17th January 2024

Newswala aaya, taaza khabre laya! Good morning!
 

MARKETS

Markets: The major indices in the Indian stock market went red after a strong upward trend last week. However, Indian Oil and other PSUs continued to rally up making new 52-week highs.

BUSINESS

L&T Secures Mega Order for Bullet Train Electrification

What happened

In a significant development, Larsen & Toubro's (L&T) construction arm has clinched a 'mega order' to construct a whopping 508 km route of high-speed electrification for the Mumbai-Ahmedabad bullet train project. The contract, obtained from an authorized Japanese agency overseeing the venture, will propel trains at a speedy 320 kilometers per hour upon completion.

Why it matters

The electrification system, funded by the Japan International Cooperation Agency (JICA), falls within the ₹10,000-15,000 crore range, as classified by L&T. Minister Ashwini Vaishnaw lauded the project's progress, emphasizing its integration of key economic hubs like Mumbai, Thane, Vapi, Surat, Vadodara, Anand, and Ahmedabad. 

• The bullet train corridor, crucial for economic growth, involves complex viaduct construction, river crossings, and bridge building, showcasing its monumental scale. 

• The electrification project's success is poised to revolutionize travel between Mumbai and Ahmedabad, reducing commute times and enhancing connectivity. 

• With trains reaching speeds of 320 km/h, the project not only improves transportation efficiency but also seamlessly links major economic centers, fostering development along the high-speed rail corridor and benefitting the overall prosperity of the country.

Zoom out

The Mumbai-Ahmedabad bullet train, initiated in 2017, signifies India's first high-speed corridor. Despite an initial 2022 deadline, the National High-Speed Rail Corporation Limited remains on track, aiming to complete the Surat to Billimora section by 2026.
L&T's role in electrification marks a pivotal step forward, reflecting the nation's commitment to modernizing and expanding its railway infrastructure. Fasten your seatbelts; the journey is gathering speed!

BIG MONEY MOVES

JSW Energy's Odisha plant grows by 350 MW

JSW Energy Ltd has successfully commissioned the first 350 MW unit at its Ind-Barath thermal power plant in Odisha. With this addition, the company's operational capacity now stands at 7,189 MW. Acquired under NCLT proceedings in December 2022, the unit contributes to JSW Energy's goal of reaching 20 GW generation capacity and 40 GWh of energy storage capacity by 2030.

ITC director David Robert Simpson steps down

ITC Ltd announced on Tuesday that Non-Executive Director David Robert Simpson has resigned for personal reasons. His departure, effective January 30, follows his role as a representative of Tobacco Manufacturers (India) Ltd, a subsidiary of British American Tobacco plc. Simpson's resignation from ITC may impact the company's board dynamics, given his over six-year tenure and role representing Tobacco Manufacturers (India) Ltd, potentially influencing decisions related to the tobacco industry.

BUSINESS

Reliance and Jindal to Receive Incentives for Electrolyser Production 

What happened

Reliance Electrolyser Manufacturing, Jindal India, and John Cockerill Greenko Hydrogen Solutions are among six companies that have successfully secured incentives to establish facilities for electrolyser production, a crucial component in the creation of green hydrogen. These companies bagged the tender issued by the Solar Energy Corporation of India (SECI), which sought participants for establishing a 1.5GW manufacturing capacity for electrolysers.

Why it matters

The SECI’s tender incentives hold profound significance beyond the immediate financial gains. 

• The move aligns with the ambitious National Green Hydrogen Mission's objectives, aiming to cultivate 5 million metric tonnes of green hydrogen production capacity annually by 2030.

• This is a pivotal step towards positioning India as a global hub for the production, usage, and exports of green hydrogen and its derivatives. 

• Moreover, the provision for two green hydrogen hubs, particularly at major ports like Deendayal, Paradip, and Tuticorin, marks a strategic move towards reshaping India's energy landscape.

The total incentives across the six firms stand at an impressive Rs 1,776 crore for 1200MW.

Zoom out

As the world races toward cleaner energy, the spotlight on green hydrogen becomes more intense. The recent windfall of incentives for electrolysers' manufacturing capacities signals a promising step in India's pursuit of becoming a global hub for green hydrogen production.

With the National Green Hydrogen Mission gaining momentum and a colossal outlay of Rs 19,744 crore, the mission's ambitious goal of developing 5 million metric tonnes per annum of green hydrogen production capacity by 2030 seems well within reach.

BIG PICTURE

📃 Vodafone inks $1.5 billion pact with Microsoft for AI, Cloud, and IoT

Vodafone and Microsoft join forces in a 10-year partnership, aiming to bring generative AI, digital, enterprise, and cloud services to over 300 million businesses and consumers across Europe and Africa. With a $1.5 billion investment, Vodafone plans to integrate customer-focused AI using Microsoft's Azure OpenAI and Copilot technologies, shifting from physical data centres to cost-effective Azure cloud services.

🛫 Boeing unveils UP warehouse for parts distribution

Boeing inaugurates a 36,000-sq ft warehousing facility in Khurja, Uttar Pradesh, dedicated to parts supply. In collaboration with DB Schenker, it's one of eight global distribution centers catering specifically to Boeing's commercial customers. The India Distribution Centre aims to reduce lead times, enhance availability, and support the Maintenance, Repair, and Overhaul (MRO) industry.

BUSINESS

India Invests ₹200 crore in Argentine Lithium Mines

What happened

In a bold move towards a sustainable future, India is set to invest ₹200 crore in exploring and developing five lithium mines in Argentina. The agreement, inked between Khanij Bidesh India Ltd (KABIL) and Catamarca Minera Y Energética Sociedad Del Estado (CAMYEN), marks a significant step in securing a crucial component for lithium-ion batteries, powering electric vehicles and energy storage systems.

Why it matters

In February of the previous year, India made a groundbreaking discovery of its initial lithium deposits in Jammu and Kashmir, estimating reserves at a substantial 5.9 million tonnes. But with the onset of the EV revolution, the demand for lithium is soaring tremendously.

• Lithium, the linchpin of the energy transition, is pivotal for lithium-ion batteries driving the electric vehicle revolution. 

• With more than half of the world's lithium resources, Argentina stands alongside Chile and Bolivia in the 'lithium triangle.'

•  India's investment not only fosters bilateral ties but also ensures a robust and diversified supply chain for critical minerals, crucial for various industries.

FYI: KABIL, or Khanij Bidesh India Ltd, is a state-owned joint venture formed in 2019 between NALCO, HCL, and MECL. Created to source strategic minerals like lithium and cobalt from overseas locations, KABIL plays a key role in India's quest for a diversified and sustainable supply chain.

Zoom out

The investment signifies a historic moment for India and Argentina, paving the way for a sustainable future. As India ventures into international lithium exploration, the partnership underscores a commitment to harnessing strategic minerals and propelling the nation toward a greener and technologically advanced era. 

MIRCH MASALA

✈️ IndiGo and Mumbai Airport issued notice over passengers eating on tarmac

😢 Vivek Ramaswamy withdraws from the presidential race, supports Trump

🐆 Tenth cheetah passes away at Kuno National Park, Madhya Pradesh

🪖 Global military strength ranking reveals US dominance, where does India stand?

🛕 Digging into history: ASI's 20-year-old discoveries at Ayodhya Ram Mandir