Namaste! Aaj ka news roundup, Newswala style!

MARKETS

Markets: Indian equity indices ended with marginal gains on December 4, 2024. The Sensex and Nifty saw modest increases, with strong performance from the banking and realty sectors. However, sectors like auto, energy, and FMCG faced pressure. Overall, the market showed a mixed performance, with some volatility.

TOP STORIES

From Metros to Tier-2 Cities, Genomic Testing Takes Over India

In the limelight

The genomic testing scene in India is booming—and it’s not just the metros that are buzzing! Companies like Reliance's Strand Life Sciences and MedGenome are eyeing tier-2 and tier-3 cities to meet the growing demand for DNA-based diagnostics.

Why? Because people are realising that genetic testing isn’t just for the rich and famous; it’s for anyone who wants to know if their genes are playing tricks on them. From cancer to rare diseases, genomic testing is revealing what traditional tests can’t (like that sneaky genetic mutation that could spell trouble down the line).

Why it matters?

India’s cancer rates are rising rapidly, with an estimated 45 lakh new cases expected soon. Genomic testing can help detect risks early, which could be a game-changer in managing these diseases. MedGenome and Strand are gearing up for the challenge by expanding into smaller towns, where up to half of their patients live. By doing this, they’re bringing this cutting-edge tech to the masses and giving it a much-needed makeover—affordable, accessible, and ready to rock the healthcare world.

Final take

The Indian genomic testing market was worth $60 million last year and is expected to grow at 18% annually. Both Strand and MedGenome are doubling down, with MedGenome expanding through acquisitions (hello, GenX Diagnostics!) and Strand opening a high-tech lab in Bengaluru.

Prices have dropped by 50% in the last five years, making genomic tests more affordable than ever. With hospitals jumping on board and offering screenings, it looks like this genomic revolution is just getting started. Ready for your DNA test?

PAISON KA KHEL

ZFunds bags ₹25 Cr to boost wealthtech growth

Wealthtech startup ZFunds has raised ₹25 crore in seed funding led by Elevation Capital, with PB Fintech’s CEO Yashish Dahiya joining in. The Gurugram-based platform will use the funds to train first-time distributors, enhance technology, and expand sales and marketing efforts, said CEO Manish Kothari.

Founded in 2019, ZFunds bridges mutual fund distributors and middle-class investors, serving 60,000 customers via 10,000 micro-entrepreneurs across 4,701 pin codes. With plans to add five regional languages, it aims to improve accessibility. The funding highlights the growing interest in wealth tech as platforms like Univest and Centricity also secure major investments.

MapmyIndia maps a U-turn on B2C investment

CE Info Systems, MapmyIndia's parent, has scrapped its ₹35 crore investment in a new B2C venture spearheaded by outgoing CEO Rohan Verma. Instead, the company will pick up a 10% stake for a humble ₹10 lakh—talk about a budget route!

The spin-off, led by Verma, will focus on Mappls, its consumer app, and gadgets like vehicle trackers and dashboard cameras. Verma, who’s charting his next journey, will exit as CEO on March 31, 2025. Despite these changes, MapmyIndia reported solid Q2 FY25 revenue growth of 13.82% to ₹103.67 crore. However, consolidated net profit dipped by 8.2%, landing at ₹30.33 crore. A cautious pivot, perhaps, but the road ahead seems mapped out!

TOP STORIES

Big Tech's Layoff Storm: 150,000 Jobs and Counting

What happened?

The tech industry is seeing an unprecedented layoff wave, with nearly 150,000 workers losing jobs in 2024. Big names like Tesla, Intel, Microsoft, and Cisco are leading the job cuts as they restructure amid economic turbulence. Intel, facing its "toughest year ever," plans to save $10 billion by 2025 and slash 15,000 jobs, over 15% of its workforce.

Tesla followed suit, with 20,000 layoffs affecting both junior staff and executives. Meanwhile, Cisco reduced its workforce by 10,000 employees in two rounds, focusing on AI and cybersecurity as demand normalizes.

Why it matters

These cuts reveal shifting priorities and tighter belts across the tech world. For Intel, cutting R&D and marketing hints at survival-mode thinking. Tesla’s sweeping layoffs underline the pressure of staying competitive, even for a leader like Elon Musk. Cisco’s pivot to high-growth areas like AI reflects broader trends reshaping tech’s future.

SAP’s restructuring, impacting 8,000 employees, highlights the software giant’s bid to remain lean and future-ready. Even Uber and Dell aren’t immune, with layoffs tied to pandemic aftershocks and sluggish PC demand, respectively. The numbers show a broader story: tech giants grappling with challenges to remain profitable.

Zoom out

The layoff spree mirrors shifting economic realities, where even the biggest players face tough decisions. While the cuts may feel like a downer, they signal a realignment of priorities—more AI, less fluff. For job-seekers, this means a sharper focus on high-demand skills. For investors, it’s a reminder that even the mightiest tech companies must adapt or risk being left behind.

GLOBAL NAZARA

Rupee hits record low as Trump talks tough

The Indian rupee tumbled to an all-time low of 84.70 against the US dollar on December 2, slipping 0.21% from its previous close. The plunge came after US President-elect Donald Trump threatened 100% tariffs on BRICS nations unless they scrapped plans for an alternative currency. Adding to the rupee’s woes, India’s GDP growth slowed to 5.4% in Q2 FY24, the weakest in seven quarters, down from 6.7% in the prior quarter.

Experts believe Trump's tough talk and India’s sluggish economy are strengthening the dollar. While the Reserve Bank of India is stepping in to curb the fall, the rupee’s rough patch isn’t over yet

China decides chips are off the export menu

China has banned exports of key chip-making materials like gallium, germanium, and antimony to the US. It’s Beijing’s response to President Biden’s tech curbs, including fresh limits on high-bandwidth memory chips. A Ministry of Commerce official accused the US of “weaponizing trade” and abusing export controls. This tit-for-tat saga highlights the growing tech rivalry between the two giants. In short, China just pulled the plug on some vital chip ingredients, leaving Uncle Sam scrambling to restock the pantry. Looks like the chip war just got crunchier!. 

TOP STORIES

Religious Tourism Boosting Residential Demand in Tier-2 Markets

What’s the buzz

Tier-2 cities with strong religious tourism, such as Prayagraj, Varanasi, Puri, and Shirdi, are seeing a sharp rise in residential demand. This surge is driven by both self-use and investment motives, with buyers looking for long-term gains, holiday homes, and short-term rentals like BnBs to accommodate the growing influx of tourists. In 2024, Prayagraj recorded a 28% year-on-year increase in demand, while Varanasi saw an 18% rise. Puri and Shirdi posted remarkable growth, with demand up by 52% and 67%, respectively.

Why it matters?

The spike in residential interest reflects the growing economic and cultural significance of these cities. With increased tourism, there’s a surge in demand for both permanent residences and rental properties. While Varanasi saw a 5.15% drop in prices over the last year due to higher supply, its market remains attractive with a rate of ₹6,128 per square foot. In contrast, Prayagraj saw a dramatic price increase of 122% earlier in 2024, stabilising at ₹6,645 per square foot. Puri’s prices appreciated by 30%, reaching ₹6,114 per square foot, and Shirdi’s average rate remains at ₹4,028 per square foot, making it a cost-effective option.

Zoom out

This growing trend indicates that religious tourism is becoming a significant driver of residential real estate in these cities. As infrastructure improves and the appeal of spiritual tourism strengthens, property demand is expected to continue rising. For investors, these cities offer strong growth potential, with holiday homes and short-term rental properties emerging as lucrative opportunities. As tourism booms, these markets are set to remain attractive for both residents and investors alike.

MIRCH MASALA

🫢 Here are the words you’ve been butchering all year – oops!

🍌 Man munches on £4.9m banana artwork – art or snack?

🏢 Are Gen Z workers 'rude' and 'difficult' or just demanding a little more respect? 

💑 Sledging: The winter dating trend Gen Z should avoid

🪂 Pakistani paraglider lands on chief guest, internet can't stop laughing!