Namaste! Aaj ka news roundup, Newswala style!

MARKETS

Markets: The market extended its winning streak for the third day, with the Nifty climbing 73 points and the Sensex gaining 148 points. Defence stocks led the charge, jumping nearly 5%, while IT shares took a hit, dropping over 1%.

TOP STORIES

Vodafone Idea and Airtel Take a Hit 👊

What Happened?

The much-anticipated relief on adjusted gross revenue (AGR) dues for telecom giants Vodafone Idea and Bharti Airtel might not be coming after all.

Sources told CNBC-TV18 that the government is no longer considering a waiver, a major setback for these telecom operators.

The Backstory

Initially, the Department of Telecom (DoT) had floated a proposal for a 50% waiver on interest and a 100% waiver on penalties, but that now seems off the table. 

With AGR dues estimated at ₹80,000 crore for Vodafone Idea and ₹44,000 crore for Airtel, this decision sent Voda Idea’s stock tumbling from its highs on March 19.

The Impact

Telecom companies were banking on government relief to ease their financial burden. The Supreme Court had already dismissed their plea for a relook at the AGR dues, making this waiver their last hope. 

Without it, Vodafone Idea, which has been raising capital—including ₹26,000 crore from promoters and an FPO—might face cash flow challenges.

PAISON KA KHEL

Bajaj’s ₹1,500 Cr Bet For Your Next Ride 🏍️

Bajaj Auto is shifting gears, pumping ₹1,500 crore into its finance arm, Bajaj Auto Credit Limited (BACL). This investment, planned for FY25-26, will be deployed in phases—because who drops ₹1,500 crore all at once, right?

BACL, now fully expanded nationwide, is revving up to finance more Bajaj rides across India. The move aims to turbocharge its assets under management and ensure more bikes hit the road without emptying customers’ pockets. 

Transrail Lights Up with ₹1,647 Cr Orders 🗼

Transrail Lighting has bagged fresh orders worth ₹1,647 crore in power transmission, distribution, and railway sectors.

The company secured major international T&D projects involving engineering, procurement, and construction (EPC) of transmission lines and substations.

With year-to-date orders nearing ₹9,200 crore, Transrail is on a growth spree.  

Based in Mumbai, Transrail operates in 59 countries, with over 200 completed projects in power transmission and distribution.

GROWTH GULLY

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TOP STORIES

Happy Bank and Happier Chaiwala ☕

What Happened?

The Indian government just made life a little easier for small merchants—and your favourite tea stall uncle. The Union Cabinet has approved a ₹1,500 crore incentive scheme to boost low-value UPI transactions (under ₹2,000). 

Running from April 1, 2024, to March 31, 2025, the scheme ensures small merchants receive 0.15% per transaction as an incentive—without worrying about Merchant Discount Rate (MDR) eating into their earnings.

Beyond the Aam Admi

To keep banks motivated, the government is offering performance-based incentives—80% of the funds will be disbursed every quarter with no conditions, but the remaining 20% comes with strings attached:

• 10% extra if a bank’s technical decline rate is below 0.75%.
  

• 10% bonus if the bank maintains over 99.5% system uptime.

This translates to fewer failed UPI transactions for everyone.

Zoom out

India’s digital payment boom shows no signs of slowing:

• Total digital transactions doubled in two years, rising from 8,839 crore in FY22 to 18,737 crore in FY24—a 46% CAGR.
  

• UPI drove most of this growth, jumping from 4,597 crore to 13,116 crore transactions in the same period.

So next time you scan a QR code for your ₹10 cutting chai, know that your chaiwala is getting a little something extra too.

GLOBAL NAZARA

Google Pays $28M to Fix a “Glitch” in Fair Pay 💵

Turns out, Google’s algorithm for fairness needed an update.

The tech giant has agreed to shell out $28 million to settle a lawsuit that claimed white and Asian employees got better pay and promotions than others. 

The case, filed by ex-employee Ana Cantu, argued that Hispanic, Latino, and Native American workers were starting at lower salaries—because of a pay system stuck in the past.

The settlement covers 6,632 employees who worked at Google between 2018 and 2024.

India’s Biggest Trump-Branded Project Yet 🏗️

The Trump brand is expanding its empire in India—this time in the office space! Tribeca Developers, in collaboration with Kundan Spaces, has launched Trump World Center in Pune, targeting a whopping $289 million in sales.

The project will take about four years to complete, giving IT firms in Pune a new luxury address.

India is now the Trump brand’s largest real estate market outside the U.S., with more Trump-branded residential projects set to roll out soon.

TOP STORIES

India Fights Against Cheap Metal ⚔️

What Happened

India is putting up its steel shield! The government plans to impose a temporary 12% safeguard duty on certain steel imports for 200 days. This move comes in response to a flood of cheap foreign steel, especially from China. 

The decision follows similar steps taken by the U.S., which recently slapped a 25% tariff on steel imports.  

Why It Matters

The global steel market is in turmoil, thanks to China’s oversupply. In 2024, China’s steel exports hit a nine-year high, as its struggling property sector reduced domestic demand. 

This excess steel is now making its way to countries like India, pushing down prices and threatening local manufacturers.

India, being the world’s second-largest steel producer, has ambitious expansion plans, but it risks getting undercut by cheaper imports.

Happy Ending?

Indian steelmakers have been demanding protection for months, and the safeguard duty offers them some breathing room. 

The move has already sent steel stocks soaring—Steel Authority of India rose by 5%, Tata Steel jumped 2.9%, and Jindal Steel & Power gained over 2%. 

However, there’s a catch—this duty is temporary, lasting just 200 days, after which a final decision will be made.

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