Namaste! Aaj ka news roundup, Newswala style!

MARKETS

Markets: Indian stock markets kicked off July with a strong start, extending their longest winning streak since December 2023. This rally was fueled by increased foreign investments and stable investor confidence leading up to the Union Budget 2024 later this month.

BUSINESS

Bajaj Auto Launches World's First CNG Motorcycle

What happened

Bajaj Auto has kicked off a revolution with the launch of the world’s first CNG motorcycle, the Freedom, priced between ₹95,000 and ₹1,10,000. This two-wheeled wonder runs on a 125cc petrol engine, a 2kg CNG tank, and carries a 2-litre petrol tank. Riders can now switch between fuels as easily as changing gears—literally, with the press of a button. 

The Freedom promises a wallet-friendly ride with 102 km per kg on CNG and 65 km per litre on petrol. With CNG priced at ₹76.6 per kg compared to petrol at ₹94.72 per litre in Delhi, this bike's running costs are a penny pincher's dream, offering savings that could buy you plenty of chai breaks.

Why it matters

This isn't just about a new bike; it’s about Bajaj Auto aiming to disrupt India’s commuter motorcycle scene where fuel costs hit harder than an unexpected speed bump. Rajiv Bajaj, Bajaj Auto's MD, boldly stated, "High running costs are a major pain point for commuters, and we believe this bike is a game-changer."

Although not seeking government subsidies, Bajaj is revving up for a fight over GST, arguing that the current 28% tax on two-wheelers is like paying premium petrol prices for regular fuel. By keeping the price under ₹1 lakh, Bajaj aims to woo cost-conscious commuters while nudging policymakers to rethink their tax policies—because who doesn't love a good tax cut, right?

Zoom out

While commuter bikes rule the roads, the segment hasn't bounced back to its peak pre-2019 levels. Bajaj's ambitious goal of selling 10,000 units per month initially and scaling up to 50,000 by year-end hinges on overcoming hurdles like sparse CNG stations and the allure of electric bikes.

BIG MONEY MOVES

Vedanta mines $250 million to settle Zambian debts, ponders 30% stake sale

Vedanta Resources, under the leadership of billionaire Anil Agarwal, has struck gold (well, copper) with $250 million to settle debts at Zambia's Konkola Copper Mines by July 8th. The company plans to sell 30% of its holdings to boost copper production.

After a five-year standoff, Vedanta regained control of the Konkola Copper Mines from the Zambian government, which had accused them of neglecting investment. To sweeten the deal, they’ve announced a 20% salary bump and a $102 bonus for each worker.

DVC bets big on solar: ₹ 20,000 crore investment by 2030

Damodar Valley Corporation (DVC) plans to brighten its future with a ₹20,000 crore investment in solar energy by 2030. The goal is to add nearly 4,000 MW of solar capacity, a significant leap from its current 14 MW. This investment is part of a broader vision to pump ₹ 50,000-60,000 crore into thermal, pump storage, and solar power, aiming for a total installed capacity of 16,700 MW.

Meanwhile, legal issues prevent DVC from bidding on new coal blocks, but they’re ramping up production at their Tubed block in Jharkhand. Plans include a dedicated railway siding to boost output from two to six million tonnes.

BUSINESS

Kalyan Jewellers Sparkles Across Continents

What happened

Kalyan Jewellers, the renowned jewellery brand hailing from Kerala, is set to make its grand entrance into the American market by Diwali this year. This move marks a major stride in their global expansion strategy, mirroring the footsteps of their competitor, Tanishq, which already boasts several outlets across the US.

Kalyan plans to open its inaugural US store as part of its broader expansion strategy that includes adding over 130 outlets globally in the ongoing fiscal year. The move into the US market will be Kalyan's first venture outside West Asia, where it currently operates 36 outlets.

Why it matters

The decision to venture into the US market underscores Kalyan's ambition to tap into the flourishing demand for quality jewellery among the Indian diaspora abroad.

• Financially, Kalyan Jewellers reported strong performance in the April-June quarter of 2024, with an impressive 27% year-on-year revenue growth. 
  
  

• Their India operations saw a 29% rise in revenue, driven by a 12% increase in same-store sales.
  

The company's digital-first jewellery brand, Candere, also contributed to its success, recording a 13% revenue growth during the quarter. Moreover, Kalyan strengthened its market position by converting Enovate Lifestyles, the operator of Candere, into a wholly-owned subsidiary.

Zoom out

With 277 showrooms spanning India and West Asia, Kalyan Jewellers is all set to dazzle the American market. Their move isn't just about opening new stores—it's about spreading sparkle and joy, one piece of jewellery at a time. Whether it's a festive gift or a wedding ring, Kalyan Jewellers is ready to charm American customers with their craftsmanship and timeless designs. 

BIG PICTURE

Ola's moves from Google Maps to Ola Maps, saving Rs 100 crore

Ola Cabs is breaking free from Google Maps to roll out its own mapping service, Ola Maps, saving a whopping Rs 100 crore annually! This strategic shift promises exciting new features like street view, 3D maps, and even drone maps in the pipeline. It's a bold step following their migration from Microsoft Azure to Krutrim, their homegrown cloud platform. Ola's CEO, Bhavish Aggarwal, is leading the charge, aiming for tech independence and pushing innovation in India.

Microsoft slashes jobs again amid tech layoff tsunami

Microsoft announced another round of layoffs after the financial year ended on June 30. This time, product and program management roles were hit hard, with cuts spreading across various teams and locations. But, Microsoft is keeping mum on the exact number of pink slips handed out.

This isn't Microsoft's first rodeo this year. They axed over 1,000 jobs in June, hitting divisions like Azure and HoloLens. Back in January, 2,000 gaming unit employees were shown the door, just after the pricey $69 billion Activision Blizzard acquisition.

BUSINESS

Alstom Plans to Power Indian Trains with Batteries

What happened

French railway giant Alstom is set to manufacture large batteries for train systems in India, leveraging their Maneja facility in Gujarat. This facility, already producing rail components, will soon start making these batteries locally. Alstom's CEO, Henri Poupart-Lafarge, announced that after successful tests in Europe, the company plans to bring this technology to India within the next year. 

The batteries will be used in various railway systems, including the Vande Bharat trains and metro rails, to provide auxiliary power in situations like power failures or non-electrified tracks. 

Why it matters

These battery-powered trains aren't just a fancy upgrade—they're a game-changer for energy efficiency and cutting down on carbon emissions. These trains will improve connectivity across non-electrified routes and ensure smooth operation during power failures, enhancing commuter comfort.

The lithium-ion batteries will not only power traction components but also provide auxiliary power for air conditioning and lighting when trains are stationary. Imagine not having to sit in a sweatbox when the train halts—thank you, Alstom! This innovation aligns with India's growing demand for urban transportation and Alstom's commitment to expanding its footprint in the country. 

Zoom out

Despite Alstom's recent financial challenges, including an 80% drop in net profit in FY24, the company remains optimistic about its future in India. By expanding its manufacturing and maintenance capabilities and collaborating with the railway ministry on projects like the Kavach protection scheme, Alstom is poised to play a crucial role in India's railways. 

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