Namaste! Aaj ka news roundup, Newswala style!

MARKETS

Markets: The Indian benchmark indices ended lower on Friday, with Nifty falling below 22,500 due to selling across sectors except for metals. The Sensex closed down by 0.98%, and the Nifty by 0.76%, reflecting significant volatility and profit-taking in heavyweight stocks.

BUSINESS

Tata Power Renewable Energy and SJVN Collaborate on 460 MW Clean Energy Project

What happened

Tata Power Renewable Energy Ltd (TPREL) has signed an agreement with state-owned SJVN Ltd to establish a 460 MW Firm and Dispatchable Renewable Energy (FDRE) project. This collaboration integrates solar, wind, and battery storage technologies to ensure continuous power supply, aiding power distribution companies in meeting their Renewable Purchase Obligations (RPOs) and Energy Storage Obligations (ESOs).

Why it matters

This innovative project is expected to generate nearly 3,000 million units (MUs) of power annually and offset 2,200 million kilograms of CO2 emissions. It signifies a significant step towards environmental sustainability and contributes to India's clean energy targets. 

This venture catapults TPREL's total renewables capacity to an impressive 9,421 MW, consolidating its position as a frontrunner in the renewable energy landscape. The project's scale and environmental impact underscore the industry's relentless pursuit of cleaner energy production and its pivotal role in combating climate change through innovative solutions.

Zoom out

The collaborative effort between Tata Power Renewable Energy Ltd (TPREL) and SJVN marks a pivotal milestone in India's renewable energy landscape. As renewable energy (RE) continues to spearhead India's power generation, accounting for a remarkable 71% of new power generation in FY 24, the country's commitment to clean energy transition is evident.

With RE comprising approximately 33% of India's total installed energy capacity, alongside significant contributions from hydro and other sources, India's energy mix is rapidly evolving towards sustainability.

BIG MONEY MOVES

Apple's stock skyrockets with $110 billion buyback plan

Apple's stock (AAPL.O) surged by 7% on Friday as the tech giant unveiled a massive buyback plan of $110 billion, the largest ever by a US company. This move, coupled with optimistic sales forecasts, reignited investor interest. If Apple follows through, it will own nearly 4% of its shares.

CEO Tim Cook highlighted increased manufacturing in India to enhance competitiveness. The company's value soared by almost $200 billion to $2.86 trillion, second only to Microsoft. Anticipation for product updates, starting with the iPad on May 7th, further buoyed investor confidence.

JSW Infrastructure sets ₹2,500 crore capex target for FY25

JSW Infrastructure Ltd is gearing up for substantial growth, with plans to invest over ₹2,500 crore in the fiscal year 2025 to enhance its cargo handling capacity. By 2027, the company aims to achieve a remarkable 50% capacity increase to 258 million tonnes, requiring an investment of ₹14,000 crore.

With ongoing approvals and expanding partnerships, JSW Infrastructure is poised for significant expansion and aims to reach 400 million tonnes by 2030.

BUSINESS

Godrej Properties Unveils Ambitious ₹30,000 Crore Housing Project for FY'25

What happened

Godrej Properties, a prominent realty firm, is set to make waves in the housing market with its grand plan to launch residential projects worth a staggering ₹30,000 crore in the fiscal year 2025. This ambitious move comes in response to a strong surge in demand, reflecting the company's vision for substantial growth in sales bookings by 20%.

The company's stellar performance in FY'24 is highlighted by a remarkable 84% jump in sales bookings, reaching a record-breaking ₹22,527 crore, the highest among all listed entities for the fiscal year.

Why it matters

The planned launch of multiple projects across key cities like Delhi-NCR, Mumbai, Bengaluru, Pune, and Hyderabad underscores Godrej Properties' commitment to catering to diverse market segments and tapping into emerging opportunities. With a focus on sustainable growth and customer satisfaction, Godrej Properties aims to maintain its leadership position and drive significant value for stakeholders.

• Godrej recently announced its most profitable quarter to date, marking a 14% annual increase in earnings to reach ₹471.26 crore for the March quarter. 
  
  

• This substantial growth reflects the company's robust financial performance, with net profit surging to ₹725.27 crore in the 2023-24 fiscal year.
  
  

• For the entire FY24, total income soared to ₹4,334.22 crore, a significant leap from ₹3,039 crore in FY23.

The company's ability to capitalize on this demand surge and set ambitious targets reflects its strong market position and investor confidence.

Zoom out

As Godrej Properties reports its highest-ever quarterly profit and continues to chart a path of sustainable growth, the real estate giant is poised for significant milestones in the coming years. With a robust pipeline of projects, prudent land acquisitions, and a track record of success, Godrej Properties exemplifies resilience and innovation in an evolving market.

BIG PICTURE

🧅 Onion export ban ends in India amidst strong crop prospects

India has lifted the ban on onion exports, a move welcomed by farmers as the country anticipates a robust crop season. The government has set a minimum export price (MEP) of $550 per tonne and introduced a 40% export duty on staple vegetables, including onions.

The decision comes as modal mandi prices at Lasalgaon in Nashik, a key wholesale trade hub, hover around ₹ 15/kg, nearing the cost of production. Farmers have long advocated for the ban's removal to capitalize on favourable market conditions.

🚢 Adani Ports explores Bataan for global trade expansion

Adani Enterprises is eyeing the development of Bataan port in the Philippines, aiming to construct a deep-sea port to accommodate Panamax vessels. This move aligns with the Philippine President’s vision is to bolster the country's port infrastructure for global competitiveness. Adani Enterprises, led by Gautam Adani, is also considering investments in Philippine sectors like airports, power, and defence.

With existing international port investments, including in Colombo and Haifa, Adani Ports' foray into Bataan heralds a strategic boost for global trade routes.

BUSINESS

KKR to Acquire Healthium Medtech for ₹7,000 Crore in Landmark Deal

What happened

Global investment firm KKR is poised to acquire Healthium Medtech (formerly Sutures India) from Apax Partners for an enterprise value of ₹7,000 crore ($840 million). This acquisition, following a competitive bidding process that edged out prominent contenders like Mankind Pharma and ChrysCapital, marks a major milestone in the healthcare and investment sectors.

Why it matters

Healthium Medtech holds a distinguished position as the largest manufacturer of surgical needles globally by volume and commands a substantial 18% market share in India. This acquisition adds a significant asset to KKR's investment portfolio reflecting the growing importance of healthcare innovations.

• Healthium Medtech, known for its surgical innovations, posted revenues of ₹ 820 crore and EBITDA of ₹ 256 crores in FY24, with projections of revenue reaching ₹ 1,020 crore for the current financial year.
  
  

• The company's strong market presence extends beyond India, with exports to over 90 countries, contributing significantly to its revenue streams.

Zoom out

With Healthium's expertise spanning advanced surgery, arthroscopy, urology, wound care, and consumables, the company has established itself as a pivotal player in addressing diverse healthcare needs. Healthium's widespread reach, covering over 40,000 surgeons across 18,000 hospitals and reaching 90% of all districts in India, underscores its extensive market penetration and impact on healthcare delivery.

Furthermore, the projected growth of the domestic surgical sutures market at a compound annual growth rate of over 13% to reach $380 million by 2030, positions Healthium Medtech at the forefront.

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