Namaste! Aaj ka news roundup, Newswala style!

MARKETS

Markets: On April 22, Indian benchmark indices closed higher for the second day in a row, with the Nifty reaching around 22,350 points. The session saw green across all sectors, with PSU Banks and Pharma leading the gains, while Midcaps mirrored the benchmark and Smallcaps outperformed.

BUSINESS

InterGlobe and Archer Aviation Forge Path for Air Taxi in India

What happened

InterGlobe Enterprises, the parent company of IndiGo, is teaming up with US-based Archer Aviation to introduce an innovative air taxi service in India by 2026. This service will start with travel between Connaught Place in Delhi and Gurugram, offering a swift seven-minute journey aboard electric vertical takeoff and landing (eVTOL) aircraft.

Archer Aviation plans to supply 200 eVTOL aircraft for this venture, each capable of carrying four passengers and a pilot. These aircraft promise a helicopter-like experience but with reduced noise levels and enhanced safety features.

Why it matters

The collaboration between InterGlobe and Archer Aviation marks a significant step forward in the transportation sector, particularly in the realm of urban air mobility. By leveraging advanced eVTOL technology, this air taxi service aims to address the challenges of traffic congestion and long commute times, providing a quick and efficient alternative for travellers.

The estimated cost for a seven-minute flight from Connaught Place to Gurugram ranges from ₹2,000 to 3,000, making it a feasible option for many commuters. This affordability, coupled with the speed and convenience of air travel, could potentially transform the way people commute within cities.

Zoom out

With Archer Aviation's expertise in eVTOL aircraft and InterGlobe's extensive experience in the aviation industry, the air taxi service is poised for success in Delhi and beyond. The anticipated certification of Archer Aviation's aircraft next year signals a promising timeline for the launch of these innovative flights in 2026.

As discussions progress with regulatory authorities and municipalities, including the Directorate General of Civil Aviation (DGCA), preparations are underway to ensure the infrastructure and operational aspects are in place for a seamless and efficient air taxi service.

BIG MONEY MOVES

Zomato raises platform fee by 25% in major Indian cities

Zomato, the popular food delivery platform, has recently announced a significant hike in its platform fee charged to customers. Effective from April 20, the platform fee has been increased by 25%, now standing at ₹5 per order, as reported by the Economic Times. This change impacts several major cities including the National Capital Region, Bengaluru, Mumbai, Hyderabad, and Lucknow.

This latest increase comes just a few months after Zomato's previous adjustment on January 1, when the platform fee rose from ₹3 to ₹4 per order. Notably, Zomato's competitor Swiggy, based in Bengaluru, also imposes a platform fee of ₹5 per order.

JSW Neo Energy secures 700 MW solar project

JSW Neo Energy, a subsidiary of JSW Energy, has secured a significant achievement by winning a 700 MW solar project contract from NTPC. This project marks a notable addition to JSW Energy's already substantial portfolio, which now stands at a locked-in generation capacity of 13.3 GW. Of this capacity, 3.1 GW is dedicated to solar power generation, showcasing JSW Energy's commitment to renewable energy initiatives.

BUSINESS

Apple Plans to Hire 5 Lakh Employees in India

What happened

Apple is gearing up for a significant expansion in India. The tech giant intends to ramp up its production in the country through vendors and aims to employ around 5 lakh people from India in the next three years. This initiative marks a substantial increase from the current level of 1.5 lakh Apple employees in India, many of whom work at the company's two plants managed by Tata Electronics.

Why it matters

Apple's decision to scale up production and hiring in India is a strategic move aimed at capitalizing on the country's growing market potential. With plans to expand its production fivefold and target a revenue increase to approximately $40 billion over the next four to five years, Apple is signalling a strong commitment to its Indian operations. 

• Apple achieved a significant milestone by surpassing 10 million units in shipments and claiming the top revenue spot in a calendar year for the first time. 
  
  

• The company's iPhone exports from India also surged from $ 6.27 billion in 2022-23 to $ 12.1 billion in 2023-24, marking a nearly 100% increase.

The company's success in 2023, where it achieved record revenue and became the leading player in terms of iPhone shipments and revenue, further strengthened its position in the Indian market.

Zoom out

The news of Apple's expansion and job creation in India is not just about numbers; it signifies a broader trend of global tech companies recognizing India's importance as a manufacturing and market hub. Apple's focus on sustainability, demonstrated through its collaboration with CleanMax for rooftop solar projects, also highlights its commitment to environmental responsibility. 

BIG PICTURE

🥵 Surge in AC sales as India sweats through early heatwave

As temperatures soar in southern, eastern, and western India, the air conditioner (AC) market is witnessing an unprecedented boom. The scorching heat has led to a rush for AC installations, causing a surge in demand that caught the industry off guard. Companies are struggling with delivery and installation delays of up to two weeks due to the sudden spike in demand, with concerns about shortages of key components like compressors adding to the challenges. 

🏍️ Hero MotoCorp inaugurates assembly facility in Nepal 

Hero MotoCorp, in partnership with CG Motors, has set up an assembly unit in Nepal. This facility, capable of assembling 75,000 units annually, will produce four key products, including motorcycles and scooters, thereby contributing to economic growth and creating employment opportunities in the region.

The newly established assembly facility at CG Industrial Park in Nawalparasi will locally assemble popular models such as Xpulse 200 4V, Super Splendor, Splendor+, and Xoom 110 scooter. This initiative marks a significant milestone for both companies as they aim to strengthen their market presence and enhance customer accessibility across Nepal.

BUSINESS

THDC India's ₹ 12,000-Crore Thermal Power Project Set for September Launch

What happened

THDC India, a state-owned entity, is all set to launch a big project in the energy sector. They are on track to make their ₹12,000-crore coal-based thermal power plant operational by September 2024. This venture marks its entry into the domestic thermal energy domain, a move aimed at bolstering India's power infrastructure.

The project, located in Bulandshahr district, Uttar Pradesh, involves setting up a massive 1,320 megawatt Super Thermal Power Project (STPP). THDC India currently boasts a diverse power generation portfolio, including hydro, wind, and solar sources, with a total capacity of 1,587 MW.

Why it matters

This ambitious endeavour by THDC India is crucial for several reasons. Firstly, it signifies a strategic shift towards thermal energy, aligning with India's energy diversification goals. Secondly, the project's completion will significantly boost the region's power supply, aiding in meeting the growing energy demands.

The timeline for this project is impressive, with the first 660 MW unit expected to be operational by September 2024 and the second unit by March 2025.

Zoom out

As THDC India progresses towards making its coal-based power plant operational, the impact on India's energy landscape will be substantial. The project's capacity to generate 9,264 million units of power annually will contribute significantly to the national grid. Moreover, the efficient allocation of power, with a majority directed towards Uttar Pradesh, underscores the project's regional significance.

MIRCH MASALA

👞 20 pairs of shoes stolen from mosque in Pakistan's Parliament complex
🐶 Heartwarming video: Dog matches little girl in school uniform
🤣 Take a look at how a scammer gives online security tips after a funny counter
👻 Argentinian woman tells spooky story of painting moving by itself
🌊 Dubai's flood crisis reveals global climate change drainage challenge