Namaste! Aaj ka news roundup, Newswala style!

MARKETS

Markets: On August 29, Indian equity indices closed strongly, with the Nifty around 25,150. The Sensex rose 349 points, fueled by rallies in the IT, oil & gas, and FMCG sectors.

TOP STORIES

NTPC Launches New Subsidiary to Fuel India's Nuclear Future

What Happened

NTPC, India’s powerhouse utility, is turning up the voltage with plans to create a new subsidiary focused on nuclear energy. They’re not wasting any time either—work is set to begin on the 2.8-gigawatt (GW) Mahi Banswara nuclear project in Rajasthan, backed by a whopping ₹50,000 crore investment. And that’s just the start; NTPC is scouting out potential sites in Tamil Nadu, Karnataka, and Gujarat to expand their nuclear footprint.

Why it matters

With a subsidiary focused solely on nuclear energy, NTPC aims to secure a stable and long-term energy source, critical for meeting the country’s future demands. The company’s aggressive expansion plans, including fast-tracking projects with a total capacity of 12 GW by 2029-30, reflect its commitment to transforming India’s energy.

Plus, their collaborations with heavyweights like IOCL and ONGC show NTPC isn’t just thinking about today—they’re engineering a cleaner, greener tomorrow.

The bigger story

India's path to nuclear energy has been a challenging one, but it's clear the country is determined to power forward. Despite being sidelined from global nuclear trade for 34 years, India has been resourceful, focusing on its own resources like thorium to fuel its ambitions.

Now, with the government pushing hard to expand nuclear capacity, and companies like NTPC leading the way, India's nuclear future is shaping up to be both innovative and self-sufficient. 

PAISON KA KHEL

Tyre-d up in success: Indian exports zoom 17%

Indian tyre exports rolled ahead in Q1FY25, surging by 17% to reach ₹6,219 crore, bouncing back from a 14% drop last year. Thanks to strong R&D, competitive pricing, and growing global demand—especially from the US, Brazil, and Europe—India’s tire industry is cruising. 

Passenger Car Radial (PCR) tyres led the export pack, with motorcycle and farm tyres hot on their heels.

LIC faces ₹605 crore GST bill

Life Insurance Corporation (LIC) of India has found itself staring at a hefty GST demand of ₹605.5 crore for FY20. The breakdown? ₹294 crore in GST, ₹281 crore in interest, and a ₹29 crore penalty. This penalty stems from LIC's "oops" moment of wrong input tax credit claims and tardy payments. Despite the eye-watering numbers, LIC assures that its financials and operations won't feel a pinch. After all, with an asset base of ₹52.85 lakh crore, LIC’s probably just counting this as a minor blip on their radar.

TOP STORIES

UPI Trading for Secondary Markets?

What happened

The Securities and Exchange Board of India (SEBI) has proposed a new, more flexible trading method using the Unified Payments Interface (UPI) for the secondary markets. SEBI is pushing for Qualified Stock Brokers (QSBs) to offer this UPI-based block mechanism, which lets clients trade without transferring funds upfront. Instead, the money stays in the client's bank account and is only blocked, similar to the Application Supported by Blocked Amount (ASBA) method used in IPOs. 

Why it matters

India’s retail investors, like individual investors and Hindu Undivided Families (HUFs), could soon have a more secure and flexible way to trade. With over a billion UPI transactions processed monthly in India, this familiar payment method could simplify investing.

Plus, by keeping funds in their bank accounts until needed, investors can earn interest on their money. The proposed change also levels up the responsibility for QSBs, who must balance the demand for this new service with enhanced obligations and monitoring.

Final words

This feature, currently optional, could soon become mandatory for QSBs, with a plan for gradual implementation. SEBI has opened the floor for public feedback until September 12.  If widely adopted, the regulator believes this mechanism could become a go-to for retail trading in the securities market, especially in the cash segment.

GLOBAL NAZARA

GRM Overseas sips into coffee market with 44% stake in Virat Kohli's Rage Coffee

GRM Overseas, known for its aromatic basmati rice, just brewed a new venture by snapping up a 44% stake in Swmabhan Commerce, the parent company of the popular Rage Coffee. This move, achieved through a blend of fresh investment and secondary buyouts, marks GRM's dive into India’s fast-paced coffee market.

While the price tag of this caffeinated deal remains under wraps, it’s part of GRM’s ambitious plan under its 10X Ventures platform to pour ₹200 crore into trendy brands. With Rage Coffee’s star-studded co-owners, including cricketer Virat Kohli, this acquisition is bound to stir up the coffee market.

Apple and Nvidia eyeing OpenAI funding round

Tech titans Apple and Nvidia are reportedly negotiating to invest in OpenAI’s upcoming funding round, which might push the AI powerhouse’s valuation beyond $100 billion. This buzz follows news that venture firm Thrive Capital is set to inject around $1 billion into the ChatGPT creator.

Microsoft, already a major player with a $10 billion stake, is also expected to join the fray.

TOP STORIES

HDFC Bank Launches GIGA Suite to Empower Gig Workers

What happened

HDFC Bank has rolled out GIGA, a fresh suite of digital-first products and services tailored for gig workers. This innovative offering targets freelancers and independent professionals, providing a flexible savings account with investment options, insurance coverage, and a variety of loans—whether you need one for your business, car, two-wheeler, or even gold.

The package doesn't stop there; it also includes business debit and credit cards packed with perks like curated offers, coworking space deals, and health insurance starting at just ₹20 per day. GIGA is designed to be a one-stop shop for all the financial and personal needs of the gig economy.

Why it matters

With around 30 million gig workers in India, the gig economy is not just growing—it's exploding. Yet, only 14% of these workers have access to credit, leaving a huge gap in financial services. Enter HDFC Bank's GIGA, a response to this glaring need.

A 2023 report by CIEL Group found that over 55% of organisations are now tapping into gig workers, with some companies relying on them for up to 20% of their workforce. 

Broader picture

The Economic Survey of India predicts gig workers will make up 6.7% of the non-agricultural workforce by 2029-30. Despite this growth, social security remains a challenge for these workers, making GIGA’s insurance and financial planning tools not just useful but essential.

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