Newswala aaya, taaza khabre laya! Good morning!
 

MARKETS

Markets: The Indian stock market dipped into the red again after a short pause. In January, Foreign Portfolio Investors (FPIs) have divested equity worth ₹25,000 crores, driven by the surge in US bond rates. Nevertheless, amidst this scenario, India has managed to draw in ₹17,000 crores in the debt market.

BUSINESS

Airbus Eyes Indian Partnerships for Sustainable Aviation Fuel

What happened

Airbus, the European aerospace giant is set to soar into the Indian aviation market with a green twist. The head of sustainable aviation fuel and fuel efficiency at Airbus, Julien Manhes, revealed plans for potential partnerships with Indian companies for the production of sustainable aviation fuel (SAF).

Drawing inspiration from a successful venture in Australia, where Airbus and Qantas co-invested $200 million in a project, the company now seeks to replicate this model in India, fostering collaboration with airlines, producers, and the government.

Why it matters

Airbus's push for sustainable aviation fuel partnerships in India aligns with the global trend towards eco-friendly aviation solutions. 

• In 2022, Airbus and Qantas committed $1.3 million to a biofuel refinery, emphasizing their dedication to using at least 10% SAF by 2030. 

• In the Indian context, the civil aviation ministry is formulating a strategy for SAF adoption by local airlines, with a potential mandate for blended SAF use from 2025. 

• Airbus sees immense potential in India as a source of green jet fuel, anticipating cost advantages compared to European counterparts. While the International Civil Aviation Organization endorses green fuel production methods, Airbus is actively working to raise the permitted limit on SAF blending beyond 50%.

Zoom out

Airbus envisions India as a key player in the global SAF market, emphasizing the cost advantages that could attract foreign airlines. With the global production of SAF doubling to 600 million litres in 2023 and a forecasted triple to 1.875 billion litres in 2024, Airbus is not just riding the green wave but actively steering towards a sustainable future.

BIG MONEY MOVES

Pakistan seeks Chinese lifeline amidst $125 billion debt crisis

Facing a financial storm, Pakistan appealed to China for a $2 billion bailout as its debt soared to a staggering $125 billion. Grateful for prior aid, Prime Minister Kakar acknowledged China's $4 billion assistance, reducing pressure on external debt payments. On the other hand, the IMF has raised budget support loans to $3 billion but trimmed project financing to $3.7 billion, highlighting Pakistan's delicate financial state post-rollover by the UAE and a $5 billion deposit from Saudi Arabia. 

FIIs offload ₹10,500 cr in 3 days, shaking Dalal Street

Foreign Institutional Investors (FIIs) made a swift exit from Dalal Street, selling shares worth ₹10,556 crore in just three sessions last week. This rapid sell-off, accounting for one-third of January's total outflows, raised concerns about the culprits behind the substantial exit during the abbreviated trading week that included public holidays on January 22 and 26.

BUSINESS

Ola's E-Bike Revolution Hits Cities with 10K Bikes

What happened

In a jolt to traditional commuting, ride-hailing giant Ola is set to disrupt the streets of Delhi and Hyderabad with the launch of its e-bike services. The zippy electric two-wheelers, known as the S1 Air e-scooters, are ready to zip through the bustling streets, promising a cleaner and more cost-effective way to navigate urban jungles.

The company plans to deploy a whopping 10,000 electric two-wheelers across not one, not two, but three major cities – Delhi, Hyderabad, and the tech hub Bengaluru – within the next two months. Hold on to your helmets; it's going to be an electrifying ride!

Why it matters

Ola's move into the e-bike realm is not just a joyride; it's a strategic leap into the future of urban mobility. The company has strategically priced its e-bike fares, starting at an affordable ₹25 for a 5 km ride, ₹50 for a 10 km journey, and ₹75 for a 15 km expedition. This move aims to attract a wide range of commuters, offering not only an environmentally friendly option but also a pocket-friendly one.

The masterstroke, however, lies in Ola's foresight. The firm has not only unleashed the e-bikes in Delhi and Hyderabad but is also gearing up to roll out the service in Bengaluru. With 200 charging stations already set up in the tech city, Ola is literally charging at full speed ahead.

Zoom out

As Ola unveils plans to flood the streets of Delhi, Hyderabad, and Bengaluru with 10,000 electric two-wheelers, it's clear that the company is not just riding the waves of change but creating them. The move aligns with Ola's broader growth strategy, focusing on ride-hailing, financial services, logistics, and e-commerce.

BIG PICTURE

🦄 Bhavish Aggarwal's Krutrim emerges as India's first AI unicorn

Krutrim, an Indian AI startup founded by Ola CEO Bhavish Aggarwal, has achieved unicorn status, securing $50 million in funding from investors, including Matrix Partners India. Just a month after introducing a large language model, the startup became the first Indian AI startup to be valued at $1 billion. Krutrim, translating to "artificial" in Sanskrit, focuses on developing data centers and aims to create servers and supercomputers for the AI ecosystem. 

🪓 BPCL to cut 11,000 trees for ‘carbon footprint reduction’

BPCL has been granted permission by the Bombay High Court to cut over 11,000 trees, including 10,582 mangroves, for a 43 km pipeline project in Maharashtra. The move aims to reduce the carbon footprint as BPCL plans to transport petroleum products more efficiently. The court noted that BPCL obtained the necessary permissions and deposited ₹3.70 crore for compensatory afforestation. 

BUSINESS

JSW Group Steps in Defence Sector with ₹250 Crore Order

What happened

JSW Group, the powerhouse conglomerate, is making headlines as it marches into the defence sector, with a new venture - JSW Gecko Motors Pvt Ltd. The company has officially stepped into the defence sector, making a strategic move by acquiring a majority stake in Gecko Motors Pvt Ltd, an extreme off-road vehicle company. 

The conglomerate's specialized arm, JSW Defence and Aerospace, facilitated the acquisition and subsequently renamed the company as JSW Gecko Motors Pvt Ltd. The bold play is backed by an impressive order from the defence ministry, ringing in at a hefty ₹250 crore.

Why it matters

The ₹250 crore defence ministry order underscores the trust in JSW Gecko's capabilities, particularly in delivering 96 Specialist Mobility Vehicles designed to elevate India's defence mobility.

• JSW Gecko has clinched a deal for the manufacture and supply of 96 Specialist Mobility Vehicles. 

• Branded as ATOR N1200, these cutting-edge vehicles are set to roll out from JSW Gecko's spanking-new manufacturing unit in Chandigarh, Punjab.

• The motto behind this development is to fortify the Armed Forces with these technologically advanced machines by June 2024.

FYI: The ATOR N1200 is an indigenous adaptation of the SHERP N1200 amphibious extreme mobility vehicle. Designed by UK-based Copato Ltd., this cutting-edge vehicle has found its way to India through a joint venture pact with JSW Defence and JSW Gecko. 

Zoom out

As JSW Group dives into defence, the Specialist Mobility Vehicles order is proof of JSW Gecko's tech skills and India's commitment to advanced defence solutions. The Republic Day parade showcased the ATOR N1200, symbolizing not just a new chapter in JSW's venture but a step towards bolstering India's defence capabilities. 

MIRCH MASALA

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🚁 NASA wraps up the groundbreaking Mars helicopter expedition

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🥇 Bernard Arnault, founder of Louis Vuitton, dethrones Elon Musk as the world's wealthiest person