Namaste! Aaj ka news roundup, Newswala style!

MARKETS

Markets: Nifty hovered around 25,400, while Sensex saw gains led by power and metals, with NTPC, JSW Steel, and Hindalco among the top performers. FMCG and Telecom dragged, but most sectors, including banking and realty, ended in the green, with smallcaps up 0.3%.

TOP STORIES

Retail users fuel the e-rupee surge in India

What happened?

India’s e-rupee is having its moment! By March 2024, the digital currency had exploded in popularity, reaching ₹234.12 crore in circulation—compared to just ₹16.3 crore a year before. That’s a jump worth celebrating! 

Big banks have been pushing CBDC (Central Bank Digital Currency) wallets continously, and it’s paying off.

Plus, the Reserve Bank of India (RBI) gave the e-rupee a boost by allowing it to play nicely with the ever-popular UPI, making transactions easier for users. 

Why it matters?

This isn’t just a numbers game; the rise of the e-rupee is reshaping how Indians handle money. 

• Retail users have surged to 5 million, up from 1.3 million last year, and 420,000 merchants are now part of the action. 

What’s fueling this? The RBI widened the scope by allowing non-bank payment operators to offer CBDC wallets, inviting more users to join in. The most popular choice is ₹500 CBDC notes, with ₹1,643 crore worth in circulation—clearly, digital isn’t so intangible anymore!

Zoom out

The e-rupee has gone from a slow crawl to a full sprint, and retail users are at the front of the race. With banks championing CBDC wallets and the RBI broadening access, the digital rupee is gaining serious momentum.

While retail users are embracing it, the wholesale segment has nearly disappeared, with only ₹8 lakh in circulation among them.

PAISON KA KHEL

Polymed bets ₹750 crore on a two-year growth marathon

Poly Medicure, India’s largest medical devices maker, is gearing up to spend ₹750 crore in the next two years on expansion and new buys. After raising ₹1,000 crore through a qualified institutional placement (QIP) and securing ₹150 crore in free cash flow, the company’s pockets are feeling pretty full. 

Known for its disposable medical goods like IV cannulas and blood bags, Polymed sees two-thirds of its sales coming from infusion therapy products. With 2% of its revenue set aside for R&D, it’s clear they’re cooking something big!

Samvardhana Motherson Drives into REE 

Samvardhana Motherson International (SAMIL) is parking $15 million into Israel's REE Automotive, grabbing an 11% stake. This buy-in includes over 3.6 million shares at $4.12 each. Why the big splurge? REE’s innovative "REEcorner" tech—a genius module that bundles steering, brakes, and powertrain into one compact package for electric vehicles. SAMIL is also teaming up with REE to kick-start production and integrate REEcorner, including assembling P7 electric trucks in the US.

TOP STORIES

Apple outshines Samsung with fewer units but bigger bucks

What happened

Apple is laughing all the way to the bank in India, leaving Samsung scratching its head.

• In the first half of 2024, Apple shipped just 4.8 million iPhones but pulled in an eye-watering $4.56 billion in revenue.

• Samsung? It shipped nearly double—9.8 million units—yet made only $3.43 billion. 

Yep, Apple made over $1.13 billion more by selling fewer phones! The secret? Apple’s phones cost a pretty penny, and its aggressive marketing push in India is paying off big time.

Why it matters?

Samsung, once the heavyweight champ in India, is stumbling. The company’s average selling price (ASP) plummeted to $313, while Apple’s ASP soared to levels Samsung could only dream of. To make matters worse, Apple now dominates the premium phone segment.

• In the $800+ price range, Apple owns a massive 83% of the market, while Samsung is clinging to just 16%. What’s happening? Indian consumers are falling in love with Apple’s premium models, thanks to flashy marketing and local manufacturing.

What’s next?

Analysts predict Apple will sell 12.5 million units by the end of 2024, while Samsung's numbers are sliding in the opposite direction. The festive season could offer Samsung a chance for a comeback, but if it doesn’t up its game, Apple may continue to run circles around its rival in India’s booming mobile market. 

GLOBAL NAZARA

Meta says “Nyet” to Russian State Media

Meta is hitting the brakes on Russian state media like RT and Rossiya Segodnya across its platforms, including Facebook, Instagram, WhatsApp, and Threads. The tech giant cited "deceptive tactics" for their influence operations as the reason for this global ban. Meta’s move comes hot on the heels of U.S. action against RT employees for alleged election meddling. 

Microsoft approves massive $60 billion buyback

Microsoft just gave its shareholders some good news: a $60 billion share buyback program, plus a 10% dividend bump to $0.83 per share. If that doesn’t make your stocks smile, what will? Meanwhile, the tech giant is pouring cash into AI infrastructure, with a 77.6% jump in capital spending last quarter – because apparently, AI doesn’t come cheap.

TOP STORIES

Can India Build the Next Silicon Valley?

What happened?

India’s commerce minister, Piyush Goyal, has just dropped a bombshell idea—why not create a dedicated startup township? Picture it: a Silicon Valley-style community, but with a lot more chai breaks and less avocado toast. 

At a recent event, Goyal introduced the Bharat Startup Knowledge Access Registry (BHASKAR), a platform designed to connect the dots between entrepreneurs, investors, mentors, and government folks. 

Why it matters

India’s startup scene is buzzing—think 42% more venture capital funding in just the first half of 2024, totalling a casual $6.3 billion across 672 deals. But here’s the catch: brilliant ideas don’t always come with a clear roadmap or support network. That’s where this startup wonderland comes in. Imagine a space where every corner you turn, there’s a mentor, an investor, or another startup geek ready to bounce off ideas. 

The township could help bridge the gap for entrepreneurs who have ideas but lack a clear roadmap or support network. With BHASKAR serving as a digital registry of 150,000 startups, it could streamline collaboration, making India an even stronger global player in the innovation space.

The final plan

With thriving startup hubs in Bengaluru, Delhi, and Mumbai, Goyal wants to take things up a notch and build a 200-acre playground for innovation, collaboration, and maybe a few hackathons thrown in for good measure.

So, get ready! India might soon have its very own startup utopia—where ideas don’t just stay in the garage but get the rocket fuel they need to take off!

MIRCH MASALA

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