19th January 2024

Newswala aaya, taaza khabre laya! Good morning!
 

MARKETS

Markets: The Indian stock market continued to decline due to global concerns, with the US Federal Reserve resisting expectations for an interest rate cut, mixed Chinese data, and apprehensions about developments in the Middle East.

BUSINESS

Zomato's Eco-Friendly Push: EV Deliveries, Plastic-Free Orders

What happened

Zomato, the culinary crusader in the world of food delivery, is setting its sights on a greener and more inclusive future. In a bold move announced on Wednesday, the platform revealed its ambitious goals for 2030, aimed at fostering sustainable growth for all involved. Crafted around eight key themes, Zomato's roadmap covers everything from climate-conscious deliveries to promoting diversity and equity.

Why it matters

• First on the menu of Zomato's sustainable feast is a commitment to 100% electric vehicle deliveries, a move that will leave a positive carbon footprint. 

• The platform has also pledged to dish out a whopping 100 million plastic-free orders by 2025 – a clear step toward a waste-free world.

•  Zomato is also prioritising data privacy standards. The platform vows to maintain robust ethics and compliance practices, ensuring users' safe and secure experience.

Meanwhile, the company isn't just about filling our bellies; it's committed to filling the pockets of small eateries. With daily payouts for small businesses, Zomato aims to support 300,000 micro, small, and medium restaurant businesses, fostering inclusive growth.

Zoom out

Zomato's sustainability feast doesn't end there – it's spicing things up with a commitment to upskill one million gig workers, creating a more empowered workforce. The platform is also taking a bold step towards diversity, promising a minimum of 50% representation for women, LGBTQIA+, Persons with Disabilities (PwDs), veterans, and historically disadvantaged groups.

BIG MONEY MOVES

Mahindra to make a whopping ₹800 crore investment

Mahindra Holidays & Resorts India Ltd is set to invest ₹800 crore in Tamil Nadu, unveiling plans for three greenfield resorts. The company, expanding its footprint in the state, has signed an MOU(memorandum of understanding ) with the Tamil Nadu government, eyeing a room inventory boost from 5,000 to 10,000 by 2030. This significant move follows MHRIL's ₹1,000 crore investment in Uttarakhand last year. 

HDFC Bank makes ambitious target of increasing branch count over 13K

HDFC Bank is gearing up for a massive branch expansion, aiming to surpass 13,000 branches in the next three to five years. Srinivasan Vaidyanathan, the bank's CFO, revealed the aggressive growth strategy, emphasizing the importance of an extensive network for cultivating granular deposits. In the last year alone, the bank added 908 branches, marking a substantial leap towards its ambitious goal. 

BUSINESS

Sun Pharma Makes $347.8 Million Move to Buy Taro

What happened

Sun Pharmaceutical Industries Limited is set to acquire all remaining Taro Pharmaceutical Industries shares at a bold $43 per share in cash. This strategic play is Sun Pharma's bid to go full throttle and grab the reins of its subsidiary, and the market is buzzing with anticipation.

Now, let's talk numbers. The offer from Sun Pharma packs a punch at approximately $347.8 million, flaunting a 4.2% premium to Taro's closing share price on the eve of January 17. This isn't Sun Pharma's first tango with Taro; it already holds a 78.5% stake and had initially proposed a deal at $38 per share back in May.

Why it matters

Why should you care about this financial face-off? Well, after almost two decades of negotiations and chatter, Sun Pharma is making its move to snatch complete control of the U.S.-listed generic drug manufacturer, Taro. The deal promises a fresh start for Taro as it transitions into a privately held entity post-merger, waving goodbye to the New York Stock Exchange.

• Notably, this acquisition follows a plot twist – in November, the U.S. government dropped charges against a former Taro executive accused of generic drug price manipulation between 2013 and 2015. 

• Back in July 2020, Taro coughed up over $200 million to settle criminal allegations related to price-fixing, adding a spicy subplot to this corporate drama.

Zoom out

As the final curtain falls on this financial saga, the merger is set to take center stage in the first half of the year. With Taro bidding adieu to the New York Stock Exchange and Sun Pharma eyeing complete control, this deal isn't just about dollars and cents; it's a strategic move that could reshape the landscape of the pharmaceutical stage. 

BIG PICTURE

🛫 Airbus strengthens 'Make in India' with Tata and Mahindra contracts

Airbus has inked deals with Tata Advanced Systems Limited (TASL) and Mahindra Aerospace Structures Private Limited (MASPL) for the production of components for the A320neo, A330neo, and A350 programs. The contracts mark an expansion of Airbus' 'Make in India' initiative, aiming to elevate the nation's aerospace ecosystem. Currently, Airbus sources components and services worth about $750 million annually from India, a figure set to rise with the latest contracts.


🙂 Intel gains momentum in $1.2 billion EU antitrust battle

Intel's fight against a hefty $1.2 billion EU antitrust fine received a boost as an adviser to the European Union's top court found faults in regulators' economic analysis. The case, dating back to 2009, centers on allegations that Intel aimed to stifle AMD by offering rebates to computer giants like Dell and Lenovo. The EU's competition enforcer appealed after a lower tribunal scrapped the fine in 2022. 

BUSINESS

Foxconn and HCl Come Together to Revolutionize Chip Production

What happened

Foxconn, the giant behind iPhone assembly lines, is joining forces with India's HCL Group to dive into the world of chips. The Taiwanese tech titan's unit, Foxconn Hon Hai Technology India Mega Development, is investing $37.2 million into the pot, claiming a 40% slice of the action in a chip packaging and testing venture. This comes after Foxconn's breakup with Vedanta in July, making this partnership a sequel with HCL Group.

Foxconn is taking a hefty plunge, eyeing a semiconductor future in India. The joint venture is a strategic move to secure a spot in the chip packaging and testing game.

Why it matters

Foxconn is navigating geopolitical storms and economic ripples in China, making India a promising frontier. With a 68% stake in iPhone production, Foxconn's bet on India's semiconductor scene isn't just a side hustle – it's a strategic move in the ever-evolving tech industry.

• The joint venture (JV) between Foxconn and HCL in the semiconductor domain is significant as it leverages Foxconn's manufacturing expertise and HCL's design capabilities.

• The establishment of an Outsourced Semiconductor Assembly and Test (OSAT) facility in India by Foxconn and HCL is seen as incremental growth for the country's semiconductor ecosystem. 

This semiconductor saga doesn't end there, Foxconn is also eyeing the EV game. With Indian market leaders jumping in, we might get to see an EV boom sooner than expected.

Zoom out

As the semiconductor plot thickens, Foxconn's $37.2 million gambit adds another layer to India's tech narrative. Whether it's iPhones or the future of electric vehicles, Foxconn is placing its bets strategically. As the Ministry of Electronics and Information Technology verifies Foxconn's tech prowess, the stage is set for a tech showdown. 

MIRCH MASALA

😤 Air India's 20-year clash ends in ₹3.85 lakh win for passenger over missed flight

💌 Watch: Aishwarya Rai discusses her surprise roka with Abhishek Bachchan 

😱 Man files $75 million defamation lawsuit against 27 women for trolling

🐒 China's two-year-old cloned monkey amazes scientists

🚀 Rocket's self-consuming engine ignites a new era in space travel