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MARKETS

Markets: The bull market is on and the market is green everywhere. The two major indices Sensex and NIFTY touched their highest mark gaining 431 and 168 points respectively.

BUSINESS

Adani Green Energy Unleashes $22 Billion Investment Plan

What happened

In a bold move to capitalize on India's surging demand for electricity, Adani Green Energy Ltd., the country's leading renewable power producer, has announced a staggering $22 billion investment plan. The ambitious strategy aims to catapult the company's capacity to more than five times its current size by 2030. This electrifying revelation was made by CEO Amit Singh at the United Nations COP28 climate summit in Dubai.

Why it matters

Adani Green's commitment to invest in domestic expansion reflects a strategic decision aligned with both the "national interest and economic interest," according to CEO Amit Singh.

• With India's electricity demand soaring at an impressive 7% annually, the company is poised to meet the growing needs of the nation.

• Adani Green's commitment comes at a crucial time when India is seeking to reduce its reliance on coal, which currently constitutes nearly 70% of the country's electricity generation.

• This move is not only a testament to the company's confidence in the Indian market but also a strategic response to the government's mandate to enhance both renewable and thermal capacity to avert potential blackouts.

The company, helmed by billionaire Gautam Adani, has experienced remarkable growth in the past two years, doubling its installed capacity and boosting profits significantly.

Zoom out

Adani Green Energy's $22 billion investment signals a monumental shift in India's energy landscape. With a target to achieve 45 gigawatts by 2030, the company is pivotal in India's quest to diversify energy sources and reduce fossil fuel dependence.

BIG MONEY MOVES

Brigade Enterprises expects Rs 300 Crore luxury housing project in Mysuru

Brigade Enterprises Ltd has inked a Joint Development Agreement (JDA) for a 4-acre luxury housing project in Kurubarahalli, Mysuru, with an estimated revenue potential of Rs 300 crore. The developable area is projected to be 0.40 million sq ft, contributing to Brigade Group's existing residential portfolio in Mysuru. Last month, the company partnered for a Rs 2,100 crore housing project in Bengaluru.

Arinjaya sells 4.2% of Sapphire Foods for Rs 378 crore

The promoter entity of Sapphire Foods India, Arinjaya (Mauritius) Ltd, has sold a 4.2% stake in the omnichannel restaurant operator for Rs 378 crore through an open market transaction. Sapphire Foods is the largest franchisee of Yum Brands in India and Sri Lanka, operating brands like KFC, Pizza Hut, and Taco Bell. Following the sale, Arinjaya's stake in Sapphire Foods decreased to 3.79% from 7.99%.

BUSINESS

BookMyShow Becomes Profitable, makes Rs 85 crore

What happened

BookMyShow, the online ticketing and entertainment hub, is back in the financial limelight, boasting a stellar performance in the fiscal year just wrapped up. After a somewhat lackluster FY22, the company made a remarkable turnaround, closing FY23 with a profit of Rs 85 crore. This is a significant leap from the Rs 92 crore loss it weathered in the previous fiscal year.

The past two years were a rollercoaster ride for BookMyShow, with live events and movie ticket sales grappling with the challenges wrought by the COVID pandemic. In June 2021, the company also faced the music with layoffs affecting 200 employees.

Why it matters

BookMyShow's financial revival isn't just a numbers game; it mirrors the revival of live events and cinema attendance post-pandemic.

• In FY21, the company's revenues dwindled to Rs 74 crore due to lockdowns and restricted operations.

• Fast forward to FY23, the tides turned as people returned to theatres, and the demand for on-ground events skyrocketed. BookMyShow's revenue from operations soared to an impressive Rs 976 crore, a 3.5 times surge from the Rs 277 crore in FY22.

The real showstopper is the revenue composition. A whopping 66 % of the total operating revenue, amounting to Rs 648 crore, came from ticket sales—a surge of 2.85 times from FY22. Live events also took centre stage, contributing Rs 237 crore, marking a whopping 9.5 times increase.

Zoom out

In the grand finale of BookMyShow's financial spectacle, the numbers take centre stage. The company has demonstrated resilience and adaptability with a total revenue of Rs 1026 crore in FY23, including income from advertising, marketing, streaming, and F&B sales.

BIG PICTURE

📈 Turkey's inflation edges up in November amidst rate hikes

Turkey's annual inflation rate in November saw a slight uptick to 61.98 %, up from October's 61.36 per cent], according to the TUIK state statistics agency. The pace of consumer price increases is showing signs of easing after six consecutive interest rate hikes, bringing borrowing costs to 40 per cent from 8.5 %. Analysts anticipate a final rate hike of 2.5 percentage points at the central bank's upcoming policy meeting on December 21, aiming to cool down inflationary pressures and stabilize demand.

✈️ Alaska Airlines set to acquire Hawaiian Airlines in a $1.9 billion deal

Alaska Airlines has made a splash in the aviation world with its proposed $1.9 billion acquisition of Hawaiian Airlines, subject to regulatory approval. The combined fleet of 365 aircraft and 138 destinations positions Seattle-based Alaska Airlines as a dominant force, introducing a new hub in Honolulu. The U.S. Department of Justice displaying caution in previous industry consolidations.

BUSINESS

Byju's Considering Epic Sale to Navigate Financial Challenges

What happened

Struggling ed-tech heavyweight, Byju's, finds itself at the heart of a financial rollercoaster, contemplating the sale of its unit, Epic. Facing an uphill battle, Byju has received three tempting offers for Epic.

As the financial drama unfolds, Byju’s is eyeing a strategic move, planning to funnel around $80-100 million from the Epic sale to sustain its core operations at Think & Learn. The remaining chunk is slated for the appeasement of term loan lenders, who are watching the spectacle closely.

Why it matters

With the company contemplating the sale of a prized unit and the clock ticking, the urgency to finalize the deal before the holiday season is palpable. The once $22.5 billion unicorn is now navigating a financial maze that includes lawsuits, investigations, and talks with the Board of Control for Cricket in India (BCCI) to settle a pending insolvency matter.

Meanwhile, Byju Raveendran, the founder, is pulling out all stops to keep the ship afloat. He pledged not just his own home but also family properties to secure a $12 million lifeline, ensuring paychecks reach the hands of 15,000 employees.

Zoom out

Byju's, once the golden child of the Indian ed-tech space, now faces its sternest test. The potential sale of Epic might provide a financial breather, but the company is still juggling multiple financial grenades.

MIRCH MASALA

• 💰️ Tragic demise of a beggar found with Rs 1 Lakh in cash, succumbs to days of hunger

• 🐶 Japanese man's 'dog transformation' wasted as he fails agility test.

• 🙏Tragic Loss: Karni Chief Sukhdev Singh Gogamedi fatally shot at Jaipur residence

• 🌟 Meet Mizoram's rising star: Baryl Vanneihsangi, the youngest woman MLA making history

• 🏏 Breaking: Brian Lara hails Gill worthy of breaking his 400* and 501* records