Namaste! Aaj ka news roundup, Newswala style!

MARKETS

Markets: The benchmark indices saw a sharp selloff today, with the Nifty closing 220 points lower and the Sensex dropping by 500 points. While all major sectors faced profit booking, realty and auto took the hardest hit, each falling over 3.5%.

TOP STORIES

Air India Express Soars While SpiceJet Stalls

What Happened?

Air India Express is flying high, planning a whopping 46% increase in weekly domestic flights for the upcoming winter schedule starting October 27, 2024. In contrast, SpiceJet seems to be trimming its wings with a 39% drop in flights. Overall, domestic airlines will offer 25,007 flights per week, a modest 5.37% rise from last winter.

IndiGo, as usual, dominates the scene with 13,691 flights weekly, covering 54% of the market. Meanwhile, Air India Express has added 34 aircraft to its fleet, now at 88and aims to hit 100 planes by March 2025.

Why It Matters

While a 5.37% rise in flights sounds decent, it’s still a slower growth compared to the 8% increase last year. The reason? A mix of supply chain problems, Boeing’s production hiccups and that pesky workers' strike. Air India Express, though, is making big moves post its merger with AirAsia India, growing its fleet and routes.

SpiceJet’s drastic cutback—39% fewer flights—shows it's feeling the pinch, especially after shrinking its fleet. On the other hand, regional airline Star Air is quietly growing, nearly matching Air India Express’s flight increase with a 45.75% boost.

Red Alert

While airlines are planning their winter schedules, the skies have been anything but calm. A spate of bomb threats has shaken Indian aviation, with 15 such scares in just three days, disrupting operations. 

Even international flights haven't been spared—Canada had to deploy a military plane to airlift passengers of an Air India flight diverted due to a bomb threat. Security has become a critical focus, with law enforcement agencies actively pursuing the hoax callers. As airlines gear up for the winter season, balancing growth with heightened security measures is now the challenge on everyone's radar.

PAISON KA KHEL

CNG prices on the rise after major gas supply cuts

Buckle up, CNG drivers! The government has decided to slice domestic gas supply to city gas distributors by a hefty 20%and your wallets might take a hit. Indraprastha Gas Ltd and its peers are bracing for a profitability plunge, with consumer prices likely to climb by ₹4-6 per unit.

Since October 16, the supply of cheaper gas has dropped by 21%, reducing its share from 68% to just 50% of total sales. As the cost of sourcing alternatives rises, CNG tanks may not only be emptier but so will your pockets. 

Walmart goes all in on Indian snacks for the US market

Walmart is bringing a taste of India to America by expanding its snack lineup with beloved brands like Bikano, and Britannia Jayanti Spices. As part of its ambitious plan to source $10 billion worth of goods from India annually by 2027, Walmart is rolling out festive packs and traditional snacks just in time for Diwali.

TOP STORIES

Startups Will Rescue College Placements

What Happened?

Who would've thought startups would be the white knights of campus placements in 2025? With the job market looking a little sleepy, e-commerce and fintech startups are swooping in with big hiring plans. PhonePe is going all out, with a 55% bump in recruits this year—over 230 new hires coming from IITs, IIMsand ISB. Meesho, too, is doubling down on its campus recruitment, planning to hire twice as many graduates as last year.

•  In Bengaluru, 36 startups have already signed up to hire at a major engineering college, with 2,000 students expected to land jobs.

A U-Turn

This shift marks a complete U-turn for startups, which had cut back hiring in the past two years to manage costs. Now, with many gearing up for IPOs and expanding operations, there's a growing need for talent in areas like data analytics, finance and sales. While traditional sectors like manufacturing and finance are still slow to firm up recruitment due to economic uncertainties, startups are seizing the opportunity.

That’s good news

The startup surge in campus hiring comes at a crucial time, providing a lifeline to students during a challenging job market. With placements beginning as early as August-September for some institutes and December for the IITs, these new-age companies are proving they have the funds and foresight to attract top talent. Although global economic factors like inflation and geopolitical tensions are slowing down recruitment in other industries, startups are bucking the trend.

GLOBAL NAZARA

Biden Forgives $4.5 Billion in Student Loans

In a generous move, US President Joe Biden has cancelled an additional $4.5 billion in student debt for over 60,000 borrowers. This brings the grand total to more than 1 million public service workers who’ve benefited from his administration’s loan forgiveness plan.

So far, the Biden-Harris Administration has approved a whopping $175 billion in student debt relief for nearly 5 million borrowers. However, Republicans are raising eyebrows, claiming it's an unfair treat for the educated elite while others are left holding the bag.

Cerelac brings in 14 sugar-free variants for tiny taste buds

Nestlé India is rolling out 14 new variants of its popular baby food, Cerelac, by November-end, all without refined sugar! This decision comes after a stir caused by reports revealing that Cerelac in developing countries like India had added sugars, while its European counterparts enjoyed a no-sugar-added status. With 21 variants now on the menu, parents can rejoice knowing they’re feeding their little ones a healthier option.

TOP STORIES

India Hits 400,000 Rooftop Solar Installations!

What Happened

India has recently crossed a major milestone, installing over 400,000 rooftop solar units under the PM Suryaghar Yojana in just six months. This impressive feat translates to about 1.8 GW of new residential rooftop solar capacity, accounting for more than half of the country's total installations. Launched in February by Prime Minister Narendra Modi, the ambitious plan aims to equip 10 million households with rooftop solar by 2027, backed by a whopping budget of ₹75,021 crore. 

Why it matters

Solar power now constitutes 20% of India's installed power capacity and has been growing at a remarkable rate of 26% year-on-year. With solar capacity standing at 90.76 GW and wind power at 47.36 GW, the move towards clean energy is gaining momentum. However, challenges remain, particularly regarding the transportation costs of solar panels in certain states, such as the northeastern regions and islands like Lakshadweep. 

The government is addressing these issues in collaboration with state authorities and developers. As per industry experts, the availability of land is also a hurdle, but ongoing discussions are aimed at finding solutions to expedite project deployment.

Zoom out

As of March 2024, India's residential rooftop solar capacity has reached about 3.2 gigawatts (GW), accounting for 27% of total installations. The recent surge has added an impressive 1.8 GW in just six months, with three-quarters of this capacity concentrated in Gujarat. This impressive growth reflects the effectiveness of the PM Suryaghar Yojana, which has enhanced capital subsidies and lowered solar module costs

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