Namaste! Aaj ka news roundup, Newswala style!

MARKETS

Markets: On Thursday, the Indian stock market benchmarks, including the Nifty 50 and the Sensex, closed with significant gains. This surge was fueled by across-the-board buying and positive global cues following signals from the US Fed about potential rate cuts this year.

BUSINESS

JSW Group and MG Motor's Joint Venture to Redefine India's EV Market

What happened

JSW Group has joined forces with China's MG Motor to establish a joint venture (JV) focused on manufacturing new electric vehicles (NEVs). This partnership, named JSW MG Motor India Pvt Ltd, is set to unleash a wave of innovation with plans to launch a new product, including NEVs, every three to six months.

• The JV's ambitious goal is to sell a whopping 1 million EVs in India by 2030, signalling a paradigm shift towards sustainable mobility. 
  
  

• The strategic alliance between JSW Group and MG Motor not only triples MG Motor's annual production capacity from 100,000 to 300,000 units but also establishes the JV as a prominent player in the NEV segment.

Why it matters

The JSW Group-MG Motor venture holds immense significance for several reasons. 

• The JV's focus on launching new products every few months reflects a dynamic approach to meet evolving consumer preferences and stay ahead in a competitive market. 
  
  

• This agility in product development, coupled with a robust manufacturing infrastructure in Halol, Gujarat, positions the JV as a formidable contender in the rapidly evolving NEV landscape.
  
  

• Additionally, the investment of ₹5,000 crore in this venture signifies a long-term commitment to technological advancement in the automotive sector. 

The JV's strategic alignment with the government's EV policy further enhances its prospects for success, creating a win-win situation for stakeholders, consumers, and the environment.

Zoom out

The JSW Group-MG Motor JV marks a significant milestone in India's journey towards electric mobility. With a clear vision to become a market leader in the NEV category and ambitious sales targets for the next decade, the JV is poised to disrupt the automotive industry and pave the way for a cleaner, more sustainable future.

BIG MONEY MOVES

Apollo offers $11 billion for Paramount Pictures studio

Private equity firm Apollo Global Management has made a significant offer of $11 billion for Paramount Global's prized asset, Paramount Pictures film studio. This strategic move comes as the studio, renowned for its iconic movie library featuring classics like "The Godfather" and blockbuster franchises like "Mission: Impossible," continues to attract interest from multiple investors.

If Apollo's bid succeeds, it could potentially pave the way for a blockbuster merger, combining Paramount Pictures with its existing Hollywood investment, Legendary Entertainment.

INOXGFL Group initiates sale of a majority stake in C&I business

INOXGFL Group has taken a significant step by engaging EY to facilitate the sale of a majority stake in its commercial and industrial (C&I) business, according to sources familiar with the matter. The anticipated transaction could carry an equity value of approximately $200 million.

Devansh Jain, executive director of INOXGFL Group, had previously indicated plans for a C&I vertical within Inox Wind to meet the group's captive power demand, estimated at 500-600 MW.

BUSINESS

TCS Signs 7-Year Deal with Denmark-based IT Firm Ramboll

What happened

India's largest IT services company, Tata Consultancy Services (TCS), has recently announced a substantial multimillion-dollar strategic partnership with Ramboll, a prominent global architecture, engineering, and consultancy firm headquartered in Denmark. This landmark agreement spans a duration of seven years and is aimed at orchestrating a comprehensive end-to-end IT transformation for Ramboll.

Why it matters

Under this strategic alliance, TCS will play a pivotal role in streamlining and optimizing Ramboll's IT operating model to foster business growth and enhance the cost efficiency of its IT infrastructure. The partnership encompasses a wide array of IT services, including managing Ramboll's cloud and data centres, application development and maintenance, cybersecurity, and digital workplace solutions.

These efforts are geared towards reducing Ramboll's climate footprint while simultaneously enhancing scalability and operational resilience. In addition to these IT services, TCS will also onboard more than 300 Ramboll IT employees across 12 countries as part of this collaboration.

Zoom out

The collaboration between TCS and Ramboll represents a significant step forward in leveraging technology to drive innovation and achieve business excellence. With a presence in Denmark for over 30 years, TCS has established itself as a trusted name in the consultancy industry. This deal, expected to be worth around $100 million, will undoubtedly contribute to TCS's already stellar reputation.

BIG PICTURE

🍎 US Government files lawsuit against Apple over alleged monopoly

The US Justice Department has filed a lawsuit against tech giant Apple, accusing the company of leveraging its dominant position to stifle competition and inflate prices for consumers. The lawsuit, lodged in a federal court in New Jersey, alleges that Apple's control over the iPhone ecosystem has restricted innovation and limited consumer choice.

According to the government's antitrust complaint, Apple has used its influence to block software developers and mobile gaming companies from offering better alternatives on the iPhone, resulting in higher costs for users. 

✂️ Accenture cuts revenue forecast amid economic uncertainty in the consulting sector

Accenture, a leading IT services provider, has revised its fiscal year 2024 revenue forecast downward due to uncertainties in the economy affecting client spending on consulting services. This adjustment, announced on Thursday, has led to a 5.6% drop in premarket trading for Accenture shares.

The company now anticipates full-year revenue growth between 1% and 3%, compared to its previous projection of 2% to 5%. This shift reflects challenges in demand for IT and consulting services, influenced by higher interest rates impacting industry growth post-pandemic.

BUSINESS

Kedaara Capital Scoops Up Dairy Day with $150 Million Investment 

What happened

Kedaara Capital, a prominent private equity firm, has ventured into the world of ice cream by investing a whopping $150 million in Dairy Classic Ice Creams Pvt Ltd, also known as Dairy Day. This investment marks Kedaara's first foray into the ice cream sector and is considered one of the largest private equity deals in this industry.

The investment comes at a strategic time, following a recent $20 million follow-up investment by Jungle Ventures in Walko Food, a company that houses popular ice cream brands like NIC and Grameen Kulfi. 

Why it matters

Kedaara Capital's substantial investment in Dairy Day carries significant implications for the ice cream sector and the broader food and beverage industry. Firstly, it demonstrates a strong vote of confidence in the growth prospects of the ice cream market, which is experiencing rapid expansion and innovation.

• Dairy Day, established in 2002 and headquartered in Bengaluru, boasts a vast network of over 50,000 retailers across key regions like Karnataka, Tamil Nadu, and  Maharashtra.
  
  

• The company's impressive financial performance is evident in its revenue growth, which has surged at a remarkable compound annual growth rate (CAGR) of 30% over the past decade.
  
  

• This growth trajectory positions Dairy Day to significantly enhance its production capacity, aiming to scale up from 2 lakh litres per day to an impressive 3.5 lakh litres per day.

Moreover, the investment aligns with Kedaara's strategic vision to tap into high-growth sectors and capitalize on emerging trends. Ice cream has emerged as one of the fastest-growing categories, presenting lucrative opportunities for investors and industry players alike.

Zoom out

Kedaara Capital's $150 million investment in Dairy Day marks a milestone in the ice cream sector, signalling robust growth prospects and heightened investor interest. As the ice cream market continues to evolve and expand, such investments are crucial in driving innovation, market competitiveness, and consumer satisfaction.

MIRCH MASALA

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🔈️ Ananya Panday praises Sara Ali Khan's 'Ae Watan Mere Watan' in movie shout-out
💔 Sophie Turner requests reopening of divorce case with Joe Jonas
🥲 Rohit Sharma departs Mumbai Indians midway for team bonding sessions
😨 Randeep Hooda recalls Alia Bhatt's fear of him on 'Highway' set