Namaste! Aaj ka news roundup, Newswala style!

MARKETS

Markets: Indian stock market ends near flatline on July 30, but not before hitting record highs! Sensex and Nifty 50 inch up, while midcaps and smallcaps keep the party going despite high valuation jitters.

BUSINESS

Rapido Joins the Unicorn Club with a $120 Million Boost 

What happened 

Hold on to your helmets! Rapido, the bike taxi startup rode past the billion-dollar mark, with a $120 million cash infusion from WestBridge Capital. This makes Rapido the third Indian startup to earn unicorn status in 2024, following Perfios and Bhavish Aggarwal’s Krutrim AI.

The startup, which was cruising at a valuation of $825 million after its last round, is now looking to add another $20 million to its kitty from global investors. So, if you’re keeping score, that’s a lot of zeros and a lot of green!

Why it matters

In a year where unicorn sightings have become as rare as a sunny day in Mumbai during monsoon, Rapido’s shiny new status is a big deal. The company is shaking up the ride-hailing game with subscription plans for auto rickshaw drivers, giving a nod to competition from Google-backed Namma Yatri, which doesn’t charge driver commissions.

Plus, Rapido is diving into cab-hailing services and plans to roll out new revenue streams, including in-app ads and perks for drivers.

Number ki khabar

Rapido’s leap to unicorn status is a major win, despite its 54% increase in net loss to ₹675 crore and the regulatory speed bumps in Karnataka and Delhi. The startup is revving up for operational profitability by FY25, thanks to a slick reduction in its monthly burn rate to $2-3 million. 

With plans to diversify revenue streams and a roadmap as clear as a freshly cleaned windshield, the company is all set for the ‘jhingalala’ ride.

BIG MONEY MOVES

Carlyle cashes out: sells 6.4% stake in PNB Housing for ₹1,256 crore

Carlyle, the US-based private equity giant, is ready to shake up the market by selling a 6.4% stake in PNB Housing Finance, bagging ₹1,256 crore. According to IIFL Securities, Carlyle’s entity, Quality Investment Holdings, will offload 1.66 crore shares at ₹775 each—a 5% markdown from Monday’s closing price of ₹794.90.

PNB Housing’s stock has been taking it slow this year, inching up only 1.2% compared to the Sensex’s 13% sprint. As of June 30, 2024, Carlyle held a chunky 32.68% stake.

Public banks penalize customers ₹2,331 crore for balance lapses

State-run banks have raked in ₹2,331 crore in penalties during FY24 for customers not maintaining the required average balance. This is a hefty 25% increase from last year. Among the top culprits, Punjab National Bank leads with ₹633 crore, followed by Bank of Baroda at ₹386 crore, and Indian Bank at ₹369 crore for non-maintenance of balances.

Remember, your bank loves your money even more than you do—especially when you don't keep enough of it!

BUSINESS

Mindspace Business Parks REIT to Invest ₹3,500 Crores

What happened

Mindspace Business Parks REIT, the office space tycoon backed by K Raheja Corp, is on a property spree with a whopping ₹3,500 crore investment planned over the next three to four years. This includes a ₹900 crore splurge to build a 1.5 million sq ft office marvel at Mindspace Airoli East in Navi Mumbai.

This park already hosts 10 million sq ft of office space occupied by big names like Accenture and Wipro. It’s like they’re building the Taj Mahal of office spaces!

Why it matters

The REIT’s wallet is wide open due to India’s ever-growing appetite for office spaces. The latest financial reports reveal a 9.2% increase in net operating income to ₹496 crore, thanks to rising rents and bustling occupancy. 

• It has 1.1 million sq ft leased out and quarterly distributions up by 5% to ₹299 crore,
  
  

• They’re also boosting their portfolio with 4.4 million sq ft under construction and a new 500,000 sq ft SEZ in Airoli West.
  

And don’t miss the cherry on top: the REIT’s first-ever sustainability-linked bonds worth ₹650 crore, snapped up by the IFC.

Zoom out

Mindspace Business Parks REIT is turning office space dreams into reality, even with regulatory hurdles and a 7.9% borrowing cost. Lagta hai "Mindspace ka budget ab sirf office nahi, pura sheher banane ka hai!" 

BIG PICTURE

Samsung eyes a boost in wearable market with budget bands

Samsung is fretting over its tiny slice of the wearable market in India. To address this, the tech giant plans to launch budget-friendly fitness bands and collaborate with government and digital organizations to offer wearables as a service, according to Hon Pak, head of Samsung's digital health team.

Currently, Samsung holds a mere 0.5% market share in India’s smartwatch segment but does better in the advanced category with 15.7%.

ONGC Videsh seeks US nod for Venezuela oil-for-dividends plan

ONGC Videsh Ltd (OVL), a subsidiary of ONGC, is seeking a waiver from US sanctions to receive $600 million worth of Venezuelan oil in lieu of cash dividends. OVL has a 49% stake in Venezuela's San Cristobal project and 11% in the under-development Carabobo project. Despite an agreement with Venezuela's state-owned PdVSA, US sanctions have stalled the oil transfer.

BUSINESS

RBI Sets New Rules to Boost Payment System Safety

What happened

The RBI's latest security playbook is here to elevate the safety standards for non-bank payment system operators (PSOs). The payment operators now have to roll out real-time fraud detection systems and automatically log out idle users. Think of it as a digital bouncer, always on guard to keep the troublemakers out!

Why it matters

With these fresh guidelines, mobile payments are now on a strict diet of encryption protocols, ensuring they stay secure and avoid any unscheduled drama. If a session decides to go off-script, it’s out with a bang—terminated and transactions either fixed or reversed.

Additionally, card networks are required to enforce transaction limits and provide 24x7 alerts for suspicious activities. Plus, card details are getting an encryption makeover, and Prepaid Payment Instruments (PPIs) are rolling out alerts in multiple languages—because security is better when it speaks your language.

The Backstory

Bank fraud cases in India have skyrocketed to 36,075 in FY24 from just 9,046 in FY22—a nearly 300% leap! While the total amount involved took a nosedive, dropping by 46.7% to ₹13,930 crore, digital frauds are on a wild ride with a jaw-dropping 708% surge. 

Public banks are playing big-time in the high-stakes loan fraud, while digital payment frauds are popping up everywhere, like a never-ending game of whack-a-mole! 

MIRCH MASALA

😗 Nikhil Kamath opens up on his links with PM Modi on a podcast with Ranbir Kapoor
😎 Mumbai rains: Deadpool and Wolverine's viral video rocks the city!
🌊 Polish divers stumble upon a 19th-century shipwreck filled with this unusual treasure
👩‍🍳 Why are netizens demanding justice over Delhi woman’s new vada-pav recipe?
🤸 Watch: Man’s incredible transformation after shedding 116 kg