Namaste! Aaj ka news roundup, Newswala style!

MARKETS

Markets: On the last trading day of fiscal year 2024, Indian stocks saw a strong surge, led by a rise in financial stocks. The BSE Sensex climbed 655 points to close at 73,651, while the NSE Nifty gained 203 points, settling at 22,326.

BUSINESS

Sterlite Power and GIC Forge $1 Billion JV for India's Power Transmission Sector

What happened

Vedanta Group's Sterlite Power Transmission Ltd (SPTL) and Singapore's sovereign wealth fund GIC have joined forces to establish a $1 billion joint venture (JV) focusing on India's power transmission sector. This partnership signals a significant investment in the country's energy infrastructure.

• GIC's commitment to invest $500 million for a 49% stake in the JV is matched by Sterlite Power's contribution of an equal amount for a 51% stake. 
  
  

• This collaboration is set to kick off with five ongoing projects, with ambitious plans for further expansion in the future.

Why it matters

The formation of this $1 billion JV is a testament to the growing interest and confidence in India's power transmission segment. 

• The inclusion of four operational assets valued at approximately ₹7,500 crores into the JV underscores the strategic vision driving this partnership.
  
  

• These assets, strategically located in Rajasthan, Assam, and Kashmir, are designed to facilitate the evacuation of 1,000-2,000 MW of power.

With a focus on renewable energy and grid modernization, this investment aligns perfectly with India's broader goals of reducing carbon intensity and increasing renewable energy's share in the power mix.

Zoom out

This collaboration between Sterlite Power and GIC represents a significant milestone in India's energy sector. India plans to make the economy cleaner by cutting its carbon emissions by 45% by the end of this decade. It also plans to get half of its electricity from renewable sources by 2030. As India aims to ramp up renewable energy adoption and upgrade its transmission infrastructure, partnerships like these will play a crucial role.

BIG MONEY MOVES

ShareChat secures $48.89 million in debt round led by Tencent and Lightspeed

Social media unicorn ShareChat has successfully raised $48.89 million in a debt round. This round was spearheaded by Tencent and existing backer Lightspeed, showcasing strong investor confidence in ShareChat's growth trajectory despite the ongoing funding challenges faced by tech startups.

In December 2023, the company let go of 200 employees, approximately 15% of its workforce. This cost-cutting initiative aims to achieve profitability within the next four to six quarters.

NTPC Partners with Japanese Agency for $200 Million Loan

NTPC, India's state-owned power giant, has finalized a deal with a Japanese agency to secure a foreign currency loan amounting to $200 million. The Japan Bank for International Cooperation (JBIC), a government policy-based financial institution, will fund 60% of the loan amount for NTPC and NTPC Renewables Energy Ltd (NREL) projects in India, with the remaining 40% provided by other commercial banks under JBIC's guarantee.

BUSINESS

FlixBus Sets Sights on Doubling Network in India 

What happened

FlixBus, the European bus travel company, has set its sights on an ambitious goal for the Indian market. Surya Khurana, the Managing Director of FlixBus India, revealed in an interview that the company is looking to double its network in India by 2025. This comes just a month after FlixBus commenced its operations in the country.

Khurana highlighted the launch of a star network that currently links Delhi to nine different destinations, covering an impressive 46 cities along the route. FlixBus plans to intensify its efforts by expanding this network, particularly targeting regions like Karnataka, Tamil Nadu, Telangana, and Andhra Pradesh, where there is substantial demand for both corporate and leisure travel.

Why it matters

FlixBus's latest financial results for 2023 revealed impressive growth, with a 30% increase in total revenue to €2 billion, surpassing its guidance of over 25% for the year. This significant revenue jump indicates the company's strong market position and effective business strategies, contributing to its sustained growth trajectory.

• Moreover, FlixBus saw a notable rise in passenger numbers, with 81 million travellers using Flix platforms in 2023, compared to over 60 million in the previous year. 
  
  

• This translates to a remarkable growth rate of 34%, showcasing the increasing popularity and trust in FlixBus's services among consumers.

With improved road infrastructure and advancements in digital payment methods, FlixBus anticipates robust growth momentum in the bus transportation sector. The company's emphasis on air-conditioned sleeper buses, popular among travellers, reflects its strategic approach to meet customer preferences and drive market expansion.

Zoom Out

FlixBus' entry and rapid expansion plans in India, travellers can expect more convenient and comfortable options for inter-city travel. The company's innovative approach, leveraging technology and customer-centric services, positions it as a significant player in India's bus travel segment.

BIG PICTURE

🍫 Global cocoa shortage expected to raise chocolate prices

The world is bracing for a potential hike in the cost of chocolate bars as cocoa prices surge, driven by a global supply shortage. Large players in the chocolate industry, including Mondelez, Hershey’s, and Nestle, as well as local bean-to-bar chocolate makers, are all poised to feel the impact of rising cocoa prices.

The price of cocoa has exceeded $10,000 per ton for the first time, posing significant challenges for companies striving to manage their expenses effectively.

🤖 Amazon makes record $2.75 billion bet on Anthropic's AI future

Amazon has made its largest external investment ever by injecting $2.75 billion into Anthropic, a leading AI startup based in San Francisco. Anthropic, founded by former executives and employees of OpenAI, has been making waves in the AI industry with its groundbreaking advancements in generative AI technology.

The company's flagship model, Claude, is emerging as a strong contender against established AI models, including those from OpenAI and Google. This recent investment took Amazon’s total commitment to a whopping $4 billion.

BUSINESS

Coal India Achieves Record Coal Supply Milestone in FY24

What happened

Coal India Ltd (CIL) has achieved a remarkable milestone in the fiscal year 2024 by supplying a record 610.8 million tonnes of coal to the power sector. This achievement represents a 5% increase compared to the same period in the previous fiscal year, where 581.5 million tonnes were supplied. CIL's consistent efforts and operational efficiency have contributed to this significant accomplishment.

Why it matters

As one of the largest coal producers in the world, CIL plays a crucial role in meeting the energy needs of the country, particularly in the power sector. The increase in coal supply demonstrates CIL's ability to adapt to growing demands and ensure a steady flow of essential resources to thermal power plants.

• For the second year in a row, CIL has surpassed its coal supply targets to the power sector. In FY 2023, it delivered 586.6 million tonnes to power plants, exceeding the planned commitment of 565 million tonnes.
  
  

• The anticipation of higher power demand in the coming summers, with the Central Electricity Authority (CEA) projecting a peak power demand of 260 GW in FY25, underscores the strategic importance of CIL's efforts.

This achievement reflects positively on the overall energy security of India, as a robust coal supply chain is fundamental for sustaining power generation and meeting the nation's electricity demands.

Zoom out

CIL's record-breaking coal supply is not just a numerical milestone but a testament to the company's commitment to energy sustainability and reliability. The surplus coal stock at domestic coal-based power plants, standing at 47.1 million tonnes as of March 26, signifies a strengthened energy infrastructure in preparation for the upcoming summer peak demand.

MIRCH MASALA

🤯 Ostrich spotted running loose amidst traffic, video surfaces
🫢 Noida women fined another ₹47,500 for their controversial Holi video
🏖️ Dolly Chaiwala escapes to Maldives for a relaxing vacation after meeting Bill Gates
🖼️ Man transforms flight attendant’s signature into stunning artwork
😡 Fans hurl bottles and shoes at giant screen during Hardik Pandya's post-match interview