Namaste! Aaj ka news roundup, Newswala style!

MARKETS

Markets: Markets kicked off December on a positive note, with Nifty closing above 24,250 and Sensex rising 445 points, driven by gains in realty, pharma, and metal sectors. Despite weak GDP data, select heavyweights fueled recovery. Midcaps and small-caps outperformed, while resistance for Nifty stands at 24,350.

TOP STORIES

Windfall Tax Scrapped: A Big Win for Oil Giants

What happened

The government has scrapped the windfall tax on crude oil, aviation turbine fuel, petrol, and diesel. Effective immediately, this move is a welcome relief for companies like Reliance Industries and ONGC. The tax, introduced in July 2022 amidst soaring global crude prices, aimed to capture the extraordinary profits of oil producers. Additionally, the Road and Infrastructure Cess on petrol and diesel exports have also been removed. After the announcement, Reliance's shares climbed to ₹1,300.05 on the BSE.

Why it matters

This decision boosts the refining margins for oil giants and reduces export costs. Initially, the tax was a reaction to skyrocketing crude prices during the Russia-Ukraine conflict, which led to record profits for oil producers. The scrapping of the levy comes as crude prices stabilise globally, making the tax less relevant. It also sends a positive signal to investors, likely boosting confidence in India's energy sector. The move could lead to lower fuel export prices, making Indian oil products more competitive globally.

Zoom out

The government’s decision highlights the balancing act between revenue generation and industry growth. While the windfall tax served its purpose during volatile times, its removal aligns with current market conditions. For oil giants, this is like lifting a heavy burden, enabling them to focus on expanding operations. For consumers, while this change might not directly lower prices at the pump, it keeps the energy market competitive. It’s a win-win, though maybe not yet at the checkout counter!

PAISON KA KHEL

Sterling & Wilson shines bright with ₹504 crore solar win!

Sterling and Wilson Renewable Energy Ltd bagged a ₹504 crore deal to build a solar power plant in Rajasthan. The project involves setting up a massive 305 MW AC/396 MWp DC photovoltaic plant for an independent power producer (IPP). It's like Rajasthan’s sun just got a powerful new fan!

This repeat order includes supply, installation, and commissioning, proving SWREL is the go-to for big solar dreams. With a strong pipeline of private and repeat clients, they’re clearly making hay while the sun shines. Solar-powered puns aside, the company is gearing up to light up India’s energy future!

GST collections rise to ₹1.82 trillion in November

India’s GST collections reached ₹1.82 trillion in November, showing an 8.5% year-on-year increase. However, this was slightly lower than October’s ₹1.87 trillion, the second-highest collection since GST’s launch in 2017. The record remains April’s ₹2.1 trillion.

The November figures, reflecting October transactions, were driven by festive demand, boosting rural and urban consumption. States like Jammu & Kashmir (25%), Sikkim (52%), and Delhi (18%) saw significant growth, while manufacturing-heavy states like Rajasthan (-1%) and Andhra Pradesh (-10%) reported declines. Despite robust growth, uneven performance across states signals challenges ahead for sustained revenue momentum.

TOP STORIES

Ola Electric's 4,000-store dream 

What happened

Ola Electric is charging ahead with plans to open 4,000 stores by December 2024. This includes 3,200 new outlets on top of its current 800. These stores will span all pin codes in India, even rural and semi-urban areas. Each will have service facilities to boost customer support. The announcement lifted Ola’s stock by 6.85% to ₹93.41 on the BSE. Recently, Ola introduced affordable scooters like the Ola Gig and S1 Z, starting at ₹39,999. Deliveries for these scooters are set for April-May 2025, with bookings open for ₹499.

Why it matters

Ola is upping its game in EV accessibility. This bold move could boost EV adoption, especially in smaller towns. Despite having fewer outlets than traditional two-wheeler giants, Ola remains a market leader. Its direct-to-consumer approach, competitive pricing, and new models are turning heads. The #HyperService initiative ensures every Ola user gets top-notch support. Meanwhile, its Network Partner Program plans to onboard 10,000 partners by 2025, signalling big ambitions.

Zoom out

Ola is revolutionising India's EV market with scale and strategy. Its plan to train 1 lakh mechanics underlines its commitment to long-term growth. With a rural focus and wallet-friendly models, Ola aims to dominate the EV landscape. Whether it’s a sleek city ride or a sturdy rural scooter, Ola seems ready to electrify every road. Will it spark an #EndICEAge revolution? Time will tell, but it’s certainly on the right track!

GLOBAL NAZARA

Intel CEO Pat Gelsinger steps down amid tough competition

Intel's CEO Pat Gelsinger has retired after a rocky period for the chip giant, struggling to keep pace with AI-driven rivals like Nvidia. To steer the company during this transition, CFO David Zinsner and senior exec Michelle Johnston Holthaus will step in as interim co-CEOs while the board searches for a permanent replacement.

Gelsinger, who took the helm in 2021, led Intel through an ambitious transformation, focusing on contract manufacturing and regaining its tech leadership. But despite some progress, Intel's stock has dropped by more than 50% this year, although shares have risen nearly 5% in premarket trading following the announcement.  

Uber launches Shikara boat-hailing service on Kashmir's Dal Lake

Uber has launched its first-ever water transport service in India, offering rides on the famous Shikara boats on Srinagar's scenic Dal Lake. The new service allows users to book these traditional wooden boats in advance, with reservations ranging from 12 hours to 15 days ahead.

While Uber has offered water transport in cities like London, this is its first foray into India. Around 4,000 ornately decorated Shikaras operate on Dal Lake, catering to both locals and tourists. Uber won’t charge a fee for the rides but will help match customers with boat operators, who will receive all ticket payments.

TOP STORIES

Ambuja Cements Joins Hands with Coolbrook  

What happened

Ambuja Cements has partnered with Finland-based Coolbrook to deploy the RotoDynamic Heater™ (RDH™), a groundbreaking zero-carbon heating technology. The RDH™ uses renewable electricity to generate the high temperatures needed for cement production, eliminating the reliance on fossil fuels. Ajay Kapur, CEO of Adani Group's Cement Business, expressed confidence in this move as a major step toward achieving Ambuja's Net Zero goals. The collaboration aligns with the company’s vision of decarbonisation and sustainability.

Why it matters

Cement production is notoriously energy-intensive, with significant carbon emissions. By integrating RDH™ technology, Ambuja Cements will drastically reduce its carbon footprint and fossil fuel dependency. The move also leverages Adani Group's renewable energy capabilities to drive cost efficiency and sustainability. This partnership reinforces Ambuja's leadership in green cement manufacturing, aiming for 60% green power usage by 2028 and a 28% increase in Alternative Fuels and Raw Materials (AFR) use.

Zoom out

This collaboration marks a significant leap for both Ambuja Cements and the cement industry in transitioning to cleaner technologies. It showcases how innovative solutions like RDH™ can revolutionise traditional manufacturing processes. As global industries increasingly prioritize sustainability, Ambuja’s efforts set a benchmark for others to follow. After all, who doesn’t love a company that slashes costs and goes green at the same time? Ambuja is leading the pack in sustainable cement, proving that going green can also mean going smart.

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