Namaste! Aaj ka news roundup, Newswala style!

MARKETS

Markets: The Indian stock market saw green in all its major indices last week. The markets will be closed today for Holi. Following that, there will be only three trading sessions this week as exchanges will again shut on Friday, March 29 for Good Friday.

BUSINESS

IndiGo Forecasts Slower Capacity Growth for Upcoming Fiscal

What happened

InterGlobe Aviation Ltd., the parent company of IndiGo, India's largest airline, has projected a slowdown in capacity growth for the fiscal year starting April 1. The budget carrier anticipates a growth rate in the "early double digits" aligning with a similar increase in passenger numbers.

In the previous quarter, IndiGo witnessed impressive growth, with its capacity expanding by nearly 27% and the number of passengers carried increasing by over 23%. However, the projected growth for the upcoming fiscal year is slower compared to the previous quarter and the guidance set for the current financial year.

Why it matters

The forecasted slowdown in capacity growth by IndiGo reflects the dynamic nature of the aviation market and the need for strategic planning. Despite facing some erosion in market share, dropping to around 60% in February, IndiGo remains a dominant force in India's domestic aviation sector.

However, IndiGo is considering purchasing widebody aircraft to enhance its international operations and boost competition with Tata Group-owned Air India. The potential order for around 30 Airbus SE A350s is reportedly the frontrunner among the options being evaluated. 

Also, IndiGo's plans to add more than one aircraft to its fleet every week signify its commitment to expansion and meet future demand. With 366 planes currently in operation and 960 more on order as of February 29, the airline is gearing up to manage a fleet of over 600 aircraft by 2030.

Zoom out

IndiGo's strategic outlook includes adding 10 new destinations in fiscal 2025, aligning with its vision to cater to a growing number of fliers in India. By anticipating a doubling of passengers by the end of the decade, IndiGo is positioning itself to capitalize on future market opportunities while navigating the challenges of a dynamic aviation landscape. Not to forget, Indigo recently claimed the  ‘Airline of the Year’ award.

BIG MONEY MOVES

JSW Energy acquires Reliance Power's wind project for ₹132 crore

JSW Renewable Energy Coated Limited, a subsidiary of JSW Neo Energy Limited, is set to acquire 45 MW of renewable energy generation capacity from Reliance Power Limited at a transaction value of ₹132 crore. This acquisition marks a strategic move by JSW Energy, furthering its presence in the renewable energy sector. The power project, located in Jath, Sangli District, Maharashtra, is a significant addition to JSW Energy's growing portfolio.

HDFC Bank raises $1 billion in 3-year syndicated loan

HDFC Bank, India's largest lender by market value, has successfully raised $1 billion in a three-year syndicated loan from 23 global banks. This move marks a significant expansion of the bank's overseas borrowing capacity and underscores its strong standing in international financial markets.

The syndicated loan, which includes a greenshoe option, saw participation from banks across Asia, the Middle East, and Europe. This transaction stands out as the largest three-year overseas loan organized by an Indian bank for general corporate purposes.

FYI: A syndicated loan is a type of loan offered by a group of lenders (syndicate) to a borrower, typically a large corporation. 

BUSINESS

User Posts on X by 'Thinking' Through Neuralink Chip

What happened

A user on the social media platform X made history by posting solely through thoughts, thanks to an implant from Elon Musk's brain-chip startup, Neuralink. This achievement was confirmed by Musk himself, who lauded it as the "first ever post made just by thinking," achieved using the Neuralink Telepathy device.

This comes days after Musk on March 20 said Neuralink had made history by livestreaming its inaugural demonstration of a patient using a brain chip to play online chess.

The user, Noland Arbaugh, part of Neuralink's human trials, showcased the device's capabilities after suffering paralysis. Arbaugh controlled his laptop cursor with his mind, playing online chess in a live-streamed demonstration that captivated audiences worldwide.

Why it matters

This event marks a significant leap in neurotechnology, where individuals can manipulate digital interfaces using their thoughts. The implant's potential to empower those with physical limitations, like Arbaugh, is revolutionary, opening doors to enhanced communication and control through neural signals.

Despite acknowledgements of the technology's imperfections and challenges by experts like Kip Ludwig, who tempered expectations, the positive strides made by Neuralink in interfacing with computers cannot be overlooked. Arbaugh's testimonial about the technology changing his life underscores its real-world impact.

Zoom out

While the journey towards seamless brain-computer interfaces continues, with ongoing discussions about regulatory concerns highlighted by FDA inspections, the unveiling of Neuralink's capabilities signals a new era in human-machine interactions. As Neuralink refines its systems and addresses challenges, the potential for life-changing applications in healthcare, accessibility, and communication is immense. 

BIG PICTURE

🔋 M&M partners with Adani Total Energies to expand EV charging infrastructure

Mahindra & Mahindra (M&M) has collaborated with Adani Total Energies to establish electric vehicle (EV) charging stations nationwide. This strategic partnership, outlined in a memorandum of understanding (MoU), aims to create a widespread EV charging network and offer seamless e-mobility solutions.

With plans to deploy over 1,100 chargers, the alliance underscores a commitment to enhance the EV ecosystem and promote sustainable transportation in India.

⛏️ NMDC Dives into Lithium Exploration in Africa and Australia

Indian iron ore miner NMDC Ltd is venturing into the realm of lithium assets in Africa and Australia. The company is currently engaged in negotiations, exploring opportunities to bolster its presence in the lithium market.

In June last year, NMDC's unit Legacy Iron Ore had already taken a step in this direction by signing a lithium exploration pact with Australia's Hancock Prospecting Pty Ltd. This move signifies NMDC's proactive stance in diversifying its portfolio and tapping into the growing demand for lithium, a crucial component in battery technology.

BUSINESS

Vedanta Plans Massive Investment of Over ₹50,000 Crore Across Businesses

What happened

Vedanta, a leading mining conglomerate, announced its ambitious plan to inject a staggering ₹50,000 crore (equivalent to $6 billion) into various sectors including aluminium, zinc, iron ore, steel, and oil and gas.

The company aims to boost its annual EBITDA by a minimum of  ₹20,750 crore through this strategic investment. This move comes as Vedanta revealed a pipeline of more than 50 active projects and expansions, signalling a robust growth trajectory.

Why it matters

This massive investment signifies Vedanta's commitment to fueling growth across multiple sectors and enhancing its financial performance significantly. Here are the key highlights of the development:

• Aluminium Sector: Expansion plans include increasing the Lanjigarh Aluminium facility's refinery capacity from 2 million tonnes per annum to 5 million tonnes, with an investment of $500 million.
  
  

• Zinc Segment: Gamsberg Zinc facility capacity to be elevated to 500,000 tonnes from the current 273,000 tonnes, with an investment of $300 million.
  
  

• Power Projects: Athena and Meenakshi power plants to nearly double commercial power portfolio to 5 GW, involving an investment of $700 million.
  
  

• Iron Ore Production: Targeting an increase from 5.3 million tonnes to 13 million tonnes, with an investment of $400 million.

The infusion of such substantial capital is expected to drive incremental revenues exceeding $6 billion. Moreover, the company anticipates a substantial surge in EBITDA, projecting an increase from an estimated $5 billion in the current fiscal year to $6 billion in the following year, with potential growth up to $7.5 billion by FY27.

Zoom out 

Vedanta is embarking on a transformative journey aimed at reducing its net debt to $9 billion by FY27, down from the current $13 billion. This ambitious debt reduction strategy is part of Vedanta's broader commitment to deleveraging and enhancing its financial resilience

Chairman Anil Agarwal expressed optimism about Vedanta's trajectory, foreseeing significant progress over the next 25 years. The company's strategic initiatives, including high-impact projects and capacity expansions, are designed to solidify its position as a leader in the industry. 

MIRCH MASALA

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😡 Carryminati roasts Virat Kohli, backlash begins as ‘Shame on Carryminati’ trends on X
👼 Watch Priyanka Chopra's adorable reaction to baby Malti's attempt at saying 'Ayodhya’
😗 Fans mock KKR’s tweet on Ruturaj Gaikwad emerging as new CSK captain
💔 Ariana Grande officially divorced; will pay ex-husband $1.2 million as settlement