Namaste! Aaj ka news roundup, Newswala style!

MARKETS

Markets: On August 31, the Nifty opened higher but fluctuated between gains and losses, ultimately ending the day lower. If the index manages to stay above 25,500, it could potentially advance toward the 26,000-26,250 range in the near term.

TOP STORIES

PVR INOX Makes Space for New Flicks

What Happened

PVR INOX, the movie giant that never seems to rest, is on a mission to refine its cinema lineup for FY25. The company will be pulling the plug on 70 underperforming screens, which sounds like a lot of popcorn that's gone stale. But there's good news too—PVR INOX plans to roll out 120 shiny new screens. This transformation is part of a broader strategy to boost profitability and streamline operations. 

Behind the scenes

This is no ordinary shuffle. The closures of these 70 screens come on the back of 85 screen shutdowns and 130 new openings last year. PVR INOX is not just playing musical chairs with its screens; it’s also moving towards a capital-light growth model, slashing capital expenditure by 25% to 30%.

The spotlight is particularly on South India, where around 40% of the new screens will be installed, capitalising on the region’s booming film demand and sparse multiplex presence. 

Final cut

The company is putting efforts to reduce net debt, which stood at ₹1,294 crore as of FY24 and push it towards a leaner operation. With a goal to double its annual sales to ₹5,000 crore by FY27 and restore pre-pandemic margins, PVR INOX is betting on a mix of fresh screens and smart real estate moves to bring back the magic of cinema.

PAISON KA KHEL

Visa’s million-dollar bet on India’s youth in tourism

Visa is teaming up with the Tourism & Hospitality Skill Council (THSC) to sprinkle some magic on India's tourism industry. Over the next three years, this dynamic duo will invest up to $1 million to train 20,000 young Indians in tourism-related skills. Focusing on ten states, including Assam, Gujarat and Himachal Pradesh, the initiative aims to polish the talents of future tour guides, customer service executives and even paragliding pilots. 

Shriram Properties to invest ₹2,000 crore in expansion

Shriram Properties Limited (SPL) is gearing up for a real estate boom with a ₹2,000 crore expansion plan. The company aims to add 20 million square feet of residential and multi-use properties across Bengaluru, Chennai, Kolkata and its new entry, Pune. With 85% of its projects being residential, SPL will invest over ₹500 crore from its own funds, while the rest will come from investors and landowners.

TOP STORIES

Razorpay’s Plan to Dominate Bricks 

What happened

Razorpay, the fintech giant valued at $7.5 billion, is gearing up for its IPO with a double sword: conquering offline payments and expanding its empire overseas. The company recently went all-in on the offline market, thanks to its acquisition of Ezetap in 2022 and now aims to double its offline revenue share from 15% to 30%. 

Something new cooking?

Well, while online payments have been stealing the spotlight, offline payments have been hanging out in the dark ages—until now. Razorpay is stepping in like a tech-savvy superhero, armed with new gadgets like DigiPOS machines and snazzy sound boxes. The company pointed out that the offline payment space is about a decade behind its online counterpart and Razorpay is ready to fast-forward it into the future. 

And let’s not forget the international play—Razorpay’s swift 30% monthly growth in Malaysia shows it’s got the chops to replicate India’s UPI magic in new markets. And to shake up your head the monthly growth translates to an annual growth of 400%!

Zoom out

Razorpay is proving that it’s not just sitting back and counting its billions. By shaking up the offline payment market and charting a course for global expansion, the company is positioning itself as a fintech force to be reckoned with. 

GLOBAL NAZARA

Bangladesh crisis weaves new threads for Raymond

Raymond is getting more business inquiries than a tailor at the wedding season, thanks to the turmoil in Bangladesh. Chairman Gautam Singhania is ready to turn this crisis into a fashion statement, with Raymond’s newly expanded capacity ready to thread the needle. India’s got the fabric, the skills and now the opportunity to outshine its neighbour. 

Sure, Bangladesh has cheaper labour, but Raymond’s offering the full package—fabric, quality and speed. With the ability to churn out 7.5 million pieces in India, Raymond isn’t just ready to suit up—they’re ready to suit the world!

Ather and Google zap up EV charging with real-time data

Ather Energy has plugged into Google to make charging your electric two-wheeler as easy as finding the nearest coffee shop. Through this collaboration, you can now locate over 1,973 'Ather Grid' fast chargers on Google Maps, complete with live updates.

This is all thanks to the Light Electric Combined Charging System (LECCS), India's official EV charging standard. Simply search "EV charger near me," and voila! chargers will pop up with real-time availability.

TOP STORIES

Shock Drop: EV Sales Short-Circuit in August

What happened

August 2024 saw the EV market hit a speed bump, with total registrations stalling at a 14-month low of 1.06 lakh units—a 17% drop from July's 1.28 lakh. Electric two-wheelers, once the cool kids of the EV world, have taken a tumble, registering only 46,085 units, down from 61,498 in July. But hold on—three-wheelers decided to play the hare in this race, outpacing their two-wheeled rivals with 54,861 units, even though they, too, saw a slight dip from July’s 59,151.

Driving the news

The EV party seems to have hit a bit of a lull, with everyone from Ola Electric to Ather Energy feeling the pinch. 

• Ola’s scooter sales nosedived to 12,628 units, a steep drop from July’s 18,602. 
  

TVS Motor, Bajaj Auto and others weren’t spared either, with all major players watching their numbers shrink. Even Mahindra Electric, the king of the three-wheelers, saw its crown slip a bit, selling 4,500 units compared to 6,504 in July. And just when you thought electric cars were cruising smoothly, their registrations also skidded to 4,755 units, down from 6,855.

Hold the steering!

August’s EV slump might just be the market’s version of a mid-year siesta. But let’s not sound the alarms just yet. While the drop in registrations—from two-wheelers to cars—might seem like a flat tyre, it could also be the calm before the next acceleration. The electric three-wheelers still managed to outpace the two-wheelers, hinting at shifting dynamics within the sector.

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