Namaste! Aaj ka news roundup, Newswala style!

MARKETS

Markets: Markets remained closed due to elections in Mumbai.

BUSINESS

Tata Steel Signs Grid Agreement for Green UK Project

What happened

Tata Steel has inked a deal with National Grid Plc's Electricity System Operator, a British grid operator to construct the power infrastructure necessary for its green steel project at the Port Talbot site. The agreement includes building a new electrical framework to power a cutting-edge 3.2 million-ton electric arc furnace by the end of 2027. This development aims to replace the ageing, carbon-intensive blast furnaces currently in use.

Why it matters

This move is a big step towards reducing the carbon footprint of steel production in the UK. Traditional blast furnaces are notorious for their high carbon emissions, contributing significantly to environmental pollution. By shifting to an electric arc furnace, Tata Steel will produce high-quality steel in a more eco-friendly manner.

The UK government has shown strong support for this transition, agreeing to provide up to £500 million ($635 million) to aid Tata Steel's overhaul of the Port Talbot steelworks. This financial backing is part of broader efforts to keep key industries in Britain while pushing for greener production methods.

Zoom out

The grid agreement is a landmark step for Tata Steel's green ambitions and for the future of steelmaking in the UK. By 2027, Port Talbot's shift to a state-of-the-art electric arc furnace will not only align with global sustainability goals but also set a precedent for other heavy industries.

However, the switch to electric arc furnaces, while environmentally beneficial, is expected to be less labour-intensive. Tata Steel has already projected that 2,500 jobs will be affected within the next 18 months, a point of contention that led to significant discussions with trade unions earlier this year. 

BIG MONEY MOVES

Elections cause a slump in Box Office collections

The Lok Sabha elections significantly impacted Bollywood's box office in April, with collections falling below ₹500 crore for the first time since February 2023, as reported by Ormax Media. April's total gross was ₹457 crore, a sharp decline from ₹618 crore in April last year.

Despite holidays like Eid and Tamil New Year, only the Malayalam film Aavesham crossed ₹100 crore, earning ₹101 crore. Other top earners included Manjummel Boys and Aadujeevitham - The Goat Life.

JSW Steel to invest ₹19,000 crore in Dolvi plant expansion

JSW Steel plans to invest over ₹19,000 crore in the third phase of expanding its Dolvi plant, making it one of the company's most cost-effective brownfield projects. CEO Jayant Acharya highlighted that existing infrastructure and equipment from phase two contribute to cost efficiency. This expansion will add 5 million tonnes of capacity, bringing the plant's total to 15 million tonnes per year by September 2027.

With this, JSW Steel's total capital expenditure will exceed ₹64,000 crore over three years. 

BUSINESS

Wonderla's Chennai Park Set to Feature India's Largest Roller Coaster

What happened

Wonderla, a prominent theme park company in India, is gearing up for a major expansion with its upcoming park in Chennai. This new venture is expected to become Wonderla's flagship property, rivalling its highly successful Bengaluru park. The Chennai park is set to feature India's largest roller coaster, a thrilling attraction typically found in renowned parks like Disney and Universal.

The investment in this project has seen a significant increase, with costs totalling around ₹515 crore due to the addition of bigger rides and attractions. 

Why it matters

This expansion reflects Wonderla's strategic move to tap into newer markets and enhance its portfolio with more exhilarating experiences. The investment in the Chennai park underscores Wonderla's commitment to delivering top-notch entertainment and cementing its position as a leading player in the theme park industry.

The Chennai park is expected to compete closely with the Bengaluru property, which recorded 12.7 lakh footfalls and generated ₹196.5 crore in revenue for FY24, an increase from ₹ 169.8 crore in FY23.

Zoom out

The introduction of India's largest roller coaster not only adds to the park's appeal but also signifies Wonderla's dedication to offering world-class attractions that rival international standards

As Wonderla prepares to launch its Chennai park, alongside the opening of a new resort in Bhubaneswar, Odisha, the company is gearing up for significant expansion. With plans for projects in cities like Indore, Greater Noida, and Mohali, Wonderla is primed to capture diverse markets and cater to a wide range of audiences seeking thrilling experiences.

BIG PICTURE

🏍️ Hero and Harley-Davidson to expand India partnership

Hero MotoCorp and Harley-Davidson Inc are set to expand their partnership, potentially introducing more US models to India. This move follows the success of the Harley Davidson X-440, which Hero manufactures at its Neemrana facility. Hero, already India's third-largest seller in the premium motorcycle segment, sold 14,837 units of the X-440.

The premium motorcycle market in India is growing, with expectations to reach a million units in the next few years.

🤝 Audi teams up with SAIC for China-specific EV platform

Audi is partnering with SAIC to develop a new platform for intelligent and electric vehicles tailored specifically for the Chinese market. This move, spurred by intense competition in China's booming EV sector, aims to boost Audi's presence against rivals like Tesla.

The new platform, named Advanced Digitized Platform, promises to slash time-to-market by over 30%. The first of three EV models based on this platform is expected by 2025.

BUSINESS

Godrej Properties Procures 10 Land Parcels for ₹ 21,000 Crore Project Portfolio

What happened

Godrej Properties, a prominent real estate developer, made significant strides by acquiring 10 land parcels valued at over ₹21,000 crore. These acquisitions were aimed at fueling the construction of new housing projects. The company's aggressive expansion strategy included outright purchases of eight land parcels, demonstrating its commitment to growth and development in the real estate sector.

Why it matters

This move by Godrej Properties is pivotal for several reasons. Firstly, it showcases their ambition and vision to expand their footprint in key markets, such as Delhi-NCR, Bengaluru, Hyderabad, Kolkata, and Nagpur. These strategic acquisitions not only bolster the company's asset base but also position them for substantial sales bookings, with a target of ₹20,000 crore for the current fiscal year.

Furthermore, Godrej Properties' plan to launch projects worth ₹30,000 crore reflects their confidence in the market demand and their ability to capitalize on growth opportunities. The aggressive approach aims to achieve a 20% growth in sales, highlighting the company's focus on delivering value to shareholders and stakeholders alike.

Zoom out

Godrej Properties' proactive land acquisitions and ambitious project launches signal a robust growth trajectory. With quarterly profits rising by 14% and a record-breaking sales booking of ₹ 22,527 crore in the previous fiscal year, the company aims for continued success.

MIRCH MASALA

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🌍️ New Earth-size planet named after a biscuit by scientists
🦁 Video: Lion encounter teaches man a powerful lesson about wildlife