Namaste! Aaj ka news roundup, Newswala style!

MARKETS

Markets: After reaching the 25,000 mark on Thursday, both the BSE Sensex and NSE Nifty suffered significant losses on Friday, with the Sensex plunging over 850 points to settle below 81,000 and the Nifty dropping to 24,700, ending its eight-week winning streak.

TOP STORIES

AAI Shells Out ₹796 Crore for Airport Facelifts

What happened?

The Airports Authority of India (AAI) opened its wallet wide, spending ₹796 crores on repairs and maintenance for 101 airports last fiscal year. That's a 20% increase from ₹663.42 crore the previous year and ₹535.02 crore in 2021-22.

This splurge comes after some haunting surprises, like the canopy collapse at Delhi’s Terminal 1D and torn canopies at Jabalpur and Rajkot airports, due to incessant rains.

• Interestingly, out of the 121 airports managed by AAI, 20 didn’t receive any funds for repairs. 

Why it matters

The surge in maintenance spending at India’s airports reveals a pressing need for a makeover. Think of it as a much-needed spa day for airport infrastructure! The government’s new rule for third-party checks on building stability is like giving airports a thorough health check-up.

This move is all about avoiding future hiccups and ensuring airports can weather any storm. The hefty increase in spending also signals a broader trend of sprucing up airport facilities to keep pace with the ever-growing number of air travellers. 

Final words

With canopy collapses grabbing headlines and maintenance issues coming to light, the government’s push for thorough audits is right on cue.

This investment in airport maintenance is part of a larger capital expenditure plan of over ₹91,000 crore from 2019-20 to 2024-25, aimed at modernizing and upgrading various airports.

PAISON KA KHEL

Classic Legends to open 200 Jawa-Yezdi showrooms every year

Classic Legends, part of Mahindra and Mahindra, is on a mission to open 200 new Jawa-Yezdi showrooms each year! CEO Ashish Singh Joshi shared this exciting news while opening 'Swastik Motors' in Chennai, the largest showroom in India at 6,000 sq ft. With plans to increase their dealership count from 450 to 600 this year, they're accelerating full throttle.

Catering to young riders aged 21-32, their Jawa 42 and Bobber models are popular hits. Also, electric bikes are in the works once the charging network catches up.

Centre cracks down on sneaky liquor ads, fines up to ₹50 lakh

The Centre is set to put a cork in surrogate ads by liquor and tobacco companies. New draft rules propose fines up to ₹50 lakh for firms like Carlsberg and Diageo that promote their booze through misleading ads. In India, direct liquor ads are a no-go, so companies get creative by advertising water, music CDs, and glassware that look suspiciously like their alcoholic counterparts.

Bollywood stars often front these ads, but the new rules could also slap fines and bans on celebs endorsing these sneaky promotions.

TOP STORIES

Tata Motors Bets on New EVs and Subsidies for Revival

What happened?

Tata Motors hit a speed bump with their electric vehicle (EV) sales, plummeting by 21% year-on-year in July. Even their passenger EV sales dipped by 14% in the June quarter. But Tata Motors isn’t throwing in the towel.

P.B. Balaji, the CFO of Tata Motors Group, is all in on EVs, waving off hybrid cars like a bad date. According to Balaji, hybrids don’t deserve government incentives and those perks should go to tech that actually needs a financial nudge to evolve.

Why it matters

This sales slump isn’t a one-off. Tata Motors has been hitting potholes for three straight months. July saw sales drop to 5,027 units from last year’s 6,329 including a few hundred exports. The June quarter echoed this trend, with sales dipping to 16,579 units.

What’s causing the slowdown? The sudden cancellation of a subsidy scheme for the fleet segment in April and an overall slump in the car market. Fleet sales, which make up 20% of Tata's EV business, took a hit harder than a piñata at a kids' party. 

Conclusion

But don’t lose hope yet! The Curvv.ev, a snazzy mid-size electric SUV, is gearing up for its debut, and subsidies might return under the FAME III scheme. Add the festive season into the mix, and Tata Motors might just find the spark they need to reignite their EV sales.

GLOBAL NAZARA

US sues TikTok over massive child privacy breach

The US government has thrown down the gauntlet, accusing Tiktok of collecting children's data without proper consent and ignoring parents' requests to delete accounts. The Department of Justice (DoJ) describes TikTok's actions as a "massive-scale" invasion of child privacy , violating laws that require parental permission for data collection from users under 13. 

With over a billion users worldwide, including 170 million in the US, TikTok remains a major player in social media despite ongoing legal challenges related to child privacy issues in the US, UK, and Europe.

Nvidia's AI chip delay a headache for Google, Meta and Microsoft

According to a recent report, Nvidia's new AI chips might arrive three months late due to design glitches . This hiccup could hit big customers like Google, Meta, and Microsoft, who have splurged tens of billions on these chips.

Nvidia's stocks recently skyrocketed by 13%, adding a record $329 billion in value, but this chip delay might dampen their high-flying spirits. So, if you're wondering why your favourite tech is running a bit behind, it might be time to blame a little chip trouble!

TOP STORIES

River Mobility Gears Up for 100 Showrooms by 2026

What Happened?

River Mobility Pvt Ltd, the EV startup with Yamaha Motor Corp and Mitsui & Company Ltd in its corner, is hitting the accelerator on its expansion plans . This Bengaluru-based dynamo has its sights set on opening 100 showrooms by March 2026. They’ve just cut the ribbon on their first store in Chennai and plan to add 15 more by November and 50 by March 2025. 

Why it matters

River Mobility’s ambitious rollout is a sign of the booming EV market in India. With ₹550 crore in raised funds and 750 employees (including 400 engineers at their R&D hub in White Field, Bengaluru), they’re ready to electrify the competition.

Their production facility in Hosekote, churning out 9,000 units of the "Indie" scooter monthly, is the heartbeat of their operations. By importing battery cells from China and Korea, they keep production costs in check, with these cells accounting for 25% of the scooter's cost. 

Zoom out

River Mobiltiy is set to make electric scooters as common as chai stalls. Their robust support from international giants like Yamaha and Mitsui speaks of  their potential to become a dominant player. 

Since launching their "Indie" scooters in October 2023, they’ve already zoomed past the 1,500-unit sales mark, with 400 of those sold just last month. The "Indie" scooters are priced at ₹ 1.47 lakh in Chennai, and River Mobility currently boasts three stores: two in Bengaluru and one in Hyderabad.

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