Namaste! Aaj ka news roundup, Newswala style!

MARKETS

Markets: The market was closed on the account of Muharram.

BUSINESS

Summer Prices Soar as King of Fruits Gets Costly

What happened

This summer, India's favourite fruit, mango, is tasting more sour than sweet, thanks to a scorching price hike. 

• In June, mango prices soared by 37% compared to last year, with wholesale prices sizzling at ₹48.5 per kg, marking a 20.7% increase. 
  

And it's not just mangoes; other summer fruits are also feeling the heat. Muskmelon prices have surged by 15.8% since the fiscal year started, and lychee inflation has almost tripled to 15.2% in June, up from 4.6%.

Why it matters

Mango ‘mehenga’ ho gya itna! Or tum puchte ho kya hua?

Perishable goods often go on a wild rollercoaster ride during summer, thanks to global warming and production hiccups.  Experts have warned that the high inflation rate for fruits is likely to persist for the next few months.

While cereals and pulses might chill out soon, fruits and veggies will need more time to cool down. Blame it on the scorching heat and unpredictable monsoons, plus a surge in demand that's making prices soar.

Zoom out

So, if you're planning on making that beloved mango chutney or fruit salad this summer, brace yourself for a pinch in your pocket. With fruits and vegetables holding a 10% weight in the consumer basket, their rising prices are a significant concern for households. While experts predict that prices will eventually taper off, it won't happen overnight. For now, it seems the ‘aam aadmi’  will have to do settle with ‘mehenge aam’!

BIG MONEY MOVES

Motilal Oswal sells Zomato shares, stock takes a hit

Motilal Oswal Mutual Fund just served up a hefty ₹645.84 crore worth of Zomato shares, causing the stock to nosedive by 4.71%. The fund offloaded 28.4 million shares at ₹226.85 each. Snapping up these shares were Axis Mutual Fund, Matthews Asia Funds Pacific Tiger Fund, Optimus Global Alpha Fund, and Societe Generale. Despite this spicy dip to ₹218.35, Zomato's shares have still sizzled with a 15.8% gain over the past month. 

Sanofi's Hyderabad hub grows big with €400 million boost

Sanofi Healthcare India is going all-in with a €400 million jackpot for its Hyderabad Global Capacity Centre (GCC) by 2030. At a recent press conference, Madeleine Roach the mastermind behind this operation, revealed €100 million will hit the ground running by next year.

Over the next two years, this hub will swell to host about 2,600 employees, becoming the largest of Sanofi's four global hubs. From a humble medical hotspot in 2019 to now rocking top-notch services worldwide, Hyderabad's on the rise!

BUSINESS

Asian Paints Reports Dull Colours Amid Market Challenges

What happened

Asian Paints' Q1 FY25 was like painting in a heatwave — challenging and full of surprises. Their consolidated revenue slipped 2.3% to ₹8,943 crore, while standalone sales dropped 2.9% to ₹7,853 crore. 

• Profits took a 25% dive to ₹1,170 crore, missing the expected ₹1,383 crore mark. 
  

The company blamed these setbacks on tough market conditions due to a severe heatwave and general election during the quarter.

Why it matters

Profitability at Asian Paints took a dip, reflecting broader economic challenges that splashed some unexpected shades on the paint industry. Despite a 7% volume growth in home décor, overall sales dropped by 3%, thanks to earlier price cuts and changes in what customers were buying. Material price inflation and supply chain disruptions further impacted profitability.

The company's international business faced mixed fortunes, with growth in Ethiopia and Sri Lanka offset by macroeconomic issues in Nepal, Bangladesh, and Egypt.

Final words

Asian Paints' industrial segment revved up by 5.8%, thanks to a turbo boost from auto OEM and powder coatings. Their latest creation, NeoBharat—a latex paint for the economy segment—is expected to expand their market reach and woo a wider audience. Recent acquisitions like White Teak and Weatherseal have slid into their portfolio as smoothly as a paintbrush on a fresh canvas, bolstering their market presence and adding a splash of value.

BIG PICTURE

Meta spices up the business game with verified plans for Facebook and Instagram

Meta is shaking things up in India with its new verified subscription plans for Facebook and Instagram businesses. Starting at a spicy ₹639 per month for one app, these plans go up to ₹21,000 per month for both, with an introductory discount. Each plan comes with the coveted "Blue Tick" badge, shielding from impersonators, and extra features to boost discovery and connections. Meta's customer support game is strong too, offering chat/email with agents, callbacks, and even more links in reels as you climb up the subscription ladder. 

Tata Steel shifts gears in the auto sector

Tata Steel is igniting its Kalinganagar plant in Odisha, charging up for a larger slice of the automotive market. With its new cold rolling milling complex cranking out 2.2 million tonnes annually, Tata Steel is set to dominate. The facility fired up in FY23, is ready to launch crucial continuous annealing and galvanising lines in the next few quarters.

These upgrades are pivotal for crafting top-tier automotive steel, ensuring Tata Steel stays ahead both locally and globally. Fasten your seatbelts, the steel titan is accelerating into the fast lane!

BUSINESS

Urban Company's $50 Million Esop Sale Sets Stage for IPO

What happened

Urban Company, a home services startup, just made headlines with its largest-ever Esop sale! They struck a deal with India-focused investment firm Dharana Capital, who scooped up shares worth an impressive ₹400 crore ($50 million). This transaction is more than just a big payday—it's a major boost for Urban Company's employees and shareholders, bringing some serious liquidity to the table. 

Why it matters

As Urban Company hustles for profits and polishes its IPO shoes, selling Esops to Dharana Capital isn't just about getting rich—it's like adding seasoned spices to a hot curry! The Esop sale to Dharana Capital not only provides liquidity but also strengthens its governance with experienced board additions.

The startup, now worth $2.1 billion after its June 2021 funding, is getting all dressed up for its big IPO debut next year. 

How are the numbers?

Urban Company's financials are on fire! 

• Operating revenues soared to ₹637 crore in FY 2022-23, a whopping 45% jump from the year before.
  
  

• Losses shrunk to ₹308 crore from ₹514 crore in FY 2021-22. 

They're not just growing—they're trimming the fat! With expansions into hotspots like UAE, Singapore, and Saudi Arabia, plus diving into branded home appliances, Urban Company is cooking up a recipe for global domination! 

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