sachs’ investment in Arvind Fashions highlights confidence in the company’s growth story, and with a strong market performance, it’s easy to see why. Investors may want to keep an eye on the fashion company, but a word of caution: with the stock in an overbought zone, a short-term pullback isn’t out of the question.  

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