Namaste! Aaj ka news roundup, Newswala style!

MARKETS

Markets: Equity markets had a solid week, with the Nifty-50 and Sensex-30 both rising around 2%. Almost all sectoral indices posted gains, except for BSE Energy and BSE Oil & Gas, which missed out on the rally.

TOP STORIES

Moonshine Technology's Revenue Soars 55%

What happened

Moonshine Technology, the parent company of popular gaming platforms PokerBaazi and SportsBaazi, has reported an impressive revenue increase for the fiscal year 2024. 

• The company's revenue reached ₹414.9 crore, marking a 55% jump from last year's ₹268 crore. 
  
  

• This growth is particularly noteworthy given that FY22's revenue was just ₹102.3 crore. PokerBaazi, the crown jewel of Moonshine, contributed around 87% of this revenue.
  
  

Meanwhile, EBITDA (earnings before interest, taxes, depreciation, and amortisation) for FY24 stood at ₹41.2 crore, reflecting a 52.5% increase from ₹27 crore in FY23.

The cause

The surge in Moonshine's revenue comes just as Nazara Technologies prepares to invest a hefty ₹982 crore into the company.

• Nazara will acquire a 47.7% stake in Moonshine for ₹832 crore and inject an additional ₹150 crore through special shares. 

  
  

With PokerBaazi generating a significant portion of Moonshine's revenue and boasting around 340,000 monthly active users, this acquisition positions Nazara to capitalize on the booming Indian gaming market. 

Final words

Moonshine Technology’s revenue surge is a sure sign that India’s gaming scene is on fire. As the industry rockets towards a projected ₹23,100 crore by 2025, this investment could be the game-changer that levels up both companies.

PAISON KA KHEL

LG tunes up for $1.5 billion Indian IPO 

LG Electronics is gearing up for a $1.5 billion IPO of its Indian unit, with Bank of America, Citigroup, JPMorgan, and Morgan Stanley on board as arrangers. The listing, which could kick off next year, is expected to value LG Electronics India at a whopping $13 billion. A prospectus may be filed as early as next month. The move is part of LG’s plan to hit $75 billion in revenue by 2030. With India becoming a deal hotspot, LG isn’t the only big player eyeing the stage – Hyundai is also revving up for a major listing.

Polymatech expands to Bahrain with a $16 million investment

Chennai-based chipmaker Polymatech is taking its semiconductors global with a $16.2 million investment to set up a new facility in Bahrain. By 2027, they plan to pump in up to $100 million. The Bahrain plant, branded as Atri, will assemble chips made in India, serving West Asia and North Africa. 

Polymatech, which produces 2 billion chips annually, aims to boost this to 5 billion by the end of 2024. They’re also moving into power semiconductors and 5G/6G tech, proving that when it comes to chips, they’re not just playing small potatoes!

TOP STORIES

Livpure Sets Sails for 10 Lakh Subscriptions

What happened

Livpure is turning up the heat in the water purifier market with its bold plan to secure 10 lakh subscriptions over the next four years. The company is pushing its water-as-a-service model, which means you get a free water purifier installation and only pay for the subscription.

• Livpure’s fiscal year 2024 target is a whopping ₹900 crore in revenue, marking a 60% surge from last year's ₹570 crore. 
  
  

• The company’s current footprint includes 26 cities, but they plan to splash into 50-75 more cities soon. 
  
  

Why it matters

Livpure’s impressive growth comes after gaining over 2.5 lakh subscribers in just three-and-a-half years, capturing more than 65% of the subscription market. However, India’s water purifier penetration is still a mere 7-8% of households, making the company’s mission crucial. Their model addresses affordability and accessibility, aiming to reach more homes with clean water. 

What’s next?

With a recent ₹233 crore funding boost from M&G Investments and Ncubate Capital, Livpure is set to enhance its subscription base, invest in tech, and open new exclusive outlets. If successful, this could mean cleaner water for millions more Indians and a substantial increase in Livpure’s market share. 

GLOBAL NAZARA

CCI accuses smartphone giants of playing dirty

The Competition Commission of India (CCI) has taken aim at smartphone giants like Samsung and Xiaomi, accusing them of teaming up with Amazon and Flipkart to launch exclusive phone models online. This, according to CCI’s detailed reports, has hurt local retailers, who were left without access to the latest phones as customers flocked to these e-commerce platforms. 

With Samsung and Xiaomi holding 36% of the Indian market, the investigation could spell serious trouble for these companies. As online phone sales have surged to 50%, smaller shops are feeling the squeeze. 

Temasek eyes chunk of VFS Global in $7 billion deal

Singapore’s Temasek Holdings is gearing up to grab a 20% stake in VFS Global, a visa outsourcing giant valued at around $7 billion (debt included). Blackstone, the current majority shareholder, will keep its top spot while Temasek joins the party. Founded in 2001, VFS has processed a staggering 294 million applications worldwide, and 141 million biometric enrollments – that’s a lot of fingerprints!

TOP STORIES

CNG and Hybrid Cars Are Leaving EVs in the Dust

What happened

In India’s car market, CNG and hybrid vehicles are speeding past electric cars (EVs) like they’re in a race. Between January and August, CNG car sales accelerated by a whopping 46%, while hybrids cruised up 19%. Meanwhile, poor EVs could only muster a modest 7% growth, despite all the hype.

The trend is reflected in new car launches too, with more CNG and hybrid models hitting the streets than electric ones. India’s overall car sales reached 2.87 million units during this period, a 6% rise from last year.

Why It Matters?

India's EV revolution seems to have stalled at the charging station. Infrastructure challenges and high upfront costs are putting the brakes on mass EV adoption, even though the government initially hoped EVs would make up 30% of car sales by 2030. 

Now, officials like Nitin Gadkari are hinting that EVs are good, but maybe we shouldn’t put all our eggs in one electric basket. Instead, carmakers are offering a buffet of options – CNG, hybrids, electric, and trusty old petrol and diesel. 

Conclusion

With 25 CNG models available and more on the horizon, plus the appeal of hybrids for the eco-conscious but EV-skeptical crowd, electric cars have their work cut out for them. Until charging stations are as common as chai stalls, CNG and hybrids will keep dominating the roads – and the sales charts.

• For instance, Maruti Suzuki sold a jaw-dropping 48,000 CNG cars in August and is targeting 600,000 CNG sales this year.

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