Namaste! Aaj ka news roundup, Newswala style!

MARKETS

Markets: The Indian stock markets closed with the Nifty hovering near 24,600 and the Sensex gaining 150 points. Strong performances in PSU Bank, realty, and oil & gas sectors propelled the indices, with notable gainers including ONGC, Shriram Finance, and SBI Life Insurance, while IT stocks lagged behind in today's trading session.

BUSINESS

Ashok Leyland land their single largest order to date

What happened

Ashok Leyland, a leading player in the commercial vehicle sector, has clinched a monumental deal with the Maharashtra State Road Transport Corporation (MSRTC). The agreement entails supplying a staggering 2,104 fully built Viking passenger buses, marking it as the largest single order ever received by the company. Valued at approximately ₹ 981 Crores, this contract spans from August 2024 to August 2025.

Why it matters

These buses aren't any average ‘khatara’ buses—they're packed with serious tech punch with iGEN6 BS VI OBD II engines and top-notch safety features. Think of them as the superheroes of public transport, swooping in to make your commute safer and smoother, thanks to the latest Central Motor Vehicle Rules (CMVR) standards ​​. 

The partnership with MSRTC highlights Ashok Leyland's commitment to advancing public transportation infrastructure across India, particularly in Maharashtra, where MSRTC operates a massive fleet of over 15,000 buses.

Final words

Ashok Leyland has been on a driving smooth revenue journey! From ₹17,267 crores back in FY20 to a whopping ₹38,193 crores in FY24, they've more than doubled their operational cash flow. That's like going from a solo road trip to leading a full-blown convoy of growth! With FY23 already hitting ₹35,976 crores, it's clear their engines are revving strong. 

And before any of their buses hit the road, the news alone drove Leyland’s shares up by 2%.

BIG MONEY MOVES

Temasek to invest $10 billion in India amid China's slowdown

Temasek, the big-shot Singaporean investor, is gearing up to splash $10 billion in India over the next three years. Why? India’s economy is booming, its stock markets are on fire and there's an IPO buzz in the air. Moving away from China due to economic and geopolitical jitters, Temasek's focus is on financial services and healthcare. They’ve already invested in HDFC Bank, Ola Electric and Manipal Hospitals. 

•  The group spent $2 billion to up their stake in Manipal to 59% in 2023, the biggest hospital deal in India! 

HUL sells Pureit to AO Smith India for ₹600 crore

Hindustan Unilever (HUL) is bidding farewell to its water purifier brand, Pureit, handing it over to A.O. Smith India Water Products for a whopping ₹601 crore ($72 million). CEO Rohit Jawa sees this as a strategic leap, allowing HUL to focus on its core categories. The deal, structured as a slump sale, promises to blend Pureit's strong brand appeal with A.O. Smith's expansive market reach. 

BUSINESS

Axis Bank Completes Migration of Citibank Customers

What happened

Axis Bank recently concluded the integration of Citibank's consumer business customers into its systems, a move initiated after acquiring 2.4 million customers and ₹39,900 crore in deposits from Citibank India last year. Despite meticulous planning, the migration encountered technical hiccups.

Many customers reported login failures and discrepancies in account details during the transition. Social media platforms buzzed with complaints, highlighting the challenges faced by users adapting to Axis Bank's platforms.

Why it matters

Axis Bank hit the jackpot with its acquisition of Citibank's customer base for a whopping ₹11,603 crore last April. This not only has boosted the bank's presence in retail banking and wealth management but also brought in a whole new bunch of customers. What a ‘sone pe suhaga’ deal, Axis!

Back to the story, despite the rough start, Axis Bank managed to get most folks onto their new mobile and internet banking platforms with a success rate of over 97%. They didn't just stop there; they processed over a million transactions in the blink of an eye, covering everything from credit cards to UPI payments.

Zoom out

The bank has ramped up its customer service team, adding more staff to tackle queries effectively. With Citibank retiring its app for retail customers and steering them towards Axis Bank's mobile app, Axis is doubling down on improving user experience and ensuring smooth service continuity. 

BIG PICTURE

China and India to propel Airbus jet sales in coming decades

Airbus just amped up its 20-year forecast, predicting the global fleet will double to a jaw-dropping 48,230 planes. Fueling this boom are the Airlines increasing their fleets and Asia's booming economies, led by India and China, soaring to new heights. Airbus anticipates 42,430 new aircraft deliveries, including 41,490 passenger jets—a 4% climb from last year’s prediction.

Single-aisle planes are now the transatlantic travel MVPs while wide-body jets are stealing the spotlight with a 9% demand surge. And here’s the cherry on top: Airbus claims these shiny new jets will help reduce emissions. So, pack your bags and prepare for a greener, busier sky. 

Alphabet nears $23 billion deal for cybersecurity giant Wiz

Google's parent company, is on the verge of a colossal $23 billion deal to acquire cybersecurity leader Wiz. If sealed, this cash-funded acquisition will be Alphabet's biggest yet. Wiz, renowned for its cloud-based security solutions, protects 40% of Fortune 100 companies and recently bagged $1 billion in funding. Founded in Israel and now based in New York, Wiz collaborates with tech giants like Microsoft and Amazon.

• In 2023, Wiz generated $350 million in revenue and plans to expand its 900-strong workforce by 400 employees this year.

BUSINESS

Vi's AGR Dues Issue Heads to Supreme Court

What happened

Vodafone Idea (Vi) has dialled up the Supreme Court, seeking an urgent chat about its disputed dues. Represented by the sharp-witted Harish Salve, Vi is hustling to secure debt funding, but potential lenders are playing hardball, demanding clear numbers on Vi's liabilities. The telecom giant is challenging the Department of Telecommunications (DoT), which insists Vi owes a whopping ₹58,254 crore, while Vi insists it's a more modest ₹21,533 crore.

Why it matters

The outcome of Vi's plea is critical as it navigates a financial restructuring that has made the Indian government its largest stakeholder, owning over 32% of the company. Vi's financial stability hinges on resolving the AGR issue, which determines annual license fees telecom companies must pay based on their revenue. 

The AGR definition dispute—whether it covers all revenue or just telecom income—matters a lot to giants like Vi and Bharti Airtel. It affects their profits and how freely they can operate.

Zoom out

With Vi's future hanging on the Supreme Court's decision regarding its AGR dues, the outcome could shape new financial rules affecting both big companies and the government. The court's decision will not only settle debts but also define how businesses and regulations interact in the telecom world.

MIRCH MASALA

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