Namaste! Aaj ka news roundup, Newswala style!

MARKETS

Markets: Markets were buoyant after an extended holiday session last week, with both Sensex and Nifty reaching new highs due to bargain hunting. The market closed higher for the third straight session on April 1, with FinNifty gaining 1% to end at around 21,200.

BUSINESS

HAL Soars with 11% Revenue Growth

What happened:

Hindustan Aeronautics Limited (HAL) has made headlines with its remarkable financial performance, reporting an 11% increase in revenue for the fiscal year 2023-24. The Bengaluru-headquartered defence PSU disclosed that its revenue surged to ₹29,810 crore , up from ₹26,928 crore in the previous year.

The management attributed this impressive growth to the company's ability to navigate major supply chain challenges stemming from geopolitical issues . Despite these hurdles, HAL not only met but exceeded expected revenue growth, showcasing improved overall performance throughout the year.

Why it matters

HAL's impressive revenue growth is crucial for two main reasons. Firstly, it shows the company's ability to overcome challenges, which is vital in today's business world. Secondly, HAL's strong financial performance benefits India's defence and aerospace industries, boosting the nation's capabilities and global competitiveness.

HAL has achieved significant milestones in its operations, including:

• Establishing a joint venture, " SAFHAL Helicopter Engines Pvt Ltd ," with Safran Helicopter Engines (France), focusing on indigenous design and development of engines for Indian helicopters.
  
  

• Securing a contract with Airbus to establish Maintenance, Repair, and Overhaul (MRO) facilities for the A320 aircraft.
  
  

• Signing an MoU with General Electric (US) for the Transfer of Technology (ToT) and manufacturing of the GE-414 aero-engine in India for the LCA MK2 aircraft, facilitating 80% technology transfer.

Zoom out

Hindustan Aeronautics Limited (HAL) has demonstrated remarkable financial strength and strategic growth in the aerospace industry. With an order book surpassing ₹94,000 crore as of March 31, 2024, and expectations of substantial additional orders in the coming fiscal year, HAL's position remains robust and promising.

The company's success is further underscored by securing fresh manufacturing contracts exceeding ₹19,000 crore and Repair and Overhaul (ROH) contracts surpassing ₹16,000 crore during the fiscal year 2023-24.

BIG MONEY MOVES

Infosys gets ₹6,329 crore tax refund amidst tax liability challenges

IT giant Infosys is set to receive a significant tax refund of ₹6,329 crore from the income tax department, while also facing a tax liability of ₹2,763 crore as per assessment orders. These refunds, including interest, cover assessment years from 2007-08 to 2018-19 under the Income Tax Act of 1961.

In its recent fiscal report, Infosys disclosed an increased consolidated income tax expense of ₹9,214 crore, up from ₹7,964 crore in the previous fiscal. This expense includes both current and deferred income tax components .

ADIA, Kotak to Invest ₹2,001 Crore in Prestige Group's Residential Projects

The Abu Dhabi Investment Authority (ADIA) and Kotak Alternative Investment Funds (AIF) have announced a joint investment of ₹2,001 crore in four upcoming residential projects by Prestige Group. The collaboration between ADIA-Kotak and Prestige Group is structured as a 60:40 joint venture platform.

This strategic investment is set to fuel the development of projects across key cities like Delhi, Mumbai, Bengaluru, and Goa This investment signifies ADIA's debut into India's residential real estate sector, marking a shift from its previous focus on commercial office spaces.

BUSINESS

Panasonic and Indian Oil Team Up for Lithium-ion Battery Production

What happened

Panasonic Group, renowned for its electronic innovations, is set to collaborate with Indian Oil Corporation Ltd (IOCL) in a joint venture to manufacture cylindrical lithium-ion batteries. These batteries are crucial components used in consumer electronics , power tools, and electric vehicles. 

The joint venture aims to address the increasing demand for batteries, particularly in the Indian market for two- and three-wheel vehicles and energy storage systems. This initiative is part of the companies' efforts to contribute to the transition to clean energy and promote sustainable practices.

Why it matters

The partnership between Panasonic and Indian Oil signifies a significant step towards boosting India's domestic battery production capabilities. With the country's ambitious goals for clean energy and reducing carbon emissions, the production of lithium-ion batteries locally will not only meet the rising demand but also contribute to environmental sustainability.

• Indian Oil's commitment to achieving net-zero carbon emissions by 2046 is in line with India's national goal of achieving net-zero emissions by 2070.
  
  

• IOC already has a collaboration with Phinergy, an Israeli startup specializing in hybrid lithium-ion and aluminium-air/zinc-air battery systems.

Likewise, Panasonic Energy Co Ltd (a subsidiary of the Panasonic group), established in April 2022, is driving innovation in battery technology globally, aligning with the company's commitment to sustainable energy solutions. 

Zoom out

Panasonic Energy, with its expertise in battery development and manufacturing, aims to play a pivotal role in India's energy transition journey. By establishing a joint venture with Indian Oil, the company seeks to build a sustainable supply chain ecosystem, reduce CO2 emissions, and contribute to a greener future.

BIG PICTURE

🚘️  Toyota achieves record-breaking monthly sales in March

Toyota Kirloskar Motor made headlines in March as it reported its highest-ever monthly wholesales , reaching an impressive 27,180 units. This marked a significant milestone for the company, showcasing a 25% increase in total dispatches to dealers compared to March 2023, where they delivered 22,910 units.

The fiscal year 2023-24 also saw remarkable growth for Toyota, with the company reporting its highest-ever wholesales of 2,63,512 units . This represented a substantial 48% increase from the previous fiscal year, where they sold 1,77,683 units.

📈  Apple's participation in the PLI scheme boosts job opportunities in India

Apple's engagement in India's production-linked incentive (PLI) scheme for smartphones since August 2021 has significantly boosted job creation in the country. Apple's Indian ecosystem now directly employs an estimated 150,000 individuals .

What sets this employment surge apart is the demographic it caters to—most of these jobs are held by first-time job seekers aged between 19 and 24 years. This demographic shift not only signifies Apple's impact on job creation but also highlights opportunities for young professionals in India's evolving tech landscape.

BUSINESS

New ₹500 Crore Electric Mobility Scheme Rolls Out

What happened

The Electric Mobility Promotion Scheme 2024 (EMPS 2024) has officially commenced, taking over from the previous (FAME II) scheme. With a budget allocation of ₹500 crore , EMPS 2024 is geared towards boosting the adoption of electric two-wheelers (e2W) and three-wheelers (e3W) across the country. This initiative is set to span the next four months, running from April to July 2024.

The Minister for Heavy Industries has highlighted that the adjustment in subsidies reflects a strategic response to the growing demand for electric vehicles . This shift underscores a positive trajectory in the acceptance and uptake of electric mobility solutions nationwide.

Why it matters

The rollout of EMPS 2024 signifies the government's continued commitment to promoting green mobility and reducing carbon emissions. By incentivizing the purchase of electric vehicles, especially two-wheelers and three-wheelers, the scheme aims to accelerate the transition towards a cleaner and more sustainable transportation system.

• Under this scheme, subsidies of up to ₹10,000 will be provided for e2Ws, supporting around 3.33 lakh EVs .
  
  

• While small e3Ws like e-rickshaws and e-carts will receive up to ₹25,000 in subsidies, targeting approximately 41,000 vehicles. 
  
  

• Larger e3Ws will benefit from subsidies of up to ₹50,000. 
  
  

• The scheme's goal is to support a total of 3,72,215 electric vehicles equipped with advanced batteries.

As the EMPS 2024 scheme kicks in, stakeholders in the electric mobility sector, including manufacturers, consumers, and policymakers, are poised to benefit from the incentives and support provided.

Zoom out

The Electric Mobility Promotion Scheme 2024 (EMPS 2024) has taken the baton from the government's FAME II initiative, which was launched in 2019 with a substantial outlay of around ₹10,000 crore , later supplemented with an additional ₹1,500 crore.

FAME II was designed for three years and had ambitious targets, including supporting 7,000 e-buses, 5 lakh three-wheelers, 10 lakh two-wheelers, and 55,000 e-passenger cars.

MIRCH MASALA

🐶  Watch puppy's priceless reaction to reuniting with favourite human after 8 months
🪙 PM Modi commemorates RBI's 90th anniversary with a special ₹90 coin
😄 Sara Ali Khan scolds Paparazzi as they click pictures while donating food
🏏 Irfan Pathan reveals how the Virat Kohli-Gautam Gambhir rift ended
🤫 Rishabh Pant fined ₹12 lakh for breaching IPL code of conduct