Namaste! Aaj ka news roundup, Newswala style!

MARKETS

Markets: Dalal Street saw a record-breaking day on September 25 as the Nifty closed above 26,000 for the first time, driven by energy, metal, and media stocks. The Sensex gained 260 points to close at 85,169, while the Nifty rose 64 points to end at 26,004.

TOP STORIES

SpiceJet Targets 100 Aircraft after a ₹ 3,000 crore Lifeline

What happened?

SpiceJet has its eyes set on a fleet of 100 aircraft by 2026, backed by a hefty ₹3,000 crore fundraise through a Qualified Institutional Placement (QIP). Chairman Ajay Singh made the announcement after the successful fundraising effort, which attracted big names like Tata Mutual Fund and Goldman Sachs. 

Why it matters

SpiceJet, having faced tough financial challenges due to Covid-19 and the global grounding of Boeing 737 Max planes, sees this as a critical step towards regaining stability. The QIP closed on September 18, and its oversubscription signals strong investor confidence in the airline.

• The airline has been battling financial turbulence for years, reporting six straight years of losses, with a ₹418.3 crore loss in FY24 alone.
  
  

• SpiceJet’s last profitable year was 2017-18. 

Their troubles didn’t stop at the balance sheet—legal challenges over unpaid dues to aircraft and engine lessors, as well as former promoter Kalanithi Maran, have compounded the crisis. 

Wait, there’s more

In August, SpiceJet reported a 20% year-on-year drop in net profit for the first quarter of FY25. The airline is also grappling with disputes over unpaid dues to aircraft and engine lessors, as well as a legal battle with its former promoter, Kalanithi Maran. 

Adding to its woes, on September 11, the Delhi High Court upheld an order to ground three leased engines, further shrinking its already limited fleet of 21 operational aircraft.

PAISON KA KHEL

Zerodha hits jackpot with ₹4,700 crore profit but braces for rough seas ahead

Zerodha's FY24 results are in, and they're big—₹8,320 crore in revenue and ₹4,700 crore in profit, up from FY23’s ₹6,875 crore in revenue and ₹2,907 crore profit. CEO Nithin Kamath proudly shared the news, along with a heads-up: storm clouds are on the horizon. 

SEBI’s new regulations could hit revenue by up to 50%, starting October 2024. Plus, Zerodha's partner referral program has taken a hit. 

India’s ₹9.15 lakh crore plan to meet 2032 energy needs

India has set its sights on powering the future with a ₹9.15 lakh crore National Electricity Plan for 2023-2032. Aiming to meet the projected demand of 458 GW by 2032, the plan focuses on expanding the transmission network to 6.48 lakh circuit kilometres, boosting transformation capacity, and integrating renewable energy like green hydrogen. 

Union Minister Manohar Lal announced the ambitious framework, which includes electrifying 83,596 vulnerable households and beefing up cybersecurity with a new power sector response team.

TOP STORIES

Airtel will now block 97% of spam

What happened?

On Wednesday, Bharti Airtel unveiled its new AI-driven spam detection system, aiming to catch 97% of unwanted calls and messages. Using over 250 parameters, the system will identify and block suspected spam communications for its users.

Developed in-house, the solution analyzes real-time factors such as caller behavior, SMS frequency, and call duration.

Why it matters

Spam calls and messages are a growing nuisance for telecom users, often leading to fraud or privacy breaches. With Airtel’s extensive network size, the system provides a more comprehensive solution compared to existing apps like Truecaller.

It operates with a dual-layered "AI shield," which cross-references data across the network, flagging potential threats in milliseconds. Furthermore, Airtel’s system goes beyond calls and SMS—it can detect fraudulent behaviour, such as frequent device changes or robo-calling patterns.

The Numbers

Airtel's CEO, Gopal Vittal, shared that the solution can process an impressive 1.5 billion messages and 2.5 billion calls daily, flagging 100 million spam calls and 3 million spam messages originating from 2 million suspicious connections each day.

However, it’s not perfect yet—WhatsApp calls, encrypted for privacy, remain out of its reach, and coverage for feature phones and video calls is still under development.

GLOBAL NAZARA

DOJ slams Visa with antitrust lawsuit

Visa’s stock took a nosedive, dropping 5.5% after the US Department of Justice filed an antitrust lawsuit, accusing the payment giant of stifling competition. Visa, which handles over 60% of US debit transactions, allegedly secured its dominance through some pretty questionable deals, raking in $7 billion in fees annually. 

The DOJ claims Visa's been playing hardball since 2012, making deals with fintechs like Apple and PayPal to keep competitors out. 

Uber enters the ring with Amazon in local shopping race

Uber's journey from ride-hailing pioneer to an all-encompassing logistics company is taking another bold turn as it eyes a rivalry with Amazon. After its first-ever $1.1 billion annual operating profit, Uber aims to leverage its diverse services, including Uber Eats and Uber Direct, which delivers goods for major brands like Walmart and Apple.

CEO Dara Khosrowshahi envisions Uber becoming a global leader in local commerce, using its platform advantage. However, with competition from both Amazon and delivery rivals like DoorDash, the question remains: Is Uber trying to expand too quickly and risk diluting its core identity?

TOP STORIES

Zoho Enters ONDC with Vikra

What happened?

Zoho, India’s homegrown SaaS giant, launched a brand-new seller app called Vikra on September 25, marking its entry into the Open Network for Digital Commerce (ONDC). Vikra is designed to make onboarding for sellers a breeze, allowing them to set up online stores that will appear on popular buyer-side apps like Paytm, Ola, and Snapdeal.

Why it matters

The e-commerce in India has long been dominated by giants like Amazon and Flipkart, making it tough for small sellers to stand out. That’s where ONDC comes in—it’s a government-backed initiative aimed at democratising digital commerce by giving smaller businesses a fighting chance. 

And Zoho, being a bootstrapped unicorn, is jumping on this opportunity with Vikra. 

• With over 12 million ONDC transactions in August alone and a government target of 25% e-commerce penetration by 2026, this is the perfect time for businesses to tap into a rapidly growing market. 
  
  

Vikra’s features—like analytics, seamless integration with Zoho’s suite of apps, and easy onboarding—mean small and medium-sized sellers can manage their entire online presence effortlessly while getting access to ONDC’s network of buyers. 

Conclusion

With ONDC showing a steady 5% growth in transactions in August and the government aiming for broader digital commerce adoption, the future looks bright for sellers ready to embrace the digital wave. Zoho’s Vikra app offers the perfect platform for businesses to tap into this growing market, with a projected gross merchandise value of $48 billion.

MIRCH MASALA

😥 What is the one big regret of Africa’s richest guy!
👑 The 18-year-old Gujarati who just won Miss Universe India 2024
🤑 Can you guess how much wealth Zerodha handles for its users?
🚘️ German YouTuber hails a Tesla Uber—how did Elon Musk respond?
🕷️ Spider-man on a budget: Influencer goes viral for begging at Kalyan station!