Namaste! Aaj ka news roundup, Newswala style!

MARKETS

Markets: Domestic equity indices plummeted due to global market turmoil caused by US recession fears, Japan's interest rate hike affecting the Yen-carry trade, and a Middle East conflict triggering widespread sell-offs.

TOP STORIES

Google, Amazon, Walmart Eye RBI's Digital Currency 

What’s cooking?

GooglePay, PhonePe (the one backed by Walmart), AmazonPay, and fintech darlings Cred and Mobikwik are all trying to crash the Reserve Bank of India’s (RBI) digital currency party. Yes, you heard it right—India’s digital cash, the e-rupee , is getting some superstar attention. 

Launched in December 2022, the e-rupee was initially a bit of a lone wolf, with banks holding the reins. But now, the RBI is throwing open the doors, and these payment giants are coming in. Despite an initial rush, daily e-rupee transactions have dipped to around 100,000-200,000 a day. 

Why it matters

These heavyweights, handling over 85% of India’s UPI transactions (which is like saying they’re responsible for 13 billion digital high-fives every month), are set to rev up e-rupee transactions. 

By incorporating the e-rupee into their platforms, they could potentially boost daily transaction volumes and widen the currency’s user base. This shift could also address the current challenge faced by central banks globally in making digital currencies mainstream.

Zoom out

With Google, Amazon, and Walmart all aiming to join the e-rupee gig, the digital currency could be set for a major comeback. While it’s still in the pilot phase, these new players could help turn e-rupee transactions from a modest show to a full-blown spectacle. 

PAISON KA KHEL

IDBI Bank cashes in on troubled assets

IDBI Bank is ditching its troublesome ₹6,151 crore portfolio , selling it to Omkara Asset Reconstruction Company (ARC) for ₹652 crore. This means IDBI gets a 10.5% recovery, a nice boost for their Q2 earnings. Omkara outbid NARCL, with their offer ₹10 crore over the reserve price. This sale not only clears the mess but also makes IDBI more attractive for an upcoming stake sale.

Tata's ₹27,000 crore Assam chip plant ready by 2025

Tata Electronics kicked off its ₹27,000 crore semiconductor facility in Assam with a groundbreaking ceremony in Jagiroad. Expected to be operational by 2025, this tech wonderland will create 27,000 jobs.

Assam's Chief Minister assured full support, and Tata Group Chairman, N Chandrasekaran, expressed hopes of a speedy completion. With 1,000 locals already hired, this project is like hitting the jackpot for Assam!

TOP STORIES

Maruti Suzuki finally chooses the green way

What happened

Maruti Suzuki, the giant of Indian roads, is finally launching its very first electric vehicle (EV) this financial year. Alongside this debut, the company will promote a range of eco-friendly technologies including hybrid, biogas, and CNG vehicles.

The company’s strategy is to provide a diverse range of options to meet different customer needs while keeping their popular small cars affordable. Maruti has already begun trial production of biogas vehicles, which are carbon-negative and sourced from waste materials.

Why it matters

This move marks a significant shift in the Indian auto industry, where Maruti Suzuki is playing a pivotal role in advancing green technology . By introducing EVs and other alternative fuel options, Maruti is addressing the growing demand for environmentally friendly vehicles while navigating the complexities of government policies and market needs.

The company’s approach contrasts with other automakers like Tata Motors and Mahindra & Mahindra, who argue that focusing on hybrids might delay the adoption of fully electric vehicles.

Zoom out

The upcoming EV launch and the emphasis on hybrid and alternative fuel vehicles showcase Maruti’s dedication to offering something for everyone—whether it’s a futuristic EV or a more affordable hybrid. As the company continues to balance innovation with affordability, it’s clear that Maruti is steering India towards a greener automotive future. 

GLOBAL NAZARA

Intel's $40 billion loss sparks concerns over future

Intel's market value plummeted by $40 billion after releasing dismal Q2 results on August 1st. Sales dipped 1%, and the company reported a $1.6 billion loss, a stark contrast to last year’s $1.5 billion profit. 

CEO Pat Gelsinger acknowledged, "Our costs are too high, our margins are too low," leading to plans to cut 15,000 jobs and suspend dividends for the first time since 1992. Intel's share price nosedived by nearly 30% following the news.

Global stock markets take a nosedive amid US economy jitters

Stock markets worldwide took a dramatic plunge on Monday, driven by fears of a US economic slowdown . In London, the FTSE 100 dropped 2.3%, while the Euronext 100 fell 3.5%. Japan's Nikkei 225 led the charge with a historic 12.4% tumble, shedding 4,451 points in one go.

The scare followed weak US jobs data from Friday, which showed only 114,000 jobs added in July—far below expectations. This weak performance, coupled with a strengthening yen and disappointing corporate results, spooked investors globally. 

TOP STORIES

IndiGo Takes Off with New Business Class Offering

What Happened

IndiGo is rolling out its swanky new business class, dubbed ‘IndiGo Stretch ,’ starting November 14. This new luxury experience kicks off on the Delhi-Mumbai route with fares starting at ₹18,018. So, if you’ve been dreaming of a little extra legroom and posh perks, mark your calendars. Bookings open on August 6, and IndiGo is making waves with plans to introduce this classy upgrade on 12 domestic routes by mid-November.

Why It Matters

Traditionally, the airline has stuck to a budget model, but the introduction of business class signals a response to increasing demand for more luxurious air travel options. 

By offering comfort and high-quality meals, the airline aims to attract business professionals and high-fliers looking for a little more space and luxury . This move comes as IndiGo celebrates its 18th anniversary, reflecting its evolution from a low-cost carrier to a player in the premium segment. 

Conclusion

Additionaly, IndiGo is also launching the ' BluChip ' loyalty program in September to reward frequent flyers. By combining luxury, competitive pricing, and enhanced services like Oberoi-catered meals, the airline aims to attract a new demographic of travelers seeking both comfort and value. With these upgrades, IndiGo is poised to appeal to those looking for a premium experience without breaking the bank.

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