Namaste! Aaj ka news roundup, Newswala style!

MARKETS

Markets: Sensex and Nifty ended flat on August 27, 2024, after a volatile session amid geopolitical tensions. Despite this, Nifty hit a new lifetime high of 25,017, while Zee's stock jumped over 11%.

TOP STORIES

US Scrutinizes Indian Solar Panels for Links to Forced Labor

What happened

The US Customs and Border Protection (CBP) has put the brakes on nearly $43 million worth of Indian electronic shipments since October 2023.  This scrutiny stems from the Uyghur Forced Labor Prevention Act (UFLPA), which targets goods linked to forced labour in China’s Xinjiang region. 

The cause

Polysilicon, a key component in solar panels, is a major focus, leading to increased checks on solar panel imports. Indian solar panels, many of which use Chinese polysilicon, are now under the magnifying glass, reflecting a shift in enforcement that previously didn’t affect Indian shipments.

Why it matters

The recent scrutiny comes at a time when imports of solar panels from India to the US have surged, reaching $2.3 billion last year. 

• With India accounting for 11% of US solar panel imports in the second quarter of 2024, this uptick highlights the growing role of Indian manufacturers in the US market. 
  

However, increased inspections are a setback for Indian firms like Waaree Technologies and Adani Enterprises, who have been working to position themselves as viable alternatives to Chinese suppliers. The scrutiny could disrupt their expanding market share and complicate trade relationships.

PAISON KA KHEL

UltraTech Cement nabs $500 million green loan

UltraTech Cement has secured a hefty $500 million in a sustainability-linked loan, with contributions from six banks including the State Bank of India. This marks their second foray into green financing, following a $400 million bond issued in 2021. 

The new funds will support UltraTech's ambitious sustainability targets, such as slashing CO2 emissions by 27% by 2032 and boosting green energy use to 85% by FY30. 

BigBasket merges Super Saver and BB Now in a $2 billion push

BigBasket is merging its Super Saver and BB Now services into one speedy interface, aiming to deliver groceries in just 10 minutes. Founder Hari Menon revealed that quick commerce now drives over half of their sales, with plans to push that up to 70%. 

The company is targeting $2 billion in sales this year, doubling its stock-keeping unit (SKU) count to 30,000 and expanding its dark store network from 400 to 700.

TOP STORIES

Tata Motors Powers Up EV Game with New Partner

What happened

Tata Motors is making a bold move to boost its electric vehicle (EV) lineup by partnering with China’s Octillion Power Systems for battery packs. Breaking from its tradition of sourcing exclusively from Tata AutoComp Systems, Tata’s latest Curvv coupe SUV will now feature lithium-ion batteries from Octillion. This marks the first time Tata Motors has looked beyond its group for battery supplies since launching its flagship Nexon EV in 2020.

Why it matters

With the EV market becoming increasingly cutthroat, Tata Motors is diversifying its battery sourcing to boost performance and mitigate risks. The shift is also aimed at addressing nagging issues like state-of-charge drops in earlier models. 

By incorporating Octillion’s advanced battery technology, Tata is not only enhancing Curvv’s capabilities but also hedging against supply chain disruptions. As the largest EV player in India, Tata Motors needs every edge it can get, especially as government subsidies wane and competition heats up.

A new promise

With a 14% dip in EV sales in Q1 FY25, Tata Motors is pulling out all the stops to reignite its electric ambitions. The new Curvv EV, built on Tata’s cutting-edge acti.ev platform, promises a whopping 585km range on a single charge with its 55kWh variant. This shift to a multi-supplier approach could be the jolt Tata needs to stay ahead in the rapidly evolving EV market.  

GLOBAL NAZARA

HP wins $50M grant to upgrade Oregon chip tech

The U.S. Commerce Department is set to grant HP $50 million to expand and modernize its Oregon facility, giving a big push to semiconductor technology. This funding will support HP’s work in microfluidics and microelectromechanical systems, crucial for life sciences and AI applications.

The cash will also support research at top institutions like Harvard and the CDC.

Jobs, iPhones, and a whole lot of 'she-power'

Apple's dialling up its India focus, and it's not just about selling more iPhones. The tech giant is set to create over 600,000 jobs in the country, with 200,000 direct positions by the end of this financial year. More than 70% of these jobs will be filled by women, proving that Apple's workforce is about to get a serious dose of girl power.

TOP STORIES

Euler Motors Drives into the Small Commercial Vehicle Market

What happened

Euler Motors, already a big deal in the electric three-wheeler scene, is revving up for a new challenge. The company just announced its grand entrance into the small commercial vehicle (SCV) segment, and they’re not tiptoeing in. 

They’re rolling out an electric four-wheeler with a payload capacity of over 1,000 kg, set to hit the streets just in time for the festive season. 

Why it matters

The SCV segment in India is a lucrative market, projected to reach a whopping ₹34,900 crore by FY27. Currently dominated by internal combustion engine vehicles, this sector is ripe for disruption. Enter Euler Motors, with its promise of electric vehicles (EVs) that offer significant cost savings and the potential to match the price of traditional fuel-powered vehicles. 

This could be a game-changer for businesses looking to enhance operational efficiency and reduce carbon footprints. Moreover, as EV technology continues to evolve, the small share of electric SCVs is expected to grow rapidly, making Euler's timing in the market particularly strategic.

Zoom out

With its new electric four-wheeler, customers can expect substantial cost savings and the possibility of achieving price parity with traditional fuel vehicles. As the festive season approaches, Euler’s electric SCV could be the key to a more cost-effective and eco-friendly future in commercial transport.

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