Namaste! Aaj ka news roundup, Newswala style!

MARKETS

Markets: Nifty fell below 25,400 and Sensex dropped 131 points, with IT stocks like TCS, HCL, Infosys, and Wipro leading the losses, while banks like ICICI and finance stocks gained. Most sectors ended in the red, with IT down over 3%, and midcap and smallcap indices losing 0.7% and 0.5%, respectively.

TOP STORIES

Bajaj Accelerates Ahead with Triumph Expansion

What happened?

Bajaj Auto is cranking up the horsepower to dominate India's mid-size motorcycle market. The company has unveiled two new Triumph models – the Speed T4 and Speed 400 – priced at ₹2.17 lakh and ₹2.4 lakh (ex-showroom Delhi). 

Alongside these launches, Bajaj has big plans to expand its sales network, aiming to hit 170 dealerships by the end of this year and over 200 by next year. 

• The company's alliance with Triumph has already helped establish a presence in over 75 cities, with more than 120 dealerships, and they’re not slowing down.

Why it matters

The mid-size motorcycle market in India is speeding ahead like it’s in a race, growing at twice the rate of the overall industry with a 30% annual growth. Bajaj, which has already left some competitors eating dust, is now the second-biggest player behind the iconic Royal Enfield.

With their eyes firmly on the road ahead, Bajaj is looking to shift gears and introduce more models to satisfy both the casual cruiser and the speed junkie. 

The game plan?

Expanding in smaller towns and cities while strengthening their grip on the metros. After selling 60,000 Triumph bikes worldwide, it’s clear this alliance is on the road to even bigger victories.  Faster, wider, and more stylish—Bajaj is making sure the competition feels the heat. 

PAISON KA KHEL

Pharma exports surge, drugging up India’s trade rankings

India’s pharmaceutical exports are now making waves, hitting $11.9 billion between April and August 2024. This impressive leap has pulled drugs and pharma to the fourth spot among India’s export categories, surpassing gems, jewellery, and chemicals. 

Last year, it was in sixth place, but now it's riding high on an 8.1% growth. While overall exports nudged up from $176.7 billion to $178.7 billion, it's clear that India’s meds are making a global impact. 

Electric bus maker JBM Auto bags $100 million for e-bus expansion

JBM ECOLIFE Mobility, a JBM Auto subsidiary, just hit the jackpot with a $100 million funding boost from the Asian Development Bank (ADB) and the Asian Infrastructure Investment Bank (AIIB). 

Just a week after the Indian government’s new EV subsidy scheme, which promises perks for over 14,000 e-buses, JBM ECOLIFE’s move aligns perfectly with the green transport push. The company, already running over 1,500 e-buses and with 6,500 more on the way, is all geared up!

TOP STORIES

NBFCs Zoom Past Banks with 21% Deposit Growth

What happened?

Non-bank financial companies (NBFCs) have hit the fast lane, expanding their deposit base by a whopping 21% in FY24. Banks, in comparison, managed a more modest 13.5% growth. 

Major players like Bajaj Finance and Shriram Finance are leading the charge with enticing interest rates—about 1.5% higher than those offered by banks.

The Numbers

• Bajaj Finance saw a super 35% jump in deposits, reaching ₹60,151 crore

• Shriram Finance revved up its deposit growth by 23%, totalling ₹44,444 crore.

• Meanwhile, the Reserve Bank of India (RBI) has trimmed the number of deposit-taking NBFCs from 34 to 25, ensuring tighter oversight.

Why it matters

NBFCs are proving to be the go-to option for savers looking for better returns. With their deposit base now at ₹1.03 lakh crore, these firms are not just growing—they're accelerating. The growth trend of 20.8% over the past two years is double of the overall bank deposit growth. 

Despite their impressive numbers, the RBI’s decision to cut the number of deposit-taking NBFCs reflects a cautious approach to maintaining financial stability. The RBI is ensuring that these institutions meet rigorous standards, even as they attract more deposits.

GLOBAL NAZARA

JPMorgan eyeing Apple’s credit card, giving Goldman the boot

JPMorgan Chase is in talks to replace Goldman Sachs as Apple’s credit card partner. These discussions, which began earlier this year, have recently gained momentum, though a final deal could still be months away. 

Goldman, who partnered with Apple on their credit card and savings accounts since 2019, has reportedly been seeking an exit after facing significant losses. 

Lenovo ramps up AI server production in India

Lenovo is diving deep into India's AI server market, becoming one of the first companies to manufacture AI servers locally. With its Puducherry plant, operational since 2005, now producing 50,000 enterprise AI rack servers and 2,400 GPUs annually, Lenovo aims to meet the growing global AI demand. About 60% of production will be exported across Asia-Pacific, putting India on the global tech map. 

TOP STORIES

$386 Billion Boosts India’s Renewable Dreams

What happened

India’s green energy dreams just got a serious cash infusion! At the Renewable Energy Investor’s Meet and Expo in Gandhinagar, New and Renewable Energy Minister Pralhad Joshi announced a whopping $386 billion (₹32.45 lakh crore) in funding commitments from banks and financial institutions. This massive pledge is part of India’s ambitious plan to boost its renewable energy (RE) capacity from just over 200 gigawatts (GW) to a jaw-dropping 500 GW by 2030.

The big players

Gujarat is leading the charge with a pledge to add 128.6 GW of RE capacity. The Adani Group is splurging ₹ 4.05 lakh crore on its green ventures, including solar and wind projects, and green hydrogen production. 

Meanwhile, Torrent Power is not just talking the talk but walking the walk with a ₹ 64,000 crore investment, set to create 26,000 jobs. The boost comes as India’s installed renewable energy capacity has already grown from 75.52 GW in 2014 to over 207.7 GW, a 175% leap.

Take a note!

The country’s renewable energy generation has soared by 86%, jumping from 193.50 billion units to a remarkable 360 billion units. This surge in generation is backed by a formidable financial commitment, with REC Ltd pledging ₹6 trillion and both IREDA and the State Bank of India committing ₹ 5 trillion each.

MIRCH MASALA

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